Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2015 | Jan. 31, 2016 | |
Entity Registrant Name | COLLECTORS UNIVERSE INC | |
Entity Central Index Key | 1,089,143 | |
Trading Symbol | clct | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 8,898,104 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2015 | Jun. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 12,794,000 | $ 17,254,000 |
Accounts receivable, net of allowance of $30 and $33 at December 31, 2015 and June 30, 2015, respectively | 2,090,000 | 2,460,000 |
Inventories, net | 1,765,000 | 1,619,000 |
Prepaid expenses and other current assets | 991,000 | 940,000 |
Deferred income tax assets | 1,599,000 | 1,599,000 |
Total current assets | 19,239,000 | 23,872,000 |
Property and equipment, net | 2,656,000 | 2,326,000 |
Goodwill | 2,083,000 | 2,083,000 |
Intangible assets, net | 1,707,000 | 1,558,000 |
Deferred Tax Assets, Net, Noncurrent | 1,945,000 | 1,945,000 |
Other assets | 377,000 | 236,000 |
Non-current assets of discontinued operations | 79,000 | 182,000 |
Total assets | 28,086,000 | 32,202,000 |
Current liabilities: | ||
Accounts payable | 1,816,000 | 1,961,000 |
Accrued liabilities | 2,979,000 | 2,898,000 |
Accrued compensation and benefits | 2,166,000 | 3,890,000 |
Income taxes payable | 905,000 | 521,000 |
Deferred revenue | 2,914,000 | 2,621,000 |
Current liabilities of discontinued operations | 695,000 | 778,000 |
Total current liabilities | 11,475,000 | 12,669,000 |
Deferred rent | 394,000 | 422,000 |
Non-current liabilities of discontinued operations | $ 441,000 | $ 642,000 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $.001 par value; 3,000 shares authorized; no shares issued or outstanding | ||
Common stock, $.001 par value; 20,000 shares authorized; 8,898 and 8,882 issued and outstanding at December 31, 2015 and June 30, 2015, respectively. | $ 9,000 | $ 9,000 |
Additional paid-in capital | 80,136,000 | 79,848,000 |
Accumulated deficit | (64,369,000) | (61,388,000) |
Total stockholders’ equity | 15,776,000 | 18,469,000 |
Total liabilities and stockholders’ equity | $ 28,086,000 | $ 32,202,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Account receivable, allowance | $ 30 | $ 33 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 8,898,000 | 8,882,000 |
Common stock, shares outstanding (in shares) | 8,898,000 | 8,882,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenues | $ 12,636 | $ 14,148 | $ 27,254 | $ 30,326 |
Cost of revenues | 5,010 | 5,067 | 10,156 | 10,863 |
Gross profit | 7,626 | 9,081 | 17,098 | 19,463 |
Operating expenses: | ||||
Selling and marketing expenses | 2,040 | 2,147 | 4,209 | 4,514 |
General and administrative expenses | 3,897 | 4,288 | 8,004 | 9,277 |
Total operating expenses | 5,937 | 6,435 | 12,213 | 13,791 |
Operating income | 1,689 | 2,646 | 4,885 | 5,672 |
Interest income and other expense, net | (15) | (7) | (42) | (2) |
Income before provision for income taxes | 1,674 | 2,639 | 4,843 | 5,670 |
Provision for income taxes | 679 | 971 | 1,906 | 2,220 |
Income from continuing operations | 995 | 1,668 | 2,937 | 3,450 |
Income (loss) from discontinued operations, net of income taxes | (6) | (13) | (17) | 9 |
Net income | $ 989 | $ 1,655 | $ 2,920 | $ 3,459 |
Net income per basic share | ||||
Income from continuing operations (in dollars per share) | $ 0.12 | $ 0.20 | $ 0.35 | $ 0.41 |
Income from discontinued operations (in dollars per share) | 0.01 | |||
Net income per basic share (in dollars per share) | $ 0.12 | $ 0.20 | $ 0.35 | 0.42 |
Net income per diluted share | ||||
Income from continuing operations (in dollars per share) | $ 0.12 | 0.20 | $ 0.34 | $ 0.41 |
Income (loss) from discontinued operations (in dollars per share) | (0.01) | |||
Net income per diluted share (in dollars per share) | $ 0.12 | $ 0.19 | $ 0.34 | $ 0.41 |
Weighted average shares outstanding | ||||
Basic (in shares) | 8,441 | 8,339 | 8,438 | 8,333 |
Diluted (in shares) | 8,549 | 8,519 | 8,541 | 8,511 |
Dividends declared per common share (in dollars per share) | $ 0.35 | $ 0.325 | $ 0.70 | $ 0.65 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 2,920,000 | $ 3,459,000 |
Discontinued operations | 17,000 | (9,000) |
Income from continuing operations | 2,937,000 | 3,450,000 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ||
Depreciation and amortization expense | 699,000 | 671,000 |
Stock-based compensation expense | 291,000 | $ 1,365,000 |
Provision for bad debts | 1,000 | |
Provision for inventory write-down | 42,000 | $ 151,000 |
Provision for warranty | 224,000 | 241,000 |
Gain on sale of property and equipment | $ (2,000) | (1,000) |
Loss on sale of business | 1,000 | |
Change in operating assets and liabilities: | ||
Accounts receivable | $ 362,000 | (448,000) |
Inventories | (188,000) | (381,000) |
Prepaid expenses and other | (51,000) | 464,000 |
Other assets | (141,000) | 21,000 |
Accounts payable and accrued liabilities | (657,000) | (480,000) |
Accrued compensation and benefits | (1,724,000) | (1,434,000) |
Income taxes payable | 382,000 | (88,000) |
Deferred revenue | 293,000 | 444,000 |
Deferred rent | (28,000) | (13,000) |
Net cash provided by operating activities of continuing operations | 2,440,000 | 3,963,000 |
Net cash used in operating activities of discontinued businesses | (199,000) | (313,000) |
Net cash provided by operating activities | $ 2,241,000 | 3,650,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sale of property and equipment | 2,000 | |
Proceeds from sale of business | $ 9,000 | 80,000 |
Purchase of business | (200,000) | |
Capital expenditures | $ (292,000) | (275,000) |
Capitalized software | (371,000) | (34,000) |
Patents and other intangibles | (26,000) | (10,000) |
Net cash used in investing activities | (680,000) | (437,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Dividends paid to common stockholders | $ (6,021,000) | (5,468,000) |
Payments for retirement of common stock | (504,000) | |
Net cash used in financing activities | $ (6,021,000) | (5,972,000) |
Net decrease in cash and cash equivalents | (4,460,000) | (2,759,000) |
Cash and cash equivalents at beginning of period | 17,254,000 | 19,909,000 |
Cash and cash equivalents at end of period | $ 12,794,000 | $ 17,150,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid during the period | ||
Income taxes paid during the period | $ 1,513,000 | $ 2,305,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF Significant Accounting Policies Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of Collectors Universe, Inc. and its operating subsidiaries (the “Company”, “we”, “us”, or “our”). At December 31, 2015, our operating subsidiaries were Certified Asset Exchange, Inc. (“CAE”), Collectors Universe (Hong Kong) Limited, Collectors Universe (Shanghai) Limited, and Expos, LLC. (“Expos”), all of which are ultimately 100% owned by Collectors Universe, Inc. All significant intercompany transactions and accounts have been eliminated in consolidation. Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These interim condensed consolidated financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to present fairly the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, and Condensed Consolidated Statements of Cash Flows for the periods presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Operating results for the three and six months ended December 31, 2015 are not necessarily indicative of the results that may be expected for the year ending June 30, 2016 or for any other interim period during such year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015, as filed with the SEC (our “Fiscal 2015 10-K”). Amounts related to disclosure of June 30, 2015 balances within these interim condensed consolidated financial statements were derived from the aforementioned audited consolidated financial statements and the notes thereto. Reclassification s Certain prior period amounts have been reclassified to conform to the current period presentation. Revenue Recognition Policies We record revenue at the time of shipment of the authenticated and graded collectible to the customer, net of any taxes collected. Due to the insignificant delay between the completion of our authentication and grading services and the shipment of the collectible or high-value asset back to the customer, the time of shipment corresponds to the completion of our authentication and grading services. We recognize revenue for the sale of special coin inserts at the time the customer takes legal title to the insert. Many of our authentication and grading customers prepay our authentication and grading fees when they submit their collectibles to us for authentication and grading. We record those prepayments as deferred revenue until the collectibles have been authenticated and graded and shipped back to them. At that time, we record the revenues from the authentication and grading services we have performed for the customer and deduct this amount from deferred revenue. For certain dealers to whom we extend open account privileges, we record revenue at the time of shipment of the authenticated and graded collectible to the dealer. With respect to our Expos trade show business, we recognize revenue from each show in the period in which the show takes place. A portion of our net revenues are comprised of subscription fees paid by customers for one year memberships in our Collectors Club. Those membership subscription fees entitle members to access our on-line and printed publications and, in some cases, to receive limited life vouchers for free grading services. We recognize revenue attributable to free grading vouchers on a specific basis and classify those revenues as part of authentication and grading fees. The balance of the membership fee is recognized over the life of the membership on a time-apportioned basis. We recognize product sales when items are shipped to customers. Product revenues consist primarily of sales of collectible coins that we purchase pursuant to our coin authentication and grading warranty program. However, those sales are not considered an integral part of the Company’s ongoing revenue generating activities. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results from continuing and discontinued operations could differ from results expected on the basis of those estimates, and such differences could be material to our future results of operations and financial condition. Examples of such estimates that could be material include determinations made with respect to the capitalization and recovery of software development costs, the valuation of stock-based compensation awards and the timing of the recognition of related stock-based compensation expense, the valuation of coin inventory, the amount and assessment of goodwill for impairment, the sufficiency of warranty reserves, the provision or benefit for income taxes and related valuation allowances, and adjustments to the fair value of remaining lease obligations for our discontinued jewelry businesses. Goodwill and Other Long-Lived Assets We evaluate the carrying value of goodwill and indefinite-lived intangible assets at least annually, or more frequently if facts and circumstances indicate that impairment may have occurred. Qualitative factors are considered in performing our goodwill impairment assessment, including the significant excess of fair value over carrying value in prior years, and any material changes in the estimated cash flows of the reporting unit. We also evaluate the carrying values of all other tangible and intangible assets for impairment if circumstances arise in which the carrying values of these assets may not be recoverable on the basis of future undiscounted cash flows. We determined that no impairment of goodwill or other long-lived assets existed as of December 31, 2015. Foreign Currency Stock-Based Compensation We recognize stock-based compensation attributable to service-based equity grants over the service period based on the grant date fair value. For performance-based equity grants with financial performance goals, we begin recognizing compensation expense based on the grant date fair value when it becomes probable that we will achieve the financial performance goals. Restricted Stock Awards In connection with the Company’s Long-Term Incentive Plan (“LTIP”) adopted by the Compensation Committee of the Board of Directors in fiscal 2013 and as previously disclosed in our Form 10-K for the year ended June 30, 2015, we did not achieve Performance Goal #2 in fiscal 2015. Nevertheless we still consider it probable that we will achieve that goal prior to the expiration of the LTIP in fiscal 2018. Therefore, we are accruing the remaining stock-based compensation expense for Performance Goal #2 on a prospective basis, through the expected later vesting date. At this time, it is considered too early to determine if it is probable that the Company will achieve additional Performance Goals beyond Performance Goal #2 in fiscal 2016 or future periods. We will continue to reassess at each reporting date whether it has become probable that any additional performance goals will be achieved. If additional shares are expected to vest, additional stock-based compensation expense will be recognized based on the expected vesting period. Stock-based compensation in the three and six months ended December 31, 2015 was $140,000 and $291,000, respectively, as compared to $433,000 and $1,365,000 in the three and six months ended December 31, 2014. Concentrations Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Financial Instruments and Cash Balances. Substantially all of our cash is deposited at two FDIC insured financial institutions. We maintained cash due from banks, inclusive of cash in overseas accounts, in excess of the bank’s FDIC insured deposit limits of approximately $12,352,000 at December 31, 2015. Accounts Receivable. Coin Revenues Customers. Inventories Our inventories consist primarily of (i) coins which we have purchased pursuant to our coin authentication and grading warranty program and (ii) consumable supplies and special inserts that we use in our continuing authentication and grading businesses. Coin collectibles inventories are recorded at the lower of cost or estimated market value using the specific identification method. Consumable supplies are recorded at the lower of cost (using the first-in first-out method) or market. Inventories are periodically reviewed to identify slow-moving items, and an allowance for inventory losses is recognized, as considered necessary. It is possible that our estimates of market value of collectible coins in inventory could change due to market conditions in the various collectibles markets served by the Company, which could require us to increase that allowance for inventory losses. Capitalized Software We capitalize certain costs incurred in the development and upgrading of our software, either from internal or external sources, as part of intangible assets and we amortize these costs on a straight-line basis over the estimated useful life of the software of three years. In the three and six months ended December 31, 2015 we capitalized approximately $169,000 and $371,000, respectively of software development cost as compared to $16,000 and $34,000 in the three and six months ended December 31, 2014, respectively. In the three and six months ended December 31, 2015, we recorded approximately $63,000 and $104,000, respectively as amortization expense for capitalized software as compared to $39,000 and $78,000 in the three and six months ended December 31, 2014. Planning, training, support and maintenance costs incurred either prior to or following the implementation phase are recognized as expense in the period in which they occur. We evaluate the carrying value of capitalized software for possible impairment, and, if necessary, an impairment loss is recorded in the period in which any impairment is determined to have occurred. Warranty Costs We offer a limited warranty covering the coins and trading cards that we authenticate and grade. Under the warranty, if any collectible coin or trading card that was previously authenticated and graded by us is later submitted to us for re-grading and either (i) receives a lower grade upon that re-submittal or (ii) is determined not to have been authentic, we will offer to purchase the collectible or, in the alternative, at the customer’s option, pay the difference in value of the item at its original grade, as compared with its lower grade. However, this warranty is voided if the collectible, upon re-submittal to us, is not in the same tamper-resistant holder in which it was placed at the time we last graded it. We accrue for estimated warranty costs based on historical trends and related experience. We monitor the adequacy of our warranty reserves on an ongoing basis for significant claims resulting from resubmissions receiving lower grades, or deemed not to be authentic. Dividends In accordance with the Company’s current quarterly dividend policy, we paid quarterly cash dividends of $0.35 per share of common stock in the second quarter of fiscal 2016. The declaration of cash dividends in the future is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company’s financial performance and its available cash resources, its cash requirements and alternative uses of cash that the Board may conclude would represent an opportunity to generate a greater return on investment for the Company. Recent Accounting Pronouncements In September 2015, FASB issued Accounting Standards Update 2015-16, on Business Combinations and Simplifying the Accounting for measurement-period adjustments. Under this guidance an acquirer is required to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, the guidance requires an entity to present separately on the face of the income statement or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of this guidance is not expected to have a material effect on the Company’s Condensed Consolidated Financial Statements and related disclosures. The guidance is effective for fiscal years beginning after December 15, 2015 and interim periods thereafter. In November 2015, FASB issued Accounting Standards Update 2015-17, on Income Taxes and the Balance Sheet Classification of Deferred Taxes. Under this updated guidance, deferred tax assets and liabilities are required to be classified as noncurrent asset or liabilities in the Company’s balance sheet. The guidance is effective for financial years beginning after December 15, 2016 and interim periods within those annual periods. Earlier adoption is permitted and the updated guidance, may be applied either prospectively or retrospectively. The Company plans to implement this guidance at June 30, 2016 and will retrospectively restate its comparable balance sheet at June 30, 2015 at that time. Had the Company adopted this guidance as of December 31, 2015 and June 30, 2015, deferred tax assets of $1,599,000 classified as part of current assets would have been reclassified to noncurrent deferred tax assets, such that noncurrent deferred tax assets would have been increased from $1,945,000 to $3,544,000 at both December 31, 2015 and June 30, 2015 and total current assets at December 31, 2015 and June 30, 2015 would have been reduced to $17,640,000 and $22,273,000, respectively. There would have been no change to total assets at December 31, 2015 and June 30, 2015 arising from this guidance. |
Note 2 - Inventories
Note 2 - Inventories | 6 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 2. INVENTORIES Inventories consist of the following (in thousands): December 31 , June 30, 2015 201 5 Coins $ 525 $ 504 Other collectibles 155 168 Grading raw materials consumable inventory 1,700 1,560 2,380 2,232 Less inventory reserve (615 ) (613 ) Inventories, net $ 1,765 $ 1,619 The inventory reserve represents a valuation allowance on certain items of our coins, other collectibles and consumable inventories based upon our review of the current market value of such coins and collectibles and the usage of consumables. The estimated value of coins can be subjective and can vary depending on market conditions for precious metals, the number of qualified buyers for a particular coin and the uniqueness and special features of a particular coin. |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 6 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. PROPERTY AND EQUIPMENT Property and equipment consist of the following (in thousands): December 31, June 30, 2015 2015 Coins grading reference sets $ 263 $ 263 Computer hardware and equipment 2,745 2,301 Computer software 1,191 1,148 Equipment 4,595 4,465 Furniture and office equipment 1,080 1,079 Leasehold improvements 1,055 1,024 Trading card reference library 52 52 10,981 10,332 Less accumulated depreciation and amortization (8,325 ) (8,006 ) Property and equipment, net $ 2,656 $ 2,326 |
Note 4 - Accrued Liabilities
Note 4 - Accrued Liabilities | 6 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 4. ACCRUED LIABILITIES Accrued liabilities consist of the following (in thousands): December 31 , June 30, 2015 201 5 Warranty reserves $ 1,450 $ 1,492 Other 1,529 1,406 $ 2,979 $ 2,898 The following table presents the changes in the Company’s warranty reserve during the six months ended December 31, 2015 and 2014 (in thousands): Six Months Ended December 31 , 2015 2014 Warranty reserve beginning of period $ 1,492 $ 1,569 Provision charged to cost of revenues 224 241 Payments (266 ) (214 ) Warranty reserve, end of period $ 1,450 $ 1,596 |
Note 5 - Discontinued Operation
Note 5 - Discontinued Operations | 6 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 5. DISCONTINUED OPERATIONS During fiscal 2009, the Board of Directors authorized the divesture and sale of the jewelry businesses and the currency grading business, the remaining assets and liabilities of which have been reclassified as assets and liabilities of discontinued operations on the Condensed Consolidated Balance Sheets as of December 31, 2015 and June 30, 2015. The operating results of the discontinued businesses that are included in the accompanying Condensed Consolidated Statements of Operations were not material. At December 31, 2015, one of the lease obligations expired. The balance of our remaining lease related obligation in connection with the fiscal 2009 disposal of our jewelry business was $1,069,000 at December 31, 2015, of which $628,000 was classified as a current liability, and $441,000 was classified as a non-current liability in the accompanying condensed consolidated balance sheet at December 31, 2015. We will continue to review and, if necessary, make adjustments to the lease obligation accruals on a quarterly basis. |
Note 6 - Income Taxes
Note 6 - Income Taxes | 6 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6. INCOME TAXES In both the six months ended December 31, 2015 and 2014, we recognized provisions for income taxes based upon estimated annual effective tax rates of approximately 39% and such provisions include valuation allowances established against losses of foreign subsidiaries. |
Note 7 - Net Income Per Share
Note 7 - Net Income Per Share | 6 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. NET INCOME PER SHARE The following table presents the changes in the Company’s weighted average shares outstanding for the three and six months ended December 31, 2015 and 2014 (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2015 20 14 2015 2014 Weighted average shares outstanding: Basic 8,441 8,339 8,438 8,333 Dilutive effect of stock options - - - 3 Dilutive effect of restricted shares 108 180 103 175 Weighted average shares outstanding: Diluted 8,549 8,519 8,541 8,511 A total of 30,000 unvested restricted shares of common stock were excluded from the computation of diluted income per share, in the three months ended December 31, 2015, as they would have been anti-dilutive. There were no anti-dilutive options or restricted shares of common stock in either the three or the six months ended December 31, 2014. In addition, approximately 261,000 and 256,000 of unvested performance-based restricted shares of common stock were excluded from the computation of diluted earnings per share in the three and six months ended December 31, 2015, respectively, as compared to 262,000 and 257,000 of unvested performance based shares in the three and six months ended December 31, 2014, respectively, because we had not achieved the related performance goals required for those shares to vest. |
Note 8 - Business Segments
Note 8 - Business Segments | 6 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 8. BUSINESS SEGMENTS Operating segments are defined as the components or “segments” of an enterprise for which separate financial information is available that is evaluated regularly by the Company’s chief operating decision maker, or decision-making group, in deciding how to allocate resources to and in assessing performance of those components or “segments”. The Company’s chief operating decision-maker is its Chief Executive Officer. The Company’s operating segments are organized based on the respective services that they offer to customers. Similar operating segments have been aggregated to reportable operating segments based on having similar services, types of customers, and other criteria. For our continuing operations, we operate principally in three reportable service segments: coins, trading cards and autographs and other collectibles. Services provided by these segments include authentication, grading, publications, advertising and commissions earned, subscription-based revenues and product sales. The other collectibles segment is comprised of CCE, Coinflation.com, Collectors.com and our collectibles trade show business. We allocate operating expenses to each service segment based upon each segment’s activity level. The following tables set forth on a segment basis, including a reconciliation with the condensed consolidated financial statements, (i) external revenues, (ii) amortization and depreciation, (iii) stock-based compensation expense, and (iv) operating income for the three months and six months ended December 31, 2015 and 2014, respectively. Net identifiable assets are provided by business segment as of December 31, 2015 and June 30, 2015, respectively (in thousands): Three Months Ended Six Months Ended December 31, December 31, 20 15 20 14 20 15 20 14 Net revenues from external customers: Coins $ 8,285 $ 9,777 $ 17,598 $ 20,883 Trading cards and autographs 3,575 3,653 7,572 7,482 Other 776 718 2,084 1,961 Consolidated total revenue $ 12,636 $ 14,148 $ 27,254 $ 30,326 Amortization and depreciation: Coins $ 124 $ 123 $ 262 $ 252 Trading cards and autographs 57 50 112 100 Other 122 83 219 167 Total 303 256 593 519 Unallocated amortization and depreciation 56 73 106 152 Consolidated amortization and depreciation $ 359 $ 329 $ 699 $ 671 Stock-based compensation: Coins $ 22 $ 88 $ 45 $ 261 Trading cards and autographs 3 41 5 156 Other 2 29 4 107 Total 27 158 54 524 Unallocated stock-based compensation 113 275 237 841 Consolidated stock-based compensation $ 140 $ 433 $ 291 $ 1,365 Operating income: Coins $ 2,328 $ 3,041 $ 5,601 $ 6,636 Trading cards and autographs 623 755 1,516 1,527 Other (222 ) 179 (5 ) 512 Total 2,729 3,975 7,112 8,675 Unallocated operating expenses (1,040 ) (1,329 ) (2,227 ) (3,003 ) Consolidated operating income $ 1,689 $ 2,646 $ 4,885 $ 5,672 December 31, June 30, 2015 2015 Identifiable Assets: Coins $ 5,813 $ 5,961 Trading cards and autographs 1,366 1,436 Other 3,211 2,859 Total 10,390 10,256 Unallocated assets 17,696 21,946 Consolidated assets $ 28,086 $ 32,202 Goodwill: Coins $ 515 $ 515 Other 1,568 1,568 Consolidated goodwill $ 2,083 $ 2,083 |
Note 9 - Related-party Transact
Note 9 - Related-party Transactions | 6 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 9. RELATED-PARTY TRANSACTIONS During the three and six months ended December 31, 2015, an adult member of the immediate family of Mr. David Hall, the President of the Company, paid grading and authentication fees to us of $188,000 and $1,005,000, respectively, as compared to $269,000 and $649,000 for the three and six months ended December 31, 2014. At December 31, 2015, the amount owed to the Company for these services was approximately $119,000, as compared to $145,000 at June 30, 2015. An associate of Richard Kenneth Duncan Sr., who as of July 2015 was the beneficial owner of approximately 5% of our outstanding shares, paid us grading and authentication fees of $233,000 and $566,000 in the three and six months ended December 31, 2015, respectively, as compared to $213,000 and $541,000, respectively, in the same three and six months of fiscal 2015. At December 31, 2015, the amount owed to the Company for these services was approximately $107,000, as compared to $118,000 at June 30, 2015. In each case, these authentication and grading fees were comparable in amount to the fees which we charge, in the ordinary course of our business, for similar authentication and grading services we render to unaffiliated customers. |
Note 10 - Contingencies
Note 10 - Contingencies | 6 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Contingencies Disclosure [Text Block] | 10. CONTINGENCIES The Company is named from time to time, as a defendant in lawsuits and disputes that arise in the ordinary course of business. We believe that none of the lawsuits or disputes currently pending against the Company is likely to have a material adverse effect on the Company’s financial position or results of operations. |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 6 Months Ended |
Dec. 31, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. SUBSEQUENT EVENTS On January 25, 2016, the Company announced that, in accordance with its dividend policy the Board of Directors had approved a third quarter cash dividend of $0.35 per share of common stock and such dividend will be paid on February 26, 2016 to stockholders of record on February 17, 2016. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of Collectors Universe, Inc. and its operating subsidiaries (the “Company”, “we”, “us”, or “our”). At December 31, 2015, our operating subsidiaries were Certified Asset Exchange, Inc. (“CAE”), Collectors Universe (Hong Kong) Limited, Collectors Universe (Shanghai) Limited, and Expos, LLC. (“Expos”), all of which are ultimately 100% owned by Collectors Universe, Inc. All significant intercompany transactions and accounts have been eliminated in consolidation. |
Basis of Accounting, Policy [Policy Text Block] | Unaudited Interim Financial Information The accompanying interim condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These interim condensed consolidated financial statements are unaudited and, in the opinion of management, include all adjustments (consisting of normal recurring adjustments and accruals) necessary to present fairly the Condensed Consolidated Balance Sheets, Condensed Consolidated Statements of Operations, and Condensed Consolidated Statements of Cash Flows for the periods presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”). Operating results for the three and six months ended December 31, 2015 are not necessarily indicative of the results that may be expected for the year ending June 30, 2016 or for any other interim period during such year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted in accordance with the rules and regulations of the SEC. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2015, as filed with the SEC (our “Fiscal 2015 10-K”). Amounts related to disclosure of June 30, 2015 balances within these interim condensed consolidated financial statements were derived from the aforementioned audited consolidated financial statements and the notes thereto. |
Reclassification, Policy [Policy Text Block] | Reclassification s Certain prior period amounts have been reclassified to conform to the current period presentation. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Policies We record revenue at the time of shipment of the authenticated and graded collectible to the customer, net of any taxes collected. Due to the insignificant delay between the completion of our authentication and grading services and the shipment of the collectible or high-value asset back to the customer, the time of shipment corresponds to the completion of our authentication and grading services. We recognize revenue for the sale of special coin inserts at the time the customer takes legal title to the insert. Many of our authentication and grading customers prepay our authentication and grading fees when they submit their collectibles to us for authentication and grading. We record those prepayments as deferred revenue until the collectibles have been authenticated and graded and shipped back to them. At that time, we record the revenues from the authentication and grading services we have performed for the customer and deduct this amount from deferred revenue. For certain dealers to whom we extend open account privileges, we record revenue at the time of shipment of the authenticated and graded collectible to the dealer. With respect to our Expos trade show business, we recognize revenue from each show in the period in which the show takes place. A portion of our net revenues are comprised of subscription fees paid by customers for one year memberships in our Collectors Club. Those membership subscription fees entitle members to access our on-line and printed publications and, in some cases, to receive limited life vouchers for free grading services. We recognize revenue attributable to free grading vouchers on a specific basis and classify those revenues as part of authentication and grading fees. The balance of the membership fee is recognized over the life of the membership on a time-apportioned basis. We recognize product sales when items are shipped to customers. Product revenues consist primarily of sales of collectible coins that we purchase pursuant to our coin authentication and grading warranty program. However, those sales are not considered an integral part of the Company’s ongoing revenue generating activities. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results from continuing and discontinued operations could differ from results expected on the basis of those estimates, and such differences could be material to our future results of operations and financial condition. Examples of such estimates that could be material include determinations made with respect to the capitalization and recovery of software development costs, the valuation of stock-based compensation awards and the timing of the recognition of related stock-based compensation expense, the valuation of coin inventory, the amount and assessment of goodwill for impairment, the sufficiency of warranty reserves, the provision or benefit for income taxes and related valuation allowances, and adjustments to the fair value of remaining lease obligations for our discontinued jewelry businesses. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Long-Lived Assets We evaluate the carrying value of goodwill and indefinite-lived intangible assets at least annually, or more frequently if facts and circumstances indicate that impairment may have occurred. Qualitative factors are considered in performing our goodwill impairment assessment, including the significant excess of fair value over carrying value in prior years, and any material changes in the estimated cash flows of the reporting unit. We also evaluate the carrying values of all other tangible and intangible assets for impairment if circumstances arise in which the carrying values of these assets may not be recoverable on the basis of future undiscounted cash flows. We determined that no impairment of goodwill or other long-lived assets existed as of December 31, 2015. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation We recognize stock-based compensation attributable to service-based equity grants over the service period based on the grant date fair value. For performance-based equity grants with financial performance goals, we begin recognizing compensation expense based on the grant date fair value when it becomes probable that we will achieve the financial performance goals. Restricted Stock Awards In connection with the Company’s Long-Term Incentive Plan (“LTIP”) adopted by the Compensation Committee of the Board of Directors in fiscal 2013 and as previously disclosed in our Form 10-K for the year ended June 30, 2015, we did not achieve Performance Goal #2 in fiscal 2015. Nevertheless we still consider it probable that we will achieve that goal prior to the expiration of the LTIP in fiscal 2018. Therefore, we are accruing the remaining stock-based compensation expense for Performance Goal #2 on a prospective basis, through the expected later vesting date. At this time, it is considered too early to determine if it is probable that the Company will achieve additional Performance Goals beyond Performance Goal #2 in fiscal 2016 or future periods. We will continue to reassess at each reporting date whether it has become probable that any additional performance goals will be achieved. If additional shares are expected to vest, additional stock-based compensation expense will be recognized based on the expected vesting period. Stock-based compensation in the three and six months ended December 31, 2015 was $140,000 and $291,000, respectively, as compared to $433,000 and $1,365,000 in the three and six months ended December 31, 2014. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. Financial Instruments and Cash Balances. Substantially all of our cash is deposited at two FDIC insured financial institutions. We maintained cash due from banks, inclusive of cash in overseas accounts, in excess of the bank’s FDIC insured deposit limits of approximately $12,352,000 at December 31, 2015. Accounts Receivable. Coin Revenues Customers. |
Inventory, Policy [Policy Text Block] | Inventories Our inventories consist primarily of (i) coins which we have purchased pursuant to our coin authentication and grading warranty program and (ii) consumable supplies and special inserts that we use in our continuing authentication and grading businesses. Coin collectibles inventories are recorded at the lower of cost or estimated market value using the specific identification method. Consumable supplies are recorded at the lower of cost (using the first-in first-out method) or market. Inventories are periodically reviewed to identify slow-moving items, and an allowance for inventory losses is recognized, as considered necessary. It is possible that our estimates of market value of collectible coins in inventory could change due to market conditions in the various collectibles markets served by the Company, which could require us to increase that allowance for inventory losses. |
Research, Development, and Computer Software, Policy [Policy Text Block] | Capitalized Software We capitalize certain costs incurred in the development and upgrading of our software, either from internal or external sources, as part of intangible assets and we amortize these costs on a straight-line basis over the estimated useful life of the software of three years. In the three and six months ended December 31, 2015 we capitalized approximately $169,000 and $371,000, respectively of software development cost as compared to $16,000 and $34,000 in the three and six months ended December 31, 2014, respectively. In the three and six months ended December 31, 2015, we recorded approximately $63,000 and $104,000, respectively as amortization expense for capitalized software as compared to $39,000 and $78,000 in the three and six months ended December 31, 2014. Planning, training, support and maintenance costs incurred either prior to or following the implementation phase are recognized as expense in the period in which they occur. We evaluate the carrying value of capitalized software for possible impairment, and, if necessary, an impairment loss is recorded in the period in which any impairment is determined to have occurred. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Costs We offer a limited warranty covering the coins and trading cards that we authenticate and grade. Under the warranty, if any collectible coin or trading card that was previously authenticated and graded by us is later submitted to us for re-grading and either (i) receives a lower grade upon that re-submittal or (ii) is determined not to have been authentic, we will offer to purchase the collectible or, in the alternative, at the customer’s option, pay the difference in value of the item at its original grade, as compared with its lower grade. However, this warranty is voided if the collectible, upon re-submittal to us, is not in the same tamper-resistant holder in which it was placed at the time we last graded it. We accrue for estimated warranty costs based on historical trends and related experience. We monitor the adequacy of our warranty reserves on an ongoing basis for significant claims resulting from resubmissions receiving lower grades, or deemed not to be authentic. |
Stockholders' Equity, Policy [Policy Text Block] | Dividends In accordance with the Company’s current quarterly dividend policy, we paid quarterly cash dividends of $0.35 per share of common stock in the second quarter of fiscal 2016. The declaration of cash dividends in the future is subject to final determination each quarter by the Board of Directors based on a number of factors, including the Company’s financial performance and its available cash resources, its cash requirements and alternative uses of cash that the Board may conclude would represent an opportunity to generate a greater return on investment for the Company. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In September 2015, FASB issued Accounting Standards Update 2015-16, on Business Combinations and Simplifying the Accounting for measurement-period adjustments. Under this guidance an acquirer is required to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, the guidance requires an entity to present separately on the face of the income statement or disclose in the notes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The adoption of this guidance is not expected to have a material effect on the Company’s Condensed Consolidated Financial Statements and related disclosures. The guidance is effective for fiscal years beginning after December 15, 2015 and interim periods thereafter. In November 2015, FASB issued Accounting Standards Update 2015-17, on Income Taxes and the Balance Sheet Classification of Deferred Taxes. Under this updated guidance, deferred tax assets and liabilities are required to be classified as noncurrent asset or liabilities in the Company’s balance sheet. The guidance is effective for financial years beginning after December 15, 2016 and interim periods within those annual periods. Earlier adoption is permitted and the updated guidance, may be applied either prospectively or retrospectively. The Company plans to implement this guidance at June 30, 2016 and will retrospectively restate its comparable balance sheet at June 30, 2015 at that time. Had the Company adopted this guidance as of December 31, 2015 and June 30, 2015, deferred tax assets of $1,599,000 classified as part of current assets would have been reclassified to noncurrent deferred tax assets, such that noncurrent deferred tax assets would have been increased from $1,945,000 to $3,544,000 at both December 31, 2015 and June 30, 2015 and total current assets at December 31, 2015 and June 30, 2015 would have been reduced to $17,640,000 and $22,273,000, respectively. There would have been no change to total assets at December 31, 2015 and June 30, 2015 arising from this guidance. |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following (in thousands): December 31 , June 30, 2015 201 5 Coins $ 525 $ 504 Other collectibles 155 168 Grading raw materials consumable inventory 1,700 1,560 2,380 2,232 Less inventory reserve (615 ) (613 ) Inventories, net $ 1,765 $ 1,619 |
Note 3 - Property and Equipme19
Note 3 - Property and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consist of the following (in thousands): December 31, June 30, 2015 2015 Coins grading reference sets $ 263 $ 263 Computer hardware and equipment 2,745 2,301 Computer software 1,191 1,148 Equipment 4,595 4,465 Furniture and office equipment 1,080 1,079 Leasehold improvements 1,055 1,024 Trading card reference library 52 52 10,981 10,332 Less accumulated depreciation and amortization (8,325 ) (8,006 ) Property and equipment, net $ 2,656 $ 2,326 |
Note 4 - Accrued Liabilities (T
Note 4 - Accrued Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities consist of the following (in thousands): December 31 , June 30, 2015 201 5 Warranty reserves $ 1,450 $ 1,492 Other 1,529 1,406 $ 2,979 $ 2,898 |
Schedule of Product Warranty Liability [Table Text Block] | Six Months Ended December 31 , 2015 2014 Warranty reserve beginning of period $ 1,492 $ 1,569 Provision charged to cost of revenues 224 241 Payments (266 ) (214 ) Warranty reserve, end of period $ 1,450 $ 1,596 |
Note 7 - Net Income Per Share (
Note 7 - Net Income Per Share (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, Six Months Ended December 31, 2015 20 14 2015 2014 Weighted average shares outstanding: Basic 8,441 8,339 8,438 8,333 Dilutive effect of stock options - - - 3 Dilutive effect of restricted shares 108 180 103 175 Weighted average shares outstanding: Diluted 8,549 8,519 8,541 8,511 |
Note 8 - Business Segments (Tab
Note 8 - Business Segments (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended December 31, December 31, 20 15 20 14 20 15 20 14 Net revenues from external customers: Coins $ 8,285 $ 9,777 $ 17,598 $ 20,883 Trading cards and autographs 3,575 3,653 7,572 7,482 Other 776 718 2,084 1,961 Consolidated total revenue $ 12,636 $ 14,148 $ 27,254 $ 30,326 Amortization and depreciation: Coins $ 124 $ 123 $ 262 $ 252 Trading cards and autographs 57 50 112 100 Other 122 83 219 167 Total 303 256 593 519 Unallocated amortization and depreciation 56 73 106 152 Consolidated amortization and depreciation $ 359 $ 329 $ 699 $ 671 Stock-based compensation: Coins $ 22 $ 88 $ 45 $ 261 Trading cards and autographs 3 41 5 156 Other 2 29 4 107 Total 27 158 54 524 Unallocated stock-based compensation 113 275 237 841 Consolidated stock-based compensation $ 140 $ 433 $ 291 $ 1,365 Operating income: Coins $ 2,328 $ 3,041 $ 5,601 $ 6,636 Trading cards and autographs 623 755 1,516 1,527 Other (222 ) 179 (5 ) 512 Total 2,729 3,975 7,112 8,675 Unallocated operating expenses (1,040 ) (1,329 ) (2,227 ) (3,003 ) Consolidated operating income $ 1,689 $ 2,646 $ 4,885 $ 5,672 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, June 30, 2015 2015 Identifiable Assets: Coins $ 5,813 $ 5,961 Trading cards and autographs 1,366 1,436 Other 3,211 2,859 Total 10,390 10,256 Unallocated assets 17,696 21,946 Consolidated assets $ 28,086 $ 32,202 Goodwill: Coins $ 515 $ 515 Other 1,568 1,568 Consolidated goodwill $ 2,083 $ 2,083 |
Note 1 - Summary of Significa23
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Sales Revenue, Services, Net [Member] | Authentication and Grading Services [Member] | Customer Concentration Risk [Member] | Five Customers [Member] | |||||||
Concentration Risk, Percentage | 13.00% | 14.00% | |||||
Sales Revenue, Services, Net [Member] | Authentication and Grading Services [Member] | Customer Concentration Risk [Member] | |||||||
Concentration Risk Number of Customers | 5 | 5 | |||||
Sales Revenue, Services, Net [Member] | Coins [Member] | |||||||
Concentration Risk, Percentage | 69.00% | 65.00% | 69.00% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||||
Concentration Risk Number of Customers | 1 | 0 | |||||
Deferred Tax Assets, Current to Noncurrent Reclassification [Member] | Pro Forma [Member] | Quarter Ended December 31, 2015 [Member] | |||||||
Prior Period Reclassification Adjustment | $ 1,599,000 | ||||||
Deferred Tax Assets, Current to Noncurrent Reclassification [Member] | Pro Forma [Member] | Year Ended June 30, 2015 [Member] | |||||||
Prior Period Reclassification Adjustment | 1,599,000 | ||||||
Deferred Tax Assets, Current to Noncurrent Reclassification [Member] | Pro Forma [Member] | |||||||
Deferred Tax Assets, Net, Noncurrent | $ 3,544,000 | 3,544,000 | $ 3,544,000 | ||||
Assets, Current | 17,640,000 | $ 17,640,000 | 17,640,000 | $ 22,273,000 | |||
Deferred Tax Assets, Current to Noncurrent Conversion [Member] | Pro Forma [Member] | |||||||
Deferred Tax Assets, Net, Noncurrent | 3,544,000 | ||||||
Computer Software, Intangible Asset [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | ||||||
Deferred Tax Assets, Net, Noncurrent | 1,945,000 | $ 1,945,000 | 1,945,000 | 1,945,000 | |||
Goodwill and Intangible Asset Impairment | 0 | ||||||
Allocated Share-based Compensation Expense | 140,000 | $ 433,000 | 291,000 | $ 1,365,000 | |||
Cash and Cash Equivalents, at Carrying Value | 12,794,000 | 17,150,000 | 12,794,000 | 17,150,000 | 12,794,000 | 17,254,000 | $ 19,909,000 |
Money Market Funds, at Carrying Value | 10,112,000 | 10,112,000 | 10,112,000 | ||||
Other Cash Equivalents, at Carrying Value | 2,682,000 | 2,682,000 | 2,682,000 | ||||
Cash | 1,359,000 | 1,359,000 | 1,359,000 | ||||
Cash, Uninsured Amount | 12,352,000 | 12,352,000 | 12,352,000 | ||||
Allowance for Doubtful Accounts Receivable, Current | 30,000 | 30,000 | 30,000 | 33,000 | |||
Capitalized Computer Software, Additions | 169,000 | 16,000 | 371,000 | 34,000 | |||
Capitalized Computer Software, Amortization | $ 63,000 | $ 39,000 | 104,000 | $ 78,000 | |||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0.35 | ||||||
Assets, Current | $ 19,239,000 | $ 19,239,000 | $ 19,239,000 | $ 23,872,000 |
Note 2 - Inventories (Details)
Note 2 - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Coins [Member] | ||
Inventory, gross | $ 525 | $ 504 |
Other Collectibles [Member] | ||
Inventory, gross | 155 | 168 |
Grading Raw Materials Consumable [Member] | ||
Inventory, gross | 1,700 | 1,560 |
Inventory, gross | 2,380 | 2,232 |
Less inventory reserve | (615) | (613) |
Inventories, net | $ 1,765 | $ 1,619 |
Note 3 - Property and Equipme25
Note 3 - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Coins Grading Reference Sets [Member] | ||
Property and equipment, gross | $ 263 | $ 263 |
Computer Equipment [Member] | ||
Property and equipment, gross | 2,745 | 2,301 |
Computer Software [Member] | ||
Property and equipment, gross | 1,191 | 1,148 |
Equipment [Member] | ||
Property and equipment, gross | 4,595 | 4,465 |
Furniture and Office Equipment [Member] | ||
Property and equipment, gross | 1,080 | 1,079 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 1,055 | 1,024 |
Trading Card Reference Library [Member] | ||
Property and equipment, gross | 52 | 52 |
Property and equipment, gross | 10,981 | 10,332 |
Less accumulated depreciation and amortization | (8,325) | (8,006) |
Property and equipment, net | $ 2,656 | $ 2,326 |
Note 4 - Accrued Liabilities (D
Note 4 - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Warranty reserves | $ 1,450 | $ 1,492 |
Other | 1,529 | 1,406 |
Accrued liabilities | $ 2,979 | $ 2,898 |
Note 4 - Warranty Reserve Activ
Note 4 - Warranty Reserve Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Warranty reserve beginning of period | $ 1,492 | $ 1,569 |
Provision charged to cost of revenues | 224 | 241 |
Payments | (266) | (214) |
Warranty reserve, end of period | $ 1,450 | $ 1,596 |
Note 5 - Discontinued Operati28
Note 5 - Discontinued Operations (Details Textual) - Jewelry Businesses [Member] | 6 Months Ended |
Dec. 31, 2015USD ($) | |
Lease Obligations, Expired, Number | 1 |
Total Accrual Related to Remaining Lease Obligations | $ 1,069,000 |
Accrued Rent, Current | 628,000 |
Accrued Rent, Noncurrent | $ 441,000 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Percent | 39.00% | 39.00% |
Note 7 - Net Income Per Share30
Note 7 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | |
Stock Options and Unvested Restricted Shares [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 30,000 | 0 | 0 | ||
Performance Shares [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 261,000 | 262,000 | 256,000 | 257,000 |
Note 7 - Computation of Basic a
Note 7 - Computation of Basic and Diluted Net Loss Per Common Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Stock Option [Member] | ||||
Dilutive effect of shares (in shares) | 3 | |||
Restricted Stock [Member] | ||||
Dilutive effect of shares (in shares) | 108 | 180 | 103 | 175 |
Weighted average shares outstanding: Basic (in shares) | 8,441 | 8,339 | 8,438 | 8,333 |
Weighted average shares outstanding: Diluted (in shares) | 8,549 | 8,519 | 8,541 | 8,511 |
Note 8 - Business Segments (Det
Note 8 - Business Segments (Details Textual) | 6 Months Ended |
Dec. 31, 2015 | |
Number of Reportable Segments | 3 |
Note 8 - Segment Reporting Info
Note 8 - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Coins [Member] | Operating Segments [Member] | ||||
Net revenues | $ 8,285,000 | $ 9,777,000 | $ 17,598,000 | $ 20,883,000 |
Depreciation and amortization | 124,000 | 123,000 | 262,000 | 252,000 |
Allocated Share-based Compensation Expense | 22,000 | 88,000 | 45,000 | 261,000 |
Operating income | 2,328,000 | 3,041,000 | 5,601,000 | 6,636,000 |
Trading Cards and Autographs [Member] | Operating Segments [Member] | ||||
Net revenues | 3,575,000 | 3,653,000 | 7,572,000 | 7,482,000 |
Depreciation and amortization | 57,000 | 50,000 | 112,000 | 100,000 |
Allocated Share-based Compensation Expense | 3,000 | 41,000 | 5,000 | 156,000 |
Operating income | 623,000 | 755,000 | 1,516,000 | 1,527,000 |
Other Segments [Member] | Operating Segments [Member] | ||||
Net revenues | 776,000 | 718,000 | 2,084,000 | 1,961,000 |
Depreciation and amortization | 122,000 | 83,000 | 219,000 | 167,000 |
Allocated Share-based Compensation Expense | 2,000 | 29,000 | 4,000 | 107,000 |
Operating income | (222,000) | 179,000 | (5,000) | 512,000 |
Operating Segments [Member] | ||||
Depreciation and amortization | 303,000 | 256,000 | 593,000 | 519,000 |
Allocated Share-based Compensation Expense | 27,000 | 158,000 | 54,000 | 524,000 |
Operating income | 2,729,000 | 3,975,000 | 7,112,000 | 8,675,000 |
Segment Reconciling Items [Member] | ||||
Depreciation and amortization | 56,000 | 73,000 | 106,000 | 152,000 |
Allocated Share-based Compensation Expense | 113,000 | 275,000 | 237,000 | 841,000 |
Operating income | (1,040,000) | (1,329,000) | (2,227,000) | (3,003,000) |
Net revenues | 12,636,000 | 14,148,000 | 27,254,000 | 30,326,000 |
Depreciation and amortization | 359,000 | 329,000 | 699,000 | 671,000 |
Allocated Share-based Compensation Expense | 140,000 | 433,000 | 291,000 | 1,365,000 |
Operating income | $ 1,689,000 | $ 2,646,000 | $ 4,885,000 | $ 5,672,000 |
Note 8 - Reconciliation of Asse
Note 8 - Reconciliation of Assets to Consolidated from Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Operating Segments [Member] | Coins [Member] | ||
Identifiable Assets: | ||
Assets | $ 5,813 | $ 5,961 |
Goodwill: | ||
Goodwill | 515 | 515 |
Operating Segments [Member] | Trading Cards and Autographs [Member] | ||
Identifiable Assets: | ||
Assets | 1,366 | 1,436 |
Operating Segments [Member] | Other Segments [Member] | ||
Identifiable Assets: | ||
Assets | 3,211 | 2,859 |
Goodwill: | ||
Goodwill | 1,568 | 1,568 |
Operating Segments [Member] | ||
Identifiable Assets: | ||
Assets | 10,390 | 10,256 |
Segment Reconciling Items [Member] | ||
Identifiable Assets: | ||
Assets | 17,696 | 21,946 |
Assets | 28,086 | 32,202 |
Goodwill: | ||
Goodwill | $ 2,083 | $ 2,083 |
Note 9 - Related-party Transa35
Note 9 - Related-party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2015 | Jun. 30, 2015 | |
Grading and Authentication Fees [Member] | Mr. Hall's Immediate Family Member [Member] | ||||||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 188,000 | $ 269,000 | $ 1,005,000 | $ 649,000 | ||
Accounts Receivable, Related Parties, Current | 119,000 | 119,000 | $ 145,000 | |||
Grading and Authentication Fees [Member] | Associate of Richard Kenneth Duncan Sr [Member] | ||||||
Related Party Transaction, Other Revenues from Transactions with Related Party | 233,000 | $ 213,000 | 566,000 | $ 541,000 | ||
Accounts Receivable, Related Parties, Current | $ 107,000 | $ 107,000 | $ 118,000 | |||
Associate of Richard Kenneth Duncan Sr [Member] | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 5.00% |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - $ / shares | Jan. 25, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Member] | |||||
Dividends Payable, Date Declared | Jan. 25, 2016 | ||||
Dividends Payable, Date to be Paid | Feb. 26, 2016 | ||||
Dividends Payable, Date of Record | Feb. 17, 2016 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.35 | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.35 | $ 0.325 | $ 0.70 | $ 0.65 |