Collectors Universe (CLCT) 10-Q 3 May 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
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)		8,920,998
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 10,836,000	$ 11,967,000
Accounts receivable, net of allowance of $64 and $35 at March 31, 2017 and June 30, 2016, respectively	3,887,000	3,883,000
Inventories, net	2,853,000	1,835,000
Prepaid expenses and other current assets	1,597,000	1,273,000
Total current assets	19,173,000	18,958,000
Property and equipment, net	2,953,000	2,839,000
Goodwill	2,083,000	2,083,000
Intangible assets, net	2,009,000	1,762,000
Deferred income tax assets	2,229,000	2,229,000
Other assets	412,000	240,000
Non-current assets of discontinued operations	79,000	79,000
Total assets	28,938,000	28,190,000
Current liabilities:
Accounts payable	3,047,000	2,728,000
Accrued liabilities	2,326,000	2,491,000
Accrued compensation and benefits	3,817,000	3,414,000
Income taxes payable	2,034,000	782,000
Deferred revenue	3,008,000	2,563,000
Current liabilities of discontinued operations	522,000	619,000
Total current liabilities	14,754,000	12,597,000
Deferred rent	308,000	381,000
Non-current liabilities of discontinued operations		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; 8,921 and 8,898 issued and outstanding at March 31, 2017 and June 30, 2016, respectively.	9,000	9,000
Additional paid-in capital	80,972,000	80,642,000
Accumulated deficit	(67,105,000)	(65,656,000)
Total stockholders’ equity	13,876,000	14,995,000
Total liabilities and stockholders’ equity	$ 28,938,000	$ 28,190,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Accounts receivable, allowance	$ 64	$ 35
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	3,000	3,000
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	20,000
Common stock, shares issued (in shares)	8,921	8,898
Common stock, shares outstanding (in shares)	8,921	8,898

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net revenues	$ 18,596	$ 17,329	$ 52,206	$ 44,583
Cost of revenues	7,365	6,288	19,979	16,444
Gross profit	11,231	11,041	32,227	28,139
Operating expenses:
Selling and marketing expenses	2,210	2,132	6,959	6,341
General and administrative expenses	4,312	4,504	13,274	12,508
Total operating expenses	6,522	6,636	20,233	18,849
Operating income	4,709	4,405	11,994	9,290
Interest income and other expense, net	13	3	(59)	(39)
Income before provision for income taxes	4,722	4,408	11,935	9,251
Provision for income taxes	1,765	1,695	4,467	3,600
Income from continuing operations	2,957	2,713	7,468	5,651
Income (loss) from discontinued operations, net of income taxes	6	65	(3)	47
Net income	$ 2,963	$ 2,778	$ 7,465	$ 5,698
Net income per basic share
Income from continuing operations (in dollars per share)	$ 0.35	$ 0.32	$ 0.88	$ 0.67
Income from discontinued operations (in dollars per share)		0.01
Net income per basic share (in dollars per share)	0.35	0.33	0.88	0.67
Net income per diluted share
Income from continuing operations (in dollars per share)	0.35	0.32	0.87	0.66
Income from discontinued operations (in dollars per share)				0.01
Net income per diluted share (in dollars per share)	$ 0.35	$ 0.32	$ 0.87	$ 0.67
Weighted average shares outstanding
Basic (in shares)	8,482	8,447	8,478	8,441
Diluted (in shares)	8,569	8,549	8,569	8,544
Dividends declared per common share (in dollars per share)	$ 0.35	$ 0.35	$ 1.05	$ 1.05

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 7,465,000	$ 5,698,000
Discontinued operations	3,000	(47,000)
Income from continuing operations	7,468,000	5,651,000
Adjustments to reconcile income from continuing operations to net cash provided by operating activities:
Depreciation and amortization expense	1,243,000	1,094,000
Stock-based compensation expense	330,000	449,000
Provision for bad debts	32,000	5,000
Provision for inventory write-down	32,000	46,000
Provision for warranty	506,000	(293,000)
Gain on sale of property and equipment	5,000	(2,000)
Change in operating assets and liabilities:
Accounts receivable	(36,000)	(1,213,000)
Inventories	(1,050,000)	(262,000)
Prepaid expenses and other	(323,000)	(313,000)
Other assets	(172,000)	(31,000)
Accounts payable and accrued liabilities	(286,000)	47,000
Accrued compensation and benefits	402,000	(960,000)
Income taxes payable	1,252,000	2,020,000
Deferred revenue	445,000	109,000
Deferred rent	(73,000)	(15,000)
Net cash provided by operating activities of continuing operations	9,775,000	6,332,000
Net cash used in operating activities of discontinued businesses	(379,000)	(331,000)
Net cash provided by operating activities	9,396,000	6,001,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of business	53,000	49,000
Capital expenditures	(919,000)	(1,113,000)
Capitalized software	(723,000)	(615,000)
Patents and other intangibles	(5,000)	(4,000)
Net cash used in investing activities	(1,594,000)	(1,683,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Dividends paid to common stockholders	(8,933,000)	(8,991,000)
Net cash used in financing activities	(8,933,000)	(8,991,000)
Net decrease in cash and cash equivalents	(1,131,000)	(4,673,000)
Cash and cash equivalents at beginning of period	11,967,000	17,254,000
Cash and cash equivalents at end of period	10,836,000	12,581,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid during the period
Income taxes paid during the period	$ 2,934,000	$ 1,609,000

Note 1 - Summary of Significant

Note 1 - Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2017
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 March 31, 2017, 100% 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 as in effect in the United States of America (“GAAP”). Operating results for the three nine March 31, 2017 may June 30, 2017 10 June 30, 2016, 2016 10 June 30, 2016 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 from 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 one 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 may no March 31, 2017. 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 values of the awards. For performance-based equity grants with financial performance goals, we begin recognizing compensation expense based on their respective grant date fair values when it becomes probable that we will achieve the financial performance goals. Restricted Stock Awards As previously disclosed, in fiscal 2013, 411,000 four one six June 30, 2018 2015, first 25% The Company did not achieve any additional financial performance goals in fiscal 2016 2016. 2018. At this time, it is not considered probable that the Company will achieve any of the remaining financial goals under the LTIP in fiscal 2017 2018. Stock-based compensation in the three nine March 31, 2017 $119,000 $330,000, $159,000 $449,000, three nine March 31, 2016. 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. March 31, 2017 $10,836,000, $6,566,000 $4,270,000 $1,818,000 March 31, 2017 $1,414,000 Substantially all of our cash is deposited at one $8,357,000 March 31, 2017. New Credit Line January 10, 2017 three $10 may may one may $10 30 no may, may Credit Line borrowings will bear interest, at the Company’s option, at LIBOR plus 2.25% 0.25% 0.0625% $4 March 31, 2017. Accounts Receivable. One 10% March 31, 2017 no 10% June 30, 2016. may $64,000 $35,000 March 31, 2017 June 30, 2016, Coin Revenues 69% nine March 31, 2017, 66% nine March 31, 2016. Customers. Five 20% 14% nine March 31, 2017 2016, 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 first 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 three nine March 31, 2017 $352,000 $723,000, $245,000 $615,000 three nine March 31, 2016, three nine March 31, 2017, $122,000 $342,000, $64,000 $168,000, three nine March 31, 2016. 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. In the third 2016, $869,000 March 31, 2016, three nine March 31, 2016 $656,000 4 Dividends In accordance with the Company’s current quarterly dividend policy, we paid quarterly cash dividends of $0.35 third 2017. may Recent Accounting Pronouncements In May 2014, 2014 09, July 2015, one first 2019 first 2018. March 2016, 2016 08, 606): May 2016, 2016 2016 12, 606): 606. In February 2016, 2016 02 12 December 15, 2018, In August 2016, 2016 15 eight zero December 15, 2017 In January 2017, 2017 04, 2 Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for fiscal years beginning after December 9, 2019.

Note 2 - Inventories

Note 2 - Inventories	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	2. INVENTORIES Inventories consist of the following (in thousands): March 31 , June 30, 2017 201 6 Coins $ 459 $ 437 Other collectibles 446 292 Grading raw materials consumable inventory 2,717 1,845 3,622 2,574 Less inventory reserve (769 ) (739 ) Inventories, net $ 2,853 $ 1,835 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	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	3. PROPERTY AND EQUIPMENT Property and equipment consist of the following (in thousands): March 31, June 30, 2017 2016 Coins grading reference sets $ 263 $ 263 Computer hardware and equipment 2,875 2,777 Computer software 1,224 1,202 Equipment 5,798 5,134 Furniture and office equipment 1,145 1,116 Leasehold improvements 1,244 1,138 Trading card reference library 52 52 12,601 11,682 Less accumulated depreciation and amortization (9,648 ) (8,843 ) Property and equipment, net $ 2,953 $ 2,839

Note 4 - Accrued Liabilities

Note 4 - Accrued Liabilities	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	4. ACCRUED LIABILITIES Accrued liabilities consist of the following (in thousands): March 31 , June 30, 2017 201 6 Warranty reserves $ 1,130 $ 892 Professional fees 348 484 Other 848 1,115 $ 2,326 $ 2,491 The following table presents the changes in the Company’s warranty reserve during the nine March 31, 2017 2016 Nine Months Ended March 31 , 2017 2016 Warranty reserve beginning of period $ 892 $ 1,492 Provision charged to cost of revenues 506 363 Change in Estimate - (656 ) Payments (268 ) (330 ) Warranty reserve, end of period $ 1,130 $ 869

Note 5 - Discontinued Operation

Note 5 - Discontinued Operations	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	5. DISCONTINUED OPERATIONS During fiscal 2009, March 31, 2017 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 lease obligation in connection with the fiscal 2009 $359,000 March 31, 2017, March 31, 2017.

Note 6 - Income Taxes

Note 6 - Income Taxes	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	6. INCOME TAXES In the nine March 31, 2017 2016, 37% 39% nine March 31, 2017, 2017 2%.

Note 7 - Net Income Per Share

Note 7 - Net Income Per Share	9 Months Ended
	Mar. 31, 2017
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 nine March 31, 2017 2016 Three Months Ended March 31, Nine Months Ended March 31, 2017 20 16 2017 2016 Weighted average shares outstanding: Basic 8,482 8,447 8,478 8,441 Dilutive effect of restricted shares 87 102 91 103 Weighted average shares outstanding: Diluted 8,569 8,549 8,569 8,544 10,000 5,000 three nine March 31, 2017, 24,000 three March 31, 2016. In addition, approximately 254,000 260,000 three nine March 31, 2017, 279,000 264,000 three nine March 31, 2016,

Note 8 - Business Segments

Note 8 - Business Segments	9 Months Ended
	Mar. 31, 2017
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 We allocate certain operating expenses to each service segment based upon each segment’s estimated expense usage. 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 nine March 31, 2017 2016, March 31, 2017 June 30, 2016, Three Months Ended Nine Months Ended March 31, March 31, 20 17 20 16 20 17 20 16 Net revenues from external customers: Coins (1) $ 12,825 $ 11,992 $ 35,776 $ 29,590 Trading cards and autographs 4,427 4,005 12,965 11,576 Other 1,344 1,332 3,465 3,417 Consolidated total revenue $ 18,596 $ 17,329 $ 52,206 $ 44,583 Amortization and depreciation: Coins $ 163 $ 118 $ 461 $ 381 Trading cards and autographs 51 57 159 169 Other 127 125 398 344 Total 341 300 1,018 894 Unallocated amortization and depreciation 73 94 225 200 Consolidated amortization and depreciation $ 414 $ 394 $ 1,243 $ 1,094 Stock-based compensation: Coins $ 28 $ 22 $ 56 $ 67 Trading cards and autographs 3 3 8 8 Other 2 2 6 5 Total 33 27 70 80 Unallocated stock-based compensation 86 132 260 369 Consolidated stock-based compensation $ 119 $ 159 $ 330 $ 449 Operating income: Coins $ 4,481 $ 4,516 $ 12,033 $ 10,117 Trading cards and autographs 1,006 906 3,008 2,422 Other 388 62 808 57 Total 5,875 5,484 15,849 12,596 Unallocated operating expenses (1,166 ) (1,079 ) (3,855 ) (3,306 ) Consolidated operating income $ 4,709 $ 4,405 $ 11,994 $ 9,290 (1) Includes service revenues of $1.3 $7.0 three nine March 31, 2017, $1.4 $3.4 three nine March 31, 2016, March 31, June 30, 2017 201 6 Identifiable Assets: Coins (2) $ 9,560 $ 7,824 Trading cards and autographs 1,291 1,451 Other 3,326 3,360 Total 14,177 12,635 Unallocated assets (2) 14,761 15,555 Consolidated assets $ 28,938 $ 28,190 Goodwill: Coins $ 515 $ 515 Other 1,568 1,568 Consolidated goodwill $ 2,083 $ 2,083 (2 ) $4.0 $2.9 March 31, 2017 June 30, 2016,

Note 9 - Related-party Transact

Note 9 - Related-party Transactions	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	9. RELATED-PARTY TRANSACTIONS During the three nine March 31, 2017, $665,000 $1,611,000, $552,000 $1,557,000 three nine March 31, 2016, March 31, 2017, $150,000, $92,000 June 30, 2016. An associate of Richard Kenneth Duncan Sr., who as of July 2015 5% $354,000 $760,000 three nine March 31, 2017, $378,000 $944,000, three nine 2016. March 31, 2017, no $101,000 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	9 Months Ended
	Mar. 31, 2017
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	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	11. SUBSEQUENT EVENTS On April 24, 2017, fourth $0.35 May 26, 2017 May 17, 2017.

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2017
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 March 31, 2017, 100%
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 as in effect in the United States of America (“GAAP”). Operating results for the three nine March 31, 2017 may June 30, 2017 10 June 30, 2016, 2016 10 June 30, 2016
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 from 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 one 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 may no March 31, 2017.
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 values of the awards. For performance-based equity grants with financial performance goals, we begin recognizing compensation expense based on their respective grant date fair values when it becomes probable that we will achieve the financial performance goals. Restricted Stock Awards As previously disclosed, in fiscal 2013, 411,000 four one six June 30, 2018 2015, first 25% The Company did not achieve any additional financial performance goals in fiscal 2016 2016. 2018. At this time, it is not considered probable that the Company will achieve any of the remaining financial goals under the LTIP in fiscal 2017 2018. Stock-based compensation in the three nine March 31, 2017 $119,000 $330,000, $159,000 $449,000, three nine March 31, 2016.
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. March 31, 2017 $10,836,000, $6,566,000 $4,270,000 $1,818,000 March 31, 2017 $1,414,000 Substantially all of our cash is deposited at one $8,357,000 March 31, 2017. New Credit Line January 10, 2017 three $10 may may one may $10 30 no may, may Credit Line borrowings will bear interest, at the Company’s option, at LIBOR plus 2.25% 0.25% 0.0625% $4 March 31, 2017. Accounts Receivable. One 10% March 31, 2017 no 10% June 30, 2016. may $64,000 $35,000 March 31, 2017 June 30, 2016, Coin Revenues 69% nine March 31, 2017, 66% nine March 31, 2016. Customers. Five 20% 14% nine March 31, 2017 2016,
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 first
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 three nine March 31, 2017 $352,000 $723,000, $245,000 $615,000 three nine March 31, 2016, three nine March 31, 2017, $122,000 $342,000, $64,000 $168,000, three nine March 31, 2016.
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. In the third 2016, $869,000 March 31, 2016, three nine March 31, 2016 $656,000 4
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 third 2017. may
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements In May 2014, 2014 09, July 2015, one first 2019 first 2018. March 2016, 2016 08, 606): May 2016, 2016 2016 12, 606): 606. In February 2016, 2016 02 12 December 15, 2018, In August 2016, 2016 15 eight zero December 15, 2017 In January 2017, 2017 04, 2 Instead, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. The guidance is effective for fiscal years beginning after December 9, 2019.

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31 , June 30, 2017 201 6 Coins $ 459 $ 437 Other collectibles 446 292 Grading raw materials consumable inventory 2,717 1,845 3,622 2,574 Less inventory reserve (769 ) (739 ) Inventories, net $ 2,853 $ 1,835

Note 3 - Property and Equipme19

Note 3 - Property and Equipment (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, June 30, 2017 2016 Coins grading reference sets $ 263 $ 263 Computer hardware and equipment 2,875 2,777 Computer software 1,224 1,202 Equipment 5,798 5,134 Furniture and office equipment 1,145 1,116 Leasehold improvements 1,244 1,138 Trading card reference library 52 52 12,601 11,682 Less accumulated depreciation and amortization (9,648 ) (8,843 ) Property and equipment, net $ 2,953 $ 2,839

Note 4 - Accrued Liabilities (T

Note 4 - Accrued Liabilities (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31 , June 30, 2017 201 6 Warranty reserves $ 1,130 $ 892 Professional fees 348 484 Other 848 1,115 $ 2,326 $ 2,491
Schedule of Product Warranty Liability [Table Text Block]	Nine Months Ended March 31 , 2017 2016 Warranty reserve beginning of period $ 892 $ 1,492 Provision charged to cost of revenues 506 363 Change in Estimate - (656 ) Payments (268 ) (330 ) Warranty reserve, end of period $ 1,130 $ 869

Note 7 - Net Income Per Share (

Note 7 - Net Income Per Share (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, Nine Months Ended March 31, 2017 20 16 2017 2016 Weighted average shares outstanding: Basic 8,482 8,447 8,478 8,441 Dilutive effect of restricted shares 87 102 91 103 Weighted average shares outstanding: Diluted 8,569 8,549 8,569 8,544

Note 8 - Business Segments (Tab

Note 8 - Business Segments (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended Nine Months Ended March 31, March 31, 20 17 20 16 20 17 20 16 Net revenues from external customers: Coins (1) $ 12,825 $ 11,992 $ 35,776 $ 29,590 Trading cards and autographs 4,427 4,005 12,965 11,576 Other 1,344 1,332 3,465 3,417 Consolidated total revenue $ 18,596 $ 17,329 $ 52,206 $ 44,583 Amortization and depreciation: Coins $ 163 $ 118 $ 461 $ 381 Trading cards and autographs 51 57 159 169 Other 127 125 398 344 Total 341 300 1,018 894 Unallocated amortization and depreciation 73 94 225 200 Consolidated amortization and depreciation $ 414 $ 394 $ 1,243 $ 1,094 Stock-based compensation: Coins $ 28 $ 22 $ 56 $ 67 Trading cards and autographs 3 3 8 8 Other 2 2 6 5 Total 33 27 70 80 Unallocated stock-based compensation 86 132 260 369 Consolidated stock-based compensation $ 119 $ 159 $ 330 $ 449 Operating income: Coins $ 4,481 $ 4,516 $ 12,033 $ 10,117 Trading cards and autographs 1,006 906 3,008 2,422 Other 388 62 808 57 Total 5,875 5,484 15,849 12,596 Unallocated operating expenses (1,166 ) (1,079 ) (3,855 ) (3,306 ) Consolidated operating income $ 4,709 $ 4,405 $ 11,994 $ 9,290
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	March 31, June 30, 2017 201 6 Identifiable Assets: Coins (2) $ 9,560 $ 7,824 Trading cards and autographs 1,291 1,451 Other 3,326 3,360 Total 14,177 12,635 Unallocated assets (2) 14,761 15,555 Consolidated assets $ 28,938 $ 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)	Jan. 10, 2017USD ($)	Mar. 31, 2017USD ($)$ / sharesshares	Mar. 31, 2016USD ($)	Mar. 31, 2017USD ($)shares	Mar. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Allocated Share-based Compensation Expense		$ 119,000	$ 159,000	$ 330,000	$ 449,000
Cash and Cash Equivalents, at Carrying Value		10,836,000	12,581,000	10,836,000	12,581,000	$ 11,967,000	$ 17,254,000
Money Market Funds, at Carrying Value		6,566,000		6,566,000
Other Cash Equivalents, at Carrying Value		4,270,000		4,270,000
Cash		1,818,000		1,818,000
Cash, Uninsured Amount		8,357,000		8,357,000
Allowance for Doubtful Accounts Receivable, Current		64,000		64,000		35,000
Capitalized Computer Software, Additions		352,000	245,000	723,000	615,000
Capitalized Computer Software, Amortization		122,000	64,000	342,000	168,000
Standard and Extended Product Warranty Accrual		$ 1,130,000	869,000	1,130,000	869,000	$ 892,000	$ 1,492,000
Standard and Extended Product Warranty Accrual, Increase (Decrease) for Preexisting Warranties			$ (656,000)		$ (656,000)
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
Computer Software, Intangible Asset [Member]
Finite-Lived Intangible Asset, Useful Life				3 years
Sales Revenue, Services, Net [Member] | Product Concentration Risk [Member] | Coins [Member]
Concentration Risk, Percentage				69.00%	66.00%
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member]
Number of Major Customers				5	5
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Five Customers [Member]
Concentration Risk, Percentage				20.00%	14.00%
Accounts Receivable [Member] | Customer Concentration Risk [Member]
Number of Major Customers				1		0
Revolving Credit Facility [Member]
Debt Instrument, Term	3 years
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000,000
Line of Credit Facility, Commitment Fee Percentage	0.0625%
Line of Credit Facility, Commitment Fee Percentage, Threshold	$ 4,000,000
Long-term Line of Credit		$ 0		$ 0
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	2.25%
Revolving Credit Facility [Member] | Prime Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	(0.25%)
CHINA
Cash		$ 1,414,000		$ 1,414,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares		411,000		411,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				25.00%

Note 2 - Inventories - Inventor

Note 2 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Inventory, gross	$ 3,622	$ 2,574
Less inventory reserve	(769)	(739)
Inventories, net	2,853	1,835
Coins [Member]
Inventory, gross	459	437
Other Collectibles [Member]
Inventory, gross	446	292
Grading Raw Materials Consumable [Member]
Inventory, gross	$ 2,717	$ 1,845

Note 3 - Property and Equipme25

Note 3 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Property and equipment, gross	$ 12,601	$ 11,682
Less accumulated depreciation and amortization	(9,648)	(8,843)
Property and equipment, net	2,953	2,839
Coins and Stamp Grading Reference Sets [Member]
Property and equipment, gross	263	263
Computer Equipment [Member]
Property and equipment, gross	2,875	2,777
Computer Software [Member]
Property and equipment, gross	1,224	1,202
Equipment [Member]
Property and equipment, gross	5,798	5,134
Furniture and Office Equipment [Member]
Property and equipment, gross	1,145	1,116
Leasehold Improvements [Member]
Property and equipment, gross	1,244	1,138
Trading Card Reference Library [Member]
Property and equipment, gross	$ 52	$ 52

Note 4 - Accrued Liabilities -

Note 4 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Warranty reserves	$ 1,130	$ 892
Professional fees	348	484
Other	848	1,115
	$ 2,326	$ 2,491

Note 4 - Accrued Liabilities 27

Note 4 - Accrued Liabilities - Warranty Reserve Activity (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Warranty reserve		$ 892,000	$ 1,492,000
Provision charged to cost of revenues		506,000	363,000
Change in Estimate	$ (656,000)		(656,000)
Payments		(268,000)	(330,000)
Warranty reserve	$ 869,000	$ 1,130,000	$ 869,000

Note 5 - Discontinued Operati28

Note 5 - Discontinued Operations (Details Textual) - Jewelry Businesses [Member]	Mar. 31, 2017USD ($)
Total Accrual Related to Remaining Lease Obligations	$ 359,000
Accrued Rent, Current	$ 359,000

Note 6 - Income Taxes (Details

Note 6 - Income Taxes (Details Textual)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Effective Income Tax Rate Reconciliation, Percent	37.00%	39.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	2.00%

Note 7 - Net Income Per Share30

Note 7 - Net Income Per Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Stock Options and Unvested Restricted Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	10,000	24,000	5,000
Performance Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	254,000	279,000	260,000	264,000

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		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Weighted average shares outstanding: Basic (in shares)	8,482	8,447	8,478	8,441
Weighted average shares outstanding: Diluted (in shares)	8,569	8,549	8,569	8,544
Restricted Stock [Member]
Dilutive effect of restricted shares (in shares)	87	102	91	103

Note 8 - Business Segments (Det

Note 8 - Business Segments (Details Textual) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Jun. 30, 2016USD ($)
Number of Reportable Segments			3
Revenue, Net	$ 18,596	$ 17,329	$ 52,206	$ 44,583
Assets	28,938		28,938		$ 28,190
Outside the United States[Member]
Revenue, Net	1,300	$ 1,400	7,000	$ 3,400
Outside the United States[Member] | Coins Segment and Unallocated Assets [Member]
Assets	$ 4,000		$ 4,000		$ 2,900

Note 8 - Business Segments - Se

Note 8 - Business Segments - Segment Reporting Information (Details) - USD ($)		3 Months Ended		9 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net revenues		$ 18,596,000	$ 17,329,000	$ 52,206,000	$ 44,583,000
Depreciation and amortization		414,000	394,000	1,243,000	1,094,000
Stock-based compensation		119,000	159,000	330,000	449,000
Operating income		4,709,000	4,405,000	11,994,000	9,290,000
Operating Segments [Member]
Depreciation and amortization		341,000	300,000	1,018,000	894,000
Stock-based compensation		33,000	27,000	70,000	80,000
Operating income		5,875,000	5,484,000	15,849,000	12,596,000
Segment Reconciling Items [Member]
Depreciation and amortization		73,000	94,000	225,000	200,000
Stock-based compensation		86,000	132,000	260,000	369,000
Operating income		(1,166,000)	(1,079,000)	(3,855,000)	(3,306,000)
Coins [Member] | Operating Segments [Member]
Net revenues	[1]	12,825,000	11,992,000	35,776,000	29,590,000
Depreciation and amortization		163,000	118,000	461,000	381,000
Stock-based compensation		28,000	22,000	56,000	67,000
Operating income		4,481,000	4,516,000	12,033,000	10,117,000
Trading Cards and Autographs [Member] | Operating Segments [Member]
Net revenues		4,427,000	4,005,000	12,965,000	11,576,000
Depreciation and amortization		51,000	57,000	159,000	169,000
Stock-based compensation		3,000	3,000	8,000	8,000
Operating income		1,006,000	906,000	3,008,000	2,422,000
Other Segments [Member] | Operating Segments [Member]
Net revenues		1,344,000	1,332,000	3,465,000	3,417,000
Depreciation and amortization		127,000	125,000	398,000	344,000
Stock-based compensation		2,000	2,000	6,000	5,000
Operating income		$ 388,000	$ 62,000	$ 808,000	$ 57,000
[1]	Includes service revenues of $1.3 million and $7.0 million generated from outside the United States in the three and nine months ended March 31, 2017, respectively as compared to $1.4 million and $3.4 million in the three and nine months ended March 31, 2016, respectively.

Note 8 - Business Segments - Re

Note 8 - Business Segments - Reconciliation of Assets to Consolidated From Segment (Details) - USD ($) $ in Thousands		Mar. 31, 2017	Jun. 30, 2016
Identifiable Assets:
Assets		$ 28,938	$ 28,190
Goodwill:
Goodwill		2,083	2,083
Operating Segments [Member]
Identifiable Assets:
Assets		14,177	12,635
Operating Segments [Member] | Coins [Member]
Identifiable Assets:
Assets	[1]	9,560	7,824
Goodwill:
Goodwill		515	515
Operating Segments [Member] | Trading Cards and Autographs [Member]
Identifiable Assets:
Assets		1,291	1,451
Operating Segments [Member] | Other Segments [Member]
Identifiable Assets:
Assets		3,326	3,360
Goodwill:
Goodwill		1,568	1,568
Segment Reconciling Items [Member]
Identifiable Assets:
Assets	[1]	$ 14,761	$ 15,555
[1]	Includes assets of $4.0 million and $2.9 million outside the United States at March 31, 2017 and June 30, 2016, respectively.

Note 9 - Related-party Transa35

Note 9 - Related-party Transactions (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	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	$ 665,000	$ 552,000	$ 1,611,000	$ 1,557,000
Accounts Receivable, Related Parties, Current	150,000		150,000		$ 92,000
Associate of Richard Kenneth Duncan Sr [Member]
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners						5.00%
Associate of Richard Kenneth Duncan Sr [Member] | Grading and Authentication Fees [Member]
Related Party Transaction, Other Revenues from Transactions with Related Party	354,000	$ 378,000	760,000	$ 944,000
Accounts Receivable, Related Parties, Current	$ 0		$ 0		$ 101,000

Note 11 - Subsequent Events (De

Note 11 - Subsequent Events (Details Textual) - $ / shares	Apr. 24, 2017	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Common Stock, Dividends, Per Share, Declared		$ 0.35	$ 0.35	$ 1.05	$ 1.05
Subsequent Event [Member]
Common Stock, Dividends, Per Share, Declared	$ 0.35