Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 09, 2014 | Sep. 09, 2014 |
Class A common stock | Class B common stock | |||
Entity Registrant Name | 'PHIBRO ANIMAL HEALTH CORP | ' | ' | ' |
Entity Central Index Key | '0001069899 | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | ' | 17,442,953 | 21,512,275 |
Entity Public Float | ' | $0 | ' | ' |
Document Type | '10-K | ' | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $691,914 | $653,151 | $654,101 |
Cost of goods sold | 484,139 | 474,187 | 489,962 |
Gross profit | 207,775 | 178,964 | 164,139 |
Selling, general and administrative expenses | 143,981 | 122,233 | 114,814 |
Operating income | 63,794 | 56,731 | 49,325 |
Interest expense | 29,889 | 31,383 | 31,436 |
Interest expense, stockholders | 3,192 | 4,388 | 4,264 |
Interest (income) | -119 | -142 | -281 |
Foreign currency (gains) losses, net | 1,753 | 3,103 | 1,192 |
Loss on extinguishment of debt | 22,771 | ' | ' |
Other (income) expense, net | ' | 151 | -400 |
Income before income taxes | 6,308 | 17,848 | 13,114 |
Provision (benefit) for income taxes | 9,435 | -7,043 | 6,138 |
Net income (loss) | ($3,127) | $24,891 | $6,976 |
Net income (loss) per share-basic and diluted (in dollars per share) | ($0.10) | $0.82 | $0.23 |
Weighted average common shares outstanding-basic and diluted (in dollars) | 32,193 | 30,458 | 30,458 |
Dividends per share (in dollars per share) | $0.82 | $0.10 | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income (loss) | ($3,127) | $24,891 | $6,976 |
Fair value of derivative instruments | 1,025 | -222 | -841 |
Foreign currency translation adjustment | 1,110 | -5,968 | -15,077 |
Unrecognized net pension gains (losses) | -4,423 | 5,390 | -10,413 |
(Provision) benefit for income taxes | ' | -2,016 | ' |
Other comprehensive income (loss) | -2,288 | -2,816 | -26,331 |
Comprehensive income (loss) | ($5,415) | $22,075 | ($19,355) |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $11,821 | $27,369 |
Accounts receivable, net | 113,858 | 99,137 |
Inventories, net | 143,184 | 140,032 |
Prepaid expenses and other current assets | 30,426 | 29,848 |
Total current assets | 299,289 | 296,386 |
Property, plant and equipment, net | 109,159 | 104,422 |
Intangibles, net | 29,803 | 35,155 |
Other assets | 34,072 | 38,179 |
Total assets | 472,323 | 474,142 |
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | ' | ' |
Current portion of long-term debt | 2,969 | 64 |
Accounts payable | 59,608 | 57,902 |
Accrued expenses and other current liabilities | 49,861 | 57,438 |
Total current liabilities | 112,438 | 115,404 |
Revolving credit facility | ' | 34,000 |
Long-term debt | 286,422 | 297,666 |
Long-term debt, stockholders | ' | 33,874 |
Other liabilities | 58,314 | 62,136 |
Total liabilities | 457,174 | 543,080 |
Commitments and contingencies (Note 13) | ' | ' |
Common stock, par value $0.0001; 300,000,000 Class A shares authorized, 17,442,953 shares issued and outstanding; 30,000,000 Class B shares authorized, 21,348,600 shares issued and outstanding | 4 | 7 |
Preferred stock, par value $0.0001; 16,000,000 shares authorized, no shares issued and outstanding | ' | ' |
Paid-in capital | 132,453 | 42,948 |
Accumulated deficit | -97,248 | -94,121 |
Accumulated other comprehensive income (loss) | -20,060 | -17,772 |
Total stockholders' equity (deficit) | 15,149 | -68,938 |
Total liabilities and stockholders' equity (deficit) | $472,323 | $474,142 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Common stock, par value (in dollars per share) | ' | $0.00 |
Common stock, shares authorized | ' | 200,000,000 |
Common stock, shares issued | ' | 30,458,220 |
Common stock, shares outstanding | ' | 30,458,220 |
Preferred stock, par value (in dollars per share) | $0.00 | $1 |
Preferred stock, shares authorized | 16,000,000 | 1,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Class A common stock | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | ' |
Common stock, shares authorized | 300,000,000 | ' |
Common stock, shares issued | 17,442,953 | ' |
Common stock, shares outstanding | 17,442,953 | ' |
Class B common stock | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | ' |
Common stock, shares authorized | 30,000,000 | ' |
Common stock, shares issued | 21,348,600 | ' |
Common stock, shares outstanding | 21,348,600 | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | ($3,127) | $24,891 | $6,976 |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | ' | ' | ' |
Depreciation and amortization | 21,453 | 19,023 | 17,527 |
Amortization of deferred financing costs | 1,021 | 1,366 | 1,418 |
Amortization of imputed interest and debt discount | 427 | 560 | 327 |
Deferred income taxes | 1,289 | -12,035 | -2,392 |
Foreign currency (gains) losses, net | 1,429 | 2,887 | 3,414 |
Other | -538 | -1,438 | -482 |
Loss on extinguishment of debt | 22,771 | ' | ' |
Payment of premiums and costs on extinguished debt | -17,205 | ' | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable, net | -14,683 | -729 | -3,775 |
Inventories, net | -3,186 | -25,106 | -745 |
Prepaid expenses and other current assets | -31 | -6,526 | -3,301 |
Other assets | 5,103 | -363 | -5,792 |
Accounts payable | 1,682 | -6,601 | 6,410 |
Accrued interest | -13,813 | 33 | -104 |
Accrued expenses and other liabilities | -3,304 | 5,475 | 12,507 |
Net cash provided (used) by operating activities | -712 | 1,437 | 31,988 |
INVESTING ACTIVITIES | ' | ' | ' |
Capital expenditures | -19,846 | -19,947 | -14,824 |
Business acquisitions | ' | -18,692 | -3,384 |
Other | 434 | 281 | 465 |
Net cash provided (used) by investing activities | -19,412 | -38,358 | -17,743 |
FINANCING ACTIVITIES | ' | ' | ' |
Borrowings under the domestic senior and revolving credit facility | 175,500 | 75,000 | 1,000 |
Repayments of the domestic senior and revolving credit facility | -209,500 | -55,000 | -4,500 |
Proceeds from long-term debt | 289,275 | ' | ' |
Payments of long-term debt, capital leases and other | -335,374 | -5,201 | -4,718 |
Debt issuance costs | -4,551 | -924 | ' |
Proceeds from common stock issued | 114,429 | ' | ' |
Dividends paid | -25,000 | -3,000 | ' |
Net cash provided (used) by financing activities | 4,779 | 10,875 | -8,218 |
Effect of exchange rate changes on cash | -203 | -485 | -725 |
Net increase (decrease) in cash and cash equivalents | -15,548 | -26,531 | 5,302 |
Cash and cash equivalents at beginning of period | 27,369 | 53,900 | 48,598 |
Cash and cash equivalents at end of period | 11,821 | 27,369 | 53,900 |
Supplemental cash flow information | ' | ' | ' |
Interest paid | 45,370 | 33,824 | 34,059 |
Income taxes paid, net | 12,207 | 7,061 | 7,217 |
Non-cash investing and financing activities | ' | ' | ' |
Capital / leasehold improvements | 1,315 | ' | 1,569 |
Business acquisitions | ' | 4,550 | 3,000 |
Capital lease additions | $29 | $103 | $120 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) (USD $) | Common Stock | Preferred Stock | Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total |
In Thousands, except Share data, unless otherwise specified | ||||||
Balance at Jun. 30, 2011 | $7 | ' | $42,538 | ($122,988) | $11,375 | ($69,068) |
Balance (in shares) at Jun. 30, 2011 | 30,458,220 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss) | ' | ' | ' | 6,976 | -26,331 | -19,355 |
Stock-based compensation expense | ' | ' | 195 | ' | ' | 195 |
Balance at Jun. 30, 2012 | 7 | ' | 42,733 | -116,012 | -14,956 | -88,228 |
Balance (in shares) at Jun. 30, 2012 | 30,458,220 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss) | ' | ' | ' | 24,891 | -2,816 | 22,075 |
Dividends paid | ' | ' | ' | -3,000 | ' | -3,000 |
Stock-based compensation expense | ' | ' | 215 | ' | ' | 215 |
Balance at Jun. 30, 2013 | 7 | ' | 42,948 | -94,121 | -17,772 | -68,938 |
Balance (in shares) at Jun. 30, 2013 | 30,458,220 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Comprehensive income (loss) | ' | ' | ' | -3,127 | -2,288 | -5,415 |
Issuance of common stock, net of issuance costs | 1 | ' | 114,428 | ' | ' | 114,429 |
Issuance of common stock, net of issuance costs (in shares) | 8,333,333 | ' | ' | ' | ' | ' |
Conversion of common stock certificate and effect of stock split | -4 | ' | 4 | ' | ' | ' |
Dividends paid | ' | ' | -25,000 | ' | ' | -25,000 |
Stock-based compensation expense | ' | ' | 73 | ' | ' | 73 |
Balance at Jun. 30, 2014 | $4 | ' | $132,453 | ($97,248) | ($20,060) | $15,149 |
Balance (in shares) at Jun. 30, 2014 | 38,791,553 | ' | ' | ' | ' | ' |
Description_of_Business
Description of Business | 12 Months Ended |
Jun. 30, 2014 | |
Description Of Business [Abstract] | ' |
Description of Business | ' |
1 | |
Description of Business | |
Phibro Animal Health Corporation (“Phibro” or “PAHC”) and its subsidiaries (together, the “Company”) is a diversified global developer, manufacturer and marketer of a broad range of animal health and mineral nutrition products to the poultry, swine, cattle, dairy, aquaculture and ethanol markets. The Company is also a manufacturer and marketer of performance products for use in the personal care, automotive, industrial chemical and chemical catalyst industries. Unless otherwise indicated or the context requires otherwise, references in this report to “we,” “our,” “us,” “the Company” and similar expressions refer to Phibro and its subsidiaries. |
Initial_Public_Offering_and_Re
Initial Public Offering and Refinancing | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Initial Public Offering And Refinancing [Abstract] | ' | |||||||||
Initial Public Offering and Refinancing | ' | |||||||||
2 | ||||||||||
Initial Public Offering and Refinancing | ||||||||||
Initial Public Offering | ||||||||||
On April 16, 2014, we completed the initial public offering (“IPO”) of 14,657,200 shares of Class A common stock (including the exercise of the underwriters’ over-allotment option) at a price to the public of $15.00 per share. In connection with the IPO, we issued and sold 8,333,333 shares of Class A common stock. The proceeds to us from the IPO were $114,429, after deducting underwriting discounts of $8,438 and net offering expenses payable by us of $2,133. | ||||||||||
In connection with the IPO, Mayflower Limited Partnership (“Mayflower”), a limited partnership that is managed by 3i Investments plc and advised by 3i Corporation, and whose sole limited partner is 3i Group plc, the ultimate parent company of both 3i Investments plc and 3i Corporation, sold 6,323,867 shares of Class A common stock including 1,911,808 shares of Class A common stock pursuant to the exercise of the underwriters’ over-allotment option. We did not receive any proceeds from shares sold by Mayflower. | ||||||||||
In connection with the IPO, we effected a 0.442-for-1 stock split. All amounts have been adjusted retrospectively to give effect to the stock split. | ||||||||||
Issuance of Credit Facilities | ||||||||||
On April 16, 2014, Phibro, together with certain of its subsidiaries acting as guarantors, entered into a Credit Agreement with Bank of America, N.A. (“Bank of America”), as Administrative Agent, Collateral Agent and L/C Issuer, and each lender from time to time party thereto (the “Lenders”). The Lenders extended credit to the Company in the form of (i) a $290,000 Term B loan and (ii) a $100,000 revolving credit facility. The revolving credit facility was undrawn at closing and at June 30, 2014, and contains a letter of credit facility. See “—Debt.” | ||||||||||
Retirement of 9.25% Senior Notes, Mayflower Term Loan, BFI Term Loan and Domestic Senior Credit Facility | ||||||||||
On April 16, 2014, we retired a $24,000 term loan payable to Mayflower due December 31, 2016, a $10,000 term loan payable to BFI Co., LLC (“BFI”), a Bendheim family investment vehicle, due August 1, 2014 and $36,000 of outstanding borrowings under our domestic senior credit facility. | ||||||||||
On May 16, 2014, we retired $300,000 of 9.25% senior notes due July 1, 2018 (the “Senior Notes”). | ||||||||||
Effect of the Refinancing | ||||||||||
Our consolidated statement of operations for the year ended June 30, 2014, included a loss on extinguishment of debt as follows: | ||||||||||
| Redemption premium on Senior Notes | | | | $ | 17,184 | | | ||
| Write-off of original issue discount related to Senior Notes and BFI term loan | | | | | 2,123 | | | ||
| Write-off of capitalized debt issuance costs related to Senior Notes, Mayflower term loan, BFI term loan and cancelled domestic senior credit facility and other items | | | | | 3,464 | | | ||
| Loss on extinguishment of debt | | | | $ | 22,771 | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies and New Accounting Standards | 12 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies and New Accounting Standards | ' |
3 | |
Summary of Significant Accounting Policies and New Accounting Standards | |
Principles of Consolidation and Basis of Presentation | |
The consolidated financial statements include the accounts of Phibro and all majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The decision whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective control over the entity. | |
We present our financial statements on the basis of our fiscal year ending June 30. All references to years in these consolidated financial statements refer to the fiscal year ending or ended on June 30 of that year. | |
Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | |
During the year ended June 30, 2014, we identified and corrected an error in prior period cash flows related to an equity method investment. We corrected the error and increased cash flows from operating activities and decreased cash flows from investing activities by $1,022 and $106 for 2013 and 2012, respectively. The error had no impact to the consolidated statements of operations, consolidated comprehensive income or the consolidated balance sheet. We have assessed the effects of the correction and have concluded the items were not material to our prior period consolidated financial statements. Accordingly we have revised the prior year statements of consolidated cash flows. | |
During the quarter ended December 31, 2013, we identified and corrected errors that originated in prior periods. The error corrections increased income before income taxes by $358 in the current year. We have assessed the effects of the corrections and have concluded the items were not material, either individually or in aggregate, to our current year results of operations or any other prior period consolidated financial statements. | |
Risks, Uncertainties and Liquidity | |
An expansion of the regulatory restrictions on the use of antibiotics or antibacterials in food-producing animals could result in a decrease in our sales. The issue of the potential for increased bacterial resistance to certain antibiotics used in certain food-producing animals is the subject of discussions on a worldwide basis and, in certain instances, has led to government restrictions on or banning of the use of antibiotics in food-producing animals. The sale of antibiotics and antibacterials is a material portion of our business. Should regulatory or other developments result in restrictions on the sale of such products, it could have a material adverse effect on our financial position, results of operations and cash flows. | |
The testing, manufacturing, and marketing of certain of our products are subject to extensive regulation by numerous government authorities in the United States and other countries. | |
We have significant assets in Israel, Brazil and other locations outside of the United States and a significant portion of our sales and earnings are attributable to operations conducted abroad. Our assets, results of operations and future prospects are subject to currency exchange fluctuations and restrictions, energy shortages, other economic developments, political or social instability in some countries, and uncertainty of, and governmental control over, commercial rights, which could result in a material adverse effect on our financial position, results of operations and cash flows. | |
We are subject to environmental laws and regulations governing the use, storage, handling, generation, treatment, emission, release, discharge and disposal of certain materials and wastes, the remediation of contaminated soil and groundwater, the manufacture, sale and use of regulated materials, including pesticides, and the health and safety of employees. As such, the nature of our current and former operations and those of our subsidiaries expose Phibro and our subsidiaries to the risk of claims with respect to such matters. | |
Use of Estimates | |
Preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. Actual results could differ from these estimates. Significant estimates include depreciation and amortization periods of long-lived and intangible assets, recoverability of long-lived and intangible assets and goodwill, realizability of deferred income tax and value-added tax assets, legal and environmental matters and actuarial assumptions related to our pension plans. We regularly evaluate our estimates and assumptions using historical experience and other factors. Our estimates are based on complex judgments, probabilities and assumptions that we believe to be reasonable. | |
Revenue Recognition | |
We recognize revenue upon transfer of title and when risk of loss passes to the customer. Certain of our businesses have terms of FOB shipping point where title and risk of loss transfer on shipment. Certain of our businesses have terms of FOB destination where title and risk of loss transfer on delivery. In the case of FOB destination, revenue is not recognized until products are received by the customer. Additional conditions for recognition of revenue are that persuasive evidence of an arrangement exists, the selling price is fixed or determinable, collections of sales proceeds are reasonably assured and we have no further performance obligations. We record estimated reductions to revenue for customer programs and incentive offerings, including pricing arrangements and other volume-based incentives, at the time the sale is recorded. Royalty and licensing income from licensing agreements are recognized when earned under the terms of the related agreements and are included in Net Sales in the consolidated statements of operations. Net Sales also include shipping and handling fees billed to customers. Delivery costs to our customers are included in cost of goods sold in the consolidated statements of operations. | |
Cash and Cash Equivalents | |
Cash equivalents include highly liquid investments with maturities of three months or less when purchased. Cash and cash equivalents held at financial institutions may at times exceed federally insured amounts. We believe we mitigate such risk by investing in or through major financial institutions. | |
Accounts Receivable and Allowance for Doubtful Accounts | |
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. We grant credit terms in the normal course of business and do not normally require collateral or other security to support credit sales. Our ten largest customers represented, in the aggregate, approximately 21% and 24% of accounts receivable at June 30, 2014 and 2013, respectively. | |
The allowance for doubtful accounts is our best estimate of the probable credit losses in existing accounts receivable. We monitor the financial performance and creditworthiness of our customers so that we can properly assess and respond to changes in their credit profile. We also monitor domestic and international economic conditions for the potential effect on our customers. Past due balances are reviewed individually for collectability. Bad debts have been minimal. Account balances are charged against the allowance when we determine it is probable the receivable will not be recovered. | |
Inventories | |
Inventories are valued at the lower of cost or market. Cost is determined principally under weighted average and standard cost methods, which approximate first-in, first-out (FIFO) cost. Obsolete and unsalable inventories, if any, are reflected at estimated net realizable value. Inventory costs include materials, direct labor and manufacturing overhead. | |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost. We capitalize interest expense as part of the cost of construction of facilities and equipment. No interest expense was capitalized in 2014, 2013 and 2012. | |
Depreciation is charged to results of operations using the straight-line method based upon the assets’ estimated useful lives ranging from 8 to 25 years for buildings and improvements and 3 to 16 years for machinery and equipment. | |
We capitalize costs that extend the useful life or productive capacity of an asset. Repair and maintenance costs are expensed as incurred. In the case of disposals, the assets and related accumulated depreciation are removed from the accounts, and the net amounts, less proceeds from disposal, are included in the consolidated statements of operations. | |
Capitalized Software Costs | |
We capitalize costs to obtain, develop and implement software for internal use in accordance with FASB Accounting Standards Codification (“ASC”) 350-40, Internal Use Software. Amounts paid to third parties and costs of internal employees who are directly associated with the software project are also capitalized, depending on the stage of development. We expense software costs that do not meet the capitalization criteria. Capitalized software costs are included in property, plant and equipment on the consolidated balance sheets and are amortized on a straight-line basis over seven years. | |
Deferred Financing Costs | |
Costs and original issue discounts or premiums related to issuance or modification of our debt are deferred on the consolidated balance sheet and amortized over the lives of the respective debt instruments. Amortization of deferred financing costs is included in interest expense in the consolidated statements of operations. | |
Acquisitions, Intangible Assets and Goodwill | |
Our consolidated financial statements reflect the operations of an acquired business beginning as of the date of acquisition. Assets acquired and liabilities assumed are recorded at their fair values at the date of acquisition, with any excess of the purchase price over the fair values of the net assets acquired recorded as goodwill. | |
Significant judgment is required to determine the fair value of certain tangible and intangible assets and in assigning their respective useful lives. Accordingly, we typically obtain the assistance of third-party valuation specialists for significant tangible and intangible assets. The fair values are based on available historical information and on future expectations and assumptions deemed reasonable by management, but are inherently uncertain. We typically use an income method to measure the fair value of intangible assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. Significant estimates and assumptions inherent in the valuations reflect a consideration of other marketplace participants, and include the amount and timing of future cash flows (including expected growth rates and profitability), the underlying product or technology life cycles, economic barriers to entry and the discount rate applied to the cash flows. Unanticipated market or macroeconomic events and circumstances could affect the accuracy or validity of the estimates and assumptions. Determining the useful life of an intangible asset also requires judgment. Our estimates of the useful lives of intangible assets are primarily based on a number of factors including competitive environment, underlying product life cycles, operating plans and the macroeconomic environment of the countries in which the products are sold. Intangible assets are amortized over their estimated lives. Amortization expense is included in selling, general and administrative expenses in the consolidated statements of operations. | |
Long-Lived Assets and Goodwill | |
We periodically review our long-lived and amortizable intangible assets for impairment and assess whether significant events or changes in business circumstances indicate that the carrying value of the assets may not be recoverable. Such circumstances may include a significant decrease in the market price of an asset, a significant adverse change in the manner in which the asset is being used or in its physical condition or a history of operating or cash flow losses associated with the use of an asset. An impairment loss would be recognized when the carrying amount of an asset exceeds the anticipated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset’s carrying value over its fair value. In addition, we periodically reassess the estimated remaining useful lives of our long-lived assets. Changes to estimated useful lives would affect the amount of depreciation and amortization recorded in the consolidated statements of operations. We have not experienced significant changes in the carrying value or estimated remaining useful lives of our long-lived or amortizable intangible assets in the periods included in the consolidated financial statements. | |
We annually evaluate goodwill for impairment by comparing the book value to the fair value of the reporting unit to which the goodwill relates. If circumstances change significantly, we would also test a reporting unit’s goodwill for impairment during interim periods between its annual tests. We determine the fair value of the reporting units using a discounted cash flow analysis method. Considerable management judgment, such as assumptions of forecasted growth rates and discount rate, is necessary in arriving at the fair value. Application of alternative assumptions, such as changes in the estimate of future cash flows, could produce significantly different results. Because of the significance of the judgments and estimation processes, it is likely that different amounts could be recorded if we used different assumptions or if the underlying circumstances were to change. During the quarter ended June 30, 2014, we performed the annual goodwill impairment test and determined that none of the goodwill was impaired. | |
Foreign Currency Translation | |
We generally use local currency as the functional currency to measure the financial position and results of operations of each of our international subsidiaries. We translate assets and liabilities of these operations at the exchange rates in effect at the balance sheet date. We translate income statement accounts at the average rates of exchange prevailing during the period. Translation adjustments that arise from the use of differing exchange rates from period to period are included in accumulated other comprehensive income (loss) in stockholders’ equity (deficit). | |
Certain of our Israeli operations have designated the U.S. dollar as their functional currency. Gains and losses arising from remeasurement of local currency accounts into U.S. dollars are included in determining net income or loss. | |
Foreign currency gains and losses primarily arise from intercompany balances. | |
Comprehensive Income (Loss) | |
Comprehensive income (loss) consists of net income (loss) and the changes in: (i) the fair value of derivative instruments; (ii) foreign currency translation adjustment; (iii) unrecognized net pension gains (losses); and (iv) the related (provision) benefit for income taxes. | |
Derivative Financial Instruments | |
We record all derivative financial instruments on the consolidated balance sheets at fair value. Changes in the fair value of derivatives are recorded in results of operations or accumulated other | |
comprehensive income (loss), depending on whether a derivative is designated and effective as part of a hedge transaction and, if so, the type of hedge transaction. Gains and losses on derivative instruments reported in accumulated other comprehensive income (loss) are included in the results of operations in the periods in which operations are affected by the hedged item. | |
From time to time, we use forward contracts and options to mitigate exposure to changes in foreign currency exchange rates and as a means of hedging forecasted operating costs. To qualify a derivative as a hedge, we document the nature and relationships between hedging instruments and hedged items, as well as its risk-management objectives, strategies for undertaking the various hedge transactions and method of assessing hedge effectiveness. We hedge forecasted transactions for periods not exceeding the next twenty-four months. We do not engage in trading or other speculative uses of financial instruments. | |
Fair Value Measurements | |
ASC 820, Fair Value Measurements and Disclosures, defines fair value as the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. ASC 820 uses a three level hierarchy to prioritize the inputs used in measuring fair value. Level 1 inputs include quoted prices in active markets for identical assets or liabilities. Level 2 inputs include observable inputs other than level 1 prices, such as quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs include unobservable inputs that are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. | |
Environmental Liabilities | |
Expenditures for ongoing compliance with environmental regulations are expensed or capitalized as appropriate. We capitalize expenditures made to extend the useful life or productive capacity of an asset, including expenditures that prevent future environmental contamination. Other expenditures are expensed as incurred and are recorded in selling, general and administrative expenses in the consolidated statements of operations. We record the expense and related liability in the period an environmental assessment indicates remedial efforts are probable and the costs can be reasonably estimated. Estimates of the liability are based upon currently available facts, existing technology and presently enacted laws and regulations taking into consideration the likely effects of inflation and other societal and economic factors. All available evidence is considered, including prior experience in remediation of contaminated sites, other companies’ experiences and data released by the U.S. Environmental Protection Agency or other organizations. The estimated liabilities are not discounted. We record anticipated recoveries under existing insurance contracts if probable. | |
Income Taxes | |
The provision for income taxes includes U.S. federal, state, and foreign income taxes. Our annual tax rate is determined based on our income, statutory tax rates, the tax effects of items treated differently for tax purposes than for financial reporting purposes and tax planning opportunities available in the various jurisdictions in which we operate. Tax law requires certain items be included in the tax return at different times than the items are reflected in the consolidated financial statements. Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences are temporary, reversing over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent the tax effect of items that can be used as a tax deduction or credit in future years for which we have already recorded the tax benefit in our consolidated statements of operations. Deferred tax liabilities generally represent tax expense recognized in our consolidated financial statements for which payment has been deferred, the tax effect of expenditures for which a deduction has already been taken in our tax return but has not yet been recognized in our consolidated financial statements and assets recorded at fair value in business combinations for which there was no corresponding tax basis adjustment. | |
Significant judgment is required in determining our tax provision and in evaluating our tax positions. The recognition and measurement of a tax position is based on management’s best judgment given the facts, circumstances and information available at the reporting date. Inherent in determining our annual tax rate are judgments regarding business plans, planning opportunities and expectations about future outcomes. Realization of certain deferred tax assets, primarily net operating loss carryforwards, is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. We establish valuation allowances for deferred tax assets when the amount of expected future taxable income is not likely to support the use of the deduction or credit. | |
We operate in multiple jurisdictions with complex tax policy and regulatory environments. In certain of these jurisdictions, we may take tax positions that management believes are supportable, but are potentially subject to successful challenge by the applicable taxing authority. We evaluate our tax positions and establish liabilities in accordance with the applicable accounting guidance on uncertainty in income taxes. We review these tax uncertainties in light of changing facts and circumstances, such as the progress of tax audits, and adjust them accordingly. | |
Because there are a number of estimates and assumptions inherent in calculating the various components of our tax provision, future events such as changes in tax legislation, the geographic mix of earnings, completion of tax audits or earnings repatriation plans could have an effect on those estimates and our effective tax rate. | |
Research and Development Expenditures | |
Research and development expenditures are expensed as incurred and are recorded in selling, general and administrative expenses in the consolidated statements of operations. Most of our manufacturing facilities have chemists and technicians on staff involved in product development, quality assurance, quality control and also providing technical services to customers. Research, development and technical service efforts are conducted at various facilities. We operate animal health research and development facilities in Guarulhos, Brazil; Beit Shemesh, Israel; Naot Hovav, Israel; Quincy, Illinois; St. Paul, Minnesota; Corvallis, Oregon; and Manhattan, Kansas. These facilities provide research and development services relating to: fermentation development and micro-biological strain improvement; vaccine development; chemical synthesis and formulation development; nutritional supplement development; and ethanol-related products. | |
Stock-Based Compensation | |
All stock-based compensation to employees, including grants of stock options, is expensed over the requisite service period based on the grant date fair value of the awards. We determine the fair value of stock-based awards using the Black-Scholes option-pricing model which uses both historical and current market data to estimate the fair value. This method incorporates various assumptions such as the risk-free interest rate, expected volatility, expected dividend yield and expected life of the options. | |
Net Income per Share and Weighted Average Shares | |
Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. | |
Diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period after giving effect to potential dilutive common shares resulting from the exercise of stock options and warrants. For the year ended June 30, 2014, there was a net loss; and we excluded 296,162 net shares of stock options and warrants from the calculation of diluted net income (loss) per share because of the anti-dilutive effect from the assumed exercise of these options and warrants. For the years ended June 30, 2013 and 2012, the stock options and warrants had an exercise price greater than the estimated market value and were excluded from the calculation of diluted net income per share because the effect from the assumed exercise of these options and warrants was anti-dilutive. | |
New Accounting Standards | |
We have elected to adopt new accounting standards within the specified effective date established for public companies, where applicable. | |
Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, clarifies when it is appropriate for an unrecognized tax benefit, or portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset. ASU 2013-11 was effective for interim and annual periods beginning after December 15, 2013. Early adoption is permitted. The guidance should be applied prospectively to all unrecognized tax benefits that exist at the effective date; however, retrospective application is also permitted. We elected to early adopt the provisions of this pronouncement, and it did not have a material effect on our consolidated financial statements. | |
ASU 2014-08, Presentation of Financials (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, changes the criteria for reporting a discontinued operation while enhancing disclosures. Under the new guidance, a disposal of a component of an entity or group of components of an entity that represents a strategic shift that has, or will have, a major effect on operations and financial results is a discontinued operation when any of the following occurs: (i) it meets the criteria to be classified as held for sale, (ii) it is disposed of by sale, or (iii) it is disposed of other than by sale. Also, a business that, on acquisition, meets the criteria to be classified as held for sale is reported in discontinued operations. Additionally, the new guidance requires expanded disclosures about discontinued operations, as well as disclosure of the pre-tax profit or loss attributable to a disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation. The guidance is effective prospectively for all disposals (or classifications as held for sale) of components of an entity and all businesses that, on acquisition, are classified as held for sale, that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years. We do not expect adoption of this guidance will have a material effect on our consolidated financial statements. | |
ASU 2014-09, Revenue from Contracts with Customers (Topic 606), establishes principles for the recognition of revenue from contracts with customers. The underlying principle is to identify the performance obligations of a contract, allocate the revenue to each performance obligation and then to recognize revenue when the company satisfies a specific performance obligation of the contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. The guidance should be applied retrospectively to each prior reporting period presented. We are currently evaluating the impact that adopting this guidance will have on our consolidated financial statements. | |
ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. Management will need to assess if there is substantial doubt about an entity’s ability to continue as a going concern within one year after the issuance date. Management will need to consider relevant conditions that are known and reasonably knowable at the issuance date. Substantial doubt exists if it is probable that the entity will be unable to meet its obligations within one year after the issuance date. Under the new standard, the definition of substantial doubt incorporates a likelihood threshold of “probable” similar to the current use of that term in U.S. GAAP for loss contingencies. ASU 2014-15 will be effective for annual periods ending after December 15, 2016. Earlier adoption is permitted. We do not expect adoption of this guidance will have a material effect on our consolidated financial statements. |
Statements_of_OperationsAdditi
Statements of Operations-Additional Information | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Supplemental Income Statement Elements [Abstract] | ' | |||||||||||||||||||||||
Statements of Operations-Additional Information | ' | |||||||||||||||||||||||
4 | ||||||||||||||||||||||||
Statements of Operations—Additional Information | ||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Depreciation and amortization | | | | | | | | | | | | | | | | | | | | ||||
| Depreciation of property, plant and equipment | | | | $ | 16,439 | | | | | $ | 14,917 | | | | | $ | 14,425 | | | ||||
| Amortization of intangible assets | | | | | 4,897 | | | | | | 4,106 | | | | | | 3,048 | | | ||||
| Amortization of other assets | | | | | 117 | | | | | | — | | | | | | 54 | | | ||||
| Depreciation and amortization | | | | $ | 21,453 | | | | | $ | 19,023 | | | | | $ | 17,527 | | | ||||
| | | | | | | | | | | ||||||||||||||
Depreciation of property, plant and equipment includes amortization of capitalized software costs of $2,657, $2,159 and $2,362 during 2014, 2013 and 2012, respectively. | ||||||||||||||||||||||||
Amortization of intangible assets is expected to be $4,210, $3,699, $2,864, $2,691, $2,656 and $13,683 for 2015, 2016, 2017, 2018, and 2019 and thereafter, respectively. | ||||||||||||||||||||||||
| Research and development expenditures | | | | $ | 8,212 | | | | | $ | 6,638 | | | | | $ | 7,189 |
Balance_SheetsAdditional_Infor
Balance Sheets-Additional Information | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Balance Sheets Additional Information [Abstract] | ' | |||||||||||||||||||||||
Balance Sheets-Additional Information | ' | |||||||||||||||||||||||
5. Balance Sheets—Additional Information | ||||||||||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Accounts receivable, net | | | | | | | | | | | | | | ||||||||||
| Trade accounts receivable | | | | $ | 115,093 | | | | | $ | 99,795 | | | ||||||||||
| Allowance for doubtful accounts | | | | | (1,235 | ) | | | | | | (658 | ) | | | ||||||||
| | | | | $ | 113,858 | | | | | $ | 99,137 | | | ||||||||||
| Allowance for doubtful accounts(1) | | | | | | | | | | | | | | ||||||||||
| Balance at beginning of period | | | | $ | 658 | | | | | $ | 1,041 | | | ||||||||||
| Provision for bad debts | | | | | 226 | | | | | | (124 | ) | | | |||||||||
| Effect of changes in exchange rates | | | | | 351 | | | | | | (265 | ) | | | |||||||||
| Bad debt write-offs (recovery) | | | | | — | | | | | | 6 | | | ||||||||||
| Balance at end of period | | | | $ | 1,235 | | | | | $ | 658 | | | ||||||||||
| | | | | | | | |||||||||||||||||
-1 | ||||||||||||||||||||||||
For the year ended June 30, 2012, the beginning balance for allowance for doubtful accounts was $1,029, the provision for bad debts was ($115) and the effect of changes in exchange rates was $127, resulting in an ending balance for allowance for doubtful accounts of $1,041. | ||||||||||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Inventories, net | | | | | | | | | | | | | | ||||||||||
| Raw materials | | | | $ | 44,306 | | | | | $ | 36,589 | | | ||||||||||
| Work-in-process | | | | | 7,518 | | | | | | 7,541 | | | ||||||||||
| Finished goods | | | | | 91,360 | | | | | | 95,902 | | | ||||||||||
| | | | | $ | 143,184 | | | | | $ | 140,032 | | | ||||||||||
| Property, plant and equipment, net | | | | | | | | | | | | | | ||||||||||
| Land | | | | $ | 9,773 | | | | | $ | 9,746 | | | ||||||||||
| Buildings and improvements | | | | | 51,364 | | | | | | 46,960 | | | ||||||||||
| Machinery and equipment | | | | | 172,530 | | | | | | 156,247 | | | ||||||||||
| | | | | | 233,667 | | | | | | 212,953 | | | ||||||||||
| Accumulated depreciation | | | | | (124,508 | ) | | | | | | (108,531 | ) | | | ||||||||
| | | | | $ | 109,159 | | | | | $ | 104,422 | | | ||||||||||
| | | | | | | | |||||||||||||||||
Certain facilities in Israel are on land leased for a nominal amount from the Israel Land Authority. The lease expires July 9, 2027. Certain facilities in Israel are on leased land. The lease expires November 30, 2035. | ||||||||||||||||||||||||
Net equipment under capital leases was $142 and $152 at June 30, 2014 and 2013, respectively, including accumulated depreciation of $79 and $39, respectively. | ||||||||||||||||||||||||
Property, plant and equipment, net includes internal-use software costs, net of accumulated depreciation, of $9,019 and $9,154 at June 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||
Machinery and equipment includes construction-in-progress of $4,782 and $5,543 at June 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||
| As of June 30 | | | Weighted- | | | 2014 | | | 2013 | | |||||||||||||
Average | ||||||||||||||||||||||||
Useful Life | ||||||||||||||||||||||||
(Years) | ||||||||||||||||||||||||
| Intangibles, net | | | | | | | | | | | | | | | | | | | | | |||
| Cost | | | | | | | | | | | | | | | | | | | | | |||
| Medicated feed additive product registrations | | | | | 10 | | | | | $ | 11,792 | | | | | $ | 12,115 | | | ||||
| Rights to sell in international markets | | | | | 10 | | | | | | 4,292 | | | | | | 4,292 | | | ||||
| Customer relationships | | | | | 13 | | | | | | 10,702 | | | | | | 10,691 | | | ||||
| Technology | | | | | 11 | | | | | | 28,259 | | | | | | 28,259 | | | ||||
| Distribution agreements | | | | | 4 | | | | | | 3,447 | | | | | | 3,493 | | | ||||
| Trade names, trademarks and other | | | | | 5 | | | | | | 2,740 | | | | | | 2,740 | | | ||||
| | | | | | | | | | | | 61,232 | | | | | | 61,590 | | | ||||
| Accumulated amortization | | | | | | | | | | | | | | | | | | | | | |||
| Medicated feed additive product registrations | | | | | | | | | | | (11,039 | ) | | | | | | (10,778 | ) | | | ||
| Rights to sell in international markets | | | | | | | | | | | (4,292 | ) | | | | | | (3,861 | ) | | | ||
| Customer relationships | | | | | | | | | | | (4,265 | ) | | | | | | (3,203 | ) | | | ||
| Technology | | | | | | | | | | | (6,510 | ) | | | | | | (3,729 | ) | | | ||
| Distribution agreements | | | | | | | | | | | (3,309 | ) | | | | | | (3,179 | ) | | | ||
| Trade names, trademarks and other | | | | | | | | | | | (2,014 | ) | | | | | | (1,685 | ) | | | ||
| | | | | | | | | | | | (31,429 | ) | | | | | | (26,435 | ) | | | ||
| | | | | | | | | | | $ | 29,803 | | | | | $ | 35,155 | | | ||||
| | | | | | | | | | | ||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Other assets | | | | | | | | | | | | | | ||||||||||
| Goodwill | | | | $ | 12,613 | | | | | $ | 12,613 | | | ||||||||||
| Advances to and investments in equity method investees | | | | | 5,619 | | | | | | 3,515 | | | ||||||||||
| Insurance investments | | | | | 4,626 | | | | | | 4,456 | | | ||||||||||
| Deferred financing fees | | | | | 5,199 | | | | | | 5,212 | | | ||||||||||
| Deferred income taxes | | | | | 3,486 | | | | | | 4,755 | | | ||||||||||
| Insurance claim receivable | | | | | — | | | | | | 5,350 | | | ||||||||||
| Other | | | | | 2,529 | | | | | | 2,278 | | | ||||||||||
| | | | | $ | 34,072 | | | | | $ | 38,179 | | | ||||||||||
| | | | | | | | |||||||||||||||||
We evaluate our investments in equity method investees for impairment if circumstances indicate that the fair value of the investment may be impaired. The assets underlying a $5,140 equity investment are currently idled; we have concluded the investment is not currently impaired, based on expected future operating cash flows and/or disposal value. | ||||||||||||||||||||||||
As of June 30 | | | 2014 | | | 2013 | | |||||||||||||||||
| Goodwill roll-forward | | | | | | | | | | | | | | ||||||||||
| Balance at beginning of period | | | | $ | 12,613 | | | | | $ | 1,717 | | | ||||||||||
| OGR acquisition | | | | | — | | | | | | 10,896 | | | ||||||||||
| Balance at end of period | | | | $ | 12,613 | | | | | $ | 12,613 | | | ||||||||||
| Accrued expenses and other current liabilities | | | | | | | | | | | | | | ||||||||||
| Employee related accruals | | | | $ | 20,813 | | | | | $ | 17,823 | | | ||||||||||
| Interest | | | | | — | | | | | | 13,875 | | | ||||||||||
| Commissions and rebates | | | | | 2,973 | | | | | | 3,196 | | | ||||||||||
| Insurance related | | | | | 1,395 | | | | | | 1,286 | | | ||||||||||
| Professional fees | | | | | 4,229 | | | | | | 4,064 | | | ||||||||||
| Deferred consideration on acquisitions | | | | | 1,420 | | | | | | 1,250 | | | ||||||||||
| Product liability claims | | | | | 5,286 | | | | | | — | | | ||||||||||
| Other accrued liabilities | | | | | 13,745 | | | | | | 15,944 | | | ||||||||||
| | | | | $ | 49,861 | | | | | $ | 57,438 | | | ||||||||||
| Other liabilities | | | | | | | | | | | | | | ||||||||||
| Pension and other retirement benefits | | | | $ | 31,025 | | | | | $ | 26,021 | | | ||||||||||
| Long term and deferred income taxes | | | | | 14,282 | | | | | | 17,580 | | | ||||||||||
| Deferred consideration on acquisitions | | | | | 2,879 | | | | | | 5,009 | | | ||||||||||
| Product liability claims | | | | | — | | | | | | 5,600 | | | ||||||||||
| Other long term liabilities | | | | | 10,128 | | | | | | 7,926 | | | ||||||||||
| | | | | $ | 58,314 | | | | | $ | 62,136 | | | ||||||||||
| | | | | | | | |||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Accumulated other comprehensive income (loss) | | | | | | | | | | | | | | ||||||||||
| Derivative instruments | | | | $ | 386 | | | | | $ | (639 | ) | | | |||||||||
| Foreign currency translation adjustment | | | | | (1,409 | ) | | | | | | (2,519 | ) | | | ||||||||
| Unrecognized net pension gains (losses) | | | | | (16,663 | ) | | | | | | (12,240 | ) | | | ||||||||
| Income tax (provision) benefit on derivative instruments | | | | | 63 | | | | | | 63 | | | ||||||||||
| Income tax (provision) benefit on pension gains (losses) | | | | | (2,437 | ) | | | | | | (2,437 | ) | | | ||||||||
| | | | | $ | (20,060 | ) | | | | | $ | (17,772 | ) | | | ||||||||
| | | | | |
Acquisition
Acquisition | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Acquisition | ' | ||||||||||||||||
6 | |||||||||||||||||
Acquisition | |||||||||||||||||
On December 20, 2012, Prince Agri Products, Inc. (“Prince Agri”), a subsidiary of Phibro, acquired 100% of the membership interests of OmniGen Research, LLC (“OGR”). We acquired all rights to OmniGen-AF patents and related intellectual property and certain property, plant and equipment. OmniGen-AF is a proprietary nutritional specialty product that helps maintain a dairy cow’s healthy immune system. Prior to the transaction, Prince Agri had been the exclusive manufacturer and marketer of OmniGen-AF for 9 years, under a licensing arrangement with OGR. | |||||||||||||||||
The purchase price was $22,750, with an initial cash payment of $18,500 and deferred payments of $4,250. We paid $1,000 in December 2013. Annual deferred payments of $1,000 are due on or before December 20, 2014 and 2015. A final deferred payment of $1,250 is due on or before December 20, 2016. Interest is accrued and payable solely on the final installment at the rate of 5% annually from December 20, 2012 to the date of payment. | |||||||||||||||||
The results of the business have been included in the consolidated statements of operations since the date of acquisition. Acquired identifiable intangibles are amortized over the remaining 12-year life of the principal patents acquired. The allocation of the purchase price was: | |||||||||||||||||
| Assets | | | | | | | | |||||||||
| Property, plant and equipment | | | | $ | 1,202 | | | |||||||||
| Intangibles | | | | | 23,781 | | | |||||||||
| Goodwill | | | | | 10,896 | | | |||||||||
| Total assets | | | | $ | 35,879 | | | |||||||||
| Liabilities | | | | | | | | |||||||||
| Other current and long-term liabilities | | | | $ | 13,129 | | | |||||||||
| Total liabilities | | | | | 13,129 | | | |||||||||
| Net assets acquired | | | | $ | 22,750 | | | |||||||||
| | | | | |||||||||||||
In accordance with ASC 805, the excess of the purchase price over the fair values of the net assets acquired was recorded as goodwill. The goodwill is not deductible for U.S. federal or state income taxes. | |||||||||||||||||
OGR’s only revenues were the royalties paid by Prince Agri. As a result, our operating results benefited from the elimination of the royalties previously paid to OGR, net of operating expenses related to acquired research and development activities. The unaudited pro forma consolidated results of operations, as if such acquisition had occurred at the beginning of the fiscal year ended June 30, 2012, are as follows: | |||||||||||||||||
| For the Years Ended June 30 | | | 2013 | | | 2012 | | |||||||||
| Net sales | | | | $ | 653,151 | | | | | $ | 654,101 | | | |||
| Net income (loss) | | | | | 25,989 | | | | | | 9,170 | | | |||
| Net income (loss) per share−basic and diluted | | | | | 0.85 | | | | | | 0.3 | | | |||
| Adjusted EBITDA | | | | | 77,731 | | | | | | 70,804 |
Debt
Debt | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Debt | ' | ||||||||||||||||
7 | |||||||||||||||||
Debt | |||||||||||||||||
Revolving Credit Facility and Term B Loan | |||||||||||||||||
On April 16, 2014, Phibro, together with certain of its subsidiaries acting as guarantors, entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A. (“Bank of America”), as Administrative Agent, Collateral Agent and L/C Issuer, and each lender from time to time party thereto (the “Lenders”). Under the Credit Agreement, the Lenders agreed to extend credit to the Company in the form of (i) a Term B loan in an aggregate principal amount equal to $290,000 (the “Term B Loan”) and (ii) a revolving credit facility in an aggregate principal amount of $100,000 (the “Revolving Credit Facility,” and together with the Term B Loan, the “Credit Facilities”). The Revolving Credit Facility was undrawn at closing and contains a letter of credit facility. | |||||||||||||||||
Borrowings under the Credit Facilities bear interest based on a fluctuating rate equal to the sum of an applicable margin and, at the Company’s election from time to time, either (1) a Eurocurrency rate determined by reference to LIBOR with a term as selected by the Company, of one day or one, two, three or six months (or twelve months or any shorter amount of time if consented to by all of the lenders under the applicable loan), or (2) a base rate determined by reference to the highest of (a) the rate as publicly announced from time to time by Bank of America as its “prime rate,” (b) the federal funds effective rate plus 0.50% and (c) one-month LIBOR plus 1.00%. The Revolving Credit Facility has applicable margins equal to 1.50% or 1.75%, in the case of base rate loans, and 2.50% or 2.75%, in the case of LIBOR loans; the margins are based on the First Lien Net Leverage Ratio. The Term B Loan has applicable margins equal to 2.00%, in the case of base rate loans, and 3.00%, in the case of LIBOR loans. Interest on the Term B Loan is subject to a floor of 1.00% in the case of LIBOR loans. | |||||||||||||||||
Indebtedness under the Credit Facilities is collateralized by a first priority lien on substantially all assets of Phibro and certain of our domestic subsidiaries. The Term B Loan requires, among other things, mandatory quarterly principal payments of $725 beginning September 2014. The maturity dates of the Revolving Credit Facility and the Term B Loan are April 15, 2019 and April 15, 2021, respectively. | |||||||||||||||||
We issued the Term B Loan at 99.75% of par value, with proceeds of $284,740, after deducting $5,260 of original issue discount and costs related to the issuance of these facilities. | |||||||||||||||||
As of June 30, 2014, we had no outstanding borrowings under the Revolving Credit Facility and had outstanding letters of credit and other commitments of $17,140, leaving $82,860 available for borrowings and letters of credit under the Revolving Credit Facility. | |||||||||||||||||
We obtain letters of credit in connection with certain regulatory and insurance obligations, inventory purchases and other contractual obligations. The terms of these letters of credit are all less than one year. | |||||||||||||||||
The Credit Facilities contains various covenants which, among other things and subject to the permitted exceptions described therein, restrict us and our subsidiaries with respect to: (i) incurring additional debt; (ii) making certain restricted payments or making optional redemptions of other indebtedness; (iii) making investments or acquiring assets; (iv) disposing of assets (other than in the ordinary course of business); (v) creating any liens on our assets; (vi) entering into transactions with affiliates; (vii) entering into merger or consolidation transactions; and (viii) creating guarantee obligations; provided, however, that we are permitted to pay distributions to stockholders out of available cash subject to certain annual limitations and so long as no default or event of default under the Credit Facilities shall have occurred and be continuing at the time such distribution is declared. | |||||||||||||||||
The Revolving Credit Facility requires, among other things, the maintenance of a maximum consolidated first lien net debt to consolidated EBITDA leverage ratio, calculated on a trailing four quarter basis, and contains an acceleration clause should an event of default (as defined in the agreement) occur. The permitted maximum ratio is 4.50:1.00 for measurement periods beginning September 30, 2014 through June 30, 2015 and 4.25:1.00 for measurements periods thereafter. As of June 30, 2014, we were in compliance with the covenants of the Credit Facilities. | |||||||||||||||||
Long-Term Debt | |||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | |||||||||
| Term B loan due April 15, 2021 | | | | $ | 290,000 | | | | | $ | — | | | |||
| Senior notes due July 1, 2018 | | | | | — | | | | | | 300,000 | | | |||
| Term loan payable to Mayflower due December 31, 2016 | | | | | — | | | | | | 24,000 | | | |||
| Term loan payable to BFI due August 1, 2014 | | | | | — | | | | | | 10,000 | | | |||
| Capitalized lease obligations | | | | | 94 | | | | | | 132 | | | |||
| | | | | | 290,094 | | | | | | 334,132 | | | |||
| Unamortized debt discount | | | | | (703 | ) | | | | | | (2,528 | ) | | | |
| | | | | | 289,391 | | | | | | 331,604 | | | |||
| Less: current maturities | | | | | (2,969 | ) | | | | | | (64 | ) | | | |
| | | | | $ | 286,422 | | | | | $ | 331,540 | | | |||
| | | | | | | | ||||||||||
Foreign Bank Loans | |||||||||||||||||
Our Israel subsidiaries have aggregate credit facilities available of approximately $15 million (the “Israel Credit Facility”). As of June 30, 2014, we had no outstanding borrowings or other commitments outstanding under the Israel Credit Facility. Interest rate elections under the Israel Credit Facility are LIBOR plus 2.25% or Prime Rate plus 1.00%. The Israel Credit Facility matures on December 31, 2014. | |||||||||||||||||
Aggregate Maturities of Long-Term Debt | |||||||||||||||||
| For the Years Ended June 30 | | | | | | | | |||||||||
| 2015 | | | $2,969 | | | | | |||||||||
| 2016 | | | 2,918 | | | | | |||||||||
| 2017 | | | 2,907 | | | | | |||||||||
| 2018 | | | 2,900 | | | | | |||||||||
| 2019 | | | 2,900 | | | | | |||||||||
| Thereafter | | | 275,500 | | | | | |||||||||
| Total | | | $290,094 |
Preferred_Stock_Common_Stock_W
Preferred Stock, Common Stock, Warrant and Dividends | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
Preferred Stock, Common Stock, Warrant and Dividends | ' | |||||||||||||||||||||||||||||||||||||
8 | ||||||||||||||||||||||||||||||||||||||
Preferred Stock, Common Stock, Warrant and Dividends | ||||||||||||||||||||||||||||||||||||||
Preferred stock and common stock at June 30, 2014 and 2013, after giving effect to the 0.442-for-1 stock split, were: | ||||||||||||||||||||||||||||||||||||||
| | | | 2014 | | | 2013 | | | | | 2014 | | | 2013 | | ||||||||||||||||||||||
| As of June 30 | | | Authorized shares | | | Par value | | | Issued and outstanding shares | | |||||||||||||||||||||||||||
| Preferred stock | | | | | 16,000,000 | | | | | | — | | | | | $ | 0.0001 | | | | | | — | | | | | | — | | | ||||||
| Common stock−Class A | | | | | 300,000,000 | | | | | | — | | | | | $ | 0.0001 | | | | | | 17,442,953 | | | | | | — | | | ||||||
| Common stock−Class B | | | | | 30,000,000 | | | | | | — | | | | | $ | 0.0001 | | | | | | 21,348,600 | | | | | | — | | | ||||||
| Preferred stock | | | | | — | | | | | | 1,000,000 | | | | | $ | 1 | | | | | | — | | | | | | — | | | ||||||
| Common stock | | | | | — | | | | | | 200,000,000 | | | | | $ | 0.0001 | | | | | | — | | | | | | 30,458,220 | | | ||||||
| | | | | | | | | | | | | | | | | | |||||||||||||||||||||
Common Stock and Common Stock Warrant | ||||||||||||||||||||||||||||||||||||||
Class A Common Stock | ||||||||||||||||||||||||||||||||||||||
Holders of our Class A common stock are entitled to one vote for each share held of record on all matters submitted to a vote of stockholders. Except as otherwise provided by our amended and restated certificate of incorporation or applicable law, the holders of our Class A common stock and Class B common stock shall vote together as a single class. There are no cumulative voting rights. | ||||||||||||||||||||||||||||||||||||||
Holders of our Class A common stock are entitled to receive dividends when and if declared by our Board of Directors out of funds legally available therefore and pro rata with holders of our Class B common stock, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. | ||||||||||||||||||||||||||||||||||||||
Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of our Class A common stock will be entitled to receive pro rata with holders of our Class B common stock our remaining assets available for distribution. | ||||||||||||||||||||||||||||||||||||||
Holders of our Class A common stock do not have preemptive, subscription or conversion rights. Our Class A common stock is not convertible and there are no redemption or sinking fund provisions applicable to our Class A common stock. Unless our Board of Directors determines otherwise, we will issue all of our capital stock in uncertificated form. | ||||||||||||||||||||||||||||||||||||||
Holders of approximately 2.8 million shares of our Class A common stock will have the right to require us to register the sales of their shares under the Securities Act, under the terms of agreements between us and the holders of these securities. | ||||||||||||||||||||||||||||||||||||||
Class B Common Stock | ||||||||||||||||||||||||||||||||||||||
All of our outstanding Class B common stock is held by BFI. Holders of our Class B common stock are entitled to 10 votes for each share held of record on all matters submitted to a vote of stockholders. Except as otherwise provided by our amended and restated certificate of incorporation or applicable law, the holders of our Class A common stock and Class B common stock shall vote together as a single class. There are no cumulative voting rights. | ||||||||||||||||||||||||||||||||||||||
Holders of our Class B common stock are entitled to receive dividends when and if declared by our Board of Directors out of funds legally available therefore and pro rata with holders of our Class A common stock, subject to any statutory or contractual restrictions on the payment of dividends and to any restrictions on the payment of dividends imposed by the terms of any outstanding preferred stock. | ||||||||||||||||||||||||||||||||||||||
Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of our Class B common stock will be entitled to receive pro rata with holders of our Class A common stock our remaining assets available for distribution. | ||||||||||||||||||||||||||||||||||||||
Holders of our Class B common stock do not have preemptive or subscription rights. There are no redemption or sinking fund provisions applicable to our Class B common stock. | ||||||||||||||||||||||||||||||||||||||
Each share of Class B common stock is convertible at any time at the option of the holder into one share of Class A common stock. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon any transfer, whether or not for value, except for certain transfers by and among BFI, its affiliates and certain Bendheim family members, as described in the amended and restated certificate of incorporation. Once transferred and converted into Class A common stock, the Class B common stock will not be reissued. In addition, all shares of Class B common stock will automatically convert to shares of Class A common stock when the outstanding shares of Class B common stock and Class A common stock held by BFI, its affiliates and certain Bendheim family members, together, is less than 15% of the total outstanding shares of Class A common stock and Class B common stock, taken as a single class. | ||||||||||||||||||||||||||||||||||||||
Holders of approximately 21.5 million shares of our Class B common stock, which includes shares of our Class B common stock issued pursuant to the automatic exercise of a warrant on August 1, 2014, will have the right to require us to register the sales of their shares under the Securities Act, under the terms of agreements between us and the holders of these securities. | ||||||||||||||||||||||||||||||||||||||
Class B Common Stock Warrant | ||||||||||||||||||||||||||||||||||||||
On August 1, 2014, a common stock purchase warrant for the purchase of 386,750 shares of Class B common stock, held by BFI, was automatically exercised. BFI paid the exercise price of $11.83 per share on a cashless basis, resulting in a net issuance of 163,675 shares of Class B common stock to BFI. | ||||||||||||||||||||||||||||||||||||||
Preferred Stock | ||||||||||||||||||||||||||||||||||||||
We do not have any preferred stock outstanding. Our Board of Directors has the authority to issue shares of preferred stock from time to time on terms it may determine, to divide shares of preferred stock into one or more series and to fix the designations, preferences, privileges, and restrictions of preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, sinking fund terms, and the number of shares constituting any series or the designation of any series to the fullest extent permitted by the General Corporation Law of the State of Delaware. The issuance of our preferred stock could have the effect of decreasing the trading price of our Class A common stock, restricting dividends on our capital stock, diluting the voting power of our Class A common stock, impairing the liquidation rights of our capital stock, or delaying or preventing a change in control of the Company. | ||||||||||||||||||||||||||||||||||||||
Dividends | ||||||||||||||||||||||||||||||||||||||
We intend to pay regular quarterly dividends to holders of our Class A and Class B common stock out of assets legally available for this purpose. In July 2014, we declared a $0.10 per share dividend to holders of record as of September 3, 2014 of our Class A and Class B common stock, payable September 24, 2014. Our future ability to pay dividends will depend upon our results of operations, financial condition, capital requirements, our ability to obtain funds from our subsidiaries and other factors that our Board of Directors deems relevant. Additionally, the terms of our current and any future agreements governing our indebtedness could limit our ability to pay dividends or make other distributions. |
Stock_Option_Plan
Stock Option Plan | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock Option Plan | ' | ||||||||||||||||
9 | |||||||||||||||||
Stock Option Plan | |||||||||||||||||
On March 12, 2008, our Board of Directors and stockholders adopted the 2008 Incentive Plan (the “Incentive Plan”). The Incentive Plan provides directors, officers, employees and consultants to the Company with opportunities to purchase common stock pursuant to options that may be granted, and receive grants of restricted stock and other stock-based awards granted, from time to time by the Board of Directors or a committee approved by the Board. The Incentive Plan provides for grants of stock options, stock awards and other incentives for up to 6,630,000 shares. There were 5,131,620 Class A shares available for grant pursuant to the Incentive Plan as of June 30, 2014. | |||||||||||||||||
On February 26, 2009 and April 29, 2013, PAHC’s Compensation Committee awarded stock options with an exercise price of $11.83 per share, pursuant to the Incentive Plan. In connection with the grants, we obtained third party valuation reports and determined that the exercise price per share was not less than the fair value of the common stock at the grant date. The weighted-average grant-date fair value of stock options was $0.99. The awards granted were non-qualified stock options that vested at various dates through March 1, 2014. The options expire February 28, 2019. All stock options are exercisable for Class A common stock. | |||||||||||||||||
The Company recognizes compensation expense for the options over the vesting period in selling, general and administrative expenses. As of June 30, 2014, there was no unrecognized compensation expense. | |||||||||||||||||
| Options | | | Shares | | | Weighted- | | |||||||||
Average | |||||||||||||||||
Exercise Price | |||||||||||||||||
Per Share | |||||||||||||||||
| Outstanding, June 30, 2013 | | | | | 1,498,380 | | | | | $ | 11.83 | | | |||
| Granted | | | | | — | | | | | | — | | | |||
| Exercised | | | | | — | | | | | | — | | | |||
| Forfeited or expired | | | | | — | | | | | | — | | | |||
| Outstanding, June 30, 2014 | | | | | 1,498,380 | | | | | $ | 11.83 | | | |||
| Exercisable, June 30, 2014 | | | | | 1,498,380 | | | | | $ | 11.83 | | | |||
| | | | | | | | ||||||||||
All options were fully vested and exercisable at June 30, 2014, including 374,595 shares that vested during fiscal year 2014. Outstanding and exercisable options at June 30, 2014, had a $15,164 aggregate intrinsic value, based on the market price of Phibro stock as of that date, less the exercise price. | |||||||||||||||||
The Company uses the Black-Scholes option pricing model for determining the fair value of option grants. The Black-Scholes model required several assumptions including: | |||||||||||||||||
| | | | 2013 | | ||||||||||||
| Risk-free rate of return | | | 2.70% | | ||||||||||||
| Expected life | | | 3.0 to 7.5 years | | ||||||||||||
| Expected volatility | | | 35%−50% | | ||||||||||||
| Expected dividend yield | | | 0.00% | | ||||||||||||
| | | | ||||||||||||||
The risk-free rate of return is based on U.S. treasury rates as of the grant date. The expected life is based on historical turnover rates by employee classification. Expected volatility is estimated based on implied volatility and a comparison to similar publicly traded companies in similar industries. At the dates of the grants, the expected dividend yield assumed the Company would not pay dividends for the expected life of the options. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
10 | |
Related Party Transactions | |
The Mayflower term loan and the BFI term loan were related party transactions. | |
Certain relatives of Mr. Bendheim provided services to us as employees or consultants and received aggregate compensation and benefits of approximately $1,764, $1,858 and $1,655 for 2014, 2013 and 2012, respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||||||||||||||||
11 | |||||||||||||||||||||||||||||||
Employee Benefit Plans | |||||||||||||||||||||||||||||||
The Company maintains a noncontributory defined benefit pension plan for all domestic nonunion employees employed on or prior to December 31, 2013, who meet certain requirements of age, length of service and hours worked per year. Plan benefits are based upon years of service and average compensation, as defined. The measurement dates for the pension plan were as of June 30, 2014, 2013 and 2012. | |||||||||||||||||||||||||||||||
Changes in the projected benefit obligation, plan assets and funded status were: | |||||||||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | |||||||||||||||||||||||
| Change in projected benefit obligation | | | | | | | | | | | | | | |||||||||||||||||
| Projected benefit obligation at beginning of year | | | | $ | 46,569 | | | | | $ | 46,811 | | | |||||||||||||||||
| Service cost | | | | | 2,457 | | | | | | 2,729 | | | |||||||||||||||||
| Interest cost | | | | | 2,333 | | | | | | 2,058 | | | |||||||||||||||||
| Benefits paid | | | | | (1,092 | ) | | | | | | (796 | ) | | | |||||||||||||||
| Actuarial (gain) loss | | | | | 7,332 | | | | | | (4,233 | ) | | | ||||||||||||||||
| Projected benefit obligation at end of year | | | | $ | 57,599 | | | | | $ | 46,569 | | | |||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | |||||||||||||||||||||||
| Change in plan assets | | | | | | | | | | | | | | |||||||||||||||||
| Fair value of plan assets at beginning of year | | | | $ | 31,501 | | | | | $ | 27,856 | | | |||||||||||||||||
| Actual return on plan assets | | | | | 4,339 | | | | | | 1,888 | | | |||||||||||||||||
| Employer contributions | | | | | 4,833 | | | | | | 2,553 | | | |||||||||||||||||
| Benefits paid | | | | | (1,092 | ) | | | | | | (796 | ) | | | |||||||||||||||
| Fair value of plan assets at end of year | | | | $ | 39,581 | | | | | $ | 31,501 | | | |||||||||||||||||
| Funded status at end of year | | | | $ | (18,018 | ) | | | | | $ | (15,068 | ) | | | |||||||||||||||
| | | | | | | | ||||||||||||||||||||||||
The funded status is included in other liabilities in the consolidated balance sheets. At June 30, 2014 and 2013, the accumulated benefit obligation was $51,980 and $41,859, respectively. | |||||||||||||||||||||||||||||||
The Company expects to contribute approximately $6,815 to the pension plan during 2015. We seek to maintain an asset balance that meets the long-term funding requirements identified by actuarial projections while also satisfying ERISA fiduciary responsibilities. | |||||||||||||||||||||||||||||||
Accumulated other comprehensive (income) loss related to the pension plan was: | |||||||||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | |||||||||||||||||||||||
| Balance at beginning of period | | | | $ | 12,240 | | | | | $ | 17,630 | | | |||||||||||||||||
| Amortization of net actuarial loss (gain) and prior service costs | | | | | (903 | ) | | | | | | (1,405 | ) | | | |||||||||||||||
| Current period net actuarial loss (gain) | | | | | 5,326 | | | | | | (3,985 | ) | | | ||||||||||||||||
| Net change | | | | | 4,423 | | | | | | (5,390 | ) | | | ||||||||||||||||
| Balance at end of period | | | | $ | 16,663 | | | | | $ | 12,240 | | | |||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||
Amortization of unrecognized net actuarial (gain) loss and prior service costs will be approximately $1,228 during 2015. | |||||||||||||||||||||||||||||||
Net periodic pension expense was: | |||||||||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | ||||||||||||||||||||
| Service cost−benefits earned during the year | | | | $ | 2,457 | | | | | $ | 2,729 | | | | | $ | 2,093 | | | |||||||||||
| Interest cost on benefit obligation | | | | | 2,333 | | | | | | 2,058 | | | | | | 1,957 | | | |||||||||||
| Expected return on plan assets | | | | | (2,334 | ) | | | | | | (2,136 | ) | | | | | | (2,040 | ) | | | ||||||||
| Amortization of net actuarial loss and prior service costs | | | | | 904 | | | | | | 1,405 | | | | | | 251 | | | |||||||||||
| Net periodic pension expense | | | | $ | 3,360 | | | | | $ | 4,056 | | | | | $ | 2,261 | | | |||||||||||
| | | | | | | | | | | |||||||||||||||||||||
Significant actuarial assumptions for the plan were: | |||||||||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | ||||||||||||||||||||
| Discount rate for service and interest | | | 5.00% | | | 4.40% | | | 5.50% | | ||||||||||||||||||||
| Expected rate of return on plan assets | | | 7.00% | | | 7.50% | | | 7.50% | | ||||||||||||||||||||
| Rate of compensation increase | | | 3.0%−4.5% | | | 3.0%−4.5% | | | 3.0%−4.5% | | ||||||||||||||||||||
| Discount rate for year-end benefit obligation | | | 4.50% | | | 5.00% | | | 4.40% | | ||||||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||
The plan used the Aon Hewitt AA Bond Universe as a benchmark for its discount rate as of June 30, 2014, 2013 and 2012. The discount rate is determined by matching the pension plan’s timing and the amount of expected cash outflows to a bond yield curve constructed from a population of AA-rated corporate bond issues which are generally non-callable and have at least $250 million par value outstanding. From this, the discount rate that results in the same present value is calculated. | |||||||||||||||||||||||||||||||
Estimated future benefit payments, including benefits attributable to future service, are: | |||||||||||||||||||||||||||||||
| For the Years Ended June 30 | | | | |||||||||||||||||||||||||||
| 2015 | | | | $ | 1,423 | | | |||||||||||||||||||||||
| 2016 | | | | | 1,655 | | | |||||||||||||||||||||||
| 2017 | | | | | 1,891 | | | |||||||||||||||||||||||
| 2018 | | | | | 2,119 | | | |||||||||||||||||||||||
| 2019 | | | | | 2,362 | | | |||||||||||||||||||||||
| 2020−2024 | | | | | 15,973 | | | |||||||||||||||||||||||
| | | | | |||||||||||||||||||||||||||
The plan’s target asset allocations for 2015 and the weighted-average asset allocation of plan assets as of June 30, 2014 and 2013 are: | |||||||||||||||||||||||||||||||
| | | | Target | | | Percentage of Plan Assets | | |||||||||||||||||||||||
Allocation | |||||||||||||||||||||||||||||||
| For the years ended June 30 | | | 2015 | | | 2014 | | | 2013 | | ||||||||||||||||||||
| Debt securities | | | 10%−35% | | | | | 20 | % | | | | | | 25 | % | | | ||||||||||||
| Equity securities | | | 20%−50% | | | | | 35 | % | | | | | | 70 | % | | | ||||||||||||
| Global asset allocation/risk parity(1) | | | 20%−40% | | | | | 35 | % | | | | | | — | | | |||||||||||||
| Other | | | 0%−25% | | | | | 10 | % | | | | | | 5 | % | | | ||||||||||||
| | | | | | | | | | ||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||
The global asset allocation/risk parity category consists of a variety of asset classes including, but not limited to, global bonds, global equities, real estate, commodities and alpha only strategies. | |||||||||||||||||||||||||||||||
The expected long-term rate of return for the plan’s total assets is generally based on the plan’s asset mix. In determining the rate to use, we consider the expected long-term real returns on asset categories, expectations for inflation, estimates of the effect of active management and actual historical returns. | |||||||||||||||||||||||||||||||
The investment policy and strategy is to earn a long term investment return sufficient to meet the obligations of the plans, while assuming a moderate amount of risk in order to maximize investment return. In order to achieve this goal, assets are invested in a diversified portfolio consisting of equity securities, debt securities, and other investments in a manner consistent with ERISA’s fiduciary requirements. | |||||||||||||||||||||||||||||||
The fair values of the Company’s plan assets by asset category were: | |||||||||||||||||||||||||||||||
| | | | Fair Value Measurements Using | | ||||||||||||||||||||||||||
| As of June 30, 2014 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | |||||||||||||||||
| Cash and cash equivalents | | | | $ | 138 | | | | | $ | — | | | | | $ | — | | | | | $ | 138 | | | |||||
| Common-collective funds | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Global large cap equities | | | | | — | | | | | | 9,909 | | | | | | — | | | | | | 9,909 | | | |||||
| Fixed income securities | | | | | — | | | | | | 3,935 | | | | | | — | | | | | | 3,935 | | | |||||
| Global asset allocations/risk parity | | | | | — | | | | | | 5,803 | | | | | | — | | | | | | 5,803 | | | |||||
| Mutual funds | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Global Equities | | | | | 3,925 | | | | | | — | | | | | | — | | | | | | 3,925 | | | |||||
| Fixed income securities | | | | | 1,913 | | | | | | — | | | | | | — | | | | | | 1,913 | | | |||||
| Global asset allocations/risk parity | | | | | 3,927 | | | | | | — | | | | | | — | | | | | | 3,927 | | | |||||
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Fixed income securities | | | | | — | | | | | | — | | | | | | 2,007 | | | | | | 2,007 | | | |||||
| Global asset allocations/risk parity | | | | | — | | | | | | — | | | | | | 3,954 | | | | | | 3,954 | | | |||||
| Other | | | | | — | | | | | | — | | | | | | 4,070 | | | | | | 4,070 | | | |||||
| | | | | $ | 9,903 | | | | | $ | 19,647 | | | | | $ | 10,031 | | | | | $ | 39,581 | | | |||||
| | | | | | | | | | | | | | | |||||||||||||||||
| | | | Fair Value Measurements Using | | ||||||||||||||||||||||||||
| As of June 30, 2013 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | |||||||||||||||||
| Cash and cash equivalents | | | | $ | 581 | | | | | $ | 404 | | | | | $ | — | | | | | $ | 985 | | | |||||
| Common-collective funds | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Global large cap equities | | | | | 6,555 | | | | | | 4,743 | | | | | | — | | | | | | 11,298 | | | |||||
| Fixed income securities | | | | | — | | | | | | 6,730 | | | | | | — | | | | | | 6,730 | | | |||||
| Mutual funds | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Global small and mid-cap equities | | | | | 10,887 | | | | | | — | | | | | | — | | | | | | 10,887 | | | |||||
| Real estate | | | | | 1,320 | | | | | | — | | | | | | — | | | | | | 1,320 | | | |||||
| Other | | | | | — | | | | | | — | | | | | | 280 | | | | | | 280 | | | |||||
| | | | | $ | 19,343 | | | | | $ | 11,877 | | | | | $ | 280 | | | | | $ | 31,500 | | | |||||
| | | | | | | | | | | | | | | |||||||||||||||||
The table below provides a summary of the changes in the fair value of Level 3 assets: | |||||||||||||||||||||||||||||||
| Change in Fair Value Level 3 assets | | | 2014 | | | 2013 | | |||||||||||||||||||||||
| Balance at beginning of period | | | | $ | 280 | | | | | $ | 450 | | | |||||||||||||||||
| Redemptions | | | | | 22 | | | | | | — | | | |||||||||||||||||
| Purchases | | | | | 9,773 | | | | | | 51 | | | |||||||||||||||||
| Change in fair value | | | | | (44 | ) | | | | | | (221 | ) | | | |||||||||||||||
| Balance at end of period | | | | $ | 10,031 | | | | | $ | 280 | | | |||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||
The following outlines the valuation methodologies used to estimate the fair value of our pension plan assets: | |||||||||||||||||||||||||||||||
• | |||||||||||||||||||||||||||||||
Cash and cash equivalents are valued at $1 per unit; | |||||||||||||||||||||||||||||||
• | |||||||||||||||||||||||||||||||
Common-collective funds are determined based on current market values of the underlying assets of the fund; | |||||||||||||||||||||||||||||||
• | |||||||||||||||||||||||||||||||
Mutual funds and foreign currency deposits are valued using quoted market prices in active markets; and | |||||||||||||||||||||||||||||||
• | |||||||||||||||||||||||||||||||
For Level 3 managed assets, business appraisers use a combination of valuations and appraisal methodologies, as well as a number of assumptions to create a price which brokers evaluate. For Level 3 non-managed assets, pricing is provided by various sources, such as issuer or investment manager. | |||||||||||||||||||||||||||||||
Our consolidated balance sheets include other liabilities of $13,007 and $10,953 as of June 30, 2014 and 2013, respectively, for other retirement benefits, including supplemental executive retirement benefits, international retirement plans and other employee benefit plans. Contributions to these plans are generally deposited under fiduciary-type arrangements. Expense under these plans was $3,832, $2,817 and $3,163 for 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||
We provide a 401(k) retirement savings plan, under which United States employees may make a pre-tax contribution of up to the lesser of 60% of compensation or the maximum amount permitted under the U.S. Internal Revenue Code. We make a matching contribution equal to 100% of the first 1% of an employee’s contribution and make a matching contribution equal to 50% of the next 5% of an employee’s contribution. Employees hired on or after January 1, 2014, receive a non-elective Company contribution of 3% and are eligible to receive an additional discretionary payment between 1% and 4%, depending on age and years of service, provided that such payments comply with mandatory non-discrimination testing. Participants are fully vested in employer contributions after two years of service. Our contribution expense was $1,281, $1,175 and $1,010 in 2014, 2013 and 2012, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||||
12 | ||||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||||
Income (loss) before income taxes was: | ||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Domestic | | | | $ | (26,226 | ) | | | | | $ | (6,581 | ) | | | | | $ | (10,002 | ) | | | |
| Foreign | | | | | 32,534 | | | | | | 24,429 | | | | | | 23,116 | | | ||||
| Income (loss) before income taxes | | | | $ | 6,308 | | | | | $ | 17,848 | | | | | $ | 13,114 | | | ||||
| | | | | | | | | | | ||||||||||||||
Components of the provision for income taxes were: | ||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Current provision (benefit): | | | | | | | | | | | | | | | | | | | | ||||
| Federal | | | | $ | (673 | ) | | | | | $ | — | | | | | $ | 66 | | | |||
| State and local | | | | | (268 | ) | | | | | | 391 | | | | | | 219 | | | |||
| Foreign | | | | | 9,087 | | | | | | 4,487 | | | | | | 7,555 | | | ||||
| Total current provision | | | | | 8,146 | | | | | | 4,878 | | | | | | 7,840 | | | ||||
| Deferred provision (benefit): | | | | | | | | | | | | | | | | | | | | ||||
| Federal | | | | | (1,632 | ) | | | | | | (12,160 | ) | | | | | | (6,282 | ) | | | |
| State and local | | | | | (1,877 | ) | | | | | | (616 | ) | | | | | | (1,275 | ) | | | |
| Foreign | | | | | 966 | | | | | | (1,204 | ) | | | | | | (290 | ) | | | ||
| Change in valuation allowance−domestic | | | | | 3,509 | | | | | | 1,704 | | | | | | 7,557 | | | ||||
| Change in valuation allowance−foreign | | | | | 323 | | | | | | 355 | | | | | | (1,412 | ) | | | |||
| Total deferred provision | | | | | 1,289 | | | | | | (11,921 | ) | | | | | | (1,702 | ) | | | ||
| Provision (benefit) for income taxes | | | | $ | 9,435 | | | | | $ | (7,043 | ) | | | | | $ | 6,138 | | | |||
| | | | | | | | | | |||||||||||||||
Reconciliations of the Federal statutory rate to the Company’s effective tax rate were: | ||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Federal income tax rate | | | | | 35 | % | | | | | | 35 | % | | | | | | 35 | % | | | |
| State and local taxes, net of federal income tax effect | | | | | (0.9 | ) | | | | | | 1.4 | | | | | | 1.1 | | | |||
| Foreign tax rate differential, and change in foreign | | | | | (91.0 | ) | | | | | | (31.4 | ) | | | | | | (33.0 | ) | | | |
valuation allowance | ||||||||||||||||||||||||
| Foreign withholding tax | | | | | 36.5 | | | | | | 1.4 | | | | | | 2 | | | ||||
| Change in federal valuation allowance | | | | | 43.6 | | | | | | 7.8 | | | | | | 47.9 | | | ||||
| OGR acquisition adjustment | | | | | — | | | | | | (50.7 | ) | | | | | | — | | | |||
| Change in unrecognized tax benefits | | | | | (34.9 | ) | | | | | | 5.4 | | | | | | 8.3 | | | |||
| Taxable income not recorded on books | | | | | — | | | | | | 0.6 | | | | | | 2.4 | | | ||||
| Repatriation of foreign earnings | | | | | 138.7 | | | | | | — | | | | | | — | | | ||||
| Permanent items | | | | | 26.1 | | | | | | (7.9 | ) | | | | | | (16.1 | ) | | | ||
| Other | | | | | (3.5 | ) | | | | | | (1.1 | ) | | | | | | (0.8 | ) | | | |
| Effective tax rate | | | | | 149.6 | % | | | | | | (39.5 | )% | | | | | | 46.8 | % | | | |
| | | | | | | | | | | ||||||||||||||
We have not provided for United States or additional foreign taxes on approximately $93,622 of undistributed earnings of foreign subsidiaries, which earnings have been or are intended to be reinvested. It is not practicable at this time to determine the amount of income tax liability that would result should such earnings be repatriated. Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that will be held indefinitely. | ||||||||||||||||||||||||
We assert our intention to indefinitely reinvest foreign earnings outside of the United States. During 2014, we reviewed the ongoing cash needs of our foreign subsidiaries and determined $25,000 was not needed for reinvestment in our Israel subsidiary. Based on this review, we changed the indefinite reinvestment assertion solely with respect to those earnings, and recorded $3,160 of foreign withholding taxes in the provision for income taxes. Our Israel subsidiary paid a $25,000 dividend to Phibro in 2014. | ||||||||||||||||||||||||
The tax effects of significant temporary differences that comprise deferred tax assets and liabilities were: | ||||||||||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Deferred tax assets: | | | | | | | | | | | | | | ||||||||||
| Employee related accruals | | | | $ | 12,417 | | | | | $ | 10,709 | | | ||||||||||
| Environmental remediation | | | | | 2,306 | | | | | | 2,348 | | | ||||||||||
| Net operating loss carry forwards−domestic | | | | | 19,183 | | | | | | 18,790 | | | ||||||||||
| Net operating loss carry forwards−foreign | | | | | 8,729 | | | | | | 9,860 | | | ||||||||||
| Other | | | | | 9,540 | | | | | | 8,413 | | | ||||||||||
| | | | | | 52,175 | | | | | | 50,120 | | | ||||||||||
| Valuation allowance | | | | | (32,892 | ) | | | | | | (27,753 | ) | | | ||||||||
| | | | | | 19,283 | | | | | | 22,367 | | | ||||||||||
| Deferred tax liabilities: | | | | | | | | | | | | | | ||||||||||
| Property, plant and equipment and intangible assets | | | | | (13,428 | ) | | | | | | (14,645 | ) | | | ||||||||
| Unrealized foreign exchange gains | | | | | (4,680 | ) | | | | | | (4,827 | ) | | | ||||||||
| Other | | | | | (131 | ) | | | | | | (573 | ) | | | ||||||||
| | | | | | (18,239 | ) | | | | | | (20,045 | ) | | | ||||||||
| Net deferred tax asset (liability) | | | | $ | 1,044 | | | | | $ | 2,322 | | | ||||||||||
| | | | | | | ||||||||||||||||||
Deferred taxes are included in the consolidated balance sheets as follows: | ||||||||||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Prepaid expenses and other current assets | | | | $ | 3,242 | | | | | $ | 2,294 | | | ||||||||||
| Accrued expenses and other current liabilities | | | | | (1,626 | ) | | | | | | (1,732 | ) | | | ||||||||
| Other assets | | | | | 3,486 | | | | | | 4,755 | | | ||||||||||
| Other liabilities | | | | | (4,058 | ) | | | | | | (2,995 | ) | | | ||||||||
| | | | | $ | 1,044 | | | | | $ | 2,322 | | | ||||||||||
| | | | | | | | |||||||||||||||||
The authoritative guidance for accounting for income taxes requires that a valuation allowance be established when it is “more likely than not” that all or a portion of the deferred tax assets will not be realized. All available positive and negative evidence are required to be considered, including a company’s performance, the market environment in which the company operates, the utilization of past tax credits, and length of carryback and carryforward periods. The authoritative guidance further states that where there is negative evidence such as cumulative losses in recent years, concluding that a valuation allowance is not required is problematic. Therefore, cumulative losses weigh heavily in the overall assessment. | ||||||||||||||||||||||||
Management has determined that it is not more likely than not that the Company would be able to utilize certain deferred tax assets. This conclusion was reached due to cumulative losses recognized by the Company and certain subsidiaries in preceding years. Management intends to maintain a valuation allowance until sufficient positive evidence exists to support its reversal. | ||||||||||||||||||||||||
The valuation allowance for deferred tax assets was: | ||||||||||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Balance at beginning of period | | | | $ | 27,753 | | | | | $ | 36,763 | | | | | $ | 30,618 | | | ||||
| Change in valuation allowance | | | | | 5,139 | | | | | | 2,059 | | | | | | 6,145 | | | ||||
| Permanent adjustment for Other Comprehensive Income | | | | | — | | | | | | (2,016 | ) | | | | | | — | | | |||
| OGR acquisition adjustments | | | | | — | | | | | | (9,053 | ) | | | | | | — | | | |||
| Balance at end of period | | | | $ | 32,892 | | | | | $ | 27,753 | | | | | $ | 36,763 | | | ||||
| | | | | | | | | | | ||||||||||||||
The valuation allowance for deferred tax assets as of June 30, 2014, includes $27,355 related to domestic jurisdictions and $5,537 related to foreign jurisdictions. | ||||||||||||||||||||||||
The change in valuation allowance for the year ended June 30, 2013, included a reversal of $9,053 of valuation allowance previously established against the Company’s deferred tax assets in the United States. The reversal was required to offset deferred tax liabilities established as part of the OGR acquisition related to acquired amortizable intangible assets. | ||||||||||||||||||||||||
The Company has domestic federal net operating loss carry forwards of approximately $43,872 that expire in 2027 through 2034, state net operating loss carry forwards of approximately $73,939 that expire over various periods beginning in 2014 and foreign net operating loss carry forwards of approximately $26,456 that expire over various periods beginning in 2014. | ||||||||||||||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits (“UTB”) is as follows: | ||||||||||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Unrecognized tax benefits at beginning of | | | | $ | 12,261 | | | | | $ | 6,565 | | | | | $ | 6,180 | | | ||||
period | ||||||||||||||||||||||||
| Additions based on tax positions related to prior periods | | | | | 1,276 | | | | | | 4,996 | | | | | | 216 | | | ||||
| Additions based on tax positions related to the current period | | | | | 1,036 | | | | | | 404 | | | | | | 646 | | | ||||
| Reductions related to settlements with tax authorities | | | | | (2,215 | ) | | | | | | — | | | | | | — | | | |||
| Reductions due to lapse of statute of limitations | | | | | (5,157 | ) | | | | | | — | | | | | | — | | | |||
| Exchange effect | | | | | 219 | | | | | | 296 | | | | | | (477 | ) | | | |||
| Unrecognized tax benefits at end of period | | | | $ | 7,420 | | | | | $ | 12,261 | | | | | $ | 6,565 | | | ||||
| | | | | | | | | | | ||||||||||||||
The entire liability for UTB relates to unrecognized tax positions that, if recognized, would affect the annual effective tax rate. The entire amount of the liability for UTB is classified as a long-term liability, except for $1,218 that is classified as a current liability at June 30, 2014. We believe it is reasonably possible that a portion of the UTB may be recognized during 2015 as a result of the lapse of the statute of limitations. | ||||||||||||||||||||||||
We recognize interest and penalties associated with uncertain tax positions as a component of the provision for income taxes. We recognized interest and penalties in the consolidated statements of operations of $(661), $441 and $307 for 2014, 2013 and 2012, respectively. Accrued interest and penalties included in the consolidated balance sheets were $1,344 and $1,952 at June 30, 2014 and June 30, 2013, respectively. | ||||||||||||||||||||||||
Our Israel subsidiaries have been under examination for fiscal years 2009 through 2012. In April 2014, certain of these subsidiaries reached a settlement to pay additional income taxes totaling $2,614. As a result of the settlement, we recorded a reduction to our income tax provision of $572 and a reduction in previously unrecognized tax benefits of $2,215. We expect the remaining open examinations to conclude within the next twelve months, the effect of which is not expected to be significant to our consolidated financial statements. We have no open examinations that we believe would result in a material change to our liability for uncertain tax positions. | ||||||||||||||||||||||||
We file income tax returns in the U.S. federal and various U.S. state and international jurisdictions. Our U.S. federal and material U.S. state income tax returns have been closed for periods through June 30, 2006. Income tax returns for our significant foreign subsidiaries are closed through the following periods: | ||||||||||||||||||||||||
• | ||||||||||||||||||||||||
In Brazil, through December 31, 2008 | ||||||||||||||||||||||||
• | ||||||||||||||||||||||||
In Israel, through June 30, 2009 or June 30, 2012 |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Commitments and Contingencies | ' | ||||||||||||||||
13 | |||||||||||||||||
Commitments and Contingencies | |||||||||||||||||
Leases | |||||||||||||||||
We lease land and office, warehouse and manufacturing equipment and facilities for minimum annual rentals, plus certain cost escalations. We record rent expense on a straight line basis over the term of the lease. At June 30, 2014, we had the following future minimum lease commitments: | |||||||||||||||||
| For the Years Ended June 30 | | | Capital | | | Non-cancellable | | |||||||||
leases | operating leases | ||||||||||||||||
| 2015 | | | | $ | 81 | | | | | $ | 4,486 | | | |||
| 2016 | | | | | 21 | | | | | | 4,033 | | | |||
| 2017 | | | | | 8 | | | | | | 3,696 | | | |||
| 2018 | | | | | — | | | | | | 3,059 | | | |||
| 2019 | | | | | — | | | | | | 2,641 | | | |||
| Thereafter | | | | | — | | | | | | 4,668 | | | |||
| Total minimum lease payments | | | | $ | 110 | | | | | $ | 22,583 | | | |||
| Amounts representing interest | | | | | (16 | ) | | | | | | | | | ||
| Present value of minimum lease payments | | | | $ | 94 | | | | | | | | | |||
| | | | | | | | ||||||||||
Rent expense under operating leases was $6,958, $6,084, and $6,085 for 2014, 2013 and 2012, respectively. | |||||||||||||||||
Environmental | |||||||||||||||||
Our operations and properties are subject to extensive federal, state, local and foreign laws and regulations, including those governing pollution; protection of the environment; the use, management, and release of hazardous materials, substances and wastes; air emissions; greenhouse gas emissions; water use, supply and discharges; the investigation and remediation of contamination; the manufacture, distribution, and sale of regulated materials, including pesticides; the importing, exporting and transportation of products; and the health and safety of our employees (collectively, “Environmental Laws”). As such, the nature of our current and former operations exposes us to the risk of claims with respect to such matters, including fines, penalties, and remediation obligations that may be imposed by regulatory authorities. Under certain circumstances, we might be required to curtail operations until a particular problem is remedied. Known costs and expenses under Environmental Laws incidental to ongoing operations, including the cost of litigation proceedings relating to environmental matters, are generally included within operating results. Potential costs and expenses may also be incurred in connection with the repair or upgrade of facilities to meet existing or new requirements under Environmental Laws or to investigate or remediate potential or actual contamination and from time to time we establish reserves for such contemplated investigation and remediation costs. In many instances, the ultimate costs under Environmental Laws and the time period during which such costs are likely to be incurred are difficult to predict. | |||||||||||||||||
While we believe that our operations are currently in material compliance with Environmental Laws, we have, from time to time, received notices of violation from governmental authorities, and have been involved in civil or criminal action for such violations. Additionally, at various sites, our subsidiaries are engaged in continuing investigation, remediation and/or monitoring efforts to address contamination associated with historic operations of the sites. We devote considerable resources to complying with Environmental Laws and managing environmental liabilities. We have developed programs to identify requirements under, and maintain compliance with Environmental Laws; however, we cannot predict with certainty the effect of increased and more stringent regulation on our operations, future capital expenditure requirements, or the cost of compliance. | |||||||||||||||||
The nature of our current and former operations exposes us to the risk of claims with respect to environmental matters and we cannot assure we will not incur material costs and liabilities in connection with such claims. Based upon our experience to date, we believe that the future cost of compliance with existing Environmental Laws, and liabilities for known environmental claims pursuant to such Environmental Laws, will not have a material adverse effect on our financial position, results of operations, cash flows or liquidity. | |||||||||||||||||
We, our subsidiary C.P. Chemicals, Inc. (“CP”) and other defendants reached a phased settlement with Chevron U.S.A. Inc. (“Chevron”), and a Settlement Agreement and Consent Order (the “Consent Order”) was filed and entered by the United States District Court for the District of New Jersey (the “Court”), resolving a 1997 complaint filed by Chevron. The complaint alleged that the operations of CP at its Sewaren, New Jersey plant affected adjoining property owned by Chevron and we were also responsible to Chevron. Pursuant to the Consent Order, CP, the Company and co-defendant Legacy Vulcan Corp. (“Vulcan”), through an entity known as North Field Extension, LLC (“NFE”), acquired a portion of the Chevron property. NFE will proceed with any required investigation and remediation of the acquired property and also assumed responsibility for certain types of environmental conditions (if they exist) on the portion of the property retained by Chevron. We (together with CP) and Vulcan will each be responsible for 50% of the investigation and remediation costs, which are to be paid by us directly or through NFE. We believe that insurance recoveries will be available to offset some of those costs. Another defendant also made a $175 contribution toward the remediation costs to be incurred by NFE. Chevron retained responsibility for further investigation and remediation of certain identified environmental conditions on the portion of the property retained by it, as well as in one area of the property acquired by NFE. | |||||||||||||||||
The EPA is investigating and planning for the remediation of offsite contaminated groundwater that has migrated from the Omega Chemical Corporation Superfund Site (“Omega Chemical Site”), which is upgradient of Phibro-Tech’s Santa Fe Springs, California facility. The EPA has named Phibro-Tech and certain other subsidiaries of PAHC as potentially responsible parties (“PRPs”) due to groundwater contamination from Phibro-Tech’s Santa Fe Springs facility that has allegedly commingled with contaminated groundwater from the Omega Chemical Site. In September 2012, the EPA notified approximately 140 PRPs, including Phibro-Tech and the other subsidiaries, that they have been identified as potentially responsible for remedial action for the groundwater plume affected by the Omega Chemical Site and for EPA oversight and response costs. Phibro-Tech contends that groundwater contamination at its site is due to historical operations that pre-date Phibro-Tech and/or contaminated groundwater that has migrated from upgradient properties. In addition, a successor to a prior owner of the Phibro-Tech site has asserted that PAHC and Phibro-Tech are obligated to provide indemnification for its potential liability and defense costs relating to the groundwater plume affected by the Omega Chemical Site. Phibro-Tech has vigorously contested this position and has asserted that the successor to the prior owner is required to indemnify Phibro-Tech for its potential liability and defense costs. Furthermore, a nearby property owner has filed a complaint in the Superior Court of the State of California against many of the PRPs allegedly associated with the groundwater plume affected by the Omega Chemical Site (including Phibro-Tech) for alleged contamination of groundwater underneath its property; a group of companies that sent chemicals to the Omega Chemical Site for processing and recycling has filed a complaint under CERCLA in the United States District Court for the Central District of California against many of the PRPs allegedly associated with the groundwater plume affected by the Omega Chemical Site (including Phibro-Tech) for contribution toward past and future costs associated with the investigation and remediation of the groundwater plume affected by the Omega Chemical Site; and that same group of companies has served Phibro-Tech with a Notice of Endangerment and Intent to Sue Pursuant to RCRA § 7002(a)(1)(B) seeking to abate alleged imminent and substantial endangerment to health or the environment resulting from the lack of adequate offsite monitoring and groundwater source control associated with former and/or continuing operations at Phibro-Tech’s Santa Fe Springs facility. Due to the ongoing nature of the EPA’s investigation and Phibro-Tech’s dispute with the prior owner’s successor, at this time we cannot predict with any degree of certainty what, if any, liability Phibro-Tech or the other subsidiaries may ultimately have for investigation, remediation and the EPA oversight and response costs associated with the affected groundwater plume. | |||||||||||||||||
Based upon information available, to the extent such costs can be estimated with reasonable certainty, we estimated the cost for complying with the NFE Consent Order and for further investigation and remediation of identified soil and groundwater problems at operating sites, closed sites and third-party sites, and closure costs for closed sites, to be approximately $7,273 and $8,292 at June 30, 2014 and 2013, respectively, which is included in current and long-term liabilities on the consolidated balance sheets. However, future events, such as new information, changes in existing Environmental Laws or their interpretation, and more vigorous enforcement policies of regulatory agencies, may give rise to additional expenditures or liabilities that could be material. For all purposes of the discussion under this caption and elsewhere in this report, it should be noted that we take and have taken the position that neither PAHC nor any of our subsidiaries is liable for environmental or other claims made against one or more of our other subsidiaries or for which any of such other subsidiaries may ultimately be responsible. | |||||||||||||||||
Claims and Litigation | |||||||||||||||||
During the quarter ended June 30, 2014, we recognized a $5,350 loss in our consolidated statement of operations on the insurance claim previously recorded as an asset. In 2010, certain customers claimed damages to their poultry resulting from the use of one of our animal health products. We believed we were entitled to coverage for the claimed damages under our insurance policies, above any applicable self-insured retention or deductible. Our insurance carrier refused to cover the damages claimed and denied coverage. We instituted a legal action to enforce our rights under the policies but in June 2014 the trial court ruled against us. We have appealed the trial court’s decision. In July 2014, we reached settlements with and made payments to our customers for their claims in amounts approximately equal to the liability previously accrued. | |||||||||||||||||
PAHC and its subsidiaries are party to a number of claims and lawsuits arising out of the normal course of business including product liabilities, payment disputes and governmental regulation. Certain of these actions seek damages in various amounts. In many cases, such claims are covered by insurance. We believe that none of the claims or pending lawsuits, either individually or in the aggregate, will have a material adverse effect on our financial position, results of operations, cash flows or liquidity. | |||||||||||||||||
Employment and Severance Agreements | |||||||||||||||||
We have entered into employment agreements with certain executive management and other employees which specify severance benefits of up to 15 months of the employee’s compensation. |
Derivatives
Derivatives | 12 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||
Derivatives | ' | ||||||||||||||||||||||
14 | |||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||
We monitor our exposure to commodity prices, interest rates and foreign currency exchange rates, and use derivatives to manage certain of these risks. We designate derivatives as a hedge of a forecasted transaction or of the variability of the cash flows to be received or paid in the future related to a recognized asset or liability (cash flow hedge). We record the portion of the changes in the expected cash flows related to a recognized asset or liability (the effective portion) in accumulated other comprehensive income (loss). As the hedged item is realized, we report the gain or loss included in accumulated other comprehensive income (loss) in the consolidated statements of operations on the same line as the hedged item. We immediately recognize in the consolidated statements of operations in the same line as the hedged item, the portion of the changes in fair value of derivatives used as cash flow hedges that is not offset by changes in the expected cash flows related to a recognized asset or liability (the ineffective portion). | |||||||||||||||||||||||
We routinely assess whether the derivatives used to hedge transactions are effective. If we determine a derivative ceases to be an effective hedge, we discontinue hedge accounting, and recognize in the consolidated statements of operations, in the period the derivative no longer qualifies as a hedge, any gains or losses on the derivative. | |||||||||||||||||||||||
We record derivatives at fair value in prepaid expenses and other current assets in the consolidated balance sheets. We determine the fair value of derivative instruments based upon pricing models using observable market inputs for these types of financial instruments (level 2 inputs per ASC 820). | |||||||||||||||||||||||
At June 30, 2014, significant outstanding derivatives employed to manage market risk and designated as cash flow hedges were: | |||||||||||||||||||||||
| Instrument | | | Hedge | | | Notional | | | Fair value as of June 30, | | ||||||||||||
amount at | |||||||||||||||||||||||
June 30, 2014 | | 2014 | | | 2013 | | |||||||||||||||||
| Options | | | Brazilian Real calls | | | R$ 78,000 | | | | $ | 432 | | | | | $ | 365 | | | |||
| Options | | | Brazilian Real puts | | | (R$ 78,000) | | | | | (46 | ) | | | | | | (1,004 | ) | | | |
| | | | | | | | | | | | ||||||||||||
The unrecognized gains (losses) at June 30, 2014, are unrealized and will change depending on future exchange rates until the underlying contracts mature. Of the $386 of unrecognized gains (losses) on derivative instruments included in accumulated other comprehensive income (loss) at June 30, 2014, we anticipate $386 of the current fair value would be recorded in earnings within the next twelve months. We recognize gains (losses) on derivative instruments as a component of cost of goods sold when the hedged item is sold. We hedge forecasted transactions for periods not exceeding the next twenty-four months. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
15 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
In assessing the fair value of financial instruments at June 30, 2014 and 2013, we used a variety of methods and assumptions which were based on estimates of market conditions and risks existing at the time. | |||||||||||||||||
Current Assets and Liabilities | |||||||||||||||||
We consider the carrying amounts of current assets and current liabilities, except the current portion of long-term debt, to be representative of their fair value because of the current nature of these items. | |||||||||||||||||
Letters of Credit | |||||||||||||||||
We obtain letters of credit in connection with certain regulatory and insurance obligations, inventory purchases and other contractual obligations. The contract values of the letters of credit at June 30, 2014 and 2013, were $17,140 and $14,954 respectively. The carrying values of these letters of credit are considered to be representative of their fair values because of the nature of the instruments. | |||||||||||||||||
Long Term Debt | |||||||||||||||||
We estimated the fair value of the Term B Loan and the Senior Notes based on quoted broker prices (level 2 inputs per ASC 820) and the fair values of the term loans based on quoted yields for the Senior Notes which were similar in structure, maturity and interest rate (level 2 inputs per ASC 820). | |||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | |||||||||
| Fair values | | | | | | | | | | | | | | |||
| Term B Loan | | | | $ | 289,638 | | | | | $ | — | | | |||
| Senior notes due July 1, 2018 | | | | | — | | | | | | 322,500 | | | |||
| Term loan payable to Mayflower due December 31, 2016 | | | | | — | | | | | | 26,968 | | | |||
| Term loan payable to BFI due August 1, 2014 | | | | | — | | | | | | 10,644 |
Business_Segments
Business Segments | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Business Segments | ' | |||||||||||||||||||||||
16 | ||||||||||||||||||||||||
Business Segments | ||||||||||||||||||||||||
The Animal Health segment manufactures and markets products for the poultry, swine, cattle, dairy, aquaculture and ethanol markets. The business includes net sales of medicated feed additives and other related products, nutritional specialty products and vaccines. The Mineral Nutrition segment manufactures and markets trace minerals for the cattle, swine, poultry and pet food markets. The Performance Products segment manufactures and markets a variety of products for use in the personal care, automotive, industrial chemical and chemical catalyst industries. | ||||||||||||||||||||||||
We evaluate performance and allocate resources based on the Animal Health, Mineral Nutrition and Performance Products segments. Certain of our costs and assets are not directly attributable to these segments. We do not allocate such items to the principal segments because they are not used to evaluate their operating results or financial position. Corporate costs include the departmental operating costs of the Board of Directors, the Chairman, President and Chief Executive Officer, the Chief Operating Officer, the Chief Financial Officer, the Senior Vice President and General Counsel, the Senior Vice President of Human Resources, the Chief Information Officer and the Executive Vice President of Corporate Strategy. Costs include the executives and their staffs and include compensation and benefits, outside services, professional fees and office space. Assets include cash and cash equivalents, debt issue costs and certain other assets. | ||||||||||||||||||||||||
We evaluate performance of our segments based on Adjusted EBITDA. We define Adjusted EBITDA as EBITDA plus (a) (income) loss from, and disposal of, discontinued operations, (b) other expense or less other income, as separately reported on our consolidated statements of operations, including foreign currency gains and losses and loss on extinguishment of debt, and (c) certain items that we consider to be unusual or non-recurring. We define EBITDA as net income plus (i) interest expense, net, (ii) provision for income taxes or less benefit for income taxes and (iii) depreciation and amortization. | ||||||||||||||||||||||||
The accounting policies of our segments are the same as those described in the summary of significant accounting policies included herein. | ||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Net sales | | | | | | | | | | | | | | | | | | | | ||||
| Animal Health | | | | $ | 431,053 | | | | | $ | 384,941 | | | | | $ | 375,167 | | | ||||
| Mineral Nutrition | | | | | 201,599 | | | | | | 203,169 | | | | | | 210,091 | | | ||||
| Performance Products | | | | | 59,262 | | | | | | 65,041 | | | | | | 68,843 | | | ||||
| | | | | $ | 691,914 | | | | | $ | 653,151 | | | | | $ | 654,101 | | | ||||
| Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | ||||
| Animal Health | | | | $ | 100,280 | | | | | $ | 82,997 | | | | | $ | 70,456 | | | ||||
| Mineral Nutrition | | | | | 11,636 | | | | | | 12,069 | | | | | | 13,007 | | | ||||
| Performance Products | | | | | 4,626 | | | | | | 2,927 | | | | | | 5,132 | | | ||||
| Corporate | | | | | (25,945 | ) | | | | | | (22,239 | ) | | | | | | (21,743 | ) | | | |
| | | | | $ | 90,597 | | | | | $ | 75,754 | | | | | $ | 66,852 | | | ||||
| Reconciliation of Adjusted EBITDA to income before income taxes | | | | | | | | | | | | | | | | | | | | ||||
| Adjusted EBITDA | | | | $ | 90,597 | | | | | $ | 75,754 | | | | | $ | 66,852 | | | ||||
| Depreciation and amortization | | | | | (21,453 | ) | | | | | | (19,023 | ) | | | | | | (17,527 | ) | | | |
| Loss on insurance claim | | | | | (5,350 | ) | | | | | | — | | | | | | — | | | |||
| Interest expense, net | | | | | (32,962 | ) | | | | | | (35,629 | ) | | | | | | (35,419 | ) | | | |
| Foreign currency gains (losses), net | | | | | (1,753 | ) | | | | | | (3,103 | ) | | | | | | (1,192 | ) | | | |
| Loss on extinguishment of debt | | | | | (22,771 | ) | | | | | | — | | | | | | — | | | |||
| Other income (expense), net | | | | | — | | | | | | (151 | ) | | | | | | 400 | | | |||
| Income before income taxes | | | | $ | 6,308 | | | | | $ | 17,848 | | | | | $ | 13,114 | | | ||||
| | | | | | | | | | | ||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Identifiable assets | | | | | | | | | | | | | | ||||||||||
| Animal Health | | | | $ | 361,376 | | | | | $ | 329,323 | | | ||||||||||
| Mineral Nutrition | | | | | 57,460 | | | | | | 64,719 | | | ||||||||||
| Performance Products | | | | | 23,429 | | | | | | 21,233 | | | ||||||||||
| Corporate | | | | | 30,058 | | | | | | 58,867 | | | ||||||||||
| | | | | $ | 472,323 | | | | | $ | 474,142 | | | ||||||||||
| | | | | | | | |||||||||||||||||
The Animal Health segment includes all goodwill. The Animal Health segment includes advances to and investment in equity method investee of $5,140 and $4,734 as of June 30, 2014 and 2013, respectively. The Performance Products segment includes an investment in equity method investee of $479 and $275 as of June 30, 2014 and 2013, respectively. Corporate includes all cash and cash equivalents. | ||||||||||||||||||||||||
During our fiscal quarter ended December 31, 2013, we reorganized our reportable segments for financial reporting to better align them with how we currently review operating results for purposes of allocating resources and managing performance. We created two new reportable segments, the Animal Health segment and the Mineral Nutrition segment, and eliminated the Animal Health & Nutrition (AH&N) segment. The Animal Heath segment consists of the business units within the former AH&N segment, excluding the Mineral Nutrition business unit, which is now a separate reportable segment. In accordance with ASC 280, Segment Reporting, we have reclassified all amounts to conform to our new reportable segment presentation. |
Geographic_Information
Geographic Information | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||||||||||||||||||
Geographic Information | ' | |||||||||||||||||||||||
17 | ||||||||||||||||||||||||
Geographic Information | ||||||||||||||||||||||||
The following is information about our geographic operations. Information is attributed to the geographic areas based on the locations of our subsidiaries. | ||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Net sales | | | | | | | | | | | | | | | | | | | | ||||
| United States | | | | $ | 435,414 | | | | | $ | 414,768 | | | | | $ | 424,373 | | | ||||
| Israel | | | | | 89,739 | | | | | | 93,248 | | | | | | 101,301 | | | ||||
| Latin America and Canada | | | | | 84,775 | | | | | | 68,575 | | | | | | 61,407 | | | ||||
| Europe and Africa | | | | | 38,563 | | | | | | 32,501 | | | | | | 30,087 | | | ||||
| Asia/Pacific | | | | | 43,423 | | | | | | 44,059 | | | | | | 36,933 | | | ||||
| | | | | $ | 691,914 | | | | | $ | 653,151 | | | | | $ | 654,101 | | | ||||
| | | | | | | | | | | ||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Property, plant and equipment, net | | | | | | | | | | | | | | ||||||||||
| United States | | | | $ | 40,926 | | | | | $ | 40,601 | | | ||||||||||
| Israel | | | | | 33,426 | | | | | | 30,837 | | | ||||||||||
| Brazil | | | | | 32,946 | | | | | | 30,988 | | | ||||||||||
| Other | | | | | 1,861 | | | | | | 1,996 | | | ||||||||||
| | | | | $ | 109,159 | | | | | $ | 104,422 |
Selected_Quarterly_Results_of_
Selected Quarterly Results of Operations Data (Unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
Selected Quarterly Results of Operations Data (Unaudited) | ' | |||||||||||||||||||||||||||||||||||||
18. Selected Quarterly Results of Operations Data (Unaudited) | ||||||||||||||||||||||||||||||||||||||
The quarterly consolidated statement of operations information was prepared on the same basis as, and should be read in conjunction with, the audited consolidated financial statements and related notes included herein. | ||||||||||||||||||||||||||||||||||||||
| Quarters | | | Year | | |||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||
| For the Periods Ended | | | September 30, | | | December 31, | | | March 31, | | | June 30, | | | June 30, | | |||||||||||||||||||||
2013 | 2013 | 2014 | 2014 | 2014 | ||||||||||||||||||||||||||||||||||
| | | | (in thousands) | | |||||||||||||||||||||||||||||||||
| Net sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Animal Health | | | | $ | 101,171 | | | | | $ | 107,966 | | | | | $ | 107,808 | | | | | $ | 114,108 | | | | | $ | 431,053 | | | ||||||
| Mineral Nutrition | | | | | 46,186 | | | | | | 50,633 | | | | | | 49,901 | | | | | | 54,879 | | | | | | 201,599 | | | ||||||
| Performance Products | | | | | 14,871 | | | | | | 14,143 | | | | | | 15,558 | | | | | | 14,690 | | | | | | 59,262 | | | ||||||
| Total net sales | | | | | 162,228 | | | | | | 172,742 | | | | | | 173,267 | | | | | | 183,677 | | | | | | 691,914 | | | ||||||
| Cost of goods sold | | | | | 112,716 | | | | | | 121,586 | | | | | | 120,425 | | | | | | 129,412 | | | | | | 484,139 | | | ||||||
| Gross profit | | | | | 49,512 | | | | | | 51,156 | | | | | | 52,842 | | | | | | 54,265 | | | | | | 207,775 | | | ||||||
| Selling, general and administrative expenses | | | | | 33,115 | | | | | | 34,138 | | | | | | 35,520 | | | | | | 41,208 | | | | | | 143,981 | | | ||||||
| Operating income (loss) | | | | | 16,397 | | | | | | 17,018 | | | | | | 17,322 | | | | | | 13,057 | | | | | | 63,794 | | | ||||||
| Interest expense | | | | | 8,779 | | | | | | 8,787 | | | | | | 8,810 | | | | | | 6,705 | | | | | | 33,081 | | | ||||||
| Interest (income) | | | | | (44 | ) | | | | | | (68 | ) | | | | | | (66 | ) | | | | | | 59 | | | | | | (119 | ) | | | ||
| Foreign currency (gains) losses, net | | | | | 648 | | | | | | 1,165 | | | | | | 275 | | | | | | (335 | ) | | | | | | 1,753 | | | |||||
| Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | — | | | | | | 22,771 | | | | | | 22,771 | | | ||||||
| Income (loss) before income taxes | | | | | 7,014 | | | | | | 7,134 | | | | | | 8,303 | | | | | | (16,143 | ) | | | | | | 6,308 | | | |||||
| Provision (benefit) for income taxes | | | | | 1,171 | | | | | | 4,832 | | | | | | 1,933 | | | | | | 1,499 | | | | | | 9,435 | | | ||||||
| Net income (loss) | | | | $ | 5,843 | | | | | $ | 2,302 | | | | | $ | 6,370 | | | | | $ | (17,642 | ) | | | | | $ | (3,127 | ) | | | ||||
| Net income per share−basic and diluted | | | | $ | 0.19 | | | | | $ | 0.08 | | | | | $ | 0.21 | | | | | $ | (0.47 | ) | | | | | $ | (0.10 | ) | | | ||||
| Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Animal Health | | | | $ | 24,107 | | | | | $ | 24,522 | | | | | $ | 25,505 | | | | | $ | 26,146 | | | | | $ | 100,280 | | | ||||||
| Mineral Nutrition | | | | | 2,460 | | | | | | 2,878 | | | | | | 2,807 | | | | | | 3,491 | | | | | | 11,636 | | | ||||||
| Performance Products | | | | | 1,096 | | | | | | 1,103 | | | | | | 906 | | | | | | 1,521 | | | | | | 4,626 | | | ||||||
| Corporate | | | | | (6,065 | ) | | | | | | (6,193 | ) | | | | | | (6,774 | ) | | | | | | (6,913 | ) | | | | | | (25,945 | ) | | | |
| Adjusted EBITDA | | | | $ | 21,598 | | | | | $ | 22,310 | | | | | $ | 22,444 | | | | | $ | 24,245 | | | | | $ | 90,597 | | | ||||||
| | | | | | | | | | | | | | | | | | |||||||||||||||||||||
| | | | Quarters | | | Year | | ||||||||||||||||||||||||||||||
| For the Periods Ended | | | September 30, | | | December 31, | | | March 31, | | | June 30, | | | June 30, | | |||||||||||||||||||||
2012 | 2012 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||||||||||
| | | | (in thousands) | | |||||||||||||||||||||||||||||||||
| Net sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Animal Health | | | | $ | 96,128 | | | | | $ | 94,236 | | | | | $ | 93,883 | | | | | $ | 100,694 | | | | | $ | 384,941 | | | ||||||
| Mineral Nutrition | | | | | 49,792 | | | | | | 52,892 | | | | | | 51,757 | | | | | | 48,728 | | | | | | 203,169 | | | ||||||
| Performance Products | | | | | 16,186 | | | | | | 17,031 | | | | | | 17,045 | | | | | | 14,779 | | | | | | 65,041 | | | ||||||
| Total net sales | | | | | 162,106 | | | | | | 164,159 | | | | | | 162,685 | | | | | | 164,201 | | | | | | 653,151 | | | ||||||
| Cost of goods sold | | | | | 120,240 | | | | | | 120,973 | | | | | | 116,929 | | | | | | 116,045 | | | | | | 474,187 | | | ||||||
| Gross profit | | | | | 41,866 | | | | | | 43,186 | | | | | | 45,756 | | | | | | 48,156 | | | | | | 178,964 | | | ||||||
| Selling, general and administrative expenses | | | | | 28,657 | | | | | | 29,030 | | | | | | 31,295 | | | | | | 33,251 | | | | | | 122,233 | | | ||||||
| Operating income (loss) | | | | | 13,209 | | | | | | 14,156 | | | | | | 14,461 | | | | | | 14,905 | | | | | | 56,731 | | | ||||||
| Interest expense | | | | | 8,893 | | | | | | 8,969 | | | | | | 8,901 | | | | | | 9,008 | | | | | | 35,771 | | | ||||||
| Interest (income) | | | | | (68 | ) | | | | | | (14 | ) | | | | | | (26 | ) | | | | | | (34 | ) | | | | | | (142 | ) | | | |
| Foreign currency (gains) losses, net | | | | | 168 | | | | | | 126 | | | | | | 838 | | | | | | 1,971 | | | | | | 3,103 | | | ||||||
| Other (income) expense, net | | | | | (12 | ) | | | | | | 58 | | | | | | 482 | | | | | | (377 | ) | | | | | | 151 | | | ||||
| Income (loss) before income taxes | | | | | 4,228 | | | | | | 5,017 | | | | | | 4,266 | | | | | | 4,337 | | | | | | 17,848 | | | ||||||
| Provision (benefit) for income taxes | | | | | 1,569 | | | | | | (7,056 | ) | | | | | | 86 | | | | | | (1,642 | ) | | | | | | (7,043 | ) | | | |||
| Net income (loss) | | | | $ | 2,659 | | | | | $ | 12,073 | | | | | $ | 4,180 | | | | | $ | 5,979 | | | | | $ | 24,891 | | | ||||||
| Net income per share−basic and diluted | | | | $ | 0.09 | | | | | $ | 0.4 | | | | | $ | 0.14 | | | | | $ | 0.2 | | | | | $ | 0.82 | | | ||||||
| Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Animal Health | | | | $ | 20,103 | | | | | $ | 19,516 | | | | | $ | 20,334 | | | | | $ | 23,044 | | | | | $ | 82,997 | | | ||||||
| Mineral Nutrition | | | | | 2,690 | | | | | | 3,175 | | | | | | 3,439 | | | | | | 2,765 | | | | | | 12,069 | | | ||||||
| Performance Products | | | | | 1,145 | | | | | | 1,826 | | | | | | 1,577 | | | | | | (1,621 | ) | | | | | | 2,927 | | | |||||
| Corporate | | | | | (6,033 | ) | | | | | | (5,739 | ) | | | | | | (5,930 | ) | | | | | | (4,537 | ) | | | | | | (22,239 | ) | | | |
| Adjusted EBITDA | | | | $ | 17,905 | | | | | $ | 18,778 | | | | | $ | 19,420 | | | | | $ | 19,651 | | | | | $ | 75,754 | ||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies and New Accounting Standards (Policies) | 12 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation and Basis of Presentation | ' |
Principles of Consolidation and Basis of Presentation | |
The consolidated financial statements include the accounts of Phibro and all majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The decision whether or not to consolidate an entity requires consideration of majority voting interests, as well as effective control over the entity. | |
We present our financial statements on the basis of our fiscal year ending June 30. All references to years in these consolidated financial statements refer to the fiscal year ending or ended on June 30 of that year. | |
Certain reclassifications have been made to prior year amounts to conform to the current year presentation. | |
During the year ended June 30, 2014, we identified and corrected an error in prior period cash flows related to an equity method investment. We corrected the error and increased cash flows from operating activities and decreased cash flows from investing activities by $1,022 and $106 for 2013 and 2012, respectively. The error had no impact to the consolidated statements of operations, consolidated comprehensive income or the consolidated balance sheet. We have assessed the effects of the correction and have concluded the items were not material to our prior period consolidated financial statements. Accordingly we have revised the prior year statements of consolidated cash flows. | |
During the quarter ended December 31, 2013, we identified and corrected errors that originated in prior periods. The error corrections increased income before income taxes by $358 in the current year. We have assessed the effects of the corrections and have concluded the items were not material, either individually or in aggregate, to our current year results of operations or any other prior period consolidated financial statements. | |
Risks, Uncertainties and Liquidity | ' |
Risks, Uncertainties and Liquidity | |
An expansion of the regulatory restrictions on the use of antibiotics or antibacterials in food-producing animals could result in a decrease in our sales. The issue of the potential for increased bacterial resistance to certain antibiotics used in certain food-producing animals is the subject of discussions on a worldwide basis and, in certain instances, has led to government restrictions on or banning of the use of antibiotics in food-producing animals. The sale of antibiotics and antibacterials is a material portion of our business. Should regulatory or other developments result in restrictions on the sale of such products, it could have a material adverse effect on our financial position, results of operations and cash flows. | |
The testing, manufacturing, and marketing of certain of our products are subject to extensive regulation by numerous government authorities in the United States and other countries. | |
We have significant assets in Israel, Brazil and other locations outside of the United States and a significant portion of our sales and earnings are attributable to operations conducted abroad. Our assets, results of operations and future prospects are subject to currency exchange fluctuations and restrictions, energy shortages, other economic developments, political or social instability in some countries, and uncertainty of, and governmental control over, commercial rights, which could result in a material adverse effect on our financial position, results of operations and cash flows. | |
We are subject to environmental laws and regulations governing the use, storage, handling, generation, treatment, emission, release, discharge and disposal of certain materials and wastes, the remediation of contaminated soil and groundwater, the manufacture, sale and use of regulated materials, including pesticides, and the health and safety of employees. As such, the nature of our current and former operations and those of our subsidiaries expose Phibro and our subsidiaries to the risk of claims with respect to such matters. | |
Use of Estimates | ' |
Use of Estimates | |
Preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures. Actual results could differ from these estimates. Significant estimates include depreciation and amortization periods of long-lived and intangible assets, recoverability of long-lived and intangible assets and goodwill, realizability of deferred income tax and value-added tax assets, legal and environmental matters and actuarial assumptions related to our pension plans. We regularly evaluate our estimates and assumptions using historical experience and other factors. Our estimates are based on complex judgments, probabilities and assumptions that we believe to be reasonable. | |
Revenue Recognition | ' |
Revenue Recognition | |
We recognize revenue upon transfer of title and when risk of loss passes to the customer. Certain of our businesses have terms of FOB shipping point where title and risk of loss transfer on shipment. Certain of our businesses have terms of FOB destination where title and risk of loss transfer on delivery. In the case of FOB destination, revenue is not recognized until products are received by the customer. Additional conditions for recognition of revenue are that persuasive evidence of an arrangement exists, the selling price is fixed or determinable, collections of sales proceeds are reasonably assured and we have no further performance obligations. We record estimated reductions to revenue for customer programs and incentive offerings, including pricing arrangements and other volume-based incentives, at the time the sale is recorded. Royalty and licensing income from licensing agreements are recognized when earned under the terms of the related agreements and are included in Net Sales in the consolidated statements of operations. Net Sales also include shipping and handling fees billed to customers. Delivery costs to our customers are included in cost of goods sold in the consolidated statements of operations. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
Cash equivalents include highly liquid investments with maturities of three months or less when purchased. Cash and cash equivalents held at financial institutions may at times exceed federally insured amounts. We believe we mitigate such risk by investing in or through major financial institutions. | |
Accounts Receivable and Allowance for Doubtful Accounts | ' |
Accounts Receivable and Allowance for Doubtful Accounts | |
Trade accounts receivable are recorded at the invoiced amount and do not bear interest. We grant credit terms in the normal course of business and do not normally require collateral or other security to support credit sales. Our ten largest customers represented, in the aggregate, approximately 21% and 24% of accounts receivable at June 30, 2014 and 2013, respectively. | |
The allowance for doubtful accounts is our best estimate of the probable credit losses in existing accounts receivable. We monitor the financial performance and creditworthiness of our customers so that we can properly assess and respond to changes in their credit profile. We also monitor domestic and international economic conditions for the potential effect on our customers. Past due balances are reviewed individually for collectability. Bad debts have been minimal. Account balances are charged against the allowance when we determine it is probable the receivable will not be recovered. | |
Inventories | ' |
Inventories | |
Inventories are valued at the lower of cost or market. Cost is determined principally under weighted average and standard cost methods, which approximate first-in, first-out (FIFO) cost. Obsolete and unsalable inventories, if any, are reflected at estimated net realizable value. Inventory costs include materials, direct labor and manufacturing overhead. | |
Property, Plant and Equipment | ' |
Property, Plant and Equipment | |
Property, plant and equipment are stated at cost. We capitalize interest expense as part of the cost of construction of facilities and equipment. No interest expense was capitalized in 2014, 2013 and 2012. | |
Depreciation is charged to results of operations using the straight-line method based upon the assets’ estimated useful lives ranging from 8 to 25 years for buildings and improvements and 3 to 16 years for machinery and equipment. | |
We capitalize costs that extend the useful life or productive capacity of an asset. Repair and maintenance costs are expensed as incurred. In the case of disposals, the assets and related accumulated depreciation are removed from the accounts, and the net amounts, less proceeds from disposal, are included in the consolidated statements of operations. | |
Capitalized Software Costs | ' |
Capitalized Software Costs | |
We capitalize costs to obtain, develop and implement software for internal use in accordance with FASB Accounting Standards Codification (“ASC”) 350-40, Internal Use Software. Amounts paid to third parties and costs of internal employees who are directly associated with the software project are also capitalized, depending on the stage of development. We expense software costs that do not meet the capitalization criteria. Capitalized software costs are included in property, plant and equipment on the consolidated balance sheets and are amortized on a straight-line basis over seven years. | |
Deferred Financing Costs | ' |
Deferred Financing Costs | |
Costs and original issue discounts or premiums related to issuance or modification of our debt are deferred on the consolidated balance sheet and amortized over the lives of the respective debt instruments. Amortization of deferred financing costs is included in interest expense in the consolidated statements of operations. | |
Acquisitions, Intangible Assets and Goodwill | ' |
Acquisitions, Intangible Assets and Goodwill | |
Our consolidated financial statements reflect the operations of an acquired business beginning as of the date of acquisition. Assets acquired and liabilities assumed are recorded at their fair values at the date of acquisition, with any excess of the purchase price over the fair values of the net assets acquired recorded as goodwill. | |
Significant judgment is required to determine the fair value of certain tangible and intangible assets and in assigning their respective useful lives. Accordingly, we typically obtain the assistance of third-party valuation specialists for significant tangible and intangible assets. The fair values are based on available historical information and on future expectations and assumptions deemed reasonable by management, but are inherently uncertain. We typically use an income method to measure the fair value of intangible assets, which is based on forecasts of the expected future cash flows attributable to the respective assets. Significant estimates and assumptions inherent in the valuations reflect a consideration of other marketplace participants, and include the amount and timing of future cash flows (including expected growth rates and profitability), the underlying product or technology life cycles, economic barriers to entry and the discount rate applied to the cash flows. Unanticipated market or macroeconomic events and circumstances could affect the accuracy or validity of the estimates and assumptions. Determining the useful life of an intangible asset also requires judgment. Our estimates of the useful lives of intangible assets are primarily based on a number of factors including competitive environment, underlying product life cycles, operating plans and the macroeconomic environment of the countries in which the products are sold. Intangible assets are amortized over their estimated lives. Amortization expense is included in selling, general and administrative expenses in the consolidated statements of operations. | |
Long-Lived Assets and Goodwill | ' |
Long-Lived Assets and Goodwill | |
We periodically review our long-lived and amortizable intangible assets for impairment and assess whether significant events or changes in business circumstances indicate that the carrying value of the assets may not be recoverable. Such circumstances may include a significant decrease in the market price of an asset, a significant adverse change in the manner in which the asset is being used or in its physical condition or a history of operating or cash flow losses associated with the use of an asset. An impairment loss would be recognized when the carrying amount of an asset exceeds the anticipated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. The amount of the impairment loss to be recorded is calculated by the excess of the asset’s carrying value over its fair value. In addition, we periodically reassess the estimated remaining useful lives of our long-lived assets. Changes to estimated useful lives would affect the amount of depreciation and amortization recorded in the consolidated statements of operations. We have not experienced significant changes in the carrying value or estimated remaining useful lives of our long-lived or amortizable intangible assets in the periods included in the consolidated financial statements. | |
We annually evaluate goodwill for impairment by comparing the book value to the fair value of the reporting unit to which the goodwill relates. If circumstances change significantly, we would also test a reporting unit’s goodwill for impairment during interim periods between its annual tests. We determine the fair value of the reporting units using a discounted cash flow analysis method. Considerable management judgment, such as assumptions of forecasted growth rates and discount rate, is necessary in arriving at the fair value. Application of alternative assumptions, such as changes in the estimate of future cash flows, could produce significantly different results. Because of the significance of the judgments and estimation processes, it is likely that different amounts could be recorded if we used different assumptions or if the underlying circumstances were to change. During the quarter ended June 30, 2014, we performed the annual goodwill impairment test and determined that none of the goodwill was impaired. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
We generally use local currency as the functional currency to measure the financial position and results of operations of each of our international subsidiaries. We translate assets and liabilities of these operations at the exchange rates in effect at the balance sheet date. We translate income statement accounts at the average rates of exchange prevailing during the period. Translation adjustments that arise from the use of differing exchange rates from period to period are included in accumulated other comprehensive income (loss) in stockholders’ equity (deficit). | |
Certain of our Israeli operations have designated the U.S. dollar as their functional currency. Gains and losses arising from remeasurement of local currency accounts into U.S. dollars are included in determining net income or loss. | |
Foreign currency gains and losses primarily arise from intercompany balances. | |
Comprehensive Income (Loss) | ' |
Comprehensive Income (Loss) | |
Comprehensive income (loss) consists of net income (loss) and the changes in: (i) the fair value of derivative instruments; (ii) foreign currency translation adjustment; (iii) unrecognized net pension gains (losses); and (iv) the related (provision) benefit for income taxes. | |
Derivative Financial Instruments | ' |
Derivative Financial Instruments | |
We record all derivative financial instruments on the consolidated balance sheets at fair value. Changes in the fair value of derivatives are recorded in results of operations or accumulated other comprehensive income (loss), depending on whether a derivative is designated and effective as part of a hedge transaction and, if so, the type of hedge transaction. Gains and losses on derivative instruments reported in accumulated other comprehensive income (loss) are included in the results of operations in the periods in which operations are affected by the hedged item. | |
From time to time, we use forward contracts and options to mitigate exposure to changes in foreign currency exchange rates and as a means of hedging forecasted operating costs. To qualify a derivative as a hedge, we document the nature and relationships between hedging instruments and hedged items, as well as its risk-management objectives, strategies for undertaking the various hedge transactions and method of assessing hedge effectiveness. We hedge forecasted transactions for periods not exceeding the next twenty-four months. We do not engage in trading or other speculative uses of financial instruments. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
ASC 820, Fair Value Measurements and Disclosures, defines fair value as the exit price that would be received to sell an asset or paid to transfer a liability. Fair value is a market-based measurement that should be determined using assumptions that market participants would use in pricing an asset or liability. ASC 820 uses a three level hierarchy to prioritize the inputs used in measuring fair value. Level 1 inputs include quoted prices in active markets for identical assets or liabilities. Level 2 inputs include observable inputs other than level 1 prices, such as quoted prices for similar assets or liabilities or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs include unobservable inputs that are supported by little or no market activity and that are financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant judgment or estimation. | |
Environmental Liabilities | ' |
Environmental Liabilities | |
Expenditures for ongoing compliance with environmental regulations are expensed or capitalized as appropriate. We capitalize expenditures made to extend the useful life or productive capacity of an asset, including expenditures that prevent future environmental contamination. Other expenditures are expensed as incurred and are recorded in selling, general and administrative expenses in the consolidated statements of operations. We record the expense and related liability in the period an environmental assessment indicates remedial efforts are probable and the costs can be reasonably estimated. Estimates of the liability are based upon currently available facts, existing technology and presently enacted laws and regulations taking into consideration the likely effects of inflation and other societal and economic factors. All available evidence is considered, including prior experience in remediation of contaminated sites, other companies’ experiences and data released by the U.S. Environmental Protection Agency or other organizations. The estimated liabilities are not discounted. We record anticipated recoveries under existing insurance contracts if probable. | |
Income Taxes | ' |
Income Taxes | |
The provision for income taxes includes U.S. federal, state, and foreign income taxes. Our annual tax rate is determined based on our income, statutory tax rates, the tax effects of items treated differently for tax purposes than for financial reporting purposes and tax planning opportunities available in the various jurisdictions in which we operate. Tax law requires certain items be included in the tax return at different times than the items are reflected in the consolidated financial statements. Some of these differences are permanent, such as expenses that are not deductible in our tax return, and some differences are temporary, reversing over time, such as depreciation expense. These temporary differences create deferred tax assets and liabilities. Deferred tax assets generally represent the tax effect of items that can be used as a tax deduction or credit in future years for which we have already recorded the tax benefit in our consolidated statements of operations. Deferred tax liabilities generally represent tax expense recognized in our consolidated financial statements for which payment has been deferred, the tax effect of expenditures for which a deduction has already been taken in our tax return but has not yet been recognized in our consolidated financial statements and assets recorded at fair value in business combinations for which there was no corresponding tax basis adjustment. | |
Significant judgment is required in determining our tax provision and in evaluating our tax positions. The recognition and measurement of a tax position is based on management’s best judgment given the facts, circumstances and information available at the reporting date. Inherent in determining our annual tax rate are judgments regarding business plans, planning opportunities and expectations about future outcomes. Realization of certain deferred tax assets, primarily net operating loss carryforwards, is dependent upon generating sufficient taxable income in the appropriate jurisdiction prior to the expiration of the carryforward periods. We establish valuation allowances for deferred tax assets when the amount of expected future taxable income is not likely to support the use of the deduction or credit. | |
We operate in multiple jurisdictions with complex tax policy and regulatory environments. In certain of these jurisdictions, we may take tax positions that management believes are supportable, but are potentially subject to successful challenge by the applicable taxing authority. We evaluate our tax positions and establish liabilities in accordance with the applicable accounting guidance on uncertainty in income taxes. We review these tax uncertainties in light of changing facts and circumstances, such as the progress of tax audits, and adjust them accordingly. | |
Because there are a number of estimates and assumptions inherent in calculating the various components of our tax provision, future events such as changes in tax legislation, the geographic mix of earnings, completion of tax audits or earnings repatriation plans could have an effect on those estimates and our effective tax rate. | |
Research and Development Expenditures | ' |
Research and Development Expenditures | |
Research and development expenditures are expensed as incurred and are recorded in selling, general and administrative expenses in the consolidated statements of operations. Most of our manufacturing facilities have chemists and technicians on staff involved in product development, quality assurance, quality control and also providing technical services to customers. Research, development and technical service efforts are conducted at various facilities. We operate animal health research and development facilities in Guarulhos, Brazil; Beit Shemesh, Israel; Naot Hovav, Israel; Quincy, Illinois; St. Paul, Minnesota; Corvallis, Oregon; and Manhattan, Kansas. These facilities provide research and development services relating to: fermentation development and micro-biological strain improvement; vaccine development; chemical synthesis and formulation development; nutritional supplement development; and ethanol-related products. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
All stock-based compensation to employees, including grants of stock options, is expensed over the requisite service period based on the grant date fair value of the awards. We determine the fair value of stock-based awards using the Black-Scholes option-pricing model which uses both historical and current market data to estimate the fair value. This method incorporates various assumptions such as the risk-free interest rate, expected volatility, expected dividend yield and expected life of the options. | |
Net Income per Share and Weighted Average Shares | ' |
Net Income per Share and Weighted Average Shares | |
Basic net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period. | |
Diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding during the reporting period after giving effect to potential dilutive common shares resulting from the exercise of stock options and warrants. For the year ended June 30, 2014, there was a net loss; and we excluded 296,162 net shares of stock options and warrants from the calculation of diluted net income (loss) per share because of the anti-dilutive effect from the assumed exercise of these options and warrants. For the years ended June 30, 2013 and 2012, the stock options and warrants had an exercise price greater than the estimated market value and were excluded from the calculation of diluted net income per share because the effect from the assumed exercise of these options and warrants was anti-dilutive. | |
New Accounting Standards | ' |
New Accounting Standards | |
We have elected to adopt new accounting standards within the specified effective date established for public companies, where applicable. | |
Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists, clarifies when it is appropriate for an unrecognized tax benefit, or portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset. ASU 2013-11 was effective for interim and annual periods beginning after December 15, 2013. Early adoption is permitted. The guidance should be applied prospectively to all unrecognized tax benefits that exist at the effective date; however, retrospective application is also permitted. We elected to early adopt the provisions of this pronouncement, and it did not have a material effect on our consolidated financial statements. | |
ASU 2014-08, Presentation of Financials (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, changes the criteria for reporting a discontinued operation while enhancing disclosures. Under the new guidance, a disposal of a component of an entity or group of components of an entity that represents a strategic shift that has, or will have, a major effect on operations and financial results is a discontinued operation when any of the following occurs: (i) it meets the criteria to be classified as held for sale, (ii) it is disposed of by sale, or (iii) it is disposed of other than by sale. Also, a business that, on acquisition, meets the criteria to be classified as held for sale is reported in discontinued operations. Additionally, the new guidance requires expanded disclosures about discontinued operations, as well as disclosure of the pre-tax profit or loss attributable to a disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation. The guidance is effective prospectively for all disposals (or classifications as held for sale) of components of an entity and all businesses that, on acquisition, are classified as held for sale, that occur within annual periods beginning on or after December 15, 2014 and interim periods within those years. We do not expect adoption of this guidance will have a material effect on our consolidated financial statements. | |
ASU 2014-09, Revenue from Contracts with Customers (Topic 606), establishes principles for the recognition of revenue from contracts with customers. The underlying principle is to identify the performance obligations of a contract, allocate the revenue to each performance obligation and then to recognize revenue when the company satisfies a specific performance obligation of the contract. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2016. Early adoption is not permitted. The guidance should be applied retrospectively to each prior reporting period presented. We are currently evaluating the impact that adopting this guidance will have on our consolidated financial statements. | |
ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. Management will need to assess if there is substantial doubt about an entity’s ability to continue as a going concern within one year after the issuance date. Management will need to consider relevant conditions that are known and reasonably knowable at the issuance date. Substantial doubt exists if it is probable that the entity will be unable to meet its obligations within one year after the issuance date. Under the new standard, the definition of substantial doubt incorporates a likelihood threshold of “probable” similar to the current use of that term in U.S. GAAP for loss contingencies. ASU 2014-15 will be effective for annual periods ending after December 15, 2016. Earlier adoption is permitted. We do not expect adoption of this guidance will have a material effect on our consolidated financial statements. |
Initial_Public_Offering_and_Re1
Initial Public Offering and Refinancing (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
Initial Public Offering And Refinancing [Abstract] | ' | |||||||||
Schedule of the summary of loss on early extinguishment of debt | ' | |||||||||
| Redemption premium on Senior Notes | | | | $ | 17,184 | | | ||
| Write-off of original issue discount related to Senior Notes and BFI term loan | | | | | 2,123 | | | ||
| Write-off of capitalized debt issuance costs related to Senior Notes, Mayflower term loan, BFI term loan and cancelled domestic senior credit facility and other items | | | | | 3,464 | | | ||
| Loss on extinguishment of debt | | | | $ | 22,771 | | | ||
| | | | |
Statements_of_OperationsAdditi1
Statements of Operations-Additional Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Supplemental Income Statement Elements [Abstract] | ' | |||||||||||||||||||||||
Schedule of additional information of statements of operations | ' | |||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Depreciation and amortization | | | | | | | | | | | | | | | | | | | | ||||
| Depreciation of property, plant and equipment | | | | $ | 16,439 | | | | | $ | 14,917 | | | | | $ | 14,425 | | | ||||
| Amortization of intangible assets | | | | | 4,897 | | | | | | 4,106 | | | | | | 3,048 | | | ||||
| Amortization of other assets | | | | | 117 | | | | | | — | | | | | | 54 | | | ||||
| Depreciation and amortization | | | | $ | 21,453 | | | | | $ | 19,023 | | | | | $ | 17,527 | | | ||||
| | | | | | | | | | | ||||||||||||||
| Research and development expenditures | | | | $ | 8,212 | | | | | $ | 6,638 | | | | | $ | 7,189 | | | ||||
| | | | | | | | | | |
Balance_SheetsAdditional_Infor1
Balance Sheets-Additional Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Balance Sheets Additional Information [Abstract] | ' | |||||||||||||||||||||||
Schedule of additional information of balance sheets | ' | |||||||||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Accounts receivable, net | | | | | | | | | | | | | | ||||||||||
| Trade accounts receivable | | | | $ | 115,093 | | | | | $ | 99,795 | | | ||||||||||
| Allowance for doubtful accounts | | | | | (1,235 | ) | | | | | | (658 | ) | | | ||||||||
| | | | | $ | 113,858 | | | | | $ | 99,137 | | | ||||||||||
| Allowance for doubtful accounts(1) | | | | | | | | | | | | | | ||||||||||
| Balance at beginning of period | | | | $ | 658 | | | | | $ | 1,041 | | | ||||||||||
| Provision for bad debts | | | | | 226 | | | | | | (124 | ) | | | |||||||||
| Effect of changes in exchange rates | | | | | 351 | | | | | | (265 | ) | | | |||||||||
| Bad debt write-offs (recovery) | | | | | — | | | | | | 6 | | | ||||||||||
| Balance at end of period | | | | $ | 1,235 | | | | | $ | 658 | | | ||||||||||
| | | | | | | | |||||||||||||||||
-1 | ||||||||||||||||||||||||
For the year ended June 30, 2012, the beginning balance for allowance for doubtful accounts was $1,029, the provision for bad debts was ($115) and the effect of changes in exchange rates was $127, resulting in an ending balance for allowance for doubtful accounts of $1,041. | ||||||||||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Inventories, net | | | | | | | | | | | | | | ||||||||||
| Raw materials | | | | $ | 44,306 | | | | | $ | 36,589 | | | ||||||||||
| Work-in-process | | | | | 7,518 | | | | | | 7,541 | | | ||||||||||
| Finished goods | | | | | 91,360 | | | | | | 95,902 | | | ||||||||||
| | | | | $ | 143,184 | | | | | $ | 140,032 | | | ||||||||||
| Property, plant and equipment, net | | | | | | | | | | | | | | ||||||||||
| Land | | | | $ | 9,773 | | | | | $ | 9,746 | | | ||||||||||
| Buildings and improvements | | | | | 51,364 | | | | | | 46,960 | | | ||||||||||
| Machinery and equipment | | | | | 172,530 | | | | | | 156,247 | | | ||||||||||
| | | | | | 233,667 | | | | | | 212,953 | | | ||||||||||
| Accumulated depreciation | | | | | (124,508 | ) | | | | | | (108,531 | ) | | | ||||||||
| | | | | $ | 109,159 | | | | | $ | 104,422 | | | ||||||||||
| | | | | | | | |||||||||||||||||
| As of June 30 | | | Weighted- | | | 2014 | | | 2013 | | |||||||||||||
Average | ||||||||||||||||||||||||
Useful Life | ||||||||||||||||||||||||
(Years) | ||||||||||||||||||||||||
| Intangibles, net | | | | | | | | | | | | | | | | | | | | | |||
| Cost | | | | | | | | | | | | | | | | | | | | | |||
| Medicated feed additive product registrations | | | | | 10 | | | | | $ | 11,792 | | | | | $ | 12,115 | | | ||||
| Rights to sell in international markets | | | | | 10 | | | | | | 4,292 | | | | | | 4,292 | | | ||||
| Customer relationships | | | | | 13 | | | | | | 10,702 | | | | | | 10,691 | | | ||||
| Technology | | | | | 11 | | | | | | 28,259 | | | | | | 28,259 | | | ||||
| Distribution agreements | | | | | 4 | | | | | | 3,447 | | | | | | 3,493 | | | ||||
| Trade names, trademarks and other | | | | | 5 | | | | | | 2,740 | | | | | | 2,740 | | | ||||
| | | | | | | | | | | | 61,232 | | | | | | 61,590 | | | ||||
| Accumulated amortization | | | | | | | | | | | | | | | | | | | | | |||
| Medicated feed additive product registrations | | | | | | | | | | | (11,039 | ) | | | | | | (10,778 | ) | | | ||
| Rights to sell in international markets | | | | | | | | | | | (4,292 | ) | | | | | | (3,861 | ) | | | ||
| Customer relationships | | | | | | | | | | | (4,265 | ) | | | | | | (3,203 | ) | | | ||
| Technology | | | | | | | | | | | (6,510 | ) | | | | | | (3,729 | ) | | | ||
| Distribution agreements | | | | | | | | | | | (3,309 | ) | | | | | | (3,179 | ) | | | ||
| Trade names, trademarks and other | | | | | | | | | | | (2,014 | ) | | | | | | (1,685 | ) | | | ||
| | | | | | | | | | | | (31,429 | ) | | | | | | (26,435 | ) | | | ||
| | | | | | | | | | | $ | 29,803 | | | | | $ | 35,155 | | | ||||
| | | | | | | | | | | ||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Other assets | | | | | | | | | | | | | | ||||||||||
| Goodwill | | | | $ | 12,613 | | | | | $ | 12,613 | | | ||||||||||
| Advances to and investments in equity method investees | | | | | 5,619 | | | | | | 3,515 | | | ||||||||||
| Insurance investments | | | | | 4,626 | | | | | | 4,456 | | | ||||||||||
| Deferred financing fees | | | | | 5,199 | | | | | | 5,212 | | | ||||||||||
| Deferred income taxes | | | | | 3,486 | | | | | | 4,755 | | | ||||||||||
| Insurance claim receivable | | | | | — | | | | | | 5,350 | | | ||||||||||
| Other | | | | | 2,529 | | | | | | 2,278 | | | ||||||||||
| | | | | $ | 34,072 | | | | | $ | 38,179 | | | ||||||||||
| | | | | | | | |||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Goodwill roll-forward | | | | | | | | | | | | | | ||||||||||
| Balance at beginning of period | | | | $ | 12,613 | | | | | $ | 1,717 | | | ||||||||||
| OGR acquisition | | | | | — | | | | | | 10,896 | | | ||||||||||
| Balance at end of period | | | | $ | 12,613 | | | | | $ | 12,613 | | | ||||||||||
| Accrued expenses and other current liabilities | | | | | | | | | | | | | | ||||||||||
| Employee related accruals | | | | $ | 20,813 | | | | | $ | 17,823 | | | ||||||||||
| Interest | | | | | — | | | | | | 13,875 | | | ||||||||||
| Commissions and rebates | | | | | 2,973 | | | | | | 3,196 | | | ||||||||||
| Insurance related | | | | | 1,395 | | | | | | 1,286 | | | ||||||||||
| Professional fees | | | | | 4,229 | | | | | | 4,064 | | | ||||||||||
| Deferred consideration on acquisitions | | | | | 1,420 | | | | | | 1,250 | | | ||||||||||
| Product liability claims | | | | | 5,286 | | | | | | — | | | ||||||||||
| Other accrued liabilities | | | | | 13,745 | | | | | | 15,944 | | | ||||||||||
| | | | | $ | 49,861 | | | | | $ | 57,438 | | | ||||||||||
| Other liabilities | | | | | | | | | | | | | | ||||||||||
| Pension and other retirement benefits | | | | $ | 31,025 | | | | | $ | 26,021 | | | ||||||||||
| Long term and deferred income taxes | | | | | 14,282 | | | | | | 17,580 | | | ||||||||||
| Deferred consideration on acquisitions | | | | | 2,879 | | | | | | 5,009 | | | ||||||||||
| Product liability claims | | | | | — | | | | | | 5,600 | | | ||||||||||
| Other long term liabilities | | | | | 10,128 | | | | | | 7,926 | | | ||||||||||
| | | | | $ | 58,314 | | | | | $ | 62,136 | | | ||||||||||
| | | | | | | | |||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Accumulated other comprehensive income (loss) | | | | | | | | | | | | | | ||||||||||
| Derivative instruments | | | | $ | 386 | | | | | $ | (639 | ) | | | |||||||||
| Foreign currency translation adjustment | | | | | (1,409 | ) | | | | | | (2,519 | ) | | | ||||||||
| Unrecognized net pension gains (losses) | | | | | (16,663 | ) | | | | | | (12,240 | ) | | | ||||||||
| Income tax (provision) benefit on derivative instruments | | | | | 63 | | | | | | 63 | | | ||||||||||
| Income tax (provision) benefit on pension gains (losses) | | | | | (2,437 | ) | | | | | | (2,437 | ) | | | ||||||||
| | | | | $ | (20,060 | ) | | | | | $ | (17,772 | ) | | | ||||||||
| | | | | | | |
Acquisition_Tables
Acquisition (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||
Schedule of allocation of the purchase price after valuation adjustments | ' | ||||||||||||||||
| Assets | | | | | | | | |||||||||
| Property, plant and equipment | | | | $ | 1,202 | | | |||||||||
| Intangibles | | | | | 23,781 | | | |||||||||
| Goodwill | | | | | 10,896 | | | |||||||||
| Total assets | | | | $ | 35,879 | | | |||||||||
| Liabilities | | | | | | | | |||||||||
| Other current and long-term liabilities | | | | $ | 13,129 | | | |||||||||
| Total liabilities | | | | | 13,129 | | | |||||||||
| Net assets acquired | | | | $ | 22,750 | | | |||||||||
| | | | | |||||||||||||
Schedule of unaudited pro forma consolidated results of operations | ' | ||||||||||||||||
| For the Years Ended June 30 | | | 2013 | | | 2012 | | |||||||||
| Net sales | | | | $ | 653,151 | | | | | $ | 654,101 | | | |||
| Net income (loss) | | | | | 25,989 | | | | | | 9,170 | | | |||
| Net income (loss) per share−basic and diluted | | | | | 0.85 | | | | | | 0.3 | | | |||
| Adjusted EBITDA | | | | | 77,731 | | | | | | 70,804 | | | |||
| | | | | | | |
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of long term debt | ' | ||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | |||||||||
| Term B loan due April 15, 2021 | | | | $ | 290,000 | | | | | $ | — | | | |||
| Senior notes due July 1, 2018 | | | | | — | | | | | | 300,000 | | | |||
| Term loan payable to Mayflower due December 31, 2016 | | | | | — | | | | | | 24,000 | | | |||
| Term loan payable to BFI due August 1, 2014 | | | | | — | | | | | | 10,000 | | | |||
| Capitalized lease obligations | | | | | 94 | | | | | | 132 | | | |||
| | | | | | 290,094 | | | | | | 334,132 | | | |||
| Unamortized debt discount | | | | | (703 | ) | | | | | | (2,528 | ) | | | |
| | | | | | 289,391 | | | | | | 331,604 | | | |||
| Less: current maturities | | | | | (2,969 | ) | | | | | | (64 | ) | | | |
| | | | | $ | 286,422 | | | | | $ | 331,540 | | | |||
| | | | | | | | ||||||||||
Schedule of aggregate maturities of long term debt | ' | ||||||||||||||||
| For the Years Ended June 30 | | | | | | | | |||||||||
| 2015 | | | $ 2,969 | | | | | |||||||||
| 2016 | | | 2,918 | | | | | |||||||||
| 2017 | | | 2,907 | | | | | |||||||||
| 2018 | | | 2,900 | | | | | |||||||||
| 2019 | | | 2,900 | | | | | |||||||||
| Thereafter | | | 275,500 | | | | | |||||||||
| Total | | | $290,094 | | | | | |||||||||
| | | | | |
Preferred_and_Common_Shares_Ta
Preferred and Common Shares (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of preferred shares and common shares | ' | |||||||||||||||||||||||||||||||||||||
| | | | 2014 | | | 2013 | | | | | 2014 | | | 2013 | | ||||||||||||||||||||||
| As of June 30 | | | Authorized shares | | | Par value | | | Issued and outstanding shares | | |||||||||||||||||||||||||||
| Preferred stock | | | | | 16,000,000 | | | | | | — | | | | | $ | 0.0001 | | | | | | — | | | | | | — | | | ||||||
| Common stock−Class A | | | | | 300,000,000 | | | | | | — | | | | | $ | 0.0001 | | | | | | 17,442,953 | | | | | | — | | | ||||||
| Common stock−Class B | | | | | 30,000,000 | | | | | | — | | | | | $ | 0.0001 | | | | | | 21,348,600 | | | | | | — | | | ||||||
| Preferred stock | | | | | — | | | | | | 1,000,000 | | | | | $ | 1 | | | | | | — | | | | | | — | | | ||||||
| Common stock | | | | | — | | | | | | 200,000,000 | | | | | $ | 0.0001 | | | | | | — | | | | | | 30,458,220 | | | ||||||
| | | | | | | | | | | | | | | | | |
Stock_Option_Plan_Tables
Stock Option Plan (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of weighted-average grant-date fair value of the options | ' | ||||||||||||||||
| Options | | | Shares | | | Weighted- | | |||||||||
Average | |||||||||||||||||
Exercise Price | |||||||||||||||||
Per Share | |||||||||||||||||
| Outstanding, June 30, 2013 | | | | | 1,498,380 | | | | | $ | 11.83 | | | |||
| Granted | | | | | — | | | | | | — | | | |||
| Exercised | | | | | — | | | | | | — | | | |||
| Forfeited or expired | | | | | — | | | | | | — | | | |||
| Outstanding, June 30, 2014 | | | | | 1,498,380 | | | | | $ | 11.83 | | | |||
| Exercisable, June 30, 2014 | | | | | 1,498,380 | | | | | $ | 11.83 | | | |||
| | | | | | | | ||||||||||
Schedule of the assumptions included in the Black-Scholes model | ' | ||||||||||||||||
| | | | 2013 | | ||||||||||||
| Risk-free rate of return | | | 2.70% | | ||||||||||||
| Expected life | | | 3.0 to 7.5 years | | ||||||||||||
| Expected volatility | | | 35%−50% | | ||||||||||||
| Expected dividend yield | | | 0.00% | | ||||||||||||
| | | |
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||
Schedule of changes in projected benefit obligation, plan assets and the funded status | ' | ||||||||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | |||||||||||||||||||||||
| Change in projected benefit obligation | | | | | | | | | | | | | | |||||||||||||||||
| Projected benefit obligation at beginning of year | | | | $ | 46,569 | | | | | $ | 46,811 | | | |||||||||||||||||
| Service cost | | | | | 2,457 | | | | | | 2,729 | | | |||||||||||||||||
| Interest cost | | | | | 2,333 | | | | | | 2,058 | | | |||||||||||||||||
| Benefits paid | | | | | (1,092 | ) | | | | | | (796 | ) | | | |||||||||||||||
| Actuarial (gain) loss | | | | | 7,332 | | | | | | (4,233 | ) | | | ||||||||||||||||
| Projected benefit obligation at end of year | | | | $ | 57,599 | | | | | $ | 46,569 | | | |||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | |||||||||||||||||||||||
| Change in plan assets | | | | | | | | | | | | | | |||||||||||||||||
| Fair value of plan assets at beginning of year | | | | $ | 31,501 | | | | | $ | 27,856 | | | |||||||||||||||||
| Actual return on plan assets | | | | | 4,339 | | | | | | 1,888 | | | |||||||||||||||||
| Employer contributions | | | | | 4,833 | | | | | | 2,553 | | | |||||||||||||||||
| Benefits paid | | | | | (1,092 | ) | | | | | | (796 | ) | | | |||||||||||||||
| Fair value of plan assets at end of year | | | | $ | 39,581 | | | | | $ | 31,501 | | | |||||||||||||||||
| Funded status at end of year | | | | $ | (18,018 | ) | | | | | $ | (15,068 | ) | | | |||||||||||||||
| | | | | | | | ||||||||||||||||||||||||
Schedule of accumulated other comprehensive (income) loss related to the pension plan | ' | ||||||||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | |||||||||||||||||||||||
| Balance at beginning of period | | | | $ | 12,240 | | | | | $ | 17,630 | | | |||||||||||||||||
| Amortization of net actuarial loss (gain) and prior service costs | | | | | (903 | ) | | | | | | (1,405 | ) | | | |||||||||||||||
| Current period net actuarial loss (gain) | | | | | 5,326 | | | | | | (3,985 | ) | | | ||||||||||||||||
| Net change | | | | | 4,423 | | | | | | (5,390 | ) | | | ||||||||||||||||
| Balance at end of period | | | | $ | 16,663 | | | | | $ | 12,240 | | | |||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||
Schedule of net periodic pension expense | ' | ||||||||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | ||||||||||||||||||||
| Service cost−benefits earned during the year | | | | $ | 2,457 | | | | | $ | 2,729 | | | | | $ | 2,093 | | | |||||||||||
| Interest cost on benefit obligation | | | | | 2,333 | | | | | | 2,058 | | | | | | 1,957 | | | |||||||||||
| Expected return on plan assets | | | | | (2,334 | ) | | | | | | (2,136 | ) | | | | | | (2,040 | ) | | | ||||||||
| Amortization of net actuarial loss and prior service costs | | | | | 904 | | | | | | 1,405 | | | | | | 251 | | | |||||||||||
| Net periodic pension expense | | | | $ | 3,360 | | | | | $ | 4,056 | | | | | $ | 2,261 | | | |||||||||||
| | | | | | | | | | | |||||||||||||||||||||
Schedule of significant actuarial assumptions | ' | ||||||||||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | ||||||||||||||||||||
| Discount rate for service and interest | | | 5.00% | | | 4.40% | | | 5.50% | | ||||||||||||||||||||
| Expected rate of return on plan assets | | | 7.00% | | | 7.50% | | | 7.50% | | ||||||||||||||||||||
| Rate of compensation increase | | | 3.0%−4.5% | | | 3.0%−4.5% | | | 3.0%−4.5% | | ||||||||||||||||||||
| Discount rate for year-end benefit obligation | | | 4.50% | | | 5.00% | | | 4.40% | | ||||||||||||||||||||
| | | | | | | | ||||||||||||||||||||||||
Schedule of estimated future benefit payments, including benefits attributable to future service | ' | ||||||||||||||||||||||||||||||
| For the Years Ended June 30 | | | | |||||||||||||||||||||||||||
| 2015 | | | | $ | 1,423 | | | |||||||||||||||||||||||
| 2016 | | | | | 1,655 | | | |||||||||||||||||||||||
| 2017 | | | | | 1,891 | | | |||||||||||||||||||||||
| 2018 | | | | | 2,119 | | | |||||||||||||||||||||||
| 2019 | | | | | 2,362 | | | |||||||||||||||||||||||
| 2020−2024 | | | | | 15,973 | | | |||||||||||||||||||||||
| | | | | |||||||||||||||||||||||||||
Schedule of weighted-average asset allocation of plan assets | ' | ||||||||||||||||||||||||||||||
| | | | Target | | | Percentage of Plan Assets | | |||||||||||||||||||||||
Allocation | |||||||||||||||||||||||||||||||
| For the years ended June 30 | | | 2015 | | | 2014 | | | 2013 | | ||||||||||||||||||||
| Debt securities | | | 10%−35% | | | | | 20 | % | | | | | | 25 | % | | | ||||||||||||
| Equity securities | | | 20%−50% | | | | | 35 | % | | | | | | 70 | % | | | ||||||||||||
| Global asset allocation/risk parity(1) | | | 20%−40% | | | | | 35 | % | | | | | | — | | | |||||||||||||
| Other | | | 0%−25% | | | | | 10 | % | | | | | | 5 | % | | | ||||||||||||
| | | | | | | | | | ||||||||||||||||||||||
-1 | |||||||||||||||||||||||||||||||
The global asset allocation/risk parity category consists of a variety of asset classes including, but not limited to, global bonds, global equities, real estate, commodities and alpha only strategies. | |||||||||||||||||||||||||||||||
Schedule of fair values of the Company's plan assets by asset category | ' | ||||||||||||||||||||||||||||||
| | | | Fair Value Measurements Using | | ||||||||||||||||||||||||||
| As of June 30, 2014 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | |||||||||||||||||
| Cash and cash equivalents | | | | $ | 138 | | | | | $ | — | | | | | $ | — | | | | | $ | 138 | | | |||||
| Common-collective funds | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Global large cap equities | | | | | — | | | | | | 9,909 | | | | | | — | | | | | | 9,909 | | | |||||
| Fixed income securities | | | | | — | | | | | | 3,935 | | | | | | — | | | | | | 3,935 | | | |||||
| Global asset allocations/risk parity | | | | | — | | | | | | 5,803 | | | | | | — | | | | | | 5,803 | | | |||||
| Mutual funds | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Global Equities | | | | | 3,925 | | | | | | — | | | | | | — | | | | | | 3,925 | | | |||||
| Fixed income securities | | | | | 1,913 | | | | | | — | | | | | | — | | | | | | 1,913 | | | |||||
| Global asset allocations/risk parity | | | | | 3,927 | | | | | | — | | | | | | — | | | | | | 3,927 | | | |||||
| Other | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Fixed income securities | | | | | — | | | | | | — | | | | | | 2,007 | | | | | | 2,007 | | | |||||
| Global asset allocations/risk parity | | | | | — | | | | | | — | | | | | | 3,954 | | | | | | 3,954 | | | |||||
| Other | | | | | — | | | | | | — | | | | | | 4,070 | | | | | | 4,070 | | | |||||
| | | | | $ | 9,903 | | | | | $ | 19,647 | | | | | $ | 10,031 | | | | | $ | 39,581 | | | |||||
| | | | | | | | | | | | | | | |||||||||||||||||
| | | | Fair Value Measurements Using | | ||||||||||||||||||||||||||
| As of June 30, 2013 | | | Level 1 | | | Level 2 | | | Level 3 | | | Total | | |||||||||||||||||
| Cash and cash equivalents | | | | $ | 581 | | | | | $ | 404 | | | | | $ | — | | | | | $ | 985 | | | |||||
| Common-collective funds | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Global large cap equities | | | | | 6,555 | | | | | | 4,743 | | | | | | — | | | | | | 11,298 | | | |||||
| Fixed income securities | | | | | — | | | | | | 6,730 | | | | | | — | | | | | | 6,730 | | | |||||
| Mutual funds | | | | | | | | | | | | | | | | | | | | | | | | | | |||||
| Global small and mid-cap equities | | | | | 10,887 | | | | | | — | | | | | | — | | | | | | 10,887 | | | |||||
| Real estate | | | | | 1,320 | | | | | | — | | | | | | — | | | | | | 1,320 | | | |||||
| Other | | | | | — | | | | | | — | | | | | | 280 | | | | | | 280 | | | |||||
| | | | | $ | 19,343 | | | | | $ | 11,877 | | | | | $ | 280 | | | | | $ | 31,500 | | | |||||
| | | | | | | | | | | | | | | |||||||||||||||||
Schedule of summary of the changes in the fair value of level 3 assets | ' | ||||||||||||||||||||||||||||||
| Change in Fair Value Level 3 assets | | | 2014 | | | 2013 | | |||||||||||||||||||||||
| Balance at beginning of period | | | | $ | 280 | | | | | $ | 450 | | | |||||||||||||||||
| Redemptions | | | | | 22 | | | | | | — | | | |||||||||||||||||
| Purchases | | | | | 9,773 | | | | | | 51 | | | |||||||||||||||||
| Change in fair value | | | | | (44 | ) | | | | | | (221 | ) | | | |||||||||||||||
| Balance at end of period | | | | $ | 10,031 | | | | | $ | 280 | | | |||||||||||||||||
| | | | | | | |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||||
Schedule of income (loss) before income taxes | ' | |||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Domestic | | | | $ | (26,226 | ) | | | | | $ | (6,581 | ) | | | | | $ | (10,002 | ) | | | |
| Foreign | | | | | 32,534 | | | | | | 24,429 | | | | | | 23,116 | | | ||||
| Income (loss) before income taxes | | | | $ | 6,308 | | | | | $ | 17,848 | | | | | $ | 13,114 | | | ||||
| | | | | | | | | | | ||||||||||||||
Schedule of components of the provision for income taxes | ' | |||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Current provision (benefit): | | | | | | | | | | | | | | | | | | | | ||||
| Federal | | | | $ | (673 | ) | | | | | $ | — | | | | | $ | 66 | | | |||
| State and local | | | | | (268 | ) | | | | | | 391 | | | | | | 219 | | | |||
| Foreign | | | | | 9,087 | | | | | | 4,487 | | | | | | 7,555 | | | ||||
| Total current provision | | | | | 8,146 | | | | | | 4,878 | | | | | | 7,840 | | | ||||
| Deferred provision (benefit): | | | | | | | | | | | | | | | | | | | | ||||
| Federal | | | | | (1,632 | ) | | | | | | (12,160 | ) | | | | | | (6,282 | ) | | | |
| State and local | | | | | (1,877 | ) | | | | | | (616 | ) | | | | | | (1,275 | ) | | | |
| Foreign | | | | | 966 | | | | | | (1,204 | ) | | | | | | (290 | ) | | | ||
| Change in valuation allowance−domestic | | | | | 3,509 | | | | | | 1,704 | | | | | | 7,557 | | | ||||
| Change in valuation allowance−foreign | | | | | 323 | | | | | | 355 | | | | | | (1,412 | ) | | | |||
| Total deferred provision | | | | | 1,289 | | | | | | (11,921 | ) | | | | | | (1,702 | ) | | | ||
| Provision (benefit) for income taxes | | | | $ | 9,435 | | | | | $ | (7,043 | ) | | | | | $ | 6,138 | | | |||
| | | | | | | | | | | ||||||||||||||
Schedule of reconciliations of the Federal statutory rate to the Company's effective tax rate | ' | |||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Federal income tax rate | | | | | 35 | % | | | | | | 35 | % | | | | | | 35 | % | | | |
| State and local taxes, net of federal income tax effect | | | | | (0.9 | ) | | | | | | 1.4 | | | | | | 1.1 | | | |||
| Foreign tax rate differential, and change in foreign | | | | | (91.0 | ) | | | | | | (31.4 | ) | | | | | | (33.0 | ) | | | |
valuation allowance | ||||||||||||||||||||||||
| Foreign withholding tax | | | | | 36.5 | | | | | | 1.4 | | | | | | 2 | | | ||||
| Change in federal valuation allowance | | | | | 43.6 | | | | | | 7.8 | | | | | | 47.9 | | | ||||
| OGR acquisition adjustment | | | | | — | | | | | | (50.7 | ) | | | | | | — | | | |||
| Change in unrecognized tax benefits | | | | | (34.9 | ) | | | | | | 5.4 | | | | | | 8.3 | | | |||
| Taxable income not recorded on books | | | | | — | | | | | | 0.6 | | | | | | 2.4 | | | ||||
| Repatriation of foreign earnings | | | | | 138.7 | | | | | | — | | | | | | — | | | ||||
| Permanent items | | | | | 26.1 | | | | | | (7.9 | ) | | | | | | (16.1 | ) | | | ||
| Other | | | | | (3.5 | ) | | | | | | (1.1 | ) | | | | | | (0.8 | ) | | | |
| Effective tax rate | | | | | 149.6 | % | | | | | | (39.5 | )% | | | | | | 46.8 | % | |||
Schedule of the tax effects of significant temporary differences that comprise deferred tax assets and liabilities | ' | |||||||||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Deferred tax assets: | | | | | | | | | | | | | | ||||||||||
| Employee related accruals | | | | $ | 12,417 | | | | | $ | 10,709 | | | ||||||||||
| Environmental remediation | | | | | 2,306 | | | | | | 2,348 | | | ||||||||||
| Net operating loss carry forwards−domestic | | | | | 19,183 | | | | | | 18,790 | | | ||||||||||
| Net operating loss carry forwards−foreign | | | | | 8,729 | | | | | | 9,860 | | | ||||||||||
| Other | | | | | 9,540 | | | | | | 8,413 | | | ||||||||||
| | | | | | 52,175 | | | | | | 50,120 | | | ||||||||||
| Valuation allowance | | | | | (32,892 | ) | | | | | | (27,753 | ) | | | ||||||||
| | | | | | 19,283 | | | | | | 22,367 | | | ||||||||||
| Deferred tax liabilities: | | | | | | | | | | | | | | ||||||||||
| Property, plant and equipment and intangible assets | | | | | (13,428 | ) | | | | | | (14,645 | ) | | | ||||||||
| Unrealized foreign exchange gains | | | | | (4,680 | ) | | | | | | (4,827 | ) | | | ||||||||
| Other | | | | | (131 | ) | | | | | | (573 | ) | | | ||||||||
| | | | | | (18,239 | ) | | | | | | (20,045 | ) | | | ||||||||
| Net deferred tax asset (liability) | | | | $ | 1,044 | | | | | $ | 2,322 | | | ||||||||||
| | | | | | | | |||||||||||||||||
Schedule of deferred taxes included in the line items of the consolidated balance sheets | ' | |||||||||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Prepaid expenses and other current assets | | | | $ | 3,242 | | | | | $ | 2,294 | | | ||||||||||
| Accrued expenses and other current liabilities | | | | | (1,626 | ) | | | | | | (1,732 | ) | | | ||||||||
| Other assets | | | | | 3,486 | | | | | | 4,755 | | | ||||||||||
| Other liabilities | | | | | (4,058 | ) | | | | | | (2,995 | ) | | | ||||||||
| | | | | $ | 1,044 | | | | | $ | 2,322 | | | ||||||||||
| | | | | | | | |||||||||||||||||
Schedule of the valuation allowance for deferred tax assets | ' | |||||||||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Balance at beginning of period | | | | $ | 27,753 | | | | | $ | 36,763 | | | | | $ | 30,618 | | | ||||
| Change in valuation allowance | | | | | 5,139 | | | | | | 2,059 | | | | | | 6,145 | | | ||||
| Permanent adjustment for Other Comprehensive Income | | | | | — | | | | | | (2,016 | ) | | | | | | — | | | |||
| OGR acquisition adjustments | | | | | — | | | | | | (9,053 | ) | | | | | | — | | | |||
| Balance at end of period | | | | $ | 32,892 | | | | | $ | 27,753 | | | | | $ | 36,763 | | | ||||
| | | | | | | | | | | ||||||||||||||
Schedule of the reconciliation of the beginning and ending amount of unrecognized tax benefits | ' | |||||||||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Unrecognized tax benefits at beginning of | | | | $ | 12,261 | | | | | $ | 6,565 | | | | | $ | 6,180 | | | ||||
period | ||||||||||||||||||||||||
| Additions based on tax positions related to prior periods | | | | | 1,276 | | | | | | 4,996 | | | | | | 216 | | | ||||
| Additions based on tax positions related to the current period | | | | | 1,036 | | | | | | 404 | | | | | | 646 | | | ||||
| Reductions related to settlements with tax authorities | | | | | (2,215 | ) | | | | | | — | | | | | | — | | | |||
| Reductions due to lapse of statute of limitations | | | | | (5,157 | ) | | | | | | — | | | | | | — | | | |||
| Exchange effect | | | | | 219 | | | | | | 296 | | | | | | (477 | ) | | | |||
| Unrecognized tax benefits at end of period | | | | $ | 7,420 | | | | | $ | 12,261 | | | | | $ | 6,565 | | | ||||
| | | | | | | | | | |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of future minimum lease commitments | ' | ||||||||||||||||
| For the Years Ended June 30 | | | Capital | | | Non-cancellable | | |||||||||
leases | operating leases | ||||||||||||||||
| 2015 | | | | $ | 81 | | | | | $ | 4,486 | | | |||
| 2016 | | | | | 21 | | | | | | 4,033 | | | |||
| 2017 | | | | | 8 | | | | | | 3,696 | | | |||
| 2018 | | | | | — | | | | | | 3,059 | | | |||
| 2019 | | | | | — | | | | | | 2,641 | | | |||
| Thereafter | | | | | — | | | | | | 4,668 | | | |||
| Total minimum lease payments | | | | $ | 110 | | | | | $ | 22,583 | | | |||
| Amounts representing interest | | | | | (16 | ) | | | | | | | | | ||
| Present value of minimum lease payments | | | | $ | 94 | | | | | | | | | |||
| | | | | | | |
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||
Schedule of significant outstanding derivatives employed to manage market risk and designated as cash flow hedges | ' | ||||||||||||||||||||||
| Instrument | | | Hedge | | | Notional | | | Fair value as of June 30, | | ||||||||||||
amount at | |||||||||||||||||||||||
June 30, 2014 | | 2014 | | | 2013 | | |||||||||||||||||
| Options | | | Brazilian Real calls | | | R$ 78,000 | | | | $ | 432 | | | | | $ | 365 | | | |||
| Options | | | Brazilian Real puts | | | (R$ 78,000) | | | | | (46 | ) | | | | | | (1,004 | ) | | | |
| | | | | | | | | | | |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of the fair values of the senior notes | ' | ||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | |||||||||
| Fair values | | | | | | | | | | | | | | |||
| Term B Loan | | | | $ | 289,638 | | | | | $ | — | | | |||
| Senior notes due July 1, 2018 | | | | | — | | | | | | 322,500 | | | |||
| Term loan payable to Mayflower due December 31, 2016 | | | | | — | | | | | | 26,968 | | | |||
| Term loan payable to BFI due August 1, 2014 | | | | | — | | | | | | 10,644 | | | |||
| | | | | | | |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Schedule of information regarding reportable segments | ' | |||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Net sales | | | | | | | | | | | | | | | | | | | | ||||
| Animal Health | | | | $ | 431,053 | | | | | $ | 384,941 | | | | | $ | 375,167 | | | ||||
| Mineral Nutrition | | | | | 201,599 | | | | | | 203,169 | | | | | | 210,091 | | | ||||
| Performance Products | | | | | 59,262 | | | | | | 65,041 | | | | | | 68,843 | | | ||||
| | | | | $ | 691,914 | | | | | $ | 653,151 | | | | | $ | 654,101 | | | ||||
| Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | ||||
| Animal Health | | | | $ | 100,280 | | | | | $ | 82,997 | | | | | $ | 70,456 | | | ||||
| Mineral Nutrition | | | | | 11,636 | | | | | | 12,069 | | | | | | 13,007 | | | ||||
| Performance Products | | | | | 4,626 | | | | | | 2,927 | | | | | | 5,132 | | | ||||
| Corporate | | | | | (25,945 | ) | | | | | | (22,239 | ) | | | | | | (21,743 | ) | | | |
| | | | | $ | 90,597 | | | | | $ | 75,754 | | | | | $ | 66,852 | | | ||||
| Reconciliation of Adjusted EBITDA to income before income taxes | | | | | | | | | | | | | | | | | | | | ||||
| Adjusted EBITDA | | | | $ | 90,597 | | | | | $ | 75,754 | | | | | $ | 66,852 | | | ||||
| Depreciation and amortization | | | | | (21,453 | ) | | | | | | (19,023 | ) | | | | | | (17,527 | ) | | | |
| Loss on insurance claim | | | | | (5,350 | ) | | | | | | — | | | | | | — | | | |||
| Interest expense, net | | | | | (32,962 | ) | | | | | | (35,629 | ) | | | | | | (35,419 | ) | | | |
| Foreign currency gains (losses), net | | | | | (1,753 | ) | | | | | | (3,103 | ) | | | | | | (1,192 | ) | | | |
| Loss on extinguishment of debt | | | | | (22,771 | ) | | | | | | — | | | | | | — | | | |||
| Other income (expense), net | | | | | — | | | | | | (151 | ) | | | | | | 400 | | | |||
| Income before income taxes | | | | $ | 6,308 | | | | | $ | 17,848 | | | | | $ | 13,114 | | | ||||
| | | | | | | | | | | ||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Identifiable assets | | | | | | | | | | | | | | ||||||||||
| Animal Health | | | | $ | 361,376 | | | | | $ | 329,323 | | | ||||||||||
| Mineral Nutrition | | | | | 57,460 | | | | | | 64,719 | | | ||||||||||
| Performance Products | | | | | 23,429 | | | | | | 21,233 | | | ||||||||||
| Corporate | | | | | 30,058 | | | | | | 58,867 | | | ||||||||||
| | | | | $ | 472,323 | | | | | $ | 474,142 | | | ||||||||||
| | | | | | | |
Geographic_Information_Tables
Geographic Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||||||||||||||||||
Schedule of information about geographic operations | ' | |||||||||||||||||||||||
| For the Years Ended June 30 | | | 2014 | | | 2013 | | | 2012 | | |||||||||||||
| Net sales | | | | | | | | | | | | | | | | | | | | ||||
| United States | | | | $ | 435,414 | | | | | $ | 414,768 | | | | | $ | 424,373 | | | ||||
| Israel | | | | | 89,739 | | | | | | 93,248 | | | | | | 101,301 | | | ||||
| Latin America and Canada | | | | | 84,775 | | | | | | 68,575 | | | | | | 61,407 | | | ||||
| Europe and Africa | | | | | 38,563 | | | | | | 32,501 | | | | | | 30,087 | | | ||||
| Asia/Pacific | | | | | 43,423 | | | | | | 44,059 | | | | | | 36,933 | | | ||||
| | | | | $ | 691,914 | | | | | $ | 653,151 | | | | | $ | 654,101 | | | ||||
| | | | | | | | | | | ||||||||||||||
Schedule of geographic information regarding property, plant and equipment, net | ' | |||||||||||||||||||||||
| As of June 30 | | | 2014 | | | 2013 | | ||||||||||||||||
| Property, plant and equipment, net | | | | | | | | | | | | | | ||||||||||
| United States | | | | $ | 40,926 | | | | | $ | 40,601 | | | ||||||||||
| Israel | | | | | 33,426 | | | | | | 30,837 | | | ||||||||||
| Brazil | | | | | 32,946 | | | | | | 30,988 | | | ||||||||||
| Other | | | | | 1,861 | | | | | | 1,996 | | | ||||||||||
| | | | | $ | 109,159 | | | | | $ | 104,422 | | | ||||||||||
| | | | | | | |
Selected_Quarterly_Results_of_1
Selected Quarterly Results of Operations Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||||||||
Schedule of selected quarterly results of operations data | ' | |||||||||||||||||||||||||||||||||||||
Quarters | | | Year | | ||||||||||||||||||||||||||||||||||
| For the Periods Ended | | | September 30, | | | December 31, | | | March 31, | | | June 30, | | | June 30, | | |||||||||||||||||||||
2013 | 2013 | 2014 | 2014 | 2014 | ||||||||||||||||||||||||||||||||||
| | | | (in thousands) | | |||||||||||||||||||||||||||||||||
| Net sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Animal Health | | | | $ | 101,171 | | | | | $ | 107,966 | | | | | $ | 107,808 | | | | | $ | 114,108 | | | | | $ | 431,053 | | | ||||||
| Mineral Nutrition | | | | | 46,186 | | | | | | 50,633 | | | | | | 49,901 | | | | | | 54,879 | | | | | | 201,599 | | | ||||||
| Performance Products | | | | | 14,871 | | | | | | 14,143 | | | | | | 15,558 | | | | | | 14,690 | | | | | | 59,262 | | | ||||||
| Total net sales | | | | | 162,228 | | | | | | 172,742 | | | | | | 173,267 | | | | | | 183,677 | | | | | | 691,914 | | | ||||||
| Cost of goods sold | | | | | 112,716 | | | | | | 121,586 | | | | | | 120,425 | | | | | | 129,412 | | | | | | 484,139 | | | ||||||
| Gross profit | | | | | 49,512 | | | | | | 51,156 | | | | | | 52,842 | | | | | | 54,265 | | | | | | 207,775 | | | ||||||
| Selling, general and administrative expenses | | | | | 33,115 | | | | | | 34,138 | | | | | | 35,520 | | | | | | 41,208 | | | | | | 143,981 | | | ||||||
| Operating income (loss) | | | | | 16,397 | | | | | | 17,018 | | | | | | 17,322 | | | | | | 13,057 | | | | | | 63,794 | | | ||||||
| Interest expense | | | | | 8,779 | | | | | | 8,787 | | | | | | 8,810 | | | | | | 6,705 | | | | | | 33,081 | | | ||||||
| Interest (income) | | | | | (44 | ) | | | | | | (68 | ) | | | | | | (66 | ) | | | | | | 59 | | | | | | (119 | ) | | | ||
| Foreign currency (gains) losses, net | | | | | 648 | | | | | | 1,165 | | | | | | 275 | | | | | | (335 | ) | | | | | | 1,753 | | | |||||
| Loss on extinguishment of debt | | | | | — | | | | | | — | | | | | | — | | | | | | 22,771 | | | | | | 22,771 | | | ||||||
| Income (loss) before income taxes | | | | | 7,014 | | | | | | 7,134 | | | | | | 8,303 | | | | | | (16,143 | ) | | | | | | 6,308 | | | |||||
| Provision (benefit) for income taxes | | | | | 1,171 | | | | | | 4,832 | | | | | | 1,933 | | | | | | 1,499 | | | | | | 9,435 | | | ||||||
| Net income (loss) | | | | $ | 5,843 | | | | | $ | 2,302 | | | | | $ | 6,370 | | | | | $ | (17,642 | ) | | | | | $ | (3,127 | ) | | | ||||
| Net income per share−basic and diluted | | | | $ | 0.19 | | | | | $ | 0.08 | | | | | $ | 0.21 | | | | | $ | (0.47 | ) | | | | | $ | (0.10 | ) | | | ||||
| Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Animal Health | | | | $ | 24,107 | | | | | $ | 24,522 | | | | | $ | 25,505 | | | | | $ | 26,146 | | | | | $ | 100,280 | | | ||||||
| Mineral Nutrition | | | | | 2,460 | | | | | | 2,878 | | | | | | 2,807 | | | | | | 3,491 | | | | | | 11,636 | | | ||||||
| Performance Products | | | | | 1,096 | | | | | | 1,103 | | | | | | 906 | | | | | | 1,521 | | | | | | 4,626 | | | ||||||
| Corporate | | | | | (6,065 | ) | | | | | | (6,193 | ) | | | | | | (6,774 | ) | | | | | | (6,913 | ) | | | | | | (25,945 | ) | | | |
| Adjusted EBITDA | | | | $ | 21,598 | | | | | $ | 22,310 | | | | | $ | 22,444 | | | | | $ | 24,245 | | | | | $ | 90,597 | | | ||||||
| | | | | | | | | | | | | | | | | | |||||||||||||||||||||
| | | | Quarters | | | Year | | ||||||||||||||||||||||||||||||
| For the Periods Ended | | | September 30, | | | December 31, | | | March 31, | | | June 30, | | | June 30, | | |||||||||||||||||||||
2012 | 2012 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||||||||||
| | | | (in thousands) | | |||||||||||||||||||||||||||||||||
| Net sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Animal Health | | | | $ | 96,128 | | | | | $ | 94,236 | | | | | $ | 93,883 | | | | | $ | 100,694 | | | | | $ | 384,941 | | | ||||||
| Mineral Nutrition | | | | | 49,792 | | | | | | 52,892 | | | | | | 51,757 | | | | | | 48,728 | | | | | | 203,169 | | | ||||||
| Performance Products | | | | | 16,186 | | | | | | 17,031 | | | | | | 17,045 | | | | | | 14,779 | | | | | | 65,041 | | | ||||||
| Total net sales | | | | | 162,106 | | | | | | 164,159 | | | | | | 162,685 | | | | | | 164,201 | | | | | | 653,151 | | | ||||||
| Cost of goods sold | | | | | 120,240 | | | | | | 120,973 | | | | | | 116,929 | | | | | | 116,045 | | | | | | 474,187 | | | ||||||
| Gross profit | | | | | 41,866 | | | | | | 43,186 | | | | | | 45,756 | | | | | | 48,156 | | | | | | 178,964 | | | ||||||
| Selling, general and administrative expenses | | | | | 28,657 | | | | | | 29,030 | | | | | | 31,295 | | | | | | 33,251 | | | | | | 122,233 | | | ||||||
| Operating income (loss) | | | | | 13,209 | | | | | | 14,156 | | | | | | 14,461 | | | | | | 14,905 | | | | | | 56,731 | | | ||||||
| Interest expense | | | | | 8,893 | | | | | | 8,969 | | | | | | 8,901 | | | | | | 9,008 | | | | | | 35,771 | | | ||||||
| Interest (income) | | | | | (68 | ) | | | | | | (14 | ) | | | | | | (26 | ) | | | | | | (34 | ) | | | | | | (142 | ) | | | |
| Foreign currency (gains) losses, net | | | | | 168 | | | | | | 126 | | | | | | 838 | | | | | | 1,971 | | | | | | 3,103 | | | ||||||
| Other (income) expense, net | | | | | (12 | ) | | | | | | 58 | | | | | | 482 | | | | | | (377 | ) | | | | | | 151 | | | ||||
| Income (loss) before income taxes | | | | | 4,228 | | | | | | 5,017 | | | | | | 4,266 | | | | | | 4,337 | | | | | | 17,848 | | | ||||||
| Provision (benefit) for income taxes | | | | | 1,569 | | | | | | (7,056 | ) | | | | | | 86 | | | | | | (1,642 | ) | | | | | | (7,043 | ) | | | |||
| Net income (loss) | | | | $ | 2,659 | | | | | $ | 12,073 | | | | | $ | 4,180 | | | | | $ | 5,979 | | | | | $ | 24,891 | | | ||||||
| Net income per share−basic and diluted | | | | $ | 0.09 | | | | | $ | 0.4 | | | | | $ | 0.14 | | | | | $ | 0.2 | | | | | $ | 0.82 | | | ||||||
| Adjusted EBITDA | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| Animal Health | | | | $ | 20,103 | | | | | $ | 19,516 | | | | | $ | 20,334 | | | | | $ | 23,044 | | | | | $ | 82,997 | | | ||||||
| Mineral Nutrition | | | | | 2,690 | | | | | | 3,175 | | | | | | 3,439 | | | | | | 2,765 | | | | | | 12,069 | | | ||||||
| Performance Products | | | | | 1,145 | | | | | | 1,826 | | | | | | 1,577 | | | | | | (1,621 | ) | | | | | | 2,927 | | | |||||
| Corporate | | | | | (6,033 | ) | | | | | | (5,739 | ) | | | | | | (5,930 | ) | | | | | | (4,537 | ) | | | | | | (22,239 | ) | | | |
| Adjusted EBITDA | | | | $ | 17,905 | | | | | $ | 18,778 | | | | | $ | 19,420 | | | | | $ | 19,651 | | | | | $ | 75,754 | | | ||||||
| | | | | | | | | | | | | | | | | |
Initial_Public_Offering_and_Re2
Initial Public Offering and Refinancing (Details) (Senior Notes, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Initial Public Offering And Refinancing [Line Items] | ' |
Redemption premium on Senior Notes | $17,184 |
Loss on extinguishment of debt | 22,771 |
BFI | ' |
Initial Public Offering And Refinancing [Line Items] | ' |
Write-off of original issue discount related to Senior Notes and BFI term loan | 2,123 |
Mayflower And Bfi | ' |
Initial Public Offering And Refinancing [Line Items] | ' |
Write-off of capitalized debt issuance costs related to Senior Notes, Mayflower term loan, BFI term loan and cancelled domestic senior credit facility and other items | $3,464 |
Initial_Public_Offering_and_Re3
Initial Public Offering and Refinancing (Detail Textuals) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | 16-May-14 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 |
Senior Notes | Senior Domestic Credit Facility | Credit Agreement | Credit Agreement | Mayflower | BFI | IPO | IPO | IPO | Over-Allotment Option | ||
Bank of America | Bank of America | Term loan payable | Term loan payable | Class A common stock | Class A common stock | Class A common stock | |||||
Term B Loans | Credit Facility | Mayflower | Mayflower | ||||||||
Initial Public Offering And Refinancing [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial public offering completed for number of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 14,657,200 | ' | ' |
Number of shares issued and sold | ' | ' | ' | ' | ' | ' | ' | ' | 8,333,333 | 6,323,867 | 1,911,808 |
Price per share | ' | ' | ' | ' | ' | ' | ' | ' | $15 | ' | ' |
Proceeds from offering | $114,429 | ' | ' | ' | ' | ' | ' | ' | $114,429 | ' | ' |
Underwriting discount | ' | ' | ' | ' | ' | ' | ' | ' | 8,438 | ' | ' |
Offering expense payable | ' | ' | ' | ' | ' | ' | ' | ' | 2,133 | ' | ' |
Stock split | ' | ' | ' | ' | ' | ' | ' | '0.442-for-1 | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | 290,000 | 100,000 | ' | ' | ' | ' | ' | ' |
Retirement of debt | ' | $300,000 | $36,000 | ' | ' | $24,000 | $10,000 | ' | ' | ' | ' |
Percentage of interest rate | ' | 9.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Detail Textuals) | 12 Months Ended | ||||
Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows From Operating Activities | Cash Flows From Investing Activities | Income Before Income Taxes | Accounts Receivable | Accounts Receivable | |
Customer | Customer | ||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Percentage of accounts receivable | ' | ' | ' | 21.00% | 24.00% |
Number of largest customers | ' | ' | ' | 10 | 10 |
Error corrected for prior period | '1,022 | '106 | '358 | ' | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Detail Textuals 1) | 12 Months Ended |
Jun. 30, 2014 | |
Significant Accounting Policies [Line Items] | ' |
Depreciation methods | 'straight-line method |
Stock options and warrant | ' |
Significant Accounting Policies [Line Items] | ' |
Potential dilutive common shares | 296,162 |
Building and Improvements | Minimum | ' |
Significant Accounting Policies [Line Items] | ' |
Estimated useful lives | '8 years |
Building and Improvements | Maximum | ' |
Significant Accounting Policies [Line Items] | ' |
Estimated useful lives | '25 years |
Machinery and Equipment | Minimum | ' |
Significant Accounting Policies [Line Items] | ' |
Estimated useful lives | '3 years |
Machinery and Equipment | Maximum | ' |
Significant Accounting Policies [Line Items] | ' |
Estimated useful lives | '16 years |
Computer Software | ' |
Significant Accounting Policies [Line Items] | ' |
Finite lived intangible assets amortization period | '7 years |
Amortization method | 'straight-line basis |
Statements_of_OperationsAdditi2
Statements of Operations-Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Depreciation and amortization | ' | ' | ' |
Depreciation of property, plant and equipment | $16,439 | $14,917 | $14,425 |
Amortization of intangible assets | 4,897 | 4,106 | 3,048 |
Amortization of other assets | 117 | ' | 54 |
Depreciation and amortization | 21,453 | 19,023 | 17,527 |
Research and development expenditures | $8,212 | $6,638 | $7,189 |
Statements_of_OperationsAdditi3
Statements of Operations-Additional Information (Detail Textuals 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statements Of Operations Additional Information [Abstract] | ' | ' | ' |
Expected amortization of intangibles, 2015 | $4,210 | ' | ' |
Expected amortization of intangibles, 2016 | 3,699 | ' | ' |
Expected amortization of intangibles, 2017 | 2,864 | ' | ' |
Expected amortization of intangibles, 2018 | 2,691 | ' | ' |
Expected amortization of intangibles, 2019 | 2,656 | ' | ' |
Expected amortization of intangibles, thereafter | 13,683 | ' | ' |
Depreciation and amortization of capitalized software costs | $2,657 | $2,159 | $2,362 |
Balance_SheetsAdditional_Infor2
Balance Sheets-Additional Information (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||
Accounts receivable, net | ' | ' | ' | ||
Trade accounts receivable | $115,093 | $99,795 | ' | ||
Allowance for doubtful accounts | -1,235 | -658 | -1,041 | [1] | |
Trade accounts receivable, net | 113,858 | 99,137 | ' | ||
Allowance for doubtful accounts | ' | ' | ' | ||
Balance at beginning of period | 658 | 1,041 | [1] | 1,029 | [1] |
Provision for bad debts | 226 | -124 | -115 | [1] | |
Effect of changes in exchange rates | 351 | -265 | 127 | [1] | |
Bad debt write-offs (recovery) | ' | 6 | ' | ||
Balance at end of period | 1,235 | 658 | 1,041 | [1] | |
Inventories, net | ' | ' | ' | ||
Raw materials | 44,306 | 36,589 | ' | ||
Work-in-process | 7,518 | 7,541 | ' | ||
Finished goods | 91,360 | 95,902 | ' | ||
Inventory, net | 143,184 | 140,032 | ' | ||
Property, plant and equipment, net | ' | ' | ' | ||
Property, plant and equipment, gross | 233,667 | 212,953 | ' | ||
Accumulated depreciation | -124,508 | -108,531 | ' | ||
Property, plant and equipment, net | 109,159 | 104,422 | ' | ||
Land | ' | ' | ' | ||
Property, plant and equipment, net | ' | ' | ' | ||
Property, plant and equipment, gross | 9,773 | 9,746 | ' | ||
Buildings and improvements | ' | ' | ' | ||
Property, plant and equipment, net | ' | ' | ' | ||
Property, plant and equipment, gross | 51,364 | 46,960 | ' | ||
Machinery and equipment | ' | ' | ' | ||
Property, plant and equipment, net | ' | ' | ' | ||
Property, plant and equipment, gross | $172,530 | $156,247 | ' | ||
[1] | For the year ended June 30, 2012, the beginning balance for allowance for doubtful accounts was $1,029, the provision for bad debts was ($115) and the effect of changes in exchange rates was $127, resulting in an ending balance for allowance for doubtful accounts of $1,041. |
Balance_SheetsAdditional_Infor3
Balance Sheets-Additional Information - Parentheticals (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | ||
Balance Sheets Additional Information [Abstract] | ' | ' | ' | ||
Balance at beginning of period | $658 | $1,041 | [1] | $1,029 | [1] |
Provision for bad debts | 226 | -124 | -115 | [1] | |
Effect of changes in exchange rates | 351 | -265 | 127 | [1] | |
Balance at end of period | $1,235 | $658 | $1,041 | [1] | |
[1] | For the year ended June 30, 2012, the beginning balance for allowance for doubtful accounts was $1,029, the provision for bad debts was ($115) and the effect of changes in exchange rates was $127, resulting in an ending balance for allowance for doubtful accounts of $1,041. |
Balance_SheetsAdditional_Infor4
Balance Sheets-Additional Information (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Intangibles | $61,232 | $61,590 | ' |
Accumulated amortization | -31,429 | -26,435 | ' |
Intangibles, net | 29,803 | 35,155 | ' |
Other assets | ' | ' | ' |
Goodwill | 12,613 | 12,613 | ' |
Advances to and investments in equity method investees | 5,619 | 3,515 | ' |
Insurance investments | 4,626 | 4,456 | ' |
Deferred financing fees | 5,199 | 5,212 | ' |
Deferred income taxes | 3,486 | 4,755 | ' |
Insurance claim receivable | ' | 5,350 | ' |
Other | 2,529 | 2,278 | ' |
Other assets, total | 34,072 | 38,179 | ' |
Goodwill roll-forward | ' | ' | ' |
Balance at beginning of period | 12,613 | 1,717 | ' |
OGR acquisition | ' | 10,896 | ' |
Balance at end of period | 12,613 | 12,613 | ' |
Accrued expenses and other current liabilities | ' | ' | ' |
Employee related accruals | 20,813 | 17,823 | ' |
Interest | ' | 13,875 | ' |
Commissions and rebates | 2,973 | 3,196 | ' |
Insurance related | 1,395 | 1,286 | ' |
Professional fees | 4,229 | 4,064 | ' |
Deferred consideration on acquisitions | 1,420 | 1,250 | ' |
Product liability claims | 5,286 | ' | ' |
Other accrued liabilities | 13,745 | 15,944 | ' |
Accrued expenses and other current liabilities, total | 49,861 | 57,438 | ' |
Other liabilities | ' | ' | ' |
Pension and other retirement benefits | 31,025 | 26,021 | ' |
Long term and deferred income taxes | 14,282 | 17,580 | ' |
Deferred consideration on acquisitions | 2,879 | 5,009 | ' |
Product liability claims | ' | 5,600 | ' |
Other long term liabilities | 10,128 | 7,926 | ' |
Other liabilities, total | 58,314 | 62,136 | ' |
Accumulated other comprehensive income (loss) | ' | ' | ' |
Derivative instruments | 386 | -639 | ' |
Foreign currency translation adjustment | -1,409 | -2,519 | ' |
Unrecognized net pension gains (losses) | -16,663 | -12,240 | -17,630 |
Income tax (provision) benefit on derivative instruments | 63 | 63 | ' |
Income tax (provision) benefit on pension gains (losses) | -2,437 | -2,437 | ' |
Accumulated other comprehensive income (loss) | -20,060 | -17,772 | ' |
Medicated feed additive product registrations | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Intangibles | 11,792 | 12,115 | ' |
Accumulated amortization | -11,039 | -10,778 | ' |
Weighted-Average Useful Life (Years) | '10 years | ' | ' |
Rights to sell in international markets | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Intangibles | 4,292 | 4,292 | ' |
Accumulated amortization | -4,292 | -3,861 | ' |
Weighted-Average Useful Life (Years) | '10 years | ' | ' |
Customer relationships | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Intangibles | 10,702 | 10,691 | ' |
Accumulated amortization | -4,265 | -3,203 | ' |
Weighted-Average Useful Life (Years) | '13 years | ' | ' |
Technology | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Intangibles | 28,259 | 28,259 | ' |
Accumulated amortization | -6,510 | -3,729 | ' |
Weighted-Average Useful Life (Years) | '11 years | ' | ' |
Distribution agreements | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Intangibles | 3,447 | 3,493 | ' |
Accumulated amortization | -3,309 | -3,179 | ' |
Weighted-Average Useful Life (Years) | '4 years | ' | ' |
Trade names, trademarks and other | ' | ' | ' |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ' | ' | ' |
Intangibles | 2,740 | 2,740 | ' |
Accumulated amortization | ($2,014) | ($1,685) | ' |
Weighted-Average Useful Life (Years) | '5 years | ' | ' |
Balance_SheetsAdditional_Infor5
Balance Sheets-Additional Information (Detail Textuals) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Additional Information Of Balance Sheet [Line Items] | ' | ' |
Equity Method Investments | $5,619 | $3,515 |
Net equipment under capital leases | 142 | 152 |
Accumulated depreciation net equipment under capital leases | 79 | 39 |
Accumulated depreciation | 9,019 | 9,154 |
Construction-in-progress | 4,782 | 5,543 |
Animal Health | ' | ' |
Additional Information Of Balance Sheet [Line Items] | ' | ' |
Equity Method Investments | $5,140 | $4,734 |
Acquisition_Allocation_of_purc
Acquisition - Allocation of purchase price after valuation adjustments (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 20, 2012 |
In Thousands, unless otherwise specified | Prince Agri Products Inc | |||
OmniGen Research, LLC | ||||
Assets | ' | ' | ' | ' |
Property, plant and equipment | ' | ' | ' | $1,202 |
Intangibles | ' | ' | ' | 23,781 |
Goodwill | 12,613 | 12,613 | 1,717 | 10,896 |
Total assets | ' | ' | ' | 35,879 |
Liabilities | ' | ' | ' | ' |
Other current and long-term liabilities | ' | ' | ' | 13,129 |
Total liabilities | ' | ' | ' | 13,129 |
Net assets acquired | ' | ' | ' | $22,750 |
Acquisition_Summary_of_unaudit
Acquisition - Summary of unaudited pro forma consolidated results of operations (Details 1) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Business Combinations [Abstract] | ' | ' |
Net sales | $653,151 | $654,101 |
Net income (loss) | 25,989 | 9,170 |
Net income (loss) per share-basic and diluted (in dollars per share) | $0.85 | $0.30 |
Adjusted EBITDA | $77,731 | $70,804 |
Acquisition_Detail_Textuals
Acquisition (Detail Textuals) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 20, 2012 | Jun. 30, 2014 |
Prince Agri Products Inc | Prince Agri Products Inc | |||
OmniGen Research, LLC | OmniGen Research, LLC | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Membership interest acquired | ' | ' | 100.00% | ' |
Total purchase price | ' | ' | $22,750 | ' |
Initial cash payment | 18,692 | 3,384 | 18,500 | ' |
Deferred payments | ' | ' | 4,250 | ' |
Deferred payments scheduled on or before December 20, 2013 | ' | ' | 1,000 | ' |
Deferred payments scheduled on or before December 20, 2014 | ' | ' | 1,000 | ' |
Deferred payments scheduled on or before December 20, 2015 | ' | ' | 1,000 | ' |
Deferred payments scheduled on or before December 20, 2016 | ' | ' | $1,250 | ' |
Interest rate on deferred payments | ' | ' | 5.00% | ' |
Remaining amortization period of identifiable intangibles | ' | ' | ' | '12 years |
Debt_Summary_of_longterm_debt_
Debt - Summary of long-term debt (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Capitalized lease obligations | $94 | $132 |
Long-term debt and capital lease obligations, gross | 290,094 | 334,132 |
Unamortized debt discount | -703 | -2,528 |
Long-term debt and capital lease obligations, net | 289,391 | 331,604 |
Less: current maturities | -2,969 | -64 |
Long-term debt | 286,422 | 331,540 |
Term B Loans | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, gross | 290,000 | ' |
Senior notes | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, gross | ' | 300,000 |
Term loan payable | Mayflower | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, gross | ' | 24,000 |
Term loan payable | BFI | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt, gross | ' | $10,000 |
Debt_Aggregate_maturities_of_l
Debt - Aggregate maturities of long-term debt (Details 1) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2015 | $2,969 | ' |
2016 | 2,918 | ' |
2017 | 2,907 | ' |
2018 | 2,900 | ' |
2019 | 2,900 | ' |
Thereafter | 275,500 | ' |
Total | $290,094 | $334,132 |
Debt_Detail_Textuals
Debt (Detail Textuals) (USD $) | 12 Months Ended | 0 Months Ended | 0 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | Apr. 16, 2014 | |
Credit Facility | Credit Facility | Credit Facility | Credit Facility | Term B Loans And Revolving Credit Facility | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | |
Israel subsidiaries | LIBOR | Prime Rate | Bank of America | Bank of America | Bank of America | Bank of America | Bank of America | Bank of America | Bank of America | Bank of America | |||
Israel subsidiaries | Israel subsidiaries | Term B Loans | Term B Loans | Term B Loans | Credit Facility | Credit Facility | Credit Facility | Term B Loans And Revolving Credit Facility | Term B Loans And Revolving Credit Facility | ||||
LIBOR | Base Rate | LIBOR | Base Rate | LIBOR | Base Rate | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | $290,000,000 | ' | ' | $100,000,000 | ' | ' | ' | ' |
Basis for effective rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'a base rate determined by reference to the highest of (a) the rate as publicly announced from time to time by Bank of America as its "prime rate," (b) the federal funds effective rate plus 0.50% and (c) one-month LIBOR plus 1.00 |
a Eurocurrency rate determined by reference to LIBOR with a term as selected by the Company, of one day or one, two, three or six months (or twelve months or any shorter amount of time if consented to by all of the lenders under the applicable loan) | |||||||||||||
Interest rate, description | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2.50% or 2.75% | '1.50% or 1.75% | ' | ' |
Applicable interest rates | ' | ' | ' | ' | ' | ' | 3.00% | 2.00% | ' | ' | ' | ' | ' |
Applicable floor rates | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' |
Quarterly principal payments | ' | ' | ' | ' | 725,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity dates | ' | 31-Dec-14 | ' | ' | ' | 15-Apr-21 | ' | ' | 15-Apr-19 | ' | ' | ' | ' |
Par value in percentage | ' | ' | ' | ' | ' | 99.75% | ' | ' | ' | ' | ' | ' | ' |
Proceeds from term loan | ' | ' | ' | ' | ' | 284,740,000 | ' | ' | ' | ' | ' | ' | ' |
Original issue discount and issuance cost | ' | ' | ' | ' | ' | 5,260,000 | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings | 17,140,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available borrowings under credit lines | 82,860,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA leverage ratio, Beginning September 30, 2014 through June 30, 2015 | '4.50:1.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EBITDA leverage ratio, Thereafter | '4.25:1.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate available credit facilities | ' | $15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | 'LIBOR | 'Prime | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of credit facility interest rate | ' | ' | 2.25% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred_and_Common_Shares_Su
Preferred and Common Shares - Summary of preferred and common shares (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Class of Stock [Line Items] | ' | ' |
Preferred stock, shares authorized | 16,000,000 | 1,000,000 |
Preferred stock, par value (in dollars per share) | $0.00 | $1 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, shares authorized | ' | 200,000,000 |
Common stock, par value (in dollars per share) | ' | $0.00 |
Common stock, shares issued | ' | 30,458,220 |
Common stock, shares outstanding | ' | 30,458,220 |
Class A common stock | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock, shares authorized | 300,000,000 | ' |
Common stock, par value (in dollars per share) | $0.00 | ' |
Common stock, shares issued | 17,442,953 | ' |
Common stock, shares outstanding | 17,442,953 | ' |
Class B common stock | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common stock, shares authorized | 30,000,000 | ' |
Common stock, par value (in dollars per share) | $0.00 | ' |
Common stock, shares issued | 21,348,600 | ' |
Common stock, shares outstanding | 21,348,600 | ' |
Preferred_and_Common_Shares_De
Preferred and Common Shares (Detail Textuals) (USD $) | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Aug. 01, 2014 | Jun. 30, 2014 |
BFI | Class A common stock | Class A common stock | Class B common stock | Class B common stock | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | ||
Class A common stock | Class B common stock | Class B common stock | Class B common stock | |||||||
BFI | BFI | |||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock holder entiltled to vote per share | ' | ' | 'One vote | ' | '10 votes | ' | ' | ' | ' | ' |
Common stock right to register sale of common stock shares | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding shares of Class B common stock and Class A common stock held by BFI | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrants to purchase common stock | ' | ' | ' | ' | ' | ' | ' | ' | 386,750 | ' |
Exercise price | ' | ' | ' | ' | ' | ' | ' | ' | 11.83 | ' |
Net issuance of common stock | 30,458,220 | ' | 17,442,953 | ' | 21,348,600 | ' | ' | ' | 163,675 | 21,500,000 |
Dividend payable per share | ' | ' | ' | ' | ' | ' | $0.10 | $0.10 | ' | ' |
Dividends payable, record date | ' | ' | ' | ' | ' | ' | 3-Sep-14 | 3-Sep-14 | ' | ' |
Dividends payable, date to be paid | ' | ' | ' | ' | ' | ' | 24-Sep-14 | 24-Sep-14 | ' | ' |
Stock_Option_Plan_Details
Stock Option Plan (Details) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Shares | ' |
Outstanding, June 30, 2013 | 1,498,380 |
Granted | ' |
Exercised | ' |
Forfeited or expired | ' |
Outstanding, June 30, 2014 | 1,498,380 |
Exercisable, June 30, 2014 | 1,498,380 |
Weighted- Average Exercise Price Per Share | ' |
Outstanding, June 30, 2013 | $11.83 |
Granted | ' |
Exercised | ' |
Forfeited or expired | ' |
Outstanding, June 30, 2014 | $11.83 |
Exercisable, June 30, 2014 | $11.83 |
Stock_Option_Plan_Summary_of_s
Stock Option Plan - Summary of several assumptions for determining fair value of option (Details 1) (Stock Option, Incentive Plan 2008) | 12 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Risk-free rate of return | 2.70% |
Expected dividend yield | 0.00% |
Minimum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected life | '3 years |
Expected volatility | 35.00% |
Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected life | '7 years 6 months |
Expected volatility | 50.00% |
Stock_Option_Plan_Detail_Textu
Stock Option Plan (Detail Textuals) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 12, 2008 | Jun. 30, 2014 | Apr. 29, 2013 | Feb. 26, 2009 | Jun. 30, 2014 |
Stock Option | Stock Option | Stock Option | Stock Option | Non Qualified Stock Option | Non Qualified Stock Option | Non Qualified Stock Option | ||
Incentive Plan 2008 | Incentive Plan 2008 | Incentive Plan 2008 | Incentive Plan 2008 | Incentive Plan 2008 | Incentive Plan 2008 | |||
Class A common stock | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares available for grants | ' | ' | ' | 6,630,000 | 5,131,620 | ' | ' | ' |
Stock options exercise price | ' | ' | ' | ' | ' | $11.83 | $11.83 | ' |
Weighted-average grant-date fair value of the options | ' | ' | ' | ' | ' | ' | ' | $0.99 |
Method used for valuation of fair value | ' | ' | 'Black-Scholes option pricing model | ' | ' | ' | ' | ' |
Number of shares vested | ' | 374,595 | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value | ' | $15,164 | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Detail Textuals) (Mr. Bendheim, Compensation And Benefit For Services, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Mr. Bendheim | Compensation And Benefit For Services | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Aggregate compensation and benefits | $1,764 | $1,858 | $1,655 |
Employee_Benefit_Plans_Changes
Employee Benefit Plans - Changes in projected benefit obligation, plan assets and funded status (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Change in projected benefit obligation | ' | ' | ' |
Projected benefit obligation at beginning of year | $46,569 | $46,811 | ' |
Service cost | 2,457 | 2,729 | 2,093 |
Interest cost | 2,333 | 2,058 | 1,957 |
Benefits paid | -1,092 | -796 | ' |
Actuarial (gain) loss | 7,332 | -4,233 | ' |
Projected benefit obligation at end of year | 57,599 | 46,569 | 46,811 |
Change in plan assets | ' | ' | ' |
Fair value of plan assets at beginning of year | 31,501 | 27,856 | ' |
Actual return on plan assets | 4,339 | 1,888 | ' |
Employer contributions | 4,833 | 2,553 | ' |
Benefits paid | -1,092 | -796 | ' |
Fair value of plan assets at end of year | 39,581 | 31,501 | 27,856 |
Funded status at end of year | ($18,018) | ($15,068) | ' |
Employee_Benefit_Plans_Change_
Employee Benefit Plans - Change in Accumulated Other Comprehensive (Income) Loss (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Defined Benefit Plan Change In Accumulated Other Comprehensive Income Loss [Roll Forward] | ' | ' | ' |
Balance at beginning of period | $12,240 | $17,630 | ' |
Amortization of net actuarial loss (gain) and prior service cost | -904 | -1,405 | -251 |
Current period net actuarial loss (gain) | 5,326 | -3,985 | ' |
Net change | 4,423 | -5,390 | ' |
Balance at end of period | $16,663 | $12,240 | $17,630 |
Employee_Benefit_Plans_Net_per
Employee Benefit Plans - Net periodic pension expense (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Compensation and Retirement Disclosure [Abstract] | ' | ' | ' |
Service cost - benefits earned during the year | $2,457 | $2,729 | $2,093 |
Interest cost on benefit obligation | 2,333 | 2,058 | 1,957 |
Expected return on plan assets | -2,334 | -2,136 | -2,040 |
Amortization of net actuarial loss and prior service costs | 904 | 1,405 | 251 |
Net periodic pension expense | $3,360 | $4,056 | $2,261 |
Employee_Benefit_Plans_Signifi
Employee Benefit Plans - Significant actuarial assumptions for plan (Details 3) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate for service and interest | 5.00% | 4.40% | 5.50% |
Expected rate of return on plan assets | 7.00% | 7.50% | 7.50% |
Discount rate for year-end benefit obligation | 4.50% | 5.00% | 4.40% |
Minimum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Maximum | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Rate of compensation increase | 4.50% | 4.50% | 4.50% |
Employee_Benefit_Plans_Estimat
Employee Benefit Plans - Estimated future benefit payments including benefits attributable to future service (Details 4) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Compensation and Retirement Disclosure [Abstract] | ' |
2015 | $1,423 |
2016 | 1,655 |
2017 | 1,891 |
2018 | 2,119 |
2019 | 2,362 |
2020-2024 | $15,973 |
Employee_Benefit_Plans_Plans_t
Employee Benefit Plans - Plan's target asset allocations and weighted average asset allocation of plan assets (Details 5) | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | |||
Debt securities | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Target allocation for 2015 minimum | 10.00% | ' | ||
Target allocation for 2015 maximum | 35.00% | ' | ||
Percentage of Plan Assets | 20.00% | 25.00% | ||
Equity securities | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Target allocation for 2015 minimum | 20.00% | ' | ||
Target allocation for 2015 maximum | 50.00% | ' | ||
Percentage of Plan Assets | 35.00% | 70.00% | ||
Global asset allocation/risk parity | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Target allocation for 2015 minimum | 20.00% | [1] | ' | |
Target allocation for 2015 maximum | 40.00% | [1] | ' | |
Percentage of Plan Assets | 35.00% | [1] | ' | [1] |
Other | ' | ' | ||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ||
Target allocation for 2015 minimum | 0.00% | ' | ||
Target allocation for 2015 maximum | 25.00% | ' | ||
Percentage of Plan Assets | 10.00% | 5.00% | ||
[1] | The global asset allocation/risk parity category consists of a variety of asset classes including, but not limited to, global bonds, global equities, real estate, commodities and alpha only strategies. |
Employee_Benefit_Plans_Fair_va
Employee Benefit Plans - Fair values of plan assets by asset category (Details 6) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | $39,581 | $31,501 | $27,856 |
Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 9,903 | 19,343 | ' |
Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 19,647 | 11,877 | ' |
Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 10,031 | 280 | 450 |
Total | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 39,591 | 31,500 | ' |
Cash and cash equivalents | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 138 | 581 | ' |
Cash and cash equivalents | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | 404 | ' |
Cash and cash equivalents | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Cash and cash equivalents | Total | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 138 | 985 | ' |
Common-collective funds - Global large cap equities | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | 6,555 | ' |
Common-collective funds - Global large cap equities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 9,909 | 4,743 | ' |
Common-collective funds - Global large cap equities | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Common-collective funds - Global large cap equities | Total | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 9,909 | 11,298 | ' |
Common-collective funds - Fixed income securities | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Common-collective funds - Fixed income securities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 3,935 | 6,730 | ' |
Common-collective funds - Fixed income securities | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Common-collective funds - Fixed income securities | Total | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 3,935 | 6,730 | ' |
Common-collective funds - Global asset allocations/risk parity | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Common-collective funds - Global asset allocations/risk parity | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 5,803 | ' | ' |
Common-collective funds - Global asset allocations/risk parity | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Common-collective funds - Global asset allocations/risk parity | Total | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 5,803 | ' | ' |
Mutual funds - Global Equities | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 3,925 | 10,887 | ' |
Mutual funds - Global Equities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Mutual funds - Global Equities | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Mutual funds - Global Equities | Total | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 3,925 | 10,887 | ' |
Mutual funds - Fixed income securities | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 1,913 | ' | ' |
Mutual funds - Fixed income securities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Mutual funds - Fixed income securities | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Mutual funds - Fixed income securities | Total | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 1,913 | ' | ' |
Mutual funds - Global asset allocations/risk parity | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 3,927 | ' | ' |
Mutual funds - Global asset allocations/risk parity | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Mutual funds - Global asset allocations/risk parity | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Mutual funds - Global asset allocations/risk parity | Total | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 3,927 | ' | ' |
Mutual funds - Real estate | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | 1,320 | ' |
Mutual funds - Real estate | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Mutual funds - Real estate | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Mutual funds - Real estate | Total | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | 1,320 | ' |
Other - Fixed income securities | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Other - Fixed income securities | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Other - Fixed income securities | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 2,007 | ' | ' |
Other - Fixed income securities | Total | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 2,007 | ' | ' |
Other - Global asset allocations/risk parity | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Other - Global asset allocations/risk parity | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Other - Global asset allocations/risk parity | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 3,954 | ' | ' |
Other - Global asset allocations/risk parity | Total | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 3,954 | ' | ' |
Other | Level 1 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Other | Level 2 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | ' | ' | ' |
Other | Level 3 | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | 4,070 | 280 | ' |
Other | Total | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair values of plan assets by asset category | $4,070 | $280 | ' |
Employee_Benefit_Plans_Change_1
Employee Benefit Plans - Change in Fair Value of Level 3 Assets (Details 7) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Level 3 | Level 3 | |||
Change in Fair Value Level 3 assets | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | $39,581 | $31,501 | $27,856 | $280 | $450 |
Redemptions | ' | ' | ' | 22 | ' |
Purchases | ' | ' | ' | 9,773 | 51 |
Change in fair value | ' | ' | ' | -44 | -221 |
Fair value of plan assets at end of year | $39,581 | $31,501 | $27,856 | $10,031 | $280 |
Employee_Benefit_Plans_Detail_
Employee Benefit Plans (Detail Textuals) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Other liabilities | Other liabilities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Accumulated benefit obligation | ' | $51,980,000 | $41,859,000 |
Contribution to pension plan during fiscal year | 6,815,000 | ' | ' |
Amortization of unrecognized net actuarial (gain) loss and prior service cost | 1,228,000 | ' | ' |
Noncollable corporate bond par value outstanding | $250,000,000 | ' | ' |
Cash and cash equivalents fair value assumptions input (in dollars per share) | $1 | ' | ' |
Employee_Benefit_Plans_Detail_1
Employee Benefit Plans (Detail Textuals 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Term of vesting in employer contributions | 'after two years of service | ' | ' |
401(k) retirement savings plan | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Description of the basis for determining contributions | ' | ' | ' |
Matching contribution equal to 100% of the first 1% of an employee’s contribution and make a matching contribution equal to 50% of the next 5% of an employee’s contribution. Employees hired on or after January 1, 2014, receive a non-elective Company contribution of 3% and are eligible to receive an additional discretionary payment between 1% and 4%, depending on age and years of service, provided that such payments comply with mandatory non-discrimination testing. | |||
Maximum pre-tax contribution to the plan | 60.00% | ' | ' |
Defined contribution plan, employer contribution amount | $1,281 | $1,175 | $1,010 |
Supplemental executive retirement benefits, international retirement plans and other employee benefit plans | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Expenses under plan | 3,832 | 2,817 | 3,163 |
Supplemental executive retirement benefits, international retirement plans and other employee benefit plans | Other liabilities | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Pension and other postretirement benefit plans, liabilities | $13,007 | $10,953 | ' |
Income_Taxes_Income_loss_befor
Income Taxes - Income (loss) before income taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | ($26,226) | ($6,581) | ($10,002) |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 32,534 | 24,429 | 23,116 |
Income (loss) before income taxes | ($16,143) | $8,303 | $7,134 | $7,014 | $4,337 | $4,266 | $5,017 | $4,228 | $6,308 | $17,848 | $13,114 |
Income_Taxes_Components_of_pro
Income Taxes - Components of provision for income taxes (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Current provision (benefit): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | ($673) | ' | $66 |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | -268 | 391 | 219 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 9,087 | 4,487 | 7,555 |
Total current provision | ' | ' | ' | ' | ' | ' | ' | ' | 8,146 | 4,878 | 7,840 |
Deferred provision (benefit): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | -1,632 | -12,160 | -6,282 |
State and local | ' | ' | ' | ' | ' | ' | ' | ' | -1,877 | -616 | -1,275 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 966 | -1,204 | -290 |
Change in valuation allowance-domestic | ' | ' | ' | ' | ' | ' | ' | ' | 3,509 | 1,704 | 7,557 |
Change in valuation allowance-foreign | ' | ' | ' | ' | ' | ' | ' | ' | 323 | 355 | -1,412 |
Total deferred provision | ' | ' | ' | ' | ' | ' | ' | ' | 1,289 | -12,035 | -2,392 |
Provision (benefit) for income taxes | $1,499 | $1,933 | $4,832 | $1,171 | ($1,642) | $86 | ($7,056) | $1,569 | $9,435 | ($7,043) | $6,138 |
Income_Taxes_Reconciliations_o
Income Taxes - Reconciliations of Federal statutory rate to effective tax rate (Details 2) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal income tax rate | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal income tax effect | -0.90% | 1.40% | 1.10% |
Foreign tax rate differential, and change in foreign valuation allowance | -91.00% | -31.40% | -33.00% |
Foreign withholding tax | 36.50% | 1.40% | 2.00% |
Change in federal valuation allowance | 43.60% | 7.80% | 47.90% |
OGR acquisition adjustment | ' | -50.70% | ' |
Change in unrecognized tax benefits | -34.90% | 5.40% | 8.30% |
Taxable income not recorded on books | ' | 0.60% | 2.40% |
Repatriation of foreign earnings | 138.70% | ' | ' |
Permanent items | 26.10% | -7.90% | -16.10% |
Other | -3.50% | -1.10% | -0.80% |
Effective tax rate | 149.60% | -39.50% | 46.80% |
Income_Taxes_Tax_effects_of_si
Income Taxes - Tax effects of significant temporary differences of deferred tax assets and liabilities (Details 3) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
In Thousands, unless otherwise specified | ||||
Deferred tax assets: | ' | ' | ' | ' |
Employee related accruals | $12,417 | $10,709 | ' | ' |
Environmental remediation | 2,306 | 2,348 | ' | ' |
Net operating loss carry forwards-domestic | 19,183 | 18,790 | ' | ' |
Net operating loss carry forwards-foreign | 8,729 | 9,860 | ' | ' |
Other | 9,540 | 8,413 | ' | ' |
Deferred tax assets, gross | 52,175 | 50,120 | ' | ' |
Valuation allowance | -32,892 | -27,753 | -36,763 | -30,618 |
Deferred tax assets, net of valuation allowance | 19,283 | 22,367 | ' | ' |
Deferred tax liabilities: | ' | ' | ' | ' |
Property, plant and equipment and intangible assets | -13,428 | -14,645 | ' | ' |
Unrealized foreign exchange gains | -4,680 | -4,827 | ' | ' |
Other | -131 | -573 | ' | ' |
Deferred tax liabilities, net | -18,239 | -20,045 | ' | ' |
Net deferred tax asset (liability) | $1,044 | $2,322 | ' | ' |
Income_Taxes_Deferred_taxes_in
Income Taxes - Deferred taxes included in consolidated balance sheets (Details 4) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Net deferred tax asset (liability) | $1,044 | $2,322 |
Prepaid expenses and other current assets | ' | ' |
Net deferred tax asset (liability) | 3,242 | 2,294 |
Accrued expenses and other current liabilities | ' | ' |
Net deferred tax asset (liability) | -1,626 | -1,732 |
Other assets | ' | ' |
Net deferred tax asset (liability) | 3,486 | 4,755 |
Other liabilities | ' | ' |
Net deferred tax asset (liability) | ($4,058) | ($2,995) |
Income_Taxes_Valuation_allowan
Income Taxes - Valuation allowance for deferred tax assets (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance at beginning of period | $27,753 | $36,763 | $30,618 |
Change in valuation allowance | 5,139 | 2,059 | 6,145 |
Permanent adjustment for Other Comprehensive Income | ' | -2,016 | ' |
OGR acquisition adjustments | ' | -9,053 | ' |
Balance at end of period | $32,892 | $27,753 | $36,763 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of unrecognized tax benefits (Details 6) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Unrecognized tax benefits at beginning of period | $12,261 | $6,565 | $6,180 |
Additions based on tax positions related to prior periods | 1,276 | 4,996 | 216 |
Additions based on tax positions related to the current period | 1,036 | 404 | 646 |
Reductions related to settlements with tax authorities | -2,215 | ' | ' |
Reductions due to lapse of statute of limitations | -5,157 | ' | ' |
Exchange effect | 219 | 296 | -477 |
Unrecognized tax benefits at end of period | $7,420 | $12,261 | $6,565 |
Income_Taxes_Detail_Textuals
Income Taxes (Detail Textuals) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Undistributed earnings of foreign subsidiaries | $93,622 | ' | ' | ' |
Dividend received from subsidiary | 25,000 | ' | ' | ' |
Valuation allowance for deferred tax assets | 32,892 | 27,753 | 36,763 | 30,618 |
Reversal of valuation allowance | ' | 9,053 | ' | ' |
Unrecognized tax benefits current liability | 1,218 | ' | ' | ' |
Recognized interest and penalties in the consolidated statements of operations | -661 | 441 | 307 | ' |
Accrued interest and penalties included in the consolidated balance sheets | 1,344 | 1,952 | ' | ' |
Additional income taxes payable after settlement | 2,614 | ' | ' | ' |
Reduction in income tax provision | 572 | ' | ' | ' |
Reduction in previously unrecognized tax benefits | 2,215 | ' | ' | ' |
Domestic Jurisdiction | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Valuation allowance for deferred tax assets | 27,355 | ' | ' | ' |
Reversal of valuation allowance | ' | 9,053 | ' | ' |
Net operating loss carry forwards | 43,872 | ' | ' | ' |
State Jurisdiction | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Net operating loss carry forwards | 73,939 | ' | ' | ' |
Foreign Jurisdiction | ' | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Undistributed earnings of foreign subsidiaries not reinvested | 25,000 | ' | ' | ' |
Amount of foreign withholding tax | 3,160 | ' | ' | ' |
Valuation allowance for deferred tax assets | 5,537 | ' | ' | ' |
Net operating loss carry forwards | $26,456 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future minimum lease commitments (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Capital leases | ' |
2015 | $81 |
2016 | 21 |
2017 | 8 |
2018 | ' |
2019 | ' |
Thereafter | ' |
Total minimum lease payments | 110 |
Amounts representing interest | -16 |
Present value of minimum lease payments | 94 |
Non-cancellable operating leases | ' |
2015 | 4,486 |
2016 | 4,033 |
2017 | 3,696 |
2018 | 3,059 |
2019 | 2,641 |
Thereafter | 4,668 |
Total minimum lease payments | $22,583 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Detail Textuals) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Party | |||||
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
Operating leases, rent expense | ' | ' | $6,958 | $6,084 | $6,085 |
Number of potentially responsible parties | 140 | ' | ' | ' | ' |
Term of employment and severance agreement | ' | ' | 'up to 15 months | ' | ' |
Loss on insurance claim | ' | -5,350 | ' | ' | ' |
Current And Long term Liabilities | ' | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
Accrual for environmental loss contingencies payments | ' | ' | 7,273 | 8,292 | ' |
C.P. Chemicals, Inc. | ' | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
Rate of investigation and remediation | ' | ' | 50.00% | ' | ' |
Environmental remediation expense | ' | ' | $175 | ' | ' |
Vulcan Corp. | ' | ' | ' | ' | ' |
Commitments And Contingencies [Line Items] | ' | ' | ' | ' | ' |
Rate of investigation and remediation | ' | ' | 50.00% | ' | ' |
Derivatives_Details
Derivatives (Details) (Options, Cash flow hedges) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Brazilian Real calls | Brazilian Real calls | Brazilian Real calls | Brazilian Real puts | Brazilian Real puts | Brazilian Real puts |
BRL | Level 2 | Level 2 | BRL | Level 2 | Level 2 | |
USD ($) | USD ($) | USD ($) | USD ($) | |||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' |
Notional amount | 78,000 | ' | ' | -78,000 | ' | ' |
Fair value | ' | $432 | $365 | ' | ($46) | ($1,004) |
Derivatives_Detail_Textuals
Derivatives (Detail Textuals) (Options, Cash flow hedges, USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Derivative [Line Items] | ' |
Unrecognized gains (losses) on derivative instruments recorded in earnings within the next twelve months | $386 |
Other comprehensive income (loss) | ' |
Derivative [Line Items] | ' |
Unrecognized gains (losses) on derivative instruments | $386 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term debt | $286,422 | $297,666 |
Fair values | Term B Loan | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt fair value | 289,638 | ' |
Fair values | Senior notes | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt fair value | ' | 322,500 |
Fair values | Mayflower | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt fair value | ' | 26,968 |
Fair values | BFI | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long term debt fair value | ' | $10,644 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Detail Textuals) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Contract value of letters of credit | $17,140 | $14,954 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $183,677 | $173,267 | $172,742 | $162,228 | $164,201 | $162,685 | $164,159 | $162,106 | $691,914 | $653,151 | $654,101 |
Adjusted EBITDA | 24,245 | 22,444 | 22,310 | 21,598 | 19,651 | 19,420 | 18,778 | 17,905 | 90,597 | 75,754 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 21,453 | 19,023 | 17,527 |
Loss on insurance claim | -5,350 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign currency gains (losses), net | 335 | -275 | -1,165 | -648 | -1,971 | -838 | -126 | -168 | -1,753 | -3,103 | -1,192 |
Loss on extinguishment of debt | -22,771 | ' | ' | ' | ' | ' | ' | ' | -22,771 | ' | ' |
Other income (expense), net | ' | ' | ' | ' | 377 | -482 | -58 | 12 | ' | -151 | 400 |
Income before income taxes | -16,143 | 8,303 | 7,134 | 7,014 | 4,337 | 4,266 | 5,017 | 4,228 | 6,308 | 17,848 | 13,114 |
Identifiable assets | 472,323 | ' | ' | ' | 474,142 | ' | ' | ' | 472,323 | 474,142 | ' |
Animal Health | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 114,108 | 107,808 | 107,966 | 101,171 | 100,694 | 93,883 | 94,236 | 96,128 | 431,053 | 384,941 | ' |
Adjusted EBITDA | 26,146 | 25,505 | 24,522 | 24,107 | 23,044 | 20,334 | 19,516 | 20,103 | 100,280 | 82,997 | ' |
Mineral Nutrition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 54,879 | 49,901 | 50,633 | 46,186 | 48,728 | 51,757 | 52,892 | 49,792 | 201,599 | 203,169 | ' |
Adjusted EBITDA | 3,491 | 2,807 | 2,878 | 2,460 | 2,765 | 3,439 | 3,175 | 2,690 | 11,636 | 12,069 | ' |
Performance Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | 14,690 | 15,558 | 14,143 | 14,871 | 14,779 | 17,045 | 17,031 | 16,186 | 59,262 | 65,041 | ' |
Adjusted EBITDA | 1,521 | 906 | 1,103 | 1,096 | -1,621 | 1,577 | 1,826 | 1,145 | 4,626 | 2,927 | ' |
Operating Segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 691,914 | 653,151 | 654,101 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 90,597 | 75,754 | 66,852 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | -21,453 | -19,023 | -17,527 |
Loss on insurance claim | ' | ' | ' | ' | ' | ' | ' | ' | -5,350 | ' | ' |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -32,962 | -35,629 | -35,419 |
Foreign currency gains (losses), net | ' | ' | ' | ' | ' | ' | ' | ' | -1,753 | -3,103 | -1,192 |
Loss on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -22,771 | ' | ' |
Other income (expense), net | ' | ' | ' | ' | ' | ' | ' | ' | ' | -151 | 400 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 6,308 | 17,848 | 13,114 |
Identifiable assets | 472,323 | ' | ' | ' | 474,142 | ' | ' | ' | 472,323 | 474,142 | ' |
Operating Segments | Animal Health | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 431,053 | 384,941 | 375,167 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 100,280 | 82,997 | 70,456 |
Identifiable assets | 361,376 | ' | ' | ' | 329,323 | ' | ' | ' | 361,376 | 329,323 | ' |
Operating Segments | Mineral Nutrition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 201,599 | 203,169 | 210,091 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 11,636 | 12,069 | 13,007 |
Identifiable assets | 57,460 | ' | ' | ' | 64,719 | ' | ' | ' | 57,460 | 64,719 | ' |
Operating Segments | Performance Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 59,262 | 65,041 | 68,843 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | 4,626 | 2,927 | 5,132 |
Identifiable assets | 23,429 | ' | ' | ' | 21,233 | ' | ' | ' | 23,429 | 21,233 | ' |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | -25,945 | -22,239 | -21,743 |
Identifiable assets | $30,058 | ' | ' | ' | $58,867 | ' | ' | ' | $30,058 | $58,867 | ' |
Business_Segments_Detail_Textu
Business Segments (Detail Textuals) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Segment | ||
Segment Reporting Information [Line Items] | ' | ' |
Equity method investments | $5,619 | $3,515 |
Number of reportable segments | 3 | ' |
Animal Health | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Equity method investments | 5,140 | 4,734 |
Performance Products | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Equity method investments | $479 | $275 |
Geographic_Information_Details
Geographic Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | $183,677 | $173,267 | $172,742 | $162,228 | $164,201 | $162,685 | $164,159 | $162,106 | $691,914 | $653,151 | $654,101 |
United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 435,414 | 414,768 | 424,373 |
Israel | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 89,739 | 93,248 | 101,301 |
Latin America and Canada | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 84,775 | 68,575 | 61,407 |
Europe and Africa | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 38,563 | 32,501 | 30,087 |
Asia/Pacific | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | $43,423 | $44,059 | $36,933 |
Geographic_Information_Details1
Geographic Information (Details 1) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, plant and equipment, net | $109,159 | $104,422 |
United States | ' | ' |
Property, plant and equipment, net | 40,926 | 40,601 |
Israel | ' | ' |
Property, plant and equipment, net | 33,426 | 30,837 |
Brazil | ' | ' |
Property, plant and equipment, net | 32,946 | 30,988 |
Other | ' | ' |
Property, plant and equipment, net | $1,861 | $1,996 |
Selected_Quarterly_Results_of_2
Selected Quarterly Results of Operations Data (Unaudited) - Consolidating statement of operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | $183,677 | $173,267 | $172,742 | $162,228 | $164,201 | $162,685 | $164,159 | $162,106 | $691,914 | $653,151 | $654,101 |
Cost of goods sold | 129,412 | 120,425 | 121,586 | 112,716 | 116,045 | 116,929 | 120,973 | 120,240 | 484,139 | 474,187 | 489,962 |
Gross profit | 54,265 | 52,842 | 51,156 | 49,512 | 48,156 | 45,756 | 43,186 | 41,866 | 207,775 | 178,964 | 164,139 |
Selling, general and administrative expenses | 41,208 | 35,520 | 34,138 | 33,115 | 33,251 | 31,295 | 29,030 | 28,657 | 143,981 | 122,233 | 114,814 |
Operating income (loss) | 13,057 | 17,322 | 17,018 | 16,397 | 14,905 | 14,461 | 14,156 | 13,209 | 63,794 | 56,731 | 49,325 |
Interest expense | 6,705 | 8,810 | 8,787 | 8,779 | 9,008 | 8,901 | 8,969 | 8,893 | 33,081 | 35,771 | ' |
Interest (income) | 59 | -66 | -68 | -44 | -34 | -26 | -14 | -68 | -119 | -142 | -281 |
Foreign currency (gains) losses, net | -335 | 275 | 1,165 | 648 | 1,971 | 838 | 126 | 168 | 1,753 | 3,103 | 1,192 |
Loss on extinguishment of debt | 22,771 | ' | ' | ' | ' | ' | ' | ' | 22,771 | ' | ' |
Other (income) expense, net | ' | ' | ' | ' | -377 | 482 | 58 | -12 | ' | 151 | -400 |
Income (loss) before income taxes | -16,143 | 8,303 | 7,134 | 7,014 | 4,337 | 4,266 | 5,017 | 4,228 | 6,308 | 17,848 | 13,114 |
Provision (benefit) for income taxes | 1,499 | 1,933 | 4,832 | 1,171 | -1,642 | 86 | -7,056 | 1,569 | 9,435 | -7,043 | 6,138 |
Net income (loss) | -17,642 | 6,370 | 2,302 | 5,843 | 5,979 | 4,180 | 12,073 | 2,659 | -3,127 | 24,891 | 6,976 |
Net income (loss) per share-basic and diluted (in dollars per share) | ($0.47) | $0.21 | $0.08 | $0.19 | $0.20 | $0.14 | $0.40 | $0.09 | ($0.10) | $0.82 | $0.23 |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | 24,245 | 22,444 | 22,310 | 21,598 | 19,651 | 19,420 | 18,778 | 17,905 | 90,597 | 75,754 | ' |
Animal Health | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | 114,108 | 107,808 | 107,966 | 101,171 | 100,694 | 93,883 | 94,236 | 96,128 | 431,053 | 384,941 | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | 26,146 | 25,505 | 24,522 | 24,107 | 23,044 | 20,334 | 19,516 | 20,103 | 100,280 | 82,997 | ' |
Mineral Nutrition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | 54,879 | 49,901 | 50,633 | 46,186 | 48,728 | 51,757 | 52,892 | 49,792 | 201,599 | 203,169 | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | 3,491 | 2,807 | 2,878 | 2,460 | 2,765 | 3,439 | 3,175 | 2,690 | 11,636 | 12,069 | ' |
Performance Products | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | 14,690 | 15,558 | 14,143 | 14,871 | 14,779 | 17,045 | 17,031 | 16,186 | 59,262 | 65,041 | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | 1,521 | 906 | 1,103 | 1,096 | -1,621 | 1,577 | 1,826 | 1,145 | 4,626 | 2,927 | ' |
Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted EBITDA | ($6,913) | ($6,774) | ($6,193) | ($6,065) | ($4,537) | ($5,930) | ($5,739) | ($6,033) | ($25,945) | ($22,239) | ' |