LONG-TERM DEBT |
12 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Debt Disclosure [Abstract] | |
| LONG-TERM DEBT | 10. LONG-TERM DEBT There were no amounts of long-term debt outstanding as of June 30, 2026 and 2025. Prior Credit Agreement In fiscal 2021, the Company entered into a credit agreement (the “2021 Credit Agreement”) that provided the Company with a $160.0 million senior secured credit facility, consisting of a $60.0 million term loan and a $100.0 million revolving credit facility. In fiscal 2025, the Company entered into the Fourth Amendment to the 2021 Credit Agreement to obtain the necessary consents and waivers to the covenant restrictions related to the Aviara Transaction and the Aviara Facility Sale, as discussed in Note 3, and a waiver to the fixed charge ratio for certain periods. Following the amendment, all amounts under the term loan were repaid and the facility thereafter only provided the Company with a revolving credit facility. Amended and Restated Credit Agreement On February 5, 2026, the Company entered into a Fifth Amendment to its 2021 Credit Agreement (as amended, the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto, which provides the Company with a revolving credit facility up to $75.0 million (the “Revolving Credit Facility”). The Credit Agreement, among other things, expressly permitted the Marine Products Transaction and revises certain financial covenants to our 2021 Credit Agreement, including replacing the fixed charge ratio with an interest coverage ratio, and extends the revolving maturity to 2031. The Credit Agreement bears interest, at the Company’s option, at either the prime rate plus an applicable margin ranging from 0.25% to 1.00% or at an adjusted term benchmark rate plus an applicable margin ranging from 1.25% to 2.00%, in each case based on the Company’s net leverage ratio. The Company is also required to pay a commitment fee for any unused portion of the Revolving Credit Facility ranging from 0.15% to 0.30% based on the Company’s net leverage ratio. In connection with the Marine Products Transaction, the Company temporarily borrowed approximately $25.0 million under the Revolving Credit Facility to ensure liquidity during the transaction closing process. The outstanding balance was subsequently repaid prior to June 30, 2026. As of June 30, 2026, there were no amounts outstanding, and the Company had remaining availability of $75.0 million on the Revolving Credit Facility. The Credit Agreement will mature and remaining amounts outstanding, if any, thereunder will be due and payable on February 5, 2031. As of June 30, 2026, the Company was in compliance with its financial covenants under the Credit Agreement. |