Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Sep. 20, 2016 | Dec. 31, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | A-Mark Precious Metals, Inc. | ||
Entity Central Index Key | 1,591,588 | ||
Trading Symbol | AMRK | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Smaller Reporting Company | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Volunteer Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 7,021,450 | ||
Entity Public Float | $ 70,716,058 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Current assets: | ||
Cash | $ 17,142,000 | $ 20,927,000 |
Receivables, net | 43,302,000 | 30,025,000 |
Derivative assets | 33,732,000 | 11,364,000 |
Secured loans receivable | 70,004,000 | 48,666,000 |
Inventories: | ||
Inventories | 185,699,000 | 152,076,000 |
Restricted inventories | 59,358,000 | 39,425,000 |
Restricted and Nonrestricted Inventory, Net | 245,057,000 | 191,501,000 |
Income taxes receivable from Former Parent | 203,000 | 1,095,000 |
Prepaid expenses and other assets | 1,503,000 | 1,202,000 |
Total current assets | 418,261,000 | 312,626,000 |
Property and equipment, net | 3,482,000 | 2,850,000 |
Goodwill | 4,620,000 | 4,884,000 |
Intangibles, net | 1,987,000 | 2,369,000 |
Long-term secured loans receivable | 500,000 | 650,000 |
Long-term investments | 7,873,000 | 2,500,000 |
Deferred tax assets - non-current | 424,000 | 783,000 |
Total assets | 437,147,000 | 326,662,000 |
Current liabilities: | ||
Lines of credit | 212,000,000 | 147,000,000 |
Liability on borrowed metals | 4,352,000 | 9,500,000 |
Product financing arrangement | 59,358,000 | 39,425,000 |
Accounts payable | 46,769,000 | 50,639,000 |
Derivative liabilities | 36,454,000 | 17,897,000 |
Accrued liabilities | 7,660,000 | 5,330,000 |
Total current liabilities | 366,593,000 | 269,791,000 |
Deferred tax liabilities - non-current | 7,245,000 | 909,000 |
Total liabilities | 373,838,000 | 270,700,000 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value, authorized 10,000,000 shares; issued and outstanding: none as of June 30, 2016 and 2015 | 0 | 0 |
Common Stock, par value $0.01; 40,000,000 shares authorized; 7,021,450 and 6,973,549 shares issued and outstanding as of June 30, 2016 and 2015, respectively | 71,000 | 70,000 |
Additional paid-in capital | 22,220,000 | 22,470,000 |
Retained earnings | 41,018,000 | 33,422,000 |
Total stockholders’ equity | 63,309,000 | 55,962,000 |
Total liabilities and stockholders’ equity | $ 437,147,000 | $ 326,662,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Jun. 30, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued, shares | 0 | 0 |
Preferred stock, outstanding, shares | 0 | 0 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 7,021,450 | 6,973,549 |
Common stock, shares outstanding | 7,021,450 | 6,973,549 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||
Revenues | $ 6,784,039 | $ 6,070,234 |
Cost of sales | 6,749,518 | 6,045,736 |
Gross profit | 34,521 | 24,498 |
Selling, general and administrative expenses | (22,233) | (17,131) |
Interest income | 8,795 | 6,073 |
Interest expense | (6,319) | (4,311) |
Other income | 701 | 0 |
Unrealized gains on foreign exchange | 99 | 19 |
Net income before provision for income taxes | 15,564 | 9,148 |
Provision for income taxes | (6,293) | (2,097) |
Net income | $ 9,271 | $ 7,051 |
Basic and diluted income per share: | ||
Basic - net income (usd per share) | $ 1.33 | $ 1.01 |
Diluted - net income (usd per share) | $ 1.30 | $ 1 |
Weighted average shares outstanding: | ||
Basic (shares) | 6,982,000 | 6,962,800 |
Diluted (shares) | 7,120,000 | 7,062,600 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings |
Beginning balance, shares at Jun. 30, 2014 | 6,962,742 | |||
Beginning balance at Jun. 30, 2014 | $ 49,456 | $ 70 | $ 22,317 | $ 27,069 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 7,051 | 7,051 | ||
Share-based compensation | 253 | 253 | ||
Release of restricted stock units, shares | 20,377 | |||
Repurchase and retirement of restricted stock units for payroll taxes, shares | (9,570) | |||
Repurchase and retirement of restricted stock units for payroll taxes | (100) | (100) | ||
Dividends declared | $ (698) | (698) | ||
Ending balance, shares at Jun. 30, 2015 | 6,973,549 | 6,973,549 | ||
Ending balance at Jun. 30, 2015 | $ 55,962 | $ 70 | 22,470 | 33,422 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net income | 9,271 | 9,271 | ||
Share-based compensation | 419 | 419 | ||
Release of restricted stock units, shares | 86,298 | |||
Release of restricted stock units | 1 | $ 1 | ||
Repurchase and retirement of restricted stock units for payroll taxes, shares | (38,397) | |||
Repurchase and retirement of restricted stock units for payroll taxes | (669) | (669) | ||
Dividends declared | $ (1,675) | (1,675) | ||
Ending balance, shares at Jun. 30, 2016 | 7,021,450 | 7,021,450 | ||
Ending balance at Jun. 30, 2016 | $ 63,309 | $ 71 | $ 22,220 | $ 41,018 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities: | ||
Net Income | $ 9,271 | $ 7,051 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 1,216 | 895 |
Amortization of loan cost | 204 | 0 |
Deferred income taxes | 6,695 | (1,363) |
Interest added to principal of secured loans | (83) | (212) |
Provision for doubtful accounts | 0 | 0 |
Share-based compensation | 419 | 253 |
Earnings from equity method investment | (701) | 0 |
Loss on sale of property and equipment | 0 | 41 |
Changes in assets and liabilities: | ||
Receivables | (13,277) | 9,354 |
Secured loans | 4,345 | (737) |
Secured loans to Former Parent | (1,369) | 2,562 |
Derivative assets | (22,368) | 10,820 |
Income tax receivable | 528 | (7,846) |
Inventories | (53,556) | (15,947) |
Prepaid expenses and other current assets | (505) | (589) |
Accounts payable | (3,870) | 5,995 |
Derivative liabilities | 18,557 | (14,885) |
Liabilities on borrowed metals | (5,148) | 791 |
Accrued liabilities | 2,594 | (740) |
Receivable from/payables to Former Parent | 892 | 2,044 |
Income taxes payable | 0 | (2,178) |
Net cash used in operating activities | (56,156) | (4,691) |
Cash flows from investing activities: | ||
Capital expenditures for property and equipment | (1,466) | (1,784) |
Proceeds from the sale of property and equipment | 0 | 60 |
Purchase of long-term investments | (4,672) | (2,000) |
Secured loans, net | (24,081) | (9,668) |
Net cash used in investing activities | (30,219) | (13,392) |
Cash flows from financing activities: | ||
Product financing arrangement, net | 19,933 | 14,815 |
Dividends paid | (1,675) | (698) |
Borrowings (repayments) under lines of credit, net | 65,000 | 11,800 |
Release of common stock | 1 | 0 |
Repurchase and retirement of restricted stock for payroll taxes | (669) | (100) |
Net cash provided by financing activities | 82,590 | 25,817 |
Net (decrease) increase in cash and cash equivalents | (3,785) | 7,734 |
Cash and cash equivalents, beginning of period | 20,927 | 13,193 |
Cash and cash equivalents, end of period | 17,142 | 20,927 |
Cash paid during the period for: | ||
Interest expense | 6,143 | 4,141 |
Income taxes | 149 | 12,883 |
Non-cash investing and financing activities: | ||
Interest added to principal of secured loans | $ 83 | $ 212 |
Description of Business
Description of Business | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Description of Business | DESCRIPTION OF BUSINESS A-Mark Precious Metals, Inc. and its subsidiaries (“A-Mark” or the “Company”) is a full-service precious metals trading company. Its products include gold, silver, platinum and palladium for storage and delivery primarily in the form of coins, bars, wafers and grain. The Company's trading-related services include financing, consignment, logistics, hedging and various customized financial programs. Through its wholly owned subsidiary, Collateral Finance Corporation (“CFC”), a licensed California Finance Lender, the Company offers loans on precious metals, rare coins and other collectibles collateral to coin dealers, collectors and investors. Through its wholly owned subsidiary, A-Mark Trading AG (“AMTAG”), the Company promotes A-Mark bullion products throughout the European continent. Transcontinental Depository Services (“TDS”), also a wholly owned subsidiary of the Company, offers worldwide storage solutions to institutions, dealers and consumers. The Company's wholly-owned subsidiary, A-M Global Logistics, LLC ("Logistics"), operates the Company's logistics fulfillment center based in Las Vegas, Nevada, which began operations in July 2015. Logistics provides our customers an array of complementary services, including: packaging, shipping, handling, receiving, processing, and inventorying of precious metals and custom coins on a secure basis. Spinoff from Spectrum Group International, Inc. On March 14, 2014, the Company's former parent, Spectrum Group International, Inc. ("SGI" or the "Former Parent"), effected a spinoff (the "spinoff" or the "Distribution") of the Company from SGI. As a result of the Distribution, the Company became a publicly traded company independent from SGI. On March 17, 2014, A-Mark’s shares of common stock commenced trading on the NASDAQ Global Select Market under the symbol "AMRK." |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The consolidated financial statements reflect the financial condition, results of operations, and cash flows of the Company, and were prepared using accounting principles generally accepted in the United States (“U.S. GAAP”). The Company operated in one segment for all periods presented. These consolidated financial statements include the accounts of A-Mark, and its wholly owned subsidiaries, CFC, AMTAG, Logistics and TDS (collectively the “Company”). All inter-company accounts and transactions have been eliminated in consolidation. Reclassifications Certain previously reported amounts have been reclassified to conform to the current fiscal year's consolidated financial statement presentation. In the previous reported period, account receivables included secured loans and derivative assets; these components are shown as separate lines items on the consolidated balance sheets and cash flow statements. Similarly, accounts payables included derivative liabilities; these components are shown as separate lines items on the consolidated balance sheets and cash flow statements. Also, in the previous reported periods, deferred tax assets and liabilities were classified as current and non-current on the consolidated balance sheets; these items are shown as non-current tax assets and liabilities. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates include, among others, determination of fair value, and allowances for doubtful accounts, impairment assessments of long-lived assets and intangible assets, valuation reserve determination on deferred tax assets, and revenue recognition judgments. Significant estimates also include the Company's fair value determination with respect to its financial instruments and precious metals materials. Actual results could materially differ from these estimates. Concentration of Credit Risk Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. Assets that potentially subject the Company to concentrations of credit risk consist principally of receivables, loans of inventory to customers, and inventory hedging transactions. Concentration of credit risk with respect to receivables is limited due to the large number of customers composing the Company's customer base, the geographic dispersion of the customers, and the collateralization of substantially all receivable balances. Based on an assessment of credit risk, the Company typically grants collateralized credit to its customers. The Company enters into inventory hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts with credit worthy financial institutions. Credit risk with respect to loans of inventory to customers is minimal; substantially all inventories loaned under consignment arrangements are collateralized for the benefit of the Company. All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions. Substantially all of these transactions are secured by the underlying metals positions. Foreign Currency The functional currency of the Company is the United States dollar ("USD"). Also, the functional currency of the Company's wholly-owned foreign subsidiary, AMTAG, is USD, but it maintains its books of record in Euros. The Company remeasures the financial statements of AMTAG into USD. The remeasurement of local currency amounts into USD creates remeasurement gains and losses, which are included in the consolidated statements of income. To manage the effect of foreign currency exchange fluctuations, the Company utilizes foreign currency forward contracts. These derivatives generate gains and losses when they are settled and/or when they are marked to market. The change in the value in the derivative instruments is shown on the face of the consolidated statements of income as unrealized net gains (losses) on foreign exchange. Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents. Inventories Inventories principally include bullion and bullion coins and are acquired and initially recorded at fair market value. The fair market value of the bullion and bullion coins is comprised of two components: (1) published market values attributable to the costs of the raw precious metal, and (2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished goods form and the market value attributable solely to the premium may be readily determined, as it is published by multiple reputable sources. The Company’s inventories, except for certain lower of cost or market basis products (as discussed below), are subsequently recorded at their fair market values, that is, "marked-to-market". The daily changes in the fair market value of our inventory are offset by daily changes in the fair market value of hedging derivatives that are taken with respect to our inventory positions; both the change in the fair market value of the inventory and the change in the fair market value of these derivative instruments are recorded in cost of sales in the consolidated statements of income. While the premium component included in inventories is marked-to-market, our commemorative coin inventory, including its premium component, is held at the lower of cost or market, because the value of commemorative coins is influenced more by supply and demand determinants than on the underlying spot price of the precious metal content of the commemorative coins. Unlike our bullion coins, the value of commemorative coins is not subject to the same level of volatility as bullion coins because our commemorative coins typically carry a substantially higher premium over the spot metal price than bullion coins. Neither the commemorative coin inventory nor the premium component of our inventory is hedged (see Note 6 .) Property and Equipment and Depreciation Property and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using a straight line method based on the estimated useful lives of the related assets, ranging from three years to five years . Goodwill and Purchased Intangible Assets Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Goodwill and other indefinite life intangibles are evaluated for impairment annually in the fourth quarter of the fiscal year (or more frequently if indicators of potential impairment exist) in accordance with the Intangibles - Goodwill and Other Topic 350 of the Accounting Standards Codification ("ASC".) Other purchased intangible assets continue to be amortized over their useful lives and are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. The Company may first qualitatively assess whether relevant events and circumstances make it more likely than not that the fair value of the reporting unit's goodwill is less than its carrying value. If, based on this qualitative assessment, management determines that goodwill is more likely than not to be impaired, the two-step impairment test is performed. This first step in this test includes comparing the fair value of each reporting unit to its carrying value, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step in the test is performed, which is measurement of the impairment loss. The impairment loss is calculated by comparing the implied fair value of goodwill, as if the reporting unit has been acquired in a business combination, to its carrying amount. As of June 30, 2016 and June 30, 2015 , the Company has not identified any impairments. If the Company determines it will quantitatively assess impairment, the Company utilizes the discounted cash flow method to determine the fair value of each of its reporting units. In calculating the implied fair value of the reporting unit's goodwill, the present value of the reporting unit's expected future cash flows is allocated to all of the other assets and liabilities of that unit based on their fair values. The excess of the present value of the reporting unit's expected future cash flows over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. In calculating the implied value of the Company's trade names, the Company uses the present value of the relief from royalty method. Amortizable intangible assets are being amortized on a straight-line basis which approximates economic use, over periods ranging from three years to fifteen years . The Company considers the useful life of the trademarks to be indefinite. The Company tests the value of the trademarks and trade name annually for impairment. Long-Lived Assets Long-lived assets, other than goodwill and purchased intangible assets with indefinite lives are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. In evaluating impairment, the carrying value of the asset is compared to the undiscounted estimated future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when estimated future cash flows are less than the carrying amount. Estimates of future cash flows may be internally developed or based on independent appraisals and significant judgment is applied to make the estimates. Changes in the Company's strategy, assumptions and/or market conditions could significantly impact these judgments and require adjustments to recorded amounts of long-lived assets. As of June 30, 2016 and June 30, 2015 , management concluded that impairment was not required. Long-Term Investments Investments in privately-held entities that are at least 20% but less than 50% owned by the Company are accounted for using the equity method. Under the equity method the carrying value of the investment is adjusted for the Company’s proportionate share of the investee’s earnings or losses, with the corresponding share of earnings or losses reported in other income (expense), net. The carrying value of the investment is reduced by the amount of the dividends received from the equity-method investee, they are considered as a return of capital. Investments in privately-held entities that are less than 20% owned by the Company are accounted for using the cost method, unless the Company can exercise significant influence or the investee is economically dependent upon the Company, in which case the equity method is used. Under the cost method, investments are carried at cost and other income is recorded when dividends are received from the cost-method investee. We evaluate our long-term investments for impairment quarterly or whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable. As of June 30, 2016 and June 30, 2015 , the Company did not identify any impairments. Fair Value Measurement The Fair Value Measurements and Disclosures Topic 820 of the ASC ("ASC 820"), creates a single definition of fair value for financial reporting. The rules associated with ASC 820 state that valuation techniques consistent with the market approach, income approach and/or cost approach should be used to estimate fair value. Selection of a valuation technique, or multiple valuation techniques, depends on the nature of the asset or liability being valued, as well as the availability of data (see Note 3 .) Revenue Recognition Revenues are recognized when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain and collection is probable. The Company records sales of precious metals, which occurs upon receipt by the customer. The Company records revenues from its metal assaying and melting services after the related services are completed and the effects of forward sales contracts are reflected in revenue at the date the related precious metals are delivered or the contracts expire. The Company records revenues from its storage and logistics services after the related services are completed. The Company accounts for its metals and sales contracts using settlement date accounting. Pursuant to such accounting, the Company recognizes the sale or purchase of the metals at settlement date. During the period between trade and settlement date, the Company has essentially entered into a forward contract that meets the definition of a derivative in accordance with the Derivatives and Hedging Topic 815 of the ASC. The Company records the derivative at the trade date with a corresponding unrealized gain (loss), which is reflected in the cost of sales in the consolidated statements of income. The Company adjusts the derivatives to fair value on a daily basis until the transaction is physically settled. Sales which are physically settled are recognized at the gross amount in the consolidated statements of income. Interest Income The Company uses the effective interest method to recognize interest income on its secured loans transactions. For these arrangements, the Company maintains a security interest in the precious metals and records interest income over the terms of the secured loan receivable. Recognition of interest income is suspended and the loan is placed on non-accrual status when management determines that collection of future interest income is not probable. The interest income accrual is resumed, and previously suspended interest income is recognized, when the loan becomes contractually current and/or collection doubts are removed. Cash receipts on impaired loans are recorded first against the principal and then to any unrecognized interest income (see Note 5 .) Also, the Company enters into repurchase agreements, whereby the Company agrees to deliver products at the prevailing spot price plus a premium, and then repurchases the products back from the customer at the prevailing spot price, thereby earning a fee (recorded as interest income) based on a calculated premium over the spot price, resulting in an open sales commitment to deliver products at the agreed upon date and price. Interest Expense The Company incurs interest expense and related fees as a result of usage under its lines of credit, product financing arrangement and liability on borrowed metals. The Company incurs interest expense based on usage under its Trading Credit Facility recording interest expense using the effective interest method. The Company incurs financing fees (classified as interest expense) as a result of its product financing arrangement (i.e., reverse-purchase agreements) for the transfer and subsequent re-acquisition of gold and silver at a fixed price to a third party finance companies. During the term of this type of financing agreement, a third party finance company holds the designated inventory, with the intent to return the inventory to the Company at an agreed-upon price based on the spot price on the finance arrangement termination date. The third party charges a monthly fee as a percentage of the market value of the outstanding obligation. In addition, the Company incurs a financing fee related to custodial storage facility charges related to the transferred collateral inventory; this collateral is classified as restricted inventory on our consolidated balance sheets. Additionally, the Company incurs interest expense when we borrow precious metals from our suppliers under short-term arrangements, which bear interest at a designated rate. Amounts under these arrangements are due at maturity and require repayment either in the form of precious metals or cash. This liability is reflected in the consolidated balance sheet as a liability on borrowed metals. Derivative Instruments The Company’s inventory, and purchase and sale commitment transactions consist of precious metals products. The value of our inventory and these commitments are linked to the prevailing price of the underlying precious metal commodity. The Company seeks to minimize the effect of price changes of the underlying commodity and enters into inventory hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts with only major credit worthy financial institutions. All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions. Substantially all of these transactions are secured by the underlying metals positions. Notional balances of the Company's derivative instruments, consisting of contractual metal quantities, are expressed at current spot prices of the underlying precious metal commodity. Commodity futures and forward contract transactions are recorded at fair value on the trade date. The difference between the original contract value and the market value of the open futures and forward contracts are reflected in derivative assets or derivative liabilities in the consolidated balance sheet at fair value. The Company records the change between fair value and trade value of the underlying open commodity contracts as a derivative asset or liability, and the Company correspondingly records the related unrealized gains or losses. The change in unrealized gain (loss) on open commodity contracts from one period to the next is reflected in net gain (loss) on derivative instruments. These unrealized gains and losses are included as a component of cost of sales on the consolidated statements of income. Gains or losses resulting from the termination of commodity contracts are reported as realized gains or losses on commodity contracts, which is recorded as a component of cost of sales on the consolidated statements of income. The Company enters into derivative transactions solely for the purpose of hedging our inventory holding risk, and not for speculative market purposes. The Company’s gains (losses) on derivative instruments are substantially offset by the changes in the fair market value of the underlying precious metals inventory, which is also recorded in cost of sales in the consolidated statements of income (see Note 11 .) Advertising Advertising expense was $645,000 and $608,000 , respectively, for the years ended June 30, 2016 and 2015 . Shipping and Handling Costs Shipping and handling costs represent costs associated with shipping product to customers, and receiving product from vendors and are included in cost of sales in the consolidated statements of income. Shipping and handling costs incurred totaled $7.5 million and $7.0 million , respectively, for the years ended June 30, 2016 and 2015 . Share-Based Compensation The Company accounts for equity awards under the provisions of the Compensation - Stock Compensation Topic 718 of the ASC ("ASC 718"), which establishes fair value-based accounting requirements for share-based compensation to employees. ASC 718 requires the Company to recognize the grant-date fair value of stock options and other equity-based compensation issued to employees as expense over the service period in the Company's consolidated financial statements. Income Taxes As part of the process of preparing its consolidated financial statements, the Company is required to estimate its provision for income taxes in each of the tax jurisdictions in which it conducts business, in accordance with the Income Taxes Topic 740 of the ASC ("ASC 740"). The Company computes its annual tax rate based on the statutory tax rates and tax planning opportunities available to it in the various jurisdictions in which it earns income. Significant judgment is required in determining the Company's annual tax rate and in evaluating uncertainty in its tax positions. The Company recognizes a benefit for tax positions that it believes will more likely than not be sustained upon examination. The amount of benefit recognized is the largest amount of benefit that the Company believes has more than a 50% probability of being realized upon settlement. The Company regularly monitors its tax positions and adjusts the amount of recognized tax benefit based on its evaluation of information that has become available since the end of its last financial reporting period. The annual tax rate includes the impact of these changes in recognized tax benefits. When adjusting the amount of recognized tax benefits, the Company does not consider information that has become available after the balance sheet date, but does disclose the effects of new information whenever those effects would be material to the Company's consolidated financial statements. The difference between the amount of benefit taken or expected to be taken in a tax return and the amount of benefit recognized for financial reporting represents unrecognized tax benefits. These unrecognized tax benefits are presented in the consolidated balance sheet principally within accrued liabilities. The Company records valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. Significant judgment is applied when assessing the need for valuation allowances. Areas of estimation include the Company's consideration of future taxable income and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the utilization of deferred tax assets in future years, the Company would adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding increase or charge to income. Changes in recognized tax benefits and changes in valuation allowances could be material to the Company's results of operations for any period, but is not expected to be material to the Company's consolidated financial position. The Company accounts for uncertainty in income taxes under the provisions of ASC 740. These provisions clarify the accounting for uncertainty in income taxes recognized in an enterprise's financial statements, and prescribe a recognition threshold and measurement criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provisions also provide guidance on de-recognition, classification, interest, and penalties, accounting in interim periods, disclosure, and transition. The potential interest and/or penalties associated with an uncertain tax position are recorded in provision for income taxes on the consolidated statements of income. Please refer to Note 12 for further discussion regarding these provisions. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The factors used to assess the likelihood of realization include the Company's forecast of the reversal of temporary differences, future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company's effective tax rate on future earnings. Based on our assessment it appears more likely than not that most of the net deferred tax assets will be realized through future taxable income. Management has established a valuation allowance against the deferred taxes related to certain state net operating loss carryovers. Management believes the utilization of these losses may be limited. We will continue to assess the need for a valuation allowance for our remaining deferred tax assets in the future. The Company's consolidated financial statements recognized the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods, as if the Company were a separate taxpayer prior to the date of the Distribution rather than a member of the consolidated income tax return group of its Former Parent, Spectrum Group International, Inc. Following its spin-off, the Company files federal and state income tax filings that are separate from the Former Parent's tax filings. The Company recognizes current and deferred income taxes as a separate taxpayer for periods ending after the date of Distribution. Income taxes receivable from Former Parent reflects balance due from the Former Parent pursuant to a tax sharing agreement between the parties. Earnings per Share ("EPS") The Company computes and reports both basic EPS and diluted EPS. Basic EPS is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the sum of the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity awards, including unexercised stock options, utilizing the treasury stock method. A reconciliation of shares used in calculating basic and diluted earnings per common shares follows. There is no dilutive effect of stock appreciation rights ("SARs"), as such obligations are not settled and were out of the money for the years ended June 30, 2016 and 2015 . in thousands Years Ended June 30, 2016 2015 Basic weighted average shares outstanding (1) 6,982 6,963 Effect of common stock equivalents — stock issuable under outstanding equity awards 138 100 Diluted weighted average shares outstanding 7,120 7,063 _________________________________ (1) Basic weighted average shares outstanding include the effect of vested but unissued restricted stock grants. Recent Accounting Pronouncements Not Yet Adopted In August 2016 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This new standard will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. This update is effective for the Company, on July 1, 2018. The new standard will require adoption on a retrospective basis unless it is impracticable to apply, in which case we would be required to apply the amendments prospectively as of the earliest date practicable. We are currently evaluating the impact of our pending adoption of ASU 2016-15 on our consolidated financial statements. In March 2016, FASB issued ASU No. 2016-09, (“ASU 2016-09”), C ompensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in this update simplify several aspects of the accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This update is effective for the Company, on July 1, 2017 (financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods). We are evaluating the new guidelines to see if they will have a significant impact on our consolidated financial position, results of operations or cash flows and related disclosures. In February 2016, FASB issued ASU No. 2016-02, (“ASU 2016-02”), Leases (Topic 842) . The amendments in this update require lessees to recognize a lease liability measured on a discounted basis and a right-of-use asset for all leases at the commencement date. This update is effective for the Company, on July 1, 2019 (for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years), and is to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are evaluating the new guidelines to see if they will have a significant impact on our consolidated financial position, results of operations or cash flows and related disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU No. 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU No. 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”). The amendments in ASU 2016-10 clarify aspects relating to the identification of performance obligations and improve the operability and understandability of the licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in ASU 2016-12 address certain issues identified on assessing collectability, presentation of sales taxes, non-cash consideration, and completed contracts and contract modifications at transition. For all of the ASUs noted above, the effective date for Company is July 1, 2018 for annual and interim reporting periods. Either the retrospective or cumulative effect transition method is permitted. We are still evaluating what impact this standard will have on the Company’s consolidated financial position, results of operations or cash flows and related disclosures. Recent Accounting Pronouncements Adopted In November 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”), which simplifies the presentation of deferred taxes by requiring deferred tax assets and liabilities be classified as non-current on the balance sheet. This update is effective for the Company, on July 1, 2017. This guidance may be adopted prospectively or retrospectively and early adoption is permitted. In the fourth quarter of fiscal 2016, we elected to early adopt ASU 2015-17. The adoption of this update did have a material impact on our consolidated financial position, results of operations or cash flows. For comparison purposes, we have reclassified the prior year current net deferred tax liability of $126,000 to long-term deferred taxes (comprised of $783,000 of long-term deferred assets and $909,000 long-term deferred liabilities). |
Assets and Liabilities, at Fair
Assets and Liabilities, at Fair Value | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities, at Fair Value | ASSETS AND LIABILITIES, AT FAIR VALUE Fair Value of Financial Instruments The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of June 30, 2016 and June 30, 2015 . in thousands June 30, 2016 June 30, 2015 Carrying Amount Fair value Carrying Amount Fair value Financial assets: Cash $ 17,142 $ 17,142 $ 20,927 $ 20,927 Receivables, net 43,302 43,302 30,025 30,025 Secured loans 70,504 70,504 49,316 49,316 Derivative assets - open sale and purchase commitments, net 32,347 32,347 1,722 1,722 Derivative assets - futures contracts — — 5,363 5,363 Derivative assets - forward contracts 1,385 1,385 4,279 4,279 Income tax receivables 7,318 7,318 7,846 7,846 Income taxes receivable from Former Parent 203 203 1,095 1,095 Financial liabilities: Lines of credit $ 212,000 $ 212,000 $ 147,000 $ 147,000 Liability on borrowed metals 4,352 4,352 9,500 9,500 Product financing arrangement 59,358 59,358 39,425 39,425 Derivative liabilities - liability on margin accounts 8,182 8,182 6,908 6,908 Derivative liabilities - open sale and purchase commitments, net 1,919 1,919 10,989 10,989 Derivative liabilities - futures contracts 13,914 13,914 — — Derivative liabilities - forward contracts 12,439 12,439 — — Accounts payable, advances and other payables 46,769 46,769 50,639 50,639 Accrued liabilities 7,660 7,660 5,330 5,330 The fair values of the financial instruments shown in the above table as of June 30, 2016 and June 30, 2015 represent the amounts that would be received to sell those assets or that would be paid to transfer those liabilities in an orderly transaction between market participants at that date. Those fair value measurements maximize the use of observable inputs. However, in situations where there is little, if any, market activity for the asset or liability at the measurement date, the fair value measurement reflects the Company’s own judgments about the assumptions that market participants would use in pricing the asset or liability. Those judgments are developed by the Company based on the best information available in the circumstances, including expected cash flows and appropriately risk adjusted discount rates, and available observable and unobservable inputs. The carrying amounts of cash and cash equivalents, secured loans, accounts receivable, income tax receivables, consignor advances, accounts payable and accrued liabilities approximated fair value due to their short-term nature. The carrying amounts of derivative assets and derivative liabilities are marked-to-market on a daily basis to fair value. The carrying amounts of lines of credit approximate fair value based on the borrowing rates currently available to the Company for bank loans with similar terms and average maturities. Valuation Hierarchy Topic 820 of the ASC established a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: • Level 1 - inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The significant assumptions used to determine the carrying value and the related fair value of the financial instruments are described below: Inventory . Inventories principally include bullion and bullion coins and are acquired and initially recorded at fair market value. The fair market value of the bullion and bullion coins is comprised of two components: 1) published market values attributable to the costs of the raw precious metal, and 2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished goods form and the market value attributable solely to the premium is readily determined, as it is published by multiple reputable sources. Except for commemorative coin inventory, which are included in inventory at the lower of cost or market, the Company’s inventories are subsequently recorded at their fair market values on a daily basis. The fair value for commodities inventory (i.e., inventory excluding commemorative coins) is determined using pricing and data derived from the markets on which the underlying commodities are traded. Precious metals commodities inventory are classified in Level 1 of the valuation hierarchy. Derivatives . Futures contracts, forward contracts and open sale and purchase commitments are valued at their fair values, based on the difference between the quoted market price and the contractual price (i.e., intrinsic value,) and are included within Level 1 of the valuation hierarchy. Margin and Borrowed Metals Liabilities . Margin and borrowed metals liabilities consist of the Company's commodity obligations to margin customers and suppliers, respectively. Margin liabilities and borrowed metals liabilities are carried at fair value, which is determined using quoted market pricing and data derived from the markets on which the underlying commodities are traded. Margin and borrowed metals liabilities are classified in Level 1 of the valuation hierarchy. Product Financing Arrangement . Product financing arrangement consists of financing agreements for the transfer and subsequent re-acquisition of the sale of gold and silver at a fixed price to a third party. Such transactions allow the Company to repurchase this inventory at an agreed-upon price based on the spot price on the repurchase date. The third party charges monthly interest as a percentage of the market value of the outstanding obligation, which is carried at fair value. The obligation is stated at the amount required to repurchase the outstanding inventory. Fair value is determined using quoted market pricing and data derived from the markets on which the underlying commodities are traded. Product financing arrangement is classified in Level 1 of the valuation hierarchy. The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and June 30, 2015 aggregated by the level in the fair value hierarchy within which the measurements fall: June 30, 2016 Quoted Price in Active Markets Significant Other Significant for Identical Observable Unobservable Instruments Inputs Inputs in thousands (Level 1) (Level 2) (Level 3) Total Assets: Inventory (1) $ 245,041 $ — $ — $ 245,041 Derivative assets — open sale and purchase commitments, net 32,347 — — 32,347 Derivative assets — forward contracts 1,385 — — 1,385 Total assets, valued at fair value $ 278,773 $ — $ — $ 278,773 Liabilities: Liability on borrowed metals $ 4,352 $ — $ — $ 4,352 Product financing arrangement 59,358 — — 59,358 Derivative liabilities — liability on margin accounts 8,182 — — 8,182 Derivative liabilities — open sales and purchase commitments, net 1,919 — — 1,919 Derivative liabilities — future contracts 13,914 — — 13,914 Derivative liabilities — forward contracts 12,439 — — 12,439 Total liabilities, valued at fair value $ 100,164 $ — $ — $ 100,164 ____________________ (1) Commemorative coin inventory totaling $16,000 is held at lower of cost or market and is thus excluded from this table. June 30, 2015 Quoted Price in Active Markets Significant Other Significant for Identical Observable Unobservable Instruments Inputs Inputs in thousands (Level 1) (Level 2) (Level 3) Total Assets: Inventory (1) $ 189,983 $ — $ — $ 189,983 Derivative assets — open sale and purchase commitments, net 1,722 — — 1,722 Derivative assets — futures contracts 5,363 — — 5,363 Derivative assets — forward contracts 4,279 — — 4,279 Total assets, valued at fair value $ 201,347 $ — $ — $ 201,347 Liabilities: Liability on borrowed metals $ 9,500 $ — $ — $ 9,500 Product financing arrangement 39,425 — — 39,425 Derivative liabilities — liability on margin accounts 6,908 — — 6,908 Derivative liabilities — open sale and purchase commitments, net 10,989 — — 10,989 Total liabilities, valued at fair value $ 66,822 $ — $ — $ 66,822 ____________________ (1) Commemorative coin inventory totaling $1.5 million is held at lower of cost or market and is thus excluded from this table. There were no transfers in or out of Level 2 or 3 during the reported periods. Assets Measured at Fair Value on a Non-Recurring Basis Certain assets are measured at fair value on a nonrecurring basis. These assets are not measured at fair value on an ongoing basis but are subject to fair value adjustments only under certain circumstances. These include cost method and equity method investments that are written down to fair value when their declines are determined to be other-than-temporary, and long-lived assets or goodwill that are written down to fair value when they are held for sale or determined to be impaired. The Company uses level-three inputs to measure the fair value of its investments on a non-recurring basis. The Company's investments in ownership interests in noncontrolled entities do not have readily determinable fair values and were initially recorded at cost, $7.2 million , in aggregate, as of June 30, 2016 . Quoted prices of the investments are not available, and the cost of obtaining an independent valuation appears excessive considering the materiality of the instruments to the Company. For the Company's equity method investment, it recognized $0.7 million and $0.0 million earnings associated with the Company's ownership interests in this noncontrolled entity during the years ended June 30, 2016 and 2015 , respectively. As of June 30, 2016 and June 30, 2015 , the carrying value of the Company's investments totaled $7.9 million and $2.5 million , respectively. During the years ended June 30, 2016 and 2015 , the Company did not record any write-downs related to its investments. The Company uses level-three inputs to measure the fair value of goodwill and other intangibles on a non-recurring basis. These assets are measured at cost and are written down to fair value on the annual measurement dates or on the date of a triggering event, if impaired. As of June 30, 2016 , there were no indications present that the Company's goodwill or other purchased intangibles were impaired, and therefore were not measured at fair value. There were no gains or losses recognized in earnings associated with the above purchased intangibles during the years ended June 30, 2016 and 2015 . |
Receivables
Receivables | 12 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Receivables | RECEIVABLES Receivables consist of the following as of June 30, 2016 and June 30, 2015 : in thousands June 30, 2016 June 30, 2015 Customer trade receivables $ 4,001 $ 11,835 Wholesale trade advances 11,860 12,164 Due from brokers 27,471 6,056 Subtotal 43,332 30,055 Less: allowance for doubtful accounts (30 ) (30 ) Receivables, net $ 43,302 $ 30,025 Customer trade receivables. Customer trade receivables represent short-term, non-interest bearing amounts due from precious metal sales and are secured by the related precious metals stored with the Company, a letter of credit issued on behalf of the customer, or other secured interests in assets of the customer. Wholesale trade advances. Wholesale trade advances represent advances of various bullion products and cash advances to customers. Typically, these advances are: unsecured, short-term, and non-interest bearing, which are made to wholesale metals dealers and government mints. Due from brokers . Due from brokers principally consists of the margin requirements held at brokers related to open futures contracts (see Note 11 ). Allowance for Doubtful Accounts Allowances for doubtful accounts are recorded based on specifically identified receivables, which the Company has identified as potentially uncollectible. A summary of the activity in the allowance for doubtful accounts is as follows: in thousands Period ended: Beginning Balance Provision Charge-off Ending Balance Year Ended June 30, 2016 $ 30 $ — $ — $ 30 Year Ended June 30, 2015 $ 30 $ — $ — $ 30 |
Secured Loans Receivable
Secured Loans Receivable | 12 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Secured Loans Receivable | SECURED LOANS RECEIVABLE Below is a summary of the carrying-value of our secured loans as of June 30, 2016 and June 30, 2015 : in thousands June 30, 2016 June 30, 2015 Secured loans originated $ 36,280 $ 36,778 Secured loans originated - with a related party 1,370 — 37,650 36,778 Secured loans acquired 32,854 (1) 12,538 (2) Secured loans (current and long-term) $ 70,504 $ 49,316 _________________________________ (1) Includes $86,000 of amortized loan premium as of June 30, 2016 . (2) Includes $99,000 of amortized loan premium as of June 30, 2015 . Secured loans - originated : Secured loans include short-term loans, which include a combination of on-demand lines and short term facilities, and long-term loans that are made to our customers (i.e., secured loans - originated). These loans are fully secured by the customers' assets that include bullion, numismatic and semi-numismatic material, which are typically held in safekeeping by the Company. (See Note 13 , for further information regarding our secured loans made to related parties.) Secured loans - acquired : Secured loans also include short-term loans, which include a combination of on-demand lines and short term facilities that are purchased from our customers (i.e., secured loans - acquired). The Company acquires a portfolio of their loan receivables at a price that approximates the aggregate carrying-value of each loan in the portfolio, as determined on the effective transaction date. Each loan in the portfolio is fully secured by the borrowers' assets, which include bullion, numismatic and semi-numismatic material that are held in safekeeping by the Company. Typically, the seller of the loan portfolio retains the responsibility for the servicing and administration of the loans. As of June 30, 2016 and June 30, 2015 , our secured loans carried weighted-average effective interest rates of 8.7% and 8.5% , respectively, and mature in periods generally ranging from on-demand to two years. The secured loans that the Company generates with active customers of A-Mark are reflected as an operating activity on the consolidated statements of cash flows. The secured loans that the Company generates with borrowers who are not active customers of A-Mark are reflected as an investing activity on the consolidated statements of cash flows as secured loans, net. For the secured loans that are reflected as an investing activity and have terms that allow the borrower to increase their loan balance (at the discretion of the Company) based on the excess value of their collateral compared to their aggregate principal balance of loan and are repayable on demand or in the short-term, the borrowings and repayments are netted on the consolidated statements of cash flows. In contrast, for the secured loans that are reflected as an investing activity and do not contain a revolving credit-line feature or have long-term maturities, the borrowed funds are shown at gross as other originated secured loans, segregated from the repayments of the principal, which are shown as principal collections on other originated secured loans on the consolidated statements of cash flows. Credit Quality of Secured Loans Receivables and Allowance for Credit Losses The Company applies a systematic methodology to determine the allowance for credit losses for secured loan receivables. The secured loan receivables portfolio is comprised solely of secured loans with similar risk profiles. This similarity allows the Company to apply a standard methodology to determine the credit quality for each loan. The credit quality of each loan is generally determined by the secured material, the initial and ongoing collateral value determination and the assessment of loan to value determination. Typically, the Company's secured loan receivables within its portfolio have similar credit risk profiles and methods for assessing and monitoring credit risk. The Company evaluates its loan portfolio in one of three classes of secured loan receivables: those loans secured by: 1) bullion 2) numismatic items and 3) customers' pledged assets, which may include bullion and numismatic items. The Company's secured loans by portfolio class, which align with management reporting, are as follows: in thousands June 30, 2016 June 30, 2015 Bullion $ 35,168 49.9 % $ 16,250 33.0 % Numismatic and semi numismatic 34,636 49.1 32,216 65.3 Subtotal 69,804 99.0 48,466 98.3 Other pledged assets (1) 700 1.0 850 1.7 Total secured loans $ 70,504 100.0 % $ 49,316 100.0 % _________________________________ (1 ) Includes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products. Each of the three classes of receivables have the same initial measurement attribute and a similar method for assessing and monitoring credit risk. The methodology of assessing the credit quality of the secured loans acquired by the Company is similar to the secured loans originated by the Company; they are administered using the same internal reporting system, collateralized by precious metals or other pledged assets, for which a loan to value determination procedures are applied. Credit Quality of Loans and Non Performing Status Generally, interest is due and payable within 30 days . A loan is considered past due if interest is not paid in 30 days or collateral calls are not met timely. Typically, loans do not achieve the threshold of non performing status due to the fact that customers are generally put into default for any interest past due over 30 days and for unsatisfied collateral calls. When this occurs the loan collateral is typically liquidated within 90 days . For certain secured loans, interest is billed monthly and, if not paid, is added to the outstanding loan balance. These secured loans are considered past due if their current loan-to-value ratio fails to meet established minimum equity levels, and the borrower fails to meet the collateral call required to reestablish the appropriate loan to value ratio. Non-performing loans have the highest probability for credit loss. The allowance for credit losses attributable to non-performing loans is based on the most probable source of repayment, which is normally the liquidation of collateral. In determining collateral value, the Company estimates the current market value of the collateral and considers credit enhancements such as additional collateral and third-party guarantees. Due to the accelerated liquidation terms of the Company's loan portfolio, all past due loans are generally liquidated within 90 days of default. Further information about the Company's credit quality indicators includes differentiating by categories of current loan-to-value ratios. The Company disaggregates its secured loans that are collateralized by precious metal products, as follows: in thousands June 30, 2016 June 30, 2015 Loan-to-value of 75% or more (1) $ 10,231 14.7 % $ 17,153 35.4 % Loan-to-value of less than 75% (1) 59,573 85.3 31,313 64.6 Secured loans collateralized by precious metal products (1) $ 69,804 100.0 % $ 48,466 100.0 % _________________________________ (1 ) Excludes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products. The Company had no loans with a loan-to-value ratio in excess of 100% at June 30, 2016 . At June 30, 2015 , the Company had one loan with a loan-to-value ratio in excess of 100% , the aggregate balance of this loan totaled $175,600 or 0.4% of the overall secured loan balance. For the Company's secured loans where the loan-to-value ratio is not a valid indicator (because the loans are collateralized by other assets of the borrower in addition to their precious metal inventory) the Company uses other indicators to measure the quality of this type of loan. For this type of loan, the Company uses the following credit quality indicators: accounts receivable-to-loan ratios and inventory-to-loan ratios and delinquency status of the loan. Impaired loans A loan is considered impaired if it is probable, based on current information and events, that the Company will be unable to collect all amounts due according to the contractual terms of the loan. Customer loans are reviewed for impairment and include loans that are past due, non-performing or in bankruptcy. Recognition of interest income is suspended and the loan is placed on non-accrual status when management determines that collection of future interest income is not probable. Accrual is resumed, and previously suspended interest income is recognized, when the loan becomes contractually current and/or collection doubts are removed. Cash receipts on impaired loans are recorded first against the receivable and then to any unrecognized interest income. All loans are contractually subject to margin call. As a result, loans typically do not become impaired due to the fact the Company has the ability to require margin calls which are due upon receipt. Per the terms of the loan agreement, the Company has the right to rapidly liquidate the loan collateral in the event of a default. The material is highly liquid and easily sold to pay off the loan. Such circumstances would result in a short term impairment that would typically result in full repayment of the loan and fees due to the Company. For the years ended June 30, 2016 and 2015 , the Company incurred no loan impairment costs. |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | INVENTORIES Our inventory consists of the precious metals that the Company has physically received, and inventory held by third-parties, which, at the Company's option, it may or may not receive. Below, our inventory is summarized by classification at June 30, 2016 and June 30, 2015 : in thousands June 30, 2016 June 30, 2015 Inventory held for sale $ 81,006 $ 86,353 Repurchase arrangements with customers 92,283 49,117 Consignment arrangements with customers 8,042 5,588 Commemorative coins, held at lower of cost or market 16 1,518 Borrowed precious metals from suppliers 4,352 9,500 Product financing arrangement, restricted 59,358 39,425 $ 245,057 $ 191,501 Inventory held for sale. Inventory held for sale represents precious metals, excluding commemorative coin inventory, that have been received by the Company that is not subject to repurchase or consignment arrangements with third parties. As of June 30, 2016 and June 30, 2015 , the inventory held for sale totaled $81.0 million and $86.4 million , respectively. Repurchase Arrangements with Customers. The Company enters into arrangements with certain customers under which A-Mark purchases precious metals products that are subject to repurchase by the customer at the fair value of the product on the repurchase date. The Company or the counterparty may typically terminate any such arrangement with 14 days' notice. Upon termination the customer’s rights to repurchase any remaining inventory is forfeited. As of June 30, 2016 and June 30, 2015 , included within inventory is $92.3 million and $49.1 million , respectively, of precious metals products subject to repurchase. Consignment Arrangements with Customers. The Company periodically loans metals to customers on a short-term consignment basis, charging interest fees based on the value of the metal loaned. Inventories loaned under consignment arrangements to customers as of June 30, 2016 and June 30, 2015 totaled $8.0 million and $5.6 million , respectively. Such inventories are removed at the time the customer elects to price and purchase the precious metals, and the Company records a corresponding sale and receivable. Commemorative Coins. Our commemorative coin inventory, including its premium component, is held at the lower of cost or market, because the value of commemorative coins is influenced more by supply and demand determinants than on the underlying spot price of the precious metal content of the commemorative coins. Unlike our bullion coins, the value of commemorative coins is not subject to the same level of volatility as bullion coins because our commemorative coins typically carry a substantially higher premium over the spot metal price than bullion coins. Our commemorative coins are not hedged, are included in inventory at the lower of cost or market and totaled $16,000 and $1.5 million as of June 30, 2016 and June 30, 2015 , respectively. Borrowed Precious Metals from Suppliers. Inventories include amounts borrowed from suppliers under arrangements to purchase precious metals on an unallocated basis that are held by the supplier. Unallocated or pool metal represents an unsegregated inventory position that is due on demand, in a specified physical form, based on the total ounces of metal held in the position. Amounts under these arrangements require delivery either in the form of precious metals or cash. Corresponding obligations related to liabilities on borrowed metals are reflected on the consolidated balance sheets and totaled $4.4 million and $9.5 million as of June 30, 2016 and June 30, 2015 , respectively. Product Financing Arrangement. Inventories include amounts for obligations under product financing arrangement. The Company enters into a product financing agreement for the transfer and subsequent re-acquisition of gold and silver at a fixed price to a third party finance company. This inventory is restricted and is held at a custodial storage facility in exchange for a financing fee, by the third party finance company. During the term of the financing, the third party finance company holds the inventory as collateral, and both parties intend to return the inventory to the Company at an agreed-upon price based on the spot price on the finance arrangement termination date. The third party charges a monthly fee as percentage of the market value of the outstanding obligation; such monthly charge is classified in interest expense. Pursuant to the guidance in ASC 470-40 Product Financing Arrangements, these transactions do not qualify as sales and therefore have been accounted for as financing arrangements and reflected in the consolidated balance sheets within product financing arrangement. The obligation is stated at the amount required to repurchase the outstanding inventory. Both the product financing and the underlying inventory are carried at fair value, with changes in fair value included in cost of sales in the consolidated statements of income. Such obligation totaled $59.4 million and $39.4 million as of June 30, 2016 and June 30, 2015 , respectively. The Company mitigates market risk of its physical inventories and open commitments through commodity hedge transactions (see Note 11 .) Premium component of inventory The Company's inventories primarily include bullion and bullion coins and are acquired and initially recorded at fair market value. The fair market value of the bullion and bullion coins is comprised of two components: (1) published market values attributable to the cost of the raw precious metal, and (2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished goods form and the market value attributable solely to the premium is readily determined, as it is published by multiple reputable sources. The premium is included in the cost of the inventory, paid at acquisition, and is a component of the total fair market value of the inventory. The precious metal component of the inventory may be hedged through the use of precious metal commodity positions, while the premium component of our inventory is not a commodity that may be hedged. The Company’s inventories are subsequently recorded at their fair market values, that is, "marked-to-market", except for our commemorative coin inventory. The daily changes in the fair market value of our inventory are offset by daily changes in fair market value of hedging derivatives that are taken with respects to our inventory positions; both the change in the fair market value of the inventory and the change in the fair market value of these derivative instruments are recorded in cost of sales in the consolidated statements of income. The premium component, at market value, included in the inventories as of June 30, 2016 and June 30, 2015 totaled $4.6 million and $3.3 million , respectively. As of June 30, 2016 and June 30, 2015 , the unrealized gains (losses) resulting from the difference between market value and cost of physical inventories were $12.7 million and $(3.9) million , respectively. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | PROPERTY AND EQUIPMENT Property and equipment consists of the following at June 30, 2016 and June 30, 2015 : in thousands June 30, 2016 June 30, 2015 Office furniture, fixtures and equipment $ 1,107 $ 616 Computer equipment 407 368 Computer software 2,386 2,376 Leasehold improvements 1,661 1,700 Total depreciable assets 5,561 5,060 Less: accumulated depreciation (3,043 ) (2,210 ) Property and equipment not placed in service 964 — Property and equipment, net $ 3,482 $ 2,850 Depreciation expense for the years ended June 30, 2016 and 2015 was $833,000 and $511,000 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND INTANGIBLE ASSETS On July 1, 2005, all of the outstanding common stock of A-Mark was acquired by Spectrum PMI, Inc. Spectrum PMI was a holding company whose outstanding common stock was owned 80% by SGI, and 20% by Auctentia, S.L. In September 2012, SGI purchased from Auctentia its 20% interest in Spectrum PMI. On September 30, 2013, Spectrum PMI was merged with and into SGI, as a result of which all of the outstanding shares of A-Mark were then owned directly by SGI. In connection with the acquisition of A-Mark by Spectrum PMI on July 1, 2005, the accounts of the Company were adjusted using the push down basis of accounting to recognize the allocation of the consideration paid to the respective net assets acquired. In accordance with the push down basis of accounting, the Company's net assets were adjusted to their fair values as of the date of the acquisition based upon an independent appraisal. As a result, the balance of goodwill totaled $4.6 million and identifiable purchased intangible assets of $8.4 million as of June 30, 2016 . Goodwill represents the excess of the purchase price and related costs over the value assigned to intangible assets of businesses acquired and accounted for under the purchase method. The carrying value of other purchased intangibles as of June 30, 2016 and June 30, 2015 is as described below: dollar amounts in thousands June 30, 2016 June 30, 2015 Estimated Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Existing customer relationships 5 - 15 5,747 (4,214 ) 1,533 5,747 (3,832 ) 1,915 Non-compete and other 4 2,000 (2,000 ) — 2,000 (2,000 ) — Employment agreement 3 195 (195 ) — 195 (195 ) — Purchased intangibles subject to amortization 7,942 (6,409 ) 1,533 7,942 (6,027 ) 1,915 Trade-name Indefinite $ 454 $ — $ 454 $ 454 $ — $ 454 $ 8,396 $ (6,409 ) $ 1,987 $ 8,396 $ (6,027 ) $ 2,369 The Company's other purchased intangible assets are subject to amortization except for trade-names, which have an indefinite life. Intangible assets subject to amortization are amortized using the straight-line method over their useful lives, which are estimated to be three to fifteen years. Amortization expense related to the Company's intangible assets for the years ended June 30, 2016 and 2015 was $382,000 and $384,000 , respectively. Estimated amortization expense on an annual basis for the succeeding five years is as follows (in thousands): Fiscal year ending June 30, Amount 2017 $ 385 2018 385 2019 385 2020 378 2021 — Thereafter — Total $ 1,533 |
Long-Term Investments
Long-Term Investments | 12 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Cost Method Investments [Abstract] | |
Long-Term Investments | LONG-TERM INVESTMENTS The Company has two investments in privately-held entities, both of which are online precious metals retailers and customers of the Company. The Company has exclusive supplier agreements with each entity, for which theses customers have agreed to purchase all bullion products required for their businesses exclusively from A-Mark, subject to certain limitations. The Company also provides fulfillment services to both of these customers. The following table shows the carrying value of the Company's investments in the privately held companies, categorized by type of investment: in thousands June 30, 2016 June 30, 2015 Equity method investment $ 7,373 $ 2,000 Cost method investment 500 500 $ 7,873 $ 2,500 Equity Method Investment Effective January 15, 2016, the Company purchased additional shares of its investee's common stock for $2.3 million , thereby increasing the Company’s aggregate ownership interest from 15.0% to 20.0% , and increasing the aggregate purchase price of the shares acquired to $6.7 million . Due to the Company's increased ownership interest and other relevant factors, the Company determined it was necessary to change the accounting of this investment from the cost method to the equity method. Under the equity method of accounting, the Company is required to record its proportional interest in the investee's reported net income or loss for each reporting period, and is required to present its prior period financial results to reflect the equity method of accounting from the date of its initial investment in the investee. The Company recorded its proportionate share of the investee’s net income that totaled $701,000 and $0 for the years ended June 30, 2016 and 2015 , respectively. The Company's share of these earnings is shown as "other income" on the consolidated statements of income. As of June 30, 2016 , the Company increased the value of this investment by approximately $0.7 million , representing the Company's proportionate share of the investee’s earnings. As of June 30, 2016 and June 30, 2015 , the net carrying balance of this equity method investment totaled $7.4 million and $2.0 million , respectively, which has been included as a component of long-term investments in the consolidated balance sheets. Cost Method Investment The Company's other investment has been recorded using the cost method. As of June 30, 2016 and June 30, 2015 , the Company’s ownership percentage, based on the number of fully dilutive common shares outstanding, was 2.5% , and the aggregate carrying balance of this investment was $0.5 million . This cost method investment has been included as a component of long-term investments in the consolidated balance sheets. Impairment The Company reviews its investments accounted for under the equity method and cost method for a decline in value that may be other than temporary. During the years ended June 30, 2016 and 2015 , the Company did not record any write-downs related to its investments. There were no identified events or changes in circumstances that may have had a significant adverse effect on the fair value of these investments. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Jun. 30, 2016 | |
Accounts Payable, Current [Abstract] | |
Accounts Payable | ACCOUNTS PAYABLE Accounts payable consist of the following: in thousands June 30, 2016 June 30, 2015 Trade payable to customers $ 603 $ 128 Advances from customers 36,369 38,039 Liability on deferred revenue 6,546 11,039 Due to brokers 1,250 — Other accounts payable 2,001 1,433 $ 46,769 $ 50,639 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income from operations before provision for income taxes is shown below: in thousands Years Ended June 30, 2016 2015 U.S. $ 15,453 $ 8,952 Foreign 111 196 Income before provision for income taxes $ 15,564 $ 9,148 The Company files a consolidated federal income tax return based on a June 30 th tax year end. The provision for (benefit from) income taxes for the years ended June 30, 2016 and 2015 consists of the following: in thousands Years Ended June 30, 2016 2015 Current: Federal (668 ) 3,498 State and local 100 (464 ) Foreign 52 49 (515 ) 3,083 Deferred: Federal 6,325 (182 ) State and local 483 (804 ) 6,808 (986 ) Provision for income taxes $ 6,293 $ 2,097 A reconciliation of the income tax provisions to the amounts computed by applying the statutory federal income tax rate ( 35% for 2016 , and 2015 ) to income before income tax provisions for the years ended June 30, 2016 and 2015 , are set forth below: in thousands Years Ended June 30, 2016 2015 Federal income tax $ 5,447 $ 3,202 State tax, net of federal benefit 437 193 162(m) limitation — 53 Uncertain tax positions 79 (352 ) Reallocation of deferred state net operating loss from Former Parent related to tax settlement — (564 ) Change in valuation allowance (70 ) (215 ) Other 400 (220 ) Total provision for income taxes $ 6,293 $ 2,097 Transition of Tax Filing Obligation Due to the Spinoff The Company files income tax returns in the U.S., various states and Austria. Prior to the Distribution, the Company was included in the consolidated federal and state tax filings of the Former Parent. In connection with the spinoff, the Company entered into a tax separation agreement with the Former Parent (the "Tax Separation Agreement"). The Tax Separation Agreement governs the respective rights, responsibilities and obligations of the Former Parent and the Company with respect to, among other things, liabilities for U.S. federal, state, local and other taxes. In addition to the allocation of tax liabilities, the Tax Separation Agreement addresses the preparation and filing of tax returns for such taxes and disputes with taxing authorities regarding such taxes. Pursuant to the Tax Separation Agreement, A-Mark may be responsible for any tax amount related to A-Mark that is incurred as the result of adjustments made during the Internal Revenue Service examination or other tax jurisdictions' examinations of the Former Parent. Under the terms of the Tax Separation Agreement, the Former Parent has the responsibility to prepare and file tax returns for tax periods ending prior to the Distribution date and for tax periods which include the Distribution date but end after the Distribution date, which includes A-Mark and its subsidiaries. The Company's consolidated financial statements recognized the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods, as if the Company were a separate taxpayer during the period prior to the Distribution rather than a member of the Former Parent's consolidated income tax return group. Current income tax payable due to the Former Parent reflects balances due to the Former Parent for taxable income generated as if the Company were a separate taxpaying entity prior to the Distribution, net of amounts related to balances due from the Former Parent for its share of income tax assets of the group. Current income tax receivable due from the Former Parent reflects balances due to A-Mark for its share of the income tax assets of the group. As of June 30, 2016 and June 30, 2015 , the amount receivable under the Company's income tax sharing obligation due from Former Parent totaled $0.2 million , and $1.1 million , respectively, and is shown on the face of the consolidated balance sheets as income taxes receivable from Former Parent. SGI received a written opinion from Kramer Levin Naftalis & Frankel LLP that the spinoff qualifies as a tax-free transaction under Section 355 of the Internal Revenue Code and that for U.S. federal income tax purposes, (i) no gain or loss shall be recognized by SGI upon the distribution of our common stock in the spinoff, and (ii) no gain or loss shall be recognized by, and no amount will be included in the income of, holders of SGI common stock upon the receipt of shares of our common stock in the spinoff. If, notwithstanding the conclusions included in the opinion, it is ultimately determined that the distribution does not qualify as tax-free for U.S. federal income tax purposes, each SGI shareholder that is subject to U.S. federal income tax and that received shares of our common stock in the distribution could be treated as receiving a taxable distribution in an amount equal to the fair market value of such shares. In addition, if the distribution were not to qualify as tax-free for U.S. federal income tax purposes, then SGI would recognize gain in an amount equal to the excess of the fair market value of our common stock distributed to SGI shareholders on the date of the distribution over SGI’s tax basis in such shares. Also, we could have an indemnification obligation to SGI related to its tax liability. The Company considers this possible outcome as remote, and as a result, no liability has been recorded. Tax Balances and Activity The tax returns filed by the Company since the spinoff have been prepared on a basis consistent with past practices. Income taxes receivable represents amounts paid to federal and state jurisdictions in excess of amounts due to taxing authorities based upon taxable income generated following the close of the transaction. Our deferred tax assets and liabilities represent tax effected balances that were assumed in the spinoff and generated since the spinoff. As of June 30, 2016 and June 30, 2015 , the income tax receivable totaled $7.3 million and $7.8 million , respectively. As of June 30, 2016 and June 30, 2015 , the deferred tax assets (non-current) totaled $0.4 million and $0.8 million , respectively, and the deferred tax liabilities (non-current) totaled $7.2 million and $0.9 million . Deferred Tax Assets and Liabilities In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized by evaluating both positive and negative evidence. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. As of June 30, 2016 and June 30, 2015 , management concluded that with the exception of certain state net operating losses, it was more likely than not that the Company would be able to realize the benefit of the U.S. federal and state deferred tax assets. We based this conclusion on historical and projected operating performance, as well as our expectation that our operations will generate sufficient taxable income in future periods to realize the tax benefits associated with the deferred tax assets. The consolidated balance sheet reflects the deferred tax items for each tax-paying component (i.e., federal and state), resulting in a state deferred tax asset of $0.4 million and a federal deferred tax liability of $7.2 million . The schedule of deferred taxes presented below summarizes the components of deferred taxes that have been classified as deferred tax assets and deferred tax liabilities for taxable temporary differences as of June 30, 2016 and June 30, 2015 : in thousands June 30, 2016 2015 Accrued compensation $ 110 $ 102 Deferred rent 194 30 Unrealized loss on futures and forward contracts 5,179 — Unrealized loss on open purchase and sale commitments — 1,894 Stock-based compensation 206 159 State tax accrual 2 23 Net operating loss carry forwards 929 982 Other 215 132 Deferred tax assets 6,835 3,322 Less: valuation allowances (44 ) (114 ) Deferred tax assets after valuation allowances 6,791 3,208 Intangible assets (1,221 ) (1,059 ) Unrealized gain on open purchase and sale commitments (7,228 ) — Unrealized gain on futures and forward contracts — (2,029 ) Fixed assets (87 ) (134 ) Inventories (4,815 ) (110 ) Earnings from equity method investment (261 ) — Other — (2 ) Deferred tax liabilities (13,612 ) (3,334 ) Net deferred tax liability $ (6,821 ) $ (126 ) Net Operating Loss Carryforwards and Valuation Allowances As of June 30, 2016 and June 30, 2015 , the Company's state and city net operating loss carryforwards totaled approximately $16.6 million and $17.6 million , respectively. As shown in the table above, the Company's tax-effected net operating loss carryforwards totaled, as of June 30, 2016 and June 30, 2015 , $0.9 million and $1.0 million , respectively. These net operating loss carryforwards start to expire in the year ending June 30, 2030 . As of June 30, 2016 and June 30, 2015 , the Company had $44,000 and $114,000 , respectively, of valuation allowance for certain state and city net operating loss carryforwards, based on the Company's annual assessment of the realizability of its deferred tax assets. Unrecognized Tax Benefits The Company has taken or expects to take certain tax deductions on its income tax return filings that it has not recognized a tax benefit (i.e., an unrecognized tax benefit) on its consolidated statements of income. The Company's measurement of its uncertain tax positions is based on management's assessment of all relevant information, including, but not limited to prior audit experience, audit settlement, or lapse of the applicable statute of limitations. Below, is a reconciliation of the net unrecognized tax benefits for the years ended June 30, 2016 and 2015 : in thousands June 30, 2016 2015 Beginning balance $ 243 $ 730 Reductions due to lapse of statute of limitations (16 ) (147 ) Additions as a result of tax positions taken during current period 53 4 Reductions as a result of tax positions of prior years — (134 ) Settlements — (210 ) Ending balance $ 280 $ 243 In addition to the $280,000 of accrued tax expense related to unrecognized tax positions, as shown in the table above, the Company accrued of $123,000 of interest and $92,000 of penalties related to its uncertain tax positions. As of June 30, 2016 , the amount of this accrued liability (inclusive of the uncertain tax deductions and the associated interest and penalty accrual) totaled $496,000 , and, if recognized, would reduce the Company's effective tax rate. For the years ended June 30, 2016 and 2015 , the Company recognized approximately $24,000 of interest expense and $84,000 of interest benefit, as well as expense related to penalties of $20,000 and benefit related to reduction in accrued penalties of $124,000 related to its uncertain tax positions, respectively. Tax Examinations With exception of the items noted below, either prior federal, state or local examinations have been completed by the tax authorities or the statute of limitations have expired for U.S. federal, state and local income tax returns filed by the for the years through June 30, 2007. Internal Revenue Service - June 30, 2004 through June 30, 2007 Prior to the Distribution, the Company was included in the consolidated federal and state tax filings of the Former Parent. The Former Parent has been under examination by the IRS for the years ended June 30, 2004 through 2013; however, during the year ended June 30, 2015, the Former Parent was notified that it had successfully resolved the June 30, 2004 through June 30, 2007 tax years. As a result of the IRS exam, the Former Parent amended the state tax filings for the applicable periods. The amended state tax filings resulted in a tax benefit of approximately $0.6 million related to state net operating loss apportioned to the Company under intrastate apportionment rules for the year ended June 30, 2013. Internal Revenue Service - June 30, 2008 through June 30, 2013 The Former Parent remains in appeals with the IRS for the years ended June 30, 2008 through 2013 related to challenges to certain positions the Former Parent has taken. The Former Parent and the Company, as a subsidiary in a consolidated tax filing.The Company is unable to determine the outcome of this appeal at this time. Internal Revenue Service Examination June 30, 2015 Subsequent to fiscal 2016, the Internal Revenue Service notified the Company of an examination for the year ended June 30, 2015. The Company is unable to determine the outcome of the exam at this time (see Note 19 .) New York State During the year ended June 30, 2015, the Former Parent reached a settlement with the state of New York for the tax the years ended June 30, 2008 through 2013. The Company agreed to pay $1.0 million of tax plus interest of $0.1 million related to this settlement and pursuant to the terms of the Tax Separation Agreement, the Former Parent has compensated the Company for its obligation. This audit has been closed. City of New York Examination During the year ended June 30, 2016, the Former Parent reached a settlement with the city of New York for the tax years ended June 30, 2010 through 2011. The Company agreed to pay $0.2 million of tax plus interest of $0.1 million related to this settlement and pursuant to the terms of the Tax Separation Agreement, the Former Parent will compensate the Company for its obligation. This audit has been closed. Utah State The Former Parent remains under exam with the state of Utah for the years ended June 30, 2011 through 2013. The Former Parent and the Company, as a subsidiary in a consolidated tax filing, are unable to determine the outcome of this exam at this time. Foreign Jurisdiction - June 30, 2012 through June 30, 2014 During the year ended June 30, 2016, the Company reached a settlement with the country of Austria for the tax years ended June 30, 2012 through 2014, agreeing to pay approximately $0.05 million related to adjustments to the income previously reported on the Austrian tax return. This audit has been closed. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Sales and Purchases Made to Affiliated Companies During the years ended June 30, 2016 and 2015 , the Company made sales and purchases to various companies, which have been deemed to be related parties. in thousands Years Ended June 30, 2016 2015 Sales Purchases Sales Purchases Former Parent $ 30,544 $ 42,264 $ 7,521 $ 9,201 Equity method investee 717,309 6,867 — — $ 747,853 $ 49,131 $ 7,521 $ 9,201 Balances with Affiliated Companies As of June 30, 2016 and June 30, 2015 , the Company had related party receivables and payables balances as set forth below: in thousands June 30, 2016 June 30, 2015 Receivables Payable Receivables Payable Former Parent $ 1,913 $ 138 $ 1,097 $ 10 Equity method investee $ 2,396 $ — $ 279 $ — $ 4,309 $ 138 $ 1,376 $ 10 Secured Loans Made to Affiliated Companies On October 9, 2014, CFC entered into a loan agreement with Former Parent providing for a secured line of credit in the maximum principal amount of up to $16.0 million , bearing interest at a competitive rate per annum. Advances under the line of credit were secured by numismatic and semi-numismatic products. This secured loan was paid off in full, plus accrued interest, on April 15, 2015. As of June 30, 2016 and June 30, 2015 , the aggregate carrying value of this loan was $0.0 million . On July 23, 2015, CFC entered into a loan agreement with Former Parent providing a secured line of credit in the maximum principal amount of up to $2.5 million , bearing interest at a competitive rate per annum. The loan is secured by numismatic and semi-numismatic products. As of June 30, 2016 and June 30, 2015 , the aggregate carrying value of this loan was $1.4 million and $0.0 million , respectively. Interest Income Earned from Affiliated Companies During the years ended June 30, 2016 and 2015 , the Company earned interest income related to loans made to Former Parent and related to financing products sold to Former Parent and to the equity method investee, as set forth below: in thousands Years Ended June 30, 2016 2015 Interest income from loan receivables $ 65 $ 229 Interest income from finance products 2,302 890 $ 2,367 $ 1,119 Other Income Earned from Equity Method Investee During the years ended June 30, 2016 and 2015 , the Company recorded its proportional share of its equity method investee's net income as other income that total $0.7 million and $0 , respectively. As of June 30, 2016 and June 30, 2015 the carrying balance of the equity method investment was $7.4 million and $2.0 million , respectively. Secondment Agreement Fees and Reimbursements In connection with the Distribution, SGI and the Company entered into a secondment agreement (the "Secondment Agreement"). Under the terms of the Secondment Agreement, A-Mark agreed to make Gregory N. Roberts, our Chief Executive Officer, and Carol Meltzer, our Executive Vice President, General Counsel and Secretary, available to SGI for the performance of specified management and professional services following the spinoff in exchange for an annual secondment fee of $150,000 and reimbursement of certain bonus payments. The Secondment Agreement terminated on June 30, 2016. The Company recorded the accrual of secondment fees as a reduction to selling, general and administration expense. During the years ended June 30, 2016 and 2015 , the Company recognized approximately $150,000 and $150,000 , respectively, of secondment fees. As of June 30, 2016 and June 30, 2015 the outstanding balance of secondment fees due from SGI was $0 and $0 , respectively. Income Tax Sharing Obligations The amount receivable under the Company's income tax sharing obligation due from our Former Parent totaled $0.2 million , and $1.1 million as of June 30, 2016 and June 30, 2015 respectively, and is shown on the face of the consolidated balance sheets as "income taxes receivable from Former Parent" (see Note 12 .) Transaction with Affiliate of Board Member In February 2015, A-M Global Logistics, LLC ("Logistics"), a wholly owned subsidiary of the Company that was formed to operate the Company's logistics fulfillment center in Las Vegas, Nevada, entered into various agreements with W. A. Richardson Builders, LLC ("WAR"), for the buildout of and improvements to the Las Vegas premises. The spouse of the Chairman of the Company's Audit Committee, Ellis Landau, is an owner and a managing member of WAR. The agreements were amended in January 2016. The amounts involved under the WAR contract, as amended, were approximately $1.5 million . WAR is entitled to a fee equal to 5.0% of the contract work. Royalties to Former Owner As part of the sales agreement dated July 1, 2005, a former owner of the Company receives a portion of the finance income earned with a specific customer through July 2015. The Company incurred $21,000 and $254,000 in selling, general and administrative expenses (royalty expense) during the years ended June 30, 2016 and 2015 , respectively. The total amount due to the former owner of $0 and $254,000 are included in accrued liabilities as of June 30, 2016 and June 30, 2015 , respectively. |
Financing Agreements
Financing Agreements | 12 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Financing Agreements | FINANCING AGREEMENTS Lines of Credit On March 31, 2016, the Company established a new borrowing facility ("Trading Credit Facility') with a syndicate of banks, with Coöperatieve Rabobank U.A. ("Rabobank") acting as lead lender and administrative agent for the syndicate. The Trading Credit Facility, which replaced the Company's previous borrowing facility with a group of financial institutions under an inter-creditor agreement, provides the Company with access up to $275.0 million , featuring a $225.0 million base with a $50.0 million accordion option. The Trading Credit Facility has a one-year maturity. Simultaneously with the effectiveness of the new Trading Credit Facility, the Company entered into a security agreement with the banks securing the Trading Credit Facility with substantially all of the Company’s assets on a first priority basis. The Company incurred $0.8 million of loan costs in connection with the Trading Credit Facility, which was capitalized and is being amortized over the term of the Trading Credit Facility. As of June 30, 2016 and June 30, 2015 , the accumulated amortization of loan cost was approximately $0.6 million and $0.0 million , respectively. The Company routinely uses the Trading Credit Facility to purchase precious metals from suppliers and for operating cash flow purposes. Amounts under the Trading Credit Facility bear interest based on London Interbank Offered Rate (“LIBOR”) plus a 2.50% margin for revolving credit line loans and a 4.50% margin for bridge loans (that is, for loans that exceed the available revolving credit line). The one-month LIBOR rate was approximately 0.47% and 0.19% as of June 30, 2016 and June 30, 2015 , respectively. Borrowings are due on demand and totaled $212.0 million and $147.0 million at June 30, 2016 and at June 30, 2015 , respectively. The amounts available under the respective borrowing facilities are determined at the end of each week following a specified borrowing base formula. The Company is able to access additional credit as needed to finance operations, subject to the overall limits of the borrowing facilities and lender approval of the revised borrowing base calculation. Based on the latest approved borrowing bases in effect, the amounts available under the Trading Credit Facility after taking into account current borrowings, totaled $17.8 million and $20.9 million as determined on the Friday before June 30, 2016 and June 30, 2015 , respectively. The Trading Credit Facility has certain restrictive financial covenants, including one which requires the Company to maintain a minimum tangible net worth. As of June 30, 2016 the minimum tangible net worth financial covenant under the Trading Credit Facility was $35.0 million . The Company is in compliance with all restrictive financial covenants as of June 30, 2016 . Interest expense related to the Company’s borrowing arrangements totaled $4.9 million and $3.6 million , which represents 77.9% and 83.2% of the total interest expense recognized, for the years ended June 30, 2016 and 2015 , respectively. Our borrowing arrangements carried a daily weighted average effective interest rate of 2.83% and 2.82% , respectively, for the years ended June 30, 2016 and 2015 . Liability on Borrowed Metals The Company borrows precious metals from its suppliers under short-term agreements, which bear interest at a designated rate. Amounts under these agreements are due at maturity and require repayment either in the form of precious metals or cash. The Company's inventories included borrowed metals with market values totaling $4.4 million and $9.5 million as of June 30, 2016 and June 30, 2015 , respectively. Product Financing Arrangement The Company has agreements with financial institutions (third parties) that allows the Company to transfer its gold and silver inventory at a fixed price to these third parties. Such agreements allow the Company to repurchase this inventory at an agreed-upon price based on the spot price on the repurchase date. The third parties charges a monthly fee as percentage of the market value of the outstanding obligation; such monthly charges are classified in interest expense. These transactions do not qualify as sales, and therefore have been accounted for as financing arrangements and reflected in the consolidated balance sheet within product financing obligation. The obligation is stated at the amount required to repurchase the outstanding inventory. Both the product financing obligation and the underlying inventory (which is entirely restricted) are carried at fair value, with changes in fair value recorded as a component of cost of sales in the consolidated statements of income. Such obligation totaled $59.4 million and $39.4 million as of June 30, 2016 and June 30, 2015 , respectively. |
Derivative Instrument and Hedgi
Derivative Instrument and Hedging Transactions | 12 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instrument and Hedging Transactions | DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS The Company is exposed to market risk, such as change in commodity prices, and foreign exchange rates. To manage the volatility relating to these exposures, the Company enters into various derivative products, such as forwards and futures contracts. By policy, the Company historically has entered into derivative financial instruments for the purpose of hedging substantially all of Company's market exposure to precious metals prices, and not for speculative purposes. Commodity Price Management The Company manages the value of certain specific assets and liabilities of its trading business, including trading inventories, by employing a variety of hedging strategies. These strategies include the management of exposure to changes in the market values of the Company's trading inventories through the purchase and sale of a variety of derivative instruments, such as, forwards and futures contracts. The Company's trading inventories and purchase and sale transactions consist primarily of precious metal products. The value of these assets and liabilities are marked-to-market daily to the prevailing closing price of the underlying precious metals. The Company's precious metals inventories are subject to market value changes, created by changes in the underlying commodity market prices. Inventories purchased or borrowed by the Company are subject to price changes. Inventories borrowed are considered natural hedges, since changes in value of the metal held are offset by the obligation to return the metal to the supplier. Open sale and purchase commitments are subject to changes in value between the date the purchase or sale price is fixed (the trade date) and the date the metal is received or delivered (the settlement date). The Company seeks to minimize the effect of price changes of the underlying commodity through the use of forward and futures contracts. The Company's policy is to substantially hedge its inventory position, net of open sale and purchase commitments that are subject to price risk. The Company regularly enters into precious metals commodity forward and futures contracts with major financial institutions to hedge price changes that would cause changes in the value of its physical metals positions and purchase commitments and sale commitments. The Company has access to all of the precious metals markets, allowing it to place hedges. The Company also maintains relationships with major market makers in every major precious metals dealing center. The Company enters into these derivative transactions solely for the purpose of hedging its inventory subject to price risk, and not for speculative market purposes. Due to the nature of the Company's global hedging strategy, the Company is not using hedge accounting as defined under Topic 815 of the ASC, whereby the gains or losses would be deferred and included as a component of other comprehensive income . Instead, gains or losses resulting from the Company's futures and forward contracts and open sale and purchase commitments are reported as unrealized gains or losses on commodity contracts (a component of cost of sales) with the related unrealized amounts due from or to counterparties reflected as a derivative asset or liability on the consolidated balance sheets. Derivative Assets and Liabilities The Company's derivative assets and liabilities represent the net fair value of the difference (or intrinsic value) between market values and trade values at the trade date for open precious metals sale and purchase contracts, as adjusted on a daily basis for changes in market values of the underlying metals, until settled. The Company's derivative assets and liabilities represent the net fair value of open precious metals forwards and futures contracts. The precious metals forwards and futures contracts are settled at the contract settlement date. All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions (i.e., offsetting derivative instruments). Substantially all of these transactions are secured by the underlying metals positions. As such, the Company's derivative contracts with the same counterparty, the receivables and payables have been netted on the consolidated balance sheets. Such derivative contracts include open sale and purchase commitments, futures, forwards and margin accounts. In the table below, the aggregate gross and net derivative receivables and payables balances are presented by contract type and type of hedge, as of June 30, 2016 and June 30, 2015 . June 30, 2016 June 30, 2015 in thousands Gross Derivative Amounts Netted Cash Collateral Pledge Net Derivative Gross Derivative Amounts Netted Cash Collateral Pledge Net Derivative Nettable derivative assets: Open sale and purchase commitments $ 37,378 $ (5,031 ) $ — $ 32,347 $ 2,815 $ (1,093 ) $ — $ 1,722 Future contracts — — — — 11,159 (5,796 ) — 5,363 Forward contracts 1,385 — — 1,385 4,279 — — 4,279 $ 38,763 $ (5,031 ) $ — $ 33,732 $ 18,253 $ (6,889 ) $ — $ 11,364 Nettable derivative liabilities: Open sale and purchase commitments $ 2,938 $ (1,019 ) $ — $ 1,919 $ 11,723 $ (734 ) $ — $ 10,989 Margin accounts 12,439 — (4,257 ) 8,182 12,430 — (5,522 ) 6,908 Future contracts 13,914 — 13,914 — — — Forward contracts 14,579 (2,140 ) — 12,439 — — — — $ 43,870 $ (3,159 ) $ (4,257 ) $ 36,454 $ 24,153 $ (734 ) $ (5,522 ) $ 17,897 The Company’s management sets credit and position risk limits. These limits include gross position limits for counterparties engaged in sales and purchase transactions with the Company. They also include collateral limits for different types of sale and purchase transactions that counterparties may engage in from time to time. Gain or Loss on Derivative Instruments The Company records the derivative at the trade date with a corresponding unrealized gain (loss), which is reflected in the cost of sales in the consolidated statements of income. The Company adjusts the derivatives to fair value on a daily basis until the transaction is physically settled. Sales which are physically settled are recognized at the gross amount in the consolidated statements of income. Below, is a summary of the net gains (losses) on derivative instruments for the years ended June 30, 2016 and 2015 . in thousands Years Ended June 30, 2016 2015 Gain (loss) on derivative instruments: Unrealized losses on open future commodity and forward contracts and open sale and purchase commitments, net $ (7,205 ) $ (1,980 ) Realized gains (losses) on future commodity contracts, net 1,344 (50,772 ) Total $ (5,861 ) $ (52,752 ) The Company’s open sale and purchase commitments typically settle within 2 business days, and for those commitments that do not have stated settlement dates, the Company has the right to settle the positions upon demand. Futures and forwards contracts open at end of any period typically settle within 30 days. Summary of Hedging Activity In a hedging relationship, the change in the value of the derivative financial instrument is offset to a great extent by the change in the value of the underlying hedged item. The following table summarizes the results of our hedging activities, which shows the precious metal commodity inventory position, net of open sale and purchase commitments, that is subject to price risk as of June 30, 2016 and at June 30, 2015 . in thousands June 30, 2016 June 30, 2015 Inventory $ 245,057 $ 191,501 Less unhedgable inventory: Commemorative coin inventory, held at lower of cost or market (16 ) (1,518 ) Premium on metals position (4,627 ) (3,255 ) Inventory value not hedged (4,643 ) (4,773 ) Subtotal 240,414 186,728 Commitments at market: Open inventory purchase commitments 550,810 444,023 Open inventory sales commitments (237,325 ) (249,081 ) Margin sale commitments (12,439 ) (12,430 ) In-transit inventory no longer subject to market risk (7,363 ) (13,807 ) Unhedgable premiums on open commitment positions 400 528 Inventory borrowed from suppliers (4,352 ) (9,500 ) Product financing arrangements (59,358 ) (39,425 ) Advances on industrial metals 4,521 3,340 Inventory subject to price risk 475,308 310,376 Inventory subject to derivative financial instruments: Precious metals forward contracts at market values 188,530 202,323 Precious metals futures contracts at market values 286,449 107,993 Total market value of derivative financial instruments 474,979 310,316 Net inventory subject to commodity price risk $ 329 $ 60 Notional Balances of Derivatives The notional balances of the Company's derivative instruments, consisting of contractual metal quantities, are expressed at current spot prices of the underlying precious metal commodity. As of June 30, 2016 and June 30, 2015 , the Company had the following outstanding commitments and open forward and future contracts: in thousands June 30, 2016 June 30, 2015 Purchase commitments $ 550,810 $ 444,023 Sales commitments (237,325 ) (249,081 ) Margin sales commitments (12,439 ) (12,430 ) Open forward contracts 188,530 202,323 Open futures contracts 286,449 107,993 The contract amounts (i.e., notional balances) of the Company's forward and futures contracts and the open sales and purchase orders are properly not reflected in the accompanying consolidated balance sheet, the Company records the difference between the market price of the underlying metal or contract and the trade amount at fair value. The Company is exposed to the risk of failure of the counterparties to its derivative contracts. Significant judgment is applied by the Company when evaluating the fair value implications. The Company regularly reviews the creditworthiness of its major counterparties and monitors its exposure to concentrations. At June 30, 2016 , the Company believes its risk of counterparty default is mitigated as a result of such evaluation and the short-term duration of these arrangements. Foreign Currency Exchange Rate Management The Company utilizes foreign currency forward contracts to manage the effect of foreign currency exchange fluctuations of its sale and purchase transactions. These contracts generally have maturities of less than one week. The accounting treatment of our foreign currency exchange derivative instruments is similar to the accounting treatment of our commodity derivative instruments, that is, the change in the value in the financial instrument is immediately recognized as a component of cost of sales. Unrealized net gains (losses) on foreign exchange derivative instruments shown on the face of the consolidated statements of income totaled $99,000 and $19,000 for the years ended June 30, 2016 and 2015 , respectively. The market values (fair values) of the Company’s foreign exchange forward contracts and the net open sale and purchase commitment transactions, denominated in foreign currencies, outstanding at June 30, 2016 was $2.0 million and $4.4 million , respectively. The market values (fair values) of the Company’s foreign exchange forward contracts and the net open sale and purchase commitment transactions, denominated in foreign currencies, outstanding at June 30, 2015 was $6.2 million and $9.9 million , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Operating Leases The Company leases 7,100 square feet of office space, located in Santa Monica, California, at a cost of $3.80 per square foot with annual increases in cost of 3% . The term of this lease expires on April 30, 2017. At the end of this lease, the Company plans to relocate its corporate headquarters to El Segundo, California. In fiscal 2017, the Company leased 9,000 square feet of office space in El Segundo, California at a cost of $ 3.60 per square foot with annual increases in cost of 3% . The term of the El Segundo lease expires on March 31, 2026. The Company leases 2,100 square feet of office space, located in Vienna, Austria, at a cost of $2.20 per square foot. The term of this lease expires on September 30, 2016, and there are no annual increases in the cost. At the end of the lease, the Company plans to relocate its office in Vienna, Austria. In fiscal 2017, the Company leased 248 square feet of office space in Vienna, Austria at a cost of approximately $10.66 per square foot. The lease lease term is for less than one year and contains renewal options. The Company leases approximately 17,600 square feet of warehouse space in Las Vegas, Nevada at a cost of approximately $1.50 per square foot per month. The term of the lease is 5.0 years with increases in costs of 3.0% per annum and expires on April 30, 2016. Expenses related to leases were $0.7 million , and $0.4 million , respectively, for the years ended June 30, 2016 and 2015 . Future minimum lease payments under the Company's lease arrangements with noncancelable lease terms in excess of one year as of June 30, 2016 are as follows: (in thousands) Years ending June 30, Amount 2017 $ 605 2018 337 2019 347 2020 297 2021 — Thereafter — Total $ 1,586 Employment and Non-Compete Agreements The Company has entered into employment agreements and non-compete and/or non-solicitation agreements with Greg Roberts, its CEO, and Thor Gjerdrum, its President. The employment agreements provide for minimum salary levels, incentive compensation and severance benefits, among other items. Employee Benefit Plan The Company maintains an employee savings plan for United States employees under the Internal Revenue Code section 401(k). Employees are eligible to participate in the plan after three complete calendar months of service and all contributions are immediately vested. Employees' contributions are discretionary to a maximum of 90% of compensation. For all plan members, the Company contributes 30% of the eligible employees' contributions on the first 60% of the participants' compensation to the IRS maximum annual contribution. The Company's matching 401(k) contributions totaled $0.1 million and $0.1 million for the years ended June 30, 2016 and 2015 , respectively. Litigation, Claims and Contingencies On October 25, 2015, the Company received notification from the City of Santa Monica that the City was challenging the Company's classification as an "agent/broker" for purposes of computing the business license fee due to the City. The matter has since been resolved in the Company's favor resulting in no change to the Company's prior filings. In the ordinary course of our business, we are party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon information currently available to us, any resulting liability, would not have a material adverse effect on the Company's financial position, cash flows, or operations. SGI IRS and State Tax Audits SGI is currently in appeals with the IRS for the years ended June 30, 2008 through 2013 and in examination with other taxing jurisdictions on certain tax matters, including challenges to certain positions the Former Parent has taken on the consolidated returns, in which the Company was a member of the consolidated tax returns. The Company is under examination by the IRS for the year ended June 30, 2015. The Company is unable to determine the outcome of these audits at this time. In general, the majority of state and local examinations have been completed by the tax authorities for the respective jurisdictions through the years ended June 30, 2007. Further, some jurisdictions’ statute of limitations has expired for U.S. federal, state, and local income tax returns filed by the Former Parent for the years through years ended June 30, 2007. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Payment of Dividends In fiscal 2015, the Board of Directors of the Company initiated a cash dividend policy that calls for the payment of quarterly dividends. The table below summarizes the quarterly dividends declared pursuant to this policy: Dividend Record Date (at close of Business) Type of Dividend Basis of Payment Payment Date February 6, 2015 March 12, 2015 Cash $ 0.05 per common share March 20, 2015 May 1, 2015 May 14, 2015 Cash $ 0.05 per common share May 25, 2015 September 11, 2015 September 24, 2015 Cash $ 0.05 per common share October 5, 2015 October 30, 2015 November 13, 2015 Cash $ 0.05 per common share November 25, 2015 February 2, 2016 February 15, 2016 Cash $ 0.07 per common share February 29, 2016 April 29, 2016 May 13, 2016 Cash $ 0.07 per common share May 27, 2016 On September 7, 2016, the Board of Directors of the Company declared a quarterly cash dividend of $0.07 per common share to stockholders of record at the close of business on September 19, 2016, which is scheduled to be paid on or about October 7, 2016. 2014 Stock Award and Incentive Plan Prior to the Distribution, the Company’s Board of Directors ("Board") adopted and the Company's then sole stockholder approved the 2014 Stock Award and Incentive Plan ("2014 Plan"). Under the 2014 Plan, the Company may grant options and other equity awards as a means of attracting and retaining officers, employees, non-employee directors and consultants, to provide incentives to such persons, and to align the interests of such persons with the interests of stockholders by providing compensation based on the value of the Company's stock. Awards under the 2014 Plan may be granted in the form of incentive or non-qualified stock options, stock appreciation rights ("SARs"), restricted stock, restricted stock units, dividend equivalent rights and other stock-based awards (which may include outright grants of shares). The 2014 Plan also authorizes grants of performance-based cash incentive awards. The 2014 Plan is administered by the Compensation Committee of the Board of Directors, which, in its discretion, may select officers and other employees, directors (including non-employee directors) and consultants to the Company and its subsidiaries to receive grants of awards. The Board of Directors itself may perform any of the functions of the Compensation Committee under the 2014 Plan. Under the 2014 Plan, the exercise price of options and base price of SARs may be set at the discretion of the Compensation Committee, but generally may not be less than the fair market value of the shares on the date of grant, and the maximum term of stock options and SARs is 10 years . The 2014 Plan limits the number of share-denominated awards that may be granted to any one eligible person to 250,000 shares in any fiscal year. Also, in the case of non-employee directors, the 2014 Plan limits the maximum grant-date fair value at $300,000 of stock-denominated awards granted to a director in a given fiscal year, except for a non-employee Chairman of the Board whose grant-date fair value maximum is $600,000 per fiscal year. The 2014 Plan will terminate when no shares remain available for issuance and no awards remain outstanding; however, the authority to grant new awards will terminate on December 13, 2022. As of June 30, 2016 , 273,600 shares were available for grant under the 2014 Plan. Equity Awards Assumed in Connection with the Spinoff Prior to the Distribution Date (March 14, 2014), the SGI Board of Directors and the Compensation Committee of the SGI Board of Directors, and the Board of Directors of A-Mark, had taken action to provide that the holders of share-based awards, outstanding as of March 14, 2014, denominated in and settleable by delivery of shares of SGI common stock, would have their SGI share-based awards canceled upon the effectiveness of the Distribution, and in place of the canceled awards would become entitled to receive share-based awards denominated in and settleable by delivery of shares of the Company's common stock. As a result, the Company granted, on March 19, 2014 (the date as of which the exchange ratio became determinable based on the average closing market price of A-Mark common stock), 130,646 RSUs, 8,990 SARs and options to purchase 249,846 shares of common stock. These awards are deemed to be granted under the original plans and arrangements of SGI that have been assumed by the Company, not under the 2014 Plan. The Company does not recognize compensation cost for financial reporting purposes relating to the awards replaced by A-Mark following the Distribution which are held by persons who remained employees of SGI. As of June 30, 2016 , there are no remaining outstanding equity awards that were issued to SGI employees; all remaining outstanding awards issued in connection with the spinoff relate to A-Mark employees or directors. Valuation and Significant Assumptions of Equity Awards Issued After Spinoff The Company uses Black-Scholes option pricing model, which has various inputs such as the estimated common share price, the risk-free interest rate, volatility, expected life and dividend yield, all of which are estimates. The Company also records share-based compensation expense net of expected forfeitures. Valuation models and significant assumptions for share-based compensation are as follows: • Determining Fair Values. For all equity grants granted, the primary factor in the valuation of equity awards was the fair value of the underlying common stock at the time of grant. • Expected Volatility. The Company has limited data regarding company-specific historical or implied volatility of its share price. Consequently, the Company estimates its volatility based on the average of the historical volatilities of peer group companies from publicly available data for sequential periods approximately equal to the expected terms of its option grants. Management considers factors such as stage of life cycle, competitors, size, market capitalization and financial leverage in the selection of similar entities. • Expected Term. The expected term represents the period of time in which the options granted are expected to be outstanding. The Company estimates the expected term of options granted based on the midpoint between the vesting date and the end of the contractual term under the “short-cut” or simplified method permitted by the SEC implementation guidance for “plain vanilla” options. The Company will continue to use the short-cut method, as permitted, until we have developed sufficient historical data for employee exercise and post-vesting employment termination behavior after our common stock has been publicly traded for a reasonable period of time. • Forfeitures . The Company estimates forfeitures at the time of grant and revises those estimates in subsequent periods if actual experience differs from those estimates. For the years ended June 30, 2016 and 2015 , the Company estimated an average overall forfeiture rate of 0% . Share-based compensation is recorded net of expected forfeitures. The Company will periodically assess the forfeiture rate and the amount of expense recognized based on estimated historical forfeitures as compared to actual forfeitures. Changes in estimates are recorded in the period they are identified. • Risk-Free Rate. The risk-free interest rate is selected based upon the implied yields in effect at the time of the option grant on U.S. Treasury zero-coupon issues with a term approximately equal to the expected life of the option being valued. • Dividends. The Company anticipates on paying quarterly cash dividends $0.07 per outstanding shares of common stock for the foreseeable future.The Company estimates dividend yield based upon expectations of future dividends as of the grant date. The weighted-averages for key assumptions used in determining the fair value of options granted during the years ended June 30, 2016 and 2015 follows: Years Ended June 30, 2016 2015 Average volatility 41.3 % 33.4 % Risk-free interest rate 1.5 % 1.5 % Weighted-average expected life in years 6.27 6.43 Dividend yield rate 0.4 % 0.5 % There are no awards with performance conditions nor awards with market conditions. Stock Options During the years ended June 30, 2016 and 2015 , the Company incurred $0.4 million and $0.2 million of compensation expense related to stock options, respectively. As of June 30, 2016 , there was total remaining compensation expense of $2.3 million related to employee stock options, which will be recorded over a weighted average period of approximately 3.2 years . The following table summarizes the stock option activity for the years ended June 30, 2016 and 2015 . Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value (in thousands) Weighted Average Grant Date Fair Value Per Award (1) Outstanding at June 30, 2014 230,787 $ 10.00 $ 407 $ 5.98 Granted 3,000 $ 10.08 Cancellations, expirations and forfeitures (660 ) $ 48.02 Outstanding at June 30, 2015 233,127 $ 9.89 $ 283 $ 5.96 Granted 349,400 22.67 Cancellations, expirations and forfeitures (1,000 ) 20.48 Outstanding at June 30, 2016 581,527 17.55 $ 1,466 $ 6.32 Exercisable at June 30, 2016 183,184 10.30 $ 1,078 $ 5.91 _________________________________ (1) For awards held by A-Mark employees, the fair value of the awards assumed in Distribution was based on the awards' fair value at grant date, which were determined by SGI prior to the Distribution. Since the Company does not recognize compensation costs for the awards assumed in the Distribution held by employees of SGI, the calculation of the weighted average fair value per share price at grant date was based on the awards' fair value at grant date that were awarded to employees of A-Mark. As of June 30, 2016 there were no stock options outstanding that were issued to employees of SGI. Following is a summary of the status of stock options outstanding at June 30, 2016 : Options Outstanding Options Exercisable Exercise Price Ranges Number of Shares Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number of Shares Exercisable Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price From To $ — $ 10.00 134,239 6.35 $ 8.39 86,296 6.37 $ 8.41 10.01 15.00 98,888 6.28 11.94 96,888 6.23 11.98 15.01 25.00 248,400 9.68 21.54 — 0.00 — 25.01 60.00 100,000 9.65 25.50 — 0.00 — 581,527 8.33 17.55 183,184 6.30 10.30 Restricted Stock Units During the years ended June 30, 2016 and 2015 , the Company incurred $61,360 and $99,493 of compensation expense related to RSUs, respectively. The following table summarizes the RSU activity for the years ended June 30, 2016 and 2015 : Shares Weighted Average Share Price at Grant Date (1) Outstanding at June 30, 2014 106,674 $ 2.72 Shares released (10,806 ) $ 4.31 Shares surrendered to cover employee minimum withholding taxes (2) (9,570 ) $ 4.31 Outstanding at June 30, 2015 86,298 $ 2.34 Shares released (47,901 ) $ 2.34 Shares surrendered to cover employee minimum withholding taxes (3) (38,397 ) $ 2.34 Outstanding at June 30, 2016 — $ — _________________________________ (1) For awards held by A-Mark employees, the fair value of the awards assumed in Distribution was based on the awards' fair value at grant date, which were determined by SGI prior to the Distribution. Since, the Company does not recognize compensation costs for the awards assumed in the Distribution held by employees of SGI, the calculation of the weighted average share price at grant date was based on the awards' fair value at grant date that were awarded to employees of A-Mark. (2) The value of the shared surrendered totaled $ 100,198 . (3) The value of the shared surrendered totaled $ 680,936 . No tax benefit was recognized in the consolidated statements of income related to share-based compensation for the years ended June 30, 2016 and 2015 . No share-based compensation was capitalized for the years ended June 30, 2016 and 2015 . Stock Appreciation Rights The Company, from time to time, may grant SARs to certain key employees and executive officers. The number of shares to be received under these awards ultimately depends on the appreciation in the Company’s common stock over a specified period of time, generally 3.0 years . At the end of the stated appreciation period, the number of shares of common stock issued will be equal in value to the appreciation in the shares of the Company’s common stock, as measured from the stock's closing price on the date of grant to the average price in the last month of the third year of vesting. As of June 30, 2016 and June 30, 2015 , the Company had zero and 8,990 SARs issued and outstanding, respectively. The Company did not recognize any compensation expense related to these awards during the years ended June 30, 2016 and 2015 . Certain Anti-Takeover Provisions The Company’s Certificate of Incorporation and by-laws contain certain anti-takeover provisions that could have the effect of making it more difficult for a third party to acquire, or of discouraging a third party from attempting to acquire, control of the Company without negotiating with its Board. Such provisions could limit the price that certain investors might be willing to pay in the future for the Company’s securities. Certain of such provisions provide for a Board with staggered terms, allow the Company to issue preferred stock with rights senior to those of the common stock, or impose various procedural and other requirements which could make it more difficult for stockholders to effect certain corporate actions. |
Customer and Supplier Concentra
Customer and Supplier Concentration | 12 Months Ended |
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Customer and Supplier Concentration | CUSTOMER AND SUPPLIER CONCENTRATIONS Customer Concentration Customers providing 10 percent or more of the Company's revenues for the years ended June 30, 2016 and 2015 are listed below: in thousands Years Ended June 30, 2016 2015 Amount Percent Amount Percent Total revenue $ 6,784,039 100.0 % $ 6,070,234 100.0 % Customer concentrations HSBC Bank USA $ 1,249,255 18.4 % $ 1,877,943 24.1 % JM Bullion 717,309 10.6 281,653 4.6 Total $ 1,966,564 29.0 % $ 1,745,680 28.7 % There were no customers providing 10 percent or more of the Company's accounts receivable as of June 30, 2016 and June 30, 2015 . The loss of any of the above listed customers could have a material adverse effect on the operations of the Company. Supplier Concentration The Company buys precious metals from a variety of sources, including through brokers and dealers, from sovereign and private mints, from refiners and directly from customers. The Company believes that no one or small group of suppliers is critical to its business, since other sources of supply are available that provide similar products on comparable terms. |
Geographic Information
Geographic Information | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Geographic Information | GEOGRAPHIC INFORMATION Revenue are attributed to geographic location based on customer location. The Company's geographic operations are as follows: in thousands Years Ended June 30, 2016 2015 Revenue by geographic region: United States $ 6,234,833 $ 5,406,201 Europe 212,243 320,167 North America, excluding United States 292,788 282,978 Asia Pacific 40,482 47,593 Africa 63 52 Australia 3,597 13,241 South America 33 2 Total revenue $ 6,784,039 $ 6,070,234 in thousands June 30, 2016 June 30, 2015 Inventories by geographic region: United States $ 224,617 $ 173,939 Europe 5,258 4,374 North America, excluding United States 12,691 12,287 Asia 2,491 901 Total inventories $ 245,057 $ 191,501 in thousands June 30, 2016 June 30, 2015 Assets by geographic region: United States $ 413,621 $ 302,806 Europe 8,344 10,668 North America, excluding United States 12,691 12,287 Asia 2,491 901 Total assets $ 437,147 $ 326,662 in thousands June 30, 2016 June 30, 2015 Long-term assets by geographic region: United States $ 18,824 $ 13,964 Europe 62 72 Total long-term assets $ 18,886 $ 14,036 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Dividend Declaration On September 7, 2016, the Board of Directors of the Company declared a quarterly cash dividend of $0.07 per common share to stockholders of record at the close of business on September 19, 2016, which is scheduled to be paid on or about October 7, 2016. SilverTowne Mint Transaction On August 31, 2016, the Company, through a joint venture, acquired a 55% interest in the SilverTowne Mint (the “Mint”), an Indiana-based producer of minted silver products. The aggregate amount of the Company’s investment was $4.2 million , consisting of: $3,670,000 for the acquired assets, $250,000 for the purchase of the real property where the Mint’s physical facility is located, and $300,000 in working capital. Of the purchase price, $3.7 million was paid at closing and the balance of $500,000 was represented by a promissory note, due and payable one year following the closing. The seller of the Mint is also entitled to an earn-out over three years, with up to $1.0 million payable each year based on the achievement of specified performance and production thresholds. At the closing, the joint venture entered into (a) an exclusive distribution agreement with the Company with respect to the silver products produced by the Mint, and (b) a supply agreement with Asahi Refining to provide all refined silver products needed by the Mint in the conduct of its business. Employment Agreement with Thor Gjerdrum On September 7, 2016, the Company appointed Thor Gjerdrum, then A-Mark’s Chief Operating Officer and Executive Vice President, to the position of President. In connection with the promotion of Mr. Gjerdrum, A-Mark entered into a new employment agreement with him, effective as of July 1, 2016. IRS Examination On August 22, 2016, the Internal Revenue Service notified the Company that it has commenced an examination of the Company's tax return for the year ended June 30, 2015. Real Estate Lease Agreement In fiscal 2017, the Company entered into a lease for 9,000 square feet of office space in El Segundo, California at a cost of $ 3.60 per square foot with annual 3% increases. The lease expires on March 31, 2026. This lease will replace the Company's Santa Monica lease, which terminates in April 2017. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements reflect the financial condition, results of operations, and cash flows of the Company, and were prepared using accounting principles generally accepted in the United States (“U.S. GAAP”). The Company operated in one segment for all periods presented. These consolidated financial statements include the accounts of A-Mark, and its wholly owned subsidiaries, CFC, AMTAG, Logistics and TDS (collectively the “Company”). All inter-company accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. These estimates include, among others, determination of fair value, and allowances for doubtful accounts, impairment assessments of long-lived assets and intangible assets, valuation reserve determination on deferred tax assets, and revenue recognition judgments. Significant estimates also include the Company's fair value determination with respect to its financial instruments and precious metals materials. Actual results could materially differ from these estimates. |
Concentration of Credit Risk | Concentration of Credit Risk Cash is maintained at financial institutions and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. Assets that potentially subject the Company to concentrations of credit risk consist principally of receivables, loans of inventory to customers, and inventory hedging transactions. Concentration of credit risk with respect to receivables is limited due to the large number of customers composing the Company's customer base, the geographic dispersion of the customers, and the collateralization of substantially all receivable balances. Based on an assessment of credit risk, the Company typically grants collateralized credit to its customers. The Company enters into inventory hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts with credit worthy financial institutions. Credit risk with respect to loans of inventory to customers is minimal; substantially all inventories loaned under consignment arrangements are collateralized for the benefit of the Company. All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions. Substantially all of these transactions are secured by the underlying metals positions. |
Foreign Currency | Foreign Currency The functional currency of the Company is the United States dollar ("USD"). Also, the functional currency of the Company's wholly-owned foreign subsidiary, AMTAG, is USD, but it maintains its books of record in Euros. The Company remeasures the financial statements of AMTAG into USD. The remeasurement of local currency amounts into USD creates remeasurement gains and losses, which are included in the consolidated statements of income. To manage the effect of foreign currency exchange fluctuations, the Company utilizes foreign currency forward contracts. These derivatives generate gains and losses when they are settled and/or when they are marked to market. The change in the value in the derivative instruments is shown on the face of the consolidated statements of income as unrealized net gains (losses) on foreign exchange. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents. |
Inventories | Inventories Inventories principally include bullion and bullion coins and are acquired and initially recorded at fair market value. The fair market value of the bullion and bullion coins is comprised of two components: (1) published market values attributable to the costs of the raw precious metal, and (2) a published premium paid at acquisition of the metal. The premium is attributable to the additional value of the product in its finished goods form and the market value attributable solely to the premium may be readily determined, as it is published by multiple reputable sources. The Company’s inventories, except for certain lower of cost or market basis products (as discussed below), are subsequently recorded at their fair market values, that is, "marked-to-market". The daily changes in the fair market value of our inventory are offset by daily changes in the fair market value of hedging derivatives that are taken with respect to our inventory positions; both the change in the fair market value of the inventory and the change in the fair market value of these derivative instruments are recorded in cost of sales in the consolidated statements of income. While the premium component included in inventories is marked-to-market, our commemorative coin inventory, including its premium component, is held at the lower of cost or market, because the value of commemorative coins is influenced more by supply and demand determinants than on the underlying spot price of the precious metal content of the commemorative coins. Unlike our bullion coins, the value of commemorative coins is not subject to the same level of volatility as bullion coins because our commemorative coins typically carry a substantially higher premium over the spot metal price than bullion coins. Neither the commemorative coin inventory nor the premium component of our inventory is hedged (see Note 6 .) |
Property and Equipment and Depreciation | Property and Equipment and Depreciation Property and equipment is stated at cost less accumulated depreciation. Depreciation is calculated using a straight line method based on the estimated useful lives of the related assets, ranging from three years to five years . |
Goodwill and Purchased Intangible Assets | Goodwill and Purchased Intangible Assets Goodwill is recorded when the purchase price paid for an acquisition exceeds the estimated fair value of the net identified tangible and intangible assets acquired. Goodwill and other indefinite life intangibles are evaluated for impairment annually in the fourth quarter of the fiscal year (or more frequently if indicators of potential impairment exist) in accordance with the Intangibles - Goodwill and Other Topic 350 of the Accounting Standards Codification ("ASC".) Other purchased intangible assets continue to be amortized over their useful lives and are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. The Company may first qualitatively assess whether relevant events and circumstances make it more likely than not that the fair value of the reporting unit's goodwill is less than its carrying value. If, based on this qualitative assessment, management determines that goodwill is more likely than not to be impaired, the two-step impairment test is performed. This first step in this test includes comparing the fair value of each reporting unit to its carrying value, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step in the test is performed, which is measurement of the impairment loss. The impairment loss is calculated by comparing the implied fair value of goodwill, as if the reporting unit has been acquired in a business combination, to its carrying amount. As of June 30, 2016 and June 30, 2015 , the Company has not identified any impairments. If the Company determines it will quantitatively assess impairment, the Company utilizes the discounted cash flow method to determine the fair value of each of its reporting units. In calculating the implied fair value of the reporting unit's goodwill, the present value of the reporting unit's expected future cash flows is allocated to all of the other assets and liabilities of that unit based on their fair values. The excess of the present value of the reporting unit's expected future cash flows over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. In calculating the implied value of the Company's trade names, the Company uses the present value of the relief from royalty method. Amortizable intangible assets are being amortized on a straight-line basis which approximates economic use, over periods ranging from three years to fifteen years . The Company considers the useful life of the trademarks to be indefinite. The Company tests the value of the trademarks and trade name annually for impairment. |
Long-Lived Assets | Long-Lived Assets Long-lived assets, other than goodwill and purchased intangible assets with indefinite lives are evaluated for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be recoverable. In evaluating impairment, the carrying value of the asset is compared to the undiscounted estimated future cash flows expected to result from the use of the asset and its eventual disposition. An impairment loss is recognized when estimated future cash flows are less than the carrying amount. Estimates of future cash flows may be internally developed or based on independent appraisals and significant judgment is applied to make the estimates. Changes in the Company's strategy, assumptions and/or market conditions could significantly impact these judgments and require adjustments to recorded amounts of long-lived assets. As of June 30, 2016 and June 30, 2015 , management concluded that impairment was not required. |
Long-term Investments | Long-Term Investments Investments in privately-held entities that are at least 20% but less than 50% owned by the Company are accounted for using the equity method. Under the equity method the carrying value of the investment is adjusted for the Company’s proportionate share of the investee’s earnings or losses, with the corresponding share of earnings or losses reported in other income (expense), net. The carrying value of the investment is reduced by the amount of the dividends received from the equity-method investee, they are considered as a return of capital. Investments in privately-held entities that are less than 20% owned by the Company are accounted for using the cost method, unless the Company can exercise significant influence or the investee is economically dependent upon the Company, in which case the equity method is used. Under the cost method, investments are carried at cost and other income is recorded when dividends are received from the cost-method investee. We evaluate our long-term investments for impairment quarterly or whenever events or changes in circumstances indicate that the carrying value of these assets may not be recoverable |
Fair Value Measurements | Fair Value Measurement The Fair Value Measurements and Disclosures Topic 820 of the ASC ("ASC 820"), creates a single definition of fair value for financial reporting. The rules associated with ASC 820 state that valuation techniques consistent with the market approach, income approach and/or cost approach should be used to estimate fair value. Selection of a valuation technique, or multiple valuation techniques, depends on the nature of the asset or liability being valued, as well as the availability of data (see Note 3 .) |
Revenue Recognition | Revenue Recognition Revenues are recognized when persuasive evidence of an arrangement exists, delivery has occurred, the price is fixed or determinable, no obligations remain and collection is probable. The Company records sales of precious metals, which occurs upon receipt by the customer. The Company records revenues from its metal assaying and melting services after the related services are completed and the effects of forward sales contracts are reflected in revenue at the date the related precious metals are delivered or the contracts expire. The Company records revenues from its storage and logistics services after the related services are completed. The Company accounts for its metals and sales contracts using settlement date accounting. Pursuant to such accounting, the Company recognizes the sale or purchase of the metals at settlement date. During the period between trade and settlement date, the Company has essentially entered into a forward contract that meets the definition of a derivative in accordance with the Derivatives and Hedging Topic 815 of the ASC. The Company records the derivative at the trade date with a corresponding unrealized gain (loss), which is reflected in the cost of sales in the consolidated statements of income. The Company adjusts the derivatives to fair value on a daily basis until the transaction is physically settled. Sales which are physically settled are recognized at the gross amount in the consolidated statements of income. |
Interest Income | Interest Income The Company uses the effective interest method to recognize interest income on its secured loans transactions. For these arrangements, the Company maintains a security interest in the precious metals and records interest income over the terms of the secured loan receivable. Recognition of interest income is suspended and the loan is placed on non-accrual status when management determines that collection of future interest income is not probable. The interest income accrual is resumed, and previously suspended interest income is recognized, when the loan becomes contractually current and/or collection doubts are removed. Cash receipts on impaired loans are recorded first against the principal and then to any unrecognized interest income (see Note 5 .) Also, the Company enters into repurchase agreements, whereby the Company agrees to deliver products at the prevailing spot price plus a premium, and then repurchases the products back from the customer at the prevailing spot price, thereby earning a fee (recorded as interest income) based on a calculated premium over the spot price, resulting in an open sales commitment to deliver products at the agreed upon date and price. |
Interest Expense | Interest Expense The Company incurs interest expense and related fees as a result of usage under its lines of credit, product financing arrangement and liability on borrowed metals. The Company incurs interest expense based on usage under its Trading Credit Facility recording interest expense using the effective interest method. The Company incurs financing fees (classified as interest expense) as a result of its product financing arrangement (i.e., reverse-purchase agreements) for the transfer and subsequent re-acquisition of gold and silver at a fixed price to a third party finance companies. During the term of this type of financing agreement, a third party finance company holds the designated inventory, with the intent to return the inventory to the Company at an agreed-upon price based on the spot price on the finance arrangement termination date. The third party charges a monthly fee as a percentage of the market value of the outstanding obligation. In addition, the Company incurs a financing fee related to custodial storage facility charges related to the transferred collateral inventory; this collateral is classified as restricted inventory on our consolidated balance sheets. Additionally, the Company incurs interest expense when we borrow precious metals from our suppliers under short-term arrangements, which bear interest at a designated rate. Amounts under these arrangements are due at maturity and require repayment either in the form of precious metals or cash. This liability is reflected in the consolidated balance sheet as a liability on borrowed metals. |
Derivative Instruments | Derivative Instruments The Company’s inventory, and purchase and sale commitment transactions consist of precious metals products. The value of our inventory and these commitments are linked to the prevailing price of the underlying precious metal commodity. The Company seeks to minimize the effect of price changes of the underlying commodity and enters into inventory hedging transactions, principally utilizing metals commodity futures contracts traded on national futures exchanges or forward contracts with only major credit worthy financial institutions. All of our commodity derivative contracts are under master netting arrangements and include both asset and liability positions. Substantially all of these transactions are secured by the underlying metals positions. Notional balances of the Company's derivative instruments, consisting of contractual metal quantities, are expressed at current spot prices of the underlying precious metal commodity. Commodity futures and forward contract transactions are recorded at fair value on the trade date. The difference between the original contract value and the market value of the open futures and forward contracts are reflected in derivative assets or derivative liabilities in the consolidated balance sheet at fair value. The Company records the change between fair value and trade value of the underlying open commodity contracts as a derivative asset or liability, and the Company correspondingly records the related unrealized gains or losses. The change in unrealized gain (loss) on open commodity contracts from one period to the next is reflected in net gain (loss) on derivative instruments. These unrealized gains and losses are included as a component of cost of sales on the consolidated statements of income. Gains or losses resulting from the termination of commodity contracts are reported as realized gains or losses on commodity contracts, which is recorded as a component of cost of sales on the consolidated statements of income. The Company enters into derivative transactions solely for the purpose of hedging our inventory holding risk, and not for speculative market purposes. The Company’s gains (losses) on derivative instruments are substantially offset by the changes in the fair market value of the underlying precious metals inventory, which is also recorded in cost of sales in the consolidated statements of income (see Note 11 .) |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs represent costs associated with shipping product to customers, and receiving product from vendors and are included in cost of sales in the consolidated statements of income. |
Share-Based Compensation | Share-Based Compensation The Company accounts for equity awards under the provisions of the Compensation - Stock Compensation Topic 718 of the ASC ("ASC 718"), which establishes fair value-based accounting requirements for share-based compensation to employees. ASC 718 requires the Company to recognize the grant-date fair value of stock options and other equity-based compensation issued to employees as expense over the service period in the Company's consolidated financial statements. |
Income Taxes | Income Taxes As part of the process of preparing its consolidated financial statements, the Company is required to estimate its provision for income taxes in each of the tax jurisdictions in which it conducts business, in accordance with the Income Taxes Topic 740 of the ASC ("ASC 740"). The Company computes its annual tax rate based on the statutory tax rates and tax planning opportunities available to it in the various jurisdictions in which it earns income. Significant judgment is required in determining the Company's annual tax rate and in evaluating uncertainty in its tax positions. The Company recognizes a benefit for tax positions that it believes will more likely than not be sustained upon examination. The amount of benefit recognized is the largest amount of benefit that the Company believes has more than a 50% probability of being realized upon settlement. The Company regularly monitors its tax positions and adjusts the amount of recognized tax benefit based on its evaluation of information that has become available since the end of its last financial reporting period. The annual tax rate includes the impact of these changes in recognized tax benefits. When adjusting the amount of recognized tax benefits, the Company does not consider information that has become available after the balance sheet date, but does disclose the effects of new information whenever those effects would be material to the Company's consolidated financial statements. The difference between the amount of benefit taken or expected to be taken in a tax return and the amount of benefit recognized for financial reporting represents unrecognized tax benefits. These unrecognized tax benefits are presented in the consolidated balance sheet principally within accrued liabilities. The Company records valuation allowances to reduce deferred tax assets to the amount that is more likely than not to be realized. Significant judgment is applied when assessing the need for valuation allowances. Areas of estimation include the Company's consideration of future taxable income and ongoing prudent and feasible tax planning strategies. Should a change in circumstances lead to a change in judgment about the utilization of deferred tax assets in future years, the Company would adjust related valuation allowances in the period that the change in circumstances occurs, along with a corresponding increase or charge to income. Changes in recognized tax benefits and changes in valuation allowances could be material to the Company's results of operations for any period, but is not expected to be material to the Company's consolidated financial position. The Company accounts for uncertainty in income taxes under the provisions of ASC 740. These provisions clarify the accounting for uncertainty in income taxes recognized in an enterprise's financial statements, and prescribe a recognition threshold and measurement criteria for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provisions also provide guidance on de-recognition, classification, interest, and penalties, accounting in interim periods, disclosure, and transition. The potential interest and/or penalties associated with an uncertain tax position are recorded in provision for income taxes on the consolidated statements of income. Please refer to Note 12 for further discussion regarding these provisions. Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the net deferred tax assets will not be realized. The factors used to assess the likelihood of realization include the Company's forecast of the reversal of temporary differences, future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. Failure to achieve forecasted taxable income in applicable tax jurisdictions could affect the ultimate realization of deferred tax assets and could result in an increase in the Company's effective tax rate on future earnings. Based on our assessment it appears more likely than not that most of the net deferred tax assets will be realized through future taxable income. Management has established a valuation allowance against the deferred taxes related to certain state net operating loss carryovers. Management believes the utilization of these losses may be limited. We will continue to assess the need for a valuation allowance for our remaining deferred tax assets in the future. The Company's consolidated financial statements recognized the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods, as if the Company were a separate taxpayer prior to the date of the Distribution rather than a member of the consolidated income tax return group of its Former Parent, Spectrum Group International, Inc. Following its spin-off, the Company files federal and state income tax filings that are separate from the Former Parent's tax filings. The Company recognizes current and deferred income taxes as a separate taxpayer for periods ending after the date of Distribution. Income taxes receivable from Former Parent reflects balance due from the Former Parent pursuant to a tax sharing agreement between the parties. |
Earnings per Share (EPS) | Earnings per Share ("EPS") The Company computes and reports both basic EPS and diluted EPS. Basic EPS is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net earnings by the sum of the weighted average number of common shares and dilutive common stock equivalents outstanding during the period. Diluted EPS reflects the total potential dilution that could occur from outstanding equity awards, including unexercised stock options, utilizing the treasury stock method. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Not Yet Adopted In August 2016 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This new standard will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. This update is effective for the Company, on July 1, 2018. The new standard will require adoption on a retrospective basis unless it is impracticable to apply, in which case we would be required to apply the amendments prospectively as of the earliest date practicable. We are currently evaluating the impact of our pending adoption of ASU 2016-15 on our consolidated financial statements. In March 2016, FASB issued ASU No. 2016-09, (“ASU 2016-09”), C ompensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in this update simplify several aspects of the accounting for share-based payment award transactions including: (a) income tax consequences; (b) classification of awards as either equity or liabilities; and (c) classification on the statement of cash flows. This update is effective for the Company, on July 1, 2017 (financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods). We are evaluating the new guidelines to see if they will have a significant impact on our consolidated financial position, results of operations or cash flows and related disclosures. In February 2016, FASB issued ASU No. 2016-02, (“ASU 2016-02”), Leases (Topic 842) . The amendments in this update require lessees to recognize a lease liability measured on a discounted basis and a right-of-use asset for all leases at the commencement date. This update is effective for the Company, on July 1, 2019 (for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years), and is to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. We are evaluating the new guidelines to see if they will have a significant impact on our consolidated financial position, results of operations or cash flows and related disclosures. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU No. 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU No. 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”). The amendments in ASU 2016-08 clarify the implementation guidance on principal versus agent considerations. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing (“ASU 2016-10”). The amendments in ASU 2016-10 clarify aspects relating to the identification of performance obligations and improve the operability and understandability of the licensing implementation guidance. In May 2016, the FASB issued ASU No. 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The amendments in ASU 2016-12 address certain issues identified on assessing collectability, presentation of sales taxes, non-cash consideration, and completed contracts and contract modifications at transition. For all of the ASUs noted above, the effective date for Company is July 1, 2018 for annual and interim reporting periods. Either the retrospective or cumulative effect transition method is permitted. We are still evaluating what impact this standard will have on the Company’s consolidated financial position, results of operations or cash flows and related disclosures. Recent Accounting Pronouncements Adopted In November 2015, the FASB issued Accounting Standards Update ("ASU") No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”), which simplifies the presentation of deferred taxes by requiring deferred tax assets and liabilities be classified as non-current on the balance sheet. This update is effective for the Company, on July 1, 2017. This guidance may be adopted prospectively or retrospectively and early adoption is permitted. In the fourth quarter of fiscal 2016, we elected to early adopt ASU 2015-17. The adoption of this update did have a material impact on our consolidated financial position, results of operations or cash flows. For comparison purposes, we have reclassified the prior year current net deferred tax liability of $126,000 to long-term deferred taxes (comprised of $783,000 of long-term deferred assets and $909,000 long-term deferred liabilities). |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Schedule of earnings per share | in thousands Years Ended June 30, 2016 2015 Basic weighted average shares outstanding (1) 6,982 6,963 Effect of common stock equivalents — stock issuable under outstanding equity awards 138 100 Diluted weighted average shares outstanding 7,120 7,063 _________________________________ (1) Basic weighted average shares outstanding include the effect of vested but unissued restricted stock grants. |
Assets and Liabilities, at Fa28
Assets and Liabilities, at Fair Value (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial instruments not required to be carried at fair value | The following table presents the carrying amounts and estimated fair values of the Company’s financial instruments as of June 30, 2016 and June 30, 2015 . in thousands June 30, 2016 June 30, 2015 Carrying Amount Fair value Carrying Amount Fair value Financial assets: Cash $ 17,142 $ 17,142 $ 20,927 $ 20,927 Receivables, net 43,302 43,302 30,025 30,025 Secured loans 70,504 70,504 49,316 49,316 Derivative assets - open sale and purchase commitments, net 32,347 32,347 1,722 1,722 Derivative assets - futures contracts — — 5,363 5,363 Derivative assets - forward contracts 1,385 1,385 4,279 4,279 Income tax receivables 7,318 7,318 7,846 7,846 Income taxes receivable from Former Parent 203 203 1,095 1,095 Financial liabilities: Lines of credit $ 212,000 $ 212,000 $ 147,000 $ 147,000 Liability on borrowed metals 4,352 4,352 9,500 9,500 Product financing arrangement 59,358 59,358 39,425 39,425 Derivative liabilities - liability on margin accounts 8,182 8,182 6,908 6,908 Derivative liabilities - open sale and purchase commitments, net 1,919 1,919 10,989 10,989 Derivative liabilities - futures contracts 13,914 13,914 — — Derivative liabilities - forward contracts 12,439 12,439 — — Accounts payable, advances and other payables 46,769 46,769 50,639 50,639 Accrued liabilities 7,660 7,660 5,330 5,330 |
Schedule of fair value, assets and liabilities measured on recurring basis | The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of June 30, 2016 and June 30, 2015 aggregated by the level in the fair value hierarchy within which the measurements fall: June 30, 2016 Quoted Price in Active Markets Significant Other Significant for Identical Observable Unobservable Instruments Inputs Inputs in thousands (Level 1) (Level 2) (Level 3) Total Assets: Inventory (1) $ 245,041 $ — $ — $ 245,041 Derivative assets — open sale and purchase commitments, net 32,347 — — 32,347 Derivative assets — forward contracts 1,385 — — 1,385 Total assets, valued at fair value $ 278,773 $ — $ — $ 278,773 Liabilities: Liability on borrowed metals $ 4,352 $ — $ — $ 4,352 Product financing arrangement 59,358 — — 59,358 Derivative liabilities — liability on margin accounts 8,182 — — 8,182 Derivative liabilities — open sales and purchase commitments, net 1,919 — — 1,919 Derivative liabilities — future contracts 13,914 — — 13,914 Derivative liabilities — forward contracts 12,439 — — 12,439 Total liabilities, valued at fair value $ 100,164 $ — $ — $ 100,164 ____________________ (1) Commemorative coin inventory totaling $16,000 is held at lower of cost or market and is thus excluded from this table. June 30, 2015 Quoted Price in Active Markets Significant Other Significant for Identical Observable Unobservable Instruments Inputs Inputs in thousands (Level 1) (Level 2) (Level 3) Total Assets: Inventory (1) $ 189,983 $ — $ — $ 189,983 Derivative assets — open sale and purchase commitments, net 1,722 — — 1,722 Derivative assets — futures contracts 5,363 — — 5,363 Derivative assets — forward contracts 4,279 — — 4,279 Total assets, valued at fair value $ 201,347 $ — $ — $ 201,347 Liabilities: Liability on borrowed metals $ 9,500 $ — $ — $ 9,500 Product financing arrangement 39,425 — — 39,425 Derivative liabilities — liability on margin accounts 6,908 — — 6,908 Derivative liabilities — open sale and purchase commitments, net 10,989 — — 10,989 Total liabilities, valued at fair value $ 66,822 $ — $ — $ 66,822 ____________________ (1) Commemorative coin inventory totaling $1.5 million is held at lower of cost or market and is thus excluded from this table. |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Schedule of receivables and secured loans | Receivables consist of the following as of June 30, 2016 and June 30, 2015 : in thousands June 30, 2016 June 30, 2015 Customer trade receivables $ 4,001 $ 11,835 Wholesale trade advances 11,860 12,164 Due from brokers 27,471 6,056 Subtotal 43,332 30,055 Less: allowance for doubtful accounts (30 ) (30 ) Receivables, net $ 43,302 $ 30,025 Allowances for doubtful accounts are recorded based on specifically identified receivables, which the Company has identified as potentially uncollectible. A summary of the activity in the allowance for doubtful accounts is as follows: in thousands Period ended: Beginning Balance Provision Charge-off Ending Balance Year Ended June 30, 2016 $ 30 $ — $ — $ 30 Year Ended June 30, 2015 $ 30 $ — $ — $ 30 |
Secured Loans Receivable (Table
Secured Loans Receivable (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of receivables and secured loans | Receivables consist of the following as of June 30, 2016 and June 30, 2015 : in thousands June 30, 2016 June 30, 2015 Customer trade receivables $ 4,001 $ 11,835 Wholesale trade advances 11,860 12,164 Due from brokers 27,471 6,056 Subtotal 43,332 30,055 Less: allowance for doubtful accounts (30 ) (30 ) Receivables, net $ 43,302 $ 30,025 Allowances for doubtful accounts are recorded based on specifically identified receivables, which the Company has identified as potentially uncollectible. A summary of the activity in the allowance for doubtful accounts is as follows: in thousands Period ended: Beginning Balance Provision Charge-off Ending Balance Year Ended June 30, 2016 $ 30 $ — $ — $ 30 Year Ended June 30, 2015 $ 30 $ — $ — $ 30 |
Schedule of classes for financing receivables | The Company's secured loans by portfolio class, which align with management reporting, are as follows: in thousands June 30, 2016 June 30, 2015 Bullion $ 35,168 49.9 % $ 16,250 33.0 % Numismatic and semi numismatic 34,636 49.1 32,216 65.3 Subtotal 69,804 99.0 48,466 98.3 Other pledged assets (1) 700 1.0 850 1.7 Total secured loans $ 70,504 100.0 % $ 49,316 100.0 % _________________________________ (1 ) Includes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products. |
Financing receivable credit quality indicators | The Company disaggregates its secured loans that are collateralized by precious metal products, as follows: in thousands June 30, 2016 June 30, 2015 Loan-to-value of 75% or more (1) $ 10,231 14.7 % $ 17,153 35.4 % Loan-to-value of less than 75% (1) 59,573 85.3 31,313 64.6 Secured loans collateralized by precious metal products (1) $ 69,804 100.0 % $ 48,466 100.0 % _________________________________ (1 ) Excludes secured loans that are collateralized by borrower's assets, which are not exclusively precious metal products. |
Financing Receivable | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of receivables and secured loans | Below is a summary of the carrying-value of our secured loans as of June 30, 2016 and June 30, 2015 : in thousands June 30, 2016 June 30, 2015 Secured loans originated $ 36,280 $ 36,778 Secured loans originated - with a related party 1,370 — 37,650 36,778 Secured loans acquired 32,854 (1) 12,538 (2) Secured loans (current and long-term) $ 70,504 $ 49,316 _________________________________ (1) Includes $86,000 of amortized loan premium as of June 30, 2016 . (2) Includes $99,000 of amortized loan premium as of June 30, 2015 . |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Our inventory consists of the precious metals that the Company has physically received, and inventory held by third-parties, which, at the Company's option, it may or may not receive. Below, our inventory is summarized by classification at June 30, 2016 and June 30, 2015 : in thousands June 30, 2016 June 30, 2015 Inventory held for sale $ 81,006 $ 86,353 Repurchase arrangements with customers 92,283 49,117 Consignment arrangements with customers 8,042 5,588 Commemorative coins, held at lower of cost or market 16 1,518 Borrowed precious metals from suppliers 4,352 9,500 Product financing arrangement, restricted 59,358 39,425 $ 245,057 $ 191,501 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consists of the following at June 30, 2016 and June 30, 2015 : in thousands June 30, 2016 June 30, 2015 Office furniture, fixtures and equipment $ 1,107 $ 616 Computer equipment 407 368 Computer software 2,386 2,376 Leasehold improvements 1,661 1,700 Total depreciable assets 5,561 5,060 Less: accumulated depreciation (3,043 ) (2,210 ) Property and equipment not placed in service 964 — Property and equipment, net $ 3,482 $ 2,850 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of other purchased intangible assets | The carrying value of other purchased intangibles as of June 30, 2016 and June 30, 2015 is as described below: dollar amounts in thousands June 30, 2016 June 30, 2015 Estimated Useful Lives (Years) Gross Carrying Amount Accumulated Amortization Net Book Value Gross Carrying Amount Accumulated Amortization Net Book Value Existing customer relationships 5 - 15 5,747 (4,214 ) 1,533 5,747 (3,832 ) 1,915 Non-compete and other 4 2,000 (2,000 ) — 2,000 (2,000 ) — Employment agreement 3 195 (195 ) — 195 (195 ) — Purchased intangibles subject to amortization 7,942 (6,409 ) 1,533 7,942 (6,027 ) 1,915 Trade-name Indefinite $ 454 $ — $ 454 $ 454 $ — $ 454 $ 8,396 $ (6,409 ) $ 1,987 $ 8,396 $ (6,027 ) $ 2,369 |
Schedule of future amortization expense | Estimated amortization expense on an annual basis for the succeeding five years is as follows (in thousands): Fiscal year ending June 30, Amount 2017 $ 385 2018 385 2019 385 2020 378 2021 — Thereafter — Total $ 1,533 |
Long-Term Investments (Tables)
Long-Term Investments (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Cost Method Investments [Abstract] | |
Schedule of Equity Method and Cost Method Investments | The following table shows the carrying value of the Company's investments in the privately held companies, categorized by type of investment: in thousands June 30, 2016 June 30, 2015 Equity method investment $ 7,373 $ 2,000 Cost method investment 500 500 $ 7,873 $ 2,500 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Accounts Payable, Current [Abstract] | |
Accounts payable | Accounts payable consist of the following: in thousands June 30, 2016 June 30, 2015 Trade payable to customers $ 603 $ 128 Advances from customers 36,369 38,039 Liability on deferred revenue 6,546 11,039 Due to brokers 1,250 — Other accounts payable 2,001 1,433 $ 46,769 $ 50,639 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax expense (benefit) | Income from operations before provision for income taxes is shown below: in thousands Years Ended June 30, 2016 2015 U.S. $ 15,453 $ 8,952 Foreign 111 196 Income before provision for income taxes $ 15,564 $ 9,148 The Company files a consolidated federal income tax return based on a June 30 th tax year end. The provision for (benefit from) income taxes for the years ended June 30, 2016 and 2015 consists of the following: in thousands Years Ended June 30, 2016 2015 Current: Federal (668 ) 3,498 State and local 100 (464 ) Foreign 52 49 (515 ) 3,083 Deferred: Federal 6,325 (182 ) State and local 483 (804 ) 6,808 (986 ) Provision for income taxes $ 6,293 $ 2,097 |
Schedule of effective income tax rate | A reconciliation of the income tax provisions to the amounts computed by applying the statutory federal income tax rate ( 35% for 2016 , and 2015 ) to income before income tax provisions for the years ended June 30, 2016 and 2015 , are set forth below: in thousands Years Ended June 30, 2016 2015 Federal income tax $ 5,447 $ 3,202 State tax, net of federal benefit 437 193 162(m) limitation — 53 Uncertain tax positions 79 (352 ) Reallocation of deferred state net operating loss from Former Parent related to tax settlement — (564 ) Change in valuation allowance (70 ) (215 ) Other 400 (220 ) Total provision for income taxes $ 6,293 $ 2,097 |
Schedule of Deferred Tax Assets and Liabilities | The schedule of deferred taxes presented below summarizes the components of deferred taxes that have been classified as deferred tax assets and deferred tax liabilities for taxable temporary differences as of June 30, 2016 and June 30, 2015 : in thousands June 30, 2016 2015 Accrued compensation $ 110 $ 102 Deferred rent 194 30 Unrealized loss on futures and forward contracts 5,179 — Unrealized loss on open purchase and sale commitments — 1,894 Stock-based compensation 206 159 State tax accrual 2 23 Net operating loss carry forwards 929 982 Other 215 132 Deferred tax assets 6,835 3,322 Less: valuation allowances (44 ) (114 ) Deferred tax assets after valuation allowances 6,791 3,208 Intangible assets (1,221 ) (1,059 ) Unrealized gain on open purchase and sale commitments (7,228 ) — Unrealized gain on futures and forward contracts — (2,029 ) Fixed assets (87 ) (134 ) Inventories (4,815 ) (110 ) Earnings from equity method investment (261 ) — Other — (2 ) Deferred tax liabilities (13,612 ) (3,334 ) Net deferred tax liability $ (6,821 ) $ (126 ) |
Schedule of Unrecognized Tax Benefits Roll Forward | Below, is a reconciliation of the net unrecognized tax benefits for the years ended June 30, 2016 and 2015 : in thousands June 30, 2016 2015 Beginning balance $ 243 $ 730 Reductions due to lapse of statute of limitations (16 ) (147 ) Additions as a result of tax positions taken during current period 53 4 Reductions as a result of tax positions of prior years — (134 ) Settlements — (210 ) Ending balance $ 280 $ 243 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | During the years ended June 30, 2016 and 2015 , the Company earned interest income related to loans made to Former Parent and related to financing products sold to Former Parent and to the equity method investee, as set forth below: in thousands Years Ended June 30, 2016 2015 Interest income from loan receivables $ 65 $ 229 Interest income from finance products 2,302 890 $ 2,367 $ 1,119 in thousands Years Ended June 30, 2016 2015 Sales Purchases Sales Purchases Former Parent $ 30,544 $ 42,264 $ 7,521 $ 9,201 Equity method investee 717,309 6,867 — — $ 747,853 $ 49,131 $ 7,521 $ 9,201 Balances with Affiliated Companies As of June 30, 2016 and June 30, 2015 , the Company had related party receivables and payables balances as set forth below: in thousands June 30, 2016 June 30, 2015 Receivables Payable Receivables Payable Former Parent $ 1,913 $ 138 $ 1,097 $ 10 Equity method investee $ 2,396 $ — $ 279 $ — $ 4,309 $ 138 $ 1,376 $ 10 |
Derivative Instrument and Hed38
Derivative Instrument and Hedging Transactions (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Offsetting Assets | In the table below, the aggregate gross and net derivative receivables and payables balances are presented by contract type and type of hedge, as of June 30, 2016 and June 30, 2015 . June 30, 2016 June 30, 2015 in thousands Gross Derivative Amounts Netted Cash Collateral Pledge Net Derivative Gross Derivative Amounts Netted Cash Collateral Pledge Net Derivative Nettable derivative assets: Open sale and purchase commitments $ 37,378 $ (5,031 ) $ — $ 32,347 $ 2,815 $ (1,093 ) $ — $ 1,722 Future contracts — — — — 11,159 (5,796 ) — 5,363 Forward contracts 1,385 — — 1,385 4,279 — — 4,279 $ 38,763 $ (5,031 ) $ — $ 33,732 $ 18,253 $ (6,889 ) $ — $ 11,364 Nettable derivative liabilities: Open sale and purchase commitments $ 2,938 $ (1,019 ) $ — $ 1,919 $ 11,723 $ (734 ) $ — $ 10,989 Margin accounts 12,439 — (4,257 ) 8,182 12,430 — (5,522 ) 6,908 Future contracts 13,914 — 13,914 — — — Forward contracts 14,579 (2,140 ) — 12,439 — — — — $ 43,870 $ (3,159 ) $ (4,257 ) $ 36,454 $ 24,153 $ (734 ) $ (5,522 ) $ 17,897 |
Offsetting Liabilities | In the table below, the aggregate gross and net derivative receivables and payables balances are presented by contract type and type of hedge, as of June 30, 2016 and June 30, 2015 . June 30, 2016 June 30, 2015 in thousands Gross Derivative Amounts Netted Cash Collateral Pledge Net Derivative Gross Derivative Amounts Netted Cash Collateral Pledge Net Derivative Nettable derivative assets: Open sale and purchase commitments $ 37,378 $ (5,031 ) $ — $ 32,347 $ 2,815 $ (1,093 ) $ — $ 1,722 Future contracts — — — — 11,159 (5,796 ) — 5,363 Forward contracts 1,385 — — 1,385 4,279 — — 4,279 $ 38,763 $ (5,031 ) $ — $ 33,732 $ 18,253 $ (6,889 ) $ — $ 11,364 Nettable derivative liabilities: Open sale and purchase commitments $ 2,938 $ (1,019 ) $ — $ 1,919 $ 11,723 $ (734 ) $ — $ 10,989 Margin accounts 12,439 — (4,257 ) 8,182 12,430 — (5,522 ) 6,908 Future contracts 13,914 — 13,914 — — — Forward contracts 14,579 (2,140 ) — 12,439 — — — — $ 43,870 $ (3,159 ) $ (4,257 ) $ 36,454 $ 24,153 $ (734 ) $ (5,522 ) $ 17,897 |
Summary of net gains (losses) on derivative instruments | Below, is a summary of the net gains (losses) on derivative instruments for the years ended June 30, 2016 and 2015 . in thousands Years Ended June 30, 2016 2015 Gain (loss) on derivative instruments: Unrealized losses on open future commodity and forward contracts and open sale and purchase commitments, net $ (7,205 ) $ (1,980 ) Realized gains (losses) on future commodity contracts, net 1,344 (50,772 ) Total $ (5,861 ) $ (52,752 ) |
Schedule of market values of derivative instruments | The following table summarizes the results of our hedging activities, which shows the precious metal commodity inventory position, net of open sale and purchase commitments, that is subject to price risk as of June 30, 2016 and at June 30, 2015 . in thousands June 30, 2016 June 30, 2015 Inventory $ 245,057 $ 191,501 Less unhedgable inventory: Commemorative coin inventory, held at lower of cost or market (16 ) (1,518 ) Premium on metals position (4,627 ) (3,255 ) Inventory value not hedged (4,643 ) (4,773 ) Subtotal 240,414 186,728 Commitments at market: Open inventory purchase commitments 550,810 444,023 Open inventory sales commitments (237,325 ) (249,081 ) Margin sale commitments (12,439 ) (12,430 ) In-transit inventory no longer subject to market risk (7,363 ) (13,807 ) Unhedgable premiums on open commitment positions 400 528 Inventory borrowed from suppliers (4,352 ) (9,500 ) Product financing arrangements (59,358 ) (39,425 ) Advances on industrial metals 4,521 3,340 Inventory subject to price risk 475,308 310,376 Inventory subject to derivative financial instruments: Precious metals forward contracts at market values 188,530 202,323 Precious metals futures contracts at market values 286,449 107,993 Total market value of derivative financial instruments 474,979 310,316 Net inventory subject to commodity price risk $ 329 $ 60 |
Schedule of outstanding commitments | As of June 30, 2016 and June 30, 2015 , the Company had the following outstanding commitments and open forward and future contracts: in thousands June 30, 2016 June 30, 2015 Purchase commitments $ 550,810 $ 444,023 Sales commitments (237,325 ) (249,081 ) Margin sales commitments (12,439 ) (12,430 ) Open forward contracts 188,530 202,323 Open futures contracts 286,449 107,993 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum lease payments under the Company's lease arrangements with noncancelable lease terms in excess of one year as of June 30, 2016 are as follows: (in thousands) Years ending June 30, Amount 2017 $ 605 2018 337 2019 347 2020 297 2021 — Thereafter — Total $ 1,586 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The weighted-averages for key assumptions used in determining the fair value of options granted during the years ended June 30, 2016 and 2015 follows: Years Ended June 30, 2016 2015 Average volatility 41.3 % 33.4 % Risk-free interest rate 1.5 % 1.5 % Weighted-average expected life in years 6.27 6.43 Dividend yield rate 0.4 % 0.5 % |
Dividends Declared | The table below summarizes the quarterly dividends declared pursuant to this policy: Dividend Record Date (at close of Business) Type of Dividend Basis of Payment Payment Date February 6, 2015 March 12, 2015 Cash $ 0.05 per common share March 20, 2015 May 1, 2015 May 14, 2015 Cash $ 0.05 per common share May 25, 2015 September 11, 2015 September 24, 2015 Cash $ 0.05 per common share October 5, 2015 October 30, 2015 November 13, 2015 Cash $ 0.05 per common share November 25, 2015 February 2, 2016 February 15, 2016 Cash $ 0.07 per common share February 29, 2016 April 29, 2016 May 13, 2016 Cash $ 0.07 per common share May 27, 2016 |
Schedule of share-based compensation, stock option activity | The following table summarizes the stock option activity for the years ended June 30, 2016 and 2015 . Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value (in thousands) Weighted Average Grant Date Fair Value Per Award (1) Outstanding at June 30, 2014 230,787 $ 10.00 $ 407 $ 5.98 Granted 3,000 $ 10.08 Cancellations, expirations and forfeitures (660 ) $ 48.02 Outstanding at June 30, 2015 233,127 $ 9.89 $ 283 $ 5.96 Granted 349,400 22.67 Cancellations, expirations and forfeitures (1,000 ) 20.48 Outstanding at June 30, 2016 581,527 17.55 $ 1,466 $ 6.32 Exercisable at June 30, 2016 183,184 10.30 $ 1,078 $ 5.91 _________________________________ (1) For awards held by A-Mark employees, the fair value of the awards assumed in Distribution was based on the awards' fair value at grant date, which were determined by SGI prior to the Distribution. Since the Company does not recognize compensation costs for the awards assumed in the Distribution held by employees of SGI, the calculation of the weighted average fair value per share price at grant date was based on the awards' fair value at grant date that were awarded to employees of A-Mark. As of June 30, 2016 there were no stock options outstanding that were issued to employees of SGI. |
Schedule of share-based compensation, status of stock option outstanding | Following is a summary of the status of stock options outstanding at June 30, 2016 : Options Outstanding Options Exercisable Exercise Price Ranges Number of Shares Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number of Shares Exercisable Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price From To $ — $ 10.00 134,239 6.35 $ 8.39 86,296 6.37 $ 8.41 10.01 15.00 98,888 6.28 11.94 96,888 6.23 11.98 15.01 25.00 248,400 9.68 21.54 — 0.00 — 25.01 60.00 100,000 9.65 25.50 — 0.00 — 581,527 8.33 17.55 183,184 6.30 10.30 |
Schedule of restricted stock activity | The following table summarizes the RSU activity for the years ended June 30, 2016 and 2015 : Shares Weighted Average Share Price at Grant Date (1) Outstanding at June 30, 2014 106,674 $ 2.72 Shares released (10,806 ) $ 4.31 Shares surrendered to cover employee minimum withholding taxes (2) (9,570 ) $ 4.31 Outstanding at June 30, 2015 86,298 $ 2.34 Shares released (47,901 ) $ 2.34 Shares surrendered to cover employee minimum withholding taxes (3) (38,397 ) $ 2.34 Outstanding at June 30, 2016 — $ — _________________________________ (1) For awards held by A-Mark employees, the fair value of the awards assumed in Distribution was based on the awards' fair value at grant date, which were determined by SGI prior to the Distribution. Since, the Company does not recognize compensation costs for the awards assumed in the Distribution held by employees of SGI, the calculation of the weighted average share price at grant date was based on the awards' fair value at grant date that were awarded to employees of A-Mark. (2) The value of the shared surrendered totaled $ 100,198 . (3) The value of the shared surrendered totaled $ 680,936 . |
Customer and Supplier Concent41
Customer and Supplier Concentration (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Schedules of concentration of risk, by risk factor | Customers providing 10 percent or more of the Company's revenues for the years ended June 30, 2016 and 2015 are listed below: in thousands Years Ended June 30, 2016 2015 Amount Percent Amount Percent Total revenue $ 6,784,039 100.0 % $ 6,070,234 100.0 % Customer concentrations HSBC Bank USA $ 1,249,255 18.4 % $ 1,877,943 24.1 % JM Bullion 717,309 10.6 281,653 4.6 Total $ 1,966,564 29.0 % $ 1,745,680 28.7 % |
Geographic Information (Tables)
Geographic Information (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information, by segment | Revenue are attributed to geographic location based on customer location. The Company's geographic operations are as follows: in thousands Years Ended June 30, 2016 2015 Revenue by geographic region: United States $ 6,234,833 $ 5,406,201 Europe 212,243 320,167 North America, excluding United States 292,788 282,978 Asia Pacific 40,482 47,593 Africa 63 52 Australia 3,597 13,241 South America 33 2 Total revenue $ 6,784,039 $ 6,070,234 in thousands June 30, 2016 June 30, 2015 Inventories by geographic region: United States $ 224,617 $ 173,939 Europe 5,258 4,374 North America, excluding United States 12,691 12,287 Asia 2,491 901 Total inventories $ 245,057 $ 191,501 in thousands June 30, 2016 June 30, 2015 Assets by geographic region: United States $ 413,621 $ 302,806 Europe 8,344 10,668 North America, excluding United States 12,691 12,287 Asia 2,491 901 Total assets $ 437,147 $ 326,662 in thousands June 30, 2016 June 30, 2015 Long-term assets by geographic region: United States $ 18,824 $ 13,964 Europe 62 72 Total long-term assets $ 18,886 $ 14,036 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |
Jun. 30, 2016USD ($)Segment | Jun. 30, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Number of reportable segments | Segment | 1 | |
Advertising expense | $ 645,000 | $ 608,000 |
Shipping, handling costs | 7,500,000 | 7,000,000 |
Deferred tax assets - non-current | 424,000 | 783,000 |
Deferred tax liabilities - non-current | $ 7,245,000 | 909,000 |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of related assets | 3 years | |
Estimated useful lives of intangibles | 3 years | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives of related assets | 5 years | |
Estimated useful lives of intangibles | 15 years | |
Long-term Deferred Taxes | New Accounting Pronouncement, Early Adoption, Effect | ||
Property, Plant and Equipment [Line Items] | ||
Long-term deferred tax | 126,000 | |
Current net deferred tax liability | New Accounting Pronouncement, Early Adoption, Effect | ||
Property, Plant and Equipment [Line Items] | ||
Long-term deferred tax | $ (126,000) |
Summary of Significant Accoun44
Summary of Significant Accounting Policies (Earnings per Share) (Details) - shares | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Accounting Policies [Abstract] | ||
Basic weighted average shares outstanding | 6,982,000 | 6,962,800 |
Effect of common stock equivalents - stock options and stock issuable under employee compensation plans (shares) | 138,000 | 100,000 |
Diluted weighted average shares outstanding | 7,120,000 | 7,062,600 |
Assets and Liabilities, at Fa45
Assets and Liabilities, at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets - future and forward contracts | $ 38,763 | $ 18,253 |
Liability on borrowed metals | 4,352 | 9,500 |
Product financing arrangement | 59,358 | 39,425 |
Derivative liabilities - open sale and purchase commitments, net, included in payables | 36,454 | 17,897 |
Derivative liabilities - futures contracts | 43,870 | 24,153 |
Accrued liabilities | 7,660 | 5,330 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash | 17,142 | 20,927 |
Receivables, net | 43,302 | 30,025 |
Income tax receivables | 7,318 | 7,846 |
Lines of credit | 212,000 | 147,000 |
Liability on borrowed metals | 4,352 | 9,500 |
Product financing arrangement | 59,358 | 39,425 |
Accounts payable, advances and other payables | 46,769 | 50,639 |
Accrued liabilities | 7,660 | 5,330 |
Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash | 17,142 | 20,927 |
Receivables, net | 43,302 | 30,025 |
Income tax receivables | 7,318 | 7,846 |
Lines of credit | 212,000 | 147,000 |
Liability on borrowed metals | 4,352 | 9,500 |
Product financing arrangement | 59,358 | 39,425 |
Accounts payable, advances and other payables | 46,769 | 50,639 |
Accrued liabilities | 7,660 | 5,330 |
Open sale and purchase commitments | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured loans | 70,504 | 49,316 |
Derivative assets - open sale and purchase commitments, net | 32,347 | 1,722 |
Open sale and purchase commitments | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured loans | 70,504 | 49,316 |
Derivative assets - open sale and purchase commitments, net | 32,347 | 1,722 |
Forward contracts | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets - future and forward contracts | 1,385 | 4,279 |
Forward contracts | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets - future and forward contracts | 1,385 | 4,279 |
Future contracts | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets - future and forward contracts | 0 | 5,363 |
Future contracts | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets - future and forward contracts | 0 | 5,363 |
Forward contracts | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities - open sale and purchase commitments, net, included in payables | 12,439 | 0 |
Forward contracts | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities - open sale and purchase commitments, net, included in payables | 12,439 | 0 |
Future contracts | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities - futures contracts | 13,914 | 0 |
Future contracts | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities - futures contracts | 13,914 | 0 |
Derivative liability margin accounts | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities - open sale and purchase commitments, net, included in payables | 8,182 | 6,908 |
Derivative liability margin accounts | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities - open sale and purchase commitments, net, included in payables | 8,182 | 6,908 |
Open sale and purchase commitments | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities - open sale and purchase commitments, net, included in payables | 1,919 | 10,989 |
Open sale and purchase commitments | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities - open sale and purchase commitments, net, included in payables | 1,919 | 10,989 |
Former Parent | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Income taxes receivable from Former Parent | 203 | 1,095 |
Former Parent | Fair value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Income taxes receivable from Former Parent | $ 203 | $ 1,095 |
Assets and Liabilities, at Fa46
Assets and Liabilities, at Fair Value (Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - future and forward contracts | $ 38,763 | $ 18,253 |
Derivative liabilities | 36,454 | 17,897 |
Fair Value on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Inventory | 245,041 | 189,983 |
Total assets valued at fair value | 278,773 | 201,347 |
Liability on borrowed metals | 4,352 | 9,500 |
Product financing arrangement | 59,358 | 39,425 |
Liability on margin accounts | 8,182 | 6,908 |
Total liabilities, valued at fair value | 100,164 | 66,822 |
Fair Value on a Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Inventory | 245,041 | 189,983 |
Total assets valued at fair value | 278,773 | 201,347 |
Liability on borrowed metals | 4,352 | 9,500 |
Product financing arrangement | 59,358 | 39,425 |
Liability on margin accounts | 8,182 | 6,908 |
Total liabilities, valued at fair value | 100,164 | 66,822 |
Fair Value on a Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Inventory | 0 | 0 |
Total assets valued at fair value | 0 | 0 |
Liability on borrowed metals | 0 | 0 |
Product financing arrangement | 0 | 0 |
Liability on margin accounts | 0 | 0 |
Total liabilities, valued at fair value | 0 | 0 |
Fair Value on a Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Inventory | 0 | 0 |
Total assets valued at fair value | 0 | 0 |
Liability on borrowed metals | 0 | 0 |
Product financing arrangement | 0 | 0 |
Liability on margin accounts | 0 | 0 |
Total liabilities, valued at fair value | 0 | 0 |
Derivative Asset Open Purchases And Sales Commitments | Fair Value on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - future and forward contracts | 32,347 | 5,363 |
Derivative Asset Open Purchases And Sales Commitments | Fair Value on a Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - future and forward contracts | 32,347 | 5,363 |
Derivative Asset Open Purchases And Sales Commitments | Fair Value on a Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - future and forward contracts | 0 | 0 |
Derivative Asset Open Purchases And Sales Commitments | Fair Value on a Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - future and forward contracts | 0 | 0 |
Forward contracts | Fair Value on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - future and forward contracts | 1,385 | 1,722 |
Forward contracts | Fair Value on a Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - future and forward contracts | 1,385 | 1,722 |
Forward contracts | Fair Value on a Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - future and forward contracts | 0 | 0 |
Forward contracts | Fair Value on a Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - future and forward contracts | 0 | 0 |
Future contracts | Fair Value on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - future and forward contracts | 4,279 | |
Future contracts | Fair Value on a Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - future and forward contracts | 4,279 | |
Future contracts | Fair Value on a Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - future and forward contracts | 0 | |
Future contracts | Fair Value on a Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets - future and forward contracts | 0 | |
Forward contracts | Fair Value on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 12,439 | |
Forward contracts | Fair Value on a Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 12,439 | |
Forward contracts | Fair Value on a Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | |
Forward contracts | Fair Value on a Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | |
Open sale and purchase commitments | Fair Value on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 1,919 | 10,989 |
Open sale and purchase commitments | Fair Value on a Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 1,919 | 10,989 |
Open sale and purchase commitments | Fair Value on a Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | 0 |
Open sale and purchase commitments | Fair Value on a Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | $ 0 |
Future contracts | Fair Value on a Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 13,914 | |
Future contracts | Fair Value on a Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 13,914 | |
Future contracts | Fair Value on a Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | |
Future contracts | Fair Value on a Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | $ 0 |
Assets and Liabilities, at Fa47
Assets and Liabilities, at Fair Value (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost-method Investments, Realized Gains | $ 0 | $ 0 |
Commemorative coins, held at lower of cost or market | (16,000) | (1,518,000) |
Income (loss) from equity method investment | 701,000 | 0 |
Equity and cost method investment | 7,873,000 | $ 2,500,000 |
Fair Value, Measurements, Nonrecurring | Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cost method investment | $ 7,200,000 |
Receivables (Details)
Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Receivables, gross | $ 43,332 | $ 30,055 | ||
Less: allowance for doubtful accounts | $ (30) | $ (30) | (30) | (30) |
Receivables, net | 43,302 | 30,025 | ||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||
Beginning Balance | 30 | 30 | ||
Provision | 0 | 0 | ||
Charge-off | 0 | 0 | ||
Ending Balance | $ 30 | $ 30 | ||
Customer trade receivables | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Receivables, gross | 4,001 | 11,835 | ||
Wholesale trade advances | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Receivables, gross | 11,860 | 12,164 | ||
Due from brokers | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Receivables, gross | $ 27,471 | $ 6,056 |
Secured Loans Receivable (Summa
Secured Loans Receivable (Summay of Carryng-value of Secured Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured loans (current and long-term) | $ 70,504 | $ 49,316 |
Secured loans originated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured loans (current and long-term) | 36,280 | 36,778 |
Secured loans originated - with a related party | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured loans (current and long-term) | 1,370 | 0 |
Secured loans originated by company and with related party [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured loans (current and long-term) | 37,650 | 36,778 |
Secured loans acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured loans (current and long-term) | $ 32,854 | $ 12,538 |
Secured Loans Receivable (Loans
Secured Loans Receivable (Loans Receivable and Credit Quality Indicators) (Details) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016USD ($)class | Jun. 30, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Classes of receivables | class | 3 | |
Secured loan | $ 70,504 | $ 49,316 |
Secured loan, percentage | 100.00% | 100.00% |
Secured loans (current) | $ 70,004 | $ 48,666 |
Bullion and Numismatic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured loan | $ 69,804 | $ 48,466 |
Secured loan, percentage | 99.00% | 98.30% |
Secured loans (current) | $ 69,804 | $ 48,466 |
Secured loans (current), percentage | 100.00% | 100.00% |
Bullion and Numismatic | Loan-to-value of 75% or more | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured loans (current) | $ 10,231 | $ 17,153 |
Secured loans (current), percentage | 14.70% | 35.40% |
Bullion and Numismatic | Loan-to-value of less than 75% | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured loans (current) | $ 59,573 | $ 31,313 |
Secured loans (current), percentage | 85.30% | 64.60% |
Bullion | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured loan | $ 35,168 | $ 16,250 |
Secured loan, percentage | 49.90% | 33.00% |
Numismatic and semi numismatic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured loan | $ 34,636 | $ 32,216 |
Secured loan, percentage | 49.10% | 65.30% |
Other pledged assets | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured loan | $ 700 | $ 850 |
Secured loan, percentage | 1.00% | 1.70% |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit quality indicator Loan-to-value threshold percentage | 75.00% |
Secured Loans Receivable (Narra
Secured Loans Receivable (Narrative) (Details) | 12 Months Ended | |
Jun. 30, 2016USD ($)classloan | Jun. 30, 2015USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unamortized loan commitment and origination fees and unamortized discounts or premiums | $ 86,000 | $ 99,000 |
Number of loans | loan | 0 | 1 |
Classes of receivables | class | 3 | |
Loans receivable average effective rate of interest (percentage) | 8.70% | 8.50% |
Delinquent period | 30 days | |
Loan receivable liquidation period post default | 90 days | |
Loans receivable payment terms for interest | 30 days | |
Secured loans (current) | $ 70,004,000 | $ 48,666,000 |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Credit quality indicator Loan-to-value threshold percentage | 75.00% | |
Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured loans-to-value percentage | 100.00% | 100.00% |
Loan-to-value of More Than Hundred Percent | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Secured loans (current), percentage | 0.40% | |
Secured loans (current) | $ 175,600 |
Inventories (Summary of Invento
Inventories (Summary of Inventories) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Inventory [Line Items] | ||
Inventories | $ 185,699 | $ 152,076 |
Restricted inventories | 59,358 | 39,425 |
Restricted and Nonrestricted Inventory, Net | 245,057 | 191,501 |
Inventory held for sale | ||
Inventory [Line Items] | ||
Inventories | 81,006 | 86,353 |
Repurchase arrangements with customers | ||
Inventory [Line Items] | ||
Inventories | 92,283 | 49,117 |
Consignment arrangements with customers | ||
Inventory [Line Items] | ||
Inventories | 8,042 | 5,588 |
Commemorative coins, held at lower of cost or market | ||
Inventory [Line Items] | ||
Inventories | 16 | 1,518 |
Borrowed precious metals from suppliers | ||
Inventory [Line Items] | ||
Inventories | 4,352 | 9,500 |
Product financing arrangement, restricted | ||
Inventory [Line Items] | ||
Restricted inventories | $ 59,358 | $ 39,425 |
Inventories (narrative) (Detail
Inventories (narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Inventory [Line Items] | ||
Inventory held for sale | $ 185,699 | $ 152,076 |
Repurchase arrangements with customers | 92,300 | 49,100 |
Consignment arrangements with customers | 8,000 | 5,600 |
Commemorative coins, held at lower of cost or market | (16) | (1,518) |
Borrowed precious metals from suppliers | 4,400 | 9,500 |
Product financing arrangement, restricted | 59,400 | 39,400 |
Premium on metals position | 4,627 | 3,255 |
Unrealized gains (losses) included in inventory balance | 12,700 | (3,900) |
Inventory held for sale | ||
Inventory [Line Items] | ||
Inventory held for sale | $ 81,006 | $ 86,353 |
Property and Equipment (Summary
Property and Equipment (Summary of PPE) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5,561 | $ 5,060 |
Less: accumulated depreciation | (3,043) | (2,210) |
Property and equipment, net | 3,482 | 2,850 |
Depreciation | 833 | 511 |
Office furniture, fixtures and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,107 | 616 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 407 | 368 |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 2,386 | 2,376 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,661 | 1,700 |
Property and equipment not placed in service | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, net | $ 964 | $ 0 |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets (Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount - finite lived intangible | $ 8,396 | $ 8,396 |
Accumulated amortization | (6,409) | (6,027) |
Net book value - finite lived intangible | 1,987 | 2,369 |
Existing customer relationships | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount - finite lived intangible | 5,747 | 5,747 |
Accumulated amortization | (4,214) | (3,832) |
Net book value - finite lived intangible | $ 1,533 | 1,915 |
Non-compete and other | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Estimated useful lives | 4 years | |
Gross carrying amount - finite lived intangible | $ 2,000 | 2,000 |
Accumulated amortization | (2,000) | (2,000) |
Net book value - finite lived intangible | $ 0 | 0 |
Employment agreement | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Estimated useful lives | 3 years | |
Gross carrying amount - finite lived intangible | $ 195 | 195 |
Accumulated amortization | (195) | (195) |
Net book value - finite lived intangible | 0 | 0 |
Purchased intangibles subject to amortization | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount - finite lived intangible | 7,942 | 7,942 |
Accumulated amortization | (6,409) | (6,027) |
Net book value - finite lived intangible | 1,533 | 1,915 |
Trade-name | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 454 | $ 454 |
Minimum | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Estimated useful lives | 3 years | |
Minimum | Existing customer relationships | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Estimated useful lives | 5 years | |
Maximum | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Estimated useful lives | 15 years | |
Maximum | Existing customer relationships | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Estimated useful lives | 15 years |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets (Future Amortization Expense) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,017 | $ 385 |
2,018 | 385 |
2,019 | 385 |
2,020 | 378 |
2,021 | 0 |
Thereafter | 0 |
Total | $ 1,533 |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2012 | Jul. 01, 2005 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 4,620 | $ 4,884 | ||
Gross carrying amount - finite lived intangible | 8,396 | 8,396 | ||
Amortization expense related to intangible assets | $ 382 | $ 384 | ||
Spectrum PMI | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Ownership percentage | 80.00% | |||
Spectrum PMI | Auctentia SL | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Noncontrolling interest percentage | 20.00% | 20.00% |
Long-Term Investments (Details)
Long-Term Investments (Details) $ in Thousands | Jan. 15, 2016USD ($) | Jun. 30, 2016USD ($)investment | Jun. 30, 2016USD ($)investment | Jun. 30, 2015USD ($) | Jan. 14, 2016 |
Equity Method Investments and Cost Method Investments [Abstract] | |||||
Number of investments | investment | 2 | 2 | |||
Equity method investment | $ 7,373 | $ 7,373 | $ 2,000 | ||
Cost method investment | 500 | 500 | 500 | ||
Equity and cost method investment | 7,873 | 7,873 | 2,500 | ||
Payment towards acquisition | $ 2,300 | $ 6,700 | |||
Ownership percentage, 2nd investment (in percentage) | 20.00% | 15.00% | |||
Income (loss) from equity method investment | $ 701 | $ 0 | |||
Ownership percentage, 1st investment (in percentage) | 2.50% | 2.50% |
Accounts Payable (Details)
Accounts Payable (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Accounts Payable, Current [Abstract] | ||
Trade payable to customers | $ 603 | $ 128 |
Advances from customers | 36,369 | 38,039 |
Liability on deferred revenue | 6,546 | 11,039 |
Due to brokers | 1,250 | 0 |
Other accounts payable | 2,001 | 1,433 |
Accounts payable | $ 46,769 | $ 50,639 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Current: | ||
Federal | $ (668) | $ 3,498 |
State and local | 100 | (464) |
Foreign | 52 | 49 |
Current Income Tax Expense (Benefit) | (515) | 3,083 |
Deferred: | ||
Federal | 6,325 | (182) |
State and local | 483 | (804) |
Deferred Income Tax Expense (Benefit) | 6,808 | (986) |
Total provision for income taxes | $ 6,293 | $ 2,097 |
Income Taxes (Reconciliation) (
Income Taxes (Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax | $ 5,447 | $ 3,202 |
State tax, net of federal benefit | 437 | 193 |
162(m) limitation | 0 | 53 |
Uncertain tax positions | 79 | (352) |
Reallocation of deferred state net operating loss from Former Parent related to tax settlement | 0 | (564) |
Change in valuation allowance | (70) | (215) |
Other | 400 | (220) |
Total provision for income taxes | $ 6,293 | $ 2,097 |
Income Taxes (Deferred taxes) (
Income Taxes (Deferred taxes) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Income Tax Disclosure [Abstract] | ||
Accrued compensation | $ 110 | $ 102 |
Deferred rent | 194 | 30 |
Unrealized loss on futures and forward contracts | 5,179 | 0 |
Unrealized loss on open purchase and sale commitments | 0 | 1,894 |
Stock-based compensation | 206 | 159 |
State tax accrual | 2 | 23 |
Net operating loss carry forwards | 929 | 982 |
Other | 215 | 132 |
Deferred tax assets | 6,835 | 3,322 |
Deferred tax assets after valuation allowances | 6,791 | 3,208 |
Intangible assets | (1,221) | (1,059) |
Unrealized gain on open purchase and sale commitments | (7,228) | 0 |
Unrealized gain on futures and forward contracts | 0 | (2,029) |
Fixed assets | (87) | (134) |
Inventories | (4,815) | (110) |
Earnings from equity method investment | (261) | 0 |
Other | 0 | (2) |
Deferred tax liabilities | (13,612) | (3,334) |
Net deferred tax liability | $ (6,821) | $ (126) |
Income Taxes (Unrecognized tax
Income Taxes (Unrecognized tax Benefit Roll-forward) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 243 | $ 730 |
Reductions due to lapse of statute of limitations | (16) | (147) |
Additions as a result of tax positions taken during current period | 53 | 4 |
Reductions as a result of tax positions of prior years | 0 | (134) |
Settlements | 0 | (210) |
Ending balance | $ 280 | $ 243 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Loss Carryforwards [Line Items] | |||
Net income before provision for income taxes | $ 15,564,000 | $ 9,148,000 | |
Income taxes receivable from Former Parent | 203,000 | 1,095,000 | |
Deferred tax assets - non-current | 424,000 | 783,000 | |
Deferred tax liabilities - non-current | 7,245,000 | 909,000 | |
Unrecognized tax benefits | 280,000 | 243,000 | $ 730,000 |
Interest on income taxes accrued | 123,000 | ||
Accrued tax penalties | 92,000 | ||
Unrecognized tax benefits that would impact effective tax rate | 496,000 | ||
Interest expense (benefit) recognized during the year for unrecognized tax positions | (24,000) | 84,000 | |
Income tax penalties expense | (20,000) | 124,000 | |
Reallocation of deferred state net operating loss from Former Parent related to tax settlement | 0 | 564,000 | |
Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Net income before provision for income taxes | 111,000 | 196,000 | |
Domestic Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Net income before provision for income taxes | 15,453,000 | 8,952,000 | |
Valuation allowance | (44,000) | (114,000) | |
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 16,600,000 | 17,600,000 | |
New York State Division of Taxation and Finance | State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Tax settlement | 1,000,000 | ||
Income tax interest expense | 100,000 | ||
City of New York | State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Tax settlement | 200,000 | ||
Income tax interest expense | $ 100,000 | ||
Ministry of Finance, Austria | Foreign Tax Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Adjustments to the income previously reported | $ 50,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jul. 23, 2015 | Feb. 28, 2015 | Oct. 09, 2014 | |
Related Party Transaction [Line Items] | |||||
Sales | $ 747,853,000 | $ 7,521,000 | |||
Purchases | 49,131,000 | 9,201,000 | |||
Receivable | 4,309,000 | 1,376,000 | |||
Payables | 138,000 | 10,000 | |||
Income (loss) from equity method investment | 701,000 | 0 | |||
Equity method investment | 7,373,000 | 2,000,000 | |||
Income taxes receivable from Former Parent | 203,000 | 1,095,000 | |||
Equity method investee | |||||
Related Party Transaction [Line Items] | |||||
Sales | 717,309,000 | 0 | |||
Purchases | 6,867,000 | 0 | |||
Receivable | 2,396,000 | 279,000 | |||
Payables | 0 | 0 | |||
Former Parent | |||||
Related Party Transaction [Line Items] | |||||
Secondment fees | 150,000 | 150,000 | |||
Receivable from related party | 0 | 0 | |||
W.A.Richardson Builders, LLC (WAR) | |||||
Related Party Transaction [Line Items] | |||||
Contractual obligation | $ 1,500,000 | ||||
Fees payable, percentage | 5.00% | ||||
Former owner | |||||
Related Party Transaction [Line Items] | |||||
Payment related to royalty agreement with former owner | 21,000 | 254,000 | |||
Royalty expense | 0 | 254,000 | |||
Stack's Bowers Numismatics, LLC | |||||
Related Party Transaction [Line Items] | |||||
Sales | 30,544,000 | 7,521,000 | |||
Purchases | 42,264,000 | 9,201,000 | |||
Receivable | 1,913,000 | 1,097,000 | |||
Payables | 138,000 | 10,000 | |||
Interest income | 2,367,000 | 1,119,000 | |||
Former Parent SGI Plans | |||||
Related Party Transaction [Line Items] | |||||
Other Commitment | 150,000 | ||||
July 23, 2015 Loan Agreement | Stack Bowers Galleries | |||||
Related Party Transaction [Line Items] | |||||
Short term loan receivable | 1,400,000 | 0 | $ 2,500,000 | ||
October 9, 2014 Loan Agreement | Stack Bowers Galleries | |||||
Related Party Transaction [Line Items] | |||||
Short term loan receivable | 0 | $ 16,000,000 | |||
Interest Income from Loan Receivable | Stack's Bowers Numismatics, LLC | |||||
Related Party Transaction [Line Items] | |||||
Interest income | 65,000 | 229,000 | |||
Interest Income from Finance Products | Stack's Bowers Numismatics, LLC | |||||
Related Party Transaction [Line Items] | |||||
Interest income | $ 2,302,000 | $ 890,000 |
Financing Agreements (Narrative
Financing Agreements (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Mar. 31, 2016 | |
Schedule Of Financing Arrangements [Line Items] | |||
Liability on borrowed metals | $ 4,352,000 | $ 9,500,000 | |
Product financing obligation | 59,358,000 | 39,425,000 | |
Line of Credit | Trading credit facility | |||
Schedule Of Financing Arrangements [Line Items] | |||
Interest expense, notes payable | $ 4,900,000 | $ 3,600,000 | |
Percentage of total expense recognized | 77.90% | 83.20% | |
Effective rate of interest (percentage) | 2.83% | 2.82% | |
Line of Credit | Trading credit facility | A-Mark | Trading credit facility | |||
Schedule Of Financing Arrangements [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 275,000,000 | ||
Line of credit, current borrowing capacity | 225,000,000 | ||
Line of credit, accordion option | $ 50,000,000 | ||
Payments of Financing Costs | $ 800,000 | ||
Accumulated Amortization of Debt Issuance Costs, Line of Credit Arrangements | $ 600,000 | $ 0 | |
Variable rate basis | one-month LIBOR | ||
Credit facility, interest rate at period end (percentage) | 0.47% | 0.19% | |
Borrowings due on demand | $ 212,000,000 | $ 147,000,000 | |
Credit facility, remaining borrowing capacity | 17,800,000 | $ 20,900,000 | |
Credit facility, minimum required tangible net worth | $ 35,000,000 | ||
LIBOR | Line of Credit | Revolving Credit Facility | |||
Schedule Of Financing Arrangements [Line Items] | |||
Variable rate (percentage) | 2.50% | ||
LIBOR | Line of Credit | Bridge Loan | |||
Schedule Of Financing Arrangements [Line Items] | |||
Variable rate (percentage) | 4.50% |
Derivative Instrument and Hed67
Derivative Instrument and Hedging Transactions (Offsetting Assets and Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Offsetting Assets and Liabilities [Line Items] | ||
Gross derivative receivable | $ 38,763 | $ 18,253 |
Amounts netted | (5,031) | (6,889) |
Net derivative receivable | 33,732 | 11,364 |
Gross derivative payable | 43,870 | 24,153 |
Amounts netted | (3,159) | (734) |
Cash collateral pledge | (4,257) | (5,522) |
Net derivative payables | 36,454 | 17,897 |
Open sale and purchase commitments | ||
Offsetting Assets and Liabilities [Line Items] | ||
Gross derivative receivable | 37,378 | 2,815 |
Amounts netted | (5,031) | (1,093) |
Net derivative receivable | 32,347 | 1,722 |
Gross derivative payable | 2,938 | 11,723 |
Amounts netted | (1,019) | (734) |
Cash collateral pledge | 0 | 0 |
Net derivative payables | 1,919 | 10,989 |
Margin accounts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Gross derivative payable | 12,439 | 12,430 |
Amounts netted | 0 | 0 |
Cash collateral pledge | (4,257) | (5,522) |
Net derivative payables | 8,182 | 6,908 |
Future contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Gross derivative receivable | 0 | 11,159 |
Amounts netted | 0 | (5,796) |
Net derivative receivable | 0 | 5,363 |
Gross derivative payable | 13,914 | 0 |
Amounts netted | 0 | 0 |
Net derivative payables | 13,914 | 0 |
Forward contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Gross derivative receivable | 1,385 | 4,279 |
Amounts netted | 0 | 0 |
Net derivative receivable | 1,385 | 4,279 |
Gross derivative payable | 14,579 | 0 |
Amounts netted | (2,140) | 0 |
Cash collateral pledge | 0 | 0 |
Net derivative payables | $ 12,439 | $ 0 |
Derivative Instrument and Hed68
Derivative Instrument and Hedging Transactions (Realized gain (loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative [Line Items] | ||
Realized gains (losses) on future commodity contracts, net | $ (5,861) | $ (52,752) |
Futures Commodity And Forwards Contracts And Open Purchase And Sale Commitments [Member] | ||
Derivative [Line Items] | ||
Unrealized losses on open future commodity and forward contracts and open sale and purchase commitments, net | (7,205) | (1,980) |
Commodity Contract | ||
Derivative [Line Items] | ||
Realized gains (losses) on future commodity contracts, net | $ 1,344 | $ (50,772) |
Derivative Instrument and Hed69
Derivative Instrument and Hedging Transactions (Hedging of Precious Metals Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Derivatives, Fair Value [Line Items] | ||
Inventory | $ 245,057 | $ 191,501 |
Commemorative coin inventory, held at lower of cost or market | (16) | (1,518) |
Premium on metals position | (4,627) | (3,255) |
Inventory value not hedged | (4,643) | (4,773) |
Subtotal | 240,414 | 186,728 |
Commitments at market: | ||
Open inventory purchase commitments | 550,810 | 444,023 |
Open inventory sales commitments | (237,325) | (249,081) |
Margin sale commitments | (12,439) | (12,430) |
In-transit inventory no longer subject to market risk | (7,363) | (13,807) |
Unhedgable premiums on open commitment positions | 400 | 528 |
Inventory borrowed from suppliers | (4,352) | (9,500) |
Product financing arrangements | (59,358) | (39,425) |
Advances on industrial metals | 4,521 | 3,340 |
Inventory subject to price risk | 475,308 | 310,376 |
Inventory subject to derivative financial instruments | ||
Market value of derivative financial instruments | 474,979 | 310,316 |
Net inventory subject to commodity price risk | 329 | 60 |
Precious metals forward contracts at market values | ||
Inventory subject to derivative financial instruments | ||
Market value of derivative financial instruments | 188,530 | 202,323 |
Precious metals futures contracts at market values | ||
Inventory subject to derivative financial instruments | ||
Market value of derivative financial instruments | $ 286,449 | $ 107,993 |
Derivative Instrument and Hed70
Derivative Instrument and Hedging Transactions (Outstanding Commitments) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Derivative [Line Items] | ||
Purchase commitments | $ 550,810 | $ 444,023 |
Sales commitments | (237,325) | (249,081) |
Margin sales commitments | (12,439) | (12,430) |
Open derivative contracts | 474,979 | 310,316 |
Forward contracts | ||
Derivative [Line Items] | ||
Open derivative contracts | 188,530 | 202,323 |
Future contracts | ||
Derivative [Line Items] | ||
Open derivative contracts | $ 286,449 | $ 107,993 |
Derivative Instrument and Hed71
Derivative Instrument and Hedging Transactions (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative [Line Items] | ||
Derivative open positions expected settlement period | 30 days | |
Unrealized gains on foreign exchange | $ 99 | $ 19 |
Foreign Exchange | ||
Derivative [Line Items] | ||
Open inventory sale commitments | 2,000 | 6,200 |
Forward contracts | ||
Derivative [Line Items] | ||
Open inventory sale commitments | $ 4,400 | $ 9,900 |
Commitments and Contingencies72
Commitments and Contingencies (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016USD ($)ft²$ / ft² | Jun. 30, 2015USD ($) | Sep. 22, 2016ft²$ / ft² | |
Operating Leased Assets [Line Items] | |||
Rent expense | $ | $ 0.7 | $ 0.4 | |
Maximum annual contributions per employee, percent | 90.00% | ||
Employer matching contribution, percent of match, percentage | 30.00% | ||
Employer matching contribution, percent of employees' gross pay, percentage | 60.00% | ||
Employer contribution | $ | $ 0.1 | $ 0.1 | |
Santa Monica, California | |||
Operating Leased Assets [Line Items] | |||
Area under lease | ft² | 7,100 | ||
Rent expense (usd per sqft) | $ / ft² | 3.80 | ||
Annual increase, percentage | 3.00% | ||
El Segundo, California | Subsequent Event | |||
Operating Leased Assets [Line Items] | |||
Rent expense (usd per sqft) | $ / ft² | 3.60 | ||
Annual increase, percentage | 3.00% | ||
Area of Real Estate Property | ft² | 9,000 | ||
Vienna, Austria | |||
Operating Leased Assets [Line Items] | |||
Area under lease | ft² | 2,100 | ||
Rent expense (usd per sqft) | $ / ft² | 2.20 | ||
Vienna, Austria | Subsequent Event | |||
Operating Leased Assets [Line Items] | |||
Area under lease | ft² | 248 | ||
Rent expense (usd per sqft) | $ / ft² | 10.66 | ||
Las Vegas, Nevada | |||
Operating Leased Assets [Line Items] | |||
Area under lease | ft² | 17,600 | ||
Rent expense (usd per sqft) | $ / ft² | 1.50 | ||
Annual increase, percentage | 3.00% | ||
Term of lease (in years) | 5 years |
Commitments and Contingencies73
Commitments and Contingencies (Future Lease Expenses) (Details) $ in Thousands | Jun. 30, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 605 |
2,018 | 337 |
2,019 | 347 |
2,020 | 297 |
2,021 | 0 |
Thereafter | 0 |
Total | $ 1,586 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) | Sep. 07, 2016 | May 27, 2016 | Feb. 29, 2016 | Nov. 25, 2015 | Oct. 05, 2015 | May 25, 2015 | Mar. 20, 2015 | Mar. 19, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Dividends paid (usd per share) | $ 0.07 | $ 0.07 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | |||||
Granted through stock option plan (shares) | 349,400 | 3,000 | |||||||||
Expected dividend payments (usd per share) | $ 0.07 | ||||||||||
Period for recognition of nonvested awards (in years) | 3 years 2 months 12 days | ||||||||||
Restricted Stock Units (RSUs) | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Shares outstanding | 0 | 86,298 | 106,674 | ||||||||
Stock Appreciation Rights (SARs) | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Expiration period (in years) | 10 years | ||||||||||
Award vesting period (in years) | 3 years | ||||||||||
Shares outstanding | 0 | 8,990 | |||||||||
2014 Stock Award and Incentive Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Maximum amount of shares per employee | 250,000 | ||||||||||
Shares granted under the plan, shares | 273,600 | ||||||||||
Awards Assumed from SGI Plan related to spinoff | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Granted through stock option plan (shares) | 249,846 | ||||||||||
Awards Assumed from SGI Plan related to spinoff | Restricted Stock Units (RSUs) | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
SAR, grants in period (shares) | 130,646 | ||||||||||
Awards Assumed from SGI Plan related to spinoff | Stock Appreciation Rights (SARs) | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
SAR, grants in period (shares) | 8,990 | ||||||||||
Non Employee Director Except Chairman of the Board | 2014 Stock Award and Incentive Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Maximum grant date fair value | $ 300,000 | ||||||||||
Chairman of the Board | 2014 Stock Award and Incentive Plan | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Maximum grant date fair value | $ 600,000 | ||||||||||
Subsequent Event | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Dividend declared (usd per share) | $ 0.07 |
Stockholders' Equity (Option Ac
Stockholders' Equity (Option Activity Rollforward) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity [Abstract] | |||
Share-based compensation expense | $ 400 | $ 200 | |
Total compensation cost not yet recognized | $ 2,300 | ||
Period for recognition of nonvested awards (in years) | 3 years 2 months 12 days | ||
Options | |||
Options, beginning balance (shares) | 233,127 | 230,787 | |
Granted through stock option plan (shares) | 349,400 | 3,000 | |
Options, ending balance (shares) | 581,527 | 233,127 | |
Shares exercisable at end of the period | 183,184 | ||
Weighted Average Exercise Price Per Share | |||
Beginning balance (in dollars per share) | $ 9.89 | $ 10 | |
Granted through stock option plan (in dollars per share) | 22.67 | 10.08 | |
Ending balance (in dollars per share) | 17.55 | $ 9.89 | |
Shares exercisable at end of period (in dollars per share) | $ 10.30 | ||
Intrinsic value, balance | $ 1,466 | $ 283 | $ 407 |
Intrinsic Value, Shares exercisable at end of period | $ 1,078 | ||
Weighted Average per share Grant Date Fair Value, beginning balance (in dollars per share) | $ 6.32 | $ 5.96 | $ 5.98 |
Weighted Average per share Grant Date Fair Value, Shares exercisable at end of period (in dollars per share) | $ 5.91 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | (1,000) | (660) | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ 20.48 | $ 48.02 |
Stockholders' Equity (Options O
Stockholders' Equity (Options Outstanding, Range of Exercise Prices and Other Details) (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Stock options outstanding, Number of Shares Outstanding (shares) | 581,527 | 233,127 | 230,787 |
Stock options outstanding, Weighted Average Remaining Contractual Life (years) | 8 years 3 months 29 days | ||
Stock options outstanding, Weighted Average Exercise Price (in dollars per share) | $ 17.55 | $ 9.89 | $ 10 |
Stock options exercisable, Number of Shares Exercisable (shares) | 183,184 | ||
Stock options exercisable, Weighted Average Remaining Contractual Life (years) | 6 years 3 months 17 days | ||
Stock options exercisable, Weighted Average Exercise Price (in dollars per share) | $ 10.30 | ||
Price Range $0 - $10.00 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price Ranges, lower range limit (in dollars per share) | 0 | ||
Exercise Price Ranges, upper range limit (in dollars per share) | $ 10 | ||
Stock options outstanding, Number of Shares Outstanding (shares) | 134,239 | ||
Stock options outstanding, Weighted Average Remaining Contractual Life (years) | 6 years 4 months 7 days | ||
Stock options outstanding, Weighted Average Exercise Price (in dollars per share) | $ 8.39 | ||
Stock options exercisable, Number of Shares Exercisable (shares) | 86,296 | ||
Stock options exercisable, Weighted Average Remaining Contractual Life (years) | 6 years 4 months 13 days | ||
Stock options exercisable, Weighted Average Exercise Price (in dollars per share) | $ 8.41 | ||
Price Range $10.01 - $15.00 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price Ranges, lower range limit (in dollars per share) | 10.01 | ||
Exercise Price Ranges, upper range limit (in dollars per share) | $ 15 | ||
Stock options outstanding, Number of Shares Outstanding (shares) | 98,888 | ||
Stock options outstanding, Weighted Average Remaining Contractual Life (years) | 6 years 3 months 12 days | ||
Stock options outstanding, Weighted Average Exercise Price (in dollars per share) | $ 11.94 | ||
Stock options exercisable, Number of Shares Exercisable (shares) | 96,888 | ||
Stock options exercisable, Weighted Average Remaining Contractual Life (years) | 6 years 2 months 24 days | ||
Stock options exercisable, Weighted Average Exercise Price (in dollars per share) | $ 11.98 | ||
Price Range $15.01 - $25.00 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price Ranges, lower range limit (in dollars per share) | 15.01 | ||
Exercise Price Ranges, upper range limit (in dollars per share) | $ 25 | ||
Stock options outstanding, Number of Shares Outstanding (shares) | 248,400 | ||
Stock options outstanding, Weighted Average Remaining Contractual Life (years) | 9 years 8 months 6 days | ||
Stock options outstanding, Weighted Average Exercise Price (in dollars per share) | $ 21.54 | ||
Stock options exercisable, Number of Shares Exercisable (shares) | 0 | ||
Stock options exercisable, Weighted Average Remaining Contractual Life (years) | 0 days | ||
Stock options exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0 | ||
Price Range $25.01 - 60.00 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price Ranges, lower range limit (in dollars per share) | 25.01 | ||
Exercise Price Ranges, upper range limit (in dollars per share) | $ 60 | ||
Stock options outstanding, Number of Shares Outstanding (shares) | 100,000 | ||
Stock options outstanding, Weighted Average Remaining Contractual Life (years) | 9 years 7 months 23 days | ||
Stock options outstanding, Weighted Average Exercise Price (in dollars per share) | $ 25.50 | ||
Stock options exercisable, Number of Shares Exercisable (shares) | 0 | ||
Stock options exercisable, Weighted Average Remaining Contractual Life (years) | 0 days | ||
Stock options exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0 |
Stockholders' Equity (Restricte
Stockholders' Equity (Restricted Stock Units Activity Rollforward) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 400,000 | $ 200,000 |
Restricted Stock, Weighted Average Share Price at Grant Date [Roll Forward] | ||
Shares surrendered to cover employee minimum withholding taxes (in dollars per share) | $ 2.34 | $ 4.31 |
Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 61,360 | $ 99,493 |
Restricted Stock, Shares Outstanding [Roll Forward] | ||
Beginning balance, restricted stock units (shares) | 86,298 | 106,674 |
Shares released (in shares) | (47,901) | (10,806) |
Shares surrendered to cover employee minimum withholding taxes (in shares) | (38,397) | (9,570) |
Ending balance, restricted stock units (shares) | 0 | 86,298 |
Restricted Stock, Weighted Average Share Price at Grant Date [Roll Forward] | ||
Beginning balance (in dollars per share) | $ 2.34 | $ 2.72 |
Shares released (in dollars per share) | 2.34 | 4.31 |
Ending balance (in dollars per share) | $ 0 | $ 2.34 |
The value of the shared surrendered totaled | $ 680,936 | $ 100,198 |
Stockholders' Equity (Assumptio
Stockholders' Equity (Assumptions) (Details) | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Average volatility (percentage) | 41.30% | 33.40% |
Risk-free interest rate (percentage) | 1.50% | 1.50% |
Weighted-average expected life in years (years) | 6 years 3 months 7 days | 6 years 5 months 5 days |
Dividend yield rate (percentage) | 0.40% | 0.50% |
Customer and Supplier Concent79
Customer and Supplier Concentration (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Concentration Risk [Line Items] | ||
Revenues | $ 6,784,039 | $ 6,070,234 |
Revenue | Customer concentrations | ||
Concentration Risk [Line Items] | ||
Revenues | $ 6,784,039 | $ 6,070,234 |
Concentration risk, percentage | 100.00% | 100.00% |
HSBC Bank USA | Revenue | Customer concentrations | ||
Concentration Risk [Line Items] | ||
Revenues | $ 1,249,255 | $ 1,877,943 |
Concentration risk, percentage | 18.40% | 24.10% |
JM Bullion | Revenue | Customer concentrations | ||
Concentration Risk [Line Items] | ||
Revenues | $ 717,309 | $ 281,653 |
Concentration risk, percentage | 10.60% | 4.60% |
Major Customers | Revenue | Customer concentrations | ||
Concentration Risk [Line Items] | ||
Revenues | $ 1,966,564 | $ 1,745,680 |
Concentration risk, percentage | 29.00% | 28.70% |
Geographic Information (Details
Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 6,784,039 | $ 6,070,234 |
Total inventories | 245,057 | 191,501 |
Assets | 437,147 | 326,662 |
Long term assets | 18,886 | 14,036 |
United States | ||
Segment Reporting Information [Line Items] | ||
Revenue | 6,234,833 | 5,406,201 |
Total inventories | 224,617 | 173,939 |
Assets | 413,621 | 302,806 |
Long term assets | 18,824 | 13,964 |
Europe | ||
Segment Reporting Information [Line Items] | ||
Revenue | 212,243 | 320,167 |
Total inventories | 5,258 | 4,374 |
Assets | 8,344 | 10,668 |
Long term assets | 62 | 72 |
North America, excluding United States | ||
Segment Reporting Information [Line Items] | ||
Revenue | 292,788 | 282,978 |
Total inventories | 12,691 | 12,287 |
Assets | 12,691 | 12,287 |
Asia Pacific | ||
Segment Reporting Information [Line Items] | ||
Revenue | 40,482 | 47,593 |
Africa | ||
Segment Reporting Information [Line Items] | ||
Revenue | 63 | 52 |
Australia | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3,597 | 13,241 |
South America | ||
Segment Reporting Information [Line Items] | ||
Revenue | 33 | 2 |
Asia | ||
Segment Reporting Information [Line Items] | ||
Total inventories | 2,491 | 901 |
Assets | $ 2,491 | $ 901 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event | Sep. 07, 2016$ / shares | Aug. 31, 2016USD ($) | Sep. 22, 2016ft²$ / ft² |
Subsequent Event [Line Items] | |||
Dividend declared (usd per share) | $ / shares | $ 0.07 | ||
SilverTowne Mint | |||
Subsequent Event [Line Items] | |||
Percentage of interests acquired (percentage) | 55.00% | ||
Total investment | $ 4,200,000 | ||
Assets acquired | 3,670,000 | ||
PPE acquired | 250,000 | ||
Working capital acquired | 300,000 | ||
Payment towards the acquisition | 3,700,000 | ||
Liabilities incurred for the acquisition | 500,000 | ||
Contingent liability | $ 1,000,000 | ||
El Segundo, California | |||
Subsequent Event [Line Items] | |||
Area under lease | ft² | 9,000 | ||
Rent expense (usd per sqft) | $ / ft² | 3.60 | ||
Annual increase (percentage) | 3.00% |