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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 September 29, 2023
☐ 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)
1328 Racine Street, Racine, Wisconsin 53403
(Former name or former address, if changed since last report)
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 October 25, 2023, the registrant had 13,960,861 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)
| | September 29, 2023 | | | June 30, 2023 | |
ASSETS | | | | | | | | |
Current assets: | | | | | | | | |
Cash | | $ | 20,428 | | | $ | 13,263 | |
Trade accounts receivable, net | | | 39,756 | | | | 54,760 | |
Inventories | | | 126,236 | | | | 131,930 | |
Assets held for sale | | | 4,559 | | | | 2,968 | |
Prepaid expenses | | | 9,466 | | | | 8,459 | |
Other | | | 8,763 | | | | 8,326 | |
Total current assets | | | 209,208 | | | | 219,706 | |
| | | | | | | | |
Property, plant and equipment, net | | | 40,065 | | | | 38,650 | |
Right-of-use assets operating leases | | | 12,093 | | | | 13,133 | |
Intangible assets, net | | | 11,517 | | | | 12,637 | |
Deferred income taxes | | | 2,204 | | | | 2,244 | |
Other assets | | | 2,894 | | | | 2,811 | |
| | | | | | | | |
Total assets | | $ | 277,981 | | | $ | 289,181 | |
| | | | | | | | |
LIABILITIES AND EQUITY | | | | | | | | |
Current liabilities: | | | | | | | | |
Current maturities of long-term debt | | $ | 2,002 | | | $ | 2,010 | |
Accounts payable | | | 29,584 | | | | 36,499 | |
Accrued liabilities | | | 60,632 | | | | 61,586 | |
Total current liabilities | | | 92,218 | | | | 100,095 | |
| | | | | | | | |
Long-term debt | | | 19,655 | | | | 16,617 | |
Lease obligations | | | 9,896 | | | | 10,811 | |
Accrued retirement benefits | | | 7,138 | | | | 7,608 | |
Deferred income taxes | | | 3,150 | | | | 3,280 | |
Other long-term liabilities | | | 5,749 | | | | 5,253 | |
Total liabilities | | | 137,806 | | | | 143,664 | |
| | | | | | | | |
Twin Disc 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 | | | 39,439 | | | | 42,855 | |
Retained earnings | | | 119,126 | | | | 120,299 | |
Accumulated other comprehensive loss | | | (8,621 | ) | | | (5,570 | ) |
| | | 149,944 | | | | 157,584 | |
Less treasury stock, at cost (674,354 and 814,734 shares, respectively) | | | 10,343 | | | | 12,491 | |
| | | | | | | | |
Total Twin Disc shareholders' equity | | | 139,601 | | | | 145,093 | |
| | | | | | | | |
Noncontrolling interest | | | 574 | | | | 424 | |
Total equity | | | 140,175 | | | | 145,517 | |
| | | | | | | | |
Total liabilities and equity | | $ | 277,981 | | | $ | 289,181 | |
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
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
| | For the Quarter-Ended | |
| | | | | | As Adjusted | |
| | September 29, 2023 | | | September 30, 2022 | |
| | | | | | |
Net sales | | $ | 63,554 | | | $ | 55,913 | |
Cost of goods sold | | | 43,818 | | | | 42,616 | |
Cost of goods sold - Sale of boat management system product line and related inventory | | | 3,099 | | | | - | |
Gross profit | | | 16,637 | | | | 13,297 | |
| | | | | | | | |
Marketing, engineering and administrative expenses | | | 16,917 | | | | 15,090 | |
Loss from operations | | | (280 | ) | | | (1,793 | ) |
| | | | | | | | |
Other Income (expense): | | | | | | | | |
Interest expense | | | (394 | ) | | | (566 | ) |
Other income, net | | | 137 | | | | 347 | |
| | | (257 | ) | | | (219 | ) |
Loss before income taxes and noncontrolling interest | | | (537 | ) | | | (2,012 | ) |
| | | | | | | | |
Income tax expense | | | 546 | | | | (688 | ) |
Net loss | | | (1,083 | ) | | | (1,324 | ) |
Less: Net earnings attributable to noncontrolling interest, net of tax | | | (90 | ) | | | (98 | ) |
Net loss attributable to Twin Disc | | $ | (1,173 | ) | | $ | (1,422 | ) |
| | | | | | | | |
Loss per share data: | | | | | | | | |
Basic loss per share attributable to Twin Disc common shareholders | | $ | (0.09 | ) | | $ | (0.11 | ) |
Diluted loss per share attributable to Twin Disc common shareholders | | $ | (0.09 | ) | | $ | (0.11 | ) |
| | | | | | | | |
Weighted average shares outstanding data: | | | | | | | | |
Basic shares outstanding | | | 13,527 | | | | 13,407 | |
Diluted shares outstanding | | | 13,527 | | | | 13,407 | |
| | | | | | | | |
Comprehensive income (loss) | | | | | | | | |
Net loss | | $ | (1,083 | ) | | $ | (1,324 | ) |
Benefit plan adjustments, net of income taxes of $5 and $9, respectively | | | (171 | ) | | | (89 | ) |
Foreign currency translation adjustment | | | (3,036 | ) | | | (6,290 | ) |
Unrealized loss on hedges, net of income taxes of $0 and 0, respectively | | | 216 | | | | 793 | |
Comprehensive loss | | | (4,074 | ) | | | (6,910 | ) |
Less: Comprehensive income attributable to noncontrolling interest | | | 151 | | | | 136 | |
| | | | | | | - | |
Comprehensive loss attributable to Twin Disc | | $ | (4,225 | ) | | $ | (7,046 | ) |
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 Quarters Ended |
|
|
|
|
|
|
|
As Adjusted |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,083 |
) |
|
$ |
(1,324 |
) |
Adjustments to reconcile net loss to net cash provided (used) by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,488 |
|
|
|
2,140 |
|
Gain on sale of assets |
|
|
(16 |
) |
|
|
(42 |
) |
Loss on sale of boat management product line and related inventory |
|
|
3,099 |
|
|
|
- |
|
Restructuring expenses |
|
|
(57 |
) |
|
|
(68 |
) |
Provision for deferred income taxes |
|
|
97 |
|
|
|
(1,623 |
) |
Stock compensation expense and other non-cash changes, net |
|
|
1,140 |
|
|
|
864 |
|
Net change in operating assets and liabilities |
|
|
4,134 |
|
|
|
(643 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided (used) by operating activities |
|
|
9,802 |
|
|
|
(696 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Acquisition of property, plant, and equipment |
|
|
(3,690 |
) |
|
|
(2,237 |
) |
Proceeds from sale of fixed assets |
|
|
- |
|
|
|
2 |
|
Other, net |
|
|
45 |
|
|
|
534 |
|
|
|
|
|
|
|
|
|
|
Net cash used by investing activities |
|
|
(3,645 |
) |
|
|
(1,701 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Borrowings under revolving loan arrangements |
|
|
27,184 |
|
|
|
20,221 |
|
Repayments of revolving loan arrangements |
|
|
(23,423 |
) |
|
|
(18,685 |
) |
Repayments of other long-term debt |
|
|
(508 |
) |
|
|
(519 |
) |
Payments of finance lease obligations |
|
|
(847 |
) |
|
|
(132 |
) |
Payments of withholding taxes on stock compensation |
|
|
(1,763 |
) |
|
|
(168 |
) |
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
643 |
|
|
|
717 |
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
365 |
|
|
|
2,373 |
|
|
|
|
|
|
|
|
|
|
Net change in cash |
|
|
7,165 |
|
|
|
693 |
|
|
|
|
|
|
|
|
|
|
Cash: |
|
|
|
|
|
|
|
|
Beginning of period |
|
|
13,263 |
|
|
|
12,521 |
|
|
|
|
|
|
|
|
|
|
End of period |
|
$ |
20,428 |
|
|
$ |
13,214 |
|
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)
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, 2023. The 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 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.
Change in Accounting Method
During the fourth quarter of fiscal year 2023, the Company changed its accounting method related to the recognition of actuarial gains and losses for the Company’s pension and postretirement benefit plans (the “Accounting change”). Prior to the Accounting change, actuarial gains and losses were recognized as a component of Accumulated other comprehensive income (loss) upon annual remeasurement and were amortized into earnings in future periods when they exceeded the accounting corridor, a defined range within which amortization of net gains and losses is not required. Under the Accounting change, the accounting corridor of 10% of the greater of the projected benefit obligation and plan assets was modified to add full, immediate recognition above a second 20% threshold. Although the decision to make the Accounting change occurred in the fourth quarter of fiscal year 2023, the actual accounting method change was applied to all calculations for fiscal year end 2023, and retroactively applied to all other amounts presented in this Form 10-Q.
Under the new accounting method, actuarial gains and losses are recognized in net periodic benefit cost through a modified mark-to-market (expense) benefit upon annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement. The method for recognizing prior service credits (charges) as a component of Accumulated other comprehensive income (loss) and amortized into earnings in future periods is not changing. With respect to the recognition of actuarial gains and losses, while the historical principle was acceptable, the Company believes the Accounting change is preferable as it better aligns with fair value principles by recognizing the effects of economic and interest rate changes in plan assets and liabilities in the year in which the gains and losses are incurred to the degree such accumulated gains and losses exceed the new 20% threshold in addition to amortizing the amounts between the 10% and 20% thresholds over time. The Accounting change has been applied retrospectively to prior years and amounts presented. As of July 1, 2022, the cumulative effect of the change resulted in $25.1 million decrease to retained earnings and a corresponding $25.1 million increase to Accumulated other comprehensive income (loss), both net of tax of $0 ($7.9 million in deferred tax asset offset by $7.9 million valuation allowance).
See Notes G, K, M and P for further information regarding the impact of the Accounting change on the Company’s current and prior consolidated financial statements.
Recently Adopted Accounting Standards
In March 2020 and January 2021, the FASB issued guidance (ASU 2020-04 and ASU 2021-01, respectively), intended to provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments in this guidance are effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The adoption of this guidance did not have a material impact on the Company’s financial statements.
In June 2016, the FASB issued updated guidance (ASU 2016-13) and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10 (collectively ASC 326). ASC 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The amendments in this guidance are effective for filers, excluding smaller reporting companies, for fiscal years beginning after December 15, 2019, and for smaller reporting companies for fiscal years beginning after December 15, 2022 (the Company’s fiscal 2024), with early adoption permitted for certain amendments. ASC 326 must be adopted by applying a cumulative effect adjustment to retained earnings. The adoption of this guidance did not have a material impact on the Company’s financial statements.
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.
The major classes of inventories were as follows:
|
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Inventories: |
|
|
|
|
|
|
|
|
Finished parts |
|
$ |
63,087 |
|
|
$ |
66,956 |
|
Work in process |
|
|
22,008 |
|
|
|
23,374 |
|
Raw materials |
|
|
41,141 |
|
|
|
41,600 |
|
|
|
$ |
126,236 |
|
|
$ |
131,930 |
|
In the first quarter of fiscal year 2024, the Company entered into an agreement to sell most of its inventory for 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 boat management system inventory located in the U.S.
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 September 29, 2023 and September 30, 2022:
|
|
For the Quarter Ended |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Reserve balance, beginning of period |
|
$ |
3,476 |
|
|
$ |
3,329 |
|
Current period expense and adjustments |
|
|
1,516 |
|
|
|
908 |
|
Payments or credits to customers |
|
|
(821 |
) |
|
|
(366 |
) |
Translation |
|
|
(11 |
) |
|
|
(67 |
) |
Reserve balance, end of period |
|
$ |
4,160 |
|
|
$ |
3,804 |
|
The current portion of the warranty accrual ($3,409 and $3,331 as of September 29, 2023 and September 30, 2022, respectively) is reflected in accrued liabilities, while the long-term portion ($751 and $473 as of September 29, 2023 and September 30, 2022, respectively) is included in other long-term liabilities on the consolidated balance sheets.
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.
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 income.
Information about the Company’s segments is summarized as follows:
|
|
For the Quarter Ended |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Net sales |
|
|
|
|
|
|
|
|
Manufacturing segment sales |
|
$ |
54,537 |
|
|
$ |
48,997 |
|
Distribution segment sales |
|
|
32,853 |
|
|
|
24,307 |
|
Inter/Intra segment elimination – manufacturing |
|
|
(20,184 |
) |
|
|
(13,643 |
) |
Inter/Intra segment elimination – distribution |
|
|
(3,652 |
) |
|
|
(3,748 |
) |
|
|
$ |
63,554 |
|
|
$ |
55,913 |
|
Net (loss) income attributable to Twin Disc |
|
|
|
|
|
|
|
|
Manufacturing segment net income |
|
$ |
1,558 |
|
|
$ |
2,402 |
|
Distribution segment net income |
|
|
1,006 |
|
|
|
956 |
|
Corporate and eliminations |
|
|
(3,737 |
) |
|
|
(4,780 |
) |
|
|
$ |
(1,173 |
) |
|
$ |
(1,422 |
) |
|
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Assets |
|
|
|
|
|
|
Manufacturing segment assets |
|
$ |
374,546 |
|
|
$ |
381,668 |
|
Distribution segment assets |
|
|
64,812 |
|
|
|
69,213 |
|
Corporate assets and elimination of intercompany assets |
|
|
(161,377 |
) |
|
|
(161,700 |
) |
|
|
$ |
277,981 |
|
|
$ |
289,181 |
|
Disaggregated revenue:
The following table presents details deemed most relevant to the users of the financial statements for the quarters ended September 29, 2023 and September 30, 2022.
Net sales by product group for the quarter ended September 29, 2023 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
Elimination of |
|
|
|
|
|
|
|
Manufacturing |
|
|
Distribution |
|
|
Intercompany Sales |
|
|
Total |
|
Industrial |
|
$ |
5,290 |
|
|
$ |
1,028 |
|
|
$ |
(634 |
) |
|
$ |
5,684 |
|
Land-based transmissions |
|
|
14,681 |
|
|
|
12,671 |
|
|
|
(8,774 |
) |
|
$ |
18,578 |
|
Marine and propulsion systems |
|
|
34,566 |
|
|
|
16,320 |
|
|
|
(14,422 |
) |
|
$ |
36,464 |
|
Other |
|
|
- |
|
|
|
2,834 |
|
|
|
(6 |
) |
|
$ |
2,828 |
|
Total |
|
$ |
54,537 |
|
|
$ |
32,853 |
|
|
$ |
(23,836 |
) |
|
$ |
63,554 |
|
Net sales by product group for the quarter ended September 30, 2022 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
Elimination of |
|
|
|
|
|
|
|
Manufacturing |
|
|
Distribution |
|
|
Intercompany Sales |
|
|
Total |
|
Industrial |
|
$ |
6,692 |
|
|
$ |
1,048 |
|
|
$ |
(709 |
) |
|
$ |
7,031 |
|
Land-based transmissions |
|
|
16,287 |
|
|
|
4,606 |
|
|
|
(4,956 |
) |
|
$ |
15,937 |
|
Marine and propulsion systems |
|
|
25,816 |
|
|
|
14,544 |
|
|
|
(11,022 |
) |
|
$ |
29,338 |
|
Other |
|
|
202 |
|
|
|
4,109 |
|
|
|
(704 |
) |
|
$ |
3,607 |
|
Total |
|
$ |
48,997 |
|
|
$ |
24,307 |
|
|
$ |
(17,391 |
) |
|
$ |
55,913 |
|
F. | Stock-Based Compensation |
Performance Stock Awards (“PSA”)
During the first quarter of fiscal 2024 and 2023, the Company granted a target number of 119.3 and 112.4 PSAs, respectively, to various employees of the Company, including executive officers. 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.
The fiscal 2023 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, 2025. 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 224.8.
There were 334.1 and 433.2 unvested PSAs outstanding at September 29, 2023 and September 30, 2022, 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 $53 and $230 was recognized for the quarters ended September 29, 2023 and September 30, 2022, respectively, related to PSAs. The weighted average grant date fair value of the unvested awards at September 29, 2023 was $11.48. At September 29, 2023, the Company had $2,303 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 September 29, 2023 and September 30, 2022 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 quarter of fiscal 2024 and 2023, the Company granted a target number of 10.5 and 0 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 0 unvested PSUAs outstanding at September 29, 2023 and September 30, 2022, 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 $7 and $0 was recognized for the quarters ended September 29, 2023 and September 30, 2022, respectively, related to PSUAs. The weighted average grant date fair value of the unvested awards at September 29, 2023 was $12.15. At September 29, 2023, the Company had $120 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 September 29, 2023 and September 30, 2022 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 quarter of fiscal 2024 and 2023, the Company granted 81.5 and 129.4 service based restricted shares, respectively, to employees and non-employee directors. There were 260.2 and 356.3 unvested shares outstanding at September 29, 2023 and September 30, 2022, respectively. A total of 2.4 and 0 shares of restricted stock were forfeited during the three quarters ended September 29, 2023 and September 30, 2022, respectively. Compensation expense of $313 and $360 was recognized for the quarters ended September 29, 2023 and September 30, 2022, respectively. The total fair value of restricted stock grants vested as of September 29, 2023 and September 30, 2022 was $1,623 and $417, respectively. As of September 29, 2023, the Company had $1,727 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 quarter of fiscal 2024 and 2023, the Company granted 7.1 and 72.4 of employment based RSUs, respectively. There were 136.8 and 130.9 unvested RSUs outstanding at September 29, 2023 and September 30, 2022, respectively. Compensation expense of $121 and $69 was recognized for the quarters ended September 29, 2023 and September 30, 2022, respectively. The total fair value of restricted stock units vested as of September 29, 2023 and September 30, 2022 was $0 and $40, respectively. The weighted average grant date fair value of the unvested awards at September 29, 2023 was $10.97. As of September 29, 2023, the Company had $663 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.
As discussed in Note A, during the fourth quarter of fiscal year 2023, the Company changed its accounting method related to the recognition of actuarial gains and losses for its pension and postretirement benefit plans. Under the new method, actuarial gains and losses are recognized in net periodic benefit costs upon annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement. These changes have been applied retrospectively to prior years presented below. See Notes A, K, M, and P for further information regarding the impact of the change in accounting principle on the Company’s consolidated financial statements.
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 |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Pension Benefits: |
|
|
|
|
|
|
|
|
Service cost |
|
$ |
94 |
|
|
$ |
101 |
|
Prior service cost |
|
|
- |
|
|
|
8 |
|
Interest cost |
|
|
896 |
|
|
|
868 |
|
Expected return on plan assets |
|
|
(1,048 |
) |
|
|
(1,060 |
) |
Amortization of transition obligation |
|
|
10 |
|
|
|
9 |
|
Amortization of prior service cost |
|
|
9 |
|
|
|
9 |
|
Amortization of actuarial net loss |
|
|
16 |
|
|
|
10 |
|
Net periodic benefit cost |
|
$ |
(24 |
) |
|
$ |
(55 |
) |
|
|
|
|
|
|
|
|
|
Postretirement Benefits: |
|
|
|
|
|
|
|
|
Service cost |
|
$ |
2 |
|
|
$ |
2 |
|
Interest cost |
|
|
48 |
|
|
|
53 |
|
Amortization of prior service cost |
|
|
(22 |
) |
|
|
(69 |
) |
Amortization of actuarial net loss |
|
|
(155 |
) |
|
|
(10 |
) |
Net periodic benefit gain |
|
$ |
(127 |
) |
|
$ |
(24 |
) |
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 $645 to its pension plans in fiscal 2024. As of September 29 2023, $182 in contributions to the pension plans have been made.
The Company has reclassified ($171) (net of $5 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended September 29, 2023, and ($89) (net of $9 in taxes) during the quarter ended September 30, 2022. These reclassifications are included in the computation of net periodic benefit cost.
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 US valuation allowance, the US entity may only recognize tax expense / benefit recorded for ASC 740-10 adjustments.
For the three months ended September 29, 2023 and September 30, 2022 the Company’s effective income tax rate was (101.7)% and 26.3% respectively. Foreign earnings were $3,200 and ($2,080), respectively, with a related tax expense of $516 and ($702), respectively. Domestic losses were ($3,700) and ($542), respectively, with a related tax expense of $30 and $14, respectively. Due to the full US valuation allowance currently in place, no tax benefit can be recognized on the domestic losses. This inability to recognize a tax benefit for domestic purposes resulted in a consolidated tax expense of $546 and ($688) respectively, on a year-to-date loss of ($537) and ($2,012), respectively.
The Company maintains valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change. In determining whether a valuation allowance is required, the Company takes into account such factors as prior earnings history, expected future earnings, carry-back and carry-forward periods, and tax strategies that could potentially enhance the likelihood of realization of a deferred tax asset. In addition, all other available positive and negative evidence is taken into consideration, including all new impacts of tax reform. The Company has evaluated the realizability of the net deferred tax assets related to its foreign operations and based on this evaluation management has concluded that no valuation allowances are required.
The Company has approximately $867 of unrecognized tax benefits, including interest and penalties, as of September 29, 2023, which, if recognized, would favorably impact the effective tax rate. There were no significant changes in the total unrecognized tax benefits due to the settlement of audits, the expiration of statutes of limitations or for other items during the quarter ended September 29, 2023. It appears possible that the amount of unrecognized tax benefits could change in the next twelve months due to on-going activity.
Annually, the Company files income tax returns in various taxing jurisdictions inside and outside the United States. In general, the tax years that remain subject to examination in foreign jurisdictions are 2018 through 2023. The tax year open to exam in the Netherlands is 2019. The tax years open to examination in the U.S. are for years subsequent to fiscal 2018. It is reasonably possible that other audit cycles will be completed during fiscal 2024.
As of September 29, 2023, 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 |
|
Balance at June 30, 2023 |
|
$ |
31,925 |
|
|
$ |
(19,288 |
) |
|
$ |
12,637 |
|
|
$ |
6,553 |
|
|
$ |
2,422 |
|
|
$ |
668 |
|
|
$ |
2,994 |
|
Addition |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Reduction |
|
|
(89 |
) |
|
|
- |
|
|
|
(89 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(89 |
) |
Amortization |
|
|
- |
|
|
|
(819 |
) |
|
|
(819 |
) |
|
|
(312 |
) |
|
|
(282 |
) |
|
|
(39 |
) |
|
|
(186 |
) |
Translation adjustment |
|
|
(211 |
) |
|
|
- |
|
|
|
(212 |
) |
|
|
(197 |
) |
|
|
(110 |
) |
|
|
22 |
|
|
|
73 |
|
Balance at September 29, 2023 |
|
$ |
31,625 |
|
|
$ |
(20,107 |
) |
|
$ |
11,517 |
|
|
$ |
6,044 |
|
|
$ |
2,030 |
|
|
$ |
651 |
|
|
$ |
2,792 |
|
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 $819 and $698 for the quarters ended September 29, 2023, and September 30, 2022, respectively. Estimated intangible amortization expense for the remainder of fiscal 2024 and each of the next five fiscal years is as follows:
Fiscal Year |
|
|
|
|
2024 |
|
$ |
2,517 |
|
2025 |
|
|
3,191 |
|
2026 |
|
|
2,247 |
|
2027 |
|
|
1,495 |
|
2028 |
|
|
1,346 |
|
2029 |
|
|
721 |
|
Thereafter |
|
|
0 |
|
Long-term debt at September 29, 2023 and June 30, 2023 consisted of the following:
|
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Credit Agreement Debt |
|
|
|
|
|
|
|
|
Revolving loans (expire June 2025) |
|
$ |
10,633 |
|
|
$ |
7,094 |
|
Term loan (due March 2026) |
|
|
11,000 |
|
|
|
11,500 |
|
Other |
|
|
24 |
|
|
|
33 |
|
Subtotal |
|
|
21,657 |
|
|
|
18,627 |
|
Less: current maturities |
|
|
(2,002 |
) |
|
|
(2,010 |
) |
Total long-term debt |
|
$ |
19,655 |
|
|
$ |
16,617 |
|
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 March 4, 2026, 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 $40.0 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 $3.0 million in any fiscal year. The term of the Revolving Loans under the Credit Agreement currently runs through June 30, 2025.
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 1.25% and 2.75% for Revolving Loans and Letters of Credit; 1.375% and 2.875% for Term Loans; and 0.10% and 0.15% 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. The Company’s Tangible Net Worth may not be less than $100 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 September 29, 2023, current maturities include $2,000 of term loan payments due within the coming year.
Other: Other long-term debt pertains mainly to a financing arrangement in Europe. These liabilities carry terms of three to five years and implied interest rates ranging from 7% to 25%. A total amount of $7 in principal was paid on these liabilities during the current fiscal year.
During the quarter ended September 29, 2023, the average interest rate was 6.73% on the Term Loan, and 5.47% on the Revolving Loans.
As of September 29, 2023, the Company’s borrowing capacity on the Revolving Loans under the terms of the Credit Agreement was $37,665, and the Company had approximately $27,032 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 September 29, 2023 and June 30, 2023. 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 September 29, 2023, the notional amount was $11,000. 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 September 29, 2023 remain authorized for purchase. The Company did not make any open market purchases of its shares during the quarters ended September 29, 2023 and September 30, 2022.
As of July 1, 2022, the cumulative effect of the Accounting change resulted in $25.1 million decrease to retained earnings and a corresponding $25.1 million increase to Accumulated other comprehensive income (loss), both net of tax of $0 ($7.9 million in deferred tax asset offset by $7.9 million valuation allowance).
See Notes A, G, M, and P for further information regarding the impact of the Accounting change on the Company’s prior year consolidated financial statements.
The following is a reconciliation of the Company’s equity balances for the first fiscal quarter of 2023 and 2022:
| | Twin Disc, Inc. Shareholders’ Equity | |
| | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | Other | | | | | | | Non- | | | | | |
| | Common | | | Retained | | | Comprehensive | | | Treasury | | | Controlling | | | Total | |
| | Stock | | | Earnings | | | Income (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 loss on cash flow hedge, net of tax | | | | | | | | | | | 216 | | | | | | | | | | | | 216 | |
Compensation expense | | | 494 | | | | | | | | | | | | | | | | | | | | 494 | |
Stock awards, net of tax | | | (3,911 | ) | | | | | | | | | | | 2,148 | | | | | | | | (1,995 | ) |
Balance, September 29, 2023 | | $ | 39,439 | | | $ | 119,126 | | | $ | (8,621 | ) | | $ | (10,343 | ) | | $ | 574 | | | $ | 140,175 | |
| | Twin Disc, Inc. Shareholders’ Equity | |
| | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | Other | | | | | | | Non- | | | | | |
| | Common | | | Retained | | | Comprehensive | | | Treasury | | | Controlling | | | Total | |
| | Stock | | | Earnings | | | Income (Loss) | | | Stock | | | Interest | | | Equity | |
Balance, June 30, 2022 | | $ | 42,551 | | | $ | 109,919 | | | $ | (6,974 | ) | | $ | (14,720 | ) | | $ | 412 | | | $ | 131,188 | |
Net income | | | | | | | (1,422 | ) | | | | | | | | | | | 98 | | | | (1,324 | ) |
Translation adjustments | | | | | | | | | | | (6,328 | ) | | | | | | | 38 | | | | (6,290 | ) |
Benefit plan adjustments, net of tax | | | | | | | | | | | (89 | ) | | | | | | | | | | | (89 | ) |
Unrealized loss on cash flow hedge, net of tax | | | | | | | | | | | 793 | | | | | | | | | | | | 793 | |
Compensation expense | | | 658 | | | | | | | | | | | | | | | | | | | | 658 | |
Stock awards, net of tax | | | (1,924 | ) | | | | | | | | | | | 1,756 | | | | | | | | (168 | ) |
Balance, September 30, 2022 | | $ | 41,285 | | | $ | 108,497 | | | $ | (12,598 | ) | | $ | (12,964 | ) | | $ | 548 | | | $ | 124,768 | |
Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended September 29, 2023 and September 30, 2022 are as follows:
| | 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 income | | | - | | | | (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 | | | Benefit Plan | | | Cash Flow | | | Net Investment | |
| | Adjustment | | | Adjustment | | | Hedges | | | Hedges | |
Balance, June 30, 2022 | | $ | (2,266 | ) | | $ | (6,614 | ) | | $ | 356 | | | $ | 1,550 | |
Translation adjustment during the quarter | | | (6,328 | ) | | | - | | | | - | | | | - | |
Amounts reclassified from accumulated other comprehensive income | | | - | | | | (89 | ) | | | 657 | | | | 136 | |
Net current period other comprehensive (loss) income | | | (6,328 | ) | | | (89 | ) | | | 657 | | | | 136 | |
Balance, September 30, 2022 | | $ | (8,594 | ) | | $ | (6,703 | ) | | $ | 1,013 | | | $ | 1,686 | |
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended September 29, 2023 are as follows:
| | Amount Reclassified | |
| | Quarter Ended | |
| | September 29, 2023 | |
Changes in benefit plan items | | | | |
Actuarial losses | | $ | (172 | )(a) |
Transition asset and prior service benefit | | | (4 | )(a) |
Total amortization | | | (176 | ) |
Income tax expense | | | 5 | |
Total reclassification net of tax | | $ | (171 | ) |
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended September 30, 2022 is as follows:
| | Amount Reclassified | |
| | Quarter Ended | |
| | September 30, 2022 | |
Changes in benefit plan items | | | | |
Actuarial losses | | $ | 560 | (a) |
Transition asset and prior service benefit | | | (51 | )(a) |
Mark-to-market adjustment | | | (607 | ) |
Total amortization | | | (98 | ) |
Income tax expense | | | 9 | |
Total reclassification net of tax | | $ | (89 | ) |
| (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). |
To improve its fixed cost structure and monetize some of its under-utilized assets, the Company commenced the active marketing of several of its real estate properties. Such actions required the Company to reclassify these assets from Property, Plant and Equipment to Assets Held for Sale, at fair value less costs to sell, or net book value, whichever is lower. Fair value was determined using real estate broker estimates and would be classified as Level 3 in the fair value hierarchy. This assessment of fair value resulted in the Company recognizing a write-down of the carrying value of its former corporate headquarters by $4,267 in the fourth quarter of fiscal 2021. The Company expects to complete the sale of its former corporate headquarters before the end of fiscal year 2024.
In the first quarter of fiscal 2023, the Company commenced the active marketing of an additional real estate property located in Nivelles, Belgium. This action required the Company to reclassify these assets from Property, Plant, and Equipment to Assets Held for Sale, at fair value less costs to sell or net book value, whichever is lower. Fair value was determined using real estate broker estimates and would be classified as Level 3 in the fair value hierarchy. The real estate property's fair value less costs to sell exceeded its net book value. The Company reclassified the property's net book value of $2,801 from Property, Plant, and Equipment to Assets Held for Sale.
In the second quarter of fiscal 2023, the Company completed the sale of the real estate property located in Belgium and received $7,150 in proceeds, net of fees and recorded a gain of $4,161 in other operating income.
In the first quarter of fiscal 2024, the Company entered into an agreement to sell certain machinery assets, inventory, and legal relationships of its boat management systems product line. This action required the Company to reclassify these assets from Property, Plant and Equipment and Inventory to Assets Held for Sale, at fair value less costs to sell, or net book value, whichever is lower. The fair value of the machinery assets was determined using local internal specialists. The machinery assets’ fair value less costs to sell exceeded its net book value. The boat management systems inventory was valued at the lower of cost or net realizable value. Net realizable value was determined using the offer amount from the buyer less costs to sell. This assessment resulted in the Company recognizing a write-down of the carrying value of its boat management systems inventory of $2.1 million. The write-down was classified in the Condensed Consolidated Statement of Operations and Comprehensive loss as a component of cost of goods sold. The agreement closed October 30, 2023.
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.
As discussed in Note A, during the fourth quarter of 2023, the Company changed its accounting method related to the recognition of actuarial gains and losses for its pension plans. Under the new method, actuarial gains and losses are recognized in net periodic benefit costs upon annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement. These changes have been applied retrospectively to prior years. See Notes A, G, K, and P for further information regarding the impact of the change in accounting principle on the Company’s consolidated financial statements.
The components of basic and diluted earnings per share were as follows:
|
|
|
|
|
|
As Adjusted |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Basic: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,083 |
) |
|
$ |
(1,324 |
) |
Less: Net earnings attributable to noncontrolling interest |
|
|
(90 |
) |
|
|
(98 |
) |
Less: Undistributed earnings attributable to unvested shares |
|
|
- |
|
|
|
- |
|
Net loss attributable to Twin Disc |
|
|
(1,173 |
) |
|
|
(1,422 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
|
13,527 |
|
|
|
13,407 |
|
|
|
|
|
|
|
|
|
|
Basic Loss Per Share: |
|
|
|
|
|
|
|
|
Net loss per share - basic |
|
$ |
(0.09 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,083 |
) |
|
$ |
(1,324 |
) |
Less: Net earnings attributable to noncontrolling interest |
|
|
(90 |
) |
|
|
(98 |
) |
Less: Undistributed earnings attributable to unvested shares |
|
|
- |
|
|
|
- |
|
Net loss attributable to Twin Disc |
|
|
(1,173 |
) |
|
|
(1,422 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
|
13,527 |
|
|
|
13,407 |
|
Effect of dilutive stock awards |
|
|
- |
|
|
|
- |
|
Weighted average shares outstanding - diluted |
|
|
13,527 |
|
|
|
13,407 |
|
|
|
|
|
|
|
|
|
|
Diluted Loss Per Share: |
|
|
|
|
|
|
|
|
Net loss per share - diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.11 |
) |
The following potential common shares were excluded from diluted EPS for the quarter ended September 29, 2023 because they were anti-dilutive: 265.0 related to the Company’s unvested PSAs, 5.2 related to the Company’s unvested PSUA awards, 108.5 related to the Company’s unvested RS awards, and 72.6 related to the Company’s unvested RSUs.
The following potential common shares were excluded from diluted EPS for the quarter ended September 30, 2022 because they were anti-dilutive: 320.8 related to the Company’s unvested PSAs, 181.2 related to the Company’s unvested RS awards, and 51.2 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.
|
Balance Sheet Location |
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Lease Assets |
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
Right-of-use assets operating leases |
|
$ |
12,093 |
|
|
$ |
13,133 |
|
Finance lease right-of-use assets |
Property, plant and equipment, net |
|
|
4,952 |
|
|
$ |
4,427 |
|
|
|
|
|
|
|
|
|
|
|
Lease Liabilities |
|
|
|
|
|
|
|
|
|
Operating lease liabilities |
Accrued liabilities |
|
$ |
2,218 |
|
|
$ |
2,343 |
|
Operating lease liabilities |
Lease obligations |
|
|
9,896 |
|
|
$ |
10,811 |
|
Finance lease liabilities |
Accrued liabilities |
|
|
670 |
|
|
$ |
643 |
|
Finance lease liabilities |
Other long-term liabilities |
|
|
4,556 |
|
|
$ |
4,314 |
|
The components of lease expense were as follows:
|
|
For the Quarter Ended |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Finance lease cost: |
|
|
|
|
|
|
|
|
Amortization of right-of-use assets |
|
$ |
222 |
|
|
$ |
155 |
|
Interest on lease liabilities |
|
|
73 |
|
|
|
64 |
|
Operating lease cost |
|
|
893 |
|
|
|
711 |
|
Short-term lease cost |
|
|
3 |
|
|
|
13 |
|
Variable lease cost |
|
|
100 |
|
|
|
40 |
|
Total lease cost |
|
|
1,291 |
|
|
|
983 |
|
Less: Sublease income |
|
|
(20 |
) |
|
|
(17 |
) |
Net lease cost |
|
$ |
1,271 |
|
|
$ |
966 |
|
Other information related to leases was as follows:
|
|
For the Quarter Ended |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
924 |
|
|
$ |
748 |
|
Operating cash flows from finance leases |
|
|
73 |
|
|
|
201 |
|
Financing cash flows from finance leases |
|
|
847 |
|
|
|
132 |
|
Right-of-use-assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
|
|
Operating leases |
|
|
15 |
|
|
|
528 |
|
Finance leases |
|
|
484 |
|
|
|
51 |
|
Weighted average remaining lease term (years): |
|
|
|
|
|
Operating leases |
|
|
8.2 |
|
|
|
8.8 |
|
Finance lease |
|
|
9.7 |
|
|
|
11.4 |
|
Weighted average discount rate: |
|
|
|
|
|
|
|
|
Operating leases |
|
|
7.6 |
% |
|
|
7.2 |
% |
Finance leases |
|
|
5.7 |
% |
|
|
5.2 |
% |
Approximate future minimum rental commitments under non-cancellable leases as of September 29, 2023 were as follows:
|
|
Operating Leases |
|
|
Finance Leases |
|
2024 |
|
$ |
2,396 |
|
|
$ |
740 |
|
2025 |
|
|
2,143 |
|
|
|
806 |
|
2026 |
|
|
1,672 |
|
|
|
744 |
|
2027 |
|
|
1,608 |
|
|
|
679 |
|
2028 |
|
|
1,587 |
|
|
|
619 |
|
2029 |
|
|
1,572 |
|
|
|
476 |
|
Thereafter |
|
|
5,602 |
|
|
|
2,655 |
|
Total future lease payments |
|
|
16,580 |
|
|
|
6,719 |
|
Less: Amount representing interest |
|
|
(4,466 |
) |
|
|
(1,493 |
) |
Present value of future payments |
|
$ |
12,114 |
|
|
$ |
5,226 |
|
O. |
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 September 29, 2023, with a notional amount of $11,000. 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 (loss) income. 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 ($682) and ($688) as of September 29, 2023, and June 30, 2023, 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 $284 of net unrealized losses related to cash flow hedging activities included in accumulated other comprehensive loss as of September 29, 2023 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 (loss) related to net investment hedging activities that were included in accumulated other comprehensive loss were ($1,494) and ($1,272) as of September 29, 2023 and June 30, 2023, respectively.
Fair Value of Derivative Instruments
The fair value of derivative instruments included in the condensed consolidated balance sheets were as follows:
|
Balance Sheet Location |
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Derivative designated as hedge: |
|
|
|
|
|
|
|
|
|
Interest rate swap |
Other current assets |
|
$ |
268 |
|
|
$ |
292 |
|
Interest rate swap |
Other noncurrent assets |
|
|
205 |
|
|
|
187 |
|
The impact of the Company’s derivative instruments on the condensed consolidated statements of operations and comprehensive (loss) income for the quarters ended September 29, 2023 and September 30, 2022, respectively, was as follows:
|
Statement of Operations and Comprehensive |
|
For the Quarter Ended |
|
|
(Loss) Income Location |
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Derivative designated as hedge: |
|
|
|
|
|
|
|
|
|
Interest rate swap |
Interest expense |
|
$ |
71 |
|
|
$ |
84 |
|
Interest rate swap |
Unrealized loss on hedges |
|
|
(6 |
) |
|
|
349 |
|
Net investment hedge |
Unrealized loss on hedges |
|
|
222 |
|
|
|
444 |
|
P. |
IMPACT OF ACCOUNTING METHOD CHANGE |
The following tables summarize the effects of the Accounting change described in Note A on the Company’s condensed consolidated statement of operations and comprehensive loss, statement of cash flows and statement of changes in equity for the quarter ended September 30, 2022 and condensed consolidated balance sheet as of September 30, 2022. Certain prior year amounts pertaining to finance lease obligations have been reclassified for consistency with current year presentation.
CONDENSED CONSOLIDATED STATEMENT OF OPERATION AND COMPREHENSIVE LOSS
|
|
September 30, 2022 |
|
|
|
As Computed Under Previous Method |
|
|
Effect of Accounting Change |
|
|
As Reported Under New Method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
55,913 |
|
|
$ |
- |
|
|
$ |
55,913 |
|
Cost of goods sold |
|
|
42,616 |
|
|
|
- |
|
|
|
42,616 |
|
Gross profit |
|
|
13,297 |
|
|
|
- |
|
|
|
13,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, engineering and administrative expenses |
|
|
15,090 |
|
|
|
- |
|
|
|
15,090 |
|
Loss from operations |
|
|
(1,793 |
) |
|
|
- |
|
|
|
(1,793 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(566 |
) |
|
|
- |
|
|
|
(566 |
) |
Other income, net |
|
|
(260 |
) |
|
|
607 |
|
|
|
347 |
|
|
|
|
(826 |
) |
|
|
607 |
|
|
|
(219 |
) |
Income before income taxes and noncontrolling interest |
|
|
(2,619 |
) |
|
|
607 |
|
|
|
(2,012 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
(688 |
) |
|
|
- |
|
|
|
(688 |
) |
Net loss |
|
|
(1,931 |
) |
|
|
607 |
|
|
|
(1,324 |
) |
Less: Net loss attributable to noncontrolling interest, net of tax |
|
|
(98 |
) |
|
|
- |
|
|
|
(98 |
) |
Net loss attributable to Twin Disc |
|
$ |
(2,029 |
) |
|
$ |
607 |
|
|
$ |
(1,422 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share attributable to Twin Disc common shareholders |
|
$ |
(0.15 |
) |
|
$ |
0.04 |
|
|
$ |
(0.11 |
) |
Diluted loss per share attributable to Twin Disc common shareholders |
|
$ |
(0.15 |
) |
|
$ |
0.04 |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding data: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares outstanding |
|
|
13,407 |
|
|
|
- |
|
|
|
13,407 |
|
Diluted shares outstanding |
|
|
13,407 |
|
|
|
- |
|
|
|
13,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,931 |
) |
|
$ |
607 |
|
|
$ |
(1,324 |
) |
Benefit plan adjustments, net of income taxes of $9 |
|
|
518 |
|
|
|
(607 |
) |
|
|
(89 |
) |
Foreign currency translation adjustment |
|
|
(6,290 |
) |
|
|
- |
|
|
|
(6,290 |
) |
Unrealized loss on hedges, net of income taxes of $0, respectively |
|
|
793 |
|
|
|
- |
|
|
|
793 |
|
Comprehensive loss |
|
|
(6,910 |
) |
|
|
- |
|
|
|
(6,910 |
) |
Less: Comprehensive income attributable to noncontrolling interest |
|
|
136 |
|
|
|
- |
|
|
|
136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss attributable to Twin Disc |
|
$ |
(7,046 |
) |
|
$ |
- |
|
|
$ |
(7,046 |
) |
CONDENSED ONSOLIDATED CONDENSED BALANCE SHEET
|
|
September 30, 2022 |
|
|
|
As Computed Under Previous Method |
|
|
Effect of Accounting Change |
|
|
As Reported Under New Method |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
13,214 |
|
|
$ |
- |
|
|
$ |
13,214 |
|
Trade accounts receivable, net |
|
|
40,007 |
|
|
|
- |
|
|
|
40,007 |
|
Inventories |
|
|
128,100 |
|
|
|
- |
|
|
|
128,100 |
|
Assets held for sale |
|
|
5,769 |
|
|
|
- |
|
|
|
5,769 |
|
Prepaid expenses |
|
|
8,207 |
|
|
|
- |
|
|
|
8,207 |
|
Other |
|
|
6,521 |
|
|
|
- |
|
|
|
6,521 |
|
Total current assets |
|
|
201,818 |
|
|
|
- |
|
|
|
201,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
38,989 |
|
|
|
- |
|
|
|
38,989 |
|
Right-of-use assets operating leases |
|
|
11,492 |
|
|
|
- |
|
|
|
11,492 |
|
Intangible assets, net |
|
|
11,560 |
|
|
|
- |
|
|
|
11,560 |
|
Deferred income taxes |
|
|
2,846 |
|
|
|
- |
|
|
|
2,846 |
|
Other assets |
|
|
2,846 |
|
|
|
- |
|
|
|
2,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
269,551 |
|
|
$ |
- |
|
|
$ |
269,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
$ |
2,000 |
|
|
$ |
- |
|
|
$ |
2,000 |
|
Accounts payable |
|
|
30,706 |
|
|
|
- |
|
|
|
30,706 |
|
Accrued liabilities |
|
|
49,158 |
|
|
|
- |
|
|
|
49,158 |
|
Total current liabilities |
|
|
81,864 |
|
|
|
- |
|
|
|
81,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
35,112 |
|
|
|
- |
|
|
|
35,112 |
|
Lease obligations |
|
|
9,483 |
|
|
|
- |
|
|
|
9,483 |
|
Accrued retirement benefits |
|
|
9,860 |
|
|
|
- |
|
|
|
9,860 |
|
Deferred income taxes |
|
|
3,422 |
|
|
|
- |
|
|
|
3,422 |
|
Other long-term liabilities |
|
|
5,042 |
|
|
|
- |
|
|
|
5,042 |
|
Total liabilities |
|
|
144,783 |
|
|
|
- |
|
|
|
144,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twin Disc 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 |
|
|
41,285 |
|
|
|
- |
|
|
|
41,285 |
|
Retained earnings |
|
|
133,002 |
|
|
|
(24,505 |
) |
|
|
108,497 |
|
Accumulated other comprehensive loss |
|
|
(37,103 |
) |
|
|
24,505 |
|
|
|
(12,598 |
) |
|
|
|
137,184 |
|
|
|
- |
|
|
|
137,184 |
|
Less treasury stock, at cost (845,670 shares, respectively) |
|
|
12,964 |
|
|
|
- |
|
|
|
12,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Twin Disc shareholders' equity |
|
|
124,220 |
|
|
|
- |
|
|
|
124,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest |
|
|
548 |
|
|
|
- |
|
|
|
548 |
|
Total equity |
|
|
124,768 |
|
|
|
- |
|
|
|
124,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
269,551 |
|
|
$ |
- |
|
|
$ |
269,551 |
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
September 30, 2022 |
|
|
|
As Computed Under Previous Method |
|
|
Effect of Accounting Change |
|
|
As Reported Under New Method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,931 |
) |
|
$ |
607 |
|
|
$ |
(1,324 |
) |
Adjustments to reconcile net loss to net cash provided by used activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,140 |
|
|
|
- |
|
|
|
2,140 |
|
Gain on sale of assets |
|
|
(42 |
) |
|
|
- |
|
|
|
(42 |
) |
Restructuring expenses |
|
|
(68 |
) |
|
|
- |
|
|
|
(68 |
) |
Provision for deferred income taxes |
|
|
(1,623 |
) |
|
|
- |
|
|
|
(1,623 |
) |
Stock compensation expense |
|
|
864 |
|
|
|
- |
|
|
|
864 |
|
Net change in operating assets and liabilities |
|
|
(36 |
) |
|
|
(607 |
) |
|
|
(643 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by operating activities |
|
|
(696 |
) |
|
|
- |
|
|
|
(696 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property, plant, and equipment |
|
|
(2,237 |
) |
|
|
- |
|
|
|
(2,237 |
) |
Proceeds from sale of fixed assets |
|
|
2 |
|
|
|
- |
|
|
|
2 |
|
Proceeds on note receivable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other, net |
|
|
534 |
|
|
|
- |
|
|
|
534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by investing activities |
|
|
(1,701 |
) |
|
|
- |
|
|
|
(1,701 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings under revolving loan arrangements |
|
|
20,221 |
|
|
|
- |
|
|
|
20,221 |
|
Repayments of revolving loan arrangements |
|
|
(18,685 |
) |
|
|
- |
|
|
|
(18,685 |
) |
Repayments of other long-term debt |
|
|
(651 |
) |
|
|
132 |
|
|
|
(519 |
) |
Payments of finance lease obligations |
|
|
- |
|
|
|
(132 |
) |
|
|
(132 |
) |
Payments of withholding taxes on stock compensation |
|
|
(168 |
) |
|
|
- |
|
|
|
(168 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
717 |
|
|
|
- |
|
|
|
717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
2,373 |
|
|
|
- |
|
|
|
2,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash |
|
|
693 |
|
|
|
- |
|
|
|
693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
12,521 |
|
|
|
- |
|
|
|
12,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period |
|
$ |
13,214 |
|
|
$ |
- |
|
|
$ |
13,214 |
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
September 30, 2022 |
|
|
|
As Computed Under Previous Method |
|
|
Effect of Accounting Change |
|
|
As Reported Under New Method |
|
Retained earnings |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2022 |
|
|
135,031 |
|
|
|
(25,112 |
) |
|
|
109,919 |
|
Net loss attributable to Twin Disc |
|
|
(2,029 |
) |
|
|
607 |
|
|
|
(1,422 |
) |
Balance at September 30, 2022 |
|
$ |
133,002 |
|
|
$ |
(24,505 |
) |
|
$ |
108,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2022 |
|
|
(32,086 |
) |
|
|
25,112 |
|
|
|
(6,974 |
) |
Translation adjustments |
|
|
(6,328 |
) |
|
|
- |
|
|
|
(6,328 |
) |
Benefit plan adjustments, net of tax |
|
|
518 |
|
|
|
(607 |
) |
|
|
(89 |
) |
Unrealized gain on hedges, net of tax |
|
|
793 |
|
|
|
- |
|
|
|
793 |
|
Balance at September 30, 2022 |
|
$ |
(37,103 |
) |
|
$ |
24,505 |
|
|
$ |
(12,598 |
) |
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 September 29, 2023, 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, 2023, 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
(In thousands)
|
|
Quarter Ended |
|
|
|
September 29, 2023 |
|
|
% of Net Sales |
|
|
September 30, 2022 |
|
|
% of Net Sales |
|
Net sales |
|
$ |
63,554 |
|
|
|
|
|
|
$ |
55,913 |
|
|
|
|
|
Cost of goods sold |
|
|
43,818 |
|
|
|
|
|
|
|
42,616 |
|
|
|
|
|
Cost of goods sold - Sale of boat management system product line and related inventory |
|
|
3,099 |
|
|
|
|
|
|
|
- |
|
|
|
|
|
Gross profit |
|
|
16,637 |
|
|
|
26.2 |
% |
|
|
13,297 |
|
|
|
23.8 |
% |
Marketing, engineering and administrative expenses |
|
|
16,917 |
|
|
|
26.6 |
% |
|
|
15,090 |
|
|
|
27.0 |
% |
Loss from operations |
|
$ |
(280 |
) |
|
|
-0.4 |
% |
|
$ |
(1,793 |
) |
|
|
-3.2 |
% |
Comparison of the First Quarter of Fiscal 2024 with the First Quarter of Fiscal 2023
Net sales for the first quarter increased 13.7%, or $7.7 million, to $63.6 million from $55.9 million in the same quarter a year ago. The Company has benefited from favorable market conditions across most geographies and product groups through fiscal 2023 and into fiscal 2024. With the easing of global supply chain disruptions, the Company has been able to improve delivery performance. Global sales of marine and propulsion products improved 24.3% from the prior year, while shipments of off-highway transmission products improved by 16.6%. Shipments of industrial products declined by 19.1%, with a slow-down in the domestic housing and construction markets. The Asia Pacific region enjoyed the most significant sales improvement ($7.3 million or 58.9%) due to improved shipments of oil and gas transmissions into China, an improved demand for commercial marine products and continued strength in pleasure craft demand in Australia. The European region also saw a significant increase ($6.0 million or 38.5%), with improved operational performance at our facilities in Belgium and the Netherlands. Sales into North America decreased 17.1%, or $3.9 million, primarily due to some softening in aftermarket demand in the oil and gas market. Currency translation had a favorable impact on first quarter fiscal 2024 sales compared to the first quarter of the prior year totaling $2.2 million primarily due to the strengthening of the euro against the U.S. dollar.
Sales at our manufacturing segment increased 11.3%, or $5.5 million, versus the same quarter last year. The U.S. manufacturing operations experienced an 8.2%, or $2.5 million, decrease in sales versus the first fiscal quarter of 2023, with some softening aftermarket demand in the North American energy market and weaker industrial demand related to the North American housing and construction markets. The Company’s operation in the Netherlands saw increased revenue of $7.6 million (102.1%) compared to the first fiscal quarter of 2023, primarily due to a record level of incoming orders over the past few quarters, along with a favorable currency impact and improved operational and supply chain performance. Similarly, the Company’s Belgian operation saw an increase compared to the prior year first quarter (25.2% or $1.1 million), with a favorable translation effect and improved delivery performance driven by operational and supply chain execution. The Company’s Italian manufacturing operations were down $0.7 million (11.8%) compared to the first quarter of fiscal 2023, with some softening in demand for industrial products in Europe. The Company’s Swiss manufacturing operation, which supplies customized propellers for the global mega yacht and patrol boat markets, was up $0.1 million (1.9%) compared to the prior year first quarter.
Our distribution segment experienced an increase in sales of $8.5 million (35.1%) in the first quarter of fiscal 2024 compared to the first quarter of fiscal 2023. The Company’s Asian distribution operations in Singapore, China and Japan were up 113.2% or $9.7 million from the prior year on improving deliveries for energy related products in China. The Company’s North America distribution operation saw a small decrease ($0.5 million or 8.61%) on timing of supply of product from the manufacturing operations. The Company’s European distribution operation saw a slight increase ($0.5 million or 13.3%) on a favorable currency impact and improved supply of product. The Company’s distribution operation in Australia, which provides boat accessories, propulsion and marine transmission systems for the pleasure craft market, saw a decline in revenue (16.6% decrease from the prior year first fiscal quarter), primarily due to timing of shipments and an unfavorable currency impact.
Gross profit as a percentage of sales for the first quarter of fiscal 2024 improved to 26.2%, compared to 23.8% for the same period last year. The current year first quarter result reflects the unfavorable impact of the write down of inventory associated with the sale of the assets related to the Company’s boat management systems product line, which resulted in a non-cash charge to cost of goods sold totaling $3.1 million. Adjusting for these non-recurring items, the current year gross profit percent would have been 31.1%. The improvement in the current year first quarter compared to the prior year result reflects the impact of additional volume and strong North American oil and gas demand, partially offset by the negative impact of inflation, primarily at our European operations.
For the fiscal 2024 first quarter, marketing, engineering and administrative (“ME&A”) expenses, as a percentage of sales, were 26.6%, compared to 27.0% for the fiscal 2023 first quarter. ME&A expenses increased $1.8 million (12.2%) versus the same period last fiscal year. The increase in ME&A spending for the quarter was comprised of higher wages and benefits ($0.7 million), professional fees ($0.3 million), travel costs ($0.3 million), software maintenance ($0.2 million) product development ($0.1 million) and a positive currency translation impact ($0.2 million). These increases were driven by inflationary impacts and investment in resources to support our hybrid electric strategy.
The Company incurred minor restructuring charges during the first quarter of fiscal 2024 and fiscal 2023, primarily associated with ongoing cost reduction actions at its European operations and actions to adjust the cost structure at the Company’s domestic operation. The Company continues to focus on actively managing its cost structure and reducing fixed costs in light of the ongoing market challenges.
Interest expense was down slightly to $0.4 million in the first quarter of fiscal 2024, with a lower average outstanding revolver balance partially offset by a higher interest rate.
Other income of $0.1 million for the first fiscal quarter was primarily attributable to a pension benefit partially offset by a small currency loss.
The fiscal 2024 first quarter effective tax rate was (101.7)% compared to 26.3% in the prior fiscal year first quarter. The full domestic valuation allowance, along with the mix of foreign earnings by jurisdiction, resulted in the increase to the effective tax rate.
Financial Condition, Liquidity and Capital Resources
Comparison between September 29, 2023 and June 30, 2023
As of September 29, 2023, the Company had net working capital of $117.0 million, which represents a decrease of $2.6 million, or 2.2%, from the net working capital of $119.6 million as of June 30, 2023.
Cash increased by $7.2 million to $20.4 million as of September 29, 2023, versus $13.3 million as of June 30, 2023. As of September 29, 2023, the majority of the cash is at the Company’s overseas operations in Europe ($4.2 million) and Asia-Pacific ($16.0 million).
Trade receivables of $39.8 million were down $15.0 million, or 27.4%, when compared to last fiscal year-end. The impact of foreign currency translation was to decrease accounts receivable by $0.7 million versus June 30, 2023. As a percent of sales, trade receivables finished at 62.6% in the first quarter of fiscal 2024 compared to 71.6% for the comparable period in fiscal 2022 and 65.2% for the fourth quarter of fiscal 2023.
Inventories decreased by $5.7 million, or 4.3%, versus June 30, 2023 to $126.2 million. The impact of foreign currency translation was to decrease inventories by $2.4 million versus June 30, 2023. The remaining decrease was a function of the sale of the assets related to the Company’s boat management systems product line ($3.7 million) and a significant reduction at the Company’s Singapore distribution operation ($2.0 million) due to increased shipments of oil and gas transmissions into China. These decreases were partially offset by temporary increases at the Company’s operations in the Netherlands and Australia. On a consolidated basis, as of September 29, 2023, the Company’s backlog of orders to be shipped over the next six months approximates $122.5 million, compared to $119.2 million at June 30, 2023 and $108.9 million at September 30, 2022. As a percentage of six-month backlog, inventory has decreased from 111% at June 30, 2023 to 103% at September 29, 2023.
Net property, plant and equipment increased $0.4 million (0.7%) to $52.2 million versus $51.8 million at June 30, 2023. The Company had capital spending of $3.7 million in the quarter and new lease obligations of $0.6 million. These increases were offset by depreciation ($1.7 million) and an unfavorable exchange impact. Capital spending occurring in the first quarter was primarily related to replacement capital. In total, the Company expects to invest between $9 and $11 million in capital assets in fiscal 2024. 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 September 29, 2023 of $29.6 million was down $6.9 million, or 18.9%, from June 30, 2023. The impact of foreign currency translation was to reduce accounts payable by $0.7 million versus June 30, 2023. The remaining decrease is primarily related to the reduced purchasing activities in light of stable demand and inventory reduction efforts.
Total borrowings and long-term debt as of September 29, 2023 increased $3.0 million to $21.7 million versus $18.6 million at June 30, 2023. During the first quarter, the Company reported positive free cash flow of $6.1 million (defined as operating cash flow less acquisitions of fixed assets), driven by positive operating results and working capital performance, partially offset by the payment of a bonus accrual and capital spending. The Company ended the quarter with total debt, net of cash, of $1.2 million, compared to $5.4 million at June 30, 2023, for a net improvement of $4.2 million.
Total equity decreased $5.5 million, or 3.8%, to $139.6 million as of September 29, 2023. The net loss during the first quarter decreased equity by $1.1 million, along with an unfavorable foreign currency translation of $3.0 million. The net change in common stock and treasury stock resulting from the accounting for stock-based compensation decreased equity by $1.3 million. The net remaining decrease in equity of $0.1 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 gain 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 March 4, 2026, 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 $40.0 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 $3.0 million in any fiscal year. The term of the Revolving Loans under the Credit Agreement currently runs through June 30, 2025.
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 1.25% and 2.75% for Revolving Loans and Letters of Credit; 1.375% and 2.875% for Term Loans; and .10% and .15% 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. The Company’s Tangible Net Worth may not be less than $100 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, the Bank may take the three actions listed above without notice to the Company.
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, 2023. There have been no significant changes to those accounting policies subsequent to June 30, 2023.
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 2023 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 September 29, 2023, 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 |
|
|
|
|
|
July 1, – July 28, 2023 |
0 |
NA |
0 |
315,000 |
|
|
|
|
|
July 29 – August 25, 2023 |
138,141 |
NA |
0 |
315,000 |
|
|
|
|
|
August 26 – September 29, 2023 |
0 |
NA |
0 |
315,000 |
|
|
|
|
|
Total |
138,141 |
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 2021 and 2018 Long-Term Incentive Compensation Plans.
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 September 29, 2023, 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 September 29, 2023.
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: November 8, 2023 |
/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: November 8, 2023
|
/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: November 8, 2023
|
/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 September 29, 2023, 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: November 8, 2023
|
/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 September 29, 2023, 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: November 8, 2023
|
/s/ JEFFREY S. KNUTSON
|
|
Jeffrey S. Knutson
|
|
Vice President – Finance, Chief Financial Officer,
|
|
Treasurer and Secretary |
v3.23.3
Document And Entity Information - shares
|
3 Months Ended |
|
Sep. 29, 2023 |
Oct. 25, 2023 |
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 |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Sep. 29, 2023
|
|
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
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Sep. 29, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Current assets: |
|
|
|
|
Cash |
$ 20,428
|
$ 13,263
|
$ 13,214
|
|
Trade accounts receivable, net |
39,756
|
54,760
|
40,007
|
|
Inventories |
126,236
|
131,930
|
128,100
|
|
Assets held for sale |
4,559
|
2,968
|
5,769
|
|
Prepaid expenses |
9,466
|
8,459
|
8,207
|
|
Other |
8,763
|
8,326
|
6,521
|
|
Total current assets |
209,208
|
219,706
|
201,818
|
|
Property, plant and equipment, net |
40,065
|
38,650
|
38,989
|
|
Right-of-use assets operating leases |
12,093
|
13,133
|
11,492
|
|
Intangible assets, net |
11,517
|
12,637
|
11,560
|
|
Deferred income taxes |
2,204
|
2,244
|
2,846
|
|
Other assets |
2,894
|
2,811
|
2,846
|
|
Total assets |
277,981
|
289,181
|
269,551
|
|
Current liabilities: |
|
|
|
|
Current maturities of long-term debt |
2,002
|
2,010
|
2,000
|
|
Accounts payable |
29,584
|
36,499
|
30,706
|
|
Accrued liabilities |
60,632
|
61,586
|
49,158
|
|
Total current liabilities |
92,218
|
100,095
|
81,864
|
|
Long-term debt |
19,655
|
16,617
|
35,112
|
|
Lease obligations |
9,896
|
10,811
|
9,483
|
|
Accrued retirement benefits |
7,138
|
7,608
|
9,860
|
|
Deferred income taxes |
3,150
|
3,280
|
3,422
|
|
Other long-term liabilities |
5,749
|
5,253
|
5,042
|
|
Total liabilities |
137,806
|
143,664
|
144,783
|
|
Twin Disc shareholders' equity: |
|
|
|
|
Preferred shares authorized: 200,000; issued: none; no par value |
0
|
0
|
0
|
|
Common shares authorized: 30,000,000; issued: 14,632,802; no par value |
39,439
|
42,855
|
41,285
|
|
Retained earnings |
119,126
|
120,299
|
108,497
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
(8,621)
|
(5,570)
|
(12,598)
|
|
Equity before treasury stock |
149,944
|
157,584
|
137,184
|
|
Less treasury stock, at cost (674,354 and 814,734 shares, respectively) |
10,343
|
12,491
|
12,964
|
|
Total Twin Disc shareholders' equity |
139,601
|
145,093
|
124,220
|
|
Noncontrolling interest |
574
|
424
|
548
|
|
Total equity |
140,175
|
145,517
|
124,768
|
$ 131,188
|
Total liabilities and equity |
$ 277,981
|
$ 289,181
|
$ 269,551
|
|
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands |
Sep. 29, 2023 |
Jun. 30, 2023 |
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) |
674,354
|
814,734
|
X |
- DefinitionFace amount per share of no-par value common stock.
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v3.23.3
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Net sales |
$ 63,554
|
$ 55,913
|
Cost of goods sold |
|
42,616
|
Gross profit |
16,637
|
13,297
|
Marketing, engineering and administrative expenses |
16,917
|
15,090
|
Loss from operations |
(280)
|
(1,793)
|
Other Income (expense): |
|
|
Interest expense |
(394)
|
(566)
|
Other income, net |
137
|
347
|
Non-operating income (expense) |
(257)
|
(219)
|
Loss before income taxes and noncontrolling interest |
(537)
|
(2,012)
|
Income tax expense |
546
|
(688)
|
Net loss |
(1,083)
|
(1,324)
|
Less: Net loss attributable to noncontrolling interest, net of tax |
(90)
|
(98)
|
Net loss attributable to Twin Disc |
$ (1,173)
|
$ (1,422)
|
Loss per share data: |
|
|
Net loss per share - basic (in dollars per share) |
$ (0.09)
|
$ (0.11)
|
Net loss per share - diluted (in dollars per share) |
$ (0.09)
|
$ (0.11)
|
Weighted average shares outstanding data: |
|
|
Basic shares outstanding (in shares) |
13,527
|
13,407
|
Diluted shares outstanding (in shares) |
13,527
|
13,407
|
Comprehensive income (loss) |
|
|
Net loss |
$ (1,083)
|
$ (1,324)
|
Benefit plan adjustments, net of income taxes of $9 |
(171)
|
(89)
|
Translation adjustment during the quarter |
(3,036)
|
(6,290)
|
Unrealized loss on hedges, net of income taxes of $0, respectively |
216
|
793
|
Comprehensive loss |
(4,074)
|
(6,910)
|
Less: Comprehensive income attributable to noncontrolling interest |
151
|
136
|
Comprehensive loss attributable to Twin Disc |
(4,225)
|
(7,046)
|
Service Excluding Boat Management System Product Line [Member] |
|
|
Cost of goods sold |
43,818
|
42,616
|
Boat Management System Product Line [Member] |
|
|
Cost of goods sold |
$ 3,099
|
$ 0
|
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Sep. 29, 2023 |
Sep. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (1,083)
|
$ (1,324)
|
Adjustments to reconcile net loss to net cash provided by used activities: |
|
|
Depreciation and amortization |
2,488
|
2,140
|
Gain on sale of assets |
(16)
|
(42)
|
Restructuring expenses |
(57)
|
(68)
|
Provision for deferred income taxes |
97
|
(1,623)
|
Stock compensation expense |
1,140
|
864
|
Net change in operating assets and liabilities |
4,134
|
(643)
|
Net cash used by operating activities |
9,802
|
(696)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Acquisition of property, plant, and equipment |
(3,690)
|
(2,237)
|
Proceeds from sale of fixed assets |
0
|
2
|
Other, net |
45
|
534
|
Net cash used by investing activities |
(3,645)
|
(1,701)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Borrowings under revolving loan arrangements |
27,184
|
20,221
|
Repayments of revolving loan arrangements |
(23,423)
|
(18,685)
|
Repayments of other long-term debt |
(508)
|
(519)
|
Payments of finance lease obligations |
(847)
|
(132)
|
Payments of withholding taxes on stock compensation |
(1,763)
|
(168)
|
Net cash provided by financing activities |
643
|
717
|
Effect of exchange rate changes on cash |
365
|
2,373
|
Net change in cash |
7,165
|
693
|
Cash: |
|
|
Beginning of period |
13,263
|
12,521
|
End of period |
20,428
|
13,214
|
Boat Management System Product Line [Member] |
|
|
Adjustments to reconcile net loss to net cash provided by used activities: |
|
|
Loss on sale of boat management product line and related inventory |
$ 3,099
|
$ 0
|
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v3.23.3
Note A - Basis of Presentation
|
3 Months Ended |
Sep. 29, 2023 |
Notes to Financial Statements |
|
Significant Accounting Policies [Text Block] |
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, 2023. The 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 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.
Change in Accounting Method
During the fourth quarter of fiscal year 2023, the Company changed its accounting method related to the recognition of actuarial gains and losses for the Company’s pension and postretirement benefit plans (the “Accounting change”). Prior to the Accounting change, actuarial gains and losses were recognized as a component of Accumulated other comprehensive income (loss) upon annual remeasurement and were amortized into earnings in future periods when they exceeded the accounting corridor, a defined range within which amortization of net gains and losses is not required. Under the Accounting change, the accounting corridor of 10% of the greater of the projected benefit obligation and plan assets was modified to add full, immediate recognition above a second 20% threshold. Although the decision to make the Accounting change occurred in the fourth quarter of fiscal year 2023, the actual accounting method change was applied to all calculations for fiscal year end 2023, and retroactively applied to all other amounts presented in this Form 10-Q.
Under the new accounting method, actuarial gains and losses are recognized in net periodic benefit cost through a modified mark-to-market (expense) benefit upon annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement. The method for recognizing prior service credits (charges) as a component of Accumulated other comprehensive income (loss) and amortized into earnings in future periods is not changing. With respect to the recognition of actuarial gains and losses, while the historical principle was acceptable, the Company believes the Accounting change is preferable as it better aligns with fair value principles by recognizing the effects of economic and interest rate changes in plan assets and liabilities in the year in which the gains and losses are incurred to the degree such accumulated gains and losses exceed the new 20% threshold in addition to amortizing the amounts between the 10% and 20% thresholds over time. The Accounting change has been applied retrospectively to prior years and amounts presented. As of July 1, 2022, the cumulative effect of the change resulted in $25.1 million decrease to retained earnings and a corresponding $25.1 million increase to Accumulated other comprehensive income (loss), both net of tax of $0 ($7.9 million in deferred tax asset offset by $7.9 million valuation allowance).
See Notes G, K, M and P for further information regarding the impact of the Accounting change on the Company’s current and prior consolidated financial statements.
Recently Adopted Accounting Standards
In March 2020 and January 2021, the FASB issued guidance (ASU 2020-04 and ASU 2021-01, respectively), intended to provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments in this guidance are effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The adoption of this guidance did not have a material impact on the Company’s financial statements.
In June 2016, the FASB issued updated guidance (ASU 2016-13) and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10 (collectively ASC 326). ASC 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The amendments in this guidance are effective for filers, excluding smaller reporting companies, for fiscal years beginning after December 15, 2019, and for smaller reporting companies for fiscal years beginning after December 15, 2022 (the Company’s fiscal 2024), with early adoption permitted for certain amendments. ASC 326 must be adopted by applying a cumulative effect adjustment to retained earnings. The adoption of this guidance did not have a material impact on the Company’s financial statements.
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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v3.23.3
Note B - Inventories
|
3 Months Ended |
Sep. 29, 2023 |
Notes to Financial Statements |
|
Inventory Disclosure [Text Block] |
The major classes of inventories were as follows:
|
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Inventories: |
|
|
|
|
|
|
|
|
Finished parts |
|
$ |
63,087 |
|
|
$ |
66,956 |
|
Work in process |
|
|
22,008 |
|
|
|
23,374 |
|
Raw materials |
|
|
41,141 |
|
|
|
41,600 |
|
|
|
$ |
126,236 |
|
|
$ |
131,930 |
|
In the first quarter of fiscal year 2024, the Company entered into an agreement to sell most of its inventory for 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 boat management system inventory located in the U.S.
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v3.23.3
Note C - Warranty
|
3 Months Ended |
Sep. 29, 2023 |
Notes to Financial Statements |
|
Product Warranty Disclosure [Text Block] |
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 September 29, 2023 and September 30, 2022:
|
|
For the Quarter Ended |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Reserve balance, beginning of period |
|
$ |
3,476 |
|
|
$ |
3,329 |
|
Current period expense and adjustments |
|
|
1,516 |
|
|
|
908 |
|
Payments or credits to customers |
|
|
(821 |
) |
|
|
(366 |
) |
Translation |
|
|
(11 |
) |
|
|
(67 |
) |
Reserve balance, end of period |
|
$ |
4,160 |
|
|
$ |
3,804 |
|
The current portion of the warranty accrual ($3,409 and $3,331 as of September 29, 2023 and September 30, 2022, respectively) is reflected in accrued liabilities, while the long-term portion ($751 and $473 as of September 29, 2023 and September 30, 2022, respectively) is included in other long-term liabilities on the consolidated balance sheets.
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v3.23.3
Note D - Contingencies
|
3 Months Ended |
Sep. 29, 2023 |
Notes to Financial Statements |
|
Commitments and Contingencies Disclosure [Text Block] |
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 |
- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
Note E - Business Segments
|
3 Months Ended |
Sep. 29, 2023 |
Notes to Financial Statements |
|
Segment Reporting Disclosure [Text Block] |
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 income.
Information about the Company’s segments is summarized as follows:
|
|
For the Quarter Ended |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Net sales |
|
|
|
|
|
|
|
|
Manufacturing segment sales |
|
$ |
54,537 |
|
|
$ |
48,997 |
|
Distribution segment sales |
|
|
32,853 |
|
|
|
24,307 |
|
Inter/Intra segment elimination – manufacturing |
|
|
(20,184 |
) |
|
|
(13,643 |
) |
Inter/Intra segment elimination – distribution |
|
|
(3,652 |
) |
|
|
(3,748 |
) |
|
|
$ |
63,554 |
|
|
$ |
55,913 |
|
Net (loss) income attributable to Twin Disc |
|
|
|
|
|
|
|
|
Manufacturing segment net income |
|
$ |
1,558 |
|
|
$ |
2,402 |
|
Distribution segment net income |
|
|
1,006 |
|
|
|
956 |
|
Corporate and eliminations |
|
|
(3,737 |
) |
|
|
(4,780 |
) |
|
|
$ |
(1,173 |
) |
|
$ |
(1,422 |
) |
|
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Assets |
|
|
|
|
|
|
Manufacturing segment assets |
|
$ |
374,546 |
|
|
$ |
381,668 |
|
Distribution segment assets |
|
|
64,812 |
|
|
|
69,213 |
|
Corporate assets and elimination of intercompany assets |
|
|
(161,377 |
) |
|
|
(161,700 |
) |
|
|
$ |
277,981 |
|
|
$ |
289,181 |
|
Disaggregated revenue:
The following table presents details deemed most relevant to the users of the financial statements for the quarters ended September 29, 2023 and September 30, 2022.
Net sales by product group for the quarter ended September 29, 2023 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
Elimination of |
|
|
|
|
|
|
|
Manufacturing |
|
|
Distribution |
|
|
Intercompany Sales |
|
|
Total |
|
Industrial |
|
$ |
5,290 |
|
|
$ |
1,028 |
|
|
$ |
(634 |
) |
|
$ |
5,684 |
|
Land-based transmissions |
|
|
14,681 |
|
|
|
12,671 |
|
|
|
(8,774 |
) |
|
$ |
18,578 |
|
Marine and propulsion systems |
|
|
34,566 |
|
|
|
16,320 |
|
|
|
(14,422 |
) |
|
$ |
36,464 |
|
Other |
|
|
- |
|
|
|
2,834 |
|
|
|
(6 |
) |
|
$ |
2,828 |
|
Total |
|
$ |
54,537 |
|
|
$ |
32,853 |
|
|
$ |
(23,836 |
) |
|
$ |
63,554 |
|
Net sales by product group for the quarter ended September 30, 2022 is summarized as follows:
|
|
|
|
|
|
|
|
|
|
Elimination of |
|
|
|
|
|
|
|
Manufacturing |
|
|
Distribution |
|
|
Intercompany Sales |
|
|
Total |
|
Industrial |
|
$ |
6,692 |
|
|
$ |
1,048 |
|
|
$ |
(709 |
) |
|
$ |
7,031 |
|
Land-based transmissions |
|
|
16,287 |
|
|
|
4,606 |
|
|
|
(4,956 |
) |
|
$ |
15,937 |
|
Marine and propulsion systems |
|
|
25,816 |
|
|
|
14,544 |
|
|
|
(11,022 |
) |
|
$ |
29,338 |
|
Other |
|
|
202 |
|
|
|
4,109 |
|
|
|
(704 |
) |
|
$ |
3,607 |
|
Total |
|
$ |
48,997 |
|
|
$ |
24,307 |
|
|
$ |
(17,391 |
) |
|
$ |
55,913 |
|
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.3
Note F - Stock-based Compensation
|
3 Months Ended |
Sep. 29, 2023 |
Notes to Financial Statements |
|
Share-Based Payment Arrangement [Text Block] |
F. | Stock-Based Compensation |
Performance Stock Awards (“PSA”)
During the first quarter of fiscal 2024 and 2023, the Company granted a target number of 119.3 and 112.4 PSAs, respectively, to various employees of the Company, including executive officers. 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.
The fiscal 2023 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, 2025. 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 224.8.
There were 334.1 and 433.2 unvested PSAs outstanding at September 29, 2023 and September 30, 2022, 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 $53 and $230 was recognized for the quarters ended September 29, 2023 and September 30, 2022, respectively, related to PSAs. The weighted average grant date fair value of the unvested awards at September 29, 2023 was $11.48. At September 29, 2023, the Company had $2,303 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 September 29, 2023 and September 30, 2022 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 quarter of fiscal 2024 and 2023, the Company granted a target number of 10.5 and 0 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 0 unvested PSUAs outstanding at September 29, 2023 and September 30, 2022, 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 $7 and $0 was recognized for the quarters ended September 29, 2023 and September 30, 2022, respectively, related to PSUAs. The weighted average grant date fair value of the unvested awards at September 29, 2023 was $12.15. At September 29, 2023, the Company had $120 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 September 29, 2023 and September 30, 2022 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 quarter of fiscal 2024 and 2023, the Company granted 81.5 and 129.4 service based restricted shares, respectively, to employees and non-employee directors. There were 260.2 and 356.3 unvested shares outstanding at September 29, 2023 and September 30, 2022, respectively. A total of 2.4 and 0 shares of restricted stock were forfeited during the three quarters ended September 29, 2023 and September 30, 2022, respectively. Compensation expense of $313 and $360 was recognized for the quarters ended September 29, 2023 and September 30, 2022, respectively. The total fair value of restricted stock grants vested as of September 29, 2023 and September 30, 2022 was $1,623 and $417, respectively. As of September 29, 2023, the Company had $1,727 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 quarter of fiscal 2024 and 2023, the Company granted 7.1 and 72.4 of employment based RSUs, respectively. There were 136.8 and 130.9 unvested RSUs outstanding at September 29, 2023 and September 30, 2022, respectively. Compensation expense of $121 and $69 was recognized for the quarters ended September 29, 2023 and September 30, 2022, respectively. The total fair value of restricted stock units vested as of September 29, 2023 and September 30, 2022 was $0 and $40, respectively. The weighted average grant date fair value of the unvested awards at September 29, 2023 was $10.97. As of September 29, 2023, the Company had $663 of unrecognized compensation expense related to restricted stock which will be recognized over the next three years.
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v3.23.3
Note G - Pension and Other Postretirement Benefit Plans
|
3 Months Ended |
Sep. 29, 2023 |
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.
As discussed in Note A, during the fourth quarter of fiscal year 2023, the Company changed its accounting method related to the recognition of actuarial gains and losses for its pension and postretirement benefit plans. Under the new method, actuarial gains and losses are recognized in net periodic benefit costs upon annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement. These changes have been applied retrospectively to prior years presented below. See Notes A, K, M, and P for further information regarding the impact of the change in accounting principle on the Company’s consolidated financial statements.
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 |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Pension Benefits: |
|
|
|
|
|
|
|
|
Service cost |
|
$ |
94 |
|
|
$ |
101 |
|
Prior service cost |
|
|
- |
|
|
|
8 |
|
Interest cost |
|
|
896 |
|
|
|
868 |
|
Expected return on plan assets |
|
|
(1,048 |
) |
|
|
(1,060 |
) |
Amortization of transition obligation |
|
|
10 |
|
|
|
9 |
|
Amortization of prior service cost |
|
|
9 |
|
|
|
9 |
|
Amortization of actuarial net loss |
|
|
16 |
|
|
|
10 |
|
Net periodic benefit cost |
|
$ |
(24 |
) |
|
$ |
(55 |
) |
|
|
|
|
|
|
|
|
|
Postretirement Benefits: |
|
|
|
|
|
|
|
|
Service cost |
|
$ |
2 |
|
|
$ |
2 |
|
Interest cost |
|
|
48 |
|
|
|
53 |
|
Amortization of prior service cost |
|
|
(22 |
) |
|
|
(69 |
) |
Amortization of actuarial net loss |
|
|
(155 |
) |
|
|
(10 |
) |
Net periodic benefit gain |
|
$ |
(127 |
) |
|
$ |
(24 |
) |
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 $645 to its pension plans in fiscal 2024. As of September 29 2023, $182 in contributions to the pension plans have been made.
The Company has reclassified ($171) (net of $5 in taxes) of benefit plan adjustments from accumulated other comprehensive loss during the quarter ended September 29, 2023, and ($89) (net of $9 in taxes) during the quarter ended September 30, 2022. These reclassifications are included in the computation of net periodic benefit cost.
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v3.23.3
Note H - Income Taxes
|
3 Months Ended |
Sep. 29, 2023 |
Notes to Financial Statements |
|
Income Tax Disclosure [Text Block] |
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 US valuation allowance, the US entity may only recognize tax expense / benefit recorded for ASC 740-10 adjustments.
For the three months ended September 29, 2023 and September 30, 2022 the Company’s effective income tax rate was (101.7)% and 26.3% respectively. Foreign earnings were $3,200 and ($2,080), respectively, with a related tax expense of $516 and ($702), respectively. Domestic losses were ($3,700) and ($542), respectively, with a related tax expense of $30 and $14, respectively. Due to the full US valuation allowance currently in place, no tax benefit can be recognized on the domestic losses. This inability to recognize a tax benefit for domestic purposes resulted in a consolidated tax expense of $546 and ($688) respectively, on a year-to-date loss of ($537) and ($2,012), respectively.
The Company maintains valuation allowances when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Changes in valuation allowances from period to period are included in the tax provision in the period of change. In determining whether a valuation allowance is required, the Company takes into account such factors as prior earnings history, expected future earnings, carry-back and carry-forward periods, and tax strategies that could potentially enhance the likelihood of realization of a deferred tax asset. In addition, all other available positive and negative evidence is taken into consideration, including all new impacts of tax reform. The Company has evaluated the realizability of the net deferred tax assets related to its foreign operations and based on this evaluation management has concluded that no valuation allowances are required.
The Company has approximately $867 of unrecognized tax benefits, including interest and penalties, as of September 29, 2023, which, if recognized, would favorably impact the effective tax rate. There were no significant changes in the total unrecognized tax benefits due to the settlement of audits, the expiration of statutes of limitations or for other items during the quarter ended September 29, 2023. It appears possible that the amount of unrecognized tax benefits could change in the next twelve months due to on-going activity.
Annually, the Company files income tax returns in various taxing jurisdictions inside and outside the United States. In general, the tax years that remain subject to examination in foreign jurisdictions are 2018 through 2023. The tax year open to exam in the Netherlands is 2019. The tax years open to examination in the U.S. are for years subsequent to fiscal 2018. It is reasonably possible that other audit cycles will be completed during fiscal 2024.
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v3.23.3
Note I - Intangible Assets
|
3 Months Ended |
Sep. 29, 2023 |
Notes to Financial Statements |
|
Goodwill and Intangible Assets Disclosure [Text Block] |
As of September 29, 2023, 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 |
|
Balance at June 30, 2023 |
|
$ |
31,925 |
|
|
$ |
(19,288 |
) |
|
$ |
12,637 |
|
|
$ |
6,553 |
|
|
$ |
2,422 |
|
|
$ |
668 |
|
|
$ |
2,994 |
|
Addition |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Reduction |
|
|
(89 |
) |
|
|
- |
|
|
|
(89 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(89 |
) |
Amortization |
|
|
- |
|
|
|
(819 |
) |
|
|
(819 |
) |
|
|
(312 |
) |
|
|
(282 |
) |
|
|
(39 |
) |
|
|
(186 |
) |
Translation adjustment |
|
|
(211 |
) |
|
|
- |
|
|
|
(212 |
) |
|
|
(197 |
) |
|
|
(110 |
) |
|
|
22 |
|
|
|
73 |
|
Balance at September 29, 2023 |
|
$ |
31,625 |
|
|
$ |
(20,107 |
) |
|
$ |
11,517 |
|
|
$ |
6,044 |
|
|
$ |
2,030 |
|
|
$ |
651 |
|
|
$ |
2,792 |
|
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 $819 and $698 for the quarters ended September 29, 2023, and September 30, 2022, respectively. Estimated intangible amortization expense for the remainder of fiscal 2024 and each of the next five fiscal years is as follows:
Fiscal Year |
|
|
|
|
2024 |
|
$ |
2,517 |
|
2025 |
|
|
3,191 |
|
2026 |
|
|
2,247 |
|
2027 |
|
|
1,495 |
|
2028 |
|
|
1,346 |
|
2029 |
|
|
721 |
|
Thereafter |
|
|
0 |
|
|
X |
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- DefinitionThe entire disclosure for goodwill and intangible assets.
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v3.23.3
Note J - Long Term Debt
|
3 Months Ended |
Sep. 29, 2023 |
Notes to Financial Statements |
|
Debt Disclosure [Text Block] |
Long-term debt at September 29, 2023 and June 30, 2023 consisted of the following:
|
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Credit Agreement Debt |
|
|
|
|
|
|
|
|
Revolving loans (expire June 2025) |
|
$ |
10,633 |
|
|
$ |
7,094 |
|
Term loan (due March 2026) |
|
|
11,000 |
|
|
|
11,500 |
|
Other |
|
|
24 |
|
|
|
33 |
|
Subtotal |
|
|
21,657 |
|
|
|
18,627 |
|
Less: current maturities |
|
|
(2,002 |
) |
|
|
(2,010 |
) |
Total long-term debt |
|
$ |
19,655 |
|
|
$ |
16,617 |
|
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 March 4, 2026, 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 $40.0 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 $3.0 million in any fiscal year. The term of the Revolving Loans under the Credit Agreement currently runs through June 30, 2025.
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 1.25% and 2.75% for Revolving Loans and Letters of Credit; 1.375% and 2.875% for Term Loans; and 0.10% and 0.15% 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. The Company’s Tangible Net Worth may not be less than $100 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 September 29, 2023, current maturities include $2,000 of term loan payments due within the coming year.
Other: Other long-term debt pertains mainly to a financing arrangement in Europe. These liabilities carry terms of three to five years and implied interest rates ranging from 7% to 25%. A total amount of $7 in principal was paid on these liabilities during the current fiscal year.
During the quarter ended September 29, 2023, the average interest rate was 6.73% on the Term Loan, and 5.47% on the Revolving Loans.
As of September 29, 2023, the Company’s borrowing capacity on the Revolving Loans under the terms of the Credit Agreement was $37,665, and the Company had approximately $27,032 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 September 29, 2023 and June 30, 2023. 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 September 29, 2023, the notional amount was $11,000. 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.
|
X |
- 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.
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v3.23.3
Note K - Shareholders' Equity
|
3 Months Ended |
Sep. 29, 2023 |
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 September 29, 2023 remain authorized for purchase. The Company did not make any open market purchases of its shares during the quarters ended September 29, 2023 and September 30, 2022.
As of July 1, 2022, the cumulative effect of the Accounting change resulted in $25.1 million decrease to retained earnings and a corresponding $25.1 million increase to Accumulated other comprehensive income (loss), both net of tax of $0 ($7.9 million in deferred tax asset offset by $7.9 million valuation allowance).
See Notes A, G, M, and P for further information regarding the impact of the Accounting change on the Company’s prior year consolidated financial statements.
The following is a reconciliation of the Company’s equity balances for the first fiscal quarter of 2023 and 2022:
| | Twin Disc, Inc. Shareholders’ Equity | |
| | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | Other | | | | | | | Non- | | | | | |
| | Common | | | Retained | | | Comprehensive | | | Treasury | | | Controlling | | | Total | |
| | Stock | | | Earnings | | | Income (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 loss on cash flow hedge, net of tax | | | | | | | | | | | 216 | | | | | | | | | | | | 216 | |
Compensation expense | | | 494 | | | | | | | | | | | | | | | | | | | | 494 | |
Stock awards, net of tax | | | (3,911 | ) | | | | | | | | | | | 2,148 | | | | | | | | (1,995 | ) |
Balance, September 29, 2023 | | $ | 39,439 | | | $ | 119,126 | | | $ | (8,621 | ) | | $ | (10,343 | ) | | $ | 574 | | | $ | 140,175 | |
| | Twin Disc, Inc. Shareholders’ Equity | |
| | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | Other | | | | | | | Non- | | | | | |
| | Common | | | Retained | | | Comprehensive | | | Treasury | | | Controlling | | | Total | |
| | Stock | | | Earnings | | | Income (Loss) | | | Stock | | | Interest | | | Equity | |
Balance, June 30, 2022 | | $ | 42,551 | | | $ | 109,919 | | | $ | (6,974 | ) | | $ | (14,720 | ) | | $ | 412 | | | $ | 131,188 | |
Net income | | | | | | | (1,422 | ) | | | | | | | | | | | 98 | | | | (1,324 | ) |
Translation adjustments | | | | | | | | | | | (6,328 | ) | | | | | | | 38 | | | | (6,290 | ) |
Benefit plan adjustments, net of tax | | | | | | | | | | | (89 | ) | | | | | | | | | | | (89 | ) |
Unrealized loss on cash flow hedge, net of tax | | | | | | | | | | | 793 | | | | | | | | | | | | 793 | |
Compensation expense | | | 658 | | | | | | | | | | | | | | | | | | | | 658 | |
Stock awards, net of tax | | | (1,924 | ) | | | | | | | | | | | 1,756 | | | | | | | | (168 | ) |
Balance, September 30, 2022 | | $ | 41,285 | | | $ | 108,497 | | | $ | (12,598 | ) | | $ | (12,964 | ) | | $ | 548 | | | $ | 124,768 | |
Reconciliations for the changes in accumulated other comprehensive income (loss), net of tax, by component for the quarters ended September 29, 2023 and September 30, 2022 are as follows:
| | 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 income | | | - | | | | (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 | | | Benefit Plan | | | Cash Flow | | | Net Investment | |
| | Adjustment | | | Adjustment | | | Hedges | | | Hedges | |
Balance, June 30, 2022 | | $ | (2,266 | ) | | $ | (6,614 | ) | | $ | 356 | | | $ | 1,550 | |
Translation adjustment during the quarter | | | (6,328 | ) | | | - | | | | - | | | | - | |
Amounts reclassified from accumulated other comprehensive income | | | - | | | | (89 | ) | | | 657 | | | | 136 | |
Net current period other comprehensive (loss) income | | | (6,328 | ) | | | (89 | ) | | | 657 | | | | 136 | |
Balance, September 30, 2022 | | $ | (8,594 | ) | | $ | (6,703 | ) | | $ | 1,013 | | | $ | 1,686 | |
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended September 29, 2023 are as follows:
| | Amount Reclassified | |
| | Quarter Ended | |
| | September 29, 2023 | |
Changes in benefit plan items | | | | |
Actuarial losses | | $ | (172 | )(a) |
Transition asset and prior service benefit | | | (4 | )(a) |
Total amortization | | | (176 | ) |
Income tax expense | | | 5 | |
Total reclassification net of tax | | $ | (171 | ) |
Reconciliation for the changes in benefit plan adjustments, net of tax for the quarter ended September 30, 2022 is as follows:
| | Amount Reclassified | |
| | Quarter Ended | |
| | September 30, 2022 | |
Changes in benefit plan items | | | | |
Actuarial losses | | $ | 560 | (a) |
Transition asset and prior service benefit | | | (51 | )(a) |
Mark-to-market adjustment | | | (607 | ) |
Total amortization | | | (98 | ) |
Income tax expense | | | 9 | |
Total reclassification net of tax | | $ | (89 | ) |
| (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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v3.23.3
Note L - Assets Held for Sale
|
3 Months Ended |
Sep. 29, 2023 |
Notes to Financial Statements |
|
Assets Held-for-Sale [Text Block] |
To improve its fixed cost structure and monetize some of its under-utilized assets, the Company commenced the active marketing of several of its real estate properties. Such actions required the Company to reclassify these assets from Property, Plant and Equipment to Assets Held for Sale, at fair value less costs to sell, or net book value, whichever is lower. Fair value was determined using real estate broker estimates and would be classified as Level 3 in the fair value hierarchy. This assessment of fair value resulted in the Company recognizing a write-down of the carrying value of its former corporate headquarters by $4,267 in the fourth quarter of fiscal 2021. The Company expects to complete the sale of its former corporate headquarters before the end of fiscal year 2024.
In the first quarter of fiscal 2023, the Company commenced the active marketing of an additional real estate property located in Nivelles, Belgium. This action required the Company to reclassify these assets from Property, Plant, and Equipment to Assets Held for Sale, at fair value less costs to sell or net book value, whichever is lower. Fair value was determined using real estate broker estimates and would be classified as Level 3 in the fair value hierarchy. The real estate property's fair value less costs to sell exceeded its net book value. The Company reclassified the property's net book value of $2,801 from Property, Plant, and Equipment to Assets Held for Sale.
In the second quarter of fiscal 2023, the Company completed the sale of the real estate property located in Belgium and received $7,150 in proceeds, net of fees and recorded a gain of $4,161 in other operating income.
In the first quarter of fiscal 2024, the Company entered into an agreement to sell certain machinery assets, inventory, and legal relationships of its boat management systems product line. This action required the Company to reclassify these assets from Property, Plant and Equipment and Inventory to Assets Held for Sale, at fair value less costs to sell, or net book value, whichever is lower. The fair value of the machinery assets was determined using local internal specialists. The machinery assets’ fair value less costs to sell exceeded its net book value. The boat management systems inventory was valued at the lower of cost or net realizable value. Net realizable value was determined using the offer amount from the buyer less costs to sell. This assessment resulted in the Company recognizing a write-down of the carrying value of its boat management systems inventory of $2.1 million. The write-down was classified in the Condensed Consolidated Statement of Operations and Comprehensive loss as a component of cost of goods sold. The agreement closed October 30, 2023.
|
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- DefinitionThe entire disclosure for assets held for sale.
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v3.23.3
Note M - Earnings Per Share
|
3 Months Ended |
Sep. 29, 2023 |
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.
As discussed in Note A, during the fourth quarter of 2023, the Company changed its accounting method related to the recognition of actuarial gains and losses for its pension plans. Under the new method, actuarial gains and losses are recognized in net periodic benefit costs upon annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement. These changes have been applied retrospectively to prior years. See Notes A, G, K, and P for further information regarding the impact of the change in accounting principle on the Company’s consolidated financial statements.
The components of basic and diluted earnings per share were as follows:
|
|
|
|
|
|
As Adjusted |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Basic: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,083 |
) |
|
$ |
(1,324 |
) |
Less: Net earnings attributable to noncontrolling interest |
|
|
(90 |
) |
|
|
(98 |
) |
Less: Undistributed earnings attributable to unvested shares |
|
|
- |
|
|
|
- |
|
Net loss attributable to Twin Disc |
|
|
(1,173 |
) |
|
|
(1,422 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
|
13,527 |
|
|
|
13,407 |
|
|
|
|
|
|
|
|
|
|
Basic Loss Per Share: |
|
|
|
|
|
|
|
|
Net loss per share - basic |
|
$ |
(0.09 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,083 |
) |
|
$ |
(1,324 |
) |
Less: Net earnings attributable to noncontrolling interest |
|
|
(90 |
) |
|
|
(98 |
) |
Less: Undistributed earnings attributable to unvested shares |
|
|
- |
|
|
|
- |
|
Net loss attributable to Twin Disc |
|
|
(1,173 |
) |
|
|
(1,422 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
|
13,527 |
|
|
|
13,407 |
|
Effect of dilutive stock awards |
|
|
- |
|
|
|
- |
|
Weighted average shares outstanding - diluted |
|
|
13,527 |
|
|
|
13,407 |
|
|
|
|
|
|
|
|
|
|
Diluted Loss Per Share: |
|
|
|
|
|
|
|
|
Net loss per share - diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.11 |
) |
The following potential common shares were excluded from diluted EPS for the quarter ended September 29, 2023 because they were anti-dilutive: 265.0 related to the Company’s unvested PSAs, 5.2 related to the Company’s unvested PSUA awards, 108.5 related to the Company’s unvested RS awards, and 72.6 related to the Company’s unvested RSUs.
The following potential common shares were excluded from diluted EPS for the quarter ended September 30, 2022 because they were anti-dilutive: 320.8 related to the Company’s unvested PSAs, 181.2 related to the Company’s unvested RS awards, and 51.2 related to the Company’s unvested RSUs.
|
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v3.23.3
Note N - Lease Obligations
|
3 Months Ended |
Sep. 29, 2023 |
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.
|
Balance Sheet Location |
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Lease Assets |
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
Right-of-use assets operating leases |
|
$ |
12,093 |
|
|
$ |
13,133 |
|
Finance lease right-of-use assets |
Property, plant and equipment, net |
|
|
4,952 |
|
|
$ |
4,427 |
|
|
|
|
|
|
|
|
|
|
|
Lease Liabilities |
|
|
|
|
|
|
|
|
|
Operating lease liabilities |
Accrued liabilities |
|
$ |
2,218 |
|
|
$ |
2,343 |
|
Operating lease liabilities |
Lease obligations |
|
|
9,896 |
|
|
$ |
10,811 |
|
Finance lease liabilities |
Accrued liabilities |
|
|
670 |
|
|
$ |
643 |
|
Finance lease liabilities |
Other long-term liabilities |
|
|
4,556 |
|
|
$ |
4,314 |
|
The components of lease expense were as follows:
|
|
For the Quarter Ended |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Finance lease cost: |
|
|
|
|
|
|
|
|
Amortization of right-of-use assets |
|
$ |
222 |
|
|
$ |
155 |
|
Interest on lease liabilities |
|
|
73 |
|
|
|
64 |
|
Operating lease cost |
|
|
893 |
|
|
|
711 |
|
Short-term lease cost |
|
|
3 |
|
|
|
13 |
|
Variable lease cost |
|
|
100 |
|
|
|
40 |
|
Total lease cost |
|
|
1,291 |
|
|
|
983 |
|
Less: Sublease income |
|
|
(20 |
) |
|
|
(17 |
) |
Net lease cost |
|
$ |
1,271 |
|
|
$ |
966 |
|
Other information related to leases was as follows:
|
|
For the Quarter Ended |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
924 |
|
|
$ |
748 |
|
Operating cash flows from finance leases |
|
|
73 |
|
|
|
201 |
|
Financing cash flows from finance leases |
|
|
847 |
|
|
|
132 |
|
Right-of-use-assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
|
|
Operating leases |
|
|
15 |
|
|
|
528 |
|
Finance leases |
|
|
484 |
|
|
|
51 |
|
Weighted average remaining lease term (years): |
|
|
|
|
|
Operating leases |
|
|
8.2 |
|
|
|
8.8 |
|
Finance lease |
|
|
9.7 |
|
|
|
11.4 |
|
Weighted average discount rate: |
|
|
|
|
|
|
|
|
Operating leases |
|
|
7.6 |
% |
|
|
7.2 |
% |
Finance leases |
|
|
5.7 |
% |
|
|
5.2 |
% |
Approximate future minimum rental commitments under non-cancellable leases as of September 29, 2023 were as follows:
|
|
Operating Leases |
|
|
Finance Leases |
|
2024 |
|
$ |
2,396 |
|
|
$ |
740 |
|
2025 |
|
|
2,143 |
|
|
|
806 |
|
2026 |
|
|
1,672 |
|
|
|
744 |
|
2027 |
|
|
1,608 |
|
|
|
679 |
|
2028 |
|
|
1,587 |
|
|
|
619 |
|
2029 |
|
|
1,572 |
|
|
|
476 |
|
Thereafter |
|
|
5,602 |
|
|
|
2,655 |
|
Total future lease payments |
|
|
16,580 |
|
|
|
6,719 |
|
Less: Amount representing interest |
|
|
(4,466 |
) |
|
|
(1,493 |
) |
Present value of future payments |
|
$ |
12,114 |
|
|
$ |
5,226 |
|
|
X |
- DefinitionThe entire disclosure for operating and finance leases of lessee. Includes, but is not limited to, description of leases and maturity analysis of lease liabilities.
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v3.23.3
Note O - Derivative Financial Instruments
|
3 Months Ended |
Sep. 29, 2023 |
Notes to Financial Statements |
|
Derivative Instruments and Hedging Activities Disclosure [Text Block] |
O. |
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 September 29, 2023, with a notional amount of $11,000. 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 (loss) income. 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 ($682) and ($688) as of September 29, 2023, and June 30, 2023, 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 $284 of net unrealized losses related to cash flow hedging activities included in accumulated other comprehensive loss as of September 29, 2023 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 (loss) related to net investment hedging activities that were included in accumulated other comprehensive loss were ($1,494) and ($1,272) as of September 29, 2023 and June 30, 2023, respectively.
Fair Value of Derivative Instruments
The fair value of derivative instruments included in the condensed consolidated balance sheets were as follows:
|
Balance Sheet Location |
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Derivative designated as hedge: |
|
|
|
|
|
|
|
|
|
Interest rate swap |
Other current assets |
|
$ |
268 |
|
|
$ |
292 |
|
Interest rate swap |
Other noncurrent assets |
|
|
205 |
|
|
|
187 |
|
The impact of the Company’s derivative instruments on the condensed consolidated statements of operations and comprehensive (loss) income for the quarters ended September 29, 2023 and September 30, 2022, respectively, was as follows:
|
Statement of Operations and Comprehensive |
|
For the Quarter Ended |
|
|
(Loss) Income Location |
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Derivative designated as hedge: |
|
|
|
|
|
|
|
|
|
Interest rate swap |
Interest expense |
|
$ |
71 |
|
|
$ |
84 |
|
Interest rate swap |
Unrealized loss on hedges |
|
|
(6 |
) |
|
|
349 |
|
Net investment hedge |
Unrealized loss on hedges |
|
|
222 |
|
|
|
444 |
|
|
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.
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v3.23.3
Note P - Impact of Accounting Method Change
|
3 Months Ended |
Sep. 29, 2023 |
Notes to Financial Statements |
|
Accounting Standards Update and Change in Accounting Principle [Text Block] |
P. |
IMPACT OF ACCOUNTING METHOD CHANGE |
The following tables summarize the effects of the Accounting change described in Note A on the Company’s condensed consolidated statement of operations and comprehensive loss, statement of cash flows and statement of changes in equity for the quarter ended September 30, 2022 and condensed consolidated balance sheet as of September 30, 2022. Certain prior year amounts pertaining to finance lease obligations have been reclassified for consistency with current year presentation.
CONDENSED CONSOLIDATED STATEMENT OF OPERATION AND COMPREHENSIVE LOSS
|
|
September 30, 2022 |
|
|
|
As Computed Under Previous Method |
|
|
Effect of Accounting Change |
|
|
As Reported Under New Method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
55,913 |
|
|
$ |
- |
|
|
$ |
55,913 |
|
Cost of goods sold |
|
|
42,616 |
|
|
|
- |
|
|
|
42,616 |
|
Gross profit |
|
|
13,297 |
|
|
|
- |
|
|
|
13,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, engineering and administrative expenses |
|
|
15,090 |
|
|
|
- |
|
|
|
15,090 |
|
Loss from operations |
|
|
(1,793 |
) |
|
|
- |
|
|
|
(1,793 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(566 |
) |
|
|
- |
|
|
|
(566 |
) |
Other income, net |
|
|
(260 |
) |
|
|
607 |
|
|
|
347 |
|
|
|
|
(826 |
) |
|
|
607 |
|
|
|
(219 |
) |
Income before income taxes and noncontrolling interest |
|
|
(2,619 |
) |
|
|
607 |
|
|
|
(2,012 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
(688 |
) |
|
|
- |
|
|
|
(688 |
) |
Net loss |
|
|
(1,931 |
) |
|
|
607 |
|
|
|
(1,324 |
) |
Less: Net loss attributable to noncontrolling interest, net of tax |
|
|
(98 |
) |
|
|
- |
|
|
|
(98 |
) |
Net loss attributable to Twin Disc |
|
$ |
(2,029 |
) |
|
$ |
607 |
|
|
$ |
(1,422 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share attributable to Twin Disc common shareholders |
|
$ |
(0.15 |
) |
|
$ |
0.04 |
|
|
$ |
(0.11 |
) |
Diluted loss per share attributable to Twin Disc common shareholders |
|
$ |
(0.15 |
) |
|
$ |
0.04 |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding data: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares outstanding |
|
|
13,407 |
|
|
|
- |
|
|
|
13,407 |
|
Diluted shares outstanding |
|
|
13,407 |
|
|
|
- |
|
|
|
13,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,931 |
) |
|
$ |
607 |
|
|
$ |
(1,324 |
) |
Benefit plan adjustments, net of income taxes of $9 |
|
|
518 |
|
|
|
(607 |
) |
|
|
(89 |
) |
Foreign currency translation adjustment |
|
|
(6,290 |
) |
|
|
- |
|
|
|
(6,290 |
) |
Unrealized loss on hedges, net of income taxes of $0, respectively |
|
|
793 |
|
|
|
- |
|
|
|
793 |
|
Comprehensive loss |
|
|
(6,910 |
) |
|
|
- |
|
|
|
(6,910 |
) |
Less: Comprehensive income attributable to noncontrolling interest |
|
|
136 |
|
|
|
- |
|
|
|
136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss attributable to Twin Disc |
|
$ |
(7,046 |
) |
|
$ |
- |
|
|
$ |
(7,046 |
) |
CONDENSED ONSOLIDATED CONDENSED BALANCE SHEET
|
|
September 30, 2022 |
|
|
|
As Computed Under Previous Method |
|
|
Effect of Accounting Change |
|
|
As Reported Under New Method |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
13,214 |
|
|
$ |
- |
|
|
$ |
13,214 |
|
Trade accounts receivable, net |
|
|
40,007 |
|
|
|
- |
|
|
|
40,007 |
|
Inventories |
|
|
128,100 |
|
|
|
- |
|
|
|
128,100 |
|
Assets held for sale |
|
|
5,769 |
|
|
|
- |
|
|
|
5,769 |
|
Prepaid expenses |
|
|
8,207 |
|
|
|
- |
|
|
|
8,207 |
|
Other |
|
|
6,521 |
|
|
|
- |
|
|
|
6,521 |
|
Total current assets |
|
|
201,818 |
|
|
|
- |
|
|
|
201,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
38,989 |
|
|
|
- |
|
|
|
38,989 |
|
Right-of-use assets operating leases |
|
|
11,492 |
|
|
|
- |
|
|
|
11,492 |
|
Intangible assets, net |
|
|
11,560 |
|
|
|
- |
|
|
|
11,560 |
|
Deferred income taxes |
|
|
2,846 |
|
|
|
- |
|
|
|
2,846 |
|
Other assets |
|
|
2,846 |
|
|
|
- |
|
|
|
2,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
269,551 |
|
|
$ |
- |
|
|
$ |
269,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
$ |
2,000 |
|
|
$ |
- |
|
|
$ |
2,000 |
|
Accounts payable |
|
|
30,706 |
|
|
|
- |
|
|
|
30,706 |
|
Accrued liabilities |
|
|
49,158 |
|
|
|
- |
|
|
|
49,158 |
|
Total current liabilities |
|
|
81,864 |
|
|
|
- |
|
|
|
81,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
35,112 |
|
|
|
- |
|
|
|
35,112 |
|
Lease obligations |
|
|
9,483 |
|
|
|
- |
|
|
|
9,483 |
|
Accrued retirement benefits |
|
|
9,860 |
|
|
|
- |
|
|
|
9,860 |
|
Deferred income taxes |
|
|
3,422 |
|
|
|
- |
|
|
|
3,422 |
|
Other long-term liabilities |
|
|
5,042 |
|
|
|
- |
|
|
|
5,042 |
|
Total liabilities |
|
|
144,783 |
|
|
|
- |
|
|
|
144,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twin Disc 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 |
|
|
41,285 |
|
|
|
- |
|
|
|
41,285 |
|
Retained earnings |
|
|
133,002 |
|
|
|
(24,505 |
) |
|
|
108,497 |
|
Accumulated other comprehensive loss |
|
|
(37,103 |
) |
|
|
24,505 |
|
|
|
(12,598 |
) |
|
|
|
137,184 |
|
|
|
- |
|
|
|
137,184 |
|
Less treasury stock, at cost (845,670 shares, respectively) |
|
|
12,964 |
|
|
|
- |
|
|
|
12,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Twin Disc shareholders' equity |
|
|
124,220 |
|
|
|
- |
|
|
|
124,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest |
|
|
548 |
|
|
|
- |
|
|
|
548 |
|
Total equity |
|
|
124,768 |
|
|
|
- |
|
|
|
124,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
269,551 |
|
|
$ |
- |
|
|
$ |
269,551 |
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
|
|
September 30, 2022 |
|
|
|
As Computed Under Previous Method |
|
|
Effect of Accounting Change |
|
|
As Reported Under New Method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,931 |
) |
|
$ |
607 |
|
|
$ |
(1,324 |
) |
Adjustments to reconcile net loss to net cash provided by used activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,140 |
|
|
|
- |
|
|
|
2,140 |
|
Gain on sale of assets |
|
|
(42 |
) |
|
|
- |
|
|
|
(42 |
) |
Restructuring expenses |
|
|
(68 |
) |
|
|
- |
|
|
|
(68 |
) |
Provision for deferred income taxes |
|
|
(1,623 |
) |
|
|
- |
|
|
|
(1,623 |
) |
Stock compensation expense |
|
|
864 |
|
|
|
- |
|
|
|
864 |
|
Net change in operating assets and liabilities |
|
|
(36 |
) |
|
|
(607 |
) |
|
|
(643 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by operating activities |
|
|
(696 |
) |
|
|
- |
|
|
|
(696 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property, plant, and equipment |
|
|
(2,237 |
) |
|
|
- |
|
|
|
(2,237 |
) |
Proceeds from sale of fixed assets |
|
|
2 |
|
|
|
- |
|
|
|
2 |
|
Proceeds on note receivable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other, net |
|
|
534 |
|
|
|
- |
|
|
|
534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by investing activities |
|
|
(1,701 |
) |
|
|
- |
|
|
|
(1,701 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings under revolving loan arrangements |
|
|
20,221 |
|
|
|
- |
|
|
|
20,221 |
|
Repayments of revolving loan arrangements |
|
|
(18,685 |
) |
|
|
- |
|
|
|
(18,685 |
) |
Repayments of other long-term debt |
|
|
(651 |
) |
|
|
132 |
|
|
|
(519 |
) |
Payments of finance lease obligations |
|
|
- |
|
|
|
(132 |
) |
|
|
(132 |
) |
Payments of withholding taxes on stock compensation |
|
|
(168 |
) |
|
|
- |
|
|
|
(168 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
717 |
|
|
|
- |
|
|
|
717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
2,373 |
|
|
|
- |
|
|
|
2,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash |
|
|
693 |
|
|
|
- |
|
|
|
693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
12,521 |
|
|
|
- |
|
|
|
12,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period |
|
$ |
13,214 |
|
|
$ |
- |
|
|
$ |
13,214 |
|
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
|
|
September 30, 2022 |
|
|
|
As Computed Under Previous Method |
|
|
Effect of Accounting Change |
|
|
As Reported Under New Method |
|
Retained earnings |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2022 |
|
|
135,031 |
|
|
|
(25,112 |
) |
|
|
109,919 |
|
Net loss attributable to Twin Disc |
|
|
(2,029 |
) |
|
|
607 |
|
|
|
(1,422 |
) |
Balance at September 30, 2022 |
|
$ |
133,002 |
|
|
$ |
(24,505 |
) |
|
$ |
108,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2022 |
|
|
(32,086 |
) |
|
|
25,112 |
|
|
|
(6,974 |
) |
Translation adjustments |
|
|
(6,328 |
) |
|
|
- |
|
|
|
(6,328 |
) |
Benefit plan adjustments, net of tax |
|
|
518 |
|
|
|
(607 |
) |
|
|
(89 |
) |
Unrealized gain on hedges, net of tax |
|
|
793 |
|
|
|
- |
|
|
|
793 |
|
Balance at September 30, 2022 |
|
$ |
(37,103 |
) |
|
$ |
24,505 |
|
|
$ |
(12,598 |
) |
|
X |
- References
+ Details
Name: |
us-gaap_DisclosureTextBlockAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(iv) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 11.M.Q2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480530/250-10-S99-5
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (i)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 5 -Subparagraph (f)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479832/842-10-65-5
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 5 -Subparagraph (f)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479832/842-10-65-5
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-2
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v3.23.3
Significant Accounting Policies (Policies)
|
3 Months Ended |
Sep. 29, 2023 |
Accounting Policies [Abstract] |
|
Basis of Accounting, Policy [Policy Text Block] |
Change in Accounting Method
During the fourth quarter of fiscal year 2023, the Company changed its accounting method related to the recognition of actuarial gains and losses for the Company’s pension and postretirement benefit plans (the “Accounting change”). Prior to the Accounting change, actuarial gains and losses were recognized as a component of Accumulated other comprehensive income (loss) upon annual remeasurement and were amortized into earnings in future periods when they exceeded the accounting corridor, a defined range within which amortization of net gains and losses is not required. Under the Accounting change, the accounting corridor of 10% of the greater of the projected benefit obligation and plan assets was modified to add full, immediate recognition above a second 20% threshold. Although the decision to make the Accounting change occurred in the fourth quarter of fiscal year 2023, the actual accounting method change was applied to all calculations for fiscal year end 2023, and retroactively applied to all other amounts presented in this Form 10-Q.
Under the new accounting method, actuarial gains and losses are recognized in net periodic benefit cost through a modified mark-to-market (expense) benefit upon annual remeasurement in the fourth quarter, or on an interim basis as triggering events warrant remeasurement. The method for recognizing prior service credits (charges) as a component of Accumulated other comprehensive income (loss) and amortized into earnings in future periods is not changing. With respect to the recognition of actuarial gains and losses, while the historical principle was acceptable, the Company believes the Accounting change is preferable as it better aligns with fair value principles by recognizing the effects of economic and interest rate changes in plan assets and liabilities in the year in which the gains and losses are incurred to the degree such accumulated gains and losses exceed the new 20% threshold in addition to amortizing the amounts between the 10% and 20% thresholds over time. The Accounting change has been applied retrospectively to prior years and amounts presented. As of July 1, 2022, the cumulative effect of the change resulted in $25.1 million decrease to retained earnings and a corresponding $25.1 million increase to Accumulated other comprehensive income (loss), both net of tax of $0 ($7.9 million in deferred tax asset offset by $7.9 million valuation allowance).
See Notes G, K, M and P for further information regarding the impact of the Accounting change on the Company’s current and prior consolidated financial statements.
|
New Accounting Pronouncements, Policy [Policy Text Block] |
Recently Adopted Accounting Standards
In March 2020 and January 2021, the FASB issued guidance (ASU 2020-04 and ASU 2021-01, respectively), intended to provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (“LIBOR”) or by another reference rate expected to be discontinued. The amendments in this guidance are effective beginning on March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2022. The adoption of this guidance did not have a material impact on the Company’s financial statements.
In June 2016, the FASB issued updated guidance (ASU 2016-13) and also issued subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10 (collectively ASC 326). ASC 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This replaces the existing incurred loss model with an expected loss model and requires the use of forward-looking information to calculate credit loss estimates. The amendments in this guidance are effective for filers, excluding smaller reporting companies, for fiscal years beginning after December 15, 2019, and for smaller reporting companies for fiscal years beginning after December 15, 2022 (the Company’s fiscal 2024), with early adoption permitted for certain amendments. ASC 326 must be adopted by applying a cumulative effect adjustment to retained earnings. The adoption of this guidance did not have a material impact on the Company’s financial statements.
|
Reporting Status [Policy Text Block] |
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.
|
X |
- DefinitionDisclosure of the accounting policy for reporting status.
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v3.23.3
Note B - Inventories (Tables)
|
3 Months Ended |
Sep. 29, 2023 |
Notes Tables |
|
Schedule of Inventory, Current [Table Text Block] |
|
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Inventories: |
|
|
|
|
|
|
|
|
Finished parts |
|
$ |
63,087 |
|
|
$ |
66,956 |
|
Work in process |
|
|
22,008 |
|
|
|
23,374 |
|
Raw materials |
|
|
41,141 |
|
|
|
41,600 |
|
|
|
$ |
126,236 |
|
|
$ |
131,930 |
|
|
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.
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v3.23.3
Note C - Warranty (Tables)
|
3 Months Ended |
Sep. 29, 2023 |
Notes Tables |
|
Schedule of Product Warranty Liability [Table Text Block] |
|
|
For the Quarter Ended |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Reserve balance, beginning of period |
|
$ |
3,476 |
|
|
$ |
3,329 |
|
Current period expense and adjustments |
|
|
1,516 |
|
|
|
908 |
|
Payments or credits to customers |
|
|
(821 |
) |
|
|
(366 |
) |
Translation |
|
|
(11 |
) |
|
|
(67 |
) |
Reserve balance, end of period |
|
$ |
4,160 |
|
|
$ |
3,804 |
|
|
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.
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v3.23.3
Note E - Business Segments (Tables)
|
3 Months Ended |
Sep. 29, 2023 |
Notes Tables |
|
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] |
|
|
For the Quarter Ended |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Net sales |
|
|
|
|
|
|
|
|
Manufacturing segment sales |
|
$ |
54,537 |
|
|
$ |
48,997 |
|
Distribution segment sales |
|
|
32,853 |
|
|
|
24,307 |
|
Inter/Intra segment elimination – manufacturing |
|
|
(20,184 |
) |
|
|
(13,643 |
) |
Inter/Intra segment elimination – distribution |
|
|
(3,652 |
) |
|
|
(3,748 |
) |
|
|
$ |
63,554 |
|
|
$ |
55,913 |
|
Net (loss) income attributable to Twin Disc |
|
|
|
|
|
|
|
|
Manufacturing segment net income |
|
$ |
1,558 |
|
|
$ |
2,402 |
|
Distribution segment net income |
|
|
1,006 |
|
|
|
956 |
|
Corporate and eliminations |
|
|
(3,737 |
) |
|
|
(4,780 |
) |
|
|
$ |
(1,173 |
) |
|
$ |
(1,422 |
) |
|
|
|
|
|
|
|
|
|
|
Elimination of |
|
|
|
|
|
|
|
Manufacturing |
|
|
Distribution |
|
|
Intercompany Sales |
|
|
Total |
|
Industrial |
|
$ |
5,290 |
|
|
$ |
1,028 |
|
|
$ |
(634 |
) |
|
$ |
5,684 |
|
Land-based transmissions |
|
|
14,681 |
|
|
|
12,671 |
|
|
|
(8,774 |
) |
|
$ |
18,578 |
|
Marine and propulsion systems |
|
|
34,566 |
|
|
|
16,320 |
|
|
|
(14,422 |
) |
|
$ |
36,464 |
|
Other |
|
|
- |
|
|
|
2,834 |
|
|
|
(6 |
) |
|
$ |
2,828 |
|
Total |
|
$ |
54,537 |
|
|
$ |
32,853 |
|
|
$ |
(23,836 |
) |
|
$ |
63,554 |
|
|
|
|
|
|
|
|
|
|
|
Elimination of |
|
|
|
|
|
|
|
Manufacturing |
|
|
Distribution |
|
|
Intercompany Sales |
|
|
Total |
|
Industrial |
|
$ |
6,692 |
|
|
$ |
1,048 |
|
|
$ |
(709 |
) |
|
$ |
7,031 |
|
Land-based transmissions |
|
|
16,287 |
|
|
|
4,606 |
|
|
|
(4,956 |
) |
|
$ |
15,937 |
|
Marine and propulsion systems |
|
|
25,816 |
|
|
|
14,544 |
|
|
|
(11,022 |
) |
|
$ |
29,338 |
|
Other |
|
|
202 |
|
|
|
4,109 |
|
|
|
(704 |
) |
|
$ |
3,607 |
|
Total |
|
$ |
48,997 |
|
|
$ |
24,307 |
|
|
$ |
(17,391 |
) |
|
$ |
55,913 |
|
|
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Assets |
|
|
|
|
|
|
Manufacturing segment assets |
|
$ |
374,546 |
|
|
$ |
381,668 |
|
Distribution segment assets |
|
|
64,812 |
|
|
|
69,213 |
|
Corporate assets and elimination of intercompany assets |
|
|
(161,377 |
) |
|
|
(161,700 |
) |
|
|
$ |
277,981 |
|
|
$ |
289,181 |
|
|
X |
- DefinitionTabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets.
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v3.23.3
Note G - Pension and Other Postretirement Benefit Plans (Tables)
|
3 Months Ended |
Sep. 29, 2023 |
Notes Tables |
|
Schedule of Net Benefit Costs [Table Text Block] |
|
|
For the Quarter Ended |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Pension Benefits: |
|
|
|
|
|
|
|
|
Service cost |
|
$ |
94 |
|
|
$ |
101 |
|
Prior service cost |
|
|
- |
|
|
|
8 |
|
Interest cost |
|
|
896 |
|
|
|
868 |
|
Expected return on plan assets |
|
|
(1,048 |
) |
|
|
(1,060 |
) |
Amortization of transition obligation |
|
|
10 |
|
|
|
9 |
|
Amortization of prior service cost |
|
|
9 |
|
|
|
9 |
|
Amortization of actuarial net loss |
|
|
16 |
|
|
|
10 |
|
Net periodic benefit cost |
|
$ |
(24 |
) |
|
$ |
(55 |
) |
|
|
|
|
|
|
|
|
|
Postretirement Benefits: |
|
|
|
|
|
|
|
|
Service cost |
|
$ |
2 |
|
|
$ |
2 |
|
Interest cost |
|
|
48 |
|
|
|
53 |
|
Amortization of prior service cost |
|
|
(22 |
) |
|
|
(69 |
) |
Amortization of actuarial net loss |
|
|
(155 |
) |
|
|
(10 |
) |
Net periodic benefit gain |
|
$ |
(127 |
) |
|
$ |
(24 |
) |
|
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.
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v3.23.3
Note I - Intangible Assets (Tables)
|
3 Months Ended |
Sep. 29, 2023 |
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 |
|
Balance at June 30, 2023 |
|
$ |
31,925 |
|
|
$ |
(19,288 |
) |
|
$ |
12,637 |
|
|
$ |
6,553 |
|
|
$ |
2,422 |
|
|
$ |
668 |
|
|
$ |
2,994 |
|
Addition |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Reduction |
|
|
(89 |
) |
|
|
- |
|
|
|
(89 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(89 |
) |
Amortization |
|
|
- |
|
|
|
(819 |
) |
|
|
(819 |
) |
|
|
(312 |
) |
|
|
(282 |
) |
|
|
(39 |
) |
|
|
(186 |
) |
Translation adjustment |
|
|
(211 |
) |
|
|
- |
|
|
|
(212 |
) |
|
|
(197 |
) |
|
|
(110 |
) |
|
|
22 |
|
|
|
73 |
|
Balance at September 29, 2023 |
|
$ |
31,625 |
|
|
$ |
(20,107 |
) |
|
$ |
11,517 |
|
|
$ |
6,044 |
|
|
$ |
2,030 |
|
|
$ |
651 |
|
|
$ |
2,792 |
|
|
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
Fiscal Year |
|
|
|
|
2024 |
|
$ |
2,517 |
|
2025 |
|
|
3,191 |
|
2026 |
|
|
2,247 |
|
2027 |
|
|
1,495 |
|
2028 |
|
|
1,346 |
|
2029 |
|
|
721 |
|
Thereafter |
|
|
0 |
|
|
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.
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v3.23.3
Note J - Long Term Debt (Tables)
|
3 Months Ended |
Sep. 29, 2023 |
Notes Tables |
|
Schedule of Debt [Table Text Block] |
|
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Credit Agreement Debt |
|
|
|
|
|
|
|
|
Revolving loans (expire June 2025) |
|
$ |
10,633 |
|
|
$ |
7,094 |
|
Term loan (due March 2026) |
|
|
11,000 |
|
|
|
11,500 |
|
Other |
|
|
24 |
|
|
|
33 |
|
Subtotal |
|
|
21,657 |
|
|
|
18,627 |
|
Less: current maturities |
|
|
(2,002 |
) |
|
|
(2,010 |
) |
Total long-term debt |
|
$ |
19,655 |
|
|
$ |
16,617 |
|
|
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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v3.23.3
Note K - Shareholders' Equity (Tables)
|
3 Months Ended |
Sep. 29, 2023 |
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 | | | Income (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 loss on cash flow hedge, net of tax | | | | | | | | | | | 216 | | | | | | | | | | | | 216 | |
Compensation expense | | | 494 | | | | | | | | | | | | | | | | | | | | 494 | |
Stock awards, net of tax | | | (3,911 | ) | | | | | | | | | | | 2,148 | | | | | | | | (1,995 | ) |
Balance, September 29, 2023 | | $ | 39,439 | | | $ | 119,126 | | | $ | (8,621 | ) | | $ | (10,343 | ) | | $ | 574 | | | $ | 140,175 | |
| | Twin Disc, Inc. Shareholders’ Equity | |
| | | | | | | | | | Accumulated | | | | | | | | | | | | | |
| | | | | | | | | | Other | | | | | | | Non- | | | | | |
| | Common | | | Retained | | | Comprehensive | | | Treasury | | | Controlling | | | Total | |
| | Stock | | | Earnings | | | Income (Loss) | | | Stock | | | Interest | | | Equity | |
Balance, June 30, 2022 | | $ | 42,551 | | | $ | 109,919 | | | $ | (6,974 | ) | | $ | (14,720 | ) | | $ | 412 | | | $ | 131,188 | |
Net income | | | | | | | (1,422 | ) | | | | | | | | | | | 98 | | | | (1,324 | ) |
Translation adjustments | | | | | | | | | | | (6,328 | ) | | | | | | | 38 | | | | (6,290 | ) |
Benefit plan adjustments, net of tax | | | | | | | | | | | (89 | ) | | | | | | | | | | | (89 | ) |
Unrealized loss on cash flow hedge, net of tax | | | | | | | | | | | 793 | | | | | | | | | | | | 793 | |
Compensation expense | | | 658 | | | | | | | | | | | | | | | | | | | | 658 | |
Stock awards, net of tax | | | (1,924 | ) | | | | | | | | | | | 1,756 | | | | | | | | (168 | ) |
Balance, September 30, 2022 | | $ | 41,285 | | | $ | 108,497 | | | $ | (12,598 | ) | | $ | (12,964 | ) | | $ | 548 | | | $ | 124,768 | |
|
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, 2023 | | $ | (1,582 | ) | | $ | (5,948 | ) | | $ | 688 | | | $ | 1,272 | |
Translation adjustment during the quarter | | | (3,096 | ) | | | - | | | | - | | | | - | |
Amounts reclassified from accumulated other comprehensive income | | | - | | | | (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 | | | Benefit Plan | | | Cash Flow | | | Net Investment | |
| | Adjustment | | | Adjustment | | | Hedges | | | Hedges | |
Balance, June 30, 2022 | | $ | (2,266 | ) | | $ | (6,614 | ) | | $ | 356 | | | $ | 1,550 | |
Translation adjustment during the quarter | | | (6,328 | ) | | | - | | | | - | | | | - | |
Amounts reclassified from accumulated other comprehensive income | | | - | | | | (89 | ) | | | 657 | | | | 136 | |
Net current period other comprehensive (loss) income | | | (6,328 | ) | | | (89 | ) | | | 657 | | | | 136 | |
Balance, September 30, 2022 | | $ | (8,594 | ) | | $ | (6,703 | ) | | $ | 1,013 | | | $ | 1,686 | |
|
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] |
| | Amount Reclassified | |
| | Quarter Ended | |
| | September 29, 2023 | |
Changes in benefit plan items | | | | |
Actuarial losses | | $ | (172 | )(a) |
Transition asset and prior service benefit | | | (4 | )(a) |
Total amortization | | | (176 | ) |
Income tax expense | | | 5 | |
Total reclassification net of tax | | $ | (171 | ) |
| | Amount Reclassified | |
| | Quarter Ended | |
| | September 30, 2022 | |
Changes in benefit plan items | | | | |
Actuarial losses | | $ | 560 | (a) |
Transition asset and prior service benefit | | | (51 | )(a) |
Mark-to-market adjustment | | | (607 | ) |
Total amortization | | | (98 | ) |
Income tax expense | | | 9 | |
Total reclassification net of tax | | $ | (89 | ) |
|
X |
- DefinitionTabular disclosure of reconciliation for the changes in accumulated other comprehensive income (loss), net of tax, by component.
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v3.23.3
Note M - Earnings Per Share (Tables)
|
3 Months Ended |
Sep. 29, 2023 |
Notes Tables |
|
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
|
|
|
|
|
|
As Adjusted |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Basic: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,083 |
) |
|
$ |
(1,324 |
) |
Less: Net earnings attributable to noncontrolling interest |
|
|
(90 |
) |
|
|
(98 |
) |
Less: Undistributed earnings attributable to unvested shares |
|
|
- |
|
|
|
- |
|
Net loss attributable to Twin Disc |
|
|
(1,173 |
) |
|
|
(1,422 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
|
13,527 |
|
|
|
13,407 |
|
|
|
|
|
|
|
|
|
|
Basic Loss Per Share: |
|
|
|
|
|
|
|
|
Net loss per share - basic |
|
$ |
(0.09 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
Diluted: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,083 |
) |
|
$ |
(1,324 |
) |
Less: Net earnings attributable to noncontrolling interest |
|
|
(90 |
) |
|
|
(98 |
) |
Less: Undistributed earnings attributable to unvested shares |
|
|
- |
|
|
|
- |
|
Net loss attributable to Twin Disc |
|
|
(1,173 |
) |
|
|
(1,422 |
) |
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding - basic |
|
|
13,527 |
|
|
|
13,407 |
|
Effect of dilutive stock awards |
|
|
- |
|
|
|
- |
|
Weighted average shares outstanding - diluted |
|
|
13,527 |
|
|
|
13,407 |
|
|
|
|
|
|
|
|
|
|
Diluted Loss Per Share: |
|
|
|
|
|
|
|
|
Net loss per share - diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.11 |
) |
|
X |
- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
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v3.23.3
Note N - Lease Obligations (Tables)
|
3 Months Ended |
Sep. 29, 2023 |
Notes Tables |
|
Assets and Liabilities, Lessee [Table Text Block] |
|
Balance Sheet Location |
|
September 29, 2023 |
|
|
June 30, 2023 |
|
Lease Assets |
|
|
|
|
|
|
|
|
|
Operating lease right-of-use assets |
Right-of-use assets operating leases |
|
$ |
12,093 |
|
|
$ |
13,133 |
|
Finance lease right-of-use assets |
Property, plant and equipment, net |
|
|
4,952 |
|
|
$ |
4,427 |
|
|
|
|
|
|
|
|
|
|
|
Lease Liabilities |
|
|
|
|
|
|
|
|
|
Operating lease liabilities |
Accrued liabilities |
|
$ |
2,218 |
|
|
$ |
2,343 |
|
Operating lease liabilities |
Lease obligations |
|
|
9,896 |
|
|
$ |
10,811 |
|
Finance lease liabilities |
Accrued liabilities |
|
|
670 |
|
|
$ |
643 |
|
Finance lease liabilities |
Other long-term liabilities |
|
|
4,556 |
|
|
$ |
4,314 |
|
|
Lease, Cost [Table Text Block] |
|
|
For the Quarter Ended |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Finance lease cost: |
|
|
|
|
|
|
|
|
Amortization of right-of-use assets |
|
$ |
222 |
|
|
$ |
155 |
|
Interest on lease liabilities |
|
|
73 |
|
|
|
64 |
|
Operating lease cost |
|
|
893 |
|
|
|
711 |
|
Short-term lease cost |
|
|
3 |
|
|
|
13 |
|
Variable lease cost |
|
|
100 |
|
|
|
40 |
|
Total lease cost |
|
|
1,291 |
|
|
|
983 |
|
Less: Sublease income |
|
|
(20 |
) |
|
|
(17 |
) |
Net lease cost |
|
$ |
1,271 |
|
|
$ |
966 |
|
|
Operating and Finance Leases, Other Disclosures [Table Text Block] |
|
|
For the Quarter Ended |
|
|
|
September 29, 2023 |
|
|
September 30, 2022 |
|
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
|
|
Operating cash flows from operating leases |
|
$ |
924 |
|
|
$ |
748 |
|
Operating cash flows from finance leases |
|
|
73 |
|
|
|
201 |
|
Financing cash flows from finance leases |
|
|
847 |
|
|
|
132 |
|
Right-of-use-assets obtained in exchange for lease obligations: |
|
|
|
|
|
|
|
|
Operating leases |
|
|
15 |
|
|
|
528 |
|
Finance leases |
|
|
484 |
|
|
|
51 |
|
Weighted average remaining lease term (years): |
|
|
|
|
|
Operating leases |
|
|
8.2 |
|
|
|
8.8 |
|
Finance lease |
|
|
9.7 |
|
|
|
11.4 |
|
Weighted average discount rate: |
|
|
|
|
|
|
|
|
Operating leases |
|
|
7.6 |
% |
|
|
7.2 |
% |
Finance leases |
|
|
5.7 |
% |
|
|
5.2 |
% |
|
Schedule of Future Minimum Rental Payments for Operating Leases and Finance Lease, Liability, Maturity [Table Text Block] |
|
|
Operating Leases |
|
|
Finance Leases |
|
2024 |
|
$ |
2,396 |
|
|
$ |
740 |
|
2025 |
|
|
2,143 |
|
|
|
806 |
|
2026 |
|
|
1,672 |
|
|
|
744 |
|
2027 |
|
|
1,608 |
|
|
|
679 |
|
2028 |
|
|
1,587 |
|
|
|
619 |
|
2029 |
|
|
1,572 |
|
|
|
476 |
|
Thereafter |
|
|
5,602 |
|
|
|
2,655 |
|
Total future lease payments |
|
|
16,580 |
|
|
|
6,719 |
|
Less: Amount representing interest |
|
|
(4,466 |
) |
|
|
(1,493 |
) |
Present value of future payments |
|
$ |
12,114 |
|
|
$ |
5,226 |
|
|
X |
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- DefinitionTabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date. It also includes the tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position.
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- DefinitionTabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
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v3.23.3
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.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4B
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- DefinitionTabular disclosure of derivative instruments (including nonderivative instruments that are designated and qualify as hedging instruments) of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org//1943274/2147480434/815-10-50-4A
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v3.23.3
Note P - Impact of Accounting Method Change (Tables)
|
3 Months Ended |
Sep. 29, 2023 |
Notes Tables |
|
Accounting Standards Update and Change in Accounting Principle [Table Text Block] |
|
|
September 30, 2022 |
|
|
|
As Computed Under Previous Method |
|
|
Effect of Accounting Change |
|
|
As Reported Under New Method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
55,913 |
|
|
$ |
- |
|
|
$ |
55,913 |
|
Cost of goods sold |
|
|
42,616 |
|
|
|
- |
|
|
|
42,616 |
|
Gross profit |
|
|
13,297 |
|
|
|
- |
|
|
|
13,297 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Marketing, engineering and administrative expenses |
|
|
15,090 |
|
|
|
- |
|
|
|
15,090 |
|
Loss from operations |
|
|
(1,793 |
) |
|
|
- |
|
|
|
(1,793 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(566 |
) |
|
|
- |
|
|
|
(566 |
) |
Other income, net |
|
|
(260 |
) |
|
|
607 |
|
|
|
347 |
|
|
|
|
(826 |
) |
|
|
607 |
|
|
|
(219 |
) |
Income before income taxes and noncontrolling interest |
|
|
(2,619 |
) |
|
|
607 |
|
|
|
(2,012 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
(688 |
) |
|
|
- |
|
|
|
(688 |
) |
Net loss |
|
|
(1,931 |
) |
|
|
607 |
|
|
|
(1,324 |
) |
Less: Net loss attributable to noncontrolling interest, net of tax |
|
|
(98 |
) |
|
|
- |
|
|
|
(98 |
) |
Net loss attributable to Twin Disc |
|
$ |
(2,029 |
) |
|
$ |
607 |
|
|
$ |
(1,422 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share data: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share attributable to Twin Disc common shareholders |
|
$ |
(0.15 |
) |
|
$ |
0.04 |
|
|
$ |
(0.11 |
) |
Diluted loss per share attributable to Twin Disc common shareholders |
|
$ |
(0.15 |
) |
|
$ |
0.04 |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding data: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic shares outstanding |
|
|
13,407 |
|
|
|
- |
|
|
|
13,407 |
|
Diluted shares outstanding |
|
|
13,407 |
|
|
|
- |
|
|
|
13,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,931 |
) |
|
$ |
607 |
|
|
$ |
(1,324 |
) |
Benefit plan adjustments, net of income taxes of $9 |
|
|
518 |
|
|
|
(607 |
) |
|
|
(89 |
) |
Foreign currency translation adjustment |
|
|
(6,290 |
) |
|
|
- |
|
|
|
(6,290 |
) |
Unrealized loss on hedges, net of income taxes of $0, respectively |
|
|
793 |
|
|
|
- |
|
|
|
793 |
|
Comprehensive loss |
|
|
(6,910 |
) |
|
|
- |
|
|
|
(6,910 |
) |
Less: Comprehensive income attributable to noncontrolling interest |
|
|
136 |
|
|
|
- |
|
|
|
136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss attributable to Twin Disc |
|
$ |
(7,046 |
) |
|
$ |
- |
|
|
$ |
(7,046 |
) |
|
|
September 30, 2022 |
|
|
|
As Computed Under Previous Method |
|
|
Effect of Accounting Change |
|
|
As Reported Under New Method |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
13,214 |
|
|
$ |
- |
|
|
$ |
13,214 |
|
Trade accounts receivable, net |
|
|
40,007 |
|
|
|
- |
|
|
|
40,007 |
|
Inventories |
|
|
128,100 |
|
|
|
- |
|
|
|
128,100 |
|
Assets held for sale |
|
|
5,769 |
|
|
|
- |
|
|
|
5,769 |
|
Prepaid expenses |
|
|
8,207 |
|
|
|
- |
|
|
|
8,207 |
|
Other |
|
|
6,521 |
|
|
|
- |
|
|
|
6,521 |
|
Total current assets |
|
|
201,818 |
|
|
|
- |
|
|
|
201,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
38,989 |
|
|
|
- |
|
|
|
38,989 |
|
Right-of-use assets operating leases |
|
|
11,492 |
|
|
|
- |
|
|
|
11,492 |
|
Intangible assets, net |
|
|
11,560 |
|
|
|
- |
|
|
|
11,560 |
|
Deferred income taxes |
|
|
2,846 |
|
|
|
- |
|
|
|
2,846 |
|
Other assets |
|
|
2,846 |
|
|
|
- |
|
|
|
2,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
269,551 |
|
|
$ |
- |
|
|
$ |
269,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Current maturities of long-term debt |
|
$ |
2,000 |
|
|
$ |
- |
|
|
$ |
2,000 |
|
Accounts payable |
|
|
30,706 |
|
|
|
- |
|
|
|
30,706 |
|
Accrued liabilities |
|
|
49,158 |
|
|
|
- |
|
|
|
49,158 |
|
Total current liabilities |
|
|
81,864 |
|
|
|
- |
|
|
|
81,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
35,112 |
|
|
|
- |
|
|
|
35,112 |
|
Lease obligations |
|
|
9,483 |
|
|
|
- |
|
|
|
9,483 |
|
Accrued retirement benefits |
|
|
9,860 |
|
|
|
- |
|
|
|
9,860 |
|
Deferred income taxes |
|
|
3,422 |
|
|
|
- |
|
|
|
3,422 |
|
Other long-term liabilities |
|
|
5,042 |
|
|
|
- |
|
|
|
5,042 |
|
Total liabilities |
|
|
144,783 |
|
|
|
- |
|
|
|
144,783 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twin Disc 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 |
|
|
41,285 |
|
|
|
- |
|
|
|
41,285 |
|
Retained earnings |
|
|
133,002 |
|
|
|
(24,505 |
) |
|
|
108,497 |
|
Accumulated other comprehensive loss |
|
|
(37,103 |
) |
|
|
24,505 |
|
|
|
(12,598 |
) |
|
|
|
137,184 |
|
|
|
- |
|
|
|
137,184 |
|
Less treasury stock, at cost (845,670 shares, respectively) |
|
|
12,964 |
|
|
|
- |
|
|
|
12,964 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Twin Disc shareholders' equity |
|
|
124,220 |
|
|
|
- |
|
|
|
124,220 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncontrolling interest |
|
|
548 |
|
|
|
- |
|
|
|
548 |
|
Total equity |
|
|
124,768 |
|
|
|
- |
|
|
|
124,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
269,551 |
|
|
$ |
- |
|
|
$ |
269,551 |
|
|
|
September 30, 2022 |
|
|
|
As Computed Under Previous Method |
|
|
Effect of Accounting Change |
|
|
As Reported Under New Method |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,931 |
) |
|
$ |
607 |
|
|
$ |
(1,324 |
) |
Adjustments to reconcile net loss to net cash provided by used activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,140 |
|
|
|
- |
|
|
|
2,140 |
|
Gain on sale of assets |
|
|
(42 |
) |
|
|
- |
|
|
|
(42 |
) |
Restructuring expenses |
|
|
(68 |
) |
|
|
- |
|
|
|
(68 |
) |
Provision for deferred income taxes |
|
|
(1,623 |
) |
|
|
- |
|
|
|
(1,623 |
) |
Stock compensation expense |
|
|
864 |
|
|
|
- |
|
|
|
864 |
|
Net change in operating assets and liabilities |
|
|
(36 |
) |
|
|
(607 |
) |
|
|
(643 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by operating activities |
|
|
(696 |
) |
|
|
- |
|
|
|
(696 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of property, plant, and equipment |
|
|
(2,237 |
) |
|
|
- |
|
|
|
(2,237 |
) |
Proceeds from sale of fixed assets |
|
|
2 |
|
|
|
- |
|
|
|
2 |
|
Proceeds on note receivable |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other, net |
|
|
534 |
|
|
|
- |
|
|
|
534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used by investing activities |
|
|
(1,701 |
) |
|
|
- |
|
|
|
(1,701 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings under revolving loan arrangements |
|
|
20,221 |
|
|
|
- |
|
|
|
20,221 |
|
Repayments of revolving loan arrangements |
|
|
(18,685 |
) |
|
|
- |
|
|
|
(18,685 |
) |
Repayments of other long-term debt |
|
|
(651 |
) |
|
|
132 |
|
|
|
(519 |
) |
Payments of finance lease obligations |
|
|
- |
|
|
|
(132 |
) |
|
|
(132 |
) |
Payments of withholding taxes on stock compensation |
|
|
(168 |
) |
|
|
- |
|
|
|
(168 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
717 |
|
|
|
- |
|
|
|
717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
2,373 |
|
|
|
- |
|
|
|
2,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in cash |
|
|
693 |
|
|
|
- |
|
|
|
693 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash: |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
12,521 |
|
|
|
- |
|
|
|
12,521 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period |
|
$ |
13,214 |
|
|
$ |
- |
|
|
$ |
13,214 |
|
|
|
September 30, 2022 |
|
|
|
As Computed Under Previous Method |
|
|
Effect of Accounting Change |
|
|
As Reported Under New Method |
|
Retained earnings |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2022 |
|
|
135,031 |
|
|
|
(25,112 |
) |
|
|
109,919 |
|
Net loss attributable to Twin Disc |
|
|
(2,029 |
) |
|
|
607 |
|
|
|
(1,422 |
) |
Balance at September 30, 2022 |
|
$ |
133,002 |
|
|
$ |
(24,505 |
) |
|
$ |
108,497 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated other comprehensive loss |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at June 30, 2022 |
|
|
(32,086 |
) |
|
|
25,112 |
|
|
|
(6,974 |
) |
Translation adjustments |
|
|
(6,328 |
) |
|
|
- |
|
|
|
(6,328 |
) |
Benefit plan adjustments, net of tax |
|
|
518 |
|
|
|
(607 |
) |
|
|
(89 |
) |
Unrealized gain on hedges, net of tax |
|
|
793 |
|
|
|
- |
|
|
|
793 |
|
Balance at September 30, 2022 |
|
$ |
(37,103 |
) |
|
$ |
24,505 |
|
|
$ |
(12,598 |
) |
|
X |
- DefinitionTabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
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v3.23.3
Note A - Basis of Presentation (Details Textual) - USD ($) $ in Thousands |
Sep. 29, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Jul. 01, 2022 |
Retained Earnings (Accumulated Deficit) |
$ 119,126
|
$ 120,299
|
$ 108,497
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
$ (8,621)
|
$ (5,570)
|
(12,598)
|
|
Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] |
|
|
|
|
Retained Earnings (Accumulated Deficit) |
|
|
(24,505)
|
$ (25,100)
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
|
|
$ 24,505
|
25,100
|
AOCI Including Portion Attributable to Noncontrolling Interest, Tax |
|
|
|
0
|
Deferred Tax Assets, Gross |
|
|
|
7,900
|
Deferred Tax Assets, Valuation Allowance |
|
|
|
$ 7,900
|
Building and Building Improvements [Member] | Minimum [Member] |
|
|
|
|
Property, Plant and Equipment, Useful Life (Year) |
|
10 years
|
|
|
X |
- DefinitionAmount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.
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- DefinitionAmount of loss from reductions in inventory due to subsequent measurement adjustments, including, but not limited to, physical deterioration, obsolescence, or changes in price levels.
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v3.23.3
Note B - Inventories - Inventories (Details) - USD ($) $ in Thousands |
Sep. 29, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Finished parts |
$ 63,087
|
$ 66,956
|
|
Work in process |
22,008
|
23,374
|
|
Raw materials |
41,141
|
41,600
|
|
Total inventories |
$ 126,236
|
$ 131,930
|
$ 128,100
|
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.
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v3.23.3
Note E - Business Segments - Revenues by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 29, 2023 |
Sep. 30, 2022 |
Net sales |
$ 63,554
|
$ 63,554
|
$ 55,913
|
Manufacturing segment net income |
(1,173)
|
(1,173)
|
(1,422)
|
Net Sales |
$ 63,554
|
63,554
|
55,913
|
Industrial [Member] |
|
|
|
Net sales |
|
5,684
|
7,031
|
Net Sales |
|
5,684
|
7,031
|
Land Based Transmissions [Member] |
|
|
|
Net sales |
|
18,578
|
15,937
|
Net Sales |
|
18,578
|
15,937
|
Marine and Propulsion Systems [Member] |
|
|
|
Net sales |
|
36,464
|
29,338
|
Net Sales |
|
36,464
|
29,338
|
Other [Member] |
|
|
|
Net sales |
|
2,828
|
3,607
|
Net Sales |
|
2,828
|
3,607
|
Intersegment Eliminations [Member] |
|
|
|
Net sales |
|
(23,836)
|
(17,391)
|
Net Sales |
|
(23,836)
|
(17,391)
|
Intersegment Eliminations [Member] | Industrial [Member] |
|
|
|
Net sales |
|
(634)
|
(709)
|
Net Sales |
|
(634)
|
(709)
|
Intersegment Eliminations [Member] | Land Based Transmissions [Member] |
|
|
|
Net sales |
|
(8,774)
|
(4,956)
|
Net Sales |
|
(8,774)
|
(4,956)
|
Intersegment Eliminations [Member] | Marine and Propulsion Systems [Member] |
|
|
|
Net sales |
|
(14,422)
|
(11,022)
|
Net Sales |
|
(14,422)
|
(11,022)
|
Intersegment Eliminations [Member] | Other [Member] |
|
|
|
Net sales |
|
(6)
|
(704)
|
Net Sales |
|
(6)
|
(704)
|
Corporate, Non-Segment [Member] |
|
|
|
Manufacturing segment net income |
|
(3,737)
|
(4,780)
|
Manufacturing Segment [Member] | Operating Segments [Member] |
|
|
|
Net sales |
|
54,537
|
48,997
|
Manufacturing segment net income |
|
1,558
|
2,402
|
Net Sales |
|
54,537
|
48,997
|
Manufacturing Segment [Member] | Operating Segments [Member] | Industrial [Member] |
|
|
|
Net sales |
|
5,290
|
6,692
|
Net Sales |
|
5,290
|
6,692
|
Manufacturing Segment [Member] | Operating Segments [Member] | Land Based Transmissions [Member] |
|
|
|
Net sales |
|
14,681
|
16,287
|
Net Sales |
|
14,681
|
16,287
|
Manufacturing Segment [Member] | Operating Segments [Member] | Marine and Propulsion Systems [Member] |
|
|
|
Net sales |
|
34,566
|
25,816
|
Net Sales |
|
34,566
|
25,816
|
Manufacturing Segment [Member] | Operating Segments [Member] | Other [Member] |
|
|
|
Net sales |
|
0
|
202
|
Net Sales |
|
0
|
202
|
Manufacturing Segment [Member] | Intersegment Eliminations [Member] |
|
|
|
Net sales |
|
(20,184)
|
(13,643)
|
Net Sales |
|
(20,184)
|
(13,643)
|
Distribution Segment [Member] | Operating Segments [Member] |
|
|
|
Net sales |
|
32,853
|
24,307
|
Manufacturing segment net income |
|
1,006
|
956
|
Net Sales |
|
32,853
|
24,307
|
Distribution Segment [Member] | Operating Segments [Member] | Industrial [Member] |
|
|
|
Net sales |
|
1,028
|
1,048
|
Net Sales |
|
1,028
|
1,048
|
Distribution Segment [Member] | Operating Segments [Member] | Land Based Transmissions [Member] |
|
|
|
Net sales |
|
12,671
|
4,606
|
Net Sales |
|
12,671
|
4,606
|
Distribution Segment [Member] | Operating Segments [Member] | Marine and Propulsion Systems [Member] |
|
|
|
Net sales |
|
16,320
|
14,544
|
Net Sales |
|
16,320
|
14,544
|
Distribution Segment [Member] | Operating Segments [Member] | Other [Member] |
|
|
|
Net sales |
|
2,834
|
4,109
|
Net Sales |
|
2,834
|
4,109
|
Distribution Segment [Member] | Intersegment Eliminations [Member] |
|
|
|
Net sales |
|
(3,652)
|
(3,748)
|
Net Sales |
|
$ (3,652)
|
$ (3,748)
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
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v3.23.3
Note E - Business Segments - Assets by Segment (Details) - USD ($) $ in Thousands |
Sep. 29, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Segment Assets |
$ 277,981
|
$ 289,181
|
$ 269,551
|
Operating Segments [Member] | Manufacturing Segment [Member] |
|
|
|
Segment Assets |
374,546
|
381,668
|
|
Operating Segments [Member] | Distribution Segment [Member] |
|
|
|
Segment Assets |
64,812
|
69,213
|
|
Corporate, Non-Segment [Member] |
|
|
|
Segment Assets |
$ (161,377)
|
$ (161,700)
|
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
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v3.23.3
Note F - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
|
Sep. 29, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Performance Stock Awards [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
119.3
|
112.4
|
|
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, Number of Shares Authorized (in shares) |
238.7
|
|
224.8
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) |
334.1
|
433.2
|
|
Share-Based Payment Arrangement, Expense |
$ 53
|
$ 230
|
|
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) |
$ 11.48
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
$ 2,303
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value |
$ 0
|
|
|
Performance Stock Unit Awards [Member] |
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) |
10.5
|
0
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) |
20.9
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) |
10.5
|
0
|
|
Share-Based Payment Arrangement, Expense |
$ 7
|
$ 0
|
|
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
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
$ 120
|
|
|
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) |
81.5
|
129.4
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) |
260.2
|
356.3
|
|
Share-Based Payment Arrangement, Expense |
$ 313
|
$ 360
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
1,727
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value |
$ 1,623
|
$ 417
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) |
2.4
|
0
|
|
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) |
7.1
|
72.4
|
|
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) |
136.8
|
130.9
|
|
Share-Based Payment Arrangement, Expense |
$ 121
|
$ 69
|
|
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) |
$ 10.97
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount |
$ 663
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value |
$ 0
|
$ 40
|
|
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) |
3 years
|
|
|
X |
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v3.23.3
Note G - Pension and Other Postretirement Benefit Plans (Details Textual) - USD ($) $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 29, 2023 |
Sep. 30, 2022 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, after Tax |
|
$ 171
|
$ 89
|
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, Tax |
$ 5
|
5
|
$ 9
|
Pension Plan [Member] |
|
|
|
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year |
|
645
|
|
Defined Benefit Plan, Plan Assets, Contributions by Employer |
|
$ 182
|
|
X |
- DefinitionAmount of contribution received by defined benefit plan from employer which increases plan assets.
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v3.23.3
Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 29, 2023 |
Sep. 30, 2022 |
Effective Income Tax Rate Reconciliation, Percent |
|
101.70%
|
26.30%
|
Income (Loss) from Continuing Operations before Income Taxes, Foreign |
|
$ 3,200
|
$ 2,080
|
Income Tax Expense (Benefit) |
$ 546
|
546
|
(688)
|
Income (Loss) from Continuing Operations before Income Taxes, Domestic |
|
(3,700)
|
542
|
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest |
$ (537)
|
(537)
|
(2,012)
|
Unrecognized Tax Benefits that Would Impact Effective Tax Rate |
|
867
|
|
Foreign Tax Authority [Member] |
|
|
|
Income Tax Expense (Benefit) |
|
$ 516
|
702
|
Open Tax Year |
|
2018 2019 2020 2021 2022 2023
|
|
Foreign Tax Authority [Member] | Tax and Customs Administration, Netherlands [Member] |
|
|
|
Open Tax Year |
|
2019
|
|
Domestic Tax Authority [Member] |
|
|
|
Income Tax Expense (Benefit) |
|
$ 30
|
$ 14
|
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v3.23.3
Note I - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended |
|
Sep. 29, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Balance, Definite Intangible Assets Gross Carrying Amount |
$ 31,625
|
|
$ 31,925
|
Balance, Definite Intangible Assets Accumulated Amortization/Impairment |
(20,107)
|
|
(19,288)
|
Balance at June 30, Definite Intangible Assets Net Book Value |
11,517
|
|
12,637
|
Addition, Definite Intangible Assets Gross Carrying Amount |
0
|
|
|
Addition, Definite Intangible Assets Net Book Value |
0
|
|
|
Reduction, Definite Intangible Assets Gross Carrying Amount |
(89)
|
|
|
Reduction, Definite Intangible Assets Accumulated Amortization/Impairment |
0
|
|
|
Amortization, Intangible Asset |
(819)
|
$ (698)
|
|
Translation adjustment, Definite Intangible Assets Gross Carrying Amount |
(211)
|
|
|
Translation adjustment, Definite Intangible Assets Net Book Value |
(212)
|
|
|
Customer Relationships [Member] |
|
|
|
Balance at June 30, Definite Intangible Assets Net Book Value |
6,044
|
|
6,553
|
Addition, Definite Intangible Assets Net Book Value |
0
|
|
|
Amortization, Intangible Asset |
(312)
|
|
|
Translation adjustment, Definite Intangible Assets Net Book Value |
(197)
|
|
|
Technology-Based Intangible Assets [Member] |
|
|
|
Balance at June 30, Definite Intangible Assets Net Book Value |
2,030
|
|
2,422
|
Addition, Definite Intangible Assets Net Book Value |
0
|
|
|
Amortization, Intangible Asset |
(282)
|
|
|
Translation adjustment, Definite Intangible Assets Net Book Value |
(110)
|
|
|
Trade Names [Member] |
|
|
|
Balance at June 30, Definite Intangible Assets Net Book Value |
651
|
|
668
|
Addition, Definite Intangible Assets Net Book Value |
0
|
|
|
Amortization, Intangible Asset |
(39)
|
|
|
Translation adjustment, Definite Intangible Assets Net Book Value |
22
|
|
|
Other Intangible Assets [Member] |
|
|
|
Balance at June 30, Definite Intangible Assets Net Book Value |
2,792
|
|
$ 2,994
|
Addition, Definite Intangible Assets Net Book Value |
0
|
|
|
Amortization, Intangible Asset |
(186)
|
|
|
Translation adjustment, Definite Intangible Assets Net Book Value |
$ 73
|
|
|
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- DefinitionGross amount of foreign currency translation gain (loss) which increases (decreases) assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
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Note I - Intangible Assets - Estimated Intangibles Amortization Expense (Details) $ in Thousands |
Sep. 29, 2023
USD ($)
|
2024 |
$ 2,517
|
2025 |
3,191
|
2026 |
2,247
|
2027 |
1,495
|
2028 |
1,346
|
2029 |
721
|
Thereafter |
$ 0
|
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v3.23.3
Note J - Long Term Debt (Details Textual) $ in Thousands |
|
|
3 Months Ended |
12 Months Ended |
|
|
|
|
Jun. 30, 2022 |
Mar. 04, 2019
USD ($)
|
Sep. 29, 2023
USD ($)
|
Jun. 30, 2019 |
Jun. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Jul. 22, 2020 |
Jun. 29, 2018
USD ($)
|
Long-Term Debt, Current Maturities |
|
|
$ 2,002
|
|
$ 2,010
|
$ 2,000
|
|
|
Principal Paid on Sale Leaseback Liabilities |
|
|
7
|
|
|
|
|
|
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Rate Swap [Member] | Bank of Montreal [Member] |
|
|
|
|
|
|
|
|
Derivative, Notional Amount |
|
|
11,000
|
|
|
|
|
$ 20,000
|
Maximum [Member] |
|
|
|
|
|
|
|
|
Sale Leaseback Transactions, Term (Year) |
|
|
|
5 years
|
|
|
|
|
Sale Leaseback Transactions, Implied Interest Rate |
|
|
|
25.00%
|
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
|
Sale Leaseback Transactions, Term (Year) |
|
|
|
3 years
|
|
|
|
|
Sale Leaseback Transactions, Implied Interest Rate |
|
|
|
7.00%
|
|
|
|
|
BMO [Member] | The 2018 Credit Agreement [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Percentage of Equity Interest in Domestic Subsidiaries Pledged |
|
|
|
|
|
|
100.00%
|
|
Debt Instrument, Percentage of Equity Interest in Foreign Subsidiaries Pledged |
|
|
|
|
|
|
65.00%
|
|
Debt Instrument, Debt Default, Percentage of Letter of Credit Obligations Required to Cash Collateralize |
|
|
|
|
|
|
105.00%
|
|
Long-Term Debt, Current Maturities |
|
|
$ 2,000
|
|
|
|
|
|
BMO [Member] | The 2018 Credit Agreement [Member] | Term Loan [Member] |
|
|
|
|
|
|
|
|
Debt Agreement, Maximum Borrowing Capacity |
|
$ 20,000
|
|
|
|
|
|
|
Debt Instrument, Periodic Payment, Total |
|
$ 500
|
|
|
|
|
|
|
Debt Instrument, Interest Rate During Period |
|
|
6.73%
|
|
|
|
|
|
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 |
|
|
5.47%
|
|
|
|
|
|
Line of Credit Facility, Current Borrowing Capacity |
|
|
$ 37,665
|
|
|
|
|
|
Line of Credit Facility, Remaining Borrowing Capacity |
|
|
27,032
|
|
|
|
|
|
BMO [Member] | The 2018 Credit Agreement [Member] | Revolving Credit Facility [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Covenant, Maximum Cash Dividends |
|
|
3,000
|
|
|
|
|
|
BMO [Member] | The 2018 Credit Agreement [Member] | Revolving Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate LIBOR 1 [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
1.25%
|
|
|
|
|
|
|
|
BMO [Member] | The Ninth Amendment [Member] | Term Loan [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Covenant, Minimum Tangible Net Worth Plus Half of Net Income |
|
|
100,000
|
|
|
|
|
|
BMO [Member] | The Ninth Amendment [Member] | Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate LIBOR 1 [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
2.875%
|
|
|
|
|
|
|
|
BMO [Member] | The Ninth Amendment [Member] | Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate LIBOR 1 [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
1.375%
|
|
|
|
|
|
|
|
BMO [Member] | The Ninth Amendment [Member] | Unused Revolving Credit Commitment [Member] | Maximum [Member] | London Interbank Offered Rate LIBOR 1 [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
0.15%
|
|
|
|
|
|
|
|
BMO [Member] | The Ninth Amendment [Member] | Unused Revolving Credit Commitment [Member] | Minimum [Member] | London Interbank Offered Rate LIBOR 1 [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
0.10%
|
|
|
|
|
|
|
|
BMO [Member] | The Ninth Amendment [Member] | Revolving Credit Facility [Member] |
|
|
|
|
|
|
|
|
Line of Credit Facility, Maximum Borrowing Capacity |
|
|
$ 40,000
|
|
|
|
|
|
BMO [Member] | The Ninth Amendment [Member] | Revolving Credit Facility [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
Total Funded Debt To EBITDA Allowable Ratio |
|
|
3.5
|
|
|
|
|
|
Fixed Charge Coverage Ratio |
|
|
1.1
|
|
|
|
|
|
BMO [Member] | The Ninth Amendment [Member] | Revolving Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate LIBOR 1 [Member] |
|
|
|
|
|
|
|
|
Debt Instrument, Basis Spread on Variable Rate |
2.75%
|
|
|
|
|
|
|
|
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- 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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v3.23.3
Note J - Debt - Long-term Debt (Details) - USD ($) $ in Thousands |
Sep. 29, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Long-term debt |
$ 21,657
|
$ 18,627
|
|
Less: current maturities |
(2,002)
|
(2,010)
|
$ (2,000)
|
Total long-term debt |
19,655
|
16,617
|
$ 35,112
|
Revolving Loan [Member] |
|
|
|
Long-term debt |
10,633
|
7,094
|
|
Term Loan [Member] |
|
|
|
Long-term debt |
11,000
|
11,500
|
|
Other Long-Term Debt [Member] |
|
|
|
Long-term debt |
$ 24
|
$ 33
|
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v3.23.3
Note K - Shareholders' Equity (Details Textual) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
|
|
Sep. 29, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Jul. 01, 2022 |
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) |
315
|
|
|
|
Treasury Stock, Shares, Acquired (in shares) |
0
|
0
|
|
|
Retained Earnings (Accumulated Deficit) |
$ 119,126
|
$ 108,497
|
$ 120,299
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
$ (8,621)
|
(12,598)
|
$ (5,570)
|
|
Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] |
|
|
|
|
Retained Earnings (Accumulated Deficit) |
|
(24,505)
|
|
$ (25,100)
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
|
$ 24,505
|
|
25,100
|
AOCI Including Portion Attributable to Noncontrolling Interest, Tax |
|
|
|
0
|
Deferred Tax Assets, Gross |
|
|
|
7,900
|
Deferred Tax Assets, Valuation Allowance |
|
|
|
$ 7,900
|
X |
- DefinitionAmount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.
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v3.23.3
Note K - Shareholders' Equity - Shareholders' Equity Reconciliation (Details) - USD ($) $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 29, 2023 |
Sep. 30, 2022 |
Balance |
$ 145,517
|
$ 145,517
|
$ 131,188
|
Net loss |
(1,083)
|
(1,083)
|
(1,324)
|
Translation adjustments |
(3,036)
|
(3,036)
|
(6,290)
|
Benefit plan adjustments, net of tax |
(171)
|
(171)
|
(89)
|
Unrealized gain (loss) on hedges |
216
|
216
|
793
|
Compensation expense |
|
494
|
658
|
Stock awards, net of tax |
|
(1,995)
|
(168)
|
Balance |
|
140,175
|
124,768
|
Common Stock [Member] |
|
|
|
Balance |
42,855
|
42,855
|
42,551
|
Compensation expense |
|
494
|
658
|
Stock awards, net of tax |
|
(3,911)
|
(1,924)
|
Balance |
|
39,439
|
41,285
|
Retained Earnings [Member] |
|
|
|
Balance |
120,299
|
120,299
|
109,919
|
Net loss |
|
(1,173)
|
(1,422)
|
Balance |
|
119,126
|
108,497
|
AOCI Attributable to Parent [Member] |
|
|
|
Balance |
(5,570)
|
(5,570)
|
(6,974)
|
Translation adjustments |
|
(3,096)
|
(6,328)
|
Benefit plan adjustments, net of tax |
|
(171)
|
(89)
|
Unrealized gain (loss) on hedges |
|
216
|
793
|
Balance |
|
(8,621)
|
(12,598)
|
Treasury Stock, Common [Member] |
|
|
|
Balance |
(12,491)
|
(12,491)
|
(14,720)
|
Stock awards, net of tax |
|
2,148
|
1,756
|
Balance |
|
(10,343)
|
(12,964)
|
Noncontrolling Interest [Member] |
|
|
|
Balance |
$ 424
|
424
|
412
|
Net loss |
|
90
|
98
|
Translation adjustments |
|
60
|
38
|
Balance |
|
$ 574
|
$ 548
|
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v3.23.3
Note k - Shareholders' Equity - Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 29, 2023 |
Sep. 30, 2022 |
Balance |
$ 145,517
|
$ 145,517
|
$ 131,188
|
Translation adjustment during the quarter |
(3,036)
|
(3,036)
|
(6,290)
|
Balance |
|
140,175
|
124,768
|
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] |
|
|
|
Balance |
(1,582)
|
(1,582)
|
(2,266)
|
Translation adjustment during the quarter |
|
(3,096)
|
(6,328)
|
Amounts reclassified from accumulated other comprehensive income |
|
0
|
0
|
Net current period other comprehensive (loss) income |
|
3,096
|
6,328
|
Balance |
|
(4,678)
|
(8,594)
|
Net current period other comprehensive (loss) income |
|
(3,096)
|
(6,328)
|
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest [Member] |
|
|
|
Balance |
(5,948)
|
(5,948)
|
(6,614)
|
Translation adjustment during the quarter |
|
0
|
0
|
Amounts reclassified from accumulated other comprehensive income |
|
(171)
|
(89)
|
Net current period other comprehensive (loss) income |
|
171
|
89
|
Balance |
|
(6,119)
|
(6,703)
|
Net current period other comprehensive (loss) income |
|
(171)
|
(89)
|
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] |
|
|
|
Balance |
688
|
688
|
356
|
Translation adjustment during the quarter |
|
0
|
0
|
Amounts reclassified from accumulated other comprehensive income |
|
(6)
|
657
|
Net current period other comprehensive (loss) income |
|
6
|
(657)
|
Balance |
|
682
|
1,013
|
Net current period other comprehensive (loss) income |
|
(6)
|
657
|
Accumulated Gain (Loss), Net, Net Investment Hedge [Member] |
|
|
|
Balance |
$ 1,272
|
1,272
|
1,550
|
Translation adjustment during the quarter |
|
0
|
0
|
Amounts reclassified from accumulated other comprehensive income |
|
222
|
136
|
Net current period other comprehensive (loss) income |
|
(222)
|
(136)
|
Balance |
|
1,494
|
1,686
|
Net current period other comprehensive (loss) income |
|
$ 222
|
$ 136
|
X |
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v3.23.3
Note L - Assets Held for Sale (Details Textual) - USD ($) $ in Thousands |
3 Months Ended |
Sep. 29, 2023 |
Dec. 30, 2022 |
Sep. 30, 2022 |
Mar. 25, 2022 |
Proceeds from Sale of Property, Plant, and Equipment |
$ 0
|
|
$ 2
|
|
Gain (Loss) on Disposition of Assets |
16
|
|
42
|
|
Boat Management System Product Line [Member] |
|
|
|
|
Inventory Write-down |
$ 2,100
|
|
|
|
Property, Plant, and Equipment Reclassified to Assets Held for Sale [Member] |
|
|
|
|
Increase (Decrease) in Asset, Held-for-Sale |
|
|
$ 2,801
|
|
Propeller Machining Plant and Office in Switzerland [Member] |
|
|
|
|
Proceeds from Sale of Property, Plant, and Equipment |
|
$ 7,150
|
|
|
Gain (Loss) on Disposition of Assets |
|
$ 4,161
|
|
|
Employee Severance [Member] |
|
|
|
|
Impairment of Long-Lived Assets to be Disposed of |
|
|
|
$ 4,267
|
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Note M - Earnings Per Share (Details Textual) - shares
|
3 Months Ended |
Sep. 29, 2023 |
Sep. 30, 2022 |
Performance Shares [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) |
265,000
|
320,800
|
PSUA Award [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) |
5,200
|
|
Restricted Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) |
108,500
|
181,200
|
Restricted Stock Units (RSUs) [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) |
72,600
|
51,200
|
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v3.23.3
Note M - Earnings Per Share - Components of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 29, 2023 |
Sep. 30, 2022 |
Net loss |
$ (1,083)
|
$ (1,083)
|
$ (1,324)
|
Less: Net earnings attributable to noncontrolling interest |
$ (90)
|
(90)
|
(98)
|
Less: Undistributed earnings attributable to unvested shares |
|
0
|
0
|
Net loss attributable to Twin Disc |
|
$ (1,173)
|
$ (1,422)
|
Weighted average shares outstanding - basic (in shares) |
13,527
|
13,527
|
13,407
|
Net loss per share - basic (in dollars per share) |
$ (0.09)
|
$ (0.09)
|
$ (0.11)
|
Effect of dilutive stock awards (in shares) |
|
0
|
0
|
Weighted average shares outstanding - diluted (in shares) |
13,527
|
13,527
|
13,407
|
Net loss per share - diluted (in dollars per share) |
$ (0.09)
|
$ (0.09)
|
$ (0.11)
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
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v3.23.3
Note N - Lease Obligations - Consolidated Balance Sheet (Details) - USD ($) $ in Thousands |
Sep. 29, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Operating lease right-of-use assets |
$ 12,093
|
$ 13,133
|
$ 11,492
|
Operating lease liabilities |
9,896
|
10,811
|
$ 9,483
|
Property, Plant and Equipment, Net [Member] |
|
|
|
Finance lease right-of-use assets |
4,952
|
4,427
|
|
Accrued Liabilities [Member] |
|
|
|
Operating lease liabilities |
2,218
|
2,343
|
|
Finance lease liabilities |
670
|
643
|
|
Lease Obligation [Member] |
|
|
|
Operating lease liabilities |
9,896
|
10,811
|
|
Other Noncurrent Liabilities [Member] |
|
|
|
Finance lease liabilities |
$ 4,556
|
$ 4,314
|
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from finance lease, classified as current.
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v3.23.3
Note N - Lease Obligations - Future Minimum Rental Commitments Under Noncancelable Leases (Details) $ in Thousands |
Sep. 29, 2023
USD ($)
|
2024, Operating Leases |
$ 2,396
|
2024, Finance Leases |
740
|
2025, Operating Leases |
2,143
|
2025, Finance Leases |
806
|
2026, Operating Leases |
1,672
|
2026, Finance Leases |
744
|
2027, Operating Leases |
1,608
|
2027, Finance Leases |
679
|
2028, Operating Leases |
1,587
|
2028, Finance Leases |
619
|
2029, Operating Leases |
1,572
|
2029, Finance Leases |
476
|
Thereafter, Operating Leases |
5,602
|
Thereafter, Finance Leases |
2,655
|
Total future lease payments, Operating Leases |
16,580
|
Total future lease payments, Finance Leases |
6,719
|
Less: Amount representing interest, Operating Leases |
(4,466)
|
Less: Amount representing interest, Finance Leases |
(1,493)
|
Present value of future payments, Operating Leases |
12,114
|
Present value of future payments, Finance Leases |
$ 5,226
|
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v3.23.3
Note O - Derivative Financial Instruments (Details Textual) $ in Thousands, € in Millions |
3 Months Ended |
12 Months Ended |
|
|
|
|
Sep. 29, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2021
EUR (€)
|
Jun. 29, 2018
USD ($)
|
Equity, Including Portion Attributable to Noncontrolling Interest |
$ 140,175
|
$ 145,517
|
$ 124,768
|
$ 131,188
|
|
|
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months |
$ 284
|
|
|
|
|
|
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 |
$ 11,000
|
|
|
|
|
$ 20,000
|
Equity, Including Portion Attributable to Noncontrolling Interest |
682
|
688
|
|
|
|
|
Euro Denominated Revolving Loan [Member] | Net Investment Hedging [Member] | Designated as Hedging Instrument [Member] |
|
|
|
|
|
|
Derivative, Notional Amount | € |
|
|
|
|
€ 13
|
|
Derivative, Gain (Loss) on Derivative, Net |
$ (1,494)
|
$ (1,272)
|
|
|
|
|
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.
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v3.23.3
X |
- DefinitionAggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.
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v3.23.3
Note P - Impact of Accounting Method Change - Adjustment to Financial Statements (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
|
|
Sep. 30, 2023 |
Sep. 29, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Jul. 01, 2022 |
Net sales |
$ 63,554
|
$ 63,554
|
$ 55,913
|
|
|
Cost of goods sold |
|
|
42,616
|
|
|
Gross profit |
16,637
|
|
13,297
|
|
|
Marketing, engineering and administrative expenses |
16,917
|
|
15,090
|
|
|
Loss from operations |
(280)
|
|
(1,793)
|
|
|
Other Income (expense): |
|
|
|
|
|
Interest expense |
(394)
|
|
(566)
|
|
|
Other income, net |
137
|
|
347
|
|
|
Interest Income (Expense), Nonoperating, Net |
(257)
|
|
(219)
|
|
|
Income before income taxes and noncontrolling interest |
(537)
|
(537)
|
(2,012)
|
|
|
Income tax expense |
546
|
546
|
(688)
|
|
|
Net loss |
(1,083)
|
(1,083)
|
(1,324)
|
|
|
Less: Net loss attributable to noncontrolling interest, net of tax |
(90)
|
(90)
|
(98)
|
|
|
Net loss attributable to Twin Disc |
$ (1,173)
|
$ (1,173)
|
$ (1,422)
|
|
|
Loss per share data: |
|
|
|
|
|
Net loss per share - basic (in dollars per share) |
$ (0.09)
|
$ (0.09)
|
$ (0.11)
|
|
|
Net loss per share - diluted (in dollars per share) |
$ (0.09)
|
$ (0.09)
|
$ (0.11)
|
|
|
Weighted average shares outstanding data: |
|
|
|
|
|
Basic shares outstanding (in shares) |
13,527
|
13,527
|
13,407
|
|
|
Diluted shares outstanding (in shares) |
13,527
|
13,527
|
13,407
|
|
|
Net loss |
$ (1,083)
|
$ (1,083)
|
$ (1,324)
|
|
|
Benefit plan adjustments, net of income taxes of $9 |
(171)
|
(171)
|
(89)
|
|
|
Translation adjustment during the quarter |
(3,036)
|
(3,036)
|
(6,290)
|
|
|
Unrealized loss on hedges, net of income taxes of $0, respectively |
216
|
216
|
793
|
|
|
Comprehensive loss |
(4,074)
|
|
(6,910)
|
|
|
Less: Comprehensive income attributable to noncontrolling interest |
151
|
|
136
|
|
|
Comprehensive loss attributable to Twin Disc |
(4,225)
|
|
(7,046)
|
|
|
Current assets: |
|
|
|
|
|
Cash |
|
20,428
|
13,214
|
$ 13,263
|
|
Trade accounts receivable, net |
|
39,756
|
40,007
|
54,760
|
|
Inventories |
|
126,236
|
128,100
|
131,930
|
|
Assets held for sale |
|
4,559
|
5,769
|
2,968
|
|
Prepaid expenses |
|
9,466
|
8,207
|
8,459
|
|
Other |
|
8,763
|
6,521
|
8,326
|
|
Total current assets |
|
209,208
|
201,818
|
219,706
|
|
Property, plant and equipment, net |
|
40,065
|
38,989
|
38,650
|
|
Right-of-use assets operating leases |
|
12,093
|
11,492
|
13,133
|
|
Intangible assets, net |
|
11,517
|
11,560
|
12,637
|
|
Deferred income taxes |
|
2,204
|
2,846
|
2,244
|
|
Other assets |
|
2,894
|
2,846
|
2,811
|
|
Total assets |
|
277,981
|
269,551
|
289,181
|
|
Current liabilities: |
|
|
|
|
|
Current maturities of long-term debt |
|
2,002
|
2,000
|
2,010
|
|
Accounts payable |
|
29,584
|
30,706
|
36,499
|
|
Accrued liabilities |
|
60,632
|
49,158
|
61,586
|
|
Total current liabilities |
|
92,218
|
81,864
|
100,095
|
|
Long-term debt |
|
19,655
|
35,112
|
16,617
|
|
Lease obligations |
|
9,896
|
9,483
|
10,811
|
|
Accrued retirement benefits |
|
7,138
|
9,860
|
7,608
|
|
Deferred income taxes |
|
3,150
|
3,422
|
3,280
|
|
Other long-term liabilities |
|
5,749
|
5,042
|
5,253
|
|
Total liabilities |
|
137,806
|
144,783
|
143,664
|
|
Twin Disc shareholders' equity: |
|
|
|
|
|
Preferred shares authorized: 200,000; issued: none; no par value |
|
0
|
0
|
0
|
|
Common shares authorized: 30,000,000; issued: 14,632,802; no par value |
|
39,439
|
41,285
|
42,855
|
|
Retained earnings |
|
119,126
|
108,497
|
120,299
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
|
(8,621)
|
(12,598)
|
(5,570)
|
|
Equity before treasury stock |
|
149,944
|
137,184
|
157,584
|
|
Less treasury stock, at cost (674,354 and 814,734 shares, respectively) |
|
10,343
|
12,964
|
12,491
|
|
Total Twin Disc shareholders' equity |
|
139,601
|
124,220
|
145,093
|
|
Noncontrolling interest |
|
574
|
548
|
424
|
|
Total equity |
|
140,175
|
124,768
|
145,517
|
|
Total liabilities and equity |
|
277,981
|
269,551
|
289,181
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
Net loss |
(1,083)
|
(1,083)
|
(1,324)
|
|
|
Adjustments to reconcile net loss to net cash provided by used activities: |
|
|
|
|
|
Depreciation and amortization |
|
2,488
|
2,140
|
|
|
Gain on sale of assets |
|
(16)
|
(42)
|
|
|
Restructuring expenses |
|
(57)
|
(68)
|
|
|
Provision for deferred income taxes |
|
97
|
(1,623)
|
|
|
Stock compensation expense |
|
1,140
|
864
|
|
|
Net change in operating assets and liabilities |
|
4,134
|
(643)
|
|
|
Net cash used by operating activities |
|
9,802
|
(696)
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
Acquisition of property, plant, and equipment |
|
(3,690)
|
(2,237)
|
|
|
Proceeds from sale of fixed assets |
|
0
|
2
|
|
|
Proceeds on note receivable |
|
|
0
|
|
|
Other, net |
|
45
|
534
|
|
|
Net cash used by investing activities |
|
(3,645)
|
(1,701)
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
Borrowings under revolving loan arrangements |
|
27,184
|
20,221
|
|
|
Repayments of revolving loan arrangements |
|
(23,423)
|
(18,685)
|
|
|
Repayments of other long-term debt |
|
(508)
|
(519)
|
|
|
Payments of finance lease obligations |
|
(847)
|
(132)
|
|
|
Payments of withholding taxes on stock compensation |
|
(1,763)
|
(168)
|
|
|
Net cash provided by financing activities |
|
643
|
717
|
|
|
Effect of exchange rate changes on cash |
|
365
|
2,373
|
|
|
Net change in cash |
|
7,165
|
693
|
|
|
Cash: |
|
|
|
|
|
Beginning of period |
13,263
|
13,263
|
12,521
|
|
|
End of period |
|
20,428
|
13,214
|
|
|
Balance |
145,517
|
145,517
|
131,188
|
|
|
Net loss attributable to Twin Disc |
(1,173)
|
(1,173)
|
(1,422)
|
|
|
Balance |
|
140,175
|
124,768
|
|
|
Translation adjustment during the quarter |
(3,036)
|
(3,036)
|
(6,290)
|
|
|
Unrealized loss on hedges, net of income taxes of $0, respectively |
216
|
216
|
793
|
|
|
Retained Earnings [Member] |
|
|
|
|
|
Other Income (expense): |
|
|
|
|
|
Net loss |
|
(1,173)
|
(1,422)
|
|
|
Net loss attributable to Twin Disc |
|
|
(1,422)
|
|
|
Weighted average shares outstanding data: |
|
|
|
|
|
Net loss |
|
(1,173)
|
(1,422)
|
|
|
Twin Disc shareholders' equity: |
|
|
|
|
|
Total equity |
|
119,126
|
108,497
|
120,299
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
Net loss |
|
(1,173)
|
(1,422)
|
|
|
Cash: |
|
|
|
|
|
Balance |
120,299
|
120,299
|
109,919
|
|
|
Net loss attributable to Twin Disc |
|
|
(1,422)
|
|
|
Balance |
|
119,126
|
108,497
|
|
|
AOCI Attributable to Parent [Member] |
|
|
|
|
|
Weighted average shares outstanding data: |
|
|
|
|
|
Benefit plan adjustments, net of income taxes of $9 |
|
(171)
|
(89)
|
|
|
Translation adjustment during the quarter |
|
(3,096)
|
(6,328)
|
|
|
Unrealized loss on hedges, net of income taxes of $0, respectively |
|
216
|
793
|
|
|
Twin Disc shareholders' equity: |
|
|
|
|
|
Total equity |
|
(8,621)
|
(12,598)
|
$ (5,570)
|
|
Cash: |
|
|
|
|
|
Balance |
$ (5,570)
|
(5,570)
|
(6,974)
|
|
|
Balance |
|
(8,621)
|
(12,598)
|
|
|
Translation adjustment during the quarter |
|
(3,096)
|
(6,328)
|
|
|
Benefit plan adjustments, net of tax |
|
|
(89)
|
|
|
Unrealized loss on hedges, net of income taxes of $0, respectively |
|
$ 216
|
793
|
|
|
Previously Reported [Member] |
|
|
|
|
|
Net sales |
|
|
55,913
|
|
|
Cost of goods sold |
|
|
42,616
|
|
|
Gross profit |
|
|
13,297
|
|
|
Marketing, engineering and administrative expenses |
|
|
15,090
|
|
|
Loss from operations |
|
|
(1,793)
|
|
|
Other Income (expense): |
|
|
|
|
|
Interest expense |
|
|
(566)
|
|
|
Other income, net |
|
|
(260)
|
|
|
Interest Income (Expense), Nonoperating, Net |
|
|
(826)
|
|
|
Income before income taxes and noncontrolling interest |
|
|
(2,619)
|
|
|
Income tax expense |
|
|
(688)
|
|
|
Net loss |
|
|
(1,931)
|
|
|
Less: Net loss attributable to noncontrolling interest, net of tax |
|
|
(98)
|
|
|
Net loss attributable to Twin Disc |
|
|
$ (2,029)
|
|
|
Loss per share data: |
|
|
|
|
|
Net loss per share - basic (in dollars per share) |
|
|
$ (0.15)
|
|
|
Net loss per share - diluted (in dollars per share) |
|
|
$ (0.15)
|
|
|
Weighted average shares outstanding data: |
|
|
|
|
|
Basic shares outstanding (in shares) |
|
|
13,407
|
|
|
Diluted shares outstanding (in shares) |
|
|
13,407
|
|
|
Net loss |
|
|
$ (1,931)
|
|
|
Benefit plan adjustments, net of income taxes of $9 |
|
|
518
|
|
|
Translation adjustment during the quarter |
|
|
(6,290)
|
|
|
Unrealized loss on hedges, net of income taxes of $0, respectively |
|
|
793
|
|
|
Comprehensive loss |
|
|
(6,910)
|
|
|
Less: Comprehensive income attributable to noncontrolling interest |
|
|
136
|
|
|
Comprehensive loss attributable to Twin Disc |
|
|
(7,046)
|
|
|
Current assets: |
|
|
|
|
|
Cash |
|
|
13,214
|
|
|
Trade accounts receivable, net |
|
|
40,007
|
|
|
Inventories |
|
|
128,100
|
|
|
Assets held for sale |
|
|
5,769
|
|
|
Prepaid expenses |
|
|
8,207
|
|
|
Other |
|
|
6,521
|
|
|
Total current assets |
|
|
201,818
|
|
|
Property, plant and equipment, net |
|
|
38,989
|
|
|
Right-of-use assets operating leases |
|
|
11,492
|
|
|
Intangible assets, net |
|
|
11,560
|
|
|
Deferred income taxes |
|
|
2,846
|
|
|
Other assets |
|
|
2,846
|
|
|
Total assets |
|
|
269,551
|
|
|
Current liabilities: |
|
|
|
|
|
Current maturities of long-term debt |
|
|
2,000
|
|
|
Accounts payable |
|
|
30,706
|
|
|
Accrued liabilities |
|
|
49,158
|
|
|
Total current liabilities |
|
|
81,864
|
|
|
Long-term debt |
|
|
35,112
|
|
|
Lease obligations |
|
|
9,483
|
|
|
Accrued retirement benefits |
|
|
9,860
|
|
|
Deferred income taxes |
|
|
3,422
|
|
|
Other long-term liabilities |
|
|
5,042
|
|
|
Total liabilities |
|
|
144,783
|
|
|
Twin Disc shareholders' equity: |
|
|
|
|
|
Preferred shares authorized: 200,000; issued: none; no par value |
|
|
0
|
|
|
Common shares authorized: 30,000,000; issued: 14,632,802; no par value |
|
|
41,285
|
|
|
Retained earnings |
|
|
133,002
|
|
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
|
|
(37,103)
|
|
|
Equity before treasury stock |
|
|
137,184
|
|
|
Less treasury stock, at cost (674,354 and 814,734 shares, respectively) |
|
|
12,964
|
|
|
Total Twin Disc shareholders' equity |
|
|
124,220
|
|
|
Noncontrolling interest |
|
|
548
|
|
|
Total equity |
|
|
124,768
|
|
|
Total liabilities and equity |
|
|
269,551
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
Net loss |
|
|
(1,931)
|
|
|
Adjustments to reconcile net loss to net cash provided by used activities: |
|
|
|
|
|
Depreciation and amortization |
|
|
2,140
|
|
|
Gain on sale of assets |
|
|
(42)
|
|
|
Restructuring expenses |
|
|
(68)
|
|
|
Provision for deferred income taxes |
|
|
(1,623)
|
|
|
Stock compensation expense |
|
|
864
|
|
|
Net change in operating assets and liabilities |
|
|
(36)
|
|
|
Net cash used by operating activities |
|
|
(696)
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
Acquisition of property, plant, and equipment |
|
|
(2,237)
|
|
|
Proceeds from sale of fixed assets |
|
|
2
|
|
|
Proceeds on note receivable |
|
|
0
|
|
|
Other, net |
|
|
534
|
|
|
Net cash used by investing activities |
|
|
(1,701)
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
Borrowings under revolving loan arrangements |
|
|
20,221
|
|
|
Repayments of revolving loan arrangements |
|
|
(18,685)
|
|
|
Repayments of other long-term debt |
|
|
(651)
|
|
|
Payments of finance lease obligations |
|
|
0
|
|
|
Payments of withholding taxes on stock compensation |
|
|
(168)
|
|
|
Net cash provided by financing activities |
|
|
717
|
|
|
Effect of exchange rate changes on cash |
|
|
2,373
|
|
|
Net change in cash |
|
|
693
|
|
|
Cash: |
|
|
|
|
|
Beginning of period |
|
|
12,521
|
|
|
End of period |
|
|
13,214
|
|
|
Balance |
|
|
|
|
|
Net loss attributable to Twin Disc |
|
|
(2,029)
|
|
|
Balance |
|
|
124,768
|
|
|
Translation adjustment during the quarter |
|
|
(6,290)
|
|
|
Unrealized loss on hedges, net of income taxes of $0, respectively |
|
|
793
|
|
|
Previously Reported [Member] | Retained Earnings [Member] |
|
|
|
|
|
Other Income (expense): |
|
|
|
|
|
Net loss attributable to Twin Disc |
|
|
(2,029)
|
|
|
Twin Disc shareholders' equity: |
|
|
|
|
|
Total equity |
|
|
133,002
|
|
|
Cash: |
|
|
|
|
|
Balance |
|
|
135,031
|
|
|
Net loss attributable to Twin Disc |
|
|
(2,029)
|
|
|
Balance |
|
|
133,002
|
|
|
Previously Reported [Member] | AOCI Attributable to Parent [Member] |
|
|
|
|
|
Weighted average shares outstanding data: |
|
|
|
|
|
Translation adjustment during the quarter |
|
|
(6,328)
|
|
|
Unrealized loss on hedges, net of income taxes of $0, respectively |
|
|
793
|
|
|
Twin Disc shareholders' equity: |
|
|
|
|
|
Total equity |
|
|
(37,103)
|
|
|
Cash: |
|
|
|
|
|
Balance |
|
|
(32,086)
|
|
|
Balance |
|
|
(37,103)
|
|
|
Translation adjustment during the quarter |
|
|
(6,328)
|
|
|
Benefit plan adjustments, net of tax |
|
|
518
|
|
|
Unrealized loss on hedges, net of income taxes of $0, respectively |
|
|
793
|
|
|
Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] |
|
|
|
|
|
Net sales |
|
|
0
|
|
|
Cost of goods sold |
|
|
0
|
|
|
Gross profit |
|
|
0
|
|
|
Marketing, engineering and administrative expenses |
|
|
0
|
|
|
Loss from operations |
|
|
0
|
|
|
Other Income (expense): |
|
|
|
|
|
Interest expense |
|
|
0
|
|
|
Other income, net |
|
|
607
|
|
|
Interest Income (Expense), Nonoperating, Net |
|
|
607
|
|
|
Income before income taxes and noncontrolling interest |
|
|
607
|
|
|
Income tax expense |
|
|
0
|
|
|
Net loss |
|
|
607
|
|
|
Less: Net loss attributable to noncontrolling interest, net of tax |
|
|
0
|
|
|
Net loss attributable to Twin Disc |
|
|
$ 607
|
|
|
Loss per share data: |
|
|
|
|
|
Net loss per share - basic (in dollars per share) |
|
|
$ 0.04
|
|
|
Net loss per share - diluted (in dollars per share) |
|
|
$ 0.04
|
|
|
Weighted average shares outstanding data: |
|
|
|
|
|
Basic shares outstanding (in shares) |
|
|
0
|
|
|
Diluted shares outstanding (in shares) |
|
|
0
|
|
|
Net loss |
|
|
$ 607
|
|
|
Benefit plan adjustments, net of income taxes of $9 |
|
|
(607)
|
|
|
Translation adjustment during the quarter |
|
|
0
|
|
|
Unrealized loss on hedges, net of income taxes of $0, respectively |
|
|
0
|
|
|
Comprehensive loss |
|
|
0
|
|
|
Less: Comprehensive income attributable to noncontrolling interest |
|
|
0
|
|
|
Comprehensive loss attributable to Twin Disc |
|
|
0
|
|
|
Current assets: |
|
|
|
|
|
Cash |
|
|
0
|
|
|
Trade accounts receivable, net |
|
|
0
|
|
|
Inventories |
|
|
0
|
|
|
Assets held for sale |
|
|
0
|
|
|
Prepaid expenses |
|
|
0
|
|
|
Other |
|
|
0
|
|
|
Total current assets |
|
|
0
|
|
|
Property, plant and equipment, net |
|
|
0
|
|
|
Right-of-use assets operating leases |
|
|
0
|
|
|
Intangible assets, net |
|
|
0
|
|
|
Deferred income taxes |
|
|
0
|
|
|
Other assets |
|
|
0
|
|
|
Total assets |
|
|
0
|
|
|
Current liabilities: |
|
|
|
|
|
Current maturities of long-term debt |
|
|
0
|
|
|
Accounts payable |
|
|
0
|
|
|
Accrued liabilities |
|
|
0
|
|
|
Total current liabilities |
|
|
0
|
|
|
Long-term debt |
|
|
0
|
|
|
Lease obligations |
|
|
0
|
|
|
Accrued retirement benefits |
|
|
0
|
|
|
Deferred income taxes |
|
|
0
|
|
|
Other long-term liabilities |
|
|
0
|
|
|
Total liabilities |
|
|
0
|
|
|
Twin Disc shareholders' equity: |
|
|
|
|
|
Preferred shares authorized: 200,000; issued: none; no par value |
|
|
0
|
|
|
Common shares authorized: 30,000,000; issued: 14,632,802; no par value |
|
|
0
|
|
|
Retained earnings |
|
|
(24,505)
|
|
$ (25,100)
|
Accumulated Other Comprehensive Income (Loss), Net of Tax |
|
|
24,505
|
|
$ 25,100
|
Equity before treasury stock |
|
|
0
|
|
|
Less treasury stock, at cost (674,354 and 814,734 shares, respectively) |
|
|
0
|
|
|
Total Twin Disc shareholders' equity |
|
|
0
|
|
|
Noncontrolling interest |
|
|
0
|
|
|
Total equity |
|
|
0
|
|
|
Total liabilities and equity |
|
|
0
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
Net loss |
|
|
607
|
|
|
Adjustments to reconcile net loss to net cash provided by used activities: |
|
|
|
|
|
Depreciation and amortization |
|
|
0
|
|
|
Gain on sale of assets |
|
|
0
|
|
|
Restructuring expenses |
|
|
0
|
|
|
Provision for deferred income taxes |
|
|
0
|
|
|
Stock compensation expense |
|
|
0
|
|
|
Net change in operating assets and liabilities |
|
|
(607)
|
|
|
Net cash used by operating activities |
|
|
0
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
Acquisition of property, plant, and equipment |
|
|
0
|
|
|
Proceeds from sale of fixed assets |
|
|
0
|
|
|
Proceeds on note receivable |
|
|
0
|
|
|
Other, net |
|
|
0
|
|
|
Net cash used by investing activities |
|
|
0
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
Borrowings under revolving loan arrangements |
|
|
0
|
|
|
Repayments of revolving loan arrangements |
|
|
0
|
|
|
Repayments of other long-term debt |
|
|
132
|
|
|
Payments of finance lease obligations |
|
|
(132)
|
|
|
Payments of withholding taxes on stock compensation |
|
|
0
|
|
|
Net cash provided by financing activities |
|
|
0
|
|
|
Effect of exchange rate changes on cash |
|
|
0
|
|
|
Net change in cash |
|
|
0
|
|
|
Cash: |
|
|
|
|
|
Beginning of period |
|
|
0
|
|
|
End of period |
|
|
0
|
|
|
Balance |
|
|
|
|
|
Net loss attributable to Twin Disc |
|
|
607
|
|
|
Balance |
|
|
0
|
|
|
Translation adjustment during the quarter |
|
|
0
|
|
|
Unrealized loss on hedges, net of income taxes of $0, respectively |
|
|
0
|
|
|
Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | Retained Earnings [Member] |
|
|
|
|
|
Other Income (expense): |
|
|
|
|
|
Net loss attributable to Twin Disc |
|
|
607
|
|
|
Twin Disc shareholders' equity: |
|
|
|
|
|
Total equity |
|
|
(24,505)
|
|
|
Cash: |
|
|
|
|
|
Balance |
|
|
(25,112)
|
|
|
Net loss attributable to Twin Disc |
|
|
607
|
|
|
Balance |
|
|
(24,505)
|
|
|
Revision of Prior Period, Change in Accounting Principle, Adjustment [Member] | AOCI Attributable to Parent [Member] |
|
|
|
|
|
Weighted average shares outstanding data: |
|
|
|
|
|
Translation adjustment during the quarter |
|
|
0
|
|
|
Unrealized loss on hedges, net of income taxes of $0, respectively |
|
|
0
|
|
|
Twin Disc shareholders' equity: |
|
|
|
|
|
Total equity |
|
|
24,505
|
|
|
Cash: |
|
|
|
|
|
Balance |
|
|
25,112
|
|
|
Balance |
|
|
24,505
|
|
|
Translation adjustment during the quarter |
|
|
0
|
|
|
Benefit plan adjustments, net of tax |
|
|
(607)
|
|
|
Unrealized loss on hedges, net of income taxes of $0, respectively |
|
|
$ 0
|
|
|
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v3.23.3
Note P - Impact of Accounting Method Change - Adjustment to Financial Statements (Details) (Parentheticals) - USD ($) $ / shares in Thousands, $ in Thousands |
3 Months Ended |
|
Sep. 30, 2023 |
Sep. 29, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Benefit plan adjustments, income taxes |
$ 5
|
$ 5
|
$ 9
|
|
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) |
|
674,354
|
|
814,734
|
X |
- DefinitionFace amount per share of no-par value common stock.
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