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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 quarter ended December 27, 2024
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-7635
TWIN DISC, INCORPORATED
(Exact name of registrant as specified in its charter)
| Wisconsin | 39-0667110 |
| (State or other jurisdiction of | (I.R.S. Employer |
| Incorporation or organization) | Identification No.) |
222 East Erie Street, Suite 400, Milwaukee, Wisconsin 53202
(Address of principal executive offices)
(262) 638-4000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock (No Par Value) | TWIN | The NASDAQ Stock Market LLC |
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 ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See 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 ☑
At January 20, 2025, the registrant had 14,145,862 shares of its common stock outstanding.
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
TWIN DISC, INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE AMOUNTS)
(UNAUDITED)
| | | | December 27, 2024 | | | June 30, 2024 | |
| ASSETS | | | | | | | | | |
| Current assets: | | | | | | | | | |
| Cash | | | $ | 15,906 | | | $ | 20,070 | |
| Trade accounts receivable, net | | | | 53,670 | | | | 52,207 | |
| Inventories, net | | | | 128,278 | | | | 130,484 | |
| Other current assets | | | | 18,712 | | | | 16,870 | |
| Total current assets | | | | 216,566 | | | | 219,631 | |
| | | | | | | | | | |
| Property, plant and equipment, net | | | | 58,508 | | | | 58,074 | |
| Right-of-use operating lease assets | | | | 16,431 | | | | 16,622 | |
| Intangible assets, net | | | | 10,856 | | | | 12,686 | |
| Deferred income taxes | | | | 2,277 | | | | 2,339 | |
| Other noncurrent assets | | | | 2,722 | | | | 2,706 | |
| | | | | | | | | | |
| Total assets | | | $ | 307,360 | | | $ | 312,058 | |
| | | | | | | | | | |
| LIABILITIES AND EQUITY | | | | | | | | | |
| Current liabilities: | | | | | | | | | |
| Current maturities of long-term debt | | | $ | 2,000 | | | $ | 2,000 | |
| Current maturities of right-of use operating lease obligations | | | | 2,813 | | | | 2,521 | |
| Accounts payable | | | | 28,561 | | | | 32,586 | |
| Accrued liabilities | | | | 69,284 | | | | 62,409 | |
| Total current liabilities | | | | 102,658 | | | | 99,516 | |
| | | | | | | | | | |
| Long-term debt | | | | 22,873 | | | | 23,811 | |
| Right-of-use operating lease obligations | | | | 13,656 | | | | 14,376 | |
| Accrued retirement benefits | | | | 9,613 | | | | 7,854 | |
| Deferred income taxes | | | | 4,712 | | | | 5,340 | |
| Other long-term liabilities | | | | 6,214 | | | | 6,107 | |
| Total liabilities | | | | 159,726 | | | | 157,004 | |
| | | | | | | | | | |
| Twin Disc, Incorporated shareholders' equity: | | | | | | | | | |
| Preferred shares authorized: 200,000; issued: none; no par value | | | | - | | | | - | |
| Common shares authorized: 30,000,000; issued: 14,632,802; no par value | | | | 40,111 | | | | 41,798 | |
| Retained earnings | | | | 126,610 | | | | 129,592 | |
| Accumulated other comprehensive loss | | | | (12,222 | ) | | | (6,905 | ) |
| | | | | 154,499 | | | | 164,485 | |
| Less treasury stock, at cost (486,940 and 637,778 shares, respectively) | | | | 7,475 | | | | 9,783 | |
| | | | | | | | | | |
| Total Twin Disc, Incorporated shareholders' equity | | | | 147,024 | | | | 154,702 | |
| | | | | | | | | | |
| Noncontrolling interest | | | | 610 | | | | 352 | |
| Total equity | | | | 147,634 | | | | 155,054 | |
| | | | | | | | | | |
| Total liabilities and equity | | | $ | 307,360 | | | $ | 312,058 | |
The notes to condensed consolidated financial statements are an integral part of these statements.
TWIN DISC, INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE (LOSS) INCOME
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| | | | | | | | | | | | | | | | | |
| Net sales | | $ | 89,921 | | | $ | 72,994 | | | $ | 162,818 | | | $ | 136,547 | |
| Cost of goods sold | | | 66,662 | | | | 52,338 | | | | 120,237 | | | | 96,156 | |
| Cost of goods sold - Other | | | 1,579 | | | | - | | | | 1,579 | | | | 3,099 | |
| Gross profit | | | 21,680 | | | | 20,656 | | | | 41,002 | | | | 37,292 | |
| | | | | | | | | | | | | | | | | |
| Marketing, engineering and administrative expenses | | | 18,920 | | | | 17,218 | | | | 38,407 | | | | 34,136 | |
| Income from operations | | | 2,760 | | | | 3,438 | | | | 2,595 | | | | 3,156 | |
| | | | | | | | | | | | | | | | | |
| Other (expense) income: | | | | | | | | | | | | | | | | |
| Interest expense | | | (495 | ) | | | (392 | ) | | | (1,131 | ) | | | (786 | ) |
| Other income (expense), net | | | 386 | | | | (449 | ) | | | (958 | ) | | | (310 | ) |
| | | | (109 | ) | | | (841 | ) | | | (2,089 | ) | | | (1,096 | ) |
| | | | | | | | | | | | | | | | | |
| Income before income taxes and noncontrolling interest | | | 2,651 | | | | 2,597 | | | | 506 | | | | 2,060 | |
| Income tax expense | | | 1,552 | | | | 1,662 | | | | 2,179 | | | | 2,208 | |
| | | | | | | | | | | | | | | | | |
| Net income (loss) | | | 1,099 | | | | 935 | | | | (1,673 | ) | | | (148 | ) |
| Less: Net income attributable to noncontrolling interest, net of tax | | | (180 | ) | | | (5 | ) | | | (173 | ) | | | (95 | ) |
| Net income (loss) attributable to Twin Disc, Incorporated | | $ | 919 | | | $ | 930 | | | $ | (1,846 | ) | | $ | (243 | ) |
| | | | | | | | | | | | | | | | | |
| Dividends per share | | $ | 0.04 | | | $ | 0.04 | | | $ | 0.08 | | | $ | 0.04 | |
| | | | | | | | | | | | | | | | | |
| Income (loss) per share data: | | | | | | | | | | | | | | | | |
| Basic income (loss) per share attributable to Twin Disc, Incorporated common shareholders | | $ | 0.07 | | | $ | 0.07 | | | $ | (0.13 | ) | | $ | (0.02 | ) |
| Diluted income (loss) per share attributable to Twin Disc, Incorporated common shareholders | | $ | 0.07 | | | $ | 0.07 | | | $ | (0.13 | ) | | $ | (0.02 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding data: | | | | | | | | | | | | | | | | |
| Basic shares outstanding | | | 13,868 | | | | 13,718 | | | | 13,818 | | | | 13,629 | |
| Diluted shares outstanding | | | 14,058 | | | | 13,923 | | | | 13,818 | | | | 13,629 | |
| | | | | | | | | | | | | | | | | |
| Comprehensive (loss) income | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 1,099 | | | $ | 935 | | | $ | (1,673 | ) | | $ | (148 | ) |
| Benefit plan adjustments, net of income taxes of $13, ($13), $2 and ($8), respectively | | | (1,668 | ) | | | (108 | ) | | | (1,446 | ) | | | (279 | ) |
| Foreign currency translation adjustment | | | (11,369 | ) | | | 5,190 | | | | (4,078 | ) | | | 2,154 | |
| Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively | | | 1,146 | | | | (485 | ) | | | 293 | | | | (269 | ) |
| Comprehensive (loss) income | | | (10,792 | ) | | | 5,532 | | | | (6,904 | ) | | | 1,458 | |
| Less: Comprehensive income attributable to noncontrolling interest | | | (122 | ) | | | (40 | ) | | | (258 | ) | | | (190 | ) |
| Comprehensive (loss) income attributable to Twin Disc, Incorporated | | $ | (10,914 | ) | | $ | 5,492 | | | $ | (7,162 | ) | | $ | 1,268 | |
The notes to condensed consolidated financial statements are an integral part of these statements.
TWIN DISC, INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
(UNAUDITED)
| |
|
For the Two Quarters Ended |
|
| |
|
December 27, 2024 |
|
|
December 29, 2023 |
|
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(1,673 |
) |
|
$ |
(148 |
) |
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
6,534 |
|
|
|
5,023 |
|
| Gain on sale of assets |
|
|
(39 |
) |
|
|
(42 |
) |
| Loss on write-down of industrial product inventory |
|
|
1,579 |
|
|
|
- |
|
| Loss on sale of boat management product line and related inventory |
|
|
- |
|
|
|
3,099 |
|
| (Benefit) provision for deferred income taxes |
|
|
(363 |
) |
|
|
280 |
|
| Stock compensation expense and other non-cash changes, net |
|
|
1,625 |
|
|
|
1,413 |
|
| Net change in operating assets and liabilities |
|
|
(3,348 |
) |
|
|
6,422 |
|
| |
|
|
|
|
|
|
|
|
| Net cash provided by operating activities |
|
|
4,315 |
|
|
|
16,047 |
|
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Acquisition of property, plant, and equipment |
|
|
(5,142 |
) |
|
|
(5,419 |
) |
| Proceeds from sale of fixed assets |
|
|
39 |
|
|
|
- |
|
| Other, net |
|
|
(76 |
) |
|
|
(252 |
) |
| |
|
|
|
|
|
|
|
|
| Net cash used by investing activities |
|
|
(5,179 |
) |
|
|
(5,671 |
) |
| |
|
|
|
|
|
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Borrowings under revolving loan arrangements |
|
|
54,824 |
|
|
|
50,632 |
|
| Repayments of revolving loan arrangements |
|
|
(54,824 |
) |
|
|
(50,632 |
) |
| Repayments of other long-term debt |
|
|
(500 |
) |
|
|
(1,010 |
) |
| Dividends paid to shareholders |
|
|
(1,136 |
) |
|
|
(560 |
) |
| Payments of right-of-use finance lease obligations |
|
|
(1,017 |
) |
|
|
(471 |
) |
| Payments of withholding taxes on stock compensation |
|
|
(1,256 |
) |
|
|
(1,772 |
) |
| |
|
|
|
|
|
|
|
|
| Net cash used by financing activities |
|
|
(3,909 |
) |
|
|
(3,813 |
) |
| |
|
|
|
|
|
|
|
|
| Effect of exchange rate changes on cash |
|
|
609 |
|
|
|
1,195 |
|
| |
|
|
|
|
|
|
|
|
| Net change in cash |
|
|
(4,164 |
) |
|
|
7,758 |
|
| |
|
|
|
|
|
|
|
|
| Cash: |
|
|
|
|
|
|
|
|
| Beginning of period |
|
|
20,070 |
|
|
|
13,263 |
|
| |
|
|
|
|
|
|
|
|
| End of period |
|
$ |
15,906 |
|
|
$ |
21,021 |
|
The notes to condensed consolidated financial statements are an integral part of these statements.
TWIN DISC, INCORPORATED
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
A. Basis of Presentation
The unaudited condensed consolidated financial statements have been prepared by Twin Disc, Incorporated (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of the Company, include adjustments, consisting primarily of normal recurring items, necessary for a fair statement of results for each period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such SEC rules and regulations. The Company believes that the disclosures made are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report filed on Form 10-K for June 30, 2024. The prior year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States.
The condensed consolidated financial statements and information presented herein include the financial results of Katsa Oy (“Katsa”). On May 31, 2024, the Company completed the acquisition of 100% of the outstanding common stock of Katsa. Based in Finland, Katsa is a European manufacturer of custom-designed, high-quality power transmission components and gearboxes for industrial and marine end-markets for a broad range of end market applications. Katsa also provides a wide range of after-sales services, including spare part deliveries, reverse engineering, modeling, and gearbox refurbishment. The provisional fair value estimates of Katsa's property, plant and equipment, net, intangible assets, net, and deferred income taxes are pending final review by the Company, and Katsa is included in the Company's manufacturing segment.
The Company’s condensed consolidated financial statements include the accounts of Twin Disc, Incorporated and its wholly-owned domestic and foreign subsidiaries. The Company's reporting period ends on the last Friday of the quarterly calendar period. The Company's fiscal year ends on June 30, regardless of the day of the week on which June 30 falls. One foreign subsidiary is included based on a fiscal year ending May 31, to facilitate prompt reporting of consolidated results. All significant intercompany transactions have been eliminated.
Certain prior year immaterial amounts have been reclassified to conform with the current year's presentation. The changes did not have a material impact on the Company's condensed consolidated financial position, results of operations, or cash flows in any of the periods presented.
Recently Issued Not Yet Adopted Accounting Standards
In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures” (“ASU 2024-03”) to expand expense disclosures by requiring disaggregated disclosure of certain income statement expense line items, including those that contain purchases of inventory, employee compensation, depreciation and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, or the Company’s fiscal 2028, and subsequent interim periods, with early adoption permitted. The amendments should be applied prospectively, but retrospective application is permitted. The company is currently assessing the impact of the requirements on our Condensed Consolidated Financial Statements. The Company is currently evaluating the impact of adopting this standard on it financial statement disclosures.
In November 2023, the FASB issued guidance ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The Company expects to adopt the new annual disclosures as required for fiscal 2025 and the interim disclosures as required beginning with the first quarter of fiscal 2026.
In December 2023, the FASB issued guidance ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which includes requirements that an entity disclose specific categories in the rate reconciliation and provide additional information for reconciling items that are greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income rate. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) disaggregated between domestic and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this standard on its financial statement disclosures.
Special Note Regarding Smaller Reporting Company Status
Under SEC Release 33-10513; 34-83550, Amendments to Smaller Reporting Company Definition, the Company qualifies as a smaller reporting company and accordingly, it has scaled some of its disclosures of financial and non-financial information in this quarterly report. The Company will continue to determine whether to provide additional scaled disclosures of financial or non-financial information in future quarterly reports, annual reports and/or proxy statements if it remains a smaller reporting company under SEC rules.
B. Inventories
The major classes of inventories were as follows:
| | | December 27, 2024 | | | June 30, 2024 | |
| Inventories: | | | | | | | | |
| Finished parts | | $ | 59,396 | | | $ | 60,166 | |
| Work in process | | | 24,503 | | | | 23,096 | |
| Raw materials | | | 44,379 | | | | 47,222 | |
| | | $ | 128,278 | | | $ | 130,484 | |
In the second quarter of fiscal year 2025, the Company completed a product rationalization evaluation on its industrial product offerings. As a result of the evaluation, an inventory write-down on certain industrial products, totaling $1.6 million, was recorded.
In the first quarter of fiscal year 2024, the Company entered into an agreement to sell most of its boat management system product line located at one of its subsidiaries in Italy. The sale amount was below cost and resulted in the Company recognizing an inventory write-down of $2.1 million. The Company also evaluated its other boat management system inventory, not associated with the sale. This evaluation resulted in the Company recognizing an additional inventory write-down of $1.6 million for inventory located in the U.S. These write-downs were partially offset by certain liabilities transferred to the buyer at the time of the sale. The sale was completed in the second quarter of fiscal year 2024.
C. Warranty
The Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its suppliers. However, its warranty obligation is affected by product failure rates, the number of units affected by the failure and the expense involved in satisfactorily addressing the situation. The warranty reserve is established based on our best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. When evaluating the adequacy of the reserve for warranty costs, management takes into consideration the term of the warranty coverage, historical claim rates and costs of repair, knowledge of the type and volume of new products and economic trends. While we believe the warranty reserve is adequate and that the judgment applied is appropriate, such amounts estimated to be due and payable in the future could differ materially from what actually transpires. The following is a listing of the activity in the warranty reserve for the quarters ended December 27, 2024 and December 29, 2023:
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Reserve balance, beginning of period | | $ | 4,450 | | | $ | 4,160 | | | $ | 4,220 | | | $ | 3,476 | |
| Current period expense and adjustments | | | 1,762 | | | | 1,208 | | | | 2,598 | | | | 2,724 | |
| Payments or credits to customers | | | (1,851 | ) | | | (898 | ) | | | (2,517 | ) | | | (1,718 | ) |
| Translation | | | 198 | | | | 18 | | | | 258 | | | | 6 | |
| Reserve balance, end of period | | $ | 4,559 | | | $ | 4,488 | | | $ | 4,559 | | | $ | 4,488 | |
The current portion of the warranty accrual ($3,467 and $3,549 as of December 27, 2024 and December 29, 2023, respectively) is reflected in accrued liabilities, while the long-term portion ($1,092 and $939 as of December 27, 2024 and December 29, 2023, respectively) is included in other long-term liabilities on the consolidated balance sheets.
D. Contingencies
The Company is involved in litigation of which the ultimate outcome and liability to the Company, if any, is not presently determinable. Management believes that final disposition of such litigation will not have a material impact on the Company’s results of operations, financial position or cash flows.
E. Business Segments
The Company and its subsidiaries are engaged in the manufacture and sale of marine and heavy-duty off-highway power transmission equipment. Principal products include marine transmissions, azimuth drives, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and controls systems. The Company sells to both domestic and foreign customers in a variety of market areas, principally pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets. The Company's worldwide sales to both domestic and foreign customers are transacted through a direct sales force and a distributor network.
The Company has two reportable segments: manufacturing and distribution. These segment structures reflect the way management makes operating decisions and manages the growth and profitability of the business. It also corresponds with management’s approach of allocating resources and assessing the performance of its segments. The accounting practices of the segments are the same as those described in the summary of significant accounting policies. Transfers among segments are at established inter-company selling prices. Management evaluates the performance of its segments based on net earnings.
Information about the Company’s segments is summarized as follows:
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Net sales | | | | | | | | | | | | | | | | |
| Manufacturing segment sales | | $ | 76,463 | | | $ | 58,368 | | | $ | 139,781 | | | $ | 112,906 | |
| Distribution segment sales | | | 35,727 | | | | 37,242 | | | | 65,311 | | | | 70,095 | |
| Inter/Intra segment elimination – manufacturing | | | (14,673 | ) | | | (18,795 | ) | | | (28,045 | ) | | | (38,979 | ) |
| Inter/Intra segment elimination – distribution | | | (7,596 | ) | | | (3,821 | ) | | | (14,229 | ) | | | (7,475 | ) |
| | | $ | 89,921 | | | $ | 72,994 | | | $ | 162,818 | | | $ | 136,547 | |
| Net income (loss) attributable to Twin Disc, Incorporated | | | | | | | | | | | | | | | | |
| Manufacturing segment net income | | $ | 3,131 | | | $ | 2,078 | | | $ | 5,000 | | | $ | 3,636 | |
| Distribution segment net income | | | 1,228 | | | | 3,173 | | | | 2,179 | | | | 4,179 | |
| Corporate and eliminations | | | (3,440 | ) | | | (4,321 | ) | | | (9,025 | ) | | | (8,058 | ) |
| | | $ | 919 | | | $ | 930 | | | $ | (1,846 | ) | | $ | (243 | ) |
| Assets | | December 27, 2024 | | | June 30, 2024 | |
| Manufacturing segment assets | | $ | 459,422 | | | $ | 443,149 | |
| Distribution segment assets | | | 39,376 | | | | 73,033 | |
| Corporate assets and elimination of intercompany assets | | | (191,438 | ) | | | (204,124 | ) |
| | | $ | 307,360 | | | $ | 312,058 | |
Disaggregated revenue:
The following table presents details deemed most relevant to the users of the financial statements for the quarters ended December 27, 2024 and December 29, 2023.
Net sales by product group for the quarter ended December 27, 2024 is summarized as follows:
| | | | | | | | | | | Elimination of | | | | | |
| | | Manufacturing | | | Distribution | | | Intercompany Sales | | | Total | |
| Industrial | | $ | 9,329 | | | $ | 1,053 | | | $ | (923 | ) | | $ | 9,459 | |
| Land-based transmissions | | | 18,594 | | | | 2,101 | | | | (1,685 | ) | | | 19,010 | |
| Marine and propulsion systems | | | 48,512 | | | | 27,659 | | | | (19,479 | ) | | | 56,692 | |
| Other | | | 28 | | | | 4,914 | | | | (182 | ) | | | 4,760 | |
| Total | | $ | 76,463 | | | $ | 35,727 | | | $ | (22,269 | ) | | $ | 89,921 | |
Net sales by product group for the quarter ended December 29, 2023 is summarized as follows:
| | | | | | | | | | | Elimination of | | | | | |
| | | Manufacturing | | | Distribution | | | Intercompany Sales | | | Total | |
| Industrial | | $ | 5,704 | | | $ | 1,557 | | | $ | (730 | ) | | $ | 6,531 | |
| Land-based transmissions | | | 15,003 | | | | 7,953 | | | | (7,093 | ) | | | 15,863 | |
| Marine and propulsion systems | | | 37,661 | | | | 24,058 | | | | (14,773 | ) | | | 46,946 | |
| Other | | | - | | | | 3,674 | | | | (20 | ) | | | 3,654 | |
| Total | | $ | 58,368 | | | $ | 37,242 | | | $ | (22,616 | ) | | $ | 72,994 | |
Net Sales by product group for the two quarters ended December 27, 2024 is summarized as follows:
| | | | | | | | | | | Elimination of | | | | | |
| | | Manufacturing | | | Distribution | | | Intercompany Sales | | | Total | |
| Industrial | | $ | 18,126 | | | $ | 2,106 | | | $ | (1,604 | ) | | $ | 18,628 | |
| Land-based transmissions | | | 36,747 | | | | 5,664 | | | | (6,117 | ) | | | 36,294 | |
| Marine and propulsion systems | | | 84,859 | | | | 48,992 | | | | (34,057 | ) | | | 99,794 | |
| Other | | | 49 | | | | 8,549 | | | | (496 | ) | | | 8,102 | |
| Total | | $ | 139,781 | | | $ | 65,311 | | | $ | (42,274 | ) | | $ | 162,818 | |
Net Sales by product group for the two quarters ended December 29, 2023 is summarized as follows:
| | | | | | | | | | | Elimination of | | | | | |
| | | Manufacturing | | | Distribution | | | Intercompany Sales | | | Total | |
| Industrial | | $ | 10,994 | | | $ | 2,586 | | | $ | (1,364 | ) | | $ | 12,216 | |
| Land-based transmissions | | | 29,684 | | | | 20,623 | | | | (15,867 | ) | | | 34,440 | |
| Marine and propulsion systems | | | 72,228 | | | | 40,378 | | | | (29,197 | ) | | | 83,409 | |
| Other | | | - | | | | 6,508 | | | | (26 | ) | | | 6,482 | |
| Total | | $ | 112,906 | | | $ | 70,095 | | | $ | (46,454 | ) | | $ | 136,547 | |
F. Stock-Based Compensation
In the first quarter of fiscal 2025, the Company adopted the Twin Disc, Incorporated Amended and Restated 2021 Omnibus Incentive Plan (the “Omnibus Plan”), which was subsequently approved by the Company’s shareholders. The Omnibus Plan amended and restated the Twin Disc, Incorporated 2021 Long-Term Incentive Plan (the “2021 LTI Plan”), and effectively replaced the Twin Disc, Incorporated 2020 Stock Incentive Plan for Non-Employee Directors (the “2020 Directors' Plan”). Benefits under the Omnibus Plan may be granted, awarded or paid in any one or a combination of stock options, stock appreciation rights, restricted stock awards, restricted stock units, cash-settled restricted stock units, performance stock awards, performance stock unit awards, performance unit awards, and dividend equivalent awards. The Omnibus Plan is designed to benefit key employees and consultants of the Company and its subsidiaries, as well as non-employee directors of the Company.
There is reserved for issuance under the Plan an aggregate of 1,636,550 shares of the Company’s common stock, which consists of the previously-approved 715,000 shares of common stock reserved for issuance under the 2021 LTI Plan prior to its amendment and restatement to become the Omnibus Plan; 521,550 shares of common stock that remained available for issuance under the 2020 Directors' Plan; and 400,000 newly authorized shares of common stock. Shares issued under the Omnibus Plan may be authorized and unissued shares or shares reacquired by the Company in the open market or a combination of both. The aggregate amount is subject to proportionate adjustments for stock dividends, stock splits and similar changes.
Performance Stock Awards (“PSA”)
During the first two quarters of fiscal 2025 and 2024, the Company granted a target number of 116.1 and 119.3 PSAs, respectively, to various employees of the Company, including executive officers.
The fiscal 2025 PSAs will vest if the Company achieves performance-based target objectives relating to average return on invested capital and cumulative EBITDA (as defined in the PSA Grant Agreement), in the cumulative three fiscal year period ending June 30, 2027. These PSAs are subject to adjustment if the Company’s return on invested capital and cumulative EBITDA falls below or exceeds the specified target objective, and the maximum number of performance shares that can be awarded if the target objective is exceeded is 232.2.
The fiscal 2024 PSAs will vest if the Company achieves performance-based target objectives relating to average return on invested capital and cumulative EBITDA (as defined in the PSA Grant Agreement), in the cumulative three fiscal year period ending June 30, 2026. These PSAs are subject to adjustment if the Company’s return on invested capital and cumulative EBITDA falls below or exceeds the specified target objective, and the maximum number of performance shares that can be awarded if the target objective is exceeded is 238.7.
There were 350.0 and 335.2 unvested PSAs outstanding at December 27, 2024 and December 29, 2023, respectively. The fair value of the PSAs (on the date of grant) is expensed over the performance period for the shares that are expected to ultimately vest. Compensation expense of $376 and $325 was recognized for the quarters ended December 27, 2024 and December 29, 2023, respectively, related to PSAs. Compensation expense of $1,035 and $379 was recognized for the two quarters ended December 27, 2024 and December 29, 2023, respectively, related to PSAs. The weighted average grant date fair value of the unvested awards at December 27, 2024 was $10.85. At December 27, 2024, the Company had $2,296 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2024 and 2023 awards. The total fair value of PSAs vested as of December 27, 2024 and December 29, 2023 was $0.
Performance Stock Unit Awards (“PSUA”)
The PSUAs entitle an individual to shares of common stock of the Company or cash in lieu of shares of Company common stock if specific terms and conditions or restrictions are met through a specified date. During the first two quarters of fiscal 2024 and 2023, the Company granted a target number of 0 and 10.5 PSUAs, respectively, to various individuals in the Company. The fiscal 2024 PSUAs will vest if the Company achieves performance-based target objectives relating to average return on invested capital and cumulative EBITDA (as defined in the PSUA Grant Agreement), in the cumulative three fiscal year period ending June 30, 2026. These PSUAs are subject to adjustment if the Company’s return on invested capital and cumulative EBITDA falls below or exceeds the specified target objective, and the maximum number of performance shares that can be awarded if the target objective is exceeded is 20.9.
There were 10.5 and 10.5 unvested PSUAs outstanding at December 27, 2024 and December 29, 2023, respectively. The fair value of the PSUAs (on the date of grant) is expensed over the performance period for the shares that are expected to ultimately vest. Compensation expense of $11 and $11 was recognized for the quarters ended December 27, 2024 and December 29, 2023, respectively, related to PSUAs. Compensation expense of $22 and $18 was recognized for the two quarters ended December 27, 2024 and December 29, 2023, respectively, related to PSUAs. The weighted average grant date fair value of the unvested awards at December 27, 2024 was $12.15. At December 27, 2024, the Company had $65 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2024 awards. The total fair value of PSUAs vested as of December 27, 2024 and December 29, 2023 was $0.
Restricted Stock Awards (“RS”)
The Company has unvested RS awards outstanding that will vest if certain service conditions are fulfilled. The fair value of the RS grants is recorded as compensation expense over the vesting period, which is generally 1 to 3 years. During the first two quarters of fiscal 2024 and 2023, the Company granted 44.0 and 115.7 service based restricted shares, respectively, to employees and non-employee directors. There were 251.0 and 251.3 unvested shares outstanding at December 27, 2024 and December 29, 2023, respectively. A total of 0 and 2.4 shares of restricted stock were forfeited during the two quarters ended December 27, 2024 and December 29, 2023, respectively. Compensation expense of $317 and $310 was recognized for the quarters ended December 27, 2024 and December 29, 2023, respectively. Compensation expense of $628 and $623 was recognized for the two quarters ended December 27, 2024 and December 29, 2023, respectively. The total fair value of restricted stock grants vested as of December 27, 2024 and December 29, 2023 was $437 and $2,206, respectively. As of December 27, 2024, the Company had $1,176 of unrecognized compensation expense related to restricted stock which will be recognized over the next three years.
Restricted Stock Unit Awards (“RSU”)
The RSUs entitle an individual to shares of common stock of the Company or cash in lieu of shares of Company common stock if specific terms and conditions or restrictions are met through a specified date, generally three years from the date of grant or when performance conditions have been met. The fair value of the RSUs (on the date of grant) is recorded as compensation expense over the vesting period. During the first two quarters of fiscal 2024 and 2023, the Company granted 77.4 and 7.1 of employment based RSUs, respectively. There were 159.9 and 135.0 unvested RSUs outstanding at December 27, 2024 and December 29, 2023, respectively. Compensation expense of $149 and $126 was recognized for the quarters ended December 27, 2024 and December 29, 2023, respectively. Compensation expense of $192 and $247 was recognized for the two quarters ended December 27, 2024 and December 29, 2023, respectively. The total fair value of restricted stock units vested as of December 27, 2024 and December 29, 2023 was $701 and $25, respectively. The weighted average grant date fair value of the unvested awards at December 27, 2024 was $10.88. As of December 27, 2024, the Company had $1,022 of unrecognized compensation expense related to restricted stock which will be recognized over the next three years.
G. Pension and Other Postretirement Benefit Plans
The Company has non-contributory, qualified defined benefit plans covering substantially all domestic employees hired prior to October 1, 2003 and certain foreign employees. Additionally, the Company provides healthcare and life insurance benefits for certain domestic retirees.
The components of the net periodic benefit cost for the defined benefit pension plans and the other postretirement benefit plan are as follows:
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Pension Benefits: | | | | | | | | | | | | | | | | |
| Service cost | | $ | 81 | | | $ | 94 | | | $ | 164 | | | $ | 188 | |
| Prior service cost | | | 5 | | | | - | | | | 10 | | | | - | |
| Interest cost | | | 836 | | | | 896 | | | | 1,672 | | | | 1,792 | |
| Expected return on plan assets | | | (826 | ) | | | (1,048 | ) | | | (1,652 | ) | | | (2,096 | ) |
| Amortization of transition obligation | | | 10 | | | | 10 | | | | 20 | | | | 19 | |
| Amortization of prior service cost | | | 6 | | | | 9 | | | | 13 | | | | 17 | |
| Amortization of actuarial net loss | | | 246 | | | | 16 | | | | 493 | | | | 31 | |
| Net periodic benefit cost (gain) | | $ | 358 | | | $ | (23 | ) | | $ | 720 | | | $ | (49 | ) |
| | | | | | | | | | | | | | | | | |
| Postretirement Benefits: | | | | | | | | | | | | | | | | |
| Service cost | | $ | 2 | | | $ | 2 | | | $ | 5 | | | $ | 4 | |
| Interest cost | | | 53 | | | | 48 | | | | 106 | | | | 95 | |
| Amortization of prior service benefit | | | (69 | ) | | | (22 | ) | | | (137 | ) | | | (44 | ) |
| Amortization of actuarial net gain | | | (10 | ) | | | (155 | ) | | | (19 | ) | | | (310 | ) |
| Net periodic benefit gain | | $ | (24 | ) | | $ | (127 | ) | | $ | (45 | ) | | $ | (255 | ) |
The service cost component is included in cost of goods sold and marketing, engineering, and administrative expenses. All other components of net periodic benefit cost are included in other (expense) income, net.
The Company expects to contribute approximately $535 to its pension plans in fiscal 2024. As of December 27, 2024, $396 in contributions to the pension plans have been made.
The Company has reclassified $140 (net of $13 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended December 27, 2024, and ($108) (net of ($13) in taxes) during the quarter ended December 29, 2023. These reclassifications are included in the computation of net periodic benefit cost (gain). The Company has reclassified $361 (net of $2 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the two quarters ended December 27, 2024, and ($279) (net of ($8) in taxes) during the two quarters ended December 29, 2023. These reclassifications are included in the computation of net periodic benefit cost (gain).
H. Income Taxes
Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with the estimated Annual Effective Tax Rate (AETR). Under this effective tax rate methodology, the Company applies an estimated annual income tax rate to its year-to-date ordinary earnings to derive its income tax provision each quarter. To calculate its AETR, an entity must estimate its ordinary income or loss and the related tax expense or benefit for its full fiscal year. In situations in which an entity is in a loss position and recognizes a full valuation allowance, the guidance in ASC 740-270-25-9 applies. Due to continued historical domestic losses and uncertain future domestic earnings, the Company continues to recognize a full domestic valuation allowance.
Permanent differences continue to fluctuate and are significant compared to projected ordinary income. Therefore, per ASC guidance, the fully valued domestic entity was removed from the annualized effective rate calculation. Because of the full U.S. valuation allowance, the U.S. entity may only recognize tax expense (benefit) recorded for ASC 740-10 adjustments.
| | | For the Quarter-Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Foreign earnings, before income taxes of $1,552, $1,683, $2,406, and $2,199, respectively | | $ | 5,660 | | | $ | 6,209 | | | $ | 9,100 | | | $ | 8,264 | |
| Domestic losses, before income taxes of $0, ($21), ($227) and $9, respectively | | | (3,009 | ) | | | (3,612 | ) | | | (8,594 | ) | | | (6,204 | ) |
| Earnings before income taxes and noncontrolling interest | | $ | 2,651 | | | $ | 2,597 | | | $ | 506 | | | $ | 2,060 | |
| | | | | | | | | | | | | | | | | |
| Income tax expense | | $ | 1,552 | | | $ | 1,662 | | | $ | 2,179 | | | $ | 2,208 | |
| Effective income tax rate | | | 58.5 | % | | | 64.0 | % | | | 430.6 | % | | | 107.2 | % |
Due to the full US valuation allowance currently in place, no tax benefit can be recognized on the domestic losses.
A discrete expense was recorded during the period of $148 related to foreign returns filed compared to income tax provision accrued.
I. Intangible Assets
As of December 27, 2024, the following acquired intangible assets have definite useful lives and are subject to amortization:
| | | Net Book Value Rollforward | | | Net Book Value By Asset Type | |
| | | Gross Carrying Amount | | | Accumulated Amortization / Impairment | | | Net Book Value | | | Customer Relationships | | | Technology Know-how | | | Trade Name | | | Other | | | Total | |
| Balance at June 30, 2024 | | $ | 34,533 | | | $ | (21,847 | ) | | $ | 12,686 | | | $ | 6,720 | | | $ | 2,098 | | | $ | 1,511 | | | $ | 2,357 | | | $ | 12,686 | |
| Addition | | | 203 | | | | - | | | | 203 | | | | - | | | | - | | | | - | | | | 203 | | | | 203 | |
| Amortization | | | - | | | | (1,806 | ) | | | (1,806 | ) | | | (650 | ) | | | (627 | ) | | | (125 | ) | | | (404 | ) | | | (1,806 | ) |
| Translation adjustment | | | (227 | ) | | | - | | | | (227 | ) | | | (156 | ) | | | (50 | ) | | | (18 | ) | | | (3 | ) | | | (227 | ) |
| Balance at December 27, 2024 | | $ | 34,509 | | | $ | (23,653 | ) | | $ | 10,856 | | | $ | 5,914 | | | $ | 1,421 | | | $ | 1,368 | | | $ | 2,153 | | | $ | 10,856 | |
Other intangibles consist mainly of computer software. Amortization is recorded on the basis of straight-line or accelerated, as appropriate, over the estimated useful lives of the assets.
The weighted average remaining useful life of the intangible assets included in the table above is approximately 5 years.
Intangible amortization expense was $880 and $817 for the quarters ended December 27, 2024, and December 29, 2023, respectively. Intangible amortization expense was $1,806 and $1,636 for the two quarters ended December 27, 2024, and December 29, 2023, respectively. Estimated intangible amortization expense for the remainder of fiscal 2025 and each of the next five fiscal years and thereafter is as follows:
| Fiscal Year | | | | |
| 2025 | | $ | 1,678 | |
| 2026 | | | 2,552 | |
| 2027 | | | 1,992 | |
| 2028 | | | 1,785 | |
| 2029 | | | 1,331 | |
| 2030 | | | 307 | |
| Thereafter | | | 1,211 | |
| | | $ | 10,856 | |
Long-term debt at December 27, 2024 and June 30, 2024 consisted of the following:
| | | December 27, 2024 | | | June 30, 2024 | |
| Credit Agreement Debt | | | | | | | | |
| Revolving loans (expire April 2027) | | $ | 15,851 | | | $ | 16,288 | |
| Term loan (due April 2027) | | | 9,000 | | | | 9,500 | |
| Other | | | 22 | | | | 23 | |
| Subtotal | | | 24,873 | | | | 25,811 | |
| Less: current maturities | | | (2,000 | ) | | | (2,000 | ) |
| Total long-term debt | | $ | 22,873 | | | $ | 23,811 | |
Credit Agreement Debt: On June 29, 2018, the Company entered into a Credit Agreement (the “Credit Agreement”) with BMO Harris Bank N.A. (“BMO”) that provided for the assignment and assumption of the previously existing loans between the Company and Bank of Montreal (the “2016 Credit Agreement”) and subsequent amendments into a term loan (the “Term Loan”) and revolving credit loans (each a “Revolving Loan” and, collectively, the “Revolving Loans,” and, together with the Term Loan, the “Loans”). Pursuant to the Credit Agreement, BMO agreed to make the Term Loan to the Company in a principal amount not to exceed $35.0 million and the Company may, from time to time prior to the maturity date, enter into Revolving Loans in amounts not to exceed, in the aggregate, $50.0 million (the “Revolving Credit Commitment”), subject to a Borrowing Base based on Eligible Inventory and Eligible Receivables. Subsequent amendments to the Credit Agreement reduced the Term Loan to $20.0 million, extended the maturity date of the Term Loan to April 1, 2027, and require the Company to make principal installment payments on the Term Loan of $0.5 million per quarter. In addition, under subsequent amendments to the Credit Agreement, BMO’s Revolving Credit Commitment is currently $45.0 million. The Credit Agreement also allows the Company to obtain Letters of Credit from BMO, which if drawn upon by the beneficiary thereof and paid by BMO, would become Revolving Loans. Under the Credit Agreement, the Company may not pay cash dividends on its common stock in excess of $5.0 million in any fiscal year. The term of the Revolving Loans under the Credit Agreement currently runs through April 1, 2027.
Under the Credit Agreement as amended, interest rates are based on either the secured overnight financing rate (“SOFR”) or the euro interbank offered rate (the “EURIBO Rate”). Loans are designated either as “SOFR Loans,” which accrue interest at an Adjusted Term SOFR plus an Applicable Margin, or “Eurodollar Loans,” which accrue interest at the EURIBO Rate plus an Applicable Margin. Amounts drawn on a Letter of Credit that are not timely reimbursed to the Bank bear interest at a Base Rate plus an Applicable Margin. The Company also pays a commitment fee on the average daily Unused Revolving Credit Commitment equal to an Applicable Margin. Currently, the Applicable Margins are between 2.00% and 3.50% for Revolving Loans and Letters of Credit; 2.125% and 3.625% for Term Loans; and 0.15% and 0.30% for the Unused Revolving Credit Commitment (each depending on the Company’s Total Funded Debt to EBITDA ratio).
The Credit Agreement, as amended, requires the Company to meet certain financial covenants. Specifically, the Company’s Total Funded Debt to EBITDA ratio may not exceed 3.50 to 1.00, and the Company’s Fixed Charge Coverage Ratio may not be less than 1.10 to 1.00. In determining whether the Company is in compliance with its Total Funded Debt/EBITDA Ratio, the Company’s EBITDA will include transaction expenses of up to $0.6 million for the Katsa acquisition, as well as pro-forma EBITDA of Katsa as permitted by the Bank. The Company’s Tangible Net Worth may not be less than $100.0 million plus 50% of positive Net Income for each fiscal year ending on or after June 30, 2023.
Borrowings under the Credit Agreement are secured by substantially all of the Company’s personal property, including accounts receivable, inventory, machinery and equipment, and intellectual property. The Company has also pledged 100% of its equity interests in certain domestic subsidiaries and 65% of its equity interests in certain foreign subsidiaries. The Company also entered into a Collateral Assignment of Rights under Purchase Agreement for its acquisition of Veth Propulsion. To effect these security interests, the Company entered into various amendment and assignment agreements that consent to the assignment of certain agreements previously entered into between the Company and the Bank of Montreal in connection with the 2016 Credit Agreement. The Company also amended and assigned to BMO a Negative Pledge Agreement that it has previously entered into with Bank of Montreal, pursuant to which it agreed not to sell, lease or otherwise encumber real estate that it owns except as permitted by the Credit Agreement and the Negative Pledge Agreement.
The Company has also entered into a Deposit Account Control Agreement with the Bank, reflecting the Bank’s security interest in deposit accounts the Company maintains with the Bank. The Bank may not provide a notice of exclusive control of a deposit account (thereby obtaining exclusive control of the account) prior to the occurrence or existence of a Default or an Event of Default under the Credit Agreement or otherwise upon the occurrence or existence of an event or condition that would, but for the passage of time or the giving of notice, constitute a Default or an Event of Default under the Credit Agreement.
Upon the occurrence of an Event of Default, BMO may take the following actions upon written notice to the Company: (1) terminate its remaining obligations under the Credit Agreement; (2) declare all amounts outstanding under the Credit Agreement to be immediately due and payable; and (3) demand the Company to immediately Cash Collateralize L/C Obligations in an amount equal to 105% of the aggregate L/C Obligations or a greater amount if BMO determines a greater amount is necessary. If such Event of Default is due to the Company’s bankruptcy, BMO may take the three actions listed above without notice to the Company.
The Company remains in compliance with its liquidity and other covenants.
As of December 27, 2024, current maturities include $2,000 of term loan payments due within the coming year.
Other: During the quarter ended December 27, 2024, the average interest rate was 7.94% on the Term Loan, and 6.09% on the Revolving Loans.
As of December 27, 2024, the Company’s borrowing capacity on the Revolving Loans under the terms of the Credit Agreement was $42,909, and the Company had approximately $27,058 of available borrowings. In addition to the Credit Agreement, the Company has established unsecured lines of credit that are used from time to time to secure certain performance obligations by the Company.
The Company’s borrowings described above approximate fair value at December 27, 2024 and June 30, 2024. If measured at fair value in the financial statements, long-term debt (including the current portion) would be classified as Level 2 in the fair value hierarchy.
The Company is party to an interest rate swap arrangement with Bank of Montreal, with an initial notional amount of $20,000 and a maturity date of March 4, 2026 to hedge the Term Loan. As of December 27, 2024, the notional amount was $9,000. This swap has been designated as a cash flow hedge under ASC 815, Derivatives and Hedging. This swap is included in the disclosures in Note O, Derivative Financial Instruments.
During the fourth quarter of fiscal 2021, the Company designated its euro denominated Revolving Loan as a net investment hedge to mitigate the risk of variability in its euro denominated net investments in wholly-owned foreign companies. Effective upon the designation, all changes in the fair value of the euro revolver are reported in accumulated other comprehensive loss along with the foreign currency translation adjustments on those foreign investments. This net investment hedge is included in the disclosures in Note O, Derivative Financial Instruments.
The Company, from time to time, makes open market purchases of its common stock under authorizations given to it by the Board of Directors, of which 315.0 shares as of December 27, 2024 remain authorized for purchase. The Company did not make any open market purchases of its shares during the quarters ended December 27, 2024 and December 29, 2023.
The following is a reconciliation of the Company’s equity balances for the first two fiscal quarters of 2025 and 2024:
| | | Twin Disc, Inc. Shareholders’ Equity | |
| | | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | | Other | | | | | | | Non- | | | | | |
| | | Common | | | Retained | | | Comprehensive | | | Treasury | | | Controlling | | | Total | |
| | | Stock | | | Earnings | | | Loss | | | Stock | | | Interest | | | Equity | |
| Balance, June 30, 2024 | | | 41,798 | | | | 129,592 | | | | (6,905 | ) | | | (9,783 | ) | | | 352 | | | $ | 155,054 | |
| Net loss | | | | | | | (2,765 | ) | | | | | | | | | | | (7 | ) | | | (2,772 | ) |
| Dividends paid to shareholders | | | | | | | (570 | ) | | | | | | | | | | | | | | | (570 | ) |
| Translation adjustments | | | | | | | | | | | 7,148 | | | | | | | | 143 | | | | 7,291 | |
| Benefit plan adjustments, net of tax | | | | | | | | | | | 221 | | | | | | | | | | | | 221 | |
| Unrealized loss on hedges, net of tax | | | | | | | | | | | (853 | ) | | | | | | | | | | | (853 | ) |
| Compensation expense | | | 1,024 | | | | | | | | | | | | | | | | | | | | 1,024 | |
| Stock awards, net | | | (2,920 | ) | | | | | | | | | | | 1,671 | | | | | | | | (1,249 | ) |
| Balance, September 27, 2024 | | | 39,902 | | | | 126,257 | | | | (389 | ) | | | (8,112 | ) | | | 488 | | | | 158,146 | |
| Net income | | | | | | | 919 | | | | | | | | | | | | 180 | | | | 1,099 | |
| Dividends paid to shareholders | | | | | | | (566 | ) | | | | | | | | | | | | | | | (566 | ) |
| Translation adjustments | | | | | | | | | | | (11,311 | ) | | | | | | | (58 | ) | | | (11,369 | ) |
| Benefit plan adjustments, net of tax | | | | | | | | | | | (1,668 | ) | | | | | | | | | | | (1,668 | ) |
| Unrealized gain on hedges, net of tax | | | | | | | | | | | 1,146 | | | | | | | | | | | | 1,146 | |
| Compensation expense | | | 853 | | | | | | | | | | | | | | | | | | | | 853 | |
| Stock awards, net | | | (644 | ) | | | | | | | | | | | 637 | | | | | | | | (7 | ) |
| Balance, December 27, 2024 | | $ | 40,111 | | | $ | 126,610 | | | $ | (12,222 | ) | | $ | (7,475 | ) | | $ | 610 | | | $ | 147,634 | |
| | | Twin Disc, Inc. Shareholders’ Equity | |
| | | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | | Other | | | | | | | Non- | | | | | |
| | | Common | | | Retained | | | Comprehensive | | | Treasury | | | Controlling | | | Total | |
| | | Stock | | | Earnings | | | Loss | | | Stock | | | Interest | | | Equity | |
| Balance, June 30, 2023 | | | 42,855 | | | | 120,299 | | | | (5,570 | ) | | | (12,491 | ) | | | 424 | | | $ | 145,517 | |
| Net (loss) income | | | | | | | (1,173 | ) | | | | | | | | | | | 90 | | | | (1,083 | ) |
| Translation adjustments | | | | | | | | | | | (3,096 | ) | | | | | | | 60 | | | | (3,036 | ) |
| Benefit plan adjustments, net of tax | | | | | | | | | | | (171 | ) | | | | | | | | | | | (171 | ) |
| Unrealized gain on hedges, net of tax | | | | | | | | | | | 216 | | | | | | | | | | | | 216 | |
| Compensation expense | | | 495 | | | | | | | | | | | | | | | | | | | | 495 | |
| Stock awards, net | | | (3,911 | ) | | | | | | | | | | | 2,148 | | | | | | | | (1,763 | ) |
| Balance, September 29, 2023 | | | 39,439 | | | | 119,126 | | | | (8,621 | ) | | | (10,343 | ) | | | 574 | | | | 140,175 | |
| Net income | | | | | | | 930 | | | | | | | | | | | | 5 | | | | 935 | |
| Dividends paid to shareholders | | | | | | | (560 | ) | | | | | | | | | | | | | | | (560 | ) |
| Translation adjustments | | | | | | | | | | | 5,155 | | | | | | | | 35 | | | | 5,190 | |
| Benefit plan adjustments, net of tax | | | | | | | | | | | (108 | ) | | | | | | | | | | | (108 | ) |
| Unrealized loss on hedges, net of tax | | | | | | | | | | | (485 | ) | | | | | | | | | | | (485 | ) |
| Compensation expense | | | 772 | | | | | | | | | | | | | | | | | | | | 772 | |
| Stock awards, net | | | (550 | ) | | | | | | | | | | | 541 | | | | | | | | (9 | ) |
| Balance, December 29, 2023 | | $ | 39,661 | | | $ | 119,496 | | | $ | (4,059 | ) | | $ | (9,802 | ) | | $ | 614 | | | $ | 145,910 | |
Reconciliations for the changes in accumulated other comprehensive loss, net of tax, by component for the quarters ended December 27, 2024 and December 29, 2023 are as follows:
| | | Translation | | | Benefit Plan | | | Cash Flow | | | Net Investment | |
| | | Adjustment | | | Adjustment | | | Hedges | | | Hedges | |
| Balance, June 30, 2024 | | $ | (849 | ) | | $ | (8,062 | ) | | $ | 504 | | | $ | 1,502 | |
| Translation adjustment during the quarter | | | 7,148 | | | | - | | | | - | | | | - | |
| Amounts reclassified from accumulated other comprehensive loss | | | - | | | | 221 | | | | (169 | ) | | | (684 | ) |
| Net current period other comprehensive income (loss) | | | 7,148 | | | | 221 | | | | (169 | ) | | | (684 | ) |
| Balance, September 27, 2024 | | $ | 6,299 | | | $ | (7,841 | ) | | $ | 335 | | | $ | 818 | |
| Translation adjustment during the quarter | | | (11,311 | ) | | | - | | | | - | | | | - | |
| Return on plan assets | | | | | | | (1,808 | ) | | | | | | | | |
| Amounts reclassified from accumulated other comprehensive loss | | | - | | | | 140 | | | | 24 | | | | 1,122 | |
| Net current period other comprehensive (loss) income | | | (11,311 | ) | | | (1,668 | ) | | | 24 | | | | 1,122 | |
| Balance, December 27, 2024 | | $ | (5,012 | ) | | $ | (9,509 | ) | | $ | 359 | | | $ | 1,940 | |
| | | Translation | | | Benefit Plan | | | Cash Flow | | | Net Investment | |
| | | Adjustment | | | Adjustment | | | Hedges | | | Hedges | |
| Balance, June 30, 2023 | | $ | (1,582 | ) | | $ | (5,948 | ) | | $ | 688 | | | $ | 1,272 | |
| Translation adjustment during the quarter | | | (3,096 | ) | | | - | | | | - | | | | - | |
| Amounts reclassified from accumulated other comprehensive loss | | | - | | | | (171 | ) | | | (6 | ) | | | 222 | |
| Net current period other comprehensive (loss) income | | | (3,096 | ) | | | (171 | ) | | | (6 | ) | | | 222 | |
| Balance, September 29, 2023 | | $ | (4,678 | ) | | $ | (6,119 | ) | | $ | 682 | | | $ | 1,494 | |
| Translation adjustment during the quarter | | | 5,155 | | | | - | | | | - | | | | - | |
| Amounts reclassified from accumulated other comprehensive loss | | | - | | | | (108 | ) | | | (183 | ) | | | (302 | ) |
| Net current period other comprehensive income (loss) | | | 5,155 | | | | (108 | ) | | | (183 | ) | | | (302 | ) |
| Balance, December 29, 2023 | | $ | 477 | | | $ | (6,227 | ) | | $ | 499 | | | $ | 1,192 | |
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended December 27, 2024 are as follows:
| | | Quarter Ended | | | | Two Quarters Ended | |
| | | December 27, 2024 | | | | December 27, 2024 | |
| Changes in benefit plan items | | | | | | | | | |
| Actuarial losses | | $ | 180 | (a) | | | $ | 464 | (a) |
| Transition asset and prior service benefit | | | (53 | )(a) | | | | (104 | )(a) |
| Return on plan assets | | | (1,808 | ) | | | | (1,808 | ) |
| Total amortization | | | (1,681 | ) | | | | (1,448 | ) |
| Income taxes | | | 13 | | | | | 2 | |
| Total reclassification, net of tax | | $ | (1,668 | ) | | | $ | (1,446 | ) |
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended December 29, 2023 is as follows:
| | | Quarter Ended | | | | Two Quarters Ended | |
| | | December 29, 2023 | | | | December 29, 2023 | |
| Changes in benefit plan items | | | | | | | | | |
| Actuarial losses | | $ | (91 | )(a) | | | $ | (263 | )(a) |
| Transition asset and prior service benefit | | | (4 | )(a) | | | | (8 | )(a) |
| Total amortization | | | (95 | ) | | | | (271 | ) |
| Income taxes | | | (13 | ) | | | | (8 | ) |
| Total reclassification, net of tax | | $ | (108 | ) | | | $ | (279 | ) |
| | (a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note G, "Pension and Other Postretirement Benefit Plans" for further details). |
The Company calculates basic earnings per share based upon the weighted average number of common shares outstanding during the period, while the calculation of diluted earnings per share includes the dilutive effect of potential common shares outstanding during the period. The calculation of diluted earnings per share excludes all potential common shares if their inclusion would have an anti-dilutive effect. Certain restricted stock award recipients have a non-forfeitable right to receive dividends declared by the Company and are therefore included in computing earnings per share pursuant to the two-class method.
The components of basic and diluted earnings per share were as follows:
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Basic: | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 1,099 | | | $ | 935 | | | $ | (1,673 | ) | | $ | (148 | ) |
| Less: Net income attributable to noncontrolling interest, net of tax | | | (180 | ) | | | (5 | ) | | | (173 | ) | | | (95 | ) |
| Net income (loss) attributable to Twin Disc, Incorporated | | | 919 | | | | 930 | | | | (1,846 | ) | | | (243 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding - basic | | | 13,868 | | | | 13,718 | | | | 13,818 | | | | 13,629 | |
| | | | | | | | | | | | | | | | | |
| Basic Income (Loss) Per Share: | | | | | | | | | | | | | | | | |
| Net earnings (loss) per share - basic | | $ | 0.07 | | | $ | 0.07 | | | $ | (0.13 | ) | | $ | (0.02 | ) |
| | | | | | | | | | | | | | | | | |
| Diluted: | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 1,099 | | | $ | 935 | | | $ | (1,673 | ) | | $ | (148 | ) |
| Less: Net income attributable to noncontrolling interest, net of tax | | | (180 | ) | | | (5 | ) | | | (173 | ) | | | (95 | ) |
| Net income (loss) attributable to Twin Disc, Incorporated | | | 919 | | | | 930 | | | | (1,846 | ) | | | (243 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding - basic | | | 13,868 | | | | 13,718 | | | | 13,818 | | | | 13,629 | |
| Effect of dilutive stock awards | | | 190 | | | | 205 | | | | - | | | | - | |
| Weighted average shares outstanding - diluted | | | 14,058 | | | | 13,923 | | | | 13,818 | | | | 13,629 | |
| | | | | | | | | | | | | | | | | |
| Diluted Income (Loss) Per Share: | | | | | | | | | | | | | | | | |
| Net earnings (loss) per share - diluted | | $ | 0.07 | | | $ | 0.07 | | | $ | (0.13 | ) | | $ | (0.02 | ) |
The following potential common shares were excluded from diluted EPS for the two quarters ended December 27, 2024 as the Company reported a net loss: 404.3 related to the Company’s unvested PSAs, 7.9 related to the Company’s unvested PSAUs, 171.0 related to the Company’s unvested RS awards, and 68.0 related to the Company’s unvested RSUs.
The following potential common shares were excluded from diluted EPS for the two quarters ended December 29, 2023 as the Company reported a net loss: 330.0 related to the Company’s unvested PSAs, 10.5 related to the Company’s unvested PSAUs, 80.2 related to the Company’s unvested RS awards, and 87.4 related to the Company’s unvested RSUs.
The Company leases certain office and warehouse space, as well as production and office equipment.
The Company determines if an arrangement is a lease at contract inception. The lease term begins upon lease commencement, which is when the Company takes possession of the asset, and may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. As its lease agreements typically do not provide an implicit rate, the Company primarily uses an incremental borrowing rate based upon the information available at lease commencement. In determining the incremental borrowing rate, the Company considers its current borrowing rate, the term of the lease, and the economic environments where the lease activity is concentrated. Some of the Company’s leases contain non-lease components (e.g., common area, other maintenance costs, etc.) that relate to the lease components of the agreement. Non-lease components and the lease components to which they relate are accounted for as a single lease component.
The following table provides a summary of leases recorded on the condensed consolidated balance sheet.
| | Condensed Consolidated Balance Sheet Location | | December 27, 2024 | | | June 30, 2024 | |
| Lease Assets | | | | | | | | | |
| Right-of-use operating lease assets | Right-of-use operating lease assets | | $ | 16,431 | | | $ | 16,622 | |
| Right-of-use finance lease assets | Property, plant and equipment, net | | | 5,435 | | | | 5,210 | |
| | | | | | | | | | |
| Lease Liabilities | | | | | | | | | |
| Right-of use operating lease liabilities, current | Current maturities of right-of use operating lease obligations | | $ | 2,813 | | | $ | 2,521 | |
| Right-of use operating lease liabilities, non-current | Right-of use operating lease obligations | | | 13,656 | | | | 14,376 | |
| Right of use finance lease liabilities, current | Accrued liabilities | | | 880 | | | | 713 | |
| Right of use finance lease liabilities, non-current | Other long-term liabilities | | | 4,980 | | | | 4,795 | |
The components of lease expense were as follows:
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Finance lease cost: | | | | | | | | | | | | | | | | |
| Amortization of right-of-use assets | | $ | 237 | | | $ | 175 | | | $ | 469 | | | $ | 397 | |
| Interest on lease liabilities | | | 96 | | | | 77 | | | | 189 | | | | 151 | |
| Operating lease cost | | | 1,003 | | | | 882 | | | | 1,942 | | | | 1,775 | |
| Short-term lease cost | | | 22 | | | | 6 | | | | 33 | | | | 9 | |
| Variable lease cost | | | 139 | | | | 99 | | | | 239 | | | | 199 | |
| Total lease cost | | | 1,497 | | | | 1,239 | | | | 2,874 | | | | 2,531 | |
| Less: Sublease income | | | (21 | ) | | | (20 | ) | | | (42 | ) | | | (41 | ) |
| Net lease cost | | $ | 1,476 | | | $ | 1,219 | | | $ | 2,830 | | | $ | 2,490 | |
Other information related to leases was as follows:
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | | | | | | | | |
| Operating cash flows from operating leases | | $ | 1,084 | | | $ | 934 | | | $ | 2,086 | | | $ | 1,871 | |
| Operating cash flows from finance leases | | | 97 | | | | 76 | | | | 192 | | | | 149 | |
| Financing cash flows from finance leases | | | 471 | | | | 207 | | | | 1,017 | | | | 471 | |
| Right-of-use-assets obtained in exchange for lease obligations: | | | | | | | | | | | | | | | | |
| Operating leases | | | 1,255 | | | | 188 | | | | 1,581 | | | | 188 | |
| Finance leases | | | 224 | | | | 123 | | | | 732 | | | | 657 | |
| Weighted average remaining lease term (years): | | | | | | | | | | | | | |
| Operating leases | | | | | | | | | | | 7.9 | | | | 8.1 | |
| Finance lease | | | | | | | | | | | 8.1 | | | | 9.5 | |
| Weighted average discount rate: | | | | | | | | | | | | | | | | |
| Operating leases | | | | | | | | | | | 8.5 | % | | | 7.6 | % |
| Finance leases | | | | | | | | | | | 6.4 | % | | | 5.8 | % |
Approximate future minimum rental commitments under non-cancellable leases as of December 27, 2024 were as follows:
| | | Operating Leases | | | Finance Leases | |
| 2024 | | $ | 2,095 | | | $ | 593 | |
| 2025 | | | 3,869 | | | | 1,154 | |
| 2026 | | | 3,233 | | | | 1,085 | |
| 2027 | | | 2,339 | | | | 986 | |
| 2028 | | | 2,215 | | | | 695 | |
| 2029 | | | 1,774 | | | | 526 | |
| Thereafter | | | 7,661 | | | | 2,285 | |
| Total future lease payments | | | 23,186 | | | | 7,324 | |
| Less: Amount representing interest | | | (6,717 | ) | | | (1,464 | ) |
| Present value of future payments | | $ | 16,469 | | | $ | 5,860 | |
| N. |
Derivative Financial Instruments |
From time to time, the Company enters into derivative instruments to manage volatility arising from risks relating to interest rates and foreign currency exchange rates. The Company does not purchase, hold or sell derivative financial instruments for trading purposes. The Company’s practice is to terminate derivative transactions if the underlying asset or liability matures or is sold or terminated, or if it determines the underlying forecasted transaction is no longer probable of occurring.
The Company reports all derivative instruments on its condensed consolidated balance sheets at fair value and establishes criteria for designation and effectiveness of transactions entered into for hedging purposes.
Interest Rate Swap Contracts
The Company has one outstanding interest rate swap contract as of December 27, 2024, with a notional amount of $9,000. It has been designated as a cash flow hedge in accordance with ASC 815, Derivatives and Hedging.
The primary purpose of the Company’s cash flow hedging activities is to manage the potential changes in value associated with interest payments on the Company’s SOFR-based indebtedness. The Company records gains and losses on interest rate swap contracts qualifying as cash flow hedges in accumulated other comprehensive loss to the extent that these hedges are effective and until the Company recognizes the underlying transactions in net earnings, at which time these gains and losses are recognized in interest expense on its condensed consolidated statements of operations and comprehensive income (loss). Cash flows from derivative financial instruments are classified as cash flows from financing activities on the consolidated statements of cash flows. These contracts generally have original maturities of greater than twelve months.
Net unrealized after-tax gains related to cash flow hedging activities that were included in accumulated other comprehensive loss were $359 and $504 as of December 27, 2024, and June 30, 2024, respectively. The unrealized amounts in accumulated other comprehensive loss will fluctuate based on changes in the fair value of open contracts during each reporting period.
The Company estimates that $132 of net unrealized losses related to cash flow hedging activities included in accumulated other comprehensive loss will be reclassified into earnings within the next twelve months.
Derivatives Designated as Net Investment Hedges
The Company is exposed to foreign currency exchange rate risk related to its investment in net assets in foreign countries. During the fourth quarter of fiscal 2021, the Company designated its euro denominated Revolving Loan, with a notional amount of €13,000, as a net investment hedge to mitigate the risk of variability in its euro denominated net investments in wholly-owned foreign subsidiaries. All changes in the fair value of the euro revolver were then recorded in accumulated other comprehensive loss along with the foreign currency translation adjustments on those foreign investments. Net unrealized after-tax income related to net investment hedging activities that were included in accumulated other comprehensive loss were $1,940 and $1,502 as of December 27, 2024 and June 30, 2024, respectively.
Fair Value of Derivative Instruments
The fair value of derivative instruments included in the condensed consolidated balance sheets were as follows:
| | Condensed Consolidated Balance Sheet Location | | December 27, 2024 | | | June 30, 2024 | |
| Derivative designated as hedge: | | | | | | | | | |
| Interest rate swap | Other current assets | | $ | 123 | | | $ | 218 | |
| Interest rate swap | Other noncurrent assets | | | 26 | | | | 76 | |
The impact of the Company’s derivative instruments on the condensed consolidated statements of operations and comprehensive (loss) income for the quarters ended December 27, 2024 and December 29, 2023, respectively, was as follows:
| |
Condensed Consolidated Statements of Operations and Comprehensive |
|
For the Quarter Ended |
|
|
For the Two Quarters Ended |
|
| |
(Loss) Income Location |
|
December 27, 2024 |
|
|
December 29, 2023 |
|
|
December 27, 2024 |
|
|
December 29, 2023 |
|
| Derivative designated as hedge: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate swap |
Interest expense |
|
$ |
55 |
|
|
$ |
67 |
|
|
$ |
112 |
|
|
$ |
138 |
|
| Interest rate swap |
Unrealized gain (loss) on hedges |
|
|
(24 |
) |
|
|
183 |
|
|
|
145 |
|
|
|
189 |
|
| Net investment hedge |
Unrealized gain (loss) on hedges |
|
|
(1,122 |
) |
|
|
302 |
|
|
|
(438 |
) |
|
|
80 |
|
20
Item 2. Management Discussion and Analysis
In the financial review that follows, we discuss our results of operations, financial condition and certain other information. This discussion should be read in conjunction with our consolidated financial statements as of December 27, 2024, and related notes, as reported in Item 1 of this Quarterly Report.
Some of the statements in this Quarterly Report on Form 10-Q are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include the Company’s description of plans and objectives for future operations and assumptions behind those plans. The words “anticipates,” “believes,” “intends,” “estimates,” and “expects,” or similar anticipatory expressions, usually identify forward-looking statements. In addition, goals established by the Company should not be viewed as guarantees or promises of future performance. There can be no assurance the Company will be successful in achieving its goals.
In addition to the assumptions and information referred to specifically in the forward-looking statements, other factors, including but not limited to those factors discussed under Item 1A, Risk Factors, of the Company’s Annual Report filed on Form 10-K for June 30, 2024, as supplemented in this Quarterly Report, could cause actual results to be materially different from what is expressed or implied in any forward-looking statement.
Results of Operations
| |
|
Quarter Ended |
|
|
Two Quarters Ended |
|
| |
|
December 27, 2024 |
|
|
% of Net Sales |
|
|
December 29, 2023 |
|
|
% of Net Sales |
|
|
December 27, 2024 |
|
|
% of Net Sales |
|
|
December 29, 2023 |
|
|
% of Net Sales |
|
| Net sales |
|
$ |
89,921 |
|
|
|
|
|
|
$ |
72,994 |
|
|
|
|
|
|
$ |
162,818 |
|
|
|
|
|
|
$ |
136,547 |
|
|
|
|
|
| Cost of goods sold |
|
|
66,662 |
|
|
|
|
|
|
|
52,338 |
|
|
|
|
|
|
|
120,237 |
|
|
|
|
|
|
|
96,156 |
|
|
|
|
|
| Cost of goods sold - other |
|
|
1,579 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
|
|
1,579 |
|
|
|
|
|
|
|
3,099 |
|
|
|
|
|
| Gross profit |
|
|
21,680 |
|
|
|
24.1 |
% |
|
|
20,656 |
|
|
|
28.3 |
% |
|
|
41,002 |
|
|
|
25.2 |
% |
|
|
37,292 |
|
|
|
27.3 |
% |
| Marketing, engineering and administrative expenses |
|
|
18,920 |
|
|
|
21.0 |
% |
|
|
17,218 |
|
|
|
23.6 |
% |
|
|
38,407 |
|
|
|
23.6 |
% |
|
|
34,136 |
|
|
|
25.0 |
% |
| Income from operations |
|
$ |
2,760 |
|
|
|
3.1 |
% |
|
$ |
3,438 |
|
|
|
4.7 |
% |
|
$ |
2,595 |
|
|
|
1.6 |
% |
|
$ |
3,156 |
|
|
|
2.3 |
% |
Comparison of the Second Quarter of Fiscal 2025 with the Second Quarter of Fiscal 2024
Net sales for the second quarter increased 23.2%, or $16.9 million, to $89.9 million from $73.0 million in the same quarter a year ago. The acquisition of Katsa Oy, completed in the fourth quarter of fiscal 2024, contributed $10.0 million of additional revenue in the quarter. This was partially offset by the sale of the boat management system product line in the prior year, reducing revenue by $0.8 million in the quarter. The remaining increase of $7.1 million primarily reflects continued growth in demand for the company’s Veth propulsion systems, along with improved shipments of the Company’s products for the airport rescue and firefighting (“ARFF”) market. The Company experienced a decline in demand for oilfield transmissions, negatively impacting revenue for the quarter. Global sales of marine and propulsion products improved 20.8% from the prior year, while shipments of industrial products improved by 44.8%. Shipments of off-highway transmission products improved by 19.8%, with improving ARFF shipments. The European region saw a significant increase in revenue ($5.4 million or 21.5%) thanks primarily to the acquisition of Katsa. Sales into North America increased 13.3%, or $2.7 million, on improved industrial and commercial marine shipments in the quarter. The Asia Pacific region increased 2.1%, or $0.4 million, on flat demand for oilfield transmissions into China. Currency translation had a favorable impact on second quarter fiscal 2025 sales compared to the second quarter of the prior year totaling $0.4 million primarily due to the strengthening of the euro, Singapore dollar and Australian dollar against the U.S. dollar.
Sales at our manufacturing segment increased 31.0%, or $18.1 million, versus the same quarter last year. The Company’s new acquisition, Katsa Oy, in Finland contributed $10.0 million of incremental revenue. The U.S. manufacturing operations experienced a 10.3%, or $2.9 million, increase in sales versus the second fiscal quarter of 2024, with improvement in demand for ARFF and industrial products. The Company’s operation in the Netherlands saw increased revenue of $8.2 million (48.6%) compared to the second fiscal quarter of 2024, as this operation continues to experience record demand for its propulsion systems. The Company’s Belgian operation saw a decrease compared to the prior year first quarter (20.3% or $1.4 million), with weaker demand for its marine transmission products. The Company’s Italian manufacturing operations were down $2.4 million (47.8%) compared to the second quarter of fiscal 2024, due primarily to the sale of the boat management product line in the prior year, along with weaker European demand for industrial and commercial marine products. The Company’s Swiss manufacturing operation, which supplies customized propellers for the global mega yacht and patrol boat markets, was up $0.1 million (6.1%) compared to the prior year second quarter.
Our distribution segment experienced a decrease in sales of $1.5 million (6.1%) in the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024. The Company’s Asian distribution operations in Singapore, China and Japan were up 39.8% or $4.6 million from the prior year on improved deliveries of commercial marine transmissions. The Company’s North America distribution operation saw a decrease ($2.2 million or 27.2%) on timing of shipments from European manufacturing operations and some softening in North American demand. The Company’s European distribution operation saw a decline ($0.9 million or 12.3%) on weaker shipments of commercial marine projects. The Company’s distribution operation in Australia and New Zealand, which provides boat accessories, propulsion and marine transmission systems for the pleasure craft market, saw a decrease in revenue of 17.9% from the prior year first fiscal quarter, primarily due to weaker pleasure craft demand partially offset by a favorable currency impact.
Gross profit as a percentage of sales for the second quarter of fiscal 2025 declined to 24.1%, compared to 28.3% for the same period last year. The current quarter includes the impact of a non-cash inventory write-down of $1.6 million. This write-down reflects the results of a product rationalization exercise of the Company’s industrial product line following the acquisition of Katsa. Excluding this adjustment, the second quarter gross profit percent was 26.0%. The shortfall to the prior year gross profit percentage is attributed to a less favorable product mix, purchase accounting amortization related to Katsa and surcharges related to the purchase of electric motors in the quarter.
For the fiscal 2025 second quarter, marketing, engineering and administrative (“ME&A”) expenses, as a percentage of sales, were 21.0%, compared to 23.6% for the fiscal 2024 second quarter. ME&A expenses increased $1.7 million (9.9%) over the same period last fiscal year. The increase in ME&A spending for the quarter was comprised of the addition of Katsa ($1.6 million) and an increase in professional fees ($0.8 million). These increases were offset by a decrease in global bonus expense ($0.8 million).
Interest expense was up $0.1 million to $0.5 million in the second quarter of fiscal 2025, with a higher average outstanding revolver balance following the Katsa acquisition.
Other expense (benefit) of ($0.4) million for the second fiscal quarter was primarily attributable to a currency gain ($0.5 million), partially offset by pension amortization expense ($0.2 million).
The fiscal 2025 second quarter effective tax rate was 58.5% compared to 64.0% in the prior fiscal year second quarter. The full domestic valuation allowance, along with the mix of foreign earnings by jurisdiction, resulted in the change to the effective tax rate.
Comparison of the First Six Months of Fiscal 2025 with the First Six Months of Fiscal 2024
Net sales for the first six months increased 19.2%, or $26.3 million, to $162.8 million from $136.5 million in the same period a year ago. The acquisition of Katsa Oy, completed in the fourth quarter of fiscal 2024, contributed $19.2 million of additional revenue in the first half. This was partially offset by the sale of the boat management system product line in the prior year, reducing revenue by $2.6 million in the period. The remaining increase of $9.7 million primarily reflects continued growth in demand for the company’s Veth propulsion systems, along with improved shipments of the Company’s products for the airport rescue and firefighting (“ARFF”) market. Global sales of marine and propulsion products improved 19.6% from the prior year, driven by strong demand for the Veth product. Shipments of industrial products improved by 52.5%, driven by the addition of Katsa. Shipments of off-highway transmission products improved by 5.4%, with improving ARFF shipments. The European region saw a significant increase in revenue ($19.5 million or 41.6%) thanks primarily to the acquisition of Katsa. Sales into North America increased 4.3%, or $1.7 million, on improved industrial and commercial marine shipments in the second quarter. The Asia Pacific region increased 6.6%, or $2.6 million, on steady demand for oilfield transmissions into China, strong commercial marine activity and a favorable currency impact. Currency translation had a favorable impact on first half fiscal 2025 sales compared to the first half of the prior year totaling $1.0 million primarily due to the strengthening of the euro, Singapore dollar and Australian dollar against the U.S. dollar.
Sales at our manufacturing segment increased 22.8%, or $26.9 million, versus the same period last year. The Company’s new acquisition, Katsa Oy, in Finland contributed $19.2 million of incremental revenue. The U.S. manufacturing operations experienced a 6.1%, or $3.4 million, increase in sales versus the first half of fiscal 2024, with improvement in demand for ARFF and industrial products. The Company’s operation in the Netherlands saw increased revenue of $8.9 million (27.9%) compared to the first half of fiscal 2024, as this operation continues to experience record demand for its propulsion systems and has begun to increase capacity to satisfy the growing demand. The Company’s Belgian operation saw a decrease compared to the prior year first half (14.6% or $1.8 million), with weaker demand for its marine transmission products. The Company’s Italian manufacturing operations were down $4.4 million (44.4%) compared to the first half of fiscal 2024, due primarily to the sale of the boat management product line in the prior year, along with weaker European demand for industrial and commercial marine products. The Company’s Swiss manufacturing operation, which supplies customized propellers for the global mega yacht and patrol boat markets, was up $0.3 million (8.9%) compared to the prior year first half.
Our distribution segment experienced a decrease in sales of $4.8 million (6.8%) in the first half of fiscal 2025 compared to the first half of fiscal 2024. The Company’s Asian distribution operations in Singapore, China and Japan were down 5.7% or $1.7 million from the prior year on weaker demand for oilfield transmissions into China. The Company’s North America distribution operation saw a decrease ($1.9 million or 14.5%) on timing of shipments from European manufacturing operations and some softening in North American demand. The Company’s European distribution operation saw an increase ($1.2 million or 11.3%) on stronger shipments of commercial marine projects. The Company’s distribution operation in Australia and New Zealand, which provides boat accessories, propulsion and marine transmission systems for the pleasure craft market, saw a decrease in revenue of 2.4% from the prior year first fiscal half, primarily due to weaker pleasure craft demand partially offset by a favorable currency impact.
Gross profit as a percentage of sales for the first half of fiscal 2025 declined to 25.2%, compared to 27.3% for the same period last year. The current year includes the impact of a non-cash inventory write-down of $1.6 million. This write-down reflects the results of a product rationalization exercise of the Company’s industrial product line following the acquisition of Katsa. Excluding this adjustment, the first half gross profit percent was 26.2%. The shortfall to the prior year gross profit percentage is attributed to a less favorable product mix, along with purchase accounting amortization related to Katsa.
For the fiscal 2025 first half, marketing, engineering and administrative (“ME&A”) expenses, as a percentage of sales, were 23.6%, compared to 25.0% for the first half of fiscal 2024. ME&A expenses increased $4.3 million (12.5%) over the same period last fiscal year. The increase in ME&A spending for the first half was comprised of the addition of Katsa ($3.0 million), a catch up adjustment to non-cash stock compensation ($0.6 million), a legal settlement ($0.4 million), an increase in professional fees ($0.4 million) and other inflation related increases ($0.7 million). These increases were offset by a decrease in global bonus expense ($0.8 million).
Interest expense was up $0.3 million to $1.1 million in the first half of fiscal 2025, with a higher average outstanding revolver balance following the Katsa acquisition.
Other expense of $1.0 million for the first half was primarily attributable to a currency loss ($0.6 million), along with pension amortization expense ($0.5 million).
The fiscal 2025 first half effective tax rate was 430.6% compared to 107.2% in the prior fiscal year first half. The full domestic valuation allowance, along with the mix of foreign earnings by jurisdiction, resulted in the change to the effective tax rate.
Financial Condition, Liquidity and Capital Resources
Comparison between December 27, 2024 and June 30, 2024
As of December 27, 2024, the Company had net working capital of $113.9 million, which represents a decrease of $6.2 million, or 5.2%, from the net working capital of $120.1 million as of June 30, 2024.
Cash decreased by $4.2 million to $15.9 million as of December 27, 2024, versus $20.1 million as of June 30, 2024. As of December 27, 2024, the majority of the cash is at the Company’s overseas operations in Europe ($4.6 million) and Asia-Pacific ($9.0 million).
Trade receivables of $53.7 million were down $1.5 million, or 2.8%, when compared to last fiscal year-end. The impact of foreign currency translation was to decrease accounts receivable by $0.9 million versus June 30, 2024. As a percent of sales, trade receivables finished at 59.7% in the second quarter of fiscal 2025 compared to 56.8% for the comparable period in fiscal 2024 and 61.8% for the fourth quarter of fiscal 2024.
Inventories decreased by $2.2 million, or 1.7%, versus June 30, 2024 to $128.3 million. The impact of foreign currency translation was to decrease inventories by $2.6 million versus June 30, 2024. The largest decrease came at our operations in the United States ($2.4 million), favorably impacted by the non-cash write down of industrial inventory in the quarter ($1.6 million). Our operation in the Netherlands saw an increase ($1.4 million) in support of growing backlog for the Veth product. The Singapore distribution entity experienced a $4.1 million increase primarily related to customer delays of deliveries on oilfield transmissions into China. Additional increases were seen at our facilities in Belgium ($1.1 million) and Australia ($0.8 million). The global operations team is focused on driving inventory improvements in the second half and beyond. On a consolidated basis, as of December 27, 2024, the Company’s backlog of orders to be shipped over the next six months approximates $124.0 million, compared to $133.7 million at June 30, 2024 and $125.2 million at December 29, 2023. The reduction in backlog since June 30, 2024 ($9.7 million) is largely due to a currency translation impact ($5.5 million). As a percentage of six-month backlog, inventory has increased from 98% at June 30, 2024 to 103% at December 27, 2024.
Net property, plant and equipment increased $0.4 million (0.7%) to $58.5 million versus $58.1 million at June 30, 2024. The Company had capital spending of $5.1 million in the first half, and an unfavorable exchange impact of $0.8 million. These increases were offset by depreciation of $4.0 million. Capital spending occurring in the first half was primarily related to replacement capital, along with capital to drive growth and operating efficiencies. In total, the Company expects to invest between $12 and $15 million in capital assets in fiscal 2025. The Company continues to review its capital plans based on overall market conditions and availability of capital and may make changes to its capital plans accordingly. The Company’s capital program is focused on modernizing key core manufacturing, assembly and testing processes and improving efficiencies at its facilities around the world.
Accounts payable as of December 27, 2024 of $28.6 million was down $4.0 million, or 12.3%, from June 30, 2024. The impact of foreign currency translation was to decrease accounts payable by $0.4 million versus June 30, 2024. The remaining decrease is primarily related to the inventory reduction during the second quarter.
Total borrowings and long-term debt as of December 27, 2024 decreased $0.9 million to $24.9 million versus $25.8 million at June 30, 2024. During the first half, the Company reported negative free cash flow of $0.5 million (defined as operating cash flow less acquisitions of fixed assets), driven by favorable working capital movement offset by capital spending. The Company ended the quarter with total debt, net of cash, of $9.0 million, compared to $5.7 million at June 30, 2024, for a net degradation of $3.3 million.
Total equity decreased $7.4 million, or 4.8%, to $147.6 million as of December 27, 2024. The net loss during the first half decreased equity by $1.7 million, while other decreases related to a favorable foreign currency translation of $4.1 million and dividends paid to shareholders of $1.1 million. The net change in common stock and treasury stock resulting from the accounting for stock-based compensation increased equity by $0.6 million. The net remaining decrease in equity of $1.1 million primarily represents the amortization of net actuarial loss and prior service cost on the Company’s defined benefit pension plans, along with the unrealized loss on cash flow hedges.
On June 29, 2018, the Company entered into a Credit Agreement (the “Credit Agreement”) with BMO Harris Bank N.A. (“BMO”) that provided for the assignment and assumption of the previously existing loans between the Company and Bank of Montreal (the “2016 Credit Agreement”) and subsequent amendments into a term loan (the “Term Loan”) and revolving credit loans (each a “Revolving Loan” and, collectively, the “Revolving Loans,” and, together with the Term Loan, the “Loans”). Pursuant to the Credit Agreement, BMO agreed to make the Term Loan to the Company in a principal amount not to exceed $35.0 million and the Company may, from time to time prior to the maturity date, enter into Revolving Loans in amounts not to exceed, in the aggregate, $50.0 million (the “Revolving Credit Commitment”), subject to a Borrowing Base based on Eligible Inventory and Eligible Receivables. Subsequent amendments to the Credit Agreement reduced the Term Loan to $20.0 million, extended the maturity date of the Term Loan to April 1, 2027, and require the Company to make principal installment payments on the Term Loan of $0.5 million per quarter. In addition, under subsequent amendments to the Credit Agreement, BMO’s Revolving Credit Commitment is currently $45.0 million. The Credit Agreement also allows the Company to obtain Letters of Credit from BMO, which if drawn upon by the beneficiary thereof and paid by BMO, would become Revolving Loans. Under the Credit Agreement, the Company may not pay cash dividends on its common stock in excess of $5.0 million in any fiscal year. The term of the Revolving Loans under the Credit Agreement currently runs through April 1, 2027.
Under the Credit Agreement as amended, interest rates are based on either the secured overnight financing rate (“SOFR”) or the euro interbank offered rate (the “EURIBO Rate”). Loans are designated either as “SOFR Loans,” which accrue interest at an Adjusted Term SOFR plus an Applicable Margin, or “Eurodollar Loans,” which accrue interest at the EURIBO Rate plus an Applicable Margin. Amounts drawn on a Letter of Credit that are not timely reimbursed to the Bank bear interest at a Base Rate plus an Applicable Margin. The Company also pays a commitment fee on the average daily Unused Revolving Credit Commitment equal to an Applicable Margin. Currently, the Applicable Margins are between 2.00% and 3.50% for Revolving Loans and Letters of Credit; 2.125% and 3.625% for Term Loans; and 0.15% and 0.30% for the Unused Revolving Credit Commitment (each depending on the Company’s Total Funded Debt to EBITDA ratio).
The Credit Agreement, as amended, requires the Company to meet certain financial covenants. Specifically, the Company’s Total Funded Debt to EBITDA ratio may not exceed 3.50 to 1.00, and the Company’s Fixed Charge Coverage Ratio may not be less than 1.10 to 1.00. In determining whether the Company is in compliance with its Total Funded Debt/EBITDA Ratio, the Company’s EBITDA will include transaction expenses of up to $0.6 million for the Katsa acquisition, as well as pro-forma EBITDA of Katsa as permitted by the Bank. The Company’s Tangible Net Worth may not be less than $100.0 million plus 50% of positive Net Income for each fiscal year ending on or after June 30, 2023.
Borrowings under the Credit Agreement are secured by substantially all of the Company’s personal property, including accounts receivable, inventory, machinery and equipment, and intellectual property. The Company has also pledged 100% of its equity interests in certain domestic subsidiaries and 65% of its equity interests in certain foreign subsidiaries. The Company also entered into a Collateral Assignment of Rights under Purchase Agreement for its acquisition of Veth Propulsion. To effect these security interests, the Company entered into various amendment and assignment agreements that consent to the assignment of certain agreements previously entered into between the Company and the Bank of Montreal in connection with the 2016 Credit Agreement. The Company also amended and assigned to BMO a Negative Pledge Agreement that it has previously entered into with Bank of Montreal, pursuant to which it agreed not to sell, lease or otherwise encumber real estate that it owns except as permitted by the Credit Agreement and the Negative Pledge Agreement.
The Company has also entered into a Deposit Account Control Agreement with the Bank, reflecting the Bank’s security interest in deposit accounts the Company maintains with the Bank. The Bank may not provide a notice of exclusive control of a deposit account (thereby obtaining exclusive control of the account) prior to the occurrence or existence of a Default or an Event of Default under the Credit Agreement or otherwise upon the occurrence or existence of an event or condition that would, but for the passage of time or the giving of notice, constitute a Default or an Event of Default under the Credit Agreement.
Upon the occurrence of an Event of Default, BMO may take the following actions upon written notice to the Company: (1) terminate its remaining obligations under the Credit Agreement; (2) declare all amounts outstanding under the Credit Agreement to be immediately due and payable; and (3) demand the Company to immediately Cash Collateralize L/C Obligations in an amount equal to 105% of the aggregate L/C Obligations or a greater amount if BMO determines a greater amount is necessary. If such Event of Default is due to the Company’s bankruptcy, BMO may take the three actions listed above without notice to the Company.
The Company remains in compliance with its liquidity and other covenants.
Management believes that available cash, the Credit Agreement, the unsecured lines of credit, cash generated from future operations, and potential access to debt markets will be adequate to fund the Company's cash and capital requirements for the foreseeable future.
Other significant contractual obligations as of December 27, 2024 are disclosed in Note M "Lease Liabilities" in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1 of this Quarterly Report on Form 10-Q. There are no material undisclosed guarantees. As of December 27, 2024, the Company had no additional material purchase obligations other than those created in the ordinary course of business related to inventory and property, plant, and equipment, which generally have terms of less than 90 days. The Company has long-term obligations related to its postretirement plans which are discussed in detail in Note G "Pension and Other Postretirement Benefit Plans” in the Notes to Condensed Consolidated Financial Statements in Part I, Item 1of this Quarterly Report on Form 10-Q. Postretirement medical claims are paid by the Company as they are submitted. In fiscal 2025, the Company expects to contribute $0.5 million to postretirement benefits based on actuarial estimates; however, these amounts can vary significantly from year to year because the Company is self-insured. In fiscal 2025, the Company expects to contribute $0.5 million to its defined benefit pension plans. The Company does not have any material off-balance sheet arrangements.
New Accounting Releases
See Note A, Basis of Presentation, to the condensed consolidated financial statements for a discussion of recently issued accounting standards.
Critical Accounting Policies
The preparation of this Quarterly Report requires management’s judgment to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. There can be no assurance that actual results will not differ from those estimates.
The Company’s critical accounting policies are described in Item 7 of the Company’s Annual Report filed on Form 10-K for June 30, 2024. There have been no significant changes to those accounting policies subsequent to June 30, 2024.
| Item 3. |
Quantitative and Qualitative Disclosure About Market Risk |
The Company is electing not to provide this disclosure due to its status as a Smaller Reporting Company.
| Item 4. |
Controls and Procedures |
(a) Evaluation of Disclosure Controls and Procedures
The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“the Exchange Act”) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective in recording, processing, summarizing, and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely discussions regarding required disclosure.
(b) Changes in Internal Control Over Financial Reporting
Management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). During the most recent fiscal quarter, no changes were made which have materially affected, or which are reasonably likely to materially affect, our internal control over financial reporting.
| Part II. |
OTHER INFORMATION |
| Item 1. |
Legal Proceedings |
The Company is a defendant in several product liability or related claims which are considered either adequately covered by appropriate liability insurance or involving amounts not deemed material to the business or financial condition of the Company.
There have been no material changes to the risk factors previously disclosed in response to Item 1A to Part I of our 2024 Annual Report on Form 10-K.
| Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds |
| (a) |
Unregistered Sales of Equity Securities |
There were no securities of the Company sold by the Company during the quarter ended December 27, 2024, which were not registered under the Securities Act of 1933, in reliance upon an exemption from registration provided by Section 4 (2) of the Act.
Not applicable.
| (c) |
Issuer Purchases of Equity Securities |
Issuer Purchases of Equity Securities
| Period |
|
(a) Total Number of Shares Purchased |
|
(b) Average Price Paid per Share |
|
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |
|
(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs |
|
| |
|
|
|
|
|
|
|
|
|
|
| September 28 – October 25, 2024 |
|
|
0 |
|
NA |
|
0 |
|
315,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
| October 2 – November 29, 2024 |
|
|
0 |
|
NA |
|
0 |
|
315,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
| November 30 – December 27, 2024 |
|
|
592 |
|
NA |
|
0 |
|
315,000 |
|
| |
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
0 |
|
NA |
|
0 |
|
315,000 |
|
The amounts shown in Column (a) above represent shares of common stock delivered to the Company as payment of withholding taxes due on the vesting of restricted stock and performance stock issued under the Twin Disc, Incorporated Amended and Restated 2021 Omnibus Incentive Plan (the “Omnibus Plan”).
Under authorizations granted by the Board of Directors on February 1, 2008 and July 27, 2012, the Company was authorized to purchase 500,000 shares of its common stock. This authorization has no expiration, and as of December 27, 2024, 315,000 may yet be purchased under these authorizations. The Company did not purchase any shares of its common stock pursuant to these authorizations during the quarter ended December 27, 2024.
The discussion of limitations upon the payment of dividends as a result of the Credit Agreement between the Company and BMO Harris Bank, N.A., as discussed in Part I, Item 2, "Management's Discussion and Analysis " under the heading "Financial Condition, Liquidity and Capital Resources," is incorporated herein by reference.
| Item 3. |
Defaults Upon Senior Securities |
None.
| Item 5. | Other Information |
None.
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.
| |
TWIN DISC, INCORPORATED |
| |
(Registrant) |
| |
|
| |
|
| Date: February 5, 2025 |
/s/ JEFFREY S. KNUTSON |
| |
Jeffrey S. Knutson |
| |
Vice President – Finance, Chief Financial Officer, Treasurer and Secretary |
| |
Chief Accounting Officer |
Exhibit 31a
CERTIFICATION
I, John H. Batten, certify that:
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Twin Disc, Incorporated;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| |
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
| |
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| |
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
| |
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
| |
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
| |
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
Date: February 5, 2025
|
/s/ JOHN H. BATTEN
|
| |
John H. Batten
|
| |
President and Chief Executive Officer
|
Exhibit 31b
CERTIFICATION
I, Jeffrey S. Knutson, certify that:
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Twin Disc, Incorporated;
|
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
|
4.
|
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
| |
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
| |
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
| |
c)
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
| |
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
5.
|
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
| |
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
| |
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
|
Date: February 5, 2025
|
/s/ JEFFREY S. KNUTSON
|
| |
Jeffrey S. Knutson
|
| |
Vice President – Finance, Chief Financial Officer, Treasurer and Secretary
|
EXHIBIT 32a
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Twin Disc, Incorporated (the “Company”) on Form 10-Q for the fiscal quarter ending December 27, 2024, as filed with the Securities and Exchange Commission as of the date hereof (the “Report”), I, John H. Batten, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
| |
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
|
| |
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
Date: February 5, 2025
|
/s/ JOHN H. BATTEN
|
| |
John H. Batten
|
| |
President and Chief Executive Officer
|
EXHIBIT 32b
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Twin Disc, Incorporated (the “Company”) on Form 10-Q for the fiscal quarter ending December 27, 2024, as filed with the Securities and Exchange Commission as of the date hereof (the “Report”), I, Jeffrey S. Knutson, Vice President – Finance, Chief Financial Officer, Treasurer and Secretary of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
| |
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
|
| |
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
|
Date: February 5, 2025
|
/s/ JEFFREY S. KNUTSON
|
| |
Jeffrey S. Knutson
|
| |
Vice President – Finance, Chief Financial Officer, Treasurer and Secretary
|
v3.25.0.1
Document And Entity Information - shares
|
6 Months Ended |
|
Dec. 27, 2024 |
Jan. 20, 2025 |
| Document Information [Line Items] |
|
|
| Entity Central Index Key |
0000100378
|
|
| Entity Registrant Name |
TWIN DISC INC
|
|
| Amendment Flag |
false
|
|
| Current Fiscal Year End Date |
--06-30
|
|
| Document Fiscal Period Focus |
Q2
|
|
| Document Fiscal Year Focus |
2025
|
|
| Document Type |
10-Q
|
|
| Document Quarterly Report |
true
|
|
| Document Period End Date |
Dec. 27, 2024
|
|
| Document Transition Report |
false
|
|
| Entity File Number |
1-7635
|
|
| Entity Incorporation, State or Country Code |
WI
|
|
| Entity Tax Identification Number |
39-0667110
|
|
| Entity Address, Address Line One |
222 East Erie Street, Suite 400
|
|
| Entity Address, City or Town |
Milwaukee
|
|
| Entity Address, State or Province |
WI
|
|
| Entity Address, Postal Zip Code |
53202
|
|
| City Area Code |
262
|
|
| Local Phone Number |
638-4000
|
|
| Title of 12(b) Security |
Common Stock (No Par Value)
|
|
| Trading Symbol |
TWIN
|
|
| Security Exchange Name |
NASDAQ
|
|
| Entity Current Reporting Status |
Yes
|
|
| Entity Interactive Data Current |
Yes
|
|
| Entity Filer Category |
Accelerated Filer
|
|
| Entity Small Business |
true
|
|
| Entity Emerging Growth Company |
false
|
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| Entity Shell Company |
false
|
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| Entity Common Stock, Shares Outstanding |
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14,145,862
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v3.25.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands |
Dec. 27, 2024 |
Jun. 30, 2024 |
| Assets, Current [Abstract] |
|
|
| Cash |
$ 15,906
|
$ 20,070
|
| Trade accounts receivable, net |
53,670
|
52,207
|
| Inventories, net |
128,278
|
130,484
|
| Other current assets |
18,712
|
16,870
|
| Total current assets |
216,566
|
219,631
|
| Property, plant and equipment, net |
58,508
|
58,074
|
| Right-of-use operating lease assets |
16,431
|
16,622
|
| Intangible assets, net |
10,856
|
12,686
|
| Deferred income taxes |
2,277
|
2,339
|
| Other noncurrent assets |
2,722
|
2,706
|
| Total assets |
307,360
|
312,058
|
| Current liabilities: |
|
|
| Current maturities of long-term debt |
2,000
|
2,000
|
| Current maturities of right-of use operating lease obligations |
2,813
|
2,521
|
| Accounts payable |
28,561
|
32,586
|
| Accrued liabilities |
69,284
|
62,409
|
| Total current liabilities |
102,658
|
99,516
|
| Long-term debt |
22,873
|
23,811
|
| Right-of-use operating lease obligations |
13,656
|
14,376
|
| Accrued retirement benefits |
9,613
|
7,854
|
| Deferred income taxes |
4,712
|
5,340
|
| Other long-term liabilities |
6,214
|
6,107
|
| Total liabilities |
159,726
|
157,004
|
| Twin Disc, Incorporated shareholders' equity: |
|
|
| Preferred shares authorized: 200,000; issued: none; no par value |
0
|
0
|
| Common shares authorized: 30,000,000; issued: 14,632,802; no par value |
40,111
|
41,798
|
| Retained earnings |
126,610
|
129,592
|
| Accumulated other comprehensive loss |
(12,222)
|
(6,905)
|
| Equity before treasury stock |
154,499
|
164,485
|
| Less treasury stock, at cost (486,940 and 637,778 shares, respectively) |
7,475
|
9,783
|
| Total Twin Disc, Incorporated shareholders' equity |
147,024
|
154,702
|
| Noncontrolling interest |
610
|
352
|
| Total equity |
147,634
|
155,054
|
| Total liabilities and equity |
$ 307,360
|
$ 312,058
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-Paragraph 23
-Subparagraph (b)
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 65
-Paragraph 5
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (d)
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 1
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 17
-Publisher FASB
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
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-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Subparagraph (a)
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Reference 34: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Section 55
-Paragraph 11
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 45
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 39: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 40: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Section S99
-Paragraph 1
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Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 3
-Subparagraph (c)
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Reference 45: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
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Reference 46: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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Reference 47: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
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v3.25.0.1
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
$ / shares in Thousands |
Dec. 27, 2024 |
Jun. 30, 2024 |
| Preferred Shares, Authorized (in shares) |
200,000
|
200,000
|
| Preferred Shares, Issued (in shares) |
0
|
0
|
| Preferred Shares, No Par Value (in dollars per share) |
$ 0
|
$ 0
|
| Common shares, authorized (in shares) |
30,000,000
|
30,000,000
|
| Common shares, shares issued (in shares) |
14,632,802
|
14,632,802
|
| Common shares, no par value (in dollars per share) |
$ 0
|
$ 0
|
| Treasury Stock, Common, Shares (in shares) |
486,940
|
637,778
|
| X |
- DefinitionFace amount per share of no-par value common stock. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
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-Topic 210
-SubTopic 10
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-Section S99
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 210
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-Section S99
-Paragraph 1
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-Topic 210
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v3.25.0.1
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Dec. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Net sales |
$ 89,921
|
$ 72,994
|
$ 162,818
|
$ 136,547
|
| Gross profit |
21,680
|
20,656
|
41,002
|
37,292
|
| Marketing, engineering and administrative expenses |
18,920
|
17,218
|
38,407
|
34,136
|
| Income from operations |
2,760
|
3,438
|
2,595
|
3,156
|
| Other (expense) income: |
|
|
|
|
| Interest expense |
(495)
|
(392)
|
(1,131)
|
(786)
|
| Other income (expense), net |
386
|
(449)
|
(958)
|
(310)
|
| Non-operating income (expense) |
(109)
|
(841)
|
(2,089)
|
(1,096)
|
| Earnings before income taxes and noncontrolling interest |
2,651
|
2,597
|
506
|
2,060
|
| Income tax expense |
1,552
|
1,662
|
2,179
|
2,208
|
| Net income (loss) |
1,099
|
935
|
(1,673)
|
(148)
|
| Less: Net income attributable to noncontrolling interest, net of tax |
(180)
|
(5)
|
(173)
|
(95)
|
| Net income (loss) attributable to Twin Disc, Incorporated |
$ 919
|
$ 930
|
$ (1,846)
|
$ (243)
|
| Dividends per share (in dollars per share) |
$ 0.04
|
$ 0.04
|
$ 0.08
|
$ 0.04
|
| Income (loss) per share data: |
|
|
|
|
| Basic income (loss) per share attributable to Twin Disc, Incorporated common shareholders (in dollars per share) |
0.07
|
0.07
|
(0.13)
|
(0.02)
|
| Diluted income (loss) per share attributable to Twin Disc, Incorporated common shareholders (in dollars per share) |
$ 0.07
|
$ 0.07
|
$ (0.13)
|
$ (0.02)
|
| Weighted average shares outstanding data: |
|
|
|
|
| Basic shares outstanding (in shares) |
13,868
|
13,718
|
13,818
|
13,629
|
| Diluted shares outstanding (in shares) |
14,058
|
13,923
|
13,818
|
13,629
|
| Comprehensive (loss) income |
|
|
|
|
| Net income (loss) |
$ 1,099
|
$ 935
|
$ (1,673)
|
$ (148)
|
| Benefit plan adjustments, net of income taxes of $13, ($13), $2 and ($8), respectively |
(1,668)
|
(108)
|
(1,446)
|
(279)
|
| Translation adjustment during the quarter |
(11,369)
|
5,190
|
(4,078)
|
2,154
|
| Unrealized gain (loss) on hedges, net of income taxes of $0, $0, $0 and $0, respectively |
1,146
|
(485)
|
293
|
(269)
|
| Comprehensive (loss) income |
(10,792)
|
5,532
|
(6,904)
|
1,458
|
| Less: Comprehensive income attributable to noncontrolling interest |
(122)
|
(40)
|
(258)
|
(190)
|
| Comprehensive (loss) income attributable to Twin Disc, Incorporated |
(10,914)
|
5,492
|
(7,162)
|
1,268
|
| Service Excluding Other Goods [Member] |
|
|
|
|
| Cost of goods sold |
66,662
|
52,338
|
120,237
|
96,156
|
| Other Goods [Member] |
|
|
|
|
| Cost of goods sold |
$ 1,579
|
$ 0
|
$ 1,579
|
$ 3,099
|
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
Dec. 27, 2024 |
Dec. 29, 2023 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net loss |
$ (1,673)
|
$ (148)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Depreciation and amortization |
6,534
|
5,023
|
| Gain on sale of assets |
(39)
|
(42)
|
| Loss on write-down of industrial product inventory |
1,579
|
0
|
| (Benefit) provision for deferred income taxes |
(363)
|
280
|
| Stock compensation expense and other non-cash changes, net |
1,625
|
1,413
|
| Net change in operating assets and liabilities |
(3,348)
|
6,422
|
| Net cash provided by operating activities |
4,315
|
16,047
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Acquisition of property, plant, and equipment |
(5,142)
|
(5,419)
|
| Proceeds from sale of fixed assets |
39
|
0
|
| Other, net |
(76)
|
(252)
|
| Net cash used by investing activities |
(5,179)
|
(5,671)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Borrowings under revolving loan arrangements |
54,824
|
50,632
|
| Repayments of revolving loan arrangements |
(54,824)
|
(50,632)
|
| Repayments of other long-term debt |
(500)
|
(1,010)
|
| Dividends paid to shareholders |
(1,136)
|
(560)
|
| Payments of right-of-use finance lease obligations |
(1,017)
|
(471)
|
| Payments of withholding taxes on stock compensation |
(1,256)
|
(1,772)
|
| Net cash used by financing activities |
(3,909)
|
(3,813)
|
| Effect of exchange rate changes on cash |
609
|
1,195
|
| Net change in cash |
(4,164)
|
7,758
|
| Cash: |
|
|
| Beginning of period |
20,070
|
13,263
|
| End of period |
15,906
|
21,021
|
| Boat Management System Product Line [Member] |
|
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Loss on sale of boat management product line and related inventory |
$ 0
|
$ 3,099
|
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v3.25.0.1
Note A - Basis of Presentation
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Significant Accounting Policies [Text Block] |
A. Basis of Presentation
The unaudited condensed consolidated financial statements have been prepared by Twin Disc, Incorporated (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, in the opinion of the Company, include adjustments, consisting primarily of normal recurring items, necessary for a fair statement of results for each period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to such SEC rules and regulations. The Company believes that the disclosures made are adequate to make the information presented not misleading. These financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s Annual Report filed on Form 10-K for June 30, 2024. The prior year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States.
The condensed consolidated financial statements and information presented herein include the financial results of Katsa Oy (“Katsa”). On May 31, 2024, the Company completed the acquisition of 100% of the outstanding common stock of Katsa. Based in Finland, Katsa is a European manufacturer of custom-designed, high-quality power transmission components and gearboxes for industrial and marine end-markets for a broad range of end market applications. Katsa also provides a wide range of after-sales services, including spare part deliveries, reverse engineering, modeling, and gearbox refurbishment. The provisional fair value estimates of Katsa's property, plant and equipment, net, intangible assets, net, and deferred income taxes are pending final review by the Company, and Katsa is included in the Company's manufacturing segment.
The Company’s condensed consolidated financial statements include the accounts of Twin Disc, Incorporated and its wholly-owned domestic and foreign subsidiaries. The Company's reporting period ends on the last Friday of the quarterly calendar period. The Company's fiscal year ends on June 30, regardless of the day of the week on which June 30 falls. One foreign subsidiary is included based on a fiscal year ending May 31, to facilitate prompt reporting of consolidated results. All significant intercompany transactions have been eliminated.
Certain prior year immaterial amounts have been reclassified to conform with the current year's presentation. The changes did not have a material impact on the Company's condensed consolidated financial position, results of operations, or cash flows in any of the periods presented.
Recently Issued Not Yet Adopted Accounting Standards
In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures” (“ASU 2024-03”) to expand expense disclosures by requiring disaggregated disclosure of certain income statement expense line items, including those that contain purchases of inventory, employee compensation, depreciation and amortization. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, or the Company’s fiscal 2028, and subsequent interim periods, with early adoption permitted. The amendments should be applied prospectively, but retrospective application is permitted. The company is currently assessing the impact of the requirements on our Condensed Consolidated Financial Statements. The Company is currently evaluating the impact of adopting this standard on it financial statement disclosures.
In November 2023, the FASB issued guidance ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which is intended to improve reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. The Company expects to adopt the new annual disclosures as required for fiscal 2025 and the interim disclosures as required beginning with the first quarter of fiscal 2026.
In December 2023, the FASB issued guidance ASU 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”), which includes requirements that an entity disclose specific categories in the rate reconciliation and provide additional information for reconciling items that are greater than five percent of the amount computed by multiplying pretax income (or loss) by the applicable statutory income rate. The standard also requires that entities disclose income (or loss) from continuing operations before income tax expense (or benefit) and income tax expense (or benefit) disaggregated between domestic and foreign. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this standard on its financial statement disclosures.
Special Note Regarding Smaller Reporting Company Status
Under SEC Release 33-10513; 34-83550, Amendments to Smaller Reporting Company Definition, the Company qualifies as a smaller reporting company and accordingly, it has scaled some of its disclosures of financial and non-financial information in this quarterly report. The Company will continue to determine whether to provide additional scaled disclosures of financial or non-financial information in future quarterly reports, annual reports and/or proxy statements if it remains a smaller reporting company under SEC rules.
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v3.25.0.1
Note B - Inventories
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Inventory Disclosure [Text Block] |
B. Inventories
The major classes of inventories were as follows:
| | | December 27, 2024 | | | June 30, 2024 | |
| Inventories: | | | | | | | | |
| Finished parts | | $ | 59,396 | | | $ | 60,166 | |
| Work in process | | | 24,503 | | | | 23,096 | |
| Raw materials | | | 44,379 | | | | 47,222 | |
| | | $ | 128,278 | | | $ | 130,484 | |
In the second quarter of fiscal year 2025, the Company completed a product rationalization evaluation on its industrial product offerings. As a result of the evaluation, an inventory write-down on certain industrial products, totaling $1.6 million, was recorded.
In the first quarter of fiscal year 2024, the Company entered into an agreement to sell most of its boat management system product line located at one of its subsidiaries in Italy. The sale amount was below cost and resulted in the Company recognizing an inventory write-down of $2.1 million. The Company also evaluated its other boat management system inventory, not associated with the sale. This evaluation resulted in the Company recognizing an additional inventory write-down of $1.6 million for inventory located in the U.S. These write-downs were partially offset by certain liabilities transferred to the buyer at the time of the sale. The sale was completed in the second quarter of fiscal year 2024.
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v3.25.0.1
Note C - Warranty
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Product Warranty Disclosure [Text Block] |
C. Warranty
The Company engages in extensive product quality programs and processes, including actively monitoring and evaluating the quality of its suppliers. However, its warranty obligation is affected by product failure rates, the number of units affected by the failure and the expense involved in satisfactorily addressing the situation. The warranty reserve is established based on our best estimate of the amounts necessary to settle future and existing claims on products sold as of the balance sheet date. When evaluating the adequacy of the reserve for warranty costs, management takes into consideration the term of the warranty coverage, historical claim rates and costs of repair, knowledge of the type and volume of new products and economic trends. While we believe the warranty reserve is adequate and that the judgment applied is appropriate, such amounts estimated to be due and payable in the future could differ materially from what actually transpires. The following is a listing of the activity in the warranty reserve for the quarters ended December 27, 2024 and December 29, 2023:
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Reserve balance, beginning of period | | $ | 4,450 | | | $ | 4,160 | | | $ | 4,220 | | | $ | 3,476 | |
| Current period expense and adjustments | | | 1,762 | | | | 1,208 | | | | 2,598 | | | | 2,724 | |
| Payments or credits to customers | | | (1,851 | ) | | | (898 | ) | | | (2,517 | ) | | | (1,718 | ) |
| Translation | | | 198 | | | | 18 | | | | 258 | | | | 6 | |
| Reserve balance, end of period | | $ | 4,559 | | | $ | 4,488 | | | $ | 4,559 | | | $ | 4,488 | |
The current portion of the warranty accrual ($3,467 and $3,549 as of December 27, 2024 and December 29, 2023, respectively) is reflected in accrued liabilities, while the long-term portion ($1,092 and $939 as of December 27, 2024 and December 29, 2023, respectively) is included in other long-term liabilities on the consolidated balance sheets.
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v3.25.0.1
Note D - Contingencies
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Commitments and Contingencies Disclosure [Text Block] |
D. Contingencies
The Company is involved in litigation of which the ultimate outcome and liability to the Company, if any, is not presently determinable. Management believes that final disposition of such litigation will not have a material impact on the Company’s results of operations, financial position or cash flows.
|
| X |
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-URI https://asc.fasb.org/405-30/tableOfContent
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v3.25.0.1
Note E - Business Segments
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Segment Reporting Disclosure [Text Block] |
E. Business Segments
The Company and its subsidiaries are engaged in the manufacture and sale of marine and heavy-duty off-highway power transmission equipment. Principal products include marine transmissions, azimuth drives, surface drives, propellers and boat management systems, as well as power-shift transmissions, hydraulic torque converters, power take-offs, industrial clutches and controls systems. The Company sells to both domestic and foreign customers in a variety of market areas, principally pleasure craft, commercial and military marine markets, as well as in the energy and natural resources, government and industrial markets. The Company's worldwide sales to both domestic and foreign customers are transacted through a direct sales force and a distributor network.
The Company has two reportable segments: manufacturing and distribution. These segment structures reflect the way management makes operating decisions and manages the growth and profitability of the business. It also corresponds with management’s approach of allocating resources and assessing the performance of its segments. The accounting practices of the segments are the same as those described in the summary of significant accounting policies. Transfers among segments are at established inter-company selling prices. Management evaluates the performance of its segments based on net earnings.
Information about the Company’s segments is summarized as follows:
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Net sales | | | | | | | | | | | | | | | | |
| Manufacturing segment sales | | $ | 76,463 | | | $ | 58,368 | | | $ | 139,781 | | | $ | 112,906 | |
| Distribution segment sales | | | 35,727 | | | | 37,242 | | | | 65,311 | | | | 70,095 | |
| Inter/Intra segment elimination – manufacturing | | | (14,673 | ) | | | (18,795 | ) | | | (28,045 | ) | | | (38,979 | ) |
| Inter/Intra segment elimination – distribution | | | (7,596 | ) | | | (3,821 | ) | | | (14,229 | ) | | | (7,475 | ) |
| | | $ | 89,921 | | | $ | 72,994 | | | $ | 162,818 | | | $ | 136,547 | |
| Net income (loss) attributable to Twin Disc, Incorporated | | | | | | | | | | | | | | | | |
| Manufacturing segment net income | | $ | 3,131 | | | $ | 2,078 | | | $ | 5,000 | | | $ | 3,636 | |
| Distribution segment net income | | | 1,228 | | | | 3,173 | | | | 2,179 | | | | 4,179 | |
| Corporate and eliminations | | | (3,440 | ) | | | (4,321 | ) | | | (9,025 | ) | | | (8,058 | ) |
| | | $ | 919 | | | $ | 930 | | | $ | (1,846 | ) | | $ | (243 | ) |
| Assets | | December 27, 2024 | | | June 30, 2024 | |
| Manufacturing segment assets | | $ | 459,422 | | | $ | 443,149 | |
| Distribution segment assets | | | 39,376 | | | | 73,033 | |
| Corporate assets and elimination of intercompany assets | | | (191,438 | ) | | | (204,124 | ) |
| | | $ | 307,360 | | | $ | 312,058 | |
Disaggregated revenue:
The following table presents details deemed most relevant to the users of the financial statements for the quarters ended December 27, 2024 and December 29, 2023.
Net sales by product group for the quarter ended December 27, 2024 is summarized as follows:
| | | | | | | | | | | Elimination of | | | | | |
| | | Manufacturing | | | Distribution | | | Intercompany Sales | | | Total | |
| Industrial | | $ | 9,329 | | | $ | 1,053 | | | $ | (923 | ) | | $ | 9,459 | |
| Land-based transmissions | | | 18,594 | | | | 2,101 | | | | (1,685 | ) | | | 19,010 | |
| Marine and propulsion systems | | | 48,512 | | | | 27,659 | | | | (19,479 | ) | | | 56,692 | |
| Other | | | 28 | | | | 4,914 | | | | (182 | ) | | | 4,760 | |
| Total | | $ | 76,463 | | | $ | 35,727 | | | $ | (22,269 | ) | | $ | 89,921 | |
Net sales by product group for the quarter ended December 29, 2023 is summarized as follows:
| | | | | | | | | | | Elimination of | | | | | |
| | | Manufacturing | | | Distribution | | | Intercompany Sales | | | Total | |
| Industrial | | $ | 5,704 | | | $ | 1,557 | | | $ | (730 | ) | | $ | 6,531 | |
| Land-based transmissions | | | 15,003 | | | | 7,953 | | | | (7,093 | ) | | | 15,863 | |
| Marine and propulsion systems | | | 37,661 | | | | 24,058 | | | | (14,773 | ) | | | 46,946 | |
| Other | | | - | | | | 3,674 | | | | (20 | ) | | | 3,654 | |
| Total | | $ | 58,368 | | | $ | 37,242 | | | $ | (22,616 | ) | | $ | 72,994 | |
Net Sales by product group for the two quarters ended December 27, 2024 is summarized as follows:
| | | | | | | | | | | Elimination of | | | | | |
| | | Manufacturing | | | Distribution | | | Intercompany Sales | | | Total | |
| Industrial | | $ | 18,126 | | | $ | 2,106 | | | $ | (1,604 | ) | | $ | 18,628 | |
| Land-based transmissions | | | 36,747 | | | | 5,664 | | | | (6,117 | ) | | | 36,294 | |
| Marine and propulsion systems | | | 84,859 | | | | 48,992 | | | | (34,057 | ) | | | 99,794 | |
| Other | | | 49 | | | | 8,549 | | | | (496 | ) | | | 8,102 | |
| Total | | $ | 139,781 | | | $ | 65,311 | | | $ | (42,274 | ) | | $ | 162,818 | |
Net Sales by product group for the two quarters ended December 29, 2023 is summarized as follows:
| | | | | | | | | | | Elimination of | | | | | |
| | | Manufacturing | | | Distribution | | | Intercompany Sales | | | Total | |
| Industrial | | $ | 10,994 | | | $ | 2,586 | | | $ | (1,364 | ) | | $ | 12,216 | |
| Land-based transmissions | | | 29,684 | | | | 20,623 | | | | (15,867 | ) | | | 34,440 | |
| Marine and propulsion systems | | | 72,228 | | | | 40,378 | | | | (29,197 | ) | | | 83,409 | |
| Other | | | - | | | | 6,508 | | | | (26 | ) | | | 6,482 | |
| Total | | $ | 112,906 | | | $ | 70,095 | | | $ | (46,454 | ) | | $ | 136,547 | |
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v3.25.0.1
Note F - Stock-based Compensation
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Share-Based Payment Arrangement [Text Block] |
F. Stock-Based Compensation
In the first quarter of fiscal 2025, the Company adopted the Twin Disc, Incorporated Amended and Restated 2021 Omnibus Incentive Plan (the “Omnibus Plan”), which was subsequently approved by the Company’s shareholders. The Omnibus Plan amended and restated the Twin Disc, Incorporated 2021 Long-Term Incentive Plan (the “2021 LTI Plan”), and effectively replaced the Twin Disc, Incorporated 2020 Stock Incentive Plan for Non-Employee Directors (the “2020 Directors' Plan”). Benefits under the Omnibus Plan may be granted, awarded or paid in any one or a combination of stock options, stock appreciation rights, restricted stock awards, restricted stock units, cash-settled restricted stock units, performance stock awards, performance stock unit awards, performance unit awards, and dividend equivalent awards. The Omnibus Plan is designed to benefit key employees and consultants of the Company and its subsidiaries, as well as non-employee directors of the Company.
There is reserved for issuance under the Plan an aggregate of 1,636,550 shares of the Company’s common stock, which consists of the previously-approved 715,000 shares of common stock reserved for issuance under the 2021 LTI Plan prior to its amendment and restatement to become the Omnibus Plan; 521,550 shares of common stock that remained available for issuance under the 2020 Directors' Plan; and 400,000 newly authorized shares of common stock. Shares issued under the Omnibus Plan may be authorized and unissued shares or shares reacquired by the Company in the open market or a combination of both. The aggregate amount is subject to proportionate adjustments for stock dividends, stock splits and similar changes.
Performance Stock Awards (“PSA”)
During the first two quarters of fiscal 2025 and 2024, the Company granted a target number of 116.1 and 119.3 PSAs, respectively, to various employees of the Company, including executive officers.
The fiscal 2025 PSAs will vest if the Company achieves performance-based target objectives relating to average return on invested capital and cumulative EBITDA (as defined in the PSA Grant Agreement), in the cumulative three fiscal year period ending June 30, 2027. These PSAs are subject to adjustment if the Company’s return on invested capital and cumulative EBITDA falls below or exceeds the specified target objective, and the maximum number of performance shares that can be awarded if the target objective is exceeded is 232.2.
The fiscal 2024 PSAs will vest if the Company achieves performance-based target objectives relating to average return on invested capital and cumulative EBITDA (as defined in the PSA Grant Agreement), in the cumulative three fiscal year period ending June 30, 2026. These PSAs are subject to adjustment if the Company’s return on invested capital and cumulative EBITDA falls below or exceeds the specified target objective, and the maximum number of performance shares that can be awarded if the target objective is exceeded is 238.7.
There were 350.0 and 335.2 unvested PSAs outstanding at December 27, 2024 and December 29, 2023, respectively. The fair value of the PSAs (on the date of grant) is expensed over the performance period for the shares that are expected to ultimately vest. Compensation expense of $376 and $325 was recognized for the quarters ended December 27, 2024 and December 29, 2023, respectively, related to PSAs. Compensation expense of $1,035 and $379 was recognized for the two quarters ended December 27, 2024 and December 29, 2023, respectively, related to PSAs. The weighted average grant date fair value of the unvested awards at December 27, 2024 was $10.85. At December 27, 2024, the Company had $2,296 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2024 and 2023 awards. The total fair value of PSAs vested as of December 27, 2024 and December 29, 2023 was $0.
Performance Stock Unit Awards (“PSUA”)
The PSUAs entitle an individual to shares of common stock of the Company or cash in lieu of shares of Company common stock if specific terms and conditions or restrictions are met through a specified date. During the first two quarters of fiscal 2024 and 2023, the Company granted a target number of 0 and 10.5 PSUAs, respectively, to various individuals in the Company. The fiscal 2024 PSUAs will vest if the Company achieves performance-based target objectives relating to average return on invested capital and cumulative EBITDA (as defined in the PSUA Grant Agreement), in the cumulative three fiscal year period ending June 30, 2026. These PSUAs are subject to adjustment if the Company’s return on invested capital and cumulative EBITDA falls below or exceeds the specified target objective, and the maximum number of performance shares that can be awarded if the target objective is exceeded is 20.9.
There were 10.5 and 10.5 unvested PSUAs outstanding at December 27, 2024 and December 29, 2023, respectively. The fair value of the PSUAs (on the date of grant) is expensed over the performance period for the shares that are expected to ultimately vest. Compensation expense of $11 and $11 was recognized for the quarters ended December 27, 2024 and December 29, 2023, respectively, related to PSUAs. Compensation expense of $22 and $18 was recognized for the two quarters ended December 27, 2024 and December 29, 2023, respectively, related to PSUAs. The weighted average grant date fair value of the unvested awards at December 27, 2024 was $12.15. At December 27, 2024, the Company had $65 of unrecognized compensation expense related to the unvested shares that would vest if the specified target objective was achieved for the fiscal 2024 awards. The total fair value of PSUAs vested as of December 27, 2024 and December 29, 2023 was $0.
Restricted Stock Awards (“RS”)
The Company has unvested RS awards outstanding that will vest if certain service conditions are fulfilled. The fair value of the RS grants is recorded as compensation expense over the vesting period, which is generally 1 to 3 years. During the first two quarters of fiscal 2024 and 2023, the Company granted 44.0 and 115.7 service based restricted shares, respectively, to employees and non-employee directors. There were 251.0 and 251.3 unvested shares outstanding at December 27, 2024 and December 29, 2023, respectively. A total of 0 and 2.4 shares of restricted stock were forfeited during the two quarters ended December 27, 2024 and December 29, 2023, respectively. Compensation expense of $317 and $310 was recognized for the quarters ended December 27, 2024 and December 29, 2023, respectively. Compensation expense of $628 and $623 was recognized for the two quarters ended December 27, 2024 and December 29, 2023, respectively. The total fair value of restricted stock grants vested as of December 27, 2024 and December 29, 2023 was $437 and $2,206, respectively. As of December 27, 2024, the Company had $1,176 of unrecognized compensation expense related to restricted stock which will be recognized over the next three years.
Restricted Stock Unit Awards (“RSU”)
The RSUs entitle an individual to shares of common stock of the Company or cash in lieu of shares of Company common stock if specific terms and conditions or restrictions are met through a specified date, generally three years from the date of grant or when performance conditions have been met. The fair value of the RSUs (on the date of grant) is recorded as compensation expense over the vesting period. During the first two quarters of fiscal 2024 and 2023, the Company granted 77.4 and 7.1 of employment based RSUs, respectively. There were 159.9 and 135.0 unvested RSUs outstanding at December 27, 2024 and December 29, 2023, respectively. Compensation expense of $149 and $126 was recognized for the quarters ended December 27, 2024 and December 29, 2023, respectively. Compensation expense of $192 and $247 was recognized for the two quarters ended December 27, 2024 and December 29, 2023, respectively. The total fair value of restricted stock units vested as of December 27, 2024 and December 29, 2023 was $701 and $25, respectively. The weighted average grant date fair value of the unvested awards at December 27, 2024 was $10.88. As of December 27, 2024, the Company had $1,022 of unrecognized compensation expense related to restricted stock which will be recognized over the next three years.
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v3.25.0.1
Note G - Pension and Other Postretirement Benefit Plans
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Retirement Benefits [Text Block] |
G. Pension and Other Postretirement Benefit Plans
The Company has non-contributory, qualified defined benefit plans covering substantially all domestic employees hired prior to October 1, 2003 and certain foreign employees. Additionally, the Company provides healthcare and life insurance benefits for certain domestic retirees.
The components of the net periodic benefit cost for the defined benefit pension plans and the other postretirement benefit plan are as follows:
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Pension Benefits: | | | | | | | | | | | | | | | | |
| Service cost | | $ | 81 | | | $ | 94 | | | $ | 164 | | | $ | 188 | |
| Prior service cost | | | 5 | | | | - | | | | 10 | | | | - | |
| Interest cost | | | 836 | | | | 896 | | | | 1,672 | | | | 1,792 | |
| Expected return on plan assets | | | (826 | ) | | | (1,048 | ) | | | (1,652 | ) | | | (2,096 | ) |
| Amortization of transition obligation | | | 10 | | | | 10 | | | | 20 | | | | 19 | |
| Amortization of prior service cost | | | 6 | | | | 9 | | | | 13 | | | | 17 | |
| Amortization of actuarial net loss | | | 246 | | | | 16 | | | | 493 | | | | 31 | |
| Net periodic benefit cost (gain) | | $ | 358 | | | $ | (23 | ) | | $ | 720 | | | $ | (49 | ) |
| | | | | | | | | | | | | | | | | |
| Postretirement Benefits: | | | | | | | | | | | | | | | | |
| Service cost | | $ | 2 | | | $ | 2 | | | $ | 5 | | | $ | 4 | |
| Interest cost | | | 53 | | | | 48 | | | | 106 | | | | 95 | |
| Amortization of prior service benefit | | | (69 | ) | | | (22 | ) | | | (137 | ) | | | (44 | ) |
| Amortization of actuarial net gain | | | (10 | ) | | | (155 | ) | | | (19 | ) | | | (310 | ) |
| Net periodic benefit gain | | $ | (24 | ) | | $ | (127 | ) | | $ | (45 | ) | | $ | (255 | ) |
The service cost component is included in cost of goods sold and marketing, engineering, and administrative expenses. All other components of net periodic benefit cost are included in other (expense) income, net.
The Company expects to contribute approximately $535 to its pension plans in fiscal 2024. As of December 27, 2024, $396 in contributions to the pension plans have been made.
The Company has reclassified $140 (net of $13 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended December 27, 2024, and ($108) (net of ($13) in taxes) during the quarter ended December 29, 2023. These reclassifications are included in the computation of net periodic benefit cost (gain). The Company has reclassified $361 (net of $2 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the two quarters ended December 27, 2024, and ($279) (net of ($8) in taxes) during the two quarters ended December 29, 2023. These reclassifications are included in the computation of net periodic benefit cost (gain).
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- DefinitionThe entire disclosure for retirement benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3
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v3.25.0.1
Note H - Income Taxes
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Income Tax Disclosure [Text Block] |
H. Income Taxes
Accounting policies for interim reporting require the Company to adjust its effective tax rate each quarter to be consistent with the estimated Annual Effective Tax Rate (AETR). Under this effective tax rate methodology, the Company applies an estimated annual income tax rate to its year-to-date ordinary earnings to derive its income tax provision each quarter. To calculate its AETR, an entity must estimate its ordinary income or loss and the related tax expense or benefit for its full fiscal year. In situations in which an entity is in a loss position and recognizes a full valuation allowance, the guidance in ASC 740-270-25-9 applies. Due to continued historical domestic losses and uncertain future domestic earnings, the Company continues to recognize a full domestic valuation allowance.
Permanent differences continue to fluctuate and are significant compared to projected ordinary income. Therefore, per ASC guidance, the fully valued domestic entity was removed from the annualized effective rate calculation. Because of the full U.S. valuation allowance, the U.S. entity may only recognize tax expense (benefit) recorded for ASC 740-10 adjustments.
| | | For the Quarter-Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Foreign earnings, before income taxes of $1,552, $1,683, $2,406, and $2,199, respectively | | $ | 5,660 | | | $ | 6,209 | | | $ | 9,100 | | | $ | 8,264 | |
| Domestic losses, before income taxes of $0, ($21), ($227) and $9, respectively | | | (3,009 | ) | | | (3,612 | ) | | | (8,594 | ) | | | (6,204 | ) |
| Earnings before income taxes and noncontrolling interest | | $ | 2,651 | | | $ | 2,597 | | | $ | 506 | | | $ | 2,060 | |
| | | | | | | | | | | | | | | | | |
| Income tax expense | | $ | 1,552 | | | $ | 1,662 | | | $ | 2,179 | | | $ | 2,208 | |
| Effective income tax rate | | | 58.5 | % | | | 64.0 | % | | | 430.6 | % | | | 107.2 | % |
Due to the full US valuation allowance currently in place, no tax benefit can be recognized on the domestic losses.
A discrete expense was recorded during the period of $148 related to foreign returns filed compared to income tax provision accrued.
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| X |
- DefinitionThe entire disclosure for income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2
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v3.25.0.1
Note I - Intangible Assets
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Goodwill and Intangible Assets Disclosure [Text Block] |
I. Intangible Assets
As of December 27, 2024, the following acquired intangible assets have definite useful lives and are subject to amortization:
| | | Net Book Value Rollforward | | | Net Book Value By Asset Type | |
| | | Gross Carrying Amount | | | Accumulated Amortization / Impairment | | | Net Book Value | | | Customer Relationships | | | Technology Know-how | | | Trade Name | | | Other | | | Total | |
| Balance at June 30, 2024 | | $ | 34,533 | | | $ | (21,847 | ) | | $ | 12,686 | | | $ | 6,720 | | | $ | 2,098 | | | $ | 1,511 | | | $ | 2,357 | | | $ | 12,686 | |
| Addition | | | 203 | | | | - | | | | 203 | | | | - | | | | - | | | | - | | | | 203 | | | | 203 | |
| Amortization | | | - | | | | (1,806 | ) | | | (1,806 | ) | | | (650 | ) | | | (627 | ) | | | (125 | ) | | | (404 | ) | | | (1,806 | ) |
| Translation adjustment | | | (227 | ) | | | - | | | | (227 | ) | | | (156 | ) | | | (50 | ) | | | (18 | ) | | | (3 | ) | | | (227 | ) |
| Balance at December 27, 2024 | | $ | 34,509 | | | $ | (23,653 | ) | | $ | 10,856 | | | $ | 5,914 | | | $ | 1,421 | | | $ | 1,368 | | | $ | 2,153 | | | $ | 10,856 | |
Other intangibles consist mainly of computer software. Amortization is recorded on the basis of straight-line or accelerated, as appropriate, over the estimated useful lives of the assets.
The weighted average remaining useful life of the intangible assets included in the table above is approximately 5 years.
Intangible amortization expense was $880 and $817 for the quarters ended December 27, 2024, and December 29, 2023, respectively. Intangible amortization expense was $1,806 and $1,636 for the two quarters ended December 27, 2024, and December 29, 2023, respectively. Estimated intangible amortization expense for the remainder of fiscal 2025 and each of the next five fiscal years and thereafter is as follows:
| Fiscal Year | | | | |
| 2025 | | $ | 1,678 | |
| 2026 | | | 2,552 | |
| 2027 | | | 1,992 | |
| 2028 | | | 1,785 | |
| 2029 | | | 1,331 | |
| 2030 | | | 307 | |
| Thereafter | | | 1,211 | |
| | | $ | 10,856 | |
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- DefinitionThe entire disclosure for goodwill and intangible assets. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.25.0.1
Note J - Long-term Debt
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Debt Disclosure [Text Block] |
Long-term debt at December 27, 2024 and June 30, 2024 consisted of the following:
| | | December 27, 2024 | | | June 30, 2024 | |
| Credit Agreement Debt | | | | | | | | |
| Revolving loans (expire April 2027) | | $ | 15,851 | | | $ | 16,288 | |
| Term loan (due April 2027) | | | 9,000 | | | | 9,500 | |
| Other | | | 22 | | | | 23 | |
| Subtotal | | | 24,873 | | | | 25,811 | |
| Less: current maturities | | | (2,000 | ) | | | (2,000 | ) |
| Total long-term debt | | $ | 22,873 | | | $ | 23,811 | |
Credit Agreement Debt: On June 29, 2018, the Company entered into a Credit Agreement (the “Credit Agreement”) with BMO Harris Bank N.A. (“BMO”) that provided for the assignment and assumption of the previously existing loans between the Company and Bank of Montreal (the “2016 Credit Agreement”) and subsequent amendments into a term loan (the “Term Loan”) and revolving credit loans (each a “Revolving Loan” and, collectively, the “Revolving Loans,” and, together with the Term Loan, the “Loans”). Pursuant to the Credit Agreement, BMO agreed to make the Term Loan to the Company in a principal amount not to exceed $35.0 million and the Company may, from time to time prior to the maturity date, enter into Revolving Loans in amounts not to exceed, in the aggregate, $50.0 million (the “Revolving Credit Commitment”), subject to a Borrowing Base based on Eligible Inventory and Eligible Receivables. Subsequent amendments to the Credit Agreement reduced the Term Loan to $20.0 million, extended the maturity date of the Term Loan to April 1, 2027, and require the Company to make principal installment payments on the Term Loan of $0.5 million per quarter. In addition, under subsequent amendments to the Credit Agreement, BMO’s Revolving Credit Commitment is currently $45.0 million. The Credit Agreement also allows the Company to obtain Letters of Credit from BMO, which if drawn upon by the beneficiary thereof and paid by BMO, would become Revolving Loans. Under the Credit Agreement, the Company may not pay cash dividends on its common stock in excess of $5.0 million in any fiscal year. The term of the Revolving Loans under the Credit Agreement currently runs through April 1, 2027.
Under the Credit Agreement as amended, interest rates are based on either the secured overnight financing rate (“SOFR”) or the euro interbank offered rate (the “EURIBO Rate”). Loans are designated either as “SOFR Loans,” which accrue interest at an Adjusted Term SOFR plus an Applicable Margin, or “Eurodollar Loans,” which accrue interest at the EURIBO Rate plus an Applicable Margin. Amounts drawn on a Letter of Credit that are not timely reimbursed to the Bank bear interest at a Base Rate plus an Applicable Margin. The Company also pays a commitment fee on the average daily Unused Revolving Credit Commitment equal to an Applicable Margin. Currently, the Applicable Margins are between 2.00% and 3.50% for Revolving Loans and Letters of Credit; 2.125% and 3.625% for Term Loans; and 0.15% and 0.30% for the Unused Revolving Credit Commitment (each depending on the Company’s Total Funded Debt to EBITDA ratio).
The Credit Agreement, as amended, requires the Company to meet certain financial covenants. Specifically, the Company’s Total Funded Debt to EBITDA ratio may not exceed 3.50 to 1.00, and the Company’s Fixed Charge Coverage Ratio may not be less than 1.10 to 1.00. In determining whether the Company is in compliance with its Total Funded Debt/EBITDA Ratio, the Company’s EBITDA will include transaction expenses of up to $0.6 million for the Katsa acquisition, as well as pro-forma EBITDA of Katsa as permitted by the Bank. The Company’s Tangible Net Worth may not be less than $100.0 million plus 50% of positive Net Income for each fiscal year ending on or after June 30, 2023.
Borrowings under the Credit Agreement are secured by substantially all of the Company’s personal property, including accounts receivable, inventory, machinery and equipment, and intellectual property. The Company has also pledged 100% of its equity interests in certain domestic subsidiaries and 65% of its equity interests in certain foreign subsidiaries. The Company also entered into a Collateral Assignment of Rights under Purchase Agreement for its acquisition of Veth Propulsion. To effect these security interests, the Company entered into various amendment and assignment agreements that consent to the assignment of certain agreements previously entered into between the Company and the Bank of Montreal in connection with the 2016 Credit Agreement. The Company also amended and assigned to BMO a Negative Pledge Agreement that it has previously entered into with Bank of Montreal, pursuant to which it agreed not to sell, lease or otherwise encumber real estate that it owns except as permitted by the Credit Agreement and the Negative Pledge Agreement.
The Company has also entered into a Deposit Account Control Agreement with the Bank, reflecting the Bank’s security interest in deposit accounts the Company maintains with the Bank. The Bank may not provide a notice of exclusive control of a deposit account (thereby obtaining exclusive control of the account) prior to the occurrence or existence of a Default or an Event of Default under the Credit Agreement or otherwise upon the occurrence or existence of an event or condition that would, but for the passage of time or the giving of notice, constitute a Default or an Event of Default under the Credit Agreement.
Upon the occurrence of an Event of Default, BMO may take the following actions upon written notice to the Company: (1) terminate its remaining obligations under the Credit Agreement; (2) declare all amounts outstanding under the Credit Agreement to be immediately due and payable; and (3) demand the Company to immediately Cash Collateralize L/C Obligations in an amount equal to 105% of the aggregate L/C Obligations or a greater amount if BMO determines a greater amount is necessary. If such Event of Default is due to the Company’s bankruptcy, BMO may take the three actions listed above without notice to the Company.
The Company remains in compliance with its liquidity and other covenants.
As of December 27, 2024, current maturities include $2,000 of term loan payments due within the coming year.
Other: During the quarter ended December 27, 2024, the average interest rate was 7.94% on the Term Loan, and 6.09% on the Revolving Loans.
As of December 27, 2024, the Company’s borrowing capacity on the Revolving Loans under the terms of the Credit Agreement was $42,909, and the Company had approximately $27,058 of available borrowings. In addition to the Credit Agreement, the Company has established unsecured lines of credit that are used from time to time to secure certain performance obligations by the Company.
The Company’s borrowings described above approximate fair value at December 27, 2024 and June 30, 2024. If measured at fair value in the financial statements, long-term debt (including the current portion) would be classified as Level 2 in the fair value hierarchy.
The Company is party to an interest rate swap arrangement with Bank of Montreal, with an initial notional amount of $20,000 and a maturity date of March 4, 2026 to hedge the Term Loan. As of December 27, 2024, the notional amount was $9,000. This swap has been designated as a cash flow hedge under ASC 815, Derivatives and Hedging. This swap is included in the disclosures in Note O, Derivative Financial Instruments.
During the fourth quarter of fiscal 2021, the Company designated its euro denominated Revolving Loan as a net investment hedge to mitigate the risk of variability in its euro denominated net investments in wholly-owned foreign companies. Effective upon the designation, all changes in the fair value of the euro revolver are reported in accumulated other comprehensive loss along with the foreign currency translation adjustments on those foreign investments. This net investment hedge is included in the disclosures in Note O, Derivative Financial Instruments.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1
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-Paragraph 1
-Subparagraph (a)(3)
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-Section S99
-Paragraph 1
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v3.25.0.1
Note K - Shareholders' Equity
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Equity [Text Block] |
The Company, from time to time, makes open market purchases of its common stock under authorizations given to it by the Board of Directors, of which 315.0 shares as of December 27, 2024 remain authorized for purchase. The Company did not make any open market purchases of its shares during the quarters ended December 27, 2024 and December 29, 2023.
The following is a reconciliation of the Company’s equity balances for the first two fiscal quarters of 2025 and 2024:
| | | Twin Disc, Inc. Shareholders’ Equity | |
| | | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | | Other | | | | | | | Non- | | | | | |
| | | Common | | | Retained | | | Comprehensive | | | Treasury | | | Controlling | | | Total | |
| | | Stock | | | Earnings | | | Loss | | | Stock | | | Interest | | | Equity | |
| Balance, June 30, 2024 | | | 41,798 | | | | 129,592 | | | | (6,905 | ) | | | (9,783 | ) | | | 352 | | | $ | 155,054 | |
| Net loss | | | | | | | (2,765 | ) | | | | | | | | | | | (7 | ) | | | (2,772 | ) |
| Dividends paid to shareholders | | | | | | | (570 | ) | | | | | | | | | | | | | | | (570 | ) |
| Translation adjustments | | | | | | | | | | | 7,148 | | | | | | | | 143 | | | | 7,291 | |
| Benefit plan adjustments, net of tax | | | | | | | | | | | 221 | | | | | | | | | | | | 221 | |
| Unrealized loss on hedges, net of tax | | | | | | | | | | | (853 | ) | | | | | | | | | | | (853 | ) |
| Compensation expense | | | 1,024 | | | | | | | | | | | | | | | | | | | | 1,024 | |
| Stock awards, net | | | (2,920 | ) | | | | | | | | | | | 1,671 | | | | | | | | (1,249 | ) |
| Balance, September 27, 2024 | | | 39,902 | | | | 126,257 | | | | (389 | ) | | | (8,112 | ) | | | 488 | | | | 158,146 | |
| Net income | | | | | | | 919 | | | | | | | | | | | | 180 | | | | 1,099 | |
| Dividends paid to shareholders | | | | | | | (566 | ) | | | | | | | | | | | | | | | (566 | ) |
| Translation adjustments | | | | | | | | | | | (11,311 | ) | | | | | | | (58 | ) | | | (11,369 | ) |
| Benefit plan adjustments, net of tax | | | | | | | | | | | (1,668 | ) | | | | | | | | | | | (1,668 | ) |
| Unrealized gain on hedges, net of tax | | | | | | | | | | | 1,146 | | | | | | | | | | | | 1,146 | |
| Compensation expense | | | 853 | | | | | | | | | | | | | | | | | | | | 853 | |
| Stock awards, net | | | (644 | ) | | | | | | | | | | | 637 | | | | | | | | (7 | ) |
| Balance, December 27, 2024 | | $ | 40,111 | | | $ | 126,610 | | | $ | (12,222 | ) | | $ | (7,475 | ) | | $ | 610 | | | $ | 147,634 | |
| | | Twin Disc, Inc. Shareholders’ Equity | |
| | | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | | Other | | | | | | | Non- | | | | | |
| | | Common | | | Retained | | | Comprehensive | | | Treasury | | | Controlling | | | Total | |
| | | Stock | | | Earnings | | | Loss | | | Stock | | | Interest | | | Equity | |
| Balance, June 30, 2023 | | | 42,855 | | | | 120,299 | | | | (5,570 | ) | | | (12,491 | ) | | | 424 | | | $ | 145,517 | |
| Net (loss) income | | | | | | | (1,173 | ) | | | | | | | | | | | 90 | | | | (1,083 | ) |
| Translation adjustments | | | | | | | | | | | (3,096 | ) | | | | | | | 60 | | | | (3,036 | ) |
| Benefit plan adjustments, net of tax | | | | | | | | | | | (171 | ) | | | | | | | | | | | (171 | ) |
| Unrealized gain on hedges, net of tax | | | | | | | | | | | 216 | | | | | | | | | | | | 216 | |
| Compensation expense | | | 495 | | | | | | | | | | | | | | | | | | | | 495 | |
| Stock awards, net | | | (3,911 | ) | | | | | | | | | | | 2,148 | | | | | | | | (1,763 | ) |
| Balance, September 29, 2023 | | | 39,439 | | | | 119,126 | | | | (8,621 | ) | | | (10,343 | ) | | | 574 | | | | 140,175 | |
| Net income | | | | | | | 930 | | | | | | | | | | | | 5 | | | | 935 | |
| Dividends paid to shareholders | | | | | | | (560 | ) | | | | | | | | | | | | | | | (560 | ) |
| Translation adjustments | | | | | | | | | | | 5,155 | | | | | | | | 35 | | | | 5,190 | |
| Benefit plan adjustments, net of tax | | | | | | | | | | | (108 | ) | | | | | | | | | | | (108 | ) |
| Unrealized loss on hedges, net of tax | | | | | | | | | | | (485 | ) | | | | | | | | | | | (485 | ) |
| Compensation expense | | | 772 | | | | | | | | | | | | | | | | | | | | 772 | |
| Stock awards, net | | | (550 | ) | | | | | | | | | | | 541 | | | | | | | | (9 | ) |
| Balance, December 29, 2023 | | $ | 39,661 | | | $ | 119,496 | | | $ | (4,059 | ) | | $ | (9,802 | ) | | $ | 614 | | | $ | 145,910 | |
Reconciliations for the changes in accumulated other comprehensive loss, net of tax, by component for the quarters ended December 27, 2024 and December 29, 2023 are as follows:
| | | Translation | | | Benefit Plan | | | Cash Flow | | | Net Investment | |
| | | Adjustment | | | Adjustment | | | Hedges | | | Hedges | |
| Balance, June 30, 2024 | | $ | (849 | ) | | $ | (8,062 | ) | | $ | 504 | | | $ | 1,502 | |
| Translation adjustment during the quarter | | | 7,148 | | | | - | | | | - | | | | - | |
| Amounts reclassified from accumulated other comprehensive loss | | | - | | | | 221 | | | | (169 | ) | | | (684 | ) |
| Net current period other comprehensive income (loss) | | | 7,148 | | | | 221 | | | | (169 | ) | | | (684 | ) |
| Balance, September 27, 2024 | | $ | 6,299 | | | $ | (7,841 | ) | | $ | 335 | | | $ | 818 | |
| Translation adjustment during the quarter | | | (11,311 | ) | | | - | | | | - | | | | - | |
| Return on plan assets | | | | | | | (1,808 | ) | | | | | | | | |
| Amounts reclassified from accumulated other comprehensive loss | | | - | | | | 140 | | | | 24 | | | | 1,122 | |
| Net current period other comprehensive (loss) income | | | (11,311 | ) | | | (1,668 | ) | | | 24 | | | | 1,122 | |
| Balance, December 27, 2024 | | $ | (5,012 | ) | | $ | (9,509 | ) | | $ | 359 | | | $ | 1,940 | |
| | | Translation | | | Benefit Plan | | | Cash Flow | | | Net Investment | |
| | | Adjustment | | | Adjustment | | | Hedges | | | Hedges | |
| Balance, June 30, 2023 | | $ | (1,582 | ) | | $ | (5,948 | ) | | $ | 688 | | | $ | 1,272 | |
| Translation adjustment during the quarter | | | (3,096 | ) | | | - | | | | - | | | | - | |
| Amounts reclassified from accumulated other comprehensive loss | | | - | | | | (171 | ) | | | (6 | ) | | | 222 | |
| Net current period other comprehensive (loss) income | | | (3,096 | ) | | | (171 | ) | | | (6 | ) | | | 222 | |
| Balance, September 29, 2023 | | $ | (4,678 | ) | | $ | (6,119 | ) | | $ | 682 | | | $ | 1,494 | |
| Translation adjustment during the quarter | | | 5,155 | | | | - | | | | - | | | | - | |
| Amounts reclassified from accumulated other comprehensive loss | | | - | | | | (108 | ) | | | (183 | ) | | | (302 | ) |
| Net current period other comprehensive income (loss) | | | 5,155 | | | | (108 | ) | | | (183 | ) | | | (302 | ) |
| Balance, December 29, 2023 | | $ | 477 | | | $ | (6,227 | ) | | $ | 499 | | | $ | 1,192 | |
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended December 27, 2024 are as follows:
| | | Quarter Ended | | | | Two Quarters Ended | |
| | | December 27, 2024 | | | | December 27, 2024 | |
| Changes in benefit plan items | | | | | | | | | |
| Actuarial losses | | $ | 180 | (a) | | | $ | 464 | (a) |
| Transition asset and prior service benefit | | | (53 | )(a) | | | | (104 | )(a) |
| Return on plan assets | | | (1,808 | ) | | | | (1,808 | ) |
| Total amortization | | | (1,681 | ) | | | | (1,448 | ) |
| Income taxes | | | 13 | | | | | 2 | |
| Total reclassification, net of tax | | $ | (1,668 | ) | | | $ | (1,446 | ) |
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended December 29, 2023 is as follows:
| | | Quarter Ended | | | | Two Quarters Ended | |
| | | December 29, 2023 | | | | December 29, 2023 | |
| Changes in benefit plan items | | | | | | | | | |
| Actuarial losses | | $ | (91 | )(a) | | | $ | (263 | )(a) |
| Transition asset and prior service benefit | | | (4 | )(a) | | | | (8 | )(a) |
| Total amortization | | | (95 | ) | | | | (271 | ) |
| Income taxes | | | (13 | ) | | | | (8 | ) |
| Total reclassification, net of tax | | $ | (108 | ) | | | $ | (279 | ) |
| | (a) | These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note G, "Pension and Other Postretirement Benefit Plans" for further details). |
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v3.25.0.1
Note L - Earnings Per Share
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Earnings Per Share [Text Block] |
The Company calculates basic earnings per share based upon the weighted average number of common shares outstanding during the period, while the calculation of diluted earnings per share includes the dilutive effect of potential common shares outstanding during the period. The calculation of diluted earnings per share excludes all potential common shares if their inclusion would have an anti-dilutive effect. Certain restricted stock award recipients have a non-forfeitable right to receive dividends declared by the Company and are therefore included in computing earnings per share pursuant to the two-class method.
The components of basic and diluted earnings per share were as follows:
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Basic: | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 1,099 | | | $ | 935 | | | $ | (1,673 | ) | | $ | (148 | ) |
| Less: Net income attributable to noncontrolling interest, net of tax | | | (180 | ) | | | (5 | ) | | | (173 | ) | | | (95 | ) |
| Net income (loss) attributable to Twin Disc, Incorporated | | | 919 | | | | 930 | | | | (1,846 | ) | | | (243 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding - basic | | | 13,868 | | | | 13,718 | | | | 13,818 | | | | 13,629 | |
| | | | | | | | | | | | | | | | | |
| Basic Income (Loss) Per Share: | | | | | | | | | | | | | | | | |
| Net earnings (loss) per share - basic | | $ | 0.07 | | | $ | 0.07 | | | $ | (0.13 | ) | | $ | (0.02 | ) |
| | | | | | | | | | | | | | | | | |
| Diluted: | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 1,099 | | | $ | 935 | | | $ | (1,673 | ) | | $ | (148 | ) |
| Less: Net income attributable to noncontrolling interest, net of tax | | | (180 | ) | | | (5 | ) | | | (173 | ) | | | (95 | ) |
| Net income (loss) attributable to Twin Disc, Incorporated | | | 919 | | | | 930 | | | | (1,846 | ) | | | (243 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding - basic | | | 13,868 | | | | 13,718 | | | | 13,818 | | | | 13,629 | |
| Effect of dilutive stock awards | | | 190 | | | | 205 | | | | - | | | | - | |
| Weighted average shares outstanding - diluted | | | 14,058 | | | | 13,923 | | | | 13,818 | | | | 13,629 | |
| | | | | | | | | | | | | | | | | |
| Diluted Income (Loss) Per Share: | | | | | | | | | | | | | | | | |
| Net earnings (loss) per share - diluted | | $ | 0.07 | | | $ | 0.07 | | | $ | (0.13 | ) | | $ | (0.02 | ) |
The following potential common shares were excluded from diluted EPS for the two quarters ended December 27, 2024 as the Company reported a net loss: 404.3 related to the Company’s unvested PSAs, 7.9 related to the Company’s unvested PSAUs, 171.0 related to the Company’s unvested RS awards, and 68.0 related to the Company’s unvested RSUs.
The following potential common shares were excluded from diluted EPS for the two quarters ended December 29, 2023 as the Company reported a net loss: 330.0 related to the Company’s unvested PSAs, 10.5 related to the Company’s unvested PSAUs, 80.2 related to the Company’s unvested RS awards, and 87.4 related to the Company’s unvested RSUs.
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-Topic 260
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
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-Section 50
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v3.25.0.1
Note M - Lease Liabilities
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Lessee, Operating and Finance Leases [Text Block] |
The Company leases certain office and warehouse space, as well as production and office equipment.
The Company determines if an arrangement is a lease at contract inception. The lease term begins upon lease commencement, which is when the Company takes possession of the asset, and may include options to extend or terminate the lease when it is reasonably certain that such options will be exercised. As its lease agreements typically do not provide an implicit rate, the Company primarily uses an incremental borrowing rate based upon the information available at lease commencement. In determining the incremental borrowing rate, the Company considers its current borrowing rate, the term of the lease, and the economic environments where the lease activity is concentrated. Some of the Company’s leases contain non-lease components (e.g., common area, other maintenance costs, etc.) that relate to the lease components of the agreement. Non-lease components and the lease components to which they relate are accounted for as a single lease component.
The following table provides a summary of leases recorded on the condensed consolidated balance sheet.
| | Condensed Consolidated Balance Sheet Location | | December 27, 2024 | | | June 30, 2024 | |
| Lease Assets | | | | | | | | | |
| Right-of-use operating lease assets | Right-of-use operating lease assets | | $ | 16,431 | | | $ | 16,622 | |
| Right-of-use finance lease assets | Property, plant and equipment, net | | | 5,435 | | | | 5,210 | |
| | | | | | | | | | |
| Lease Liabilities | | | | | | | | | |
| Right-of use operating lease liabilities, current | Current maturities of right-of use operating lease obligations | | $ | 2,813 | | | $ | 2,521 | |
| Right-of use operating lease liabilities, non-current | Right-of use operating lease obligations | | | 13,656 | | | | 14,376 | |
| Right of use finance lease liabilities, current | Accrued liabilities | | | 880 | | | | 713 | |
| Right of use finance lease liabilities, non-current | Other long-term liabilities | | | 4,980 | | | | 4,795 | |
The components of lease expense were as follows:
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Finance lease cost: | | | | | | | | | | | | | | | | |
| Amortization of right-of-use assets | | $ | 237 | | | $ | 175 | | | $ | 469 | | | $ | 397 | |
| Interest on lease liabilities | | | 96 | | | | 77 | | | | 189 | | | | 151 | |
| Operating lease cost | | | 1,003 | | | | 882 | | | | 1,942 | | | | 1,775 | |
| Short-term lease cost | | | 22 | | | | 6 | | | | 33 | | | | 9 | |
| Variable lease cost | | | 139 | | | | 99 | | | | 239 | | | | 199 | |
| Total lease cost | | | 1,497 | | | | 1,239 | | | | 2,874 | | | | 2,531 | |
| Less: Sublease income | | | (21 | ) | | | (20 | ) | | | (42 | ) | | | (41 | ) |
| Net lease cost | | $ | 1,476 | | | $ | 1,219 | | | $ | 2,830 | | | $ | 2,490 | |
Other information related to leases was as follows:
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | | | | | | | | |
| Operating cash flows from operating leases | | $ | 1,084 | | | $ | 934 | | | $ | 2,086 | | | $ | 1,871 | |
| Operating cash flows from finance leases | | | 97 | | | | 76 | | | | 192 | | | | 149 | |
| Financing cash flows from finance leases | | | 471 | | | | 207 | | | | 1,017 | | | | 471 | |
| Right-of-use-assets obtained in exchange for lease obligations: | | | | | | | | | | | | | | | | |
| Operating leases | | | 1,255 | | | | 188 | | | | 1,581 | | | | 188 | |
| Finance leases | | | 224 | | | | 123 | | | | 732 | | | | 657 | |
| Weighted average remaining lease term (years): | | | | | | | | | | | | | |
| Operating leases | | | | | | | | | | | 7.9 | | | | 8.1 | |
| Finance lease | | | | | | | | | | | 8.1 | | | | 9.5 | |
| Weighted average discount rate: | | | | | | | | | | | | | | | | |
| Operating leases | | | | | | | | | | | 8.5 | % | | | 7.6 | % |
| Finance leases | | | | | | | | | | | 6.4 | % | | | 5.8 | % |
Approximate future minimum rental commitments under non-cancellable leases as of December 27, 2024 were as follows:
| | | Operating Leases | | | Finance Leases | |
| 2024 | | $ | 2,095 | | | $ | 593 | |
| 2025 | | | 3,869 | | | | 1,154 | |
| 2026 | | | 3,233 | | | | 1,085 | |
| 2027 | | | 2,339 | | | | 986 | |
| 2028 | | | 2,215 | | | | 695 | |
| 2029 | | | 1,774 | | | | 526 | |
| Thereafter | | | 7,661 | | | | 2,285 | |
| Total future lease payments | | | 23,186 | | | | 7,324 | |
| Less: Amount representing interest | | | (6,717 | ) | | | (1,464 | ) |
| Present value of future payments | | $ | 16,469 | | | $ | 5,860 | |
|
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v3.25.0.1
Note N - Derivative Financial Instruments
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes to Financial Statements |
|
| Derivative Instruments and Hedging Activities Disclosure [Text Block] |
| N. |
Derivative Financial Instruments |
From time to time, the Company enters into derivative instruments to manage volatility arising from risks relating to interest rates and foreign currency exchange rates. The Company does not purchase, hold or sell derivative financial instruments for trading purposes. The Company’s practice is to terminate derivative transactions if the underlying asset or liability matures or is sold or terminated, or if it determines the underlying forecasted transaction is no longer probable of occurring.
The Company reports all derivative instruments on its condensed consolidated balance sheets at fair value and establishes criteria for designation and effectiveness of transactions entered into for hedging purposes.
Interest Rate Swap Contracts
The Company has one outstanding interest rate swap contract as of December 27, 2024, with a notional amount of $9,000. It has been designated as a cash flow hedge in accordance with ASC 815, Derivatives and Hedging.
The primary purpose of the Company’s cash flow hedging activities is to manage the potential changes in value associated with interest payments on the Company’s SOFR-based indebtedness. The Company records gains and losses on interest rate swap contracts qualifying as cash flow hedges in accumulated other comprehensive loss to the extent that these hedges are effective and until the Company recognizes the underlying transactions in net earnings, at which time these gains and losses are recognized in interest expense on its condensed consolidated statements of operations and comprehensive income (loss). Cash flows from derivative financial instruments are classified as cash flows from financing activities on the consolidated statements of cash flows. These contracts generally have original maturities of greater than twelve months.
Net unrealized after-tax gains related to cash flow hedging activities that were included in accumulated other comprehensive loss were $359 and $504 as of December 27, 2024, and June 30, 2024, respectively. The unrealized amounts in accumulated other comprehensive loss will fluctuate based on changes in the fair value of open contracts during each reporting period.
The Company estimates that $132 of net unrealized losses related to cash flow hedging activities included in accumulated other comprehensive loss will be reclassified into earnings within the next twelve months.
Derivatives Designated as Net Investment Hedges
The Company is exposed to foreign currency exchange rate risk related to its investment in net assets in foreign countries. During the fourth quarter of fiscal 2021, the Company designated its euro denominated Revolving Loan, with a notional amount of €13,000, as a net investment hedge to mitigate the risk of variability in its euro denominated net investments in wholly-owned foreign subsidiaries. All changes in the fair value of the euro revolver were then recorded in accumulated other comprehensive loss along with the foreign currency translation adjustments on those foreign investments. Net unrealized after-tax income related to net investment hedging activities that were included in accumulated other comprehensive loss were $1,940 and $1,502 as of December 27, 2024 and June 30, 2024, respectively.
Fair Value of Derivative Instruments
The fair value of derivative instruments included in the condensed consolidated balance sheets were as follows:
| | Condensed Consolidated Balance Sheet Location | | December 27, 2024 | | | June 30, 2024 | |
| Derivative designated as hedge: | | | | | | | | | |
| Interest rate swap | Other current assets | | $ | 123 | | | $ | 218 | |
| Interest rate swap | Other noncurrent assets | | | 26 | | | | 76 | |
The impact of the Company’s derivative instruments on the condensed consolidated statements of operations and comprehensive (loss) income for the quarters ended December 27, 2024 and December 29, 2023, respectively, was as follows:
| |
Condensed Consolidated Statements of Operations and Comprehensive |
|
For the Quarter Ended |
|
|
For the Two Quarters Ended |
|
| |
(Loss) Income Location |
|
December 27, 2024 |
|
|
December 29, 2023 |
|
|
December 27, 2024 |
|
|
December 29, 2023 |
|
| Derivative designated as hedge: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate swap |
Interest expense |
|
$ |
55 |
|
|
$ |
67 |
|
|
$ |
112 |
|
|
$ |
138 |
|
| Interest rate swap |
Unrealized gain (loss) on hedges |
|
|
(24 |
) |
|
|
183 |
|
|
|
145 |
|
|
|
189 |
|
| Net investment hedge |
Unrealized gain (loss) on hedges |
|
|
(1,122 |
) |
|
|
302 |
|
|
|
(438 |
) |
|
|
80 |
|
|
| X |
- DefinitionThe entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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-Section 50
-Paragraph 5C
-Subparagraph (b)
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v3.25.0.1
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v3.25.0.1
Note B - Inventories (Tables)
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes Tables |
|
| Schedule of Inventory, Current [Table Text Block] |
| | | December 27, 2024 | | | June 30, 2024 | |
| Inventories: | | | | | | | | |
| Finished parts | | $ | 59,396 | | | $ | 60,166 | |
| Work in process | | | 24,503 | | | | 23,096 | |
| Raw materials | | | 44,379 | | | | 47,222 | |
| | | $ | 128,278 | | | $ | 130,484 | |
|
| X |
- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(b))
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(c))
-Publisher FASB
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v3.25.0.1
Note C - Warranty (Tables)
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes Tables |
|
| Schedule of Product Warranty Liability [Table Text Block] |
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Reserve balance, beginning of period | | $ | 4,450 | | | $ | 4,160 | | | $ | 4,220 | | | $ | 3,476 | |
| Current period expense and adjustments | | | 1,762 | | | | 1,208 | | | | 2,598 | | | | 2,724 | |
| Payments or credits to customers | | | (1,851 | ) | | | (898 | ) | | | (2,517 | ) | | | (1,718 | ) |
| Translation | | | 198 | | | | 18 | | | | 258 | | | | 6 | |
| Reserve balance, end of period | | $ | 4,559 | | | $ | 4,488 | | | $ | 4,559 | | | $ | 4,488 | |
|
| X |
- DefinitionTabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)
-Publisher FASB
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v3.25.0.1
Note E - Business Segments (Tables)
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes Tables |
|
| Reconciliation of Revenue from Segments to Consolidated [Table Text Block] |
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Net sales | | | | | | | | | | | | | | | | |
| Manufacturing segment sales | | $ | 76,463 | | | $ | 58,368 | | | $ | 139,781 | | | $ | 112,906 | |
| Distribution segment sales | | | 35,727 | | | | 37,242 | | | | 65,311 | | | | 70,095 | |
| Inter/Intra segment elimination – manufacturing | | | (14,673 | ) | | | (18,795 | ) | | | (28,045 | ) | | | (38,979 | ) |
| Inter/Intra segment elimination – distribution | | | (7,596 | ) | | | (3,821 | ) | | | (14,229 | ) | | | (7,475 | ) |
| | | $ | 89,921 | | | $ | 72,994 | | | $ | 162,818 | | | $ | 136,547 | |
| Net income (loss) attributable to Twin Disc, Incorporated | | | | | | | | | | | | | | | | |
| Manufacturing segment net income | | $ | 3,131 | | | $ | 2,078 | | | $ | 5,000 | | | $ | 3,636 | |
| Distribution segment net income | | | 1,228 | | | | 3,173 | | | | 2,179 | | | | 4,179 | |
| Corporate and eliminations | | | (3,440 | ) | | | (4,321 | ) | | | (9,025 | ) | | | (8,058 | ) |
| | | $ | 919 | | | $ | 930 | | | $ | (1,846 | ) | | $ | (243 | ) |
|
| Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
| Assets | | December 27, 2024 | | | June 30, 2024 | |
| Manufacturing segment assets | | $ | 459,422 | | | $ | 443,149 | |
| Distribution segment assets | | | 39,376 | | | | 73,033 | |
| Corporate assets and elimination of intercompany assets | | | (191,438 | ) | | | (204,124 | ) |
| | | $ | 307,360 | | | $ | 312,058 | |
|
| Revenue from External Customers by Products and Services [Table Text Block] |
| | | | | | | | | | | Elimination of | | | | | |
| | | Manufacturing | | | Distribution | | | Intercompany Sales | | | Total | |
| Industrial | | $ | 9,329 | | | $ | 1,053 | | | $ | (923 | ) | | $ | 9,459 | |
| Land-based transmissions | | | 18,594 | | | | 2,101 | | | | (1,685 | ) | | | 19,010 | |
| Marine and propulsion systems | | | 48,512 | | | | 27,659 | | | | (19,479 | ) | | | 56,692 | |
| Other | | | 28 | | | | 4,914 | | | | (182 | ) | | | 4,760 | |
| Total | | $ | 76,463 | | | $ | 35,727 | | | $ | (22,269 | ) | | $ | 89,921 | |
| | | | | | | | | | | Elimination of | | | | | |
| | | Manufacturing | | | Distribution | | | Intercompany Sales | | | Total | |
| Industrial | | $ | 5,704 | | | $ | 1,557 | | | $ | (730 | ) | | $ | 6,531 | |
| Land-based transmissions | | | 15,003 | | | | 7,953 | | | | (7,093 | ) | | | 15,863 | |
| Marine and propulsion systems | | | 37,661 | | | | 24,058 | | | | (14,773 | ) | | | 46,946 | |
| Other | | | - | | | | 3,674 | | | | (20 | ) | | | 3,654 | |
| Total | | $ | 58,368 | | | $ | 37,242 | | | $ | (22,616 | ) | | $ | 72,994 | |
| | | | | | | | | | | Elimination of | | | | | |
| | | Manufacturing | | | Distribution | | | Intercompany Sales | | | Total | |
| Industrial | | $ | 18,126 | | | $ | 2,106 | | | $ | (1,604 | ) | | $ | 18,628 | |
| Land-based transmissions | | | 36,747 | | | | 5,664 | | | | (6,117 | ) | | | 36,294 | |
| Marine and propulsion systems | | | 84,859 | | | | 48,992 | | | | (34,057 | ) | | | 99,794 | |
| Other | | | 49 | | | | 8,549 | | | | (496 | ) | | | 8,102 | |
| Total | | $ | 139,781 | | | $ | 65,311 | | | $ | (42,274 | ) | | $ | 162,818 | |
| | | | | | | | | | | Elimination of | | | | | |
| | | Manufacturing | | | Distribution | | | Intercompany Sales | | | Total | |
| Industrial | | $ | 10,994 | | | $ | 2,586 | | | $ | (1,364 | ) | | $ | 12,216 | |
| Land-based transmissions | | | 29,684 | | | | 20,623 | | | | (15,867 | ) | | | 34,440 | |
| Marine and propulsion systems | | | 72,228 | | | | 40,378 | | | | (29,197 | ) | | | 83,409 | |
| Other | | | - | | | | 6,508 | | | | (26 | ) | | | 6,482 | |
| Total | | $ | 112,906 | | | $ | 70,095 | | | $ | (46,454 | ) | | $ | 136,547 | |
|
| X |
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v3.25.0.1
Note G - Pension and Other Postretirement Benefit Plans (Tables)
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes Tables |
|
| Schedule of Net Benefit Costs [Table Text Block] |
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Pension Benefits: | | | | | | | | | | | | | | | | |
| Service cost | | $ | 81 | | | $ | 94 | | | $ | 164 | | | $ | 188 | |
| Prior service cost | | | 5 | | | | - | | | | 10 | | | | - | |
| Interest cost | | | 836 | | | | 896 | | | | 1,672 | | | | 1,792 | |
| Expected return on plan assets | | | (826 | ) | | | (1,048 | ) | | | (1,652 | ) | | | (2,096 | ) |
| Amortization of transition obligation | | | 10 | | | | 10 | | | | 20 | | | | 19 | |
| Amortization of prior service cost | | | 6 | | | | 9 | | | | 13 | | | | 17 | |
| Amortization of actuarial net loss | | | 246 | | | | 16 | | | | 493 | | | | 31 | |
| Net periodic benefit cost (gain) | | $ | 358 | | | $ | (23 | ) | | $ | 720 | | | $ | (49 | ) |
| | | | | | | | | | | | | | | | | |
| Postretirement Benefits: | | | | | | | | | | | | | | | | |
| Service cost | | $ | 2 | | | $ | 2 | | | $ | 5 | | | $ | 4 | |
| Interest cost | | | 53 | | | | 48 | | | | 106 | | | | 95 | |
| Amortization of prior service benefit | | | (69 | ) | | | (22 | ) | | | (137 | ) | | | (44 | ) |
| Amortization of actuarial net gain | | | (10 | ) | | | (155 | ) | | | (19 | ) | | | (310 | ) |
| Net periodic benefit gain | | $ | (24 | ) | | $ | (127 | ) | | $ | (45 | ) | | $ | (255 | ) |
|
| X |
- DefinitionTabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Subparagraph (h)
-Name Accounting Standards Codification
-Paragraph 1
-Section 50
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v3.25.0.1
Note H - Income Taxes (Tables)
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes Tables |
|
| Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
| | | For the Quarter-Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Foreign earnings, before income taxes of $1,552, $1,683, $2,406, and $2,199, respectively | | $ | 5,660 | | | $ | 6,209 | | | $ | 9,100 | | | $ | 8,264 | |
| Domestic losses, before income taxes of $0, ($21), ($227) and $9, respectively | | | (3,009 | ) | | | (3,612 | ) | | | (8,594 | ) | | | (6,204 | ) |
| Earnings before income taxes and noncontrolling interest | | $ | 2,651 | | | $ | 2,597 | | | $ | 506 | | | $ | 2,060 | |
| | | | | | | | | | | | | | | | | |
| Income tax expense | | $ | 1,552 | | | $ | 1,662 | | | $ | 2,179 | | | $ | 2,208 | |
| Effective income tax rate | | | 58.5 | % | | | 64.0 | % | | | 430.6 | % | | | 107.2 | % |
|
| X |
- DefinitionTabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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v3.25.0.1
Note I - Intangible Assets (Tables)
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes Tables |
|
| Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] |
| | | Net Book Value Rollforward | | | Net Book Value By Asset Type | |
| | | Gross Carrying Amount | | | Accumulated Amortization / Impairment | | | Net Book Value | | | Customer Relationships | | | Technology Know-how | | | Trade Name | | | Other | | | Total | |
| Balance at June 30, 2024 | | $ | 34,533 | | | $ | (21,847 | ) | | $ | 12,686 | | | $ | 6,720 | | | $ | 2,098 | | | $ | 1,511 | | | $ | 2,357 | | | $ | 12,686 | |
| Addition | | | 203 | | | | - | | | | 203 | | | | - | | | | - | | | | - | | | | 203 | | | | 203 | |
| Amortization | | | - | | | | (1,806 | ) | | | (1,806 | ) | | | (650 | ) | | | (627 | ) | | | (125 | ) | | | (404 | ) | | | (1,806 | ) |
| Translation adjustment | | | (227 | ) | | | - | | | | (227 | ) | | | (156 | ) | | | (50 | ) | | | (18 | ) | | | (3 | ) | | | (227 | ) |
| Balance at December 27, 2024 | | $ | 34,509 | | | $ | (23,653 | ) | | $ | 10,856 | | | $ | 5,914 | | | $ | 1,421 | | | $ | 1,368 | | | $ | 2,153 | | | $ | 10,856 | |
|
| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
| Fiscal Year | | | | |
| 2025 | | $ | 1,678 | |
| 2026 | | | 2,552 | |
| 2027 | | | 1,992 | |
| 2028 | | | 1,785 | |
| 2029 | | | 1,331 | |
| 2030 | | | 307 | |
| Thereafter | | | 1,211 | |
| | | $ | 10,856 | |
|
| X |
- DefinitionTabular disclosure of the characteristics, including initial carrying value, residual amount, weighted average useful life, of finite-lived intangible assets acquired during the period by major class. A major class is composed of intangible assets that can be grouped together because they are similar, either by nature or by their use in the operations of the company. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
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-Section 50
-Paragraph 1
-Subparagraph (a)
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-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40
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v3.25.0.1
Note J - Long-term Debt (Tables)
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes Tables |
|
| Schedule of Debt [Table Text Block] |
| | | December 27, 2024 | | | June 30, 2024 | |
| Credit Agreement Debt | | | | | | | | |
| Revolving loans (expire April 2027) | | $ | 15,851 | | | $ | 16,288 | |
| Term loan (due April 2027) | | | 9,000 | | | | 9,500 | |
| Other | | | 22 | | | | 23 | |
| Subtotal | | | 24,873 | | | | 25,811 | |
| Less: current maturities | | | (2,000 | ) | | | (2,000 | ) |
| Total long-term debt | | $ | 22,873 | | | $ | 23,811 | |
|
| X |
- DefinitionTabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.
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v3.25.0.1
Note K - Shareholders' Equity (Tables)
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes Tables |
|
| Schedule of Stockholders Equity [Table Text Block] |
| | | Twin Disc, Inc. Shareholders’ Equity | |
| | | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | | Other | | | | | | | Non- | | | | | |
| | | Common | | | Retained | | | Comprehensive | | | Treasury | | | Controlling | | | Total | |
| | | Stock | | | Earnings | | | Loss | | | Stock | | | Interest | | | Equity | |
| Balance, June 30, 2024 | | | 41,798 | | | | 129,592 | | | | (6,905 | ) | | | (9,783 | ) | | | 352 | | | $ | 155,054 | |
| Net loss | | | | | | | (2,765 | ) | | | | | | | | | | | (7 | ) | | | (2,772 | ) |
| Dividends paid to shareholders | | | | | | | (570 | ) | | | | | | | | | | | | | | | (570 | ) |
| Translation adjustments | | | | | | | | | | | 7,148 | | | | | | | | 143 | | | | 7,291 | |
| Benefit plan adjustments, net of tax | | | | | | | | | | | 221 | | | | | | | | | | | | 221 | |
| Unrealized loss on hedges, net of tax | | | | | | | | | | | (853 | ) | | | | | | | | | | | (853 | ) |
| Compensation expense | | | 1,024 | | | | | | | | | | | | | | | | | | | | 1,024 | |
| Stock awards, net | | | (2,920 | ) | | | | | | | | | | | 1,671 | | | | | | | | (1,249 | ) |
| Balance, September 27, 2024 | | | 39,902 | | | | 126,257 | | | | (389 | ) | | | (8,112 | ) | | | 488 | | | | 158,146 | |
| Net income | | | | | | | 919 | | | | | | | | | | | | 180 | | | | 1,099 | |
| Dividends paid to shareholders | | | | | | | (566 | ) | | | | | | | | | | | | | | | (566 | ) |
| Translation adjustments | | | | | | | | | | | (11,311 | ) | | | | | | | (58 | ) | | | (11,369 | ) |
| Benefit plan adjustments, net of tax | | | | | | | | | | | (1,668 | ) | | | | | | | | | | | (1,668 | ) |
| Unrealized gain on hedges, net of tax | | | | | | | | | | | 1,146 | | | | | | | | | | | | 1,146 | |
| Compensation expense | | | 853 | | | | | | | | | | | | | | | | | | | | 853 | |
| Stock awards, net | | | (644 | ) | | | | | | | | | | | 637 | | | | | | | | (7 | ) |
| Balance, December 27, 2024 | | $ | 40,111 | | | $ | 126,610 | | | $ | (12,222 | ) | | $ | (7,475 | ) | | $ | 610 | | | $ | 147,634 | |
| | | Twin Disc, Inc. Shareholders’ Equity | |
| | | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | | Other | | | | | | | Non- | | | | | |
| | | Common | | | Retained | | | Comprehensive | | | Treasury | | | Controlling | | | Total | |
| | | Stock | | | Earnings | | | Loss | | | Stock | | | Interest | | | Equity | |
| Balance, June 30, 2023 | | | 42,855 | | | | 120,299 | | | | (5,570 | ) | | | (12,491 | ) | | | 424 | | | $ | 145,517 | |
| Net (loss) income | | | | | | | (1,173 | ) | | | | | | | | | | | 90 | | | | (1,083 | ) |
| Translation adjustments | | | | | | | | | | | (3,096 | ) | | | | | | | 60 | | | | (3,036 | ) |
| Benefit plan adjustments, net of tax | | | | | | | | | | | (171 | ) | | | | | | | | | | | (171 | ) |
| Unrealized gain on hedges, net of tax | | | | | | | | | | | 216 | | | | | | | | | | | | 216 | |
| Compensation expense | | | 495 | | | | | | | | | | | | | | | | | | | | 495 | |
| Stock awards, net | | | (3,911 | ) | | | | | | | | | | | 2,148 | | | | | | | | (1,763 | ) |
| Balance, September 29, 2023 | | | 39,439 | | | | 119,126 | | | | (8,621 | ) | | | (10,343 | ) | | | 574 | | | | 140,175 | |
| Net income | | | | | | | 930 | | | | | | | | | | | | 5 | | | | 935 | |
| Dividends paid to shareholders | | | | | | | (560 | ) | | | | | | | | | | | | | | | (560 | ) |
| Translation adjustments | | | | | | | | | | | 5,155 | | | | | | | | 35 | | | | 5,190 | |
| Benefit plan adjustments, net of tax | | | | | | | | | | | (108 | ) | | | | | | | | | | | (108 | ) |
| Unrealized loss on hedges, net of tax | | | | | | | | | | | (485 | ) | | | | | | | | | | | (485 | ) |
| Compensation expense | | | 772 | | | | | | | | | | | | | | | | | | | | 772 | |
| Stock awards, net | | | (550 | ) | | | | | | | | | | | 541 | | | | | | | | (9 | ) |
| Balance, December 29, 2023 | | $ | 39,661 | | | $ | 119,496 | | | $ | (4,059 | ) | | $ | (9,802 | ) | | $ | 614 | | | $ | 145,910 | |
|
| Reconciliation For The Changes In Accumulated Other Comprehensive Income Loss Net Of Tax By Component [Table Text Block] |
| | | Translation | | | Benefit Plan | | | Cash Flow | | | Net Investment | |
| | | Adjustment | | | Adjustment | | | Hedges | | | Hedges | |
| Balance, June 30, 2024 | | $ | (849 | ) | | $ | (8,062 | ) | | $ | 504 | | | $ | 1,502 | |
| Translation adjustment during the quarter | | | 7,148 | | | | - | | | | - | | | | - | |
| Amounts reclassified from accumulated other comprehensive loss | | | - | | | | 221 | | | | (169 | ) | | | (684 | ) |
| Net current period other comprehensive income (loss) | | | 7,148 | | | | 221 | | | | (169 | ) | | | (684 | ) |
| Balance, September 27, 2024 | | $ | 6,299 | | | $ | (7,841 | ) | | $ | 335 | | | $ | 818 | |
| Translation adjustment during the quarter | | | (11,311 | ) | | | - | | | | - | | | | - | |
| Return on plan assets | | | | | | | (1,808 | ) | | | | | | | | |
| Amounts reclassified from accumulated other comprehensive loss | | | - | | | | 140 | | | | 24 | | | | 1,122 | |
| Net current period other comprehensive (loss) income | | | (11,311 | ) | | | (1,668 | ) | | | 24 | | | | 1,122 | |
| Balance, December 27, 2024 | | $ | (5,012 | ) | | $ | (9,509 | ) | | $ | 359 | | | $ | 1,940 | |
| | | Translation | | | Benefit Plan | | | Cash Flow | | | Net Investment | |
| | | Adjustment | | | Adjustment | | | Hedges | | | Hedges | |
| Balance, June 30, 2023 | | $ | (1,582 | ) | | $ | (5,948 | ) | | $ | 688 | | | $ | 1,272 | |
| Translation adjustment during the quarter | | | (3,096 | ) | | | - | | | | - | | | | - | |
| Amounts reclassified from accumulated other comprehensive loss | | | - | | | | (171 | ) | | | (6 | ) | | | 222 | |
| Net current period other comprehensive (loss) income | | | (3,096 | ) | | | (171 | ) | | | (6 | ) | | | 222 | |
| Balance, September 29, 2023 | | $ | (4,678 | ) | | $ | (6,119 | ) | | $ | 682 | | | $ | 1,494 | |
| Translation adjustment during the quarter | | | 5,155 | | | | - | | | | - | | | | - | |
| Amounts reclassified from accumulated other comprehensive loss | | | - | | | | (108 | ) | | | (183 | ) | | | (302 | ) |
| Net current period other comprehensive income (loss) | | | 5,155 | | | | (108 | ) | | | (183 | ) | | | (302 | ) |
| Balance, December 29, 2023 | | $ | 477 | | | $ | (6,227 | ) | | $ | 499 | | | $ | 1,192 | |
|
| Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] |
| | | Quarter Ended | | | | Two Quarters Ended | |
| | | December 27, 2024 | | | | December 27, 2024 | |
| Changes in benefit plan items | | | | | | | | | |
| Actuarial losses | | $ | 180 | (a) | | | $ | 464 | (a) |
| Transition asset and prior service benefit | | | (53 | )(a) | | | | (104 | )(a) |
| Return on plan assets | | | (1,808 | ) | | | | (1,808 | ) |
| Total amortization | | | (1,681 | ) | | | | (1,448 | ) |
| Income taxes | | | 13 | | | | | 2 | |
| Total reclassification, net of tax | | $ | (1,668 | ) | | | $ | (1,446 | ) |
| | | Quarter Ended | | | | Two Quarters Ended | |
| | | December 29, 2023 | | | | December 29, 2023 | |
| Changes in benefit plan items | | | | | | | | | |
| Actuarial losses | | $ | (91 | )(a) | | | $ | (263 | )(a) |
| Transition asset and prior service benefit | | | (4 | )(a) | | | | (8 | )(a) |
| Total amortization | | | (95 | ) | | | | (271 | ) |
| Income taxes | | | (13 | ) | | | | (8 | ) |
| Total reclassification, net of tax | | $ | (108 | ) | | | $ | (279 | ) |
|
| X |
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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v3.25.0.1
Note L - Earnings Per Share (Tables)
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes Tables |
|
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Basic: | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 1,099 | | | $ | 935 | | | $ | (1,673 | ) | | $ | (148 | ) |
| Less: Net income attributable to noncontrolling interest, net of tax | | | (180 | ) | | | (5 | ) | | | (173 | ) | | | (95 | ) |
| Net income (loss) attributable to Twin Disc, Incorporated | | | 919 | | | | 930 | | | | (1,846 | ) | | | (243 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding - basic | | | 13,868 | | | | 13,718 | | | | 13,818 | | | | 13,629 | |
| | | | | | | | | | | | | | | | | |
| Basic Income (Loss) Per Share: | | | | | | | | | | | | | | | | |
| Net earnings (loss) per share - basic | | $ | 0.07 | | | $ | 0.07 | | | $ | (0.13 | ) | | $ | (0.02 | ) |
| | | | | | | | | | | | | | | | | |
| Diluted: | | | | | | | | | | | | | | | | |
| Net income (loss) | | $ | 1,099 | | | $ | 935 | | | $ | (1,673 | ) | | $ | (148 | ) |
| Less: Net income attributable to noncontrolling interest, net of tax | | | (180 | ) | | | (5 | ) | | | (173 | ) | | | (95 | ) |
| Net income (loss) attributable to Twin Disc, Incorporated | | | 919 | | | | 930 | | | | (1,846 | ) | | | (243 | ) |
| | | | | | | | | | | | | | | | | |
| Weighted average shares outstanding - basic | | | 13,868 | | | | 13,718 | | | | 13,818 | | | | 13,629 | |
| Effect of dilutive stock awards | | | 190 | | | | 205 | | | | - | | | | - | |
| Weighted average shares outstanding - diluted | | | 14,058 | | | | 13,923 | | | | 13,818 | | | | 13,629 | |
| | | | | | | | | | | | | | | | | |
| Diluted Income (Loss) Per Share: | | | | | | | | | | | | | | | | |
| Net earnings (loss) per share - diluted | | $ | 0.07 | | | $ | 0.07 | | | $ | (0.13 | ) | | $ | (0.02 | ) |
|
| X |
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
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v3.25.0.1
Note M - Lease Liabilities (Tables)
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes Tables |
|
| Assets and Liabilities, Lessee [Table Text Block] |
| | Condensed Consolidated Balance Sheet Location | | December 27, 2024 | | | June 30, 2024 | |
| Lease Assets | | | | | | | | | |
| Right-of-use operating lease assets | Right-of-use operating lease assets | | $ | 16,431 | | | $ | 16,622 | |
| Right-of-use finance lease assets | Property, plant and equipment, net | | | 5,435 | | | | 5,210 | |
| | | | | | | | | | |
| Lease Liabilities | | | | | | | | | |
| Right-of use operating lease liabilities, current | Current maturities of right-of use operating lease obligations | | $ | 2,813 | | | $ | 2,521 | |
| Right-of use operating lease liabilities, non-current | Right-of use operating lease obligations | | | 13,656 | | | | 14,376 | |
| Right of use finance lease liabilities, current | Accrued liabilities | | | 880 | | | | 713 | |
| Right of use finance lease liabilities, non-current | Other long-term liabilities | | | 4,980 | | | | 4,795 | |
|
| Lease, Cost [Table Text Block] |
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Finance lease cost: | | | | | | | | | | | | | | | | |
| Amortization of right-of-use assets | | $ | 237 | | | $ | 175 | | | $ | 469 | | | $ | 397 | |
| Interest on lease liabilities | | | 96 | | | | 77 | | | | 189 | | | | 151 | |
| Operating lease cost | | | 1,003 | | | | 882 | | | | 1,942 | | | | 1,775 | |
| Short-term lease cost | | | 22 | | | | 6 | | | | 33 | | | | 9 | |
| Variable lease cost | | | 139 | | | | 99 | | | | 239 | | | | 199 | |
| Total lease cost | | | 1,497 | | | | 1,239 | | | | 2,874 | | | | 2,531 | |
| Less: Sublease income | | | (21 | ) | | | (20 | ) | | | (42 | ) | | | (41 | ) |
| Net lease cost | | $ | 1,476 | | | $ | 1,219 | | | $ | 2,830 | | | $ | 2,490 | |
|
| Operating and Finance Leases, Other Disclosures [Table Text Block] |
| | | For the Quarter Ended | | | For the Two Quarters Ended | |
| | | December 27, 2024 | | | December 29, 2023 | | | December 27, 2024 | | | December 29, 2023 | |
| Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | | | | | | | | | |
| Operating cash flows from operating leases | | $ | 1,084 | | | $ | 934 | | | $ | 2,086 | | | $ | 1,871 | |
| Operating cash flows from finance leases | | | 97 | | | | 76 | | | | 192 | | | | 149 | |
| Financing cash flows from finance leases | | | 471 | | | | 207 | | | | 1,017 | | | | 471 | |
| Right-of-use-assets obtained in exchange for lease obligations: | | | | | | | | | | | | | | | | |
| Operating leases | | | 1,255 | | | | 188 | | | | 1,581 | | | | 188 | |
| Finance leases | | | 224 | | | | 123 | | | | 732 | | | | 657 | |
| Weighted average remaining lease term (years): | | | | | | | | | | | | | |
| Operating leases | | | | | | | | | | | 7.9 | | | | 8.1 | |
| Finance lease | | | | | | | | | | | 8.1 | | | | 9.5 | |
| Weighted average discount rate: | | | | | | | | | | | | | | | | |
| Operating leases | | | | | | | | | | | 8.5 | % | | | 7.6 | % |
| Finance leases | | | | | | | | | | | 6.4 | % | | | 5.8 | % |
|
| Schedule of Future Minimum Rental Payments for Operating Leases and Finance Lease, Liability, Maturity [Table Text Block] |
| | | Operating Leases | | | Finance Leases | |
| 2024 | | $ | 2,095 | | | $ | 593 | |
| 2025 | | | 3,869 | | | | 1,154 | |
| 2026 | | | 3,233 | | | | 1,085 | |
| 2027 | | | 2,339 | | | | 986 | |
| 2028 | | | 2,215 | | | | 695 | |
| 2029 | | | 1,774 | | | | 526 | |
| Thereafter | | | 7,661 | | | | 2,285 | |
| Total future lease payments | | | 23,186 | | | | 7,324 | |
| Less: Amount representing interest | | | (6,717 | ) | | | (1,464 | ) |
| Present value of future payments | | $ | 16,469 | | | $ | 5,860 | |
|
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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v3.25.0.1
Note N - Derivative Financial Instruments (Tables)
|
6 Months Ended |
Dec. 27, 2024 |
|---|
| Notes Tables |
|
| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
| | Condensed Consolidated Balance Sheet Location | | December 27, 2024 | | | June 30, 2024 | |
| Derivative designated as hedge: | | | | | | | | | |
| Interest rate swap | Other current assets | | $ | 123 | | | $ | 218 | |
| Interest rate swap | Other noncurrent assets | | | 26 | | | | 76 | |
|
| Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location [Table Text Block] |
| |
Condensed Consolidated Statements of Operations and Comprehensive |
|
For the Quarter Ended |
|
|
For the Two Quarters Ended |
|
| |
(Loss) Income Location |
|
December 27, 2024 |
|
|
December 29, 2023 |
|
|
December 27, 2024 |
|
|
December 29, 2023 |
|
| Derivative designated as hedge: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest rate swap |
Interest expense |
|
$ |
55 |
|
|
$ |
67 |
|
|
$ |
112 |
|
|
$ |
138 |
|
| Interest rate swap |
Unrealized gain (loss) on hedges |
|
|
(24 |
) |
|
|
183 |
|
|
|
145 |
|
|
|
189 |
|
| Net investment hedge |
Unrealized gain (loss) on hedges |
|
|
(1,122 |
) |
|
|
302 |
|
|
|
(438 |
) |
|
|
80 |
|
|
| X |
- DefinitionTabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-Section 50
-Paragraph 4B
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-Topic 805
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v3.25.0.1
Note B - Inventories - Inventories (Details) - USD ($)
$ in Thousands |
Dec. 27, 2024 |
Jun. 30, 2024 |
| Finished parts |
$ 59,396
|
$ 60,166
|
| Work in process |
24,503
|
23,096
|
| Raw materials |
44,379
|
47,222
|
| Total inventories |
$ 128,278
|
$ 130,484
|
| X |
- DefinitionCarrying amount, net of valuation reserves and adjustments, as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 330
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-Section S99
-Paragraph 2
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-Publisher FASB
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-Paragraph 8
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
| Name: |
us-gaap_ProductWarrantyAccrualNoncurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
v3.25.0.1
Note C - Warranty - Warranty (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Dec. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Reserve balance, beginning of period |
$ 4,450
|
$ 4,160
|
$ 4,220
|
$ 3,476
|
| Current period expense and adjustments |
1,762
|
1,208
|
2,598
|
2,724
|
| Payments or credits to customers |
(1,851)
|
(898)
|
(2,517)
|
(1,718)
|
| Translation |
198
|
18
|
258
|
6
|
| Reserve balance, end of period |
$ 4,559
|
$ 4,488
|
$ 4,559
|
$ 4,488
|
| X |
- DefinitionThe expense charged against earnings (or the benefit, if a negative value) for the period pertaining to standard and extended warranties on the entity's goods and services granted to customers.
| Name: |
twin_ProductWarrantyExpenseBenefit |
| Namespace Prefix: |
twin_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-4
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
| Name: |
us-gaap_ProductWarrantyAccrual |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of decrease in the standard and extended product warranty accrual from payments made in cash or in kind to satisfy claims under the terms of the standard and extended product warranty. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
| Name: |
us-gaap_ProductWarrantyAccrualPayments |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of foreign currency translation gain (loss) which decreases (increases) the standard and extended product warranty accrual. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482425/460-10-50-8
| Name: |
us-gaap_StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
v3.25.0.1
| X |
- DefinitionNumber of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-18
| Name: |
us-gaap_NumberOfReportableSegments |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
Note E - Business Segments - Revenues by Segment (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Dec. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Net sales |
$ 89,921
|
$ 72,994
|
$ 162,818
|
$ 136,547
|
| Manufacturing segment net income |
919
|
930
|
(1,846)
|
(243)
|
| Intersegment Eliminations [Member] |
|
|
|
|
| Net sales |
(22,269)
|
(22,616)
|
(42,274)
|
(46,454)
|
| Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] |
|
|
|
|
| Manufacturing segment net income |
(3,440)
|
(4,321)
|
(9,025)
|
(8,058)
|
| Manufacturing Segment [Member] | Operating Segments [Member] |
|
|
|
|
| Net sales |
76,463
|
58,368
|
139,781
|
112,906
|
| Manufacturing segment net income |
3,131
|
2,078
|
5,000
|
3,636
|
| Manufacturing Segment [Member] | Intersegment Eliminations [Member] |
|
|
|
|
| Net sales |
(14,673)
|
(18,795)
|
(28,045)
|
(38,979)
|
| Distribution Segment [Member] | Operating Segments [Member] |
|
|
|
|
| Net sales |
35,727
|
37,242
|
65,311
|
70,095
|
| Manufacturing segment net income |
1,228
|
3,173
|
2,179
|
4,179
|
| Distribution Segment [Member] | Intersegment Eliminations [Member] |
|
|
|
|
| Net sales |
$ (7,596)
|
$ (3,821)
|
$ (14,229)
|
$ (7,475)
|
| X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4
Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B
Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B
Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7
Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28
Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A
Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B
Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1
| Name: |
us-gaap_NetIncomeLoss |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4
| Name: |
us-gaap_RevenueFromContractWithCustomerIncludingAssessedTax |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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v3.25.0.1
Note E - Business Segments - Assets by Segment (Details) - USD ($)
$ in Thousands |
Dec. 27, 2024 |
Jun. 30, 2024 |
| Segment Assets |
$ 307,360
|
$ 312,058
|
| Operating Segments [Member] | Manufacturing Segment [Member] |
|
|
| Segment Assets |
459,422
|
443,149
|
| Operating Segments [Member] | Distribution Segment [Member] |
|
|
| Segment Assets |
39,376
|
73,033
|
| Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] |
|
|
| Segment Assets |
$ (191,438)
|
$ (204,124)
|
| X |
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-Topic 280
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
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v3.25.0.1
Note E - Business Segments - Net Sales by Product Group (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Dec. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Net Sales |
$ 89,921
|
$ 72,994
|
$ 162,818
|
$ 136,547
|
| Intersegment Eliminations [Member] |
|
|
|
|
| Net Sales |
(22,269)
|
(22,616)
|
(42,274)
|
(46,454)
|
| Manufacturing Segment [Member] | Operating Segments [Member] |
|
|
|
|
| Net Sales |
76,463
|
58,368
|
139,781
|
112,906
|
| Manufacturing Segment [Member] | Intersegment Eliminations [Member] |
|
|
|
|
| Net Sales |
(14,673)
|
(18,795)
|
(28,045)
|
(38,979)
|
| Distribution Segment [Member] | Operating Segments [Member] |
|
|
|
|
| Net Sales |
35,727
|
37,242
|
65,311
|
70,095
|
| Distribution Segment [Member] | Intersegment Eliminations [Member] |
|
|
|
|
| Net Sales |
(7,596)
|
(3,821)
|
(14,229)
|
(7,475)
|
| Industrial [Member] |
|
|
|
|
| Net Sales |
9,459
|
6,531
|
18,628
|
12,216
|
| Industrial [Member] | Intersegment Eliminations [Member] |
|
|
|
|
| Net Sales |
(923)
|
(730)
|
(1,604)
|
(1,364)
|
| Industrial [Member] | Manufacturing Segment [Member] | Operating Segments [Member] |
|
|
|
|
| Net Sales |
9,329
|
5,704
|
18,126
|
10,994
|
| Industrial [Member] | Distribution Segment [Member] | Operating Segments [Member] |
|
|
|
|
| Net Sales |
1,053
|
1,557
|
2,106
|
2,586
|
| Land Based Transmissions [Member] |
|
|
|
|
| Net Sales |
19,010
|
15,863
|
36,294
|
34,440
|
| Land Based Transmissions [Member] | Intersegment Eliminations [Member] |
|
|
|
|
| Net Sales |
(1,685)
|
(7,093)
|
(6,117)
|
(15,867)
|
| Land Based Transmissions [Member] | Manufacturing Segment [Member] | Operating Segments [Member] |
|
|
|
|
| Net Sales |
18,594
|
15,003
|
36,747
|
29,684
|
| Land Based Transmissions [Member] | Distribution Segment [Member] | Operating Segments [Member] |
|
|
|
|
| Net Sales |
2,101
|
7,953
|
5,664
|
20,623
|
| Marine and Propulsion Systems [Member] |
|
|
|
|
| Net Sales |
56,692
|
46,946
|
99,794
|
83,409
|
| Marine and Propulsion Systems [Member] | Intersegment Eliminations [Member] |
|
|
|
|
| Net Sales |
(19,479)
|
(14,773)
|
(34,057)
|
(29,197)
|
| Marine and Propulsion Systems [Member] | Manufacturing Segment [Member] | Operating Segments [Member] |
|
|
|
|
| Net Sales |
48,512
|
37,661
|
84,859
|
72,228
|
| Marine and Propulsion Systems [Member] | Distribution Segment [Member] | Operating Segments [Member] |
|
|
|
|
| Net Sales |
27,659
|
24,058
|
48,992
|
40,378
|
| Other [Member] |
|
|
|
|
| Net Sales |
4,760
|
3,654
|
8,102
|
6,482
|
| Other [Member] | Intersegment Eliminations [Member] |
|
|
|
|
| Net Sales |
(182)
|
(20)
|
(496)
|
(26)
|
| Other [Member] | Manufacturing Segment [Member] | Operating Segments [Member] |
|
|
|
|
| Net Sales |
28
|
0
|
49
|
0
|
| Other [Member] | Distribution Segment [Member] | Operating Segments [Member] |
|
|
|
|
| Net Sales |
$ 4,914
|
$ 3,674
|
$ 8,549
|
$ 6,508
|
| X |
- DefinitionAmount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Topic 606
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| Namespace Prefix: |
|
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v3.25.0.1
Note F - Stock-based Compensation (Details Textual) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
6 Months Ended |
15 Months Ended |
Dec. 27, 2024 |
Sep. 27, 2024 |
Dec. 29, 2023 |
Sep. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
Dec. 29, 2024 |
| Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) |
1,636,550
|
|
|
|
1,636,550
|
|
|
| Performance Stock Awards [Member] |
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) |
232,200
|
|
238,700
|
|
232,200
|
238,700
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
|
|
|
116,100
|
119,300
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
|
|
|
|
3 years
|
3 years
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) |
350,000
|
|
335,200
|
|
350,000
|
335,200
|
|
| Share-Based Payment Arrangement, Expense |
$ 376
|
|
|
|
$ 1,035
|
$ 379
|
$ 325
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) |
$ 10.85
|
|
|
|
$ 10.85
|
|
|
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
$ 2,296
|
|
|
|
$ 2,296
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value |
|
|
|
$ 0
|
$ 0
|
|
|
| Performance Stock Unit Awards [Member] |
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) |
20,900
|
|
|
|
20,900
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
|
|
|
0
|
10,500
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) |
10,500
|
|
10,500
|
|
10,500
|
10,500
|
|
| Share-Based Payment Arrangement, Expense |
$ 11
|
|
$ 11
|
|
$ 22
|
$ 18
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) |
$ 12.15
|
|
|
|
$ 12.15
|
|
|
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
$ 65
|
|
|
|
$ 65
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value |
|
$ 0
|
|
|
|
$ 0
|
|
| Restricted Stock [Member] |
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
|
|
|
44,000
|
115,700
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) |
251,000
|
|
251,300
|
|
251,000
|
251,300
|
|
| Share-Based Payment Arrangement, Expense |
$ 317
|
|
$ 310
|
|
$ 628
|
$ 623
|
|
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
$ 1,176
|
|
|
|
1,176
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value |
|
|
|
|
$ 437
|
$ 2,206
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) |
|
|
|
|
0
|
2,400
|
|
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) |
|
|
|
|
3 years
|
|
|
| Restricted Stock [Member] | Minimum [Member] |
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
1 year
|
|
|
|
|
|
|
| Restricted Stock [Member] | Maximum [Member] |
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
3 years
|
|
|
|
|
|
|
| Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
|
|
|
|
77,400
|
7,100
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
|
|
|
|
3 years
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) |
159,900
|
|
135,000
|
|
159,900
|
135,000
|
|
| Share-Based Payment Arrangement, Expense |
$ 149
|
|
$ 126
|
|
$ 192
|
$ 247
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value (in dollars per share) |
$ 10.88
|
|
|
|
$ 10.88
|
|
|
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
$ 1,022
|
|
|
|
$ 1,022
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value |
|
|
|
|
$ 701
|
$ 25
|
|
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) |
|
|
|
|
3 years
|
|
|
| The 2021 Long-Term Incentive Plan [Member] |
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) |
715,000
|
|
|
|
715,000
|
|
|
| The 2020 Directors Plan [Member] |
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) |
521,550
|
|
|
|
521,550
|
|
|
| Amended and Restated 2021 Omnibus Incentive Plan [Member] |
|
|
|
|
|
|
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) |
400,000
|
|
|
|
400,000
|
|
|
| X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
- DefinitionThe number of non-vested equity-based payment instruments, excluding stock (or unit) options, that validly exist and are outstanding as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionPer share or unit weighted-average fair value of nonvested award under share-based payment arrangement. Excludes share and unit options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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| Balance Type: |
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| Period Type: |
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| X |
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-Topic 718
-SubTopic 10
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| X |
- DefinitionNumber of shares authorized for issuance under share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2
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| Balance Type: |
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| Period Type: |
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| X |
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| Namespace Prefix: |
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| Balance Type: |
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| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| X |
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|
| X |
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|
v3.25.0.1
Note G - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Dec. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax |
$ (140)
|
$ (108)
|
$ (361)
|
$ (279)
|
| Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax |
13
|
$ (13)
|
2
|
$ (8)
|
| Pension Plan [Member] |
|
|
|
|
| Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year |
$ 535
|
|
535
|
|
| Defined Benefit Plan, Plan Assets, Contributions by Employer |
|
|
$ 396
|
|
| X |
- DefinitionAmount of contribution received by defined benefit plan from employer which increases plan assets. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-18
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
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-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-18
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-6
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| Period Type: |
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|
| X |
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-Name Accounting Standards Codification
-Section 45
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-15
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 17A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-17A
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of tax (expense) benefit of reclassification adjustment from accumulated other comprehensive (income) loss for prior service cost (credit) of defined benefit plan. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-12
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| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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|
v3.25.0.1
| X |
- DefinitionAmount of cost (measured by the end of period FX rate) recognized for passage of time related to defined benefit plan.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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| Namespace Prefix: |
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| Data Type: |
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v3.25.0.1
v3.25.0.1
Note H - Income Taxes - Reconciliation of Income Taxes (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Dec. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Foreign earnings, before income taxes of $1,552, $1,683, $2,406, and $2,199, respectively |
$ 5,660
|
$ 6,209
|
$ 9,100
|
$ 8,264
|
| Domestic losses, before income taxes of $0, ($21), ($227) and $9, respectively |
(3,009)
|
(3,612)
|
(8,594)
|
(6,204)
|
| Earnings before income taxes and noncontrolling interest |
2,651
|
2,597
|
506
|
2,060
|
| Income tax expense |
$ 1,552
|
$ 1,662
|
$ 2,179
|
$ 2,208
|
| Effective income tax rate |
58.50%
|
64.00%
|
430.60%
|
107.20%
|
v3.25.0.1
Note H - Income Taxes - Reconciliation of Income Taxes (Details) (Parentheticals) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Dec. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Foreign earnings, tax |
$ 1,552
|
$ 1,683
|
$ 2,406
|
$ 2,199
|
| Domestic losses, tax |
$ 0
|
$ (21)
|
$ (227)
|
$ 9
|
v3.25.0.1
Note I - Intangible Assets (Details Textual) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Dec. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Amortization of Intangible Assets |
$ 880
|
$ 817
|
$ 1,806
|
$ 1,636
|
| X |
- DefinitionThe aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
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-Publisher FASB
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-Topic 350
-SubTopic 30
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-Section 55
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-Publisher FASB
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-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
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-Section 45
-Paragraph 2
-Publisher FASB
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Note I - Intangible Assets - Intangible Assets (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Dec. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Balance, Definite Intangible Assets Gross Carrying Amount |
|
|
$ 34,533
|
|
| Balance, Definite Intangible Assets Accumulated Amortization/Impairment |
|
|
(21,847)
|
|
| Balance at June 30, Definite Intangible Assets Net Book Value |
|
|
12,686
|
|
| Addition, Definite Intangible Assets Gross Carrying Amount |
|
|
203
|
|
| Addition, Definite Intangible Assets Net Book Value |
|
|
203
|
|
| Amortization, Intangible Asset |
$ (880)
|
$ (817)
|
(1,806)
|
$ (1,636)
|
| Translation adjustment, Definite Intangible Assets Gross Carrying Amount |
|
|
(227)
|
|
| Translation adjustment, Definite Intangible Assets Net Book Value |
|
|
(227)
|
|
| Balance, Definite Intangible Assets Gross Carrying Amount |
34,509
|
|
34,509
|
|
| Balance, Definite Intangible Assets Accumulated Amortization/Impairment |
(23,653)
|
|
(23,653)
|
|
| Balance at June 30, Definite Intangible Assets Net Book Value |
10,856
|
|
10,856
|
|
| Customer Relationships [Member] |
|
|
|
|
| Balance at June 30, Definite Intangible Assets Net Book Value |
|
|
6,720
|
|
| Addition, Definite Intangible Assets Net Book Value |
|
|
0
|
|
| Amortization, Intangible Asset |
|
|
(650)
|
|
| Translation adjustment, Definite Intangible Assets Net Book Value |
|
|
(156)
|
|
| Balance at June 30, Definite Intangible Assets Net Book Value |
5,914
|
|
5,914
|
|
| Technology-Based Intangible Assets [Member] |
|
|
|
|
| Balance at June 30, Definite Intangible Assets Net Book Value |
|
|
2,098
|
|
| Addition, Definite Intangible Assets Net Book Value |
|
|
0
|
|
| Amortization, Intangible Asset |
|
|
(627)
|
|
| Translation adjustment, Definite Intangible Assets Net Book Value |
|
|
(50)
|
|
| Balance at June 30, Definite Intangible Assets Net Book Value |
1,421
|
|
1,421
|
|
| Trade Names [Member] |
|
|
|
|
| Balance at June 30, Definite Intangible Assets Net Book Value |
|
|
1,511
|
|
| Addition, Definite Intangible Assets Net Book Value |
|
|
0
|
|
| Amortization, Intangible Asset |
|
|
(125)
|
|
| Translation adjustment, Definite Intangible Assets Net Book Value |
|
|
(18)
|
|
| Balance at June 30, Definite Intangible Assets Net Book Value |
1,368
|
|
1,368
|
|
| Other Intangible Assets [Member] |
|
|
|
|
| Balance at June 30, Definite Intangible Assets Net Book Value |
|
|
2,357
|
|
| Addition, Definite Intangible Assets Net Book Value |
|
|
203
|
|
| Amortization, Intangible Asset |
|
|
(404)
|
|
| Translation adjustment, Definite Intangible Assets Net Book Value |
|
|
(3)
|
|
| Balance at June 30, Definite Intangible Assets Net Book Value |
$ 2,153
|
|
$ 2,153
|
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| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_OtherIntangibleAssetsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.25.0.1
Note I - Intangible Assets - Estimated Intangibles Amortization Expense (Details) - USD ($)
$ in Thousands |
Dec. 27, 2024 |
Jun. 30, 2024 |
| 2025 |
$ 1,678
|
|
| 2026 |
2,552
|
|
| 2027 |
1,992
|
|
| 2028 |
1,785
|
|
| 2029 |
1,331
|
|
| 2030 |
307
|
|
| Thereafter |
1,211
|
|
| Finite-Lived Intangible Assets, Net |
$ 10,856
|
$ 12,686
|
| X |
- DefinitionAmount of amortization for asset, excluding financial asset and goodwill, lacking physical substance with finite life expected to be recognized after fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
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| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
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-Topic 985
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
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| X |
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-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
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-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
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| X |
- DefinitionAmount of amortization for assets, excluding financial assets and goodwill, lacking physical substance with finite life expected to be recognized in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach). Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 985
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481283/985-20-50-2
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| Balance Type: |
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| Period Type: |
instant |
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| X |
- DefinitionAmount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483154/926-20-50-5
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|
v3.25.0.1
Note J - Long-term Debt (Details Textual)
$ in Thousands |
3 Months Ended |
6 Months Ended |
|
|
|
|
Dec. 27, 2024
USD ($)
|
Dec. 27, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Apr. 01, 2024
USD ($)
|
Jun. 29, 2018
USD ($)
|
| Long-Term Debt, Current Maturities |
$ 2,000
|
$ 2,000
|
$ 2,000
|
|
|
| Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Bank of Montreal [Member] |
|
|
|
|
|
| Derivative, Notional Amount |
9,000
|
9,000
|
|
|
$ 20,000
|
| Katsa Oy [Member] |
|
|
|
|
|
| Business Acquisition, Transaction Costs |
$ 600
|
$ 600
|
|
|
|
| BMO [Member] | The 2018 Credit Agreement [Member] |
|
|
|
|
|
| Debt Instrument, Percentage of Equity Interest in Domestic Subsidiaries Pledged |
100.00%
|
100.00%
|
|
|
|
| Debt Instrument, Percentage of Equity Interest in Foreign Subsidiaries Pledged |
65.00%
|
65.00%
|
|
|
|
| Debt Instrument, Debt Default, Percentage of Letter of Credit Obligations Required to Cash Collateralize |
105.00%
|
105.00%
|
|
|
|
| Long-Term Debt, Current Maturities |
$ 2,000
|
$ 2,000
|
|
|
|
| BMO [Member] | The 2018 Credit Agreement [Member] | Term Loan [Member] |
|
|
|
|
|
| Debt Agreement, Maximum Borrowing Capacity |
$ 20,000
|
20,000
|
|
|
|
| Debt Instrument, Periodic Payment, Total |
|
500
|
|
|
|
| Debt Instrument, Interest Rate During Period |
7.94%
|
|
|
|
|
| BMO [Member] | The 2018 Credit Agreement [Member] | Revolving Credit Facility [Member] |
|
|
|
|
|
| Debt Agreement, Maximum Borrowing Capacity |
|
|
|
|
35,000
|
| Line of Credit Facility, Maximum Borrowing Capacity |
|
|
|
|
$ 50,000
|
| Debt Instrument, Interest Rate During Period |
6.09%
|
|
|
|
|
| Line of Credit Facility, Current Borrowing Capacity |
$ 42,909
|
42,909
|
|
|
|
| Line of Credit Facility, Remaining Borrowing Capacity |
27,058
|
27,058
|
|
|
|
| BMO [Member] | The 2018 Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] |
|
|
|
|
|
| Debt Instrument, Covenant, Maximum Cash Dividends |
|
|
|
$ 5,000
|
|
| BMO [Member] | The Tenth Amendment [Member] | Revolving Credit Facility [Member] |
|
|
|
|
|
| Line of Credit Facility, Maximum Borrowing Capacity |
|
|
|
$ 45,000
|
|
| BMO [Member] | The Ninth Amendment [Member] | Term Loan [Member] |
|
|
|
|
|
| Debt Instrument, Covenant, Minimum Tangible Net Worth Plus Half of Net Income |
$ 100,000
|
$ 100,000
|
|
|
|
| BMO [Member] | The Ninth Amendment [Member] | Term Loan [Member] | Maximum [Member] |
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
3.625%
|
|
|
|
| BMO [Member] | The Ninth Amendment [Member] | Term Loan [Member] | Minimum [Member] |
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
2.125%
|
|
|
|
| BMO [Member] | The Ninth Amendment [Member] | Unused Revolving Credit Commitment [Member] | Maximum [Member] |
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
0.30%
|
|
|
|
| BMO [Member] | The Ninth Amendment [Member] | Unused Revolving Credit Commitment [Member] | Minimum [Member] |
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
0.15%
|
|
|
|
| BMO [Member] | The Ninth Amendment [Member] | Revolving Credit Facility [Member] | Maximum [Member] |
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
3.50%
|
|
|
|
| Fixed Charge Coverage Ratio |
1.1
|
1.1
|
|
|
|
| BMO [Member] | The Ninth Amendment [Member] | Revolving Credit Facility [Member] | Minimum [Member] |
|
|
|
|
|
| Debt Instrument, Basis Spread on Variable Rate |
|
2.00%
|
|
|
|
| Total Funded Debt To EBITDA Allowable Ratio |
3.5
|
3.5
|
|
|
|
| X |
- DefinitionMaximum borrowing capacity under a debt agreement on the amount that could be borrowed with a combination of, but not limited to, a line of credit and term loan.
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| Namespace Prefix: |
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|
| X |
- DefinitionThe maximum amount of cash dividends allowed under the covenant of the debt instrument.
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionRepresents the minimum tangible net worth, plus 50% of net income, under a debt instrument covenant.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThe percentage of letter of credit obligations required to be cash collateralize upon the occurrence of an event of default.
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionThe percentage of equity interest in domestic subsidiaries pledged to secure a debt instrument.
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| Namespace Prefix: |
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| Data Type: |
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- DefinitionThe percentage of equity interest in foreign subsidiaries pledged to secure a debt instrument.
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- DefinitionRepresent the fixed charge coverage ratio.
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|
| X |
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| Namespace Prefix: |
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| X |
- DefinitionAmount of direct costs of the business combination including legal, accounting, and other costs incurred to consummate the business acquisition.
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| Namespace Prefix: |
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| Data Type: |
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|
| X |
- DefinitionPercentage points added to the reference rate to compute the variable rate on the debt instrument.
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| X |
- DefinitionThe average effective interest rate during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(a)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
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- DefinitionAmount of the required periodic payments including both interest and principal payments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 210
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-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
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-Section 50
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| X |
- DefinitionNominal or face amount used to calculate payment on derivative. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
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-Section 50
-Paragraph 1B
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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|
| X |
- DefinitionAmount of current borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed (for example, borrowings may be limited by the amount of current assets), but without considering any amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
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-Section S99
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-Topic 210
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionMaximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
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-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
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-Section S99
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-Subparagraph (SX 210.5-02(22)(b))
-Publisher FASB
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19)(b))
-Publisher FASB
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|
v3.25.0.1
Note J - Long-term Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands |
Dec. 27, 2024 |
Jun. 30, 2024 |
| Long-term debt |
$ 24,873
|
$ 25,811
|
| Less: current maturities |
(2,000)
|
(2,000)
|
| Total long-term debt |
22,873
|
23,811
|
| Revolving Loan [Member] |
|
|
| Long-term debt |
15,851
|
16,288
|
| Term Loan [Member] |
|
|
| Long-term debt |
9,000
|
9,500
|
| Other Long-Term Debt [Member] |
|
|
| Long-term debt |
$ 22
|
$ 23
|
| X |
- DefinitionAmount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-4
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
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| Namespace Prefix: |
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| Data Type: |
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| Namespace Prefix: |
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- Details
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| Namespace Prefix: |
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| Balance Type: |
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| X |
- Details
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| Namespace Prefix: |
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v3.25.0.1
| X |
- DefinitionNumber of shares remaining authorized to be purchased under share repurchase plan. Includes, but is not limited to, repurchase of stock and unit of ownership.
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionNumber of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
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|
v3.25.0.1
Note K - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Sep. 27, 2024 |
Dec. 29, 2023 |
Sep. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Balance |
$ 158,146
|
$ 155,054
|
$ 140,175
|
$ 145,517
|
$ 155,054
|
$ 145,517
|
| Net income (loss) |
1,099
|
(2,772)
|
935
|
(1,083)
|
(1,673)
|
(148)
|
| Dividends paid to shareholders |
(566)
|
(570)
|
(560)
|
|
|
|
| Translation adjustments |
(11,369)
|
7,291
|
5,190
|
(3,036)
|
(4,078)
|
2,154
|
| Benefit plan adjustments, net of tax |
(1,668)
|
221
|
(108)
|
(171)
|
(1,446)
|
(279)
|
| Unrealized gain (loss) on hedges |
1,146
|
(853)
|
(485)
|
216
|
293
|
(269)
|
| Compensation expense |
853
|
1,024
|
772
|
495
|
|
|
| Stock awards, net |
(7)
|
(1,249)
|
(9)
|
(1,763)
|
|
|
| Balance |
147,634
|
158,146
|
145,910
|
140,175
|
147,634
|
145,910
|
| Common Stock [Member] |
|
|
|
|
|
|
| Balance |
39,902
|
41,798
|
39,439
|
42,855
|
41,798
|
42,855
|
| Compensation expense |
853
|
1,024
|
772
|
495
|
|
|
| Stock awards, net |
(644)
|
(2,920)
|
(550)
|
(3,911)
|
|
|
| Balance |
40,111
|
39,902
|
39,661
|
39,439
|
40,111
|
39,661
|
| Retained Earnings [Member] |
|
|
|
|
|
|
| Balance |
126,257
|
129,592
|
119,126
|
120,299
|
129,592
|
120,299
|
| Net income (loss) |
919
|
(2,765)
|
930
|
(1,173)
|
|
|
| Dividends paid to shareholders |
(566)
|
(570)
|
(560)
|
|
|
|
| Balance |
126,610
|
126,257
|
119,496
|
119,126
|
126,610
|
119,496
|
| AOCI Attributable to Parent [Member] |
|
|
|
|
|
|
| Balance |
(389)
|
(6,905)
|
(8,621)
|
(5,570)
|
(6,905)
|
(5,570)
|
| Translation adjustments |
(11,311)
|
7,148
|
5,155
|
(3,096)
|
|
|
| Benefit plan adjustments, net of tax |
(1,668)
|
221
|
(108)
|
(171)
|
|
|
| Unrealized gain (loss) on hedges |
1,146
|
(853)
|
(485)
|
216
|
|
|
| Balance |
(12,222)
|
(389)
|
(4,059)
|
(8,621)
|
(12,222)
|
(4,059)
|
| Treasury Stock, Common [Member] |
|
|
|
|
|
|
| Balance |
(8,112)
|
(9,783)
|
(10,343)
|
(12,491)
|
(9,783)
|
(12,491)
|
| Stock awards, net |
637
|
1,671
|
541
|
2,148
|
|
|
| Balance |
(7,475)
|
(8,112)
|
(9,802)
|
(10,343)
|
(7,475)
|
(9,802)
|
| Noncontrolling Interest [Member] |
|
|
|
|
|
|
| Balance |
488
|
352
|
574
|
424
|
352
|
424
|
| Net income (loss) |
180
|
(7)
|
5
|
90
|
|
|
| Translation adjustments |
(58)
|
143
|
35
|
60
|
|
|
| Balance |
$ 610
|
$ 488
|
$ 614
|
$ 574
|
$ 610
|
$ 614
|
| X |
- DefinitionEquity impact of compensation expense and windfall tax benefits.
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| Namespace Prefix: |
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| Data Type: |
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| X |
- DefinitionAmount of paid and unpaid common stock dividends declared with the form of settlement in cash. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1
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| X |
- DefinitionAmount, after tax and reclassification, of gain (loss) from derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-10A
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- DefinitionAmount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 10A
-Subparagraph (a)
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-10A
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(19))
-Publisher FASB
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-Name Accounting Standards Codification
-Section 45
-Paragraph 15
-SubTopic 10
-Topic 220
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-15
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-11
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 17A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-17A
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| X |
- DefinitionThe consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 48: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4I
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481175/810-10-55-4I
Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476166/350-60-65-1
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v3.25.0.1
Note K - Shareholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Sep. 27, 2024 |
Dec. 29, 2023 |
Sep. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Balance |
$ 158,146
|
$ 155,054
|
$ 140,175
|
$ 145,517
|
$ 155,054
|
$ 145,517
|
| Translation adjustment during the quarter |
(11,369)
|
7,291
|
5,190
|
(3,036)
|
(4,078)
|
2,154
|
| Balance |
147,634
|
158,146
|
145,910
|
140,175
|
147,634
|
145,910
|
| Accumulated Foreign Currency Adjustment Attributable to Parent [Member] |
|
|
|
|
|
|
| Balance |
6,299
|
(849)
|
(4,678)
|
(1,582)
|
(849)
|
(1,582)
|
| Translation adjustment during the quarter |
(11,311)
|
7,148
|
5,155
|
(3,096)
|
|
|
| Amounts reclassified from accumulated other comprehensive loss |
0
|
0
|
0
|
0
|
|
|
| Net current period other comprehensive income (loss) |
(11,311)
|
7,148
|
5,155
|
(3,096)
|
|
|
| Balance |
(5,012)
|
6,299
|
477
|
(4,678)
|
(5,012)
|
477
|
| Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] |
|
|
|
|
|
|
| Balance |
(7,841)
|
(8,062)
|
(6,119)
|
(5,948)
|
(8,062)
|
(5,948)
|
| Translation adjustment during the quarter |
0
|
0
|
0
|
0
|
|
|
| Amounts reclassified from accumulated other comprehensive loss |
140
|
221
|
(108)
|
(171)
|
|
|
| Net current period other comprehensive income (loss) |
(1,668)
|
221
|
(108)
|
(171)
|
|
|
| Return on plan assets |
(1,808)
|
|
|
|
|
|
| Balance |
(9,509)
|
(7,841)
|
(6,227)
|
(6,119)
|
(9,509)
|
(6,227)
|
| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] |
|
|
|
|
|
|
| Balance |
335
|
504
|
682
|
688
|
504
|
688
|
| Translation adjustment during the quarter |
0
|
0
|
0
|
0
|
|
|
| Amounts reclassified from accumulated other comprehensive loss |
24
|
(169)
|
(183)
|
(6)
|
|
|
| Net current period other comprehensive income (loss) |
24
|
(169)
|
(183)
|
(6)
|
|
|
| Balance |
359
|
335
|
499
|
682
|
359
|
499
|
| Accumulated Gain (Loss), Net, Net Investment Hedge [Member] |
|
|
|
|
|
|
| Balance |
818
|
1,502
|
1,494
|
1,272
|
1,502
|
1,272
|
| Translation adjustment during the quarter |
0
|
0
|
0
|
0
|
|
|
| Amounts reclassified from accumulated other comprehensive loss |
1,122
|
(684)
|
(302)
|
222
|
|
|
| Net current period other comprehensive income (loss) |
1,122
|
(684)
|
(302)
|
222
|
|
|
| Balance |
$ 1,940
|
$ 818
|
$ 1,192
|
$ 1,494
|
$ 1,940
|
$ 1,192
|
| X |
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-Topic 220
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
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v3.25.0.1
Note K - Shareholders' Equity - Reconciliation for the Reclassifications Out of Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Sep. 27, 2024 |
Dec. 29, 2023 |
Sep. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Total amortization |
$ 2,651
|
|
|
$ 2,597
|
|
|
$ 506
|
$ 2,060
|
|
| Income tax expense |
1,552
|
|
|
1,662
|
|
|
2,179
|
2,208
|
|
| Net income (loss) |
1,099
|
|
$ (2,772)
|
935
|
|
$ (1,083)
|
(1,673)
|
(148)
|
|
| Income taxes |
1,552
|
|
|
1,662
|
|
|
2,179
|
2,208
|
|
| Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] |
|
|
|
|
|
|
|
|
|
| Actuarial losses |
180
|
|
|
(91)
|
[1] |
|
464
|
(263)
|
[1] |
| Transition asset and prior service benefit |
(53)
|
[1] |
|
(4)
|
[1] |
|
(104)
|
(8)
|
[1] |
| Return on plan assets |
(1,808)
|
|
|
|
|
|
(1,808)
|
|
|
| Total amortization |
(1,681)
|
|
|
(95)
|
|
|
(1,448)
|
(271)
|
|
| Income tax expense |
13
|
|
|
(13)
|
|
|
2
|
(8)
|
|
| Net income (loss) |
(1,668)
|
|
|
(108)
|
|
|
(1,446)
|
(279)
|
|
| Income taxes |
$ 13
|
|
|
$ (13)
|
|
|
$ 2
|
$ (8)
|
|
|
|
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-Topic 250
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Section 55
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 810
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v3.25.0.1
Note L - Earnings Per Share (Details Textual) - shares
|
6 Months Ended |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Performance Shares [Member] |
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) |
404,300
|
330,000
|
| PSAU Award [Member] |
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) |
7,900
|
10,500
|
| Restricted Stock [Member] |
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) |
171,000
|
80,200
|
| Restricted Stock Units (RSUs) [Member] |
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) |
68,000
|
87,400
|
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v3.25.0.1
Note L - Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Sep. 27, 2024 |
Dec. 29, 2023 |
Sep. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Net loss |
$ 1,099
|
$ (2,772)
|
$ 935
|
$ (1,083)
|
$ (1,673)
|
$ (148)
|
| Less: Net income attributable to noncontrolling interest, net of tax |
(180)
|
|
(5)
|
|
(173)
|
(95)
|
| Net income (loss) attributable to Twin Disc, Incorporated |
$ 919
|
|
$ 930
|
|
$ (1,846)
|
$ (243)
|
| Weighted average shares outstanding - basic (in shares) |
13,868
|
|
13,718
|
|
13,818
|
13,629
|
| Basic income (loss) per share attributable to Twin Disc, Incorporated common shareholders (in dollars per share) |
$ 0.07
|
|
$ 0.07
|
|
$ (0.13)
|
$ (0.02)
|
| Effect of dilutive stock awards (in shares) |
190
|
|
205
|
|
0
|
0
|
| Weighted average shares outstanding - diluted (in shares) |
14,058
|
|
13,923
|
|
13,818
|
13,629
|
| Diluted income (loss) per share attributable to Twin Disc, Incorporated common shareholders (in dollars per share) |
$ 0.07
|
|
$ 0.07
|
|
$ (0.13)
|
$ (0.02)
|
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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v3.25.0.1
Note M - Lease Liabilities - Consolidated Balance Sheet (Details) - USD ($)
$ in Thousands |
Dec. 27, 2024 |
Jun. 30, 2024 |
| Assets [Abstract] |
|
|
| Operating Lease, Right-of-Use Asset |
$ 16,431
|
$ 16,622
|
| Right-of-use operating lease assets |
Right-of-use operating lease assets
|
|
| Right-of-use operating lease assets |
$ 16,431
|
16,622
|
| Right-of-use finance lease assets |
5,435
|
5,210
|
| Current maturities of right-of use operating lease obligations |
2,813
|
2,521
|
| Right-of use operating lease liabilities, non-current |
13,656
|
14,376
|
| Right of use finance lease liabilities, current |
880
|
713
|
| Right of use finance lease liabilities, non-current |
$ 4,980
|
$ 4,795
|
| X |
- References
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v3.25.0.1
Note M - Lease Liabilities - Components of Lease Expense (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Dec. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Amortization of right-of-use assets |
$ 237
|
$ 175
|
$ 469
|
$ 397
|
| Interest on lease liabilities |
96
|
77
|
189
|
151
|
| Operating lease cost |
1,003
|
882
|
1,942
|
1,775
|
| Short-term lease cost |
22
|
6
|
33
|
9
|
| Variable lease cost |
139
|
99
|
239
|
199
|
| Total lease cost |
1,497
|
1,239
|
2,874
|
2,531
|
| Less: Sublease income |
(21)
|
(20)
|
(42)
|
(41)
|
| Net lease cost |
$ 1,476
|
$ 1,219
|
$ 2,830
|
$ 2,490
|
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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| X |
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-Topic 842
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-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
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-Section 50
-Paragraph 4
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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|
v3.25.0.1
Note M - Lease Liabilities - Other Information Related to Leases (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Dec. 27, 2024 |
Dec. 29, 2023 |
Dec. 27, 2024 |
Dec. 29, 2023 |
| Operating cash flows from operating leases |
$ 1,084
|
$ 934
|
$ 2,086
|
$ 1,871
|
| Operating cash flows from finance leases |
97
|
76
|
192
|
149
|
| Financing cash flows from finance leases |
471
|
207
|
1,017
|
471
|
| Right-of-use-assets obtained in exchange for lease obligations: Operating leases |
1,255
|
188
|
1,581
|
188
|
| Right-of-use-assets obtained in exchange for lease obligations: Finance leases |
$ 224
|
$ 123
|
$ 732
|
$ 657
|
| Weighted average remaining lease term (years): Operating leases (Year) |
7 years 10 months 24 days
|
8 years 1 month 6 days
|
7 years 10 months 24 days
|
8 years 1 month 6 days
|
| Weighted average remaining lease term (years): Finance lease (Year) |
8 years 1 month 6 days
|
9 years 6 months
|
8 years 1 month 6 days
|
9 years 6 months
|
| Weighted average discount rate: Operating leases |
8.50%
|
7.60%
|
8.50%
|
7.60%
|
| Weighted average discount rate: Finance leases |
6.40%
|
5.80%
|
6.40%
|
5.80%
|
| X |
- DefinitionAmount of interest paid on finance lease liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-5
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| X |
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-Topic 842
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-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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-Topic 842
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-Topic 842
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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| X |
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-Topic 842
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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| X |
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-Topic 842
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479041/842-20-45-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Topic 842
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-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Topic 842
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-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
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-Section 50
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-Subparagraph (g)(2)
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-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (g)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-4
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|
v3.25.0.1
Note M - Lease Liabilities - Future Minimum Rental Commitments Under Noncancelable Leases (Details)
$ in Thousands |
Dec. 27, 2024
USD ($)
|
| 2024, Operating Leases |
$ 2,095
|
| 2024, Finance Leases |
593
|
| 2025, Operating Leases |
3,869
|
| 2025, Finance Leases |
1,154
|
| 2026, Operating Leases |
3,233
|
| 2026, Finance Leases |
1,085
|
| 2027, Operating Leases |
2,339
|
| 2027, Finance Leases |
986
|
| 2028, Operating Leases |
2,215
|
| 2028, Finance Leases |
695
|
| 2029, Operating Leases |
1,774
|
| 2029, Finance Leases |
526
|
| Thereafter, Operating Leases |
7,661
|
| Thereafter, Finance Leases |
2,285
|
| Total future lease payments, Operating Leases |
23,186
|
| Total future lease payments, Finance Leases |
7,324
|
| Less: Amount representing interest, Operating Leases |
(6,717)
|
| Less: Amount representing interest, Finance Leases |
(1,464)
|
| Present value of future payments, Operating Leases |
16,469
|
| Present value of future payments, Finance Leases |
$ 5,860
|
| X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from finance lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478964/842-20-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
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-Paragraph 1
-Subparagraph (b)
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-Topic 842
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-Topic 842
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-Topic 842
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-Topic 842
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-Topic 842
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-Topic 842
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-Topic 842
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-Topic 842
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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| X |
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-Topic 842
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-Topic 842
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-Topic 842
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-Name Accounting Standards Codification
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-Paragraph 1
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|
v3.25.0.1
Note N - Derivative Financial Instruments (Details Textual)
$ in Thousands, € in Millions |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
|
|
|
|
Dec. 27, 2024
USD ($)
|
Dec. 27, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
|
Sep. 27, 2024
USD ($)
|
Dec. 29, 2023
USD ($)
|
Sep. 29, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2021
EUR (€)
|
Jun. 29, 2018
USD ($)
|
| Equity, Including Portion Attributable to Noncontrolling Interest |
$ 147,634
|
$ 147,634
|
$ 155,054
|
$ 158,146
|
$ 145,910
|
$ 140,175
|
$ 145,517
|
|
|
| Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months |
132
|
|
|
|
|
|
|
|
|
| Interest Rate Swap [Member] |
|
|
|
|
|
|
|
|
|
| Derivative, Number of Instruments Held |
|
|
|
1
|
|
|
|
|
|
| Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Bank of Montreal [Member] |
|
|
|
|
|
|
|
|
|
| Derivative, Notional Amount |
9,000
|
9,000
|
|
|
|
|
|
|
$ 20,000
|
| Equity, Including Portion Attributable to Noncontrolling Interest |
$ (359)
|
(359)
|
(504)
|
|
|
|
|
|
|
| Euro Denominated Revolving Loan [Member] | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] |
|
|
|
|
|
|
|
|
|
| Derivative, Notional Amount | € |
|
|
|
|
|
|
|
€ 13
|
|
| Derivative, Gain (Loss) on Derivative, Net |
|
$ (1,940)
|
$ (1,502)
|
|
|
|
|
|
|
| X |
- DefinitionThe estimated net amount of existing gains or losses on cash flow hedges at the reporting date expected to be reclassified to earnings within the next 12 months. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
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| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of increase (decrease) in the fair value of derivatives recognized in the income statement. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(1)
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|
| X |
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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe number of derivative instruments of a particular group held by the entity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
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-Topic 250
-SubTopic 10
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-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Section 65
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 848
-SubTopic 10
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-Section 65
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-URI https://asc.fasb.org/1943274/2147483550/848-10-65-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 8
-Subparagraph (c)(3)
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-URI https://asc.fasb.org/1943274/2147479832/842-10-65-8
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 24
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/exampleRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 49: http://www.xbrl.org/2003/role/disclosureRef
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v3.25.0.1
Note N - Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) - Interest Rate Swap [Member] - Designated as Hedging Instrument [Member] - USD ($)
$ in Thousands |
Dec. 27, 2024 |
Jun. 30, 2024 |
| Interest rate swap |
$ 123
|
$ 218
|
| Interest rate swap |
$ 26
|
$ 76
|
| X |
- DefinitionFair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset, expected to be settled within one year or normal operating cycle, if longer. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483466/210-20-50-3
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-Topic 210
-SubTopic 20
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-Section 50
-Paragraph 3
-Subparagraph (c)
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v3.25.0.1
Note N - Derivative Financial Instruments - Fair Value of Derivative Instruments (Details) (Parentheticals) - USD ($)
$ in Thousands |
Dec. 27, 2024 |
Jun. 30, 2024 |
| Assets, Current [Abstract] |
|
|
| Other Assets, Current |
$ 18,712
|
$ 16,870
|
| Assets, Noncurrent [Abstract] |
|
|
| Other Assets, Noncurrent |
$ 2,722
|
$ 2,706
|
| Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] |
Other Assets, Current
|
Other Assets, Current
|
| Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] |
Other Assets, Noncurrent
|
Other Assets, Noncurrent
|
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-Topic 815
-SubTopic 10
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-Section 50
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-Topic 852
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-Section 55
-Paragraph 10
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
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v3.25.0.1
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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
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-Topic 944
-SubTopic 220
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