Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document Information [Line Items] | ||
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 | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 10,344,000 | $ 11,967,000 |
Accounts receivable, net of allowance of $45 and $35 at September 30, 2016 and June 30, 2016, respectively | 3,464,000 | 3,883,000 |
Inventories, net | 2,070,000 | 1,835,000 |
Prepaid expenses and other current assets | 1,219,000 | 1,273,000 |
Total current assets | 17,097,000 | 18,958,000 |
Property and equipment, net | 3,019,000 | 2,839,000 |
Goodwill | 2,083,000 | 2,083,000 |
Intangible assets, net | 1,734,000 | 1,762,000 |
Deferred income tax assets | 2,229,000 | 2,229,000 |
Other assets | 296,000 | 240,000 |
Non-current assets of discontinued operations | 79,000 | 79,000 |
Total assets | 26,537,000 | 28,190,000 |
Current liabilities: | ||
Accounts payable | 2,685,000 | 2,728,000 |
Accrued liabilities | 2,491,000 | 2,491,000 |
Accrued compensation and benefits | 2,375,000 | 3,414,000 |
Income taxes payable | 1,622,000 | 782,000 |
Deferred revenue | 2,560,000 | 2,563,000 |
Current liabilities of discontinued operations | 628,000 | 619,000 |
Total current liabilities | 12,361,000 | 12,597,000 |
Deferred rent | 361,000 | 381,000 |
Non-current liabilities of discontinued operations | 102,000 | 217,000 |
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 issued and outstanding at both September 30, 2016 and June 30, 2016. | 9,000 | 9,000 |
Additional paid-in capital | 80,744,000 | 80,642,000 |
Accumulated deficit | (67,040,000) | (65,656,000) |
Total stockholders’ equity | 13,713,000 | 14,995,000 |
Total liabilities and stockholders’ equity | $ 26,537,000 | $ 28,190,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Account receivable, allowance | $ 45,000 | $ 35,000 |
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 | 8,898,000 |
Common stock, shares outstanding (in shares) | 8,898,000 | 8,898,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | ||
Net revenues | [1] | $ 15,748 | $ 14,618 |
Cost of revenues | 6,138 | 5,147 | |
Gross profit | 9,610 | 9,471 | |
Operating Expenses: | |||
Selling and marketing expenses | 2,422 | 2,169 | |
General and administrative expenses | 4,414 | 4,107 | |
Total operating expenses | 6,836 | 6,276 | |
Operating income | 2,774 | 3,195 | |
Interest and other income, net | 24 | (26) | |
Income before provision for income taxes | 2,798 | 3,169 | |
Provision for income taxes | 1,210 | 1,226 | |
Income from continuing operations | 1,588 | 1,943 | |
Loss from discontinued operations, net of income taxes | (7) | (12) | |
Net income | $ 1,581 | $ 1,931 | |
Net income per basic share | |||
Income from continuing operations (in dollars per share) | $ 0.19 | $ 0.23 | |
Income (loss) from discontinued operations (in dollars per share) | |||
Net income (in dollars per share) | 0.19 | 0.23 | |
Net income per diluted share | |||
Income from continuing operations (in dollars per share) | 0.19 | 0.23 | |
Income (loss) from discontinued operations (in dollars per share) | (0.01) | ||
Net income (in dollars per share) | $ 0.18 | $ 0.23 | |
Weighted average shares outstanding | |||
Weighted average shares outstanding: Basic (in shares) | 8,474 | 8,434 | |
Weighted average shares outstanding: Diluted (in shares) | 8,561 | 8,534 | |
Dividends declared per common share (in dollars per share) | $ 0.35 | $ 0.35 | |
[1] | Includes revenues of $5.0 million, $4.1 million, and $3.8 million, generated outside the United States in fiscal years 2016, 2015 and 2014, respectively. |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 1,581,000 | $ 1,931,000 |
Discontinued operations | 7,000 | 12,000 |
Income from continuing operations | 1,588,000 | 1,943,000 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ||
Depreciation and amortization expense | 420,000 | 341,000 |
Stock-based compensation expense | 102,000 | 151,000 |
Provision for bad debts | 11,000 | 1,000 |
Provision for inventory write-down | 22,000 | 9,000 |
Provision for warranty | 174,000 | 107,000 |
Gain on sale of property and equipment | 5,000 | (4,000) |
Change in operating assets and liabilities: | ||
Accounts receivable | 408,000 | (182,000) |
Inventories | (257,000) | (168,000) |
Prepaid expenses and other | 55,000 | 10,000 |
Other assets | (57,000) | (111,000) |
Accounts payable and accrued liabilities | (199,000) | (55,000) |
Accrued compensation and benefits | (1,039,000) | (1,829,000) |
Income taxes payable | 840,000 | 1,054,000 |
Deferred revenue | (3,000) | (236,000) |
Deferred rent | (20,000) | (12,000) |
Net cash provided by operating activities of continuing operations | 2,050,000 | 1,019,000 |
Net cash used in operating activities of discontinued businesses | (122,000) | (157,000) |
Net cash provided by operating activities | 1,928,000 | 862,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (439,000) | (188,000) |
Capitalized software | (172,000) | (202,000) |
Patents and other intangibles | 39,000 | (20,000) |
Proceeds from sale of business | 5,000 | 3,000 |
Net cash used in investing activities | (567,000) | (407,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Dividends paid to common stockholders | (2,984,000) | (3,046,000) |
Net cash used in financing activities | (2,984,000) | (3,046,000) |
Net decrease in cash and cash equivalents | (1,623,000) | (2,591,000) |
Cash and cash equivalents at beginning of period | 11,967,000 | 17,254,000 |
Cash and cash equivalents at end of period | 10,344,000 | 14,663,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid during the period | ||
Income taxes paid during the period | $ 369,000 | $ 165,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016, our operating subsidiaries were Certified Asset Exchange, Inc. (“CAE”), Collectors Universe (Hong Kong) Limited, Collectors Universe (Shanghai) Limited, and Expos Unlimited, Inc. (“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 months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending June 30, 2017 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, 2016, (our “Fiscal 2016 10-K”), which we filed with the SEC on August 30, 2016. Amounts related to disclosure of June 30, 2016 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 grading and authentication 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 it 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 grading and authentication 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 collectibles sold by us are shipped to customers. Product revenues consist primarily 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. These estimates are discussed in more detail in these notes to Condensed Consolidated Financial Statements and in the Critical Accounting Policies and Estimates section of Item 2, , 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 indicate that 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 September 30, 2016. Foreign Currency Stock-Based Compensation Expense We recognize share-based compensation attributable to service-based equity grants over the respective service periods based on the grant date fair value of the equity grants. For performance-based equity grants with a financial performance goal, we recognize compensation expense based on the grant date fair value when it becomes probable that we will achieve the financial performance goal. 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, 2016, we did not achieve Performance Goal #2 in fiscal 2016. 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 the Company will achieve additional Performance Goals beyond Performance Goal #2 in fiscal 2017 or 2018. We will continue to reassess at each reporting date whether it has become probable that any additional performance goals will be achieved and therefore, if any additional restricted shares will vest and if so, additional stock-based compensation expense will be recognized based on the expected vesting period. Stock-based compensation for the three months ended September 30, 2016 was $102,000 as compared to $151,000 for the three months ended September 30, 2015. 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, which exceeded the banks’ FDIC insured deposit limits by approximately $8,286,000 as of September 30, 2016. Accounts Receivable. Coin Revenues Customers. Inventories Our inventories consist primarily of (i) our coin inventories consisting of coins which we 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 loss 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. 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 amortize these costs on a straight-line basis over the estimated useful life of the software of three years. In the three months ended September 30, 2016, we capitalized approximately $172,000 of software development cost as compared with $202,000 in the three months ended September 30, 2015. In the three months ended September 30, 2016, approximately $104,000 was recorded as amortization expense for capitalized software as compared to $40,000 in the three months ended September 30, 2015. Planning, training, support and maintenance costs incurred either prior to or following the implementation phase of software development projects 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 first quarter of fiscal 2017. 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 August 2016, FASB issued Accounting Standards Update No, 2016-15 on Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments. The updated guidance addresses the following eight specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The adoption of this guidance is not expected to have a material effect on the Company’s Consolidated Financial Statements and related disclosures. The guidance is effective for fiscal years beginning after December 15, 2017 and interim periods thereafter. |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 2. INVENTORIES Inventories consist of the following (in thousands): September 30 , June 30, 2016 201 6 Coins $ 438 $ 437 Other collectibles 302 292 Grading raw materials consumable inventory 2,091 1,845 2,831 2,574 Less inventory reserve (761 ) (739 ) Inventories, net $ 2,070 $ 1,835 The inventory reserve represents a valuation allowance on certain items of our coins and other collectibles inventories based upon our review of the current market value of such coins and collectibles. 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 | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. PROPERTY AND EQUIPMENT Property and equipment consist of the following (in thousands): September 30, June 30, 2016 2016 Coins and stamp grading reference sets $ 263 $ 263 Computer hardware and equipment 2,827 2,777 Computer software 1,202 1,202 Equipment 5,440 5,134 Furniture and office equipment 1,129 1,116 Leasehold improvements 1,208 1,138 Trading card reference library 52 52 12,121 11,682 Less accumulated depreciation and amortization (9,102 ) (8,843 ) Property and equipment, net $ 3,019 $ 2,839 |
Note 4 - Accrued Liabilities
Note 4 - Accrued Liabilities | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 4. ACCRUED LIABILITIES Accrued liabilities consist of the following (in thousands): September 30 , June 30, 2016 201 6 Warranty reserves $ 1,010 $ 892 Professional fees 428 484 Other 1,053 1,115 $ 2,491 $ 2,491 The following table presents the changes in the Company’s warranty reserve during the three months ended September 30, 2016 and 2015 (in thousands): Three Months Ended September 30 , 2016 2015 Warranty reserve beginning of period $ 892 $ 1,492 Provision charged to cost of revenues 171 107 Payments (53 ) (137 ) Warranty reserve, end of period $ 1,010 $ 1,462 |
Note 5 - Discontinued Operation
Note 5 - Discontinued Operations | 3 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016 and June 30, 2016. The operating results of the discontinued businesses that are included in the accompanying Condensed Consolidated Statements of Operations were not material. The remaining balance of our lease related obligations in connection with the fiscal 2009 disposal of our jewelry business was $582,000 at September 30, 2016, of which $480,000 was classified as a current liability, and $102,000 was classified as a non-current liability in the accompanying condensed consolidated balance sheet at September 30, 2016. 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 | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6. INCOME TAXES In the three months ended September 30, 2016 and 2015, we recognized provisions for income taxes based upon estimated annual effective tax rates of approximately 43% and 39%, respectively and such provisions include valuation allowances established against losses of foreign subsidiaries. |
Note 7 - Net Income Per Share
Note 7 - Net Income Per Share | 3 Months Ended |
Sep. 30, 2016 | |
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 months ended September 30, 2016 and 2015 (in thousands): Three Months Ended September 30 , 2016 2015 Weighted average shares outstanding: Basic 8,474 8,434 Dilutive effect of restricted shares 87 100 Weighted average shares outstanding: Diluted 8,561 8,534 A total of 4,000 unvested restricted shares of common stock were excluded from the computation of diluted income per share, in the three months ended September 30, 2016, as they would have been anti-dilutive as compared to 30,000 anti-dilutive restricted shares of common stock in the three months ended September 30, 2015. In addition, approximately 262,000 and 252,000 unvested performance-based restricted shares of common stock were excluded from the computation of diluted earnings per share in the three months ended September 30, 2016 and 2015, respectively, because we had not achieved the related performance goals required for those shares to vest, at those dates. |
Note 8 - Business Segments
Note 8 - Business Segments | 3 Months Ended |
Sep. 30, 2016 | |
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 commission earned subscription-based revenues and product sales. The other collectibles segment is comprised of CCE, Coinflation.com, Collectors.com and our collectibles conventions 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 ended September 30, 2016 and 2015, respectively. Net identifiable assets are provided by business segment as of September 30, 2016 and June 30, 2016, respectively (in thousands): Three Months Ended September 30, 2016 2015 Net revenues from external customers: Coins $ 9,971 $ 9,313 Trading cards and autographs 4,439 3,997 Other 1,338 1,308 Total revenue $ 15,748 $ 14,618 Amortization and depreciation: Coins $ 137 $ 139 Trading cards and autographs 56 55 Other 150 97 Total 343 291 Unallocated amortization and depreciation 77 50 Consolidated amortization and depreciation $ 420 $ 341 Stock-based compensation: Coins $ 11 $ 22 Trading cards and autographs 3 3 Other 2 2 Total 16 27 Unallocated stock-based compensation 86 124 Consolidated stock-based compensation $ 102 $ 151 Operating income: Coins $ 2,755 $ 3,273 Trading cards and autographs 1,081 893 Other 295 218 Total 4,131 4,384 Unallocated operating expenses (1,357 ) (1,189 ) Consolidated Operating Income $ 2,774 $ 3,195 September 30, June 30, 2016 201 6 Identifiable Assets: Coins $ 7,890 $ 7,824 Trading cards and autographs 1,420 1,451 Other 3,342 3,360 Total 12,652 12,635 Unallocated assets 13,885 15,555 Consolidated assets $ 26,537 $ 28,190 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 | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 9. RELATED-PARTY TRANSACTIONS During the three months ended September 30, 2016, an adult member of the immediate family of Mr. David Hall, the President of the Company, paid grading and authentication fees to us of $466,000, as compared with $817,000 for the three months ended September 30, 2015. At September 30, 2016, the amount owed to the Company for these services was approximately $186,000, as compared with $92,000 at June 30, 2016. 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 $239,000 in the three months ended September 30, 2016, as compared to $333,000 in the same three months of fiscal 2016. At September 30, 2016, the amount owed to the Company for these services was approximately $87,000, compared to $101,000 at June 30, 2016. 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 | 3 Months Ended |
Sep. 30, 2016 | |
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 | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. SUBSEQUENT EVENTS On October 25, 2016, the Company announced that, in accordance with its dividend policy the Board of Directors had approved a second quarter cash dividend of $0.35 per share of common stock and such dividend will be paid on November 25, 2016 to stockholders of record on November 16, 2016. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2016 | |
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 September 30, 2016, our operating subsidiaries were Certified Asset Exchange, Inc. (“CAE”), Collectors Universe (Hong Kong) Limited, Collectors Universe (Shanghai) Limited, and Expos Unlimited, Inc. (“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 months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending June 30, 2017 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, 2016, (our “Fiscal 2016 10-K”), which we filed with the SEC on August 30, 2016. Amounts related to disclosure of June 30, 2016 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 grading and authentication 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 it 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 grading and authentication 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 collectibles sold by us are shipped to customers. Product revenues consist primarily 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. These estimates are discussed in more detail in these notes to Condensed Consolidated Financial Statements and in the Critical Accounting Policies and Estimates section of Item 2, , |
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 indicate that 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 September 30, 2016. |
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 Expense We recognize share-based compensation attributable to service-based equity grants over the respective service periods based on the grant date fair value of the equity grants. For performance-based equity grants with a financial performance goal, we recognize compensation expense based on the grant date fair value when it becomes probable that we will achieve the financial performance goal. 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, 2016, we did not achieve Performance Goal #2 in fiscal 2016. 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 the Company will achieve additional Performance Goals beyond Performance Goal #2 in fiscal 2017 or 2018. We will continue to reassess at each reporting date whether it has become probable that any additional performance goals will be achieved and therefore, if any additional restricted shares will vest and if so, additional stock-based compensation expense will be recognized based on the expected vesting period. Stock-based compensation for the three months ended September 30, 2016 was $102,000 as compared to $151,000 for the three months ended September 30, 2015. |
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, which exceeded the banks’ FDIC insured deposit limits by approximately $8,286,000 as of September 30, 2016. Accounts Receivable. Coin Revenues Customers. |
Inventory, Policy [Policy Text Block] | Inventories Our inventories consist primarily of (i) our coin inventories consisting of coins which we 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 loss 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. |
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 amortize these costs on a straight-line basis over the estimated useful life of the software of three years. In the three months ended September 30, 2016, we capitalized approximately $172,000 of software development cost as compared with $202,000 in the three months ended September 30, 2015. In the three months ended September 30, 2016, approximately $104,000 was recorded as amortization expense for capitalized software as compared to $40,000 in the three months ended September 30, 2015. Planning, training, support and maintenance costs incurred either prior to or following the implementation phase of software development projects 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 first quarter of fiscal 2017. 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 August 2016, FASB issued Accounting Standards Update No, 2016-15 on Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments. The updated guidance addresses the following eight specific cash flow issues: debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The adoption of this guidance is not expected to have a material effect on the Company’s Consolidated Financial Statements and related disclosures. The guidance is effective for fiscal years beginning after December 15, 2017 and interim periods thereafter. |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following (in thousands): September 30 , June 30, 2016 201 6 Coins $ 438 $ 437 Other collectibles 302 292 Grading raw materials consumable inventory 2,091 1,845 2,831 2,574 Less inventory reserve (761 ) (739 ) Inventories, net $ 2,070 $ 1,835 |
Note 3 - Property and Equipme19
Note 3 - Property and Equipment (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consist of the following (in thousands): September 30, June 30, 2016 2016 Coins and stamp grading reference sets $ 263 $ 263 Computer hardware and equipment 2,827 2,777 Computer software 1,202 1,202 Equipment 5,440 5,134 Furniture and office equipment 1,129 1,116 Leasehold improvements 1,208 1,138 Trading card reference library 52 52 12,121 11,682 Less accumulated depreciation and amortization (9,102 ) (8,843 ) Property and equipment, net $ 3,019 $ 2,839 |
Note 4 - Accrued Liabilities (T
Note 4 - Accrued Liabilities (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities consist of the following (in thousands): September 30 , June 30, 2016 201 6 Warranty reserves $ 1,010 $ 892 Professional fees 428 484 Other 1,053 1,115 $ 2,491 $ 2,491 |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended September 30 , 2016 2015 Warranty reserve beginning of period $ 892 $ 1,492 Provision charged to cost of revenues 171 107 Payments (53 ) (137 ) Warranty reserve, end of period $ 1,010 $ 1,462 |
Note 7 - Net Income Per Share (
Note 7 - Net Income Per Share (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30 , 2016 2015 Weighted average shares outstanding: Basic 8,474 8,434 Dilutive effect of restricted shares 87 100 Weighted average shares outstanding: Diluted 8,561 8,534 |
Note 8 - Business Segments (Tab
Note 8 - Business Segments (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, 2016 2015 Net revenues from external customers: Coins $ 9,971 $ 9,313 Trading cards and autographs 4,439 3,997 Other 1,338 1,308 Total revenue $ 15,748 $ 14,618 Amortization and depreciation: Coins $ 137 $ 139 Trading cards and autographs 56 55 Other 150 97 Total 343 291 Unallocated amortization and depreciation 77 50 Consolidated amortization and depreciation $ 420 $ 341 Stock-based compensation: Coins $ 11 $ 22 Trading cards and autographs 3 3 Other 2 2 Total 16 27 Unallocated stock-based compensation 86 124 Consolidated stock-based compensation $ 102 $ 151 Operating income: Coins $ 2,755 $ 3,273 Trading cards and autographs 1,081 893 Other 295 218 Total 4,131 4,384 Unallocated operating expenses (1,357 ) (1,189 ) Consolidated Operating Income $ 2,774 $ 3,195 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | September 30, June 30, 2016 201 6 Identifiable Assets: Coins $ 7,890 $ 7,824 Trading cards and autographs 1,420 1,451 Other 3,342 3,360 Total 12,652 12,635 Unallocated assets 13,885 15,555 Consolidated assets $ 26,537 $ 28,190 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 | |||
Sep. 30, 2016USD ($)$ / shares | Sep. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | |
Sales Revenue, Services, Net [Member] | Product Concentration Risk [Member] | Coins [Member] | ||||
Concentration Risk, Percentage | 63.00% | 64.00% | ||
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Authentication and Grading Services [Member] | Five Customers [Member] | ||||
Concentration Risk, Percentage | 14.00% | 14.00% | ||
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Authentication and Grading Services [Member] | ||||
Number of Major Customers | 5 | 5 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Number of Major Customers | 0 | 0 | ||
Computer Software, Intangible Asset [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||
Allocated Share-based Compensation Expense | $ 102,000 | $ 151,000 | ||
Cash and Cash Equivalents, at Carrying Value | 10,344,000 | 14,663,000 | $ 11,967,000 | $ 17,254,000 |
Money Market Funds, at Carrying Value | 6,923,000 | |||
Other Cash Equivalents, at Carrying Value | 3,421,000 | |||
Cash | 1,205,000 | |||
Cash, Uninsured Amount | 8,286,000 | |||
Allowance for Doubtful Accounts Receivable, Current | 45,000 | $ 35,000 | ||
Capitalized Computer Software, Additions | 172,000 | 202,000 | ||
Capitalized Computer Software, Amortization | $ 104,000 | $ 40,000 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0.35 | |||
Goodwill and Intangible Asset Impairment | $ 0 | |||
Impairment of Long-Lived Assets Held-for-use | $ 0 |
Note 2 - Inventories - Inventor
Note 2 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Coins [Member] | ||
Inventory, gross | $ 438 | $ 437 |
Other Collectibles [Member] | ||
Inventory, gross | 302 | 292 |
Grading Raw Materials Consumable [Member] | ||
Inventory, gross | 2,091 | 1,845 |
Inventory, gross | 2,831 | 2,574 |
Less inventory reserve | (761) | (739) |
Inventories, net | $ 2,070 | $ 1,835 |
Note 3 - Property and Equipme25
Note 3 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Coins and Stamp Grading Reference Sets [Member] | ||
Property and equipment, gross | $ 263 | $ 263 |
Computer Equipment [Member] | ||
Property and equipment, gross | 2,827 | 2,777 |
Computer Software [Member] | ||
Property and equipment, gross | 1,202 | 1,202 |
Equipment [Member] | ||
Property and equipment, gross | 5,440 | 5,134 |
Furniture and Office Equipment [Member] | ||
Property and equipment, gross | 1,129 | 1,116 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 1,208 | 1,138 |
Trading Card Reference Library [Member] | ||
Property and equipment, gross | 52 | 52 |
Property and equipment, gross | 12,121 | 11,682 |
Less accumulated depreciation and amortization | (9,102) | (8,843) |
Property and equipment, net | $ 3,019 | $ 2,839 |
Note 4 - Accrued Liabilities -
Note 4 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 |
Warranty reserves | $ 1,010 | $ 892 | $ 1,462 | $ 1,492 |
Professional fees | 428 | 484 | ||
Other | 1,053 | 1,115 | ||
$ 2,491 | $ 2,491 |
Note 4 - Accrued Liabilities 27
Note 4 - Accrued Liabilities - Warranty Reserve Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Warranty reserve | $ 892 | $ 1,492 |
Provision charged to cost of revenues | 171 | 107 |
Payments | (53) | (137) |
Warranty reserve | $ 1,010 | $ 1,462 |
Note 5 - Discontinued Operati28
Note 5 - Discontinued Operations (Details Textual) - Jewelry Businesses [Member] | Sep. 30, 2016USD ($) |
Total Accrual Related to Remaining Lease Obligations | $ 582,000 |
Accrued Rent, Current | 480,000 |
Accrued Rent, Noncurrent | $ 102,000 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Effective Income Tax Rate Reconciliation, Percent | 43.00% | 39.00% |
Note 7 - Net Income Per Share30
Note 7 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Stock Options and Unvested Restricted Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,000 | 30,000 |
Performance Shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 262,000 | 252,000 |
Note 7 - Net Income Per Share -
Note 7 - Net Income Per Share - Computation of Basic and Diluted Net Loss Per Common Share (Details) - shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Restricted Stock [Member] | ||
Dilutive effect of shares (in shares) | 87 | 100 |
Weighted average shares outstanding: Basic (in shares) | 8,474 | 8,434 |
Weighted average shares outstanding: Diluted (in shares) | 8,561 | 8,534 |
Note 8 - Business Segments (Det
Note 8 - Business Segments (Details Textual) | 3 Months Ended |
Sep. 30, 2016 | |
Number of Reportable Segments | 3 |
Note 8 - Business Segments - Se
Note 8 - Business Segments - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | ||
Coins [Member] | Operating Segments [Member] | |||
Net revenues | [1] | $ 9,971,000 | $ 9,313,000 |
Depreciation and amortization | 137,000 | 139,000 | |
Stock-based compensation | 11,000 | 22,000 | |
Operating income | 2,755,000 | 3,273,000 | |
Trading Cards and Autographs [Member] | Operating Segments [Member] | |||
Net revenues | [1] | 4,439,000 | 3,997,000 |
Depreciation and amortization | 56,000 | 55,000 | |
Stock-based compensation | 3,000 | 3,000 | |
Operating income | 1,081,000 | 893,000 | |
Other Segments [Member] | Operating Segments [Member] | |||
Net revenues | [1] | 1,338,000 | 1,308,000 |
Depreciation and amortization | 150,000 | 97,000 | |
Stock-based compensation | 2,000 | 2,000 | |
Operating income | 295,000 | 218,000 | |
Operating Segments [Member] | |||
Depreciation and amortization | 343,000 | 291,000 | |
Stock-based compensation | 16,000 | 27,000 | |
Operating income | 4,131,000 | 4,384,000 | |
Segment Reconciling Items [Member] | |||
Depreciation and amortization | 77,000 | 50,000 | |
Stock-based compensation | 86,000 | 124,000 | |
Operating income | (1,357,000) | (1,189,000) | |
Net revenues | [1] | 15,748,000 | 14,618,000 |
Depreciation and amortization | 420,000 | 341,000 | |
Stock-based compensation | 102,000 | 151,000 | |
Operating income | $ 2,774,000 | $ 3,195,000 | |
[1] | Includes revenues of $5.0 million, $4.1 million, and $3.8 million, generated outside the United States in fiscal years 2016, 2015 and 2014, respectively. |
Note 8 - Business Segments - Re
Note 8 - Business Segments - Reconciliation of Assets to Consolidated from Segment (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Operating Segments [Member] | Coins [Member] | ||
Identifiable Assets: | ||
Assets | $ 7,890 | $ 7,824 |
Goodwill: | ||
Goodwill | 515 | 515 |
Operating Segments [Member] | Trading Cards and Autographs [Member] | ||
Identifiable Assets: | ||
Assets | 1,420 | 1,451 |
Operating Segments [Member] | Other Segments [Member] | ||
Identifiable Assets: | ||
Assets | 3,342 | 3,360 |
Goodwill: | ||
Goodwill | 1,568 | 1,568 |
Operating Segments [Member] | ||
Identifiable Assets: | ||
Assets | 12,652 | 12,635 |
Segment Reconciling Items [Member] | ||
Identifiable Assets: | ||
Assets | 13,885 | 15,555 |
Assets | 26,537 | 28,190 |
Goodwill: | ||
Goodwill | $ 2,083 | $ 2,083 |
Note 9 - Related-party Transa35
Note 9 - Related-party Transactions (Details Textual) - USD ($) | 3 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | Jul. 31, 2015 | |
Mr. Hall's Immediate Family Member [Member] | Grading and Authentication Fees [Member] | ||||
Related Party Transaction, Other Revenues from Transactions with Related Party | $ 466,000 | $ 817,000 | ||
Accounts Receivable, Related Parties, Current | 186,000 | $ 92,000 | ||
Associate of Richard Kenneth Duncan Sr [Member] | Grading and Authentication Fees [Member] | ||||
Related Party Transaction, Other Revenues from Transactions with Related Party | 239,000 | $ 333,000 | ||
Accounts Receivable, Related Parties, Current | $ 87,000 | $ 101,000 | ||
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 | Oct. 25, 2016 | Sep. 30, 2016 | Sep. 30, 2015 |
Subsequent Event [Member] | |||
Dividends Payable, Date Declared | Oct. 25, 2016 | ||
Dividends Payable, Date to be Paid | Nov. 25, 2016 | ||
Dividends Payable, Date of Record | Nov. 16, 2016 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.35 | ||
Common Stock, Dividends, Per Share, Declared | $ 0.35 | $ 0.35 |