STARRETT L S CO

CIK:0000093676|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 60,767	$ 61,678	$ 183,479	$ 188,914
Cost of goods sold	43,187	42,455	127,399	127,916
Gross profit	$ 17,580	$ 19,223	$ 56,080	$ 60,998
% of Net sales	28.90%	31.20%	30.60%	32.30%
Restructuring charges	$ 0	$ 0	$ 0	$ 244
Selling, general and administrative expenses	16,870	15,109	50,417	46,962
Operating income	710	4,114	5,663	13,792
Other (expense) income, net	(17)	(602)	(908)	(2,399)
Income before income taxes	693	3,512	4,755	11,393
Income tax expense (benefit)	55	(3,961)	2,592	(1,267)
Net income	$ 638	$ 7,473	$ 2,163	$ 12,660
Basic income per share (in dollars per share)	$ 0.09	$ 1.01	$ 0.29	$ 1.72
Diluted income per share (in dollars per share)	$ 0.08	$ 0.99	$ 0.28	$ 1.68
Weighted average outstanding shares used in per share calculations:
Basic (in shares)	7,505	7,427	7,481	7,379
Diluted (in shares)	7,657	7,577	7,638	7,538

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 2,163	$ 12,660
Non-cash operating activities:
Depreciation	4,246	3,884
Amortization	812	998
Stock-based compensation	494	549
Net long-term tax obligations	(75)	(66)
Deferred taxes	991	(3,753)
Postretirement benefit and pension obligations	442	475
Changes in operating assets and liabilities:
Accounts receivable	156	7,148
Inventories	6,060	(72)
Other current assets	(606)	(1,275)
Other current liabilities	(589)	(3,255)
Prepaid pension expense	(3,179)	(1,574)
Other	208	178
Net cash provided by operating activities	11,123	15,897
Cash flows from investing activities:
Purchases of property, plant and equipment	(10,681)	(4,790)
Software development	(1,036)	(795)
Intangibles-other	0	(54)
Net cash (used in) investing activities	(11,717)	(5,639)
Cash flows from financing activities:
Proceeds from term loan borrowings	2,000	575
Proceeds from line of credit borrowings	8,000	1,000
Term debt repayments	(5,719)	(8,352)
Repayments of Lines of Credit	(6,500)	(9,500)
Proceeds from common stock issued	40	84
Shares repurchased	(44)	(16)
Net cash (used in) financing activities	(2,223)	(16,209)
Effect of exchange rate changes on cash	(110)	23
Net decrease in cash	(2,927)	(5,928)
Cash, beginning of period	10,454	14,523
Cash, end of period	7,527	8,595
Supplemental cash flow information:
Interest paid	615	1,200
Income taxes paid, net	$ 3,132	$ 4,395

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 7,527,000	$ 10,454,000
Accounts receivable (less allowance for credit losses of $515 and $449, respectively)	35,873,000	36,611,000
Inventories	58,518,000	65,414,000
Prepaid expenses and other current assets	10,192,000	9,723,000
Total current assets	112,110,000	122,202,000
Property, plant and equipment, net	45,252,000	39,375,000
Right of use assets	3,978,000	4,931,000
Deferred tax assets, net	15,953,000	17,056,000
Intangible assets, net	4,896,000	4,672,000
Goodwill	1,015,000	1,015,000
Other assets	3,425,000	3,551,000
Total assets	186,629,000	192,802,000
Current liabilities:
Accounts payable	14,750,000	15,047,000
Accrued expenses	11,901,000	11,579,000
Current maturities of debt	2,326,000	4,961,000
Accrued compensation	5,337,000	6,287,000
Current lease liability	1,547,000	1,689,000
Total current liabilities	35,861,000	39,563,000
Other tax obligations	2,779,000	2,884,000
Long-term lease liability	2,585,000	3,423,000
Long-term debt, net of current portion	5,768,000	5,273,000
Postretirement benefit and pension obligations	9,532,000	12,192,000
Total liabilities	56,525,000	63,335,000
Contingencies (Note 12)
Stockholders' equity:
Additional paid-in capital	58,241,000	57,825,000
Retained earnings	114,310,000	112,147,000
Accumulated other comprehensive loss	(49,951,000)	(47,935,000)
Total stockholders' equity	130,104,000	129,467,000
Total liabilities and stockholders’ equity	186,629,000	192,802,000
Class A Common Shares
Stockholders' equity:
Common stock	6,968,000	6,854,000
Class B Common Shares
Stockholders' equity:
Common stock	$ 536,000	$ 576,000