Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2017 | Jan. 31, 2018 | |
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) | 9,016,243 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 8,727,000 | $ 9,826,000 |
Accounts receivable, net of allowance of $123 and $77 at December 31, 2017 and June 30, 2017, respectively | 2,334,000 | 3,615,000 |
Inventories, net | 3,076,000 | 2,722,000 |
Prepaid expenses and other current assets | 1,460,000 | 1,661,000 |
Total current assets | 15,597,000 | 17,824,000 |
Property and equipment, net | 8,811,000 | 3,163,000 |
Goodwill | 2,083,000 | 2,083,000 |
Intangible assets, net | 2,326,000 | 2,183,000 |
Deferred income tax assets | 2,499,000 | 2,864,000 |
Other assets | 498,000 | 413,000 |
Non-current assets of discontinued operations | 79,000 | |
Total assets | 31,814,000 | 28,609,000 |
Current liabilities: | ||
Accounts payable | 3,454,000 | 2,660,000 |
Accrued liabilities | 1,607,000 | 1,652,000 |
Accrued compensation and benefits | 2,907,000 | 4,373,000 |
Current portion of long-term debt | 188,000 | |
Income taxes payable | 37,000 | 664,000 |
Deferred revenue | 3,607,000 | 2,676,000 |
Current liabilities of discontinued operations | 391,000 | |
Total current liabilities | 11,800,000 | 12,416,000 |
Deferred rent | 3,065,000 | 276,000 |
Long Term Debt | 2,812,000 | |
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; 9,016 and 8,921 issued and outstanding at December 31, 2017 and June 30, 2017, respectively. | 9,000 | 9,000 |
Additional paid-in capital | 85,398,000 | 84,948,000 |
Accumulated deficit | (71,270,000) | (69,040,000) |
Total stockholders’ equity | 14,137,000 | 15,917,000 |
Total liabilities and stockholders’ equity | $ 31,814,000 | $ 28,609,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Accounts receivable, allowance | $ 123 | $ 77 |
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) | 9,016 | 8,921 |
Common stock, shares outstanding (in shares) | 9,016 | 8,921 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net revenues | $ 14,063 | $ 17,862 | $ 33,816 | $ 33,610 |
Cost of revenues | 6,476 | 6,475 | 13,926 | 12,614 |
Gross profit | 7,587 | 11,387 | 19,890 | 20,996 |
Operating expenses: | ||||
Selling and marketing expenses | 2,421 | 2,327 | 5,175 | 4,748 |
General and administrative expenses | 4,926 | 4,549 | 9,954 | 8,963 |
Total operating expenses | 7,347 | 6,876 | 15,129 | 13,711 |
Operating income | 240 | 4,511 | 4,761 | 7,285 |
Interest and other expense, net | (41) | (96) | (9) | (72) |
Income before provision for income taxes | 199 | 4,415 | 4,752 | 7,213 |
Provision for income taxes | 129 | 1,491 | 1,049 | 2,701 |
Income from continuing operations | 70 | 2,924 | 3,703 | 4,512 |
Income (loss) from discontinued operations, net of income taxes | 89 | (2) | 89 | (10) |
Net income | $ 159 | $ 2,922 | $ 3,792 | $ 4,502 |
Net income per basic share | ||||
Income from continuing operations (in dollars per share) | $ 0.01 | $ 0.34 | $ 0.43 | $ 0.53 |
Income from discontinued operations (in dollars per share) | 0.01 | 0.01 | ||
Net income per basic share (in dollars per share) | 0.02 | 0.34 | 0.44 | 0.53 |
Net income per diluted share | ||||
Income from continuing operations (in dollars per share) | 0.01 | 0.34 | 0.42 | 0.53 |
Income from discontinued operations (in dollars per share) | 0.01 | 0.01 | ||
Net income per diluted share (in dollars per share) | $ 0.02 | $ 0.34 | $ 0.43 | $ 0.53 |
Weighted average shares outstanding | ||||
Basic (in shares) | 8,699 | 8,478 | 8,637 | 8,476 |
Diluted (in shares) | 8,923 | 8,578 | 8,844 | 8,569 |
Dividends declared per common share (in dollars per share) | $ 0.35 | $ 0.35 | $ 0.70 | $ 0.70 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 3,792,000 | $ 4,502,000 |
Discontinued operations | (89,000) | 10,000 |
Income from continuing operations | 3,703,000 | 4,512,000 |
Adjustments to reconcile income from continuing operations to net cash provided by operating activities: | ||
Depreciation and amortization expense | 954,000 | 830,000 |
Stock-based compensation expense | 451,000 | 210,000 |
Provision for bad debts | 62,000 | 26,000 |
Provision for inventory write-down | 106,000 | 29,000 |
Provision for warranty claims | 215,000 | 336,000 |
Loss on sale of property and equipment | 119,000 | 5,000 |
Deferred income taxes | 365,000 | |
Change in operating assets and liabilities: | ||
Accounts receivable | 1,218,000 | (650,000) |
Inventories | (460,000) | (541,000) |
Prepaid expenses and other | 202,000 | 85,000 |
Other assets | (85,000) | (46,000) |
Accounts payable and accrued liabilities | (133,000) | (372,000) |
Accrued compensation and benefits | (1,465,000) | (95,000) |
Income taxes payable | (627,000) | 832,000 |
Deferred revenue | 929,000 | 305,000 |
Deferred rent | (138,000) | (44,000) |
Net cash provided by operating activities of continuing operations | 5,416,000 | 5,422,000 |
Net cash used in operating activities of discontinued businesses | (225,000) | (240,000) |
Net cash provided by operating activities | 5,191,000 | 5,182,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sale of business | 4,000 | 9,000 |
Capital expenditures | (2,761,000) | (726,000) |
Capitalized software | (506,000) | (371,000) |
Patents and other intangibles | (6,000) | (5,000) |
Net cash used in investing activities | (3,269,000) | (1,093,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under term loan | 3,000,000 | |
Dividends paid to common stockholders | (6,021,000) | (5,959,000) |
Net cash used in financing activities | (3,021,000) | (5,959,000) |
Net decrease in cash and cash equivalents | (1,099,000) | (1,870,000) |
Cash and cash equivalents at beginning of period | 9,826,000 | 11,967,000 |
Cash and cash equivalents at end of period | 8,727,000 | 10,097,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid during the period | 33,000 | |
Income taxes paid during the period | 1,370,000 | 1,857,000 |
SUPPLEMENTAL SCHEDULE OF NON-CASH INVESTING ACTIVITIES: | ||
Leasehold Improvements contributed by landlord (See note 3) | $ 2,949,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 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 December 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 six December 31, 2017 not may June 30, 2018 10 June 30, 2017, 2017 10 June 30, 2017 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 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 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 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 and the provision for income taxes, related valuation allowances and deferred tax assets and liabilities. 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 not no December 31, 2017. Foreign Currency The Company has determined that the U.S. Dollar is the functional currency for its French branch office and its Hong Kong and China subsidiaries. Based on this determination, the Company’s foreign operations are re-measured by reflecting the financial results of such operations as if they had taken place within a U.S. dollar-based economic environment. Fixed assets and other non-monetary assets and liabilities are re-measured from foreign currencies to U.S. dollars at historical exchange rates; whereas cash, accounts receivable and other monetary assets and liabilities are re-measured at current exchange rates. Gains and losses resulting from those re-measurements, which are included in income for the current period, were not Stock-Based Compensation We recognize stock-based compensation attributable to service-based equity grants over the service period based on the grant date fair value of the awards. For performance-based equity grants the vesting of which is contingent on the achievement of one one not S tock-based compensation expense in the three six December 31, 2017 $227,000 $451,000, $108,000 $210,000 three six December 31, 2016. Restricted Stock Awards 2013 2013 As previously reported, in our Fiscal 2017 10K June 30, 2017, based on the financial results achieved in fiscal 2017, 2013 2017. 2013 50% 2013 50% June 30, 2018. 2018 ong-Term Incentive Plan ( “2018 On December 26, 2017, the Compensation Committee of the Board of Directors of the Company adopted the 2018 84,360 42,180 42,180 $2,552,000. Retention Restricted Shares To create incentives for the Participants to remain in the Company's service over the period ending June 30, 2020, Annual Grant s 21,090 three 7,030 June 30, 2018, June 30, 2019 June 30, 2020, One Time Grant . A total of 21,090 two 10,545 June 30, 2018 June 30, 2019, If a Participant's continuous service with the Company ceases , for any reason whatsoever, including a termination of the Participant’s employment with or without cause, prior to any vesting date or dates, the then unvested Retention Restricted Shares will be forfeited. Stock-based compensation expense of $1,276,000 42,180 PSUs To create incentives for the Participants to drive significant improvements in the Company’s operating results during the three June 30, 2020 The vesting of the PSUs by the Participants will be contingent on (i) the extent to which (if any) the threshold or target CARGR goals or threshold or target Operating Margin goals are achieved or exceeded, or the maximum CARGR or maximum Operating Margin goals are achieved, and (ii) their continued service with the Company through June 30, 2020. The following table sets forth the percentages of the respective numbers of PSUs granted to each of the Participants that will vest on June 30, 2020 June 30, 2020: Financial Performance Goal s Threshold Target Maximum Percent of PSUs Earned 10% 50% 100% All the PSUs will be forfeited if neither the threshold CARGR goal nor the threshold Operating Margin goal is achieved. Also, if a Participant fails to remain in the Company ’s continuous service through June 30, 2020, Assuming the maximum performance is achieved and assuming continuous service $1,276,000 June 30, 2020. Stock-based compensation expense for the 42,180 There was no 2018 December 31, 2017. 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. At December 31, 2017, $8,727,000, $1,124,000 $7,603,000 $5,511,000 December 31, 2017 $5,041,000 Substantially all of our cash in the United States is deposited at one $2,597,000 December 31, 2017. Revolving Credit Line. As previously reported, in January 2017 three $10,000,000 may may one may not $10,000,000. may no may 30 2.25% 0.25% 0.0625% $4,000,000. no December 31, 2017. December 31, 2017. Term Loan . September 15, 2017 five $3,500,000 first may $3,500,000. first two may 2.25% 0.25% 2.250% At the end of that first four 48 three the LIBOR Rate, (ii) the Prime Rate, or (iii) a fixed rate (the Fixed Rate"), in any case subject to an interest rate floor of 2.250% 20% first No The agreement governing the term loan contains two may not At December 31, 2017, the Company had $3,000,000 Accounts Receivable. A substantial portion of accounts receivable are due from collectibles dealers. One individual customer’s accounts receivable balance exceeded 10% December 31, 2017 June 30, 2017. may $123,000 $77,000 December 31, 2017 June 30, 2017, no Coin Revenues . The authentication, grading and sales of collectible coins, related services and coin product sales accounted for approximately 65% six December 31, 2017, 68% six December 31, 2016. Customers. One of our customers, accounted for approximately 2% 11% three six December 31, 2017, 18% 11% three six December 31, 2016, Inventories Our inventories consist primarily of (i) coin s 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 six December 31, 2017 $232,000 $506,000, $199,000 $371,000 three six December 31, 2016. three six December 31, 2017, $175,000 $329,000, $116,000 $220,000 three six December 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 not not fourth 2017, July 1, 2017. three six December 31, 2017 $102,000 $215,000, $162,000 $336,000 three six December 31, 2016, Dividends In accordance with the Company ’s quarterly dividend policy, as then in effect, we paid quarterly cash dividends of $0.35 second 2018. may 11 . Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers July 2015, one first 2019 first 2018. March 2016, 2016 08, 606 May 2016, 2016 2016 12, 606 606. not first 2019 In February 2016, 2016 02 Accounting for Leases 12 not December 15, 2018, In March 2016, 2016 09 Compensation–Stock Compensation: Improvements to Employee Share-Based Payment Accounting July 1, 2017. six December 31, 2017 $692,000, 2013 first In August 2016, No, 2016 15 Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments. eight zero not December 15, 2017 In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment 2 not December 9, 2019. not In May 2017, 2017 09 Compensation-Stock Compensation not not December 15, 2017. 1 not 2 not not |
Note 2 - Inventories
Note 2 - Inventories | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 2. INVENTORIES Inventories consist of the following (in thousands): December 31 , June 30, 2017 201 7 Coins $ 469 $ 458 Other collectibles 473 391 Grading raw materials consumable inventory 3,018 2,850 3,960 3,699 Less inventory reserve (884 ) (977 ) Inventories, net $ 3,076 $ 2,722 The inventory reserve represents a valuation allowanc e 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. T he estimated value of coins can be subjective and can vary depending on market conditions for precious metals, the number of qualified buyers for a particular coin and the uniqueness and special features of a particular coin. |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 6 Months Ended |
Dec. 31, 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): December 31 , June 30, 201 7 201 7 Coins grading reference sets $ 263 $ 263 Computer hardware and equipment 1,982 2,916 Computer software 1,449 1,276 Equipment 4,395 6,063 Furniture and office equipment 876 1,177 Leasehold improvements 4,749 1,316 Trading card reference library 52 52 13,766 13,063 Less accumulated depreciation and amortization (4,955 ) (9,900 ) Property and equipment, net $ 8,811 $ 3,163 Leasehold improvements at December 31, 2017 $4,120,000 $2,949,000 |
Note 4 - Accrued Liabilities
Note 4 - Accrued Liabilities | 6 Months Ended |
Dec. 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): December 31 , June 30, 2017 201 7 Warranty reserves $ 642 $ 834 Professional fees 97 84 Other 868 734 $ 1,607 $ 1,652 The following table presents the changes in the Company ’s warranty reserve during the six December 31, 2017 2016 Six Months Ended December 31 , 2017 2016 Warranty reserve beginning of period $ 834 $ 892 Provision charged to cost of revenues 215 336 Payments (407 ) (214 ) Warranty reserve, end of period $ 642 $ 1,014 |
Note 5 - Discontinued Operation
Note 5 - Discontinued Operations | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 5. DISCONTINUED OPERATIONS The operating results of the discontinued businesses that are included in the accompanying Condensed Consolidated Statements of Operations were not The remaining lease obligation in connection with the fiscal 2009 December 31, 2017. |
Note 6 - Income Taxes
Note 6 - Income Taxes | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 6. INCOME TAXES In the six December 31, 2017 2016, 22% 37% six December 31, 2017, 28% 2018, December 2017 ( three six December 31, 2017 2013 August 2017. The Tax Reform Act significantly revises the U.S. corporate income tax laws by, amongst other things, reducing the corporate income tax rate from 35.0% 21.0% one In December 2017, No. 118, 118” 118, one not one not not The Company has not three December 31, 2017, ’s fiscal year, the statutory corporate tax rate for the fiscal 2018 28.1%, three December 31, 2017, one $131,000. one $265,000 one $134,000 one 740, The ultimate impact of the Tax Reform Act may ’s provisional estimates due to changes in interpretations and assumptions, additional regulatory guidance as the interpretation of the Tax Reform Act evolves over time, and actions taken by the Company as a result of the Tax Reform Act. The Company will finalize the provisional amounts during the measurement period as it completes its analysis and accounting. A reasonable estimate for the items for which no first |
Note 7 - Net Income Per Share
Note 7 - Net Income Per Share | 6 Months Ended |
Dec. 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 six December 31, 2017 2016 Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 Weighted average shares outstanding: Basic 8,699 8,478 8,637 8,476 Dilutive effect of restricted shares 224 100 207 93 Weighted average shares outstanding: Diluted 8,923 8,578 8,844 8,569 There were no six December 31, 2017 2016, In addition, in the three December 31, 2017, 42,180 not |
Note 8 - Business Segments
Note 8 - Business Segments | 6 Months Ended |
Dec. 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 s earned, subscription-based revenues and product sales. The other collectibles segment is comprised of CCE, Coinflation.com, Collectors.com and our collectibles trade show business. We allocate 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) revenues, (ii) depreciation and amortization, (iii) stock-based compensation expense, and (iv) operating income for the three six December 31, 2017 2016, December 31, 2017 June 30, 2017, Three Months Ended Six Months Ended December 31, December 31, 2017 2016 2017 2016 Net revenues from external customers: Coins (1) $ 8,588 $ 12,978 $ 22,037 $ 22,950 Trading cards and autographs 4,655 4,098 9,743 8,537 Other 820 786 2,036 2,123 Consolidated total revenue $ 14,063 $ 17,862 $ 33,816 $ 33,610 Amortization and depreciation: Coins $ 205 $ 161 $ 380 $ 298 Trading cards and autographs 82 52 142 108 Other 143 121 277 271 Total 430 334 799 677 Unallocated amortization and depreciation 81 76 155 153 Consolidated amortization and depreciation $ 511 $ 410 $ 954 $ 830 Stock-based compensation: Coins $ 57 $ 17 $ 114 $ 28 Trading cards and autographs 16 3 32 5 Other 11 1 21 4 Total 84 21 167 37 Unallocated stock-based compensation 143 87 284 173 Consolidated stock-based compensation $ 227 $ 108 $ 451 $ 210 Operating income: Coins $ 830 $ 4,796 $ 5,357 $ 7,552 Trading cards and autographs 1,118 922 2,494 2,003 Other 253 125 518 420 Total 2,201 5,843 8,369 9,975 Unallocated operating expenses (1,961 ) (1,332 ) (3,608 ) (2,690 ) Consolidated operating income $ 240 $ 4,511 $ 4,761 $ 7,285 ( 1 Includes service revenues of $2.2 $7.1 three six December 31, 2017 $4.3 $5.8 three six December 31, 2016. $1.5 $5.6 three six December 31, 2017 $3.7 $4.6 three six December 31, 2016. December 31 , June 30, 2017 201 7 Identifiable Assets: Coins $ 11,101 $ 9,128 Trading cards and autographs 3,387 1,547 Other 3,173 3,198 Total 17,661 13,873 Unallocated assets 14,153 14,736 Consolidated assets $ 31,814 $ 28,609 Goodwill: Coins $ 515 $ 515 Other 1,568 1,568 Consolidated goodwill $ 2,083 $ 2,083 |
Note 9 - Related-party Transact
Note 9 - Related-party Transactions | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 9. RELATED-PARTY TRANSACTIONS During the three six December 31, 2017, $451,000 $1,255,000, $480,000 $946,000 three six December 31, 2016. December 31, 2017, $287,000 $268,000 June 30, 2017. An associate of Richard Kenneth Duncan Sr., who as of July 2015 5% $80,000 $282,000, three six December 31, 2017 $167,000 $406,000 three six 2017. December 31, 2017, $95,000 $50,000 June 30, 2017. In each case, these authentication and grading fees were comparable in amount to the fees which we charge, in the ordinary course of our business, for similar authentication and grading services we render to unaffiliated customers. |
Note 10 - Contingencies
Note 10 - Contingencies | 6 Months Ended |
Dec. 31, 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 |
Note 11 - Subsequent Events
Note 11 - Subsequent Events | 6 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 11. SUBSEQUENT EVENTS On February 4, 2018 third $0.175 February 23, 2018 February 13, 2018 $0.35 February 2015. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 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 December 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 six December 31, 2017 not may June 30, 2018 10 June 30, 2017, 2017 10 June 30, 2017 |
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 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 |
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 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 and the provision for income taxes, related valuation allowances and deferred tax assets and liabilities. |
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 not no December 31, 2017. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The Company has determined that the U.S. Dollar is the functional currency for its French branch office and its Hong Kong and China subsidiaries. Based on this determination, the Company’s foreign operations are re-measured by reflecting the financial results of such operations as if they had taken place within a U.S. dollar-based economic environment. Fixed assets and other non-monetary assets and liabilities are re-measured from foreign currencies to U.S. dollars at historical exchange rates; whereas cash, accounts receivable and other monetary assets and liabilities are re-measured at current exchange rates. Gains and losses resulting from those re-measurements, which are included in income for the current period, were not |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation We recognize stock-based compensation attributable to service-based equity grants over the service period based on the grant date fair value of the awards. For performance-based equity grants the vesting of which is contingent on the achievement of one one not S tock-based compensation expense in the three six December 31, 2017 $227,000 $451,000, $108,000 $210,000 three six December 31, 2016. Restricted Stock Awards 2013 2013 As previously reported, in our Fiscal 2017 10K June 30, 2017, based on the financial results achieved in fiscal 2017, 2013 2017. 2013 50% 2013 50% June 30, 2018. 2018 ong-Term Incentive Plan ( “2018 On December 26, 2017, the Compensation Committee of the Board of Directors of the Company adopted the 2018 84,360 42,180 42,180 $2,552,000. Retention Restricted Shares To create incentives for the Participants to remain in the Company's service over the period ending June 30, 2020, Annual Grant s 21,090 three 7,030 June 30, 2018, June 30, 2019 June 30, 2020, One Time Grant . A total of 21,090 two 10,545 June 30, 2018 June 30, 2019, If a Participant's continuous service with the Company ceases , for any reason whatsoever, including a termination of the Participant’s employment with or without cause, prior to any vesting date or dates, the then unvested Retention Restricted Shares will be forfeited. Stock-based compensation expense of $1,276,000 42,180 PSUs To create incentives for the Participants to drive significant improvements in the Company’s operating results during the three June 30, 2020 The vesting of the PSUs by the Participants will be contingent on (i) the extent to which (if any) the threshold or target CARGR goals or threshold or target Operating Margin goals are achieved or exceeded, or the maximum CARGR or maximum Operating Margin goals are achieved, and (ii) their continued service with the Company through June 30, 2020. The following table sets forth the percentages of the respective numbers of PSUs granted to each of the Participants that will vest on June 30, 2020 June 30, 2020: Financial Performance Goal s Threshold Target Maximum Percent of PSUs Earned 10% 50% 100% All the PSUs will be forfeited if neither the threshold CARGR goal nor the threshold Operating Margin goal is achieved. Also, if a Participant fails to remain in the Company ’s continuous service through June 30, 2020, Assuming the maximum performance is achieved and assuming continuous service $1,276,000 June 30, 2020. Stock-based compensation expense for the 42,180 There was no 2018 December 31, 2017. |
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. At December 31, 2017, $8,727,000, $1,124,000 $7,603,000 $5,511,000 December 31, 2017 $5,041,000 Substantially all of our cash in the United States is deposited at one $2,597,000 December 31, 2017. Revolving Credit Line. As previously reported, in January 2017 three $10,000,000 may may one may not $10,000,000. may no may 30 2.25% 0.25% 0.0625% $4,000,000. no December 31, 2017. December 31, 2017. Term Loan . September 15, 2017 five $3,500,000 first may $3,500,000. first two may 2.25% 0.25% 2.250% At the end of that first four 48 three the LIBOR Rate, (ii) the Prime Rate, or (iii) a fixed rate (the Fixed Rate"), in any case subject to an interest rate floor of 2.250% 20% first No The agreement governing the term loan contains two may not At December 31, 2017, the Company had $3,000,000 Accounts Receivable. A substantial portion of accounts receivable are due from collectibles dealers. One individual customer’s accounts receivable balance exceeded 10% December 31, 2017 June 30, 2017. may $123,000 $77,000 December 31, 2017 June 30, 2017, no Coin Revenues . The authentication, grading and sales of collectible coins, related services and coin product sales accounted for approximately 65% six December 31, 2017, 68% six December 31, 2016. Customers. One of our customers, accounted for approximately 2% 11% three six December 31, 2017, 18% 11% three six December 31, 2016, |
Inventory, Policy [Policy Text Block] | Inventories Our inventories consist primarily of (i) coin s 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 six December 31, 2017 $232,000 $506,000, $199,000 $371,000 three six December 31, 2016. three six December 31, 2017, $175,000 $329,000, $116,000 $220,000 three six December 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 not not fourth 2017, July 1, 2017. three six December 31, 2017 $102,000 $215,000, $162,000 $336,000 three six December 31, 2016, |
Stockholders' Equity, Policy [Policy Text Block] | Dividends In accordance with the Company ’s quarterly dividend policy, as then in effect, we paid quarterly cash dividends of $0.35 second 2018. may 11 . |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers July 2015, one first 2019 first 2018. March 2016, 2016 08, 606 May 2016, 2016 2016 12, 606 606. not first 2019 In February 2016, 2016 02 Accounting for Leases 12 not December 15, 2018, In March 2016, 2016 09 Compensation–Stock Compensation: Improvements to Employee Share-Based Payment Accounting July 1, 2017. six December 31, 2017 $692,000, 2013 first In August 2016, No, 2016 15 Statement of Cash Flows-Classification of Certain Cash Receipts and Cash Payments. eight zero not December 15, 2017 In January 2017, 2017 04, Simplifying the Test for Goodwill Impairment 2 not December 9, 2019. not In May 2017, 2017 09 Compensation-Stock Compensation not not December 15, 2017. 1 not 2 not not |
Note 1 - Summary of Significa18
Note 1 - Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Share-based Compensation Award Vesting Cumulative [Table Text Block] | Financial Performance Goal s Threshold Target Maximum Percent of PSUs Earned 10% 50% 100% |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | Inventories consist of the following (in thousands): December 31 , June 30, 2017 201 7 Coins $ 469 $ 458 Other collectibles 473 391 Grading raw materials consumable inventory 3,018 2,850 3,960 3,699 Less inventory reserve (884 ) (977 ) Inventories, net $ 3,076 $ 2,722 |
Note 3 - Property and Equipme20
Note 3 - Property and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Property and equipment consist of the following (in thousands): December 31 , June 30, 201 7 201 7 Coins grading reference sets $ 263 $ 263 Computer hardware and equipment 1,982 2,916 Computer software 1,449 1,276 Equipment 4,395 6,063 Furniture and office equipment 876 1,177 Leasehold improvements 4,749 1,316 Trading card reference library 52 52 13,766 13,063 Less accumulated depreciation and amortization (4,955 ) (9,900 ) Property and equipment, net $ 8,811 $ 3,163 |
Note 4 - Accrued Liabilities (T
Note 4 - Accrued Liabilities (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities consist of the following (in thousands): December 31 , June 30, 2017 201 7 Warranty reserves $ 642 $ 834 Professional fees 97 84 Other 868 734 $ 1,607 $ 1,652 |
Schedule of Product Warranty Liability [Table Text Block] | Six Months Ended December 31 , 2017 2016 Warranty reserve beginning of period $ 834 $ 892 Provision charged to cost of revenues 215 336 Payments (407 ) (214 ) Warranty reserve, end of period $ 642 $ 1,014 |
Note 7 - Net Income Per Share (
Note 7 - Net Income Per Share (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 Weighted average shares outstanding: Basic 8,699 8,478 8,637 8,476 Dilutive effect of restricted shares 224 100 207 93 Weighted average shares outstanding: Diluted 8,923 8,578 8,844 8,569 |
Note 8 - Business Segments (Tab
Note 8 - Business Segments (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Six Months Ended December 31, December 31, 2017 2016 2017 2016 Net revenues from external customers: Coins (1) $ 8,588 $ 12,978 $ 22,037 $ 22,950 Trading cards and autographs 4,655 4,098 9,743 8,537 Other 820 786 2,036 2,123 Consolidated total revenue $ 14,063 $ 17,862 $ 33,816 $ 33,610 Amortization and depreciation: Coins $ 205 $ 161 $ 380 $ 298 Trading cards and autographs 82 52 142 108 Other 143 121 277 271 Total 430 334 799 677 Unallocated amortization and depreciation 81 76 155 153 Consolidated amortization and depreciation $ 511 $ 410 $ 954 $ 830 Stock-based compensation: Coins $ 57 $ 17 $ 114 $ 28 Trading cards and autographs 16 3 32 5 Other 11 1 21 4 Total 84 21 167 37 Unallocated stock-based compensation 143 87 284 173 Consolidated stock-based compensation $ 227 $ 108 $ 451 $ 210 Operating income: Coins $ 830 $ 4,796 $ 5,357 $ 7,552 Trading cards and autographs 1,118 922 2,494 2,003 Other 253 125 518 420 Total 2,201 5,843 8,369 9,975 Unallocated operating expenses (1,961 ) (1,332 ) (3,608 ) (2,690 ) Consolidated operating income $ 240 $ 4,511 $ 4,761 $ 7,285 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31 , June 30, 2017 201 7 Identifiable Assets: Coins $ 11,101 $ 9,128 Trading cards and autographs 3,387 1,547 Other 3,173 3,198 Total 17,661 13,873 Unallocated assets 14,153 14,736 Consolidated assets $ 31,814 $ 28,609 Goodwill: Coins $ 515 $ 515 Other 1,568 1,568 Consolidated goodwill $ 2,083 $ 2,083 |
Note 1 - Summary of Significa24
Note 1 - Summary of Significant Accounting Policies (Details Textual) | Jun. 30, 2020shares | Jun. 30, 2019shares | Sep. 15, 2018 | Jun. 30, 2018shares | Dec. 26, 2017USD ($)shares | Sep. 15, 2017USD ($) | May 26, 2017$ / shares | Jan. 10, 2017USD ($) | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2016USD ($) |
Goodwill and Intangible Asset Impairment | $ 0 | ||||||||||||||
Allocated Share-based Compensation Expense | $ 227,000 | $ 108,000 | 451,000 | $ 210,000 | $ 108,000 | ||||||||||
Cash and Cash Equivalents, at Carrying Value | 8,727,000 | 10,097,000 | 8,727,000 | 10,097,000 | $ 9,826,000 | 8,727,000 | $ 11,967,000 | ||||||||
Money Market Funds, at Carrying Value | 1,124,000 | 1,124,000 | 1,124,000 | ||||||||||||
Other Cash Equivalents, at Carrying Value | 7,603,000 | 7,603,000 | 7,603,000 | ||||||||||||
Cash | 5,511,000 | 5,511,000 | 5,511,000 | ||||||||||||
Cash, Uninsured Amount | 2,597,000 | 2,597,000 | 2,597,000 | ||||||||||||
Allowance for Doubtful Accounts Receivable, Current | 123,000 | 123,000 | $ 77,000 | 123,000 | |||||||||||
Capitalized Computer Software, Additions | 232,000 | 199,000 | 506,000 | 371,000 | |||||||||||
Capitalized Computer Software, Amortization | 175,000 | 116,000 | 329,000 | 220,000 | |||||||||||
Product Warranty Expense | $ 102,000 | 162,000 | 215,000 | 336,000 | |||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0.35 | $ 0.35 | |||||||||||||
Income Tax Expense (Benefit) | $ 129,000 | $ 1,491,000 | $ 1,049,000 | $ 2,701,000 | |||||||||||
Accounting Standards Update 2016-09 [Member] | |||||||||||||||
Income Tax Expense (Benefit) | $ 692,000 | ||||||||||||||
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 | 65.00% | 68.00% | |||||||||||||
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||||||||||||||
Concentration Risk, Percentage | 2.00% | 18.00% | 11.00% | 11.00% | |||||||||||
Unsecured Debt [Member] | CB&T [Member] | |||||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||||
Long-term Debt | $ 3,500,000 | $ 3,000,000 | $ 3,000,000 | 3,000,000 | |||||||||||
Revolving Credit Facility [Member] | California Bank and Trust [Member] | |||||||||||||||
Debt Instrument, Term | 3 years | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | ||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.0625% | ||||||||||||||
Line of Credit Facility, Average Outstanding Amount | $ 4,000,000 | ||||||||||||||
Long-term Line of Credit | 0 | 0 | 0 | ||||||||||||
Revolving Credit Facility [Member] | California Bank and Trust [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||
Revolving Credit Facility [Member] | California Bank and Trust [Member] | Prime Rate [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | (0.25%) | ||||||||||||||
Line of Credit [Member] | Unsecured Debt [Member] | CB&T [Member] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000,000 | ||||||||||||||
Line of Credit [Member] | Unsecured Debt [Member] | CB&T [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | ||||||||||||||
Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | Unsecured Debt [Member] | CB&T [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||||||||||
Line of Credit [Member] | Prime Rate [Member] | Unsecured Debt [Member] | CB&T [Member] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | (0.25%) | ||||||||||||||
CHINA | |||||||||||||||
Cash | 5,041,000 | $ 5,041,000 | 5,041,000 | ||||||||||||
Retention Shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 42,180 | ||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 1,276,000 | $ 1,276,000 | $ 1,276,000 | ||||||||||||
Performance Shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 42,180 | ||||||||||||||
Retention Shares, Annual Grants [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 21,090 | ||||||||||||||
Retention Shares, One Time Grants [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 21,090 | ||||||||||||||
Scenario, Forecast [Member] | Term Loan [Member] | Unsecured Debt [Member] | CB&T [Member] | |||||||||||||||
Debt Instrument, Term | 4 years | ||||||||||||||
Debt Instrument, Number of Payments | 48 | ||||||||||||||
Prepayment Penalty, Percentage of Principal Amount Threshold | 20.00% | ||||||||||||||
Scenario, Forecast [Member] | Term Loan [Member] | Unsecured Debt [Member] | CB&T [Member] | Minimum [Member] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | ||||||||||||||
Scenario, Forecast [Member] | Retention Shares, Annual Grants [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 7,030 | ||||||||||||||
Scenario, Forecast [Member] | Retention Shares, Annual Grants [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 7,030 | ||||||||||||||
Scenario, Forecast [Member] | Retention Shares, Annual Grants [Member] | Share-based Compensation Award, Tranche Three [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 7,030 | ||||||||||||||
Scenario, Forecast [Member] | Retention Shares, One Time Grants [Member] | Share-based Compensation Award, Tranche One [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 10,545 | ||||||||||||||
Scenario, Forecast [Member] | Restricted Stock [Member] | Share-based Compensation Award, Tranche Two [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 10,545 | ||||||||||||||
The 2013 Long-Term Performance-Based Equity Incentive Program [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||||||||||
The 2013 Long-Term Performance-Based Equity Incentive Program [Member] | Scenario, Forecast [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | ||||||||||||||
The 2018 LTIP [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 84,360 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Grant Date Fair Value | $ 2,552,000 | ||||||||||||||
The 2018 LTIP [Member] | Retention Shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 42,180 | ||||||||||||||
The 2018 LTIP [Member] | Performance Shares [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 42,180 |
Note 1 - Summary of Significa25
Note 1 - Summary of Significant Accounting Policies - Shared-based Compensation Award Vesting Schedule (Details) - Performance Shares [Member] | 6 Months Ended |
Dec. 31, 2017 | |
Threshold Performance Goal [Member] | |
Vesting percentage of equity awards | 10.00% |
Target Performance Goal [Member] | |
Vesting percentage of equity awards | 50.00% |
Maximum Performance Goal [Member] | |
Vesting percentage of equity awards | 100.00% |
Note 2 - Inventories - Inventor
Note 2 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Inventory, gross | $ 3,960 | $ 3,699 |
Less inventory reserve | (884) | (977) |
Inventories, net | 3,076 | 2,722 |
Coins [Member] | ||
Inventory, gross | 469 | 458 |
Other Collectibles [Member] | ||
Inventory, gross | 473 | 391 |
Grading Raw Materials Consumable [Member] | ||
Inventory, gross | $ 3,018 | $ 2,850 |
Note 3 - Property and Equipme27
Note 3 - Property and Equipment (Details Textual) - USD ($) | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Leasehold Improvements Contributed by Landlord | $ 2,949,000 | |
New Corporate Headquarter [Member] | ||
Leasehold Improvements, Gross | 4,120,000 | |
Leasehold Improvements Contributed by Landlord | $ 2,949,000 |
Note 3 - Property and Equipme28
Note 3 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Property and equipment, gross | $ 13,766 | $ 13,063 |
Less accumulated depreciation and amortization | (4,955) | (9,900) |
Property and equipment, net | 8,811 | 3,163 |
Coins and Stamp Grading Reference Sets [Member] | ||
Property and equipment, gross | 263 | 263 |
Computer Equipment [Member] | ||
Property and equipment, gross | 1,982 | 2,916 |
Computer Software [Member] | ||
Property and equipment, gross | 1,449 | 1,276 |
Equipment [Member] | ||
Property and equipment, gross | 4,395 | 6,063 |
Furniture and Office Equipment [Member] | ||
Property and equipment, gross | 876 | 1,177 |
Leasehold Improvements [Member] | ||
Property and equipment, gross | 4,749 | 1,316 |
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 | Dec. 31, 2017 | Jun. 30, 2017 |
Warranty reserves | $ 642 | $ 834 |
Professional fees | 97 | 84 |
Other | 868 | 734 |
$ 1,607 | $ 1,652 |
Note 4 - Accrued Liabilities 30
Note 4 - Accrued Liabilities - Warranty Reserve Activity (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Warranty reserve beginning of period | $ 834 | $ 892 |
Provision charged to cost of revenues | 215 | 336 |
Payments | (407) | (214) |
Warranty reserve, end of period | $ 642 | $ 1,014 |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2018 | |
Effective Income Tax Rate Reconciliation, Percent | 22.00% | 37.00% | |||
Income Tax Expense (Benefit) Tax Reform Act Amount | $ 131,000 | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | 265,000 | ||||
Effective Income Tax Rate Reconciliation, Tax Reform Act, Repatriation of Foreign Earnings, Amount | $ (134,000) | ||||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 28.00% |
Note 7 - Net Income Per Share32
Note 7 - Net Income Per Share (Details Textual) - shares | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 42,180 |
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 | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Weighted average shares outstanding: Basic (in shares) | 8,699 | 8,478 | 8,637 | 8,476 |
Weighted average shares outstanding: Diluted (in shares) | 8,923 | 8,578 | 8,844 | 8,569 |
Restricted Stock [Member] | ||||
Dilutive effect of restricted shares (in shares) | 224 | 100 | 207 | 93 |
Note 8 - Business Segments (Det
Note 8 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Number of Reportable Segments | 3 | |||
Revenue, Net | $ 14,063 | $ 17,862 | $ 33,816 | $ 33,610 |
Outside the United States[Member] | ||||
Revenue, Net | 2,200 | 4,300 | 7,100 | 5,800 |
CHINA | Coins [Member] | ||||
Revenue, Net | $ 1,500 | $ 3,700 | $ 5,600 | $ 4,600 |
Note 8 - Business Segments - Se
Note 8 - Business Segments - Segment Reporting Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 15 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | ||
Net revenues | $ 14,063,000 | $ 17,862,000 | $ 33,816,000 | $ 33,610,000 | ||
Depreciation and amortization | 511,000 | 410,000 | 954,000 | 830,000 | ||
Stock-based compensation | 227,000 | 108,000 | 451,000 | 210,000 | $ 108,000 | |
Operating income | 240,000 | 4,511,000 | 4,761,000 | 7,285,000 | ||
Operating Segments [Member] | ||||||
Depreciation and amortization | 430,000 | 334,000 | 799,000 | 677,000 | ||
Stock-based compensation | 84,000 | 21,000 | 167,000 | 37,000 | ||
Operating income | 2,201,000 | 5,843,000 | 8,369,000 | 9,975,000 | ||
Segment Reconciling Items [Member] | ||||||
Depreciation and amortization | 81,000 | 76,000 | 155,000 | 153,000 | ||
Stock-based compensation | 143,000 | 87,000 | 284,000 | 173,000 | ||
Operating income | (1,961,000) | (1,332,000) | (3,608,000) | (2,690,000) | ||
Coins [Member] | Operating Segments [Member] | ||||||
Net revenues | [1] | 8,588,000 | 12,978,000 | 22,037,000 | 22,950,000 | |
Depreciation and amortization | 205,000 | 161,000 | 380,000 | 298,000 | ||
Stock-based compensation | 57,000 | 17,000 | 114,000 | 28,000 | ||
Operating income | 830,000 | 4,796,000 | 5,357,000 | 7,552,000 | ||
Trading Cards and Autographs [Member] | Operating Segments [Member] | ||||||
Net revenues | 4,655,000 | 4,098,000 | 9,743,000 | 8,537,000 | ||
Depreciation and amortization | 82,000 | 52,000 | 142,000 | 108,000 | ||
Stock-based compensation | 16,000 | 3,000 | 32,000 | 5,000 | ||
Operating income | 1,118,000 | 922,000 | 2,494,000 | 2,003,000 | ||
Other Segments [Member] | Operating Segments [Member] | ||||||
Net revenues | 820,000 | 786,000 | 2,036,000 | 2,123,000 | ||
Depreciation and amortization | 143,000 | 121,000 | 277,000 | 271,000 | ||
Stock-based compensation | 11,000 | 1,000 | 21,000 | 4,000 | ||
Operating income | $ 253,000 | $ 125,000 | $ 518,000 | $ 420,000 | ||
[1] | Includes service revenues of $2.2 million and $7.1 million generated from outside the United States in the three and six months ended December 31, 2017 as compared to $4.3 million and $5.8 million in the three and six months ended December 31, 2016. China revenues included above were $1.5 million and $5.6 million in the three and six months ended December 31, 2017 as compared to $3.7 million and $4.6 million in the three and six months ended December 31, 2016. |
Note 8 - Business Segments - Re
Note 8 - Business Segments - Reconciliation of Assets to Consolidated From Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Identifiable Assets: | ||
Assets | $ 31,814 | $ 28,609 |
Goodwill: | ||
Goodwill | 2,083 | 2,083 |
Operating Segments [Member] | ||
Identifiable Assets: | ||
Assets | 17,661 | 13,873 |
Operating Segments [Member] | Coins [Member] | ||
Identifiable Assets: | ||
Assets | 11,101 | 9,128 |
Goodwill: | ||
Goodwill | 515 | 515 |
Operating Segments [Member] | Trading Cards and Autographs [Member] | ||
Identifiable Assets: | ||
Assets | 3,387 | 1,547 |
Operating Segments [Member] | Other Segments [Member] | ||
Identifiable Assets: | ||
Assets | 3,173 | 3,198 |
Goodwill: | ||
Goodwill | 1,568 | 1,568 |
Segment Reconciling Items [Member] | ||
Identifiable Assets: | ||
Assets | $ 14,153 | $ 14,736 |
Note 9 - Related-party Transa37
Note 9 - Related-party Transactions (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | 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 | $ 451,000 | $ 480,000 | $ 1,255,000 | $ 946,000 | ||
Accounts Receivable, Related Parties, Current | 287,000 | 287,000 | $ 268,000 | |||
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 | 80,000 | $ 167,000 | 282,000 | $ 406,000 | ||
Accounts Receivable, Related Parties, Current | $ 95,000 | $ 95,000 | $ 50,000 |
Note 11 - Subsequent Events (De
Note 11 - Subsequent Events (Details Textual) - $ / shares | Feb. 02, 2018 | May 26, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Common Stock, Dividends, Per Share, Declared | $ 0.35 | $ 0.35 | $ 0.70 | $ 0.70 | ||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.35 | $ 0.35 | ||||
Subsequent Event [Member] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.175 | |||||
Dividends Payable, Date Declared | Feb. 4, 2018 | |||||
Dividends Payable, Date to be Paid | Feb. 23, 2018 | |||||
Dividends Payable, Date of Record | Feb. 13, 2018 |