Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Sep. 02, 2014 | Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'ACETO CORP | ' | ' |
Entity Central Index Key | '0000002034 | ' | ' |
Trading Symbol | 'acet | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Common Stock Shares Outstanding | ' | 29,004,630 | ' |
Entity Public Float | ' | ' | $670,091,179 |
Document Type | '10-K | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $42,897 | $33,231 |
Investments | 746 | 2,144 |
Trade receivables: less allowance for doubtful accounts (2014, $517; 2013; $1,294) | 122,694 | 90,108 |
Other receivables | 5,288 | 5,283 |
Inventory | 100,683 | 83,849 |
Prepaid expenses and other current assets | 3,556 | 2,984 |
Deferred income tax asset, net | 490 | 701 |
Total current assets | 276,354 | 218,300 |
Property and equipment, net | 11,573 | 11,410 |
Property held for sale | 5,848 | 4,058 |
Goodwill | 66,516 | 33,526 |
Intangible assets, net | 87,955 | 40,831 |
Deferred income tax asset, net | 11,605 | 8,055 |
Other assets | 8,133 | 7,250 |
TOTAL ASSETS | 467,984 | 323,430 |
Current liabilities: | ' | ' |
Current portion of long-term debt | 8,343 | 11,714 |
Accounts payable | 48,716 | 39,222 |
Accrued expenses | 61,464 | 38,971 |
Total current liabilities | 118,523 | 89,907 |
Long-term debt | 97,158 | 20,355 |
Long-term liabilities | 11,634 | 13,413 |
Environmental remediation liability | 7,079 | 5,109 |
Deferred income tax liability | 6 | 6 |
Total liabilities | 234,400 | 128,790 |
Commitments and contingencies (Note 16) | ' | ' |
Shareholders' equity: | ' | ' |
Common stock, $.01 par value, 40,000 shares authorized; 28,772 and 27,831 shares issued and outstanding at June 30, 2014 and 2013, respectively | 288 | 278 |
Capital in excess of par value | 87,156 | 72,845 |
Retained earnings | 140,768 | 118,615 |
Accumulated other comprehensive income | 5,372 | 2,902 |
Total shareholders' equity | 233,584 | 194,640 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $467,984 | $323,430 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Trade receivables, allowance for doubtful accounts (in dollars) | $517 | $1,294 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 40,000 | 40,000 |
Common stock, shares issued | 28,772 | 27,831 |
Common stock, shares outstanding | 28,772 | 27,831 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' |
Net sales | $510,179 | $499,690 | $444,388 |
Cost of sales | 395,476 | 401,419 | 362,356 |
Gross profit | 114,703 | 98,271 | 82,032 |
Selling, general and administrative expenses | 65,209 | 61,021 | 55,092 |
Research and development expenses | 5,222 | 2,834 | 1,574 |
Operating income | 44,272 | 34,416 | 25,366 |
Other income (expense): | ' | ' | ' |
Interest expense | -2,100 | -2,122 | -2,627 |
Interest and other income, net | 2,502 | 2,256 | 2,001 |
Other income (expense), Total | 402 | 134 | -626 |
Income before income taxes | 44,674 | 34,550 | 24,740 |
Provision for income taxes | 15,674 | 12,222 | 7,759 |
Net income | $29,000 | $22,328 | $16,981 |
Basic income per common share (in dollars per share) | $1.04 | $0.83 | $0.64 |
Diluted income per common share (in dollars per share) | $1.02 | $0.81 | $0.63 |
Weighted average shares outstanding: | ' | ' | ' |
Basic (in shares) | 28,001 | 27,050 | 26,587 |
Diluted (in shares) | 28,563 | 27,450 | 26,812 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $29,000 | $22,328 | $16,981 |
Other comprehensive income: | ' | ' | ' |
Foreign currency translation adjustments | 2,609 | 1,447 | -6,164 |
Change in fair value of interest rate swaps | -179 | 169 | -94 |
Defined benefit plans | 40 | -33 | -166 |
Comprehensive income | $31,470 | $23,911 | $10,557 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Operating activities: | ' | ' | ' |
Net income | $29,000 | $22,328 | $16,981 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 8,091 | 6,944 | 6,942 |
Provision for doubtful accounts | 8 | 409 | 211 |
Non-cash stock compensation | 3,156 | 1,788 | 1,168 |
Deferred income taxes | -3,083 | -2,649 | -1,777 |
Earnings on equity investment in joint venture | -2,024 | -1,790 | -1,598 |
Contingent consideration | ' | 3,244 | 761 |
Changes in assets and liabilities: | ' | ' | ' |
Trade receivables | -19,400 | -14,985 | 5,711 |
Other receivables | 1,353 | -2,685 | 1,446 |
Inventory | -7,764 | 1,632 | -9,926 |
Prepaid expenses and other current assets | -232 | -694 | -594 |
Other assets | 57 | 610 | 756 |
Accounts payable | 5,216 | -3,228 | -978 |
Accrued expenses and other liabilities | 8,868 | 12,807 | -5,834 |
Distributions from joint venture | 1,810 | 1,745 | 1,712 |
Net cash provided by operating activities | 25,056 | 25,476 | 14,981 |
Investing activities: | ' | ' | ' |
Payment for net assets of businesses acquired | -86,140 | ' | ' |
Purchases of investments | -108 | -2,698 | -1,155 |
Sales of investments | 1,506 | 2,029 | 475 |
Payments received on notes receivable | ' | ' | 350 |
Proceeds from sale of intangible assets | ' | ' | 400 |
Payments for intangible assets | -746 | -1,505 | -726 |
Purchases of property and equipment, net | -1,145 | -1,022 | -1,098 |
Net cash used in investing activities | -86,633 | -3,196 | -1,754 |
Financing activities: | ' | ' | ' |
Proceeds from exercise of stock options | 3,655 | 6,257 | 620 |
Excess income tax benefit on stock option exercises and restricted stock | 1,752 | 619 | 148 |
Payment of cash dividends | -6,806 | -6,016 | -5,331 |
Payment of deferred consideration | -1,500 | -1,470 | -1,500 |
Borrowings of bank loans | 114,145 | 10,000 | ' |
Repayment of bank loans | -40,713 | -23,696 | -9,232 |
Net cash provided by (used in) financing activities | 70,533 | -14,306 | -15,295 |
Effect of foreign exchange rate changes on cash | 710 | 395 | -1,734 |
Net increase (decrease) in cash and cash equivalents | 9,666 | 8,369 | -3,802 |
Cash and cash equivalents at beginning of period | 33,231 | 24,862 | 28,664 |
Cash and cash equivalents at end of period | $42,897 | $33,231 | $24,862 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Common Stock | Capital in Excess of Par Value | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income | Total |
In Thousands, unless otherwise specified | ||||||
Balance at Jun. 30, 2011 | $266 | $62,329 | $90,713 | ($230) | $7,743 | $160,821 |
Balance (in shares) at Jun. 30, 2011 | 26,644 | ' | ' | -24 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | 16,981 | ' | ' | 16,981 |
Foreign currency translation adjustments | ' | ' | ' | ' | -6,164 | -6,164 |
Defined benefit plans, net of tax of $78, $16 and $19 for June 30, 2012, June 30, 2013 and June 30, 2014 respectively | ' | ' | ' | ' | -166 | -166 |
Change in fair value of interest rate swaps | ' | ' | ' | ' | -94 | -94 |
Stock issued pursuant to employee stock incentive plans | ' | 49 | ' | ' | ' | 49 |
Stock issued pursuant to employee stock incentive plans (in shares) | 8 | ' | ' | ' | ' | 8 |
Issuance of restricted stock, including dividends and net of forfeitures | 1 | -220 | ' | 220 | ' | 1 |
Issuance of restricted stock, including dividends and net of forfeitures (in shares) | 118 | ' | ' | 23 | ' | ' |
Dividends declared $0.20 per share, $0.22 per share and $0.24 per share for June 30, 2012, June 30, 2013 and June 30, 2014 respectively | ' | ' | -5,350 | ' | ' | -5,350 |
Share-based compensation | ' | 1,157 | ' | ' | ' | 1,157 |
Exercise of stock options | 2 | 608 | ' | 10 | ' | 620 |
Exercise of stock options (in shares) | 167 | ' | ' | 1 | ' | ' |
Tax benefit from employee stock incentive plans | ' | 148 | ' | ' | ' | 148 |
Balance at Jun. 30, 2012 | 269 | 64,071 | 102,344 | ' | 1,319 | 168,003 |
Balance (in shares) at Jun. 30, 2012 | 26,937 | ' | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | 22,328 | ' | ' | 22,328 |
Foreign currency translation adjustments | ' | ' | ' | ' | 1,447 | 1,447 |
Defined benefit plans, net of tax of $78, $16 and $19 for June 30, 2012, June 30, 2013 and June 30, 2014 respectively | ' | ' | ' | ' | -33 | -33 |
Change in fair value of interest rate swaps | ' | ' | ' | ' | 169 | 169 |
Stock issued pursuant to employee stock incentive plans | ' | 82 | ' | ' | ' | 82 |
Stock issued pursuant to employee stock incentive plans (in shares) | 9 | ' | ' | ' | ' | 9 |
Issuance of restricted stock, including dividends and net of forfeitures | 2 | -2 | ' | ' | ' | ' |
Issuance of restricted stock, including dividends and net of forfeitures (in shares) | 145 | ' | ' | ' | ' | ' |
Dividends declared $0.20 per share, $0.22 per share and $0.24 per share for June 30, 2012, June 30, 2013 and June 30, 2014 respectively | ' | ' | -6,057 | ' | ' | -6,057 |
Share-based compensation | ' | 1,777 | ' | ' | ' | 1,777 |
Exercise of stock options | 7 | 6,298 | ' | ' | ' | 6,305 |
Exercise of stock options (in shares) | 740 | ' | ' | ' | ' | ' |
Tax benefit from employee stock incentive plans | ' | 619 | ' | ' | ' | 619 |
Balance at Jun. 30, 2013 | 278 | 72,845 | 118,615 | ' | 2,902 | 194,640 |
Balance (in shares) at Jun. 30, 2013 | 27,831 | ' | ' | ' | ' | 27,831 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net income | ' | ' | 29,000 | ' | ' | 29,000 |
Foreign currency translation adjustments | ' | ' | ' | ' | 2,609 | 2,609 |
Defined benefit plans, net of tax of $78, $16 and $19 for June 30, 2012, June 30, 2013 and June 30, 2014 respectively | ' | ' | ' | ' | 40 | 40 |
Change in fair value of interest rate swaps | ' | ' | ' | ' | -179 | -179 |
Stock issued pursuant to employee stock incentive plans | ' | 93 | ' | ' | ' | 93 |
Stock issued pursuant to employee stock incentive plans (in shares) | 7 | ' | ' | ' | ' | 7 |
Issuance of restricted stock, including dividends and net of forfeitures | 3 | -3 | ' | ' | ' | ' |
Issuance of restricted stock, including dividends and net of forfeitures (in shares) | 282 | ' | ' | ' | ' | ' |
Stock issued in connection with the PACK acquisition | 3 | 5,682 | ' | ' | ' | 5,685 |
Stock issued in connection with the PACK acquisition (in shares) | 260 | ' | ' | ' | ' | ' |
Dividends declared $0.20 per share, $0.22 per share and $0.24 per share for June 30, 2012, June 30, 2013 and June 30, 2014 respectively | ' | ' | -6,847 | ' | ' | -6,847 |
Share-based compensation | ' | 3,136 | ' | ' | ' | 3,136 |
Exercise of stock options | 4 | 3,651 | ' | ' | ' | 3,655 |
Exercise of stock options (in shares) | 392 | ' | ' | ' | ' | ' |
Tax benefit from employee stock incentive plans | ' | 1,752 | ' | ' | ' | 1,752 |
Balance at Jun. 30, 2014 | $288 | $87,156 | $140,768 | ' | $5,372 | $233,584 |
Balance (in shares) at Jun. 30, 2014 | 28,772 | ' | ' | ' | ' | 28,772 |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Defined benefit plans, tax | $19 | $16 | $78 |
Dividends declared, per share | $0.24 | $0.22 | $0.20 |
Description_of_Business
Description of Business | 12 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Description of Business | ' |
(1) Description of Business | |
Aceto Corporation and subsidiaries (“Aceto” or the “Company”) is primarily engaged in the sourcing, regulatory support, quality assurance, marketing, sales and distribution of pharmaceutical intermediates and active ingredients, finished dosage form generics, nutraceutical products, agricultural protection products and specialty chemicals used principally as finished products or raw materials in the pharmaceutical, nutraceutical, agricultural, coatings and industrial chemical consuming industries. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
(2) Summary of Significant Accounting Policies | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant inter-company balances and transactions are eliminated in consolidation. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses reported in those financial statements and the disclosure of contingent assets and liabilities at the date of the financial statements. These judgments can be subjective and complex, and consequently actual results could differ from those estimates and assumptions. The Company’s most critical accounting policies relate to revenue recognition; allowance for doubtful accounts; inventory; goodwill and other indefinite-life intangible assets; long-lived assets; environmental matters and other contingencies; income taxes; and stock-based compensation. | |||||||||||||
Cash Equivalents | |||||||||||||
The Company considers all highly liquid debt instruments with original maturities at the time of purchase of three months or less to be cash equivalents. Included in cash equivalents as of June 30, 2014 and June 30, 2013 is $383 and $115, respectively, of restricted cash. | |||||||||||||
Investments | |||||||||||||
The Company classifies investments in marketable securities as trading, available-for-sale or held-to-maturity at the time of purchase and periodically re-evaluates such classifications. Trading securities are carried at fair value, with unrealized holding gains and losses included in earnings. Held-to-maturity securities are recorded at cost and are adjusted for the amortization or accretion of premiums or discounts over the life of the related security. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of accumulated other comprehensive income (loss) until realized. In determining realized gains and losses, the cost of securities sold is based on the specific identification method. Interest and dividends on the investments are accrued at the balance sheet date. | |||||||||||||
Inventory | |||||||||||||
Inventory, which consists principally of finished goods, are stated at the lower of cost (first-in first-out method) or market. The Company writes down its inventory for estimated excess and obsolete goods by an amount equal to the difference between the carrying cost of the inventory and the estimated market value based upon assumptions about future demand and market conditions. | |||||||||||||
Environmental and Other Contingencies | |||||||||||||
The Company establishes accrued liabilities for environmental matters and other contingencies when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. If the contingency is resolved for an amount greater or less than the accrual, or the Company’s share of the contingency increases or decreases, or other assumptions relevant to the development of the estimate were to change, the Company would recognize an additional expense or benefit in the consolidated statements of income in the period such determination was made. | |||||||||||||
Pension Benefits | |||||||||||||
In connection with certain historical acquisitions in Germany, the Company assumed defined benefit pension plans covering certain employees who meet certain eligibility requirements. The net pension benefit obligations recorded and the related periodic costs are based on, among other things, assumptions of the discount rate, estimated return on plan assets, salary increases and the mortality of participants. The obligation for these claims and the related periodic costs are measured using actuarial techniques and assumptions. Actuarial gains and losses are deferred and amortized over future periods. The Company’s plans are funded in conformity with the funding requirements of applicable government regulations. | |||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||
The components of accumulated other comprehensive income as of June 30, 2014 and 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Cumulative foreign currency translation adjustments | $ | 5,866 | $ | 3,257 | |||||||||
Fair value of interest rate swaps | (437 | ) | (258 | ) | |||||||||
Defined benefit plans, net of tax | (57 | ) | (97 | ) | |||||||||
Total | $ | 5,372 | $ | 2,902 | |||||||||
The foreign currency translation adjustments for the year ended June 30, 2014 primarily relates to the fluctuation of the conversion rate of the Euro. The currency translation adjustments are not adjusted for income taxes as they relate to indefinite investments in non-US subsidiaries. | |||||||||||||
Common Stock | |||||||||||||
On May 8, 2014, the Board of Directors of the Company authorized the continuation of the Company’s stock repurchase program, expiring in May 2017. Under the stock repurchase program, the Company is authorized to purchase up to 5,000 shares of common stock in open market or private transactions, at prices not to exceed the market value of the common stock at the time of such purchase. | |||||||||||||
On September 4, 2014, the Company’s board of directors declared a regular quarterly dividend of $0.06 per share to be distributed on September 29, 2014 to shareholders of record as of September 15, 2014. | |||||||||||||
Stock Options | |||||||||||||
GAAP requires that all stock-based compensation be recognized as an expense in the financial statements and that such costs be measured at the fair value of the award. GAAP also requires that excess tax benefits related to stock option exercises be reflected as financing cash inflows. | |||||||||||||
In order to determine the fair value of stock options on the date of grant, the Company uses the Black-Scholes option-pricing model, including an estimate of forfeiture rates. Inherent in this model are assumptions related to expected stock-price volatility, risk-free interest rate, expected life and dividend yield. The Company uses an expected stock-price volatility assumption that is a combination of both historical volatility, calculated based on the daily closing prices of its common stock over a period equal to the expected life of the option and implied volatility, utilizing market data of actively traded options on Aceto’s common stock, which are obtained from public data sources. The Company believes that the historical volatility of the price of its common stock over the expected life of the option is a reasonable indicator of the expected future volatility and that implied volatility takes into consideration market expectations of how future volatility might differ from historical volatility. Accordingly, the Company believes a combination of both historical and implied volatility provides the best estimate of the future volatility of the market price of its common stock. The risk-free interest rate is based on U.S. Treasury issues with a term equal to the expected life of the option. The Company uses historical data to estimate expected dividend yield, expected life and forfeiture rates. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company recognizes revenue from product sales at the time of shipment and passage of title and risk of loss to the customer. The Company has no acceptance or other post-shipment obligations and does not offer product warranties or services to its customers. | |||||||||||||
Sales are recorded net of estimated returns of damaged goods from customers, which historically have been immaterial, and sales incentives offered to customers. Sales incentives include volume incentive rebates. The Company records volume incentive rebates based on the underlying revenue transactions that result in progress by the customer in earning the rebate. In addition, upon each sale, estimates of rebates, chargebacks, returns, government reimbursed rebates, and other adjustments are made. These estimates are recorded as reductions to gross revenues, with corresponding adjustments to either liabilities or reserve for price concessions. Management has the experience and access to relevant information that they believe are necessary to reasonably estimate the amounts of such deductions from gross revenues. The Company regularly reviews the information related to these estimates and adjust its reserves accordingly, if and when actual experience differs from previous estimates. | |||||||||||||
Shipping and Handling Fees and Costs | |||||||||||||
All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and are included in net sales. The costs incurred by the Company for shipping and handling are reported as a component of cost of sales. Cost of sales also includes inbound freight, receiving, inspection, warehousing, distribution network, and customs and duty costs. | |||||||||||||
Net Income Per Common Share | |||||||||||||
Basic income per common share is based on the weighted average number of common shares outstanding during the period. Diluted income per common share includes the dilutive effect of potential common shares outstanding. The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding for the fiscal years ended June 30, 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average shares outstanding | 28,001 | 27,050 | 26,587 | ||||||||||
Dilutive effect of stock options and restricted stock awards and units | 562 | 400 | 225 | ||||||||||
Diluted weighted average shares outstanding | 28,563 | 27,450 | 26,812 | ||||||||||
There were 0, 424 and 1,340 common equivalent shares outstanding as of June 30, 2014, 2013 and 2012, respectively that were not included in the calculation of diluted income per common share because their effect would have been anti-dilutive. | |||||||||||||
Income Taxes | |||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost and are depreciated using the straight line method over the estimated useful lives of the related asset. The Company allocates depreciation and amortization to cost of sales. Expenditures for improvements that extend the useful life of an asset are capitalized. Ordinary repairs and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any related gains or losses are included in income. | |||||||||||||
The components of property and equipment were as follows: | |||||||||||||
30-Jun-14 | 30-Jun-13 | Estimated useful | |||||||||||
life (years) | |||||||||||||
Machinery and equipment | $ | 907 | $ | 865 | 7-Mar | ||||||||
1,114 | 686 | Shorter of asset life | |||||||||||
Leasehold improvements | or lease term | ||||||||||||
Computer equipment and software | 5,348 | 4,067 | 5-Mar | ||||||||||
Furniture and fixtures | 2,488 | 2,144 | 10-May | ||||||||||
Automobiles | 171 | 196 | 3 | ||||||||||
Building | 8,692 | 8,692 | 20 | ||||||||||
Land | 1,983 | 1,983 | - | ||||||||||
20,703 | 18,633 | ||||||||||||
Accumulated depreciation and amortization | 9,130 | 7,223 | |||||||||||
$ | 11,573 | $ | 11,410 | ||||||||||
Property held for sale represents land and land improvements of $5,848 and $4,058 at June 30, 2014 and 2013, respectively. See Note 8, “Environmental Remediation” for further discussion on property held for sale. | |||||||||||||
Depreciation and amortization of property and equipment amounted to $1,430, $1,315 and $1,317 for the years ended June 30, 2014, 2013, and 2012 respectively. | |||||||||||||
Goodwill and Other Intangibles | |||||||||||||
Goodwill is calculated as the excess of the cost of purchased businesses over the fair value of their underlying net assets. Other intangible assets principally consist of customer relationships, license agreements, technology-based intangibles, EPA registrations and related data, trademarks and product rights and related intangibles. Goodwill and other intangible assets that have an indefinite life are not amortized. | |||||||||||||
In accordance with GAAP, the Company tests goodwill and other intangible assets for impairment on at least an annual basis. Goodwill impairment exists if the net book value of a reporting unit exceeds its estimated fair value. The impairment testing is performed in two steps: (i) the Company determines impairment by comparing the fair value of a reporting unit with its carrying value, and (ii) if there is an impairment, the Company measures the amount of impairment loss by comparing the implied fair value of goodwill with the carrying amount of that goodwill. To determine the fair value of these intangible assets, the Company uses many assumptions and estimates using a market participant approach that directly impact the results of the testing. In making these assumptions and estimates, the Company uses industry accepted valuation models and set criteria that are reviewed and approved by various levels of management. | |||||||||||||
In September 2011, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2011-08, “Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment”, to allow entities to use a qualitative approach to test goodwill for impairment. ASU 2011-08 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. The Company adopted ASU 2011-08 in fiscal 2013 and thus performed a qualitative assessment in fiscal 2014 and fiscal 2013. This adoption did not have a material impact on the Company’s consolidated financial statements. | |||||||||||||
Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed of | |||||||||||||
Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Recoverability of assets held for sale is measured by comparing the carrying amount of the assets to their estimated fair value. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceed the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. | |||||||||||||
Accounting for Derivatives and Hedging Activities | |||||||||||||
The Company accounts for derivatives and hedging activities under the provisions of GAAP which establishes accounting and reporting guidelines for derivative instruments and hedging activities. GAAP requires the recognition of all derivative financial instruments as either assets or liabilities in the statement of financial condition and measurement of those instruments at fair value. Changes in the fair values of those derivatives are reported in earnings or other comprehensive income depending on the designation of the derivative and whether it qualifies for hedge accounting. The accounting for gains and losses associated with changes in the fair value of a derivative and the effect on the consolidated financial statements depends on its hedge designation and whether the hedge is highly effective in achieving offsetting changes in the fair value or cash flows of the asset or liability hedged. The method that is used for assessing the effectiveness of a hedging derivative, as well as the measurement approach for determining the ineffective aspects of the hedge, is established at the inception of the hedged instrument. | |||||||||||||
The Company operates internationally, therefore its earnings, cash flows and financial positions are exposed to foreign currency risk from foreign-currency-denominated receivables and payables, which, in the U.S., have been denominated in various foreign currencies, including, among others, Euros, British Pounds, Japanese Yen, Singapore Dollars and Chinese Renminbi and at certain foreign subsidiaries in U.S. dollars and other non-local currencies. | |||||||||||||
Management believes it is prudent to minimize the risk caused by foreign currency fluctuation. Management minimizes the currency risk on its foreign currency receivables and payables by purchasing future foreign currency contracts (futures) with one of its financial institutions. Futures are traded on regulated U.S. and international exchanges and represent commitments to purchase or sell a particular foreign currency at a future date and at a specific price. Since futures are purchased for the amount of the foreign currency receivable or for the amount of foreign currency needed to pay for specific purchase orders, and the futures mature on the due date of the related foreign currency vendor invoices or customer receivables, the Company believes that it eliminates risks relating to foreign currency fluctuation. The Company takes delivery of all futures to pay suppliers in the appropriate currency. The gains or losses for the changes in the fair value of the foreign currency contracts are recorded in cost of sales (sales) and offset the gains or losses associated with the impact of changes in foreign exchange rates on trade payables (receivables) denominated in foreign currencies. Senior management and members of the financial department continually monitor foreign currency risks and the use of this derivative instrument. | |||||||||||||
In conjunction with the new Credit Agreement, the Company entered into an interest rate swap on April 30, 2014 for a notional amount of $25,750, which has been designated as a cash flow hedge. The expiration date of this interest rate swap is April 30, 2019. Pursuant to the requirements of the Credit Agreement, dated December 31, 2010, the Company was required to deliver Hedging Agreements (as defined in the agreement) fixing the interest rate on not less than $20,000 of the term loan at that time. Accordingly, in March 2011, the Company entered into an interest rate swap for a notional amount of $20,000, which has been designated as a cash flow hedge. The expiration date of this interest rate swap is December 31, 2015. | |||||||||||||
Foreign Currency | |||||||||||||
The financial statements of the Company’s foreign subsidiaries are translated into U.S. dollars in accordance with GAAP. Where the functional currency of a foreign subsidiary is its local currency, balance sheet accounts are translated at the current exchange rate and income statement items are translated at the average exchange rate for the period. Exchange gains or losses resulting from the translation of financial statements of foreign operations are accumulated in other comprehensive income. Where the local currency of a foreign subsidiary is not its functional currency, financial statements are translated at either current or historical exchange rates, as appropriate. | |||||||||||||
Reclassifications | |||||||||||||
Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current year presentation. | |||||||||||||
Business_Combinations
Business Combinations | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Business Combinations | ' | ||||||||
(3) Business Combinations | |||||||||
PACK Pharmaceuticals, LLC | |||||||||
On April 30, 2014, Rising Pharmaceuticals, Inc. (“Rising”), a wholly owned subsidiary of Aceto, acquired 100% of the issued and outstanding membership interests of PACK Pharmaceuticals, LLC (“PACK”). PACK, a national marketer and distributor of generic prescription and over-the-counter pharmaceutical products, has headquarters in Buffalo Grove, Illinois, a suburb of Chicago, Illinois. The Company believes that the acquisition of PACK by Rising will advance Aceto’s strategy to expand further into the finished dosage pharmaceutical business. PACK and Rising have very similar business models including operating their businesses in collaboration with selected pharmaceutical development partners and with networks of finished dosage form manufacturing partners, focusing on niche products and selling generic prescription products and over-the-counter pharmaceutical products under their respective labels to leading wholesalers, chain drug stores, distributors and mass market merchandisers. The purchase price was approximately $91,596, which was comprised of the issuance of 260 shares of Aceto common stock, valued at $5,685, and a cash payment of approximately $85,911. The purchase agreement also provides for a three-year earn-out of up to $15,000 in cash based on the achievement of certain performance-based targets. As of June 30, 2014, the Company accrued $3,797 related to this contingent consideration. Any necessary future adjustments to this amount will be recorded as an income statement charge at that time. | |||||||||
The acquisition was accounted for using the purchase method of accounting. The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the closing date of April 30, 2014: | |||||||||
Trade receivables | $ | 11,592 | |||||||
Other receivables | 1,215 | ||||||||
Inventory | 7,711 | ||||||||
Prepaid expenses and other current assets | 239 | ||||||||
Property and equipment, net | 311 | ||||||||
Goodwill | 32,722 | ||||||||
Intangible assets | 52,540 | ||||||||
Total assets acquired | 106,330 | ||||||||
Accounts payable | 3,383 | ||||||||
Accrued expenses | 7,626 | ||||||||
Contingent consideration | 3,725 | ||||||||
Net assets acquired | $ | 91,596 | |||||||
The fair value of the net assets acquired were determined using discounted cash flow analyses and estimates made by management. The purchase price was allocated to intangible assets as follows: approximately $32,722 to goodwill, which is nonamortizable under generally accepted accounting principles and is deductible for income tax purposes; approximately $38,280 of product rights, amortizable over a period of approximately eleven years; approximately $14,170 of customer relationships, amortizable over eleven years; and approximately $90 of trademarks, amortizable over a period of three years. Amortization of the acquired intangible assets is deductible for income tax purposes. Goodwill represents the excess of the purchase price paid over the fair value of the underlying net assets of the business acquired and was allocated to the Human Health Segment. | |||||||||
For the period from April 30, 2014 to June 30, 2014, PACK’s net sales and loss before income taxes was approximately $8,131 and ($454) respectively, which have been included in the consolidated statement of income for the year ended June 30, 2014. The following represents unaudited pro forma operating results as if the operations of PACK had been included in the Company’s consolidated statements of operations as of July 1, 2012: | |||||||||
Year ended | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Net sales | $ | 551,744 | $ | 538,058 | |||||
Net income | 29,704 | 20,140 | |||||||
Net income per common share | $ | 1.05 | $ | 0.74 | |||||
Diluted net income per common share | $ | 1.03 | $ | 0.73 | |||||
The pro forma financial information includes business combination accounting effects from the acquisition including amortization charges from acquired intangible assets of approximately $4,783 for both periods presented, increase in interest expense of approximately $3,414 for both periods presented associated with bank borrowings to fund the acquisition, reversal of acquisition related transaction costs of approximately $1,732 and tax related effects in both periods. The unaudited pro forma information as presented above is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of fiscal 2013. | |||||||||
Other | |||||||||
On December 10, 2013, the Company acquired all of the outstanding stock of a company in France which has been accounted for as a business combination. The impact of this business combination on the Company’s consolidated balance sheet as of June 30, 2014 and its consolidated statement of income for the year ended June 30, 2014 was not material. | |||||||||
Investments
Investments | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Investments | ' | ||||||||||||||||
(4) Investments | |||||||||||||||||
A summary of short-term investments was as follows: | |||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||
Fair Value | Cost Basis | Fair Value | Cost Basis | ||||||||||||||
Held to Maturity Investments | |||||||||||||||||
Time deposits | $ | 746 | $ | 700 | $ | 2,144 | $ | 2,016 | |||||||||
The Company has classified all investments with maturity dates of greater than three months as current since it has the ability to redeem them within the year and is available for current operations. | |||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
(5) Fair Value Measurements | |||||||||||||||||
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. GAAP establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels: | |||||||||||||||||
Level 1 – Quoted market prices in active markets for identical assets or liabilities; | |||||||||||||||||
Level 2 – Inputs other than Level 1 inputs that are either directly or indirectly observable; and | |||||||||||||||||
Level 3 – Unobservable inputs that are not corroborated by market data. | |||||||||||||||||
On a recurring basis, Aceto measures at fair value certain financial assets and liabilities, which consist of cash equivalents, investments and foreign currency contracts. The Company classifies cash equivalents and investments within Level 1 if quoted prices are available in active markets. Level 1 assets include instruments valued based on quoted market prices in active markets which generally include corporate equity securities publicly traded on major exchanges. Time deposits are very short-term in nature and are accordingly valued at cost plus accrued interest, which approximates fair value, and are classified within Level 2 of the valuation hierarchy. The Company uses foreign currency forward contracts (futures) to minimize the risk caused by foreign currency fluctuation on its foreign currency receivables and payables by purchasing futures with one of its financial institutions. Futures are traded on regulated U.S. and international exchanges and represent commitments to purchase or sell a particular foreign currency at a future date and at a specific price. Aceto’s foreign currency derivative contracts are classified within Level 2 as the fair value of these hedges is primarily based on observable forward foreign exchange rates. At June 30, 2014, the Company had foreign currency contracts outstanding that had a notional amount of $42,755. Unrealized losses on hedging activities for the years ended June 30, 2014, 2013, and 2012, amounted to $40, $160 and $560, respectively, and are included in interest and other income, net, in the consolidated statements of income. The contracts have varying maturities of less than one year. | |||||||||||||||||
In conjunction with the Credit Agreement, the Company entered into an interest rate swap on April 30, 2014 for an additional interest cost of 1.63% on a notional amount of $25,750, which has been designated as a cash flow hedge. The expiration date of this interest rate swap is April 30, 2019. The remaining balance of this derivative as of June 30, 2014 is $26,750. Pursuant to the requirements of the Credit Agreement, dated December 31, 2010, the Company was required to deliver Hedging Agreements (as defined in the agreement) fixing the interest rate on not less than $20,000 of the term loan at that time. Accordingly, in March 2011, the Company entered into an interest rate swap for an additional interest cost of 1.91% on a notional amount of $20,000, which has been designated as a cash flow hedge. The expiration date of this interest rate swap is December 31, 2015. The remaining balance of this derivative as of June 30, 2014 is $8,250. The unrealized loss to date associated with these two derivatives, which is recorded in accumulated other comprehensive income in the consolidated balance sheet at June 30, 2014, is $437. Aceto’s interest rate swaps are classified within Level 2 as the fair value of this hedge is primarily based on observable interest rates. | |||||||||||||||||
As of June 30, 2014 and 2013, the Company had $5,694 and $5,346, respectively, of contingent consideration that was recorded at fair value in the Level 3 category, which related to the acquisition of Rising, which was completed during fiscal 2011. In addition, the Company had $3,797 of contingent consideration related to PACK, which was completed in April 2014 and $413 of contingent consideration related to the acquisition of a company in France, which occurred in December 2013. The contingent consideration was calculated using the present value of a probability weighted income approach. The change in contingent consideration relates to the fiscal 2014 acquisitions and accrued interest expense of $438. | |||||||||||||||||
During the fourth quarter of each year, the Company evaluates goodwill and indefinite-lived intangibles for impairment at the reporting unit level using an undiscounted cash flow model using Level 3 inputs. Additionally, on a nonrecurring basis, the Company uses fair value measures when analyzing asset impairment. Long-lived assets and certain identifiable intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If it is determined such indicators are present and the review indicates that the assets will not be fully recoverable, based on undiscounted estimated cash flows over the remaining amortization periods, their carrying values are reduced to estimated fair value. Measurements based on undiscounted cash flows are considered to be Level 3 inputs. | |||||||||||||||||
The following tables summarize the valuation of the Company’s financial assets and liabilities which were determined by using the following inputs at June 30, 2014 and 2013: | |||||||||||||||||
Fair Value Measurements at June 30, 2014 Using | |||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||
in Active | Other | Unobservable Inputs | |||||||||||||||
Markets | Observable | (Level 3) | |||||||||||||||
(Level 1) | Inputs | Total | |||||||||||||||
(Level 2) | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Time deposits | - | $ | 1,372 | - | $ | 1,372 | |||||||||||
Investments: | |||||||||||||||||
Time deposits | - | 746 | - | 746 | |||||||||||||
Foreign currency contracts-assets (1) | - | 87 | - | 87 | |||||||||||||
Foreign currency contracts-liabilities (2) | - | 128 | - | 128 | |||||||||||||
Derivative liability for interest rate swap (3) | - | 437 | - | 437 | |||||||||||||
Contingent consideration (4) | - | - | $ | 9,904 | 9,904 | ||||||||||||
-1 | Included in “Other receivables” in the accompanying Consolidated Balance Sheet as of June 30, 2014. | ||||||||||||||||
(2) | Included in “Accrued expenses” in the accompanying Consolidated Balance Sheet as of June 30, 2014. | ||||||||||||||||
(3) | Included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2014. | ||||||||||||||||
(4) | $4,500 included in “Accrued expenses” and $5,404 included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2014. | ||||||||||||||||
Fair Value Measurements at June 30, 2013 Using | |||||||||||||||||
Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant | |||||||||||||||
(Level 1) | (Level 2) | Unobservable Inputs | |||||||||||||||
(Level 3) | |||||||||||||||||
Total | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Time deposits | - | $ | 856 | - | $ | 856 | |||||||||||
Investments: | |||||||||||||||||
Time deposits | - | 2,144 | - | 2,144 | |||||||||||||
Foreign currency contracts-assets (5) | - | 14 | - | 14 | |||||||||||||
Foreign currency contracts-liabilities (6) | - | 173 | - | 173 | |||||||||||||
Derivative liability for interest rate swap (7) | - | 258 | - | 258 | |||||||||||||
Contingent consideration (8) | - | - | $ | 5,346 | 5,346 | ||||||||||||
-5 | Included in “Other receivables” in the accompanying Consolidated Balance Sheet as of June 30, 2013. | ||||||||||||||||
-6 | Included in “Accrued expenses” in the accompanying Consolidated Balance Sheet as of June 30, 2013 | ||||||||||||||||
-7 | Included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2013. | ||||||||||||||||
-8 | $1,500 included in “Accrued expenses” and $3,846 included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2014. | ||||||||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||
(6) Goodwill and Other Intangible Assets | |||||||||||||
As of June 30, 2014 and June 30, 2013, there was goodwill of $66,516 and $33,526, respectively. | |||||||||||||
Changes in the Company’s goodwill during 2014 and 2013 are as follows: | |||||||||||||
Balance as of July 1, 2012 | $ | 33,495 | |||||||||||
Changes in foreign currency exchange rates | 31 | ||||||||||||
Balance as of July 1, 2013 | 33,526 | ||||||||||||
Acquisitions | 32,944 | ||||||||||||
Changes in foreign currency exchange rates | 46 | ||||||||||||
Balance as of June 30, 2014 | $ | 66,516 | |||||||||||
The 2014 balance includes $32,722 related to the PACK acquisition which occurred on April 30, 2014 and is part of the Human Health reportable segment. | |||||||||||||
Intangible assets subject to amortization as of June 30, 2014 and 2013 were as follows: | |||||||||||||
Gross | |||||||||||||
Carrying | Accumulated | Net Book | |||||||||||
Value | Amortization | Value | |||||||||||
30-Jun-14 | |||||||||||||
Customer relationships | $ | 22,292 | $ | 4,782 | $ | 17,510 | |||||||
Trademarks | 1,886 | 1,711 | 175 | ||||||||||
Product rights and related intangibles | 72,626 | 10,146 | 62,480 | ||||||||||
License agreements | 5,938 | 3,642 | 2,296 | ||||||||||
EPA registrations and related data | 11,969 | 7,469 | 4,500 | ||||||||||
Technology-based intangibles | 155 | 96 | 59 | ||||||||||
$ | 114,866 | $ | 27,846 | $ | 87,020 | ||||||||
Gross | Accumulated | Net Book | |||||||||||
Carrying | Amortization | Value | |||||||||||
Value | |||||||||||||
30-Jun-13 | |||||||||||||
Customer relationships | $ | 7,320 | $ | 3,946 | $ | 3,374 | |||||||
Trademarks | 1,700 | 1,215 | 485 | ||||||||||
Product rights and related intangibles | 34,346 | 6,767 | 27,579 | ||||||||||
License agreements | 5,938 | 2,715 | 3,223 | ||||||||||
EPA registrations and related data | 11,523 | 6,325 | 5,198 | ||||||||||
Technology-based intangibles | 155 | 74 | 81 | ||||||||||
$ | 60,982 | $ | 21,042 | $ | 39,940 | ||||||||
Intangible assets with definitive useful lives are amortized using the straight-line method over their estimated useful lives. The straight-line method is utilized as it best reflects the use of the asset. The estimated useful lives of customer relationships, trademarks, product rights and related intangibles, license agreements, EPA registrations and related data and technology-based intangibles are 7-11 years, 3-4 years, 3-14 years, 6-11 years, 10 years, and 7 years, respectively. | |||||||||||||
As of June 30, 2014 and June 30, 2013, the Company also had $935 and $891, respectively, of intangible assets pertaining to trademarks which have indefinite lives and are not subject to amortization. The change in trademarks with indefinite lives is attributable to foreign currency exchange rates used to translate the financial statements of foreign subsidiaries. | |||||||||||||
Amortization expense for intangible assets subject to amortization amounted to $6,662, $5,629 and $5,625 for the years ended June 30, 2014, 2013 and 2012, respectively. The estimated aggregate amortization expense for intangible assets subject to amortization for each of the succeeding years ended June 30, 2015 through June 30, 2020 are as follows: 2015: $10,200; 2016: $10,143; 2017: $9,393; 2018: $8,597; 2019: $8,164 and 2020 and thereafter: $40,523. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
(7) Accrued Expenses | |||||||||
The components of accrued expenses as of June 30, 2014 and 2013 were as follows: | |||||||||
2014 | 2013 | ||||||||
Accrued compensation | $ | 7,940 | $ | 7,351 | |||||
Accrued environmental remediation costs-current portion | 1,828 | 2,058 | |||||||
Reserve for price concessions | 24,884 | 10,139 | |||||||
Accrued income taxes payable | 6,403 | 3,956 | |||||||
Other accrued expenses | 20,409 | 15,467 | |||||||
$ | 61,464 | $ | 38,971 | ||||||
Environmental_Remediation
Environmental Remediation | 12 Months Ended |
Jun. 30, 2014 | |
Environmental Remediation Obligations [Abstract] | ' |
Environmental Remediation | ' |
(8) Environmental Remediation | |
In fiscal years 2011, 2009, 2008 and 2007, the Company received letters from the Pulvair Site Group, a group of potentially responsible parties (PRP Group) who are working with the State of Tennessee (the State) to remediate a contaminated property in Tennessee called the Pulvair site. The PRP Group has alleged that Aceto shipped hazardous substances to the site which were released into the environment. The State had begun administrative proceedings against the members of the PRP Group and Aceto with respect to the cleanup of the Pulvair site and the PRP Group has begun to undertake cleanup. The PRP Group is seeking a settlement of approximately $1,700 from the Company for its share to remediate the site contamination. Although the Company acknowledges that it shipped materials to the site for formulation over twenty years ago, the Company believes that the evidence does not show that the hazardous materials sent by Aceto to the site have significantly contributed to the contamination of the environment and thus believes that, at most, it is a de minimus contributor to the site contamination. Accordingly, the Company believes that the settlement offer is unreasonable. Management believes that the ultimate outcome of this matter will not have a material adverse effect on the Company’s financial condition or liquidity. | |
The Company has environmental remediation obligations in connection with Arsynco, Inc. (Arsynco), a subsidiary formerly involved in manufacturing chemicals located in Carlstadt, New Jersey, which was closed in 1993 and is currently held for sale. Based on continued monitoring of the contamination at the site and the approved plan of remediation, the Company received an estimate from an environmental consultant stating that the costs of remediation could be between $12,200 and $14,000. Remediation commenced in fiscal 2010, and as of June 30, 2014 and June 30, 2013, a liability of $8,907 and $7,166, respectively, is included in the accompanying consolidated balance sheets for this matter. In accordance with GAAP, management believes that the majority of costs incurred to remediate the site will be capitalized in preparing the property which is currently classified as held for sale. An appraisal of the fair value of the property by a third-party appraiser supports the assumption that the expected fair value after the remediation is in excess of the amount required to be capitalized. However, these matters, if resolved in a manner different from those assumed in current estimates, could have a material adverse effect on the Company’s financial condition, operating results and cash flows when resolved in a future reporting period. | |
In connection with the environmental remediation obligation for Arsynco, in July 2009, the Company entered into a settlement agreement with BASF Corporation (BASF), the former owners of the Arsynco property. In accordance with the settlement agreement, BASF paid for a portion of the prior remediation costs and going forward, will co-remediate the property with the Company. The contract states that BASF pay $550 related to past response costs and pay a proportionate share of the future remediation costs. Accordingly, the Company had recorded a gain of $550 in fiscal 2009. This $550 gain relates to the partial reimbursement of costs of approximately $1,200 that the Company had previously expensed. The Company also recorded an additional receivable from BASF, with an offset against property held for sale, representing its estimated portion of the future remediation costs. The balance of this receivable for future remediation costs as of June 30, 2014 and June 30, 2013 is $4,008 and $3,225, respectively, which is included in the accompanying consolidated balance sheets. | |
In March 2006, Arsynco received notice from the EPA of its status as a PRP under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) for a site described as the Berry’s Creek Study Area (“BCSA”). Arsynco is one of over 150 PRPs which have potential liability for the required investigation and remediation of the site. The estimate of the potential liability is not quantifiable for a number of reasons, including the difficulty in determining the extent of contamination and the length of time remediation may require. In addition, any estimate of liability must also consider the number of other PRPs and their financial strength. In July 2014, Arsynco received notice from the U.S. Department of Interior (“USDOI”) regarding the USDOI’s intent to perform a Natural Resource Damage (NRD) Assessment at the BCSA. Arsynco has to date declined to participate in the development and performance of the NRD assessment process. Based on prior practice in similar situations, it is possible that the State may assert a claim for natural resource damages with respect to the Arsynco site itself, and either the federal government or the State (or both) may assert claims against Arsynco for natural resource damages in connection with Berry’s Creek; any such claim with respect to Berry’s Creek could also be asserted against the approximately 150 PRPs which the EPA has identified in connection with that site. Any claim for natural resource damages with respect to the Arsynco site itself may also be asserted against BASF, the former owners of the Arsynco property. In September 2012, Arsynco entered into an agreement with three of the other PRPs that had previously been impleaded into New Jersey Department of Environmental Protection, et al. v. Occidental Chemical Corporation, et al., Docket No. ESX-L-9868-05 (the “NJDEP Litigation”) and were considering impleading Arsynco into same. Arsynco entered into agreement to avoid impleader. Pursuant to agreement, Arsynco agreed to (1) a tolling period that would not be included when computing the running of any statute of limitations that might provide a defense to the NJDEP Litigation; (2) the waiver of certain issue preclusion defenses in the NJDEP Litigation; and (3) arbitration of certain potential future liability allocation claims if the other parties to the agreement are barred by a court of competent jurisdiction from proceeding against Arsynco. Since an amount of the liability cannot be reasonably estimated at this time, no accrual is recorded for these potential future costs. The impact of the resolution of this matter on the Company’s results of operations in a particular reporting period is not known. |
Debt
Debt | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Debt | ' | ||||||||
(9) Debt | |||||||||
Long-term debt | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Revolving bank loans | $ | 32,000 | $ | 4,000 | |||||
Term bank loans | 70,000 | 24,500 | |||||||
Mortgage | 3,355 | 3,569 | |||||||
Other | 146 | - | |||||||
105,501 | 32,069 | ||||||||
Less current portion | 8,343 | 11,714 | |||||||
$ | 97,158 | $ | 20,355 | ||||||
Credit Facilities | |||||||||
On April 30, 2014, and in connection with the purchase of PACK, Aceto entered into a new Credit Agreement (the “Credit Agreement”) with three domestic financial institutions. The Credit Agreement terminates the Credit Agreement, dated December 31, 2010. Aceto may borrow, repay and reborrow during the period ending April 30, 2019, up to but not exceeding at any one time outstanding $60,000 (the “Revolving Commitment”). The Revolving Commitment provides for (i) Adjusted LIBOR Loans (as defined in the new Credit Agreement), (ii) Alternate Base Rate Loans (as defined in the new Credit Agreement) or (iii) a combination thereof. As of June 30, 2014, the Company borrowed Revolving Loans aggregating $32,000 which loans are Adjusted LIBOR Loans at interest rates ranging from 2.15% to 2.32% at June 30, 2014. The new Credit Agreement also allows for the borrowing up to $70,000 (the “Term Commitment”). The Term Commitment interest may be payable as an (i) Adjusted LIBOR Loan, (ii) Alternate Base Rate Loan, or (iii) a combination thereof. The Company borrowed a Term Loan of $70,000 on April 30, 2014 to partially finance the acquisition of PACK. As of June 30, 2014, the remaining amount outstanding under the amortizing Term Loan is $70,000 and is payable as an Adjusted LIBOR Loan at an interest rate of 2.23% at June 30, 2014. Proceeds of the Term Commitment and a portion of the proceeds of the Revolving Commitment were used to fund the initial cash consideration for PACK and to repay the outstanding balance of term loans from the Credit Agreement dated December 31, 2010. | |||||||||
The Term Loan is payable as to principal in nineteen consecutive quarterly installments, which will commence on September 30, 2014 and will continue on each December 31, March 31, and June 30 thereafter, each in the amount set forth below opposite the applicable installment, provided that the final payment on the Term Loan Maturity Date (as defined in the new Credit Agreement) shall be in an amount equal to the then outstanding unpaid principal amount of the Term Loan: | |||||||||
Installment | Amount | ||||||||
1 through 4 | $ | 2,000 | |||||||
5 through 8 | $ | 2,500 | |||||||
9 through 12 | $ | 3,000 | |||||||
13 through 16 | $ | 4,000 | |||||||
17 through 19 | $ | 6,000 | |||||||
As such, the Company has classified $8,000 of the Term Loan as short-term in the consolidated balance sheet at June 30, 2014. The new Credit Agreement also provides that commercial letters of credit shall be issued to provide the primary payment mechanism in connection with the purchase of any materials, goods or services by us in the ordinary course of business. The Company had open letters of credit of approximately $105 and $78 at June 30, 2014 and June 30, 2013 respectively. The terms of these letters of credit are all less than one year. No material loss is anticipated due to non-performance by the counterparties to these agreements. | |||||||||
The new Credit Agreement provides for a security interest in all of our personal property. The new Credit Agreement contains several financial covenants including, among other things, maintaining a minimum level of debt service. We are also subject to certain restrictive covenants, including, among other things, covenants governing liens, limitations on indebtedness, limitations on guarantees, sale of assets, sales of receivables, and loans and investments. We were in compliance with all covenants at June 30, 2014. | |||||||||
The Company has available lines of credit with foreign financial institutions. At June 30, 2014, the Company had available lines of credit with foreign financial institutions totaling $8,798. At June 30, 2013, the Company had available lines of credit with foreign financial institutions totaling $8,665. The Company has issued a cross corporate guarantee to the foreign banks. Short term loans under these agreements bear interest at a fixed rate of 5.0% at June 30, 2014, 5.0% at June 30, 2013 and 5.5% at June 30, 2012. The Company is not subject to any financial covenants under these arrangements. | |||||||||
Under the above financing arrangements, the Company had $102,146 in bank loans and $251 in letters of credit leaving an unused facility of $36,693 at June 30, 2014. At June 30, 2013 the Company had $28,500 in bank loans and $78 in letters of credit leaving an unused facility of $44,587. | |||||||||
Mortgage | |||||||||
On June 30, 2011, the Company entered into a mortgage payable for $3,947 on its new corporate headquarters, in Port Washington, New York. This mortgage payable is secured by the land and building and is being amortized over a period of 20 years. The mortgage payable, which was modified in October 2013, bears interest at 4.92% as of June 30, 2014 and matures on June 30, 2021. | |||||||||
Maturity of Long-term Debt | |||||||||
Long-term debt matures by fiscal year as follows: | |||||||||
2015 | $ | 8,343 | |||||||
2016 | 10,197 | ||||||||
2017 | 12,197 | ||||||||
2018 | 16,197 | ||||||||
2019 | 56,197 | ||||||||
Thereafter | 2,370 | ||||||||
$ | 105,501 | ||||||||
Stock_Based_Compensation_Plans
Stock Based Compensation Plans | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Stock Based Compensation Plans | ' | ||||||||||||
(10) Stock Based Compensation Plans | |||||||||||||
At the annual meeting of shareholders of the Company, held on December 6, 2012, the Company’s shareholders approved the amended and restated Aceto Corporation 2010 Equity Participation Plan (2010 Plan). Under the 2010 Plan, grants of stock options, restricted stock, restricted stock units, stock appreciation rights, and stock bonuses (collectively, “Stock Awards”) may be made to employees, non-employee directors and consultants of the Company, including the chief executive officer, chief financial officer and other named executive officers. The maximum number of shares of common stock of the Company that may be issued pursuant to Stock Awards granted under the 2010 Plan will not exceed, in the aggregate, 5,250 shares. In addition, restricted stock may be granted to an eligible participant in lieu of a portion of any annual cash bonus earned by such participant. Such award may include additional shares of restricted stock (premium shares) greater than the portion of bonus paid in restricted stock. The restricted stock award is vested at issuance and the restrictions lapse ratably over a period of years as determined by the Board of Directors, generally three years. The premium shares vest when all the restrictions lapse, provided that the participant remains employed by the Company at that time. | |||||||||||||
At the annual meeting of shareholders of the Company held December 6, 2007, the shareholders approved the Aceto Corporation 2007 Long-Term Performance Incentive Plan (2007 Plan). The Company has reserved 700 shares of common stock for issuance under the 2007 Plan to the Company’s employees and non-employee directors. There are five types of awards that may be granted under the 2007 Plan-options to purchase common stock, stock appreciation rights, restricted stock, restricted stock units and performance incentive units. | |||||||||||||
In fiscal year 2012, the Company granted 217 stock options to employees at an exercise price equal to the market value of the common stock on the date of grant, determined in accordance with the 2010 Plan. These options vest over three years and have a term of ten years from the date of grant. There were no stock options granted in fiscal year 2013 or 2014. | |||||||||||||
As of June 30, 2014, there were 2,398 and 14 shares of common stock available for grant under the 2010 and 2007 Plans, respectively. | |||||||||||||
In September 2002, the Company adopted the Aceto Corporation 2002 Stock Option Plan (2002 Plan), which was ratified by the Company’s shareholders in December 2002. The 2002 Plan expired in December 2012. Outstanding options survive the expiration of the 2012 Plan. | |||||||||||||
In December 1998, the Company adopted the Aceto Corporation 1998 Omnibus Equity Award Plan (1998 Plan). The 1998 Plan expired in December 2008. Outstanding options survive the expiration of the 1998 Plan. | |||||||||||||
Under the terms of the Company’s 1980 Stock Option Plan, as amended (1980 Plan), options may be issued to officers and key employees. The exercise price per share can be greater or less than the market value of the stock on the date of grant. The 1980 Plan expired in September 2005. Outstanding options survive the expiration of the 1980 Plan. | |||||||||||||
The following summarizes the shares of common stock under options for all plans at June 30, 2014, 2013 and 2012, and the activity with respect to options for the respective years then ended: | |||||||||||||
Shares subject to | Weighted average | Aggregate Intrinsic | |||||||||||
option | exercise price per | Value | |||||||||||
share | |||||||||||||
Balance at June 30, 2011 | 1,959 | $ | 8.46 | ||||||||||
Granted | 217 | 6.1 | |||||||||||
Exercised | (168 | ) | 4.33 | ||||||||||
Forfeited (including cancelled options) | (193 | ) | 9.68 | ||||||||||
Balance at June 30, 2012 | 1,815 | $ | 8.47 | ||||||||||
Granted | - | - | |||||||||||
Exercised | (740 | ) | 8.43 | ||||||||||
Forfeited (including cancelled options) | (115 | ) | 9.55 | ||||||||||
Balance at June 30, 2013 | 960 | $ | 8.36 | ||||||||||
Granted | - | - | |||||||||||
Exercised | (392 | ) | 9.34 | ||||||||||
Forfeited (including cancelled options) | (17 | ) | 6.58 | ||||||||||
Balance at June 30, 2014 | 551 | $ | 7.72 | $ | 5,741 | ||||||||
Options exercisable at June 30, 2014 | 490 | $ | 7.93 | $ | 5,002 | ||||||||
The total intrinsic value of stock options exercised during the years ended June 30, 2014, 2013 and 2012 was approximately $3,607, $2,047 and $690, respectively. At June 30, 2014, outstanding options had expiration dates ranging from September 2014 to December 2021. | |||||||||||||
Under the 2002 Plan and the 1998 Plan, compensation expense is recorded for the market value of the restricted stock awards in the year the related bonus is earned and over the vesting period for the market value at the date of grant of the premium shares granted. In fiscal 2014, 2013 and 2012, restricted stock awarded and premium shares vested of 7, 9 and 8 common shares, respectively, were issued under employee incentive plans, which increased stockholders’ equity by $93, $82 and $49, respectively. The related non-cash compensation expense related to the vesting of premium shares during the year was $20, $11 and $11 in fiscal 2014, 2013 and 2012, respectively. Additionally, non-cash compensation expense of $207, $324 and $333 was recorded in fiscal 2014, 2013 and 2012, respectively, relating to stock option grants, which is included in selling, general and administrative expenses. Included in the year ended June 30, 2012 stock-based compensation expense for stock options was approximately $11, related to the modification of certain stock options. As of June 30, 2014, the total unrecognized compensation cost related to option awards is $21. | |||||||||||||
The following summarizes the non-vested stock options at June 30, 2014 and the activity with respect to non-vested options for the year ended June 30, 2014: | |||||||||||||
Shares | Weighted average grant | ||||||||||||
subject to | date fair value | ||||||||||||
option | |||||||||||||
Non-vested at June 30, 2013 | 198 | $ | 2.32 | ||||||||||
Granted | - | - | |||||||||||
Vested | (130 | ) | 2.45 | ||||||||||
Forfeited | (7 | ) | 2.1 | ||||||||||
Non-vested at June 30, 2014 | 61 | $ | 2.06 | ||||||||||
There were no stock options granted during fiscal 2014 or 2013. The per-share weighted-average fair value of stock options granted during 2012 was $2.07 on the date of the grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||
2012 | |||||||||||||
Expected life | 5.7 years | ||||||||||||
Expected volatility | 48.1 | % | |||||||||||
Risk-free interest rate | 1.59 | % | |||||||||||
Dividend yield | 3.24 | % | |||||||||||
During the year ended June 30, 2014, the Company granted 214 shares of restricted common stock to its employees that vest over three years and 11 shares of restricted common stock to its non-employee directors, which vest over approximately one year as well as 32 restricted stock units that have varying vest dates from August 2014 through July 2015. In addition, the Company also issued a target grant of 131 performance-vested restricted stock units, which grant could be as much as 196 if certain performance criteria and market conditions are met. Performance-vested restricted stock units will cliff vest 100% at the end of the third year following grant in accordance with the performance metrics set forth in the applicable employee performance-vested restricted stock unit grant. | |||||||||||||
During the year ended June 30, 2013, the Company granted 120 shares of restricted common stock to its employees that vest over three years and 25 shares of restricted common stock to its non-employee directors, which vest over one year. In addition, the Company also issued a target grant of 84 performance-vested restricted stock units, which grant could be as much as 126 if certain performance criteria and market conditions are met. Performance-vested restricted stock units will cliff vest 100% at the end of the third year following grant in accordance with the performance metrics set forth in the applicable employee performance-vested restricted stock unit grant. | |||||||||||||
During the year ended June 30, 2012, the Company granted 103 shares of restricted common stock to its employees that vest over three years and 38 shares of restricted common stock to its non-employee directors, which vest over one year. In addition, the Company also issued a target grant of 49 performance-vested restricted stock units, which grant could be as much as 73 if certain performance criteria and market conditions are met. Performance-vested restricted stock units will cliff vest 100% at the end of the third year following grant in accordance with the performance metrics set forth in the applicable employee performance-vested restricted stock unit grant. | |||||||||||||
For the years ended June 30, 2014, 2013 and 2012, the Company recorded non-cash stock-based compensation expense of approximately $2,929, $1,453, and $824, respectively, which is included in selling, general and administrative expenses, for shares of restricted common stock and restricted stock units. | |||||||||||||
The remaining stock-based compensation expense for restricted stock awards and units is approximately $4,409 at June 30, 2014 and the related weighted average period over which it is expected that such unrecognized compensation cost will be recognized is approximately 1.5 years. | |||||||||||||
A summary of restricted stock awards including restricted stock units as of June 30, 2014, is presented below: | |||||||||||||
Weighted average grant date fair value | |||||||||||||
Shares | |||||||||||||
Non-vested at beginning of year | 411 | $ | 8.13 | ||||||||||
Granted | 388 | 15.38 | |||||||||||
Vested | (191 | ) | 8.34 | ||||||||||
Forfeited | (46 | ) | 10.43 | ||||||||||
Non-vested at June 30, 2014 | 562 | $ | 13 | ||||||||||
Interest_and_Other_Income
Interest and Other Income | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Interest and Other Income | ' | ||||||||||||
(11) Interest and Other Income | |||||||||||||
Interest and other income during fiscal 2014, 2013 and 2012 was comprised of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Dividends | $ | 257 | $ | 228 | $ | 139 | |||||||
Interest | 237 | 185 | 184 | ||||||||||
Foreign government subsidies received | 38 | 17 | 41 | ||||||||||
Joint venture equity earnings | 2,024 | 1,790 | 1,598 | ||||||||||
Foreign currency losses | (102 | ) | (105 | ) | (74 | ) | |||||||
Rental income | 144 | 82 | - | ||||||||||
Miscellaneous income | (96 | ) | 59 | 113 | |||||||||
$ | 2,502 | $ | 2,256 | $ | 2,001 | ||||||||
The Company’s joint venture earnings represent the Company’s investment in a corporate joint venture established for the purpose of selling a particular agricultural protection product. The Company’s initial investment was $6 in fiscal 2009, representing a 30% ownership and accounts for this joint venture using the equity method of accounting. | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
(12) Income Taxes | |||||||||||||
The components of income before the provision for income taxes are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic operations | $ | 30,884 | $ | 21,181 | $ | 16,418 | |||||||
Foreign operations | 13,790 | 13,369 | 8,322 | ||||||||||
$ | 44,674 | $ | 34,550 | $ | 24,740 | ||||||||
The components of the provision for income taxes are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal: | |||||||||||||
Current | $ | 12,720 | $ | 9,428 | $ | 6,533 | |||||||
Deferred | (2,728 | ) | (2,011 | ) | (1,476 | ) | |||||||
State and local: | |||||||||||||
Current | 1,547 | 1,568 | 716 | ||||||||||
Deferred | (113 | ) | (628 | ) | (277 | ) | |||||||
Foreign: | |||||||||||||
Current | 4,490 | 3,875 | 2,287 | ||||||||||
Deferred | (242 | ) | (10 | ) | (24 | ) | |||||||
$ | 15,674 | $ | 12,222 | $ | 7,759 | ||||||||
Income taxes payable, which is included in accrued expenses, was $6,403 and $3,956 at June 30, 2014 and 2013, respectively. | |||||||||||||
The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at June 30, 2014 and 2013 are presented below: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued environmental remediation liabilities not currently deductible | $ | - | $ | 102 | |||||||||
Accrued deferred compensation | 2,970 | 2,791 | |||||||||||
Accrual for sales deductions not currently deductible | 5,901 | 2,989 | |||||||||||
Additional inventoried costs for tax purposes | 236 | 206 | |||||||||||
Allowance for doubtful accounts receivable | 87 | 139 | |||||||||||
Depreciation and amortization | 6,074 | 2,690 | |||||||||||
Accrual for payments to former senior management and other personnel related costs | 126 | 57 | |||||||||||
Contingent consideration | 1,313 | 1,949 | |||||||||||
Foreign deferred tax assets | 477 | 246 | |||||||||||
Domestic net operating loss carryforwards | 158 | 200 | |||||||||||
Foreign net operating loss carryforwards | 857 | 758 | |||||||||||
Total gross deferred tax assets | 18,199 | 12,127 | |||||||||||
Valuation allowances | (1,015 | ) | (958 | ) | |||||||||
17,184 | 11,169 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Foreign deferred tax liabilities | (6 | ) | (6 | ) | |||||||||
Goodwill | (4,627 | ) | (2,306 | ) | |||||||||
Accrued environmental remediation liabilities not currently deductible | (216 | ) | - | ||||||||||
Other | (246 | ) | (107 | ) | |||||||||
Total gross deferred tax liabilities | (5,095 | ) | (2,419 | ) | |||||||||
Net deferred tax assets | $ | 12,089 | $ | 8,750 | |||||||||
The following table shows the current and non current deferred tax assets (liabilities) at June 30, 2014 and 2013: | |||||||||||||
2014 | 2013 | ||||||||||||
Current deferred tax assets, net | $ | 490 | $ | 701 | |||||||||
Non-current deferred tax assets, net | 11,605 | 8,055 | |||||||||||
Current deferred tax liabilities | - | - | |||||||||||
Non current deferred tax liabilities | (6 | ) | (6 | ) | |||||||||
Net deferred tax assets | $ | 12,089 | $ | 8,750 | |||||||||
The net change in the total valuation allowance for the year ended June 30, 2014 was an increase of $57. The net change in the total valuation allowance for the year ended June 30, 2013 was an increase of $12. A valuation allowance is provided when it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. The Company has established valuation allowances primarily for net operating loss carryforwards in certain foreign countries. 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 are not expected to be realized. The assessment of the amount of value assigned to the Company’s deferred tax assets under the applicable accounting rules is judgmental. Management is required to consider all available positive and negative evidence in evaluating the likelihood that the Company will be able to realize the benefit of its deferred tax assets in the future. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which net operating loss carryforwards are utilizable and temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, taxable income in carryback years if carryback is permitted and tax planning strategies in making this assessment. In order to fully realize the net deferred tax assets recognized at June 30, 2014, the Company will need to generate future taxable income of approximately $30,700. | |||||||||||||
Based upon the level of historical taxable income and projections for taxable income over the periods which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences. There can be no assurance, however, that the Company will generate any earnings or any specific level of continuing earnings in the future. The amount of the deferred tax asset considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward period are reduced. | |||||||||||||
Deferred taxes have not been provided for undistributed earnings of foreign subsidiaries amounting to approximately $95,255 at June 30, 2014 since substantially all of these earnings are expected to be indefinitely reinvested in foreign operations. A deferred tax liability will be recognized when the Company expects that it will recover these undistributed earnings in a taxable manner, such as through the receipt of dividends or sale of the investments The Company intends to indefinitely reinvest the remaining undistributed earnings and has no plan for further repatriation. Determination of the amount of unrecognized deferred U.S. income tax liabilities, net of unrecognized foreign tax credits, is not practical to calculate because of the complexity of this hypothetical calculation resulting in various methods available, each with different U.S. tax consequences. | |||||||||||||
A reconciliation of the statutory federal income tax rate and the effective tax rate for continuing operations for the fiscal years ended June 30, 2014, 2013 and 2012 follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local taxes, net of federal income tax benefit | 2.5 | 3 | 3 | ||||||||||
Decrease (increase) in valuation allowance | (0.1 | ) | - | 0.2 | |||||||||
Foreign tax rate differential | (1.1 | ) | (2.1 | ) | (3.0 | ) | |||||||
Impact of repatriation of non-US earnings | - | - | (2.1 | ) | |||||||||
Other | (1.2 | ) | (0.5 | ) | (1.7 | ) | |||||||
Effective tax rate | 35.1 | % | 35.4 | % | 31.4 | % | |||||||
We operate in various tax jurisdictions, and although we believe that we have provided for income and other taxes in accordance with the relevant regulations, if the applicable regulations were ultimately interpreted differently by a taxing authority, we may be exposed to additional tax liabilities. | |||||||||||||
There are no material unrecognized tax benefits included in the consolidated balance sheet that would, if recognized, have a material effect on the Company’s effective tax rate. The Company is continuing its practice of recognizing interest and penalties related to income tax matters in income tax expense. The Company did not recognize interest and penalties during the years ended June 30, 2014 and June 30, 2013. The Company files U.S. federal, U.S. state, and foreign tax returns, and is generally no longer subject to tax examinations for fiscal years prior to 2010 (in the case of certain foreign tax returns, fiscal year 2009). |
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Supplemental Cash Flow Information | ' | ||||||||||||
(13) Supplemental Cash Flow Information | |||||||||||||
Cash paid for interest and income taxes during fiscal 2014, 2013 and 2012 was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest | $ | 2,100 | $ | 2,122 | $ | 2,628 | |||||||
Income taxes, net of refunds | $ | 14,645 | $ | 11,054 | $ | 9,402 | |||||||
In connection with the acquisition of PACK, the Company issued shares of Aceto common stock with a fair market value of $5,685 which is a non-cash item and is excluded from the Consolidated Statement of Cash Flows during the year ended June 30, 2014. The Company had non-cash items excluded from the Consolidated Statements of Cash Flows during the year ended June 30, 2014 of $1,790 related to capitalized environmental remediation costs and property held for sale. | |||||||||||||
Retirement_Plans
Retirement Plans | 12 Months Ended |
Jun. 30, 2014 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Retirement Plans | ' |
(14) Retirement Plans | |
Defined Contribution Plans | |
The Company has defined contribution retirement plans in which certain employees are eligible to participate, including deferred compensation plans (see below). The Company’s annual contribution per employee, which is at management’s discretion, is based on a percentage of the employee’s compensation. The Company’s provision for these defined contribution plans amounted to $1,474, $1,725 and $1,698 in fiscal 2014, 2013 and 2012, respectively. | |
Defined Benefit Plans | |
The Company sponsors certain defined benefit pension plans covering certain employees of its German subsidiaries who meet the plan’s eligibility requirements. The accrued pension liability as of June 30, 2014 was $700. The accrued pension liability as of June 30, 2013 was $1,232. Net periodic pension costs, which consists principally of interest cost and service cost was $80 in fiscal 2014, $73 in fiscal 2013 and $51 in fiscal 2012. The Company’s plans are funded in conformity with the funding requirements of the applicable government regulations. An assumed weighted average discount rate of 3.0%, 3.4% and 4.1% and a compensation increase rate of 0.0%, 1.7% and 1.5% were used in determining the actuarial present value of benefit obligations as of June 30, 2014, 2013 and 2012, respectively. | |
Deferred Compensation Plans | |
To comply with the requirements of the American Jobs Creation Act of 2004, as of December 2004, the Company froze its non-qualified Supplemental Executive Retirement Plan (the Frozen Plan) and has not allowed any further deferrals or contributions to the Frozen Plan after December 31, 2004. All of the earned benefits of the participants in the Frozen Plan as of December 31, 2004, will be preserved under the existing plan provisions. | |
On March 14, 2005, the Company’s Board of Directors adopted the Aceto Corporation Supplemental Executive Deferred Compensation Plan (the Plan). The Plan is a non-qualified deferred compensation plan intended to provide certain qualified executives with supplemental benefits beyond the Company’s 401(k) plan, as well as to permit additional deferrals of a portion of their compensation. The Plan is intended to comply with the provisions of section 409A of the Internal Revenue Code of 1986, as amended, and is designed to provide comparable benefits to those under the Frozen Plan. Substantially all compensation deferred under the Plan, as well as Company contributions, is held by the Company in a grantor trust, which is considered an asset of the Company. The assets held by the grantor trust are in life insurance policies. Effective July 1, 2013, the Plan was frozen and a new plan, entitled “Aceto Corporation 2013 Senior Executive Retirement Plan” was adopted by the Company’s Board of Directors. | |
As of June 30, 2014, the Company recorded a liability under the Plans of $3,068 (of which $2,816 is included in long-term liabilities and $252 is included in accrued expenses) and an asset (included in other assets) of $2,703, primarily representing the cash surrender value of policies owned by the Company. As of June 30, 2013, the Company recorded a liability under the Plans of $3,410 (of which $2,654 is included in long-term liabilities and $756 is included in accrued expenses) and an asset (included in other assets) of $2,880, primarily representing the cash surrender value of policies owned by the Company. | |
Financial_Instruments
Financial Instruments | 12 Months Ended |
Jun. 30, 2014 | |
Investments All Other Investments [Abstract] | ' |
Financial Instruments | ' |
(15) Financial Instruments | |
Derivative Financial Instruments | |
The Company is exposed to credit losses in the event of non-performance by the financial institutions, who are the counterparties, on its future foreign currency contracts. The Company anticipates, however, that the financial institutions will be able to fully satisfy their obligations under the contracts. The Company does not obtain collateral to support financial instruments, but monitors the credit standing of the financial institutions. | |
Off-Balance Sheet Risk | |
Commercial letters of credit are issued by the Company during the ordinary course of business through major banks as requested by certain suppliers. The Company had open letters of credit of approximately $251 and $78 as of June 30, 2014 and 2013, respectively. The terms of these letters of credit are all less than one year. No material loss is anticipated due to non-performance by the counterparties to these agreements. | |
Fair Value of Financial Instruments | |
The carrying values of all financial instruments classified as a current asset or current liability are deemed to approximate fair value because of the short maturity of these instruments. The fair value of the Company’s notes receivable and accrued expenses was based upon current rates offered for similar financial instruments to the Company. The Company believes that borrowings outstanding under its long-term bank loans and mortgage approximate fair value because such borrowings bear interest at current variable market rates. | |
Business and Credit Concentration | |
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of trade receivables. The Company’s customers are dispersed across many industries and are located throughout the United States as well as in Canada, France, Germany, Malaysia, the Netherlands, Switzerland, the United Kingdom, and other countries. The Company estimates an allowance for doubtful accounts based upon the creditworthiness of its customers as well as general economic conditions. Consequently, an adverse change in those factors could affect the Company’s estimate of this allowance. At June 30, 2014, two customers approximated 16% and 13%, respectively, of net trade accounts receivable. At June 30, 2013, one customer approximated 10% of net trade accounts receivable. | |
No single product or customer accounted for as much as 10% of net sales in fiscal 2014, 2013 or 2012. | |
During the fiscal years ended June 30, 2014, 2013 and 2012, approximately 64%, 68% and 69%, respectively, of the Company’s purchases came from Asia and approximately 14%, 13% and 13%, respectively, came from Europe. | |
The Company maintains operations located outside of the United States. Net assets located in Europe and Asia approximated $69,129 and $45,668, respectively at June 30, 2014. Net assets located in Europe and Asia approximated $57,883 and $44,072, respectively at June 30, 2013. | |
Commitments_Contingencies_and_
Commitments, Contingencies and Other Matters | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments, Contingencies and Other Matters | ' | ||||
(16) Commitments, Contingencies and Other Matters | |||||
As of June 30, 2014, the Company has outstanding purchase obligations totaling $50,806 with suppliers to the Company’s domestic and foreign operations to acquire certain products for resale to third party customers. | |||||
The Company and its subsidiaries are subject to various claims which have arisen in the normal course of business. The Company provides for costs related to contingencies when a loss from such claims is probable and the amount is reasonably determinable. In determining whether it is possible to provide an estimate of loss, or range of possible loss, the Company reviews and evaluates its litigation and regulatory matters on a quarterly basis in light of potentially relevant factual and legal developments. If the Company determines an unfavorable outcome is not probable or reasonably estimable, the Company does not accrue for a potential litigation loss. While the Company has determined that there is a reasonable possibility that a loss has been incurred, no amounts have been recognized in the financial statements, other than what has been discussed below, because the amount of the liability cannot be reasonably estimated at this time. | |||||
On October 29, 2012, a lawsuit was filed in the United Kingdom (in the High Court of Justice, Queens Bench Division, Commercial Court) by United Phosphorous Limited (“UPL”) against Aceto Agricultural Chemicals Corporation (“AACC”), a wholly-owned subsidiary of the Company. In the lawsuit, UPL alleges, among other things, that AACC breached a 1995 agreement regarding European sales of a potato sprout suppression product, by selling the product in Europe. UPL claims damages of approximately £4,500 (approximately US $7,200) plus an unspecified amount of additional damages. AACC strongly denies the allegations, believes that UPL’s claims are without merit and intends to vigorously defend the lawsuit. | |||||
In fiscal years 2011, 2009, 2008 and 2007, the Company received letters from the Pulvair Site Group, a group of potentially responsible parties (PRP Group) who are working with the State of Tennessee (the State) to remediate a contaminated property in Tennessee called the Pulvair site. The PRP Group has alleged that Aceto shipped hazardous substances to the site which were released into the environment. The State had begun administrative proceedings against the members of the PRP Group and Aceto with respect to the cleanup of the Pulvair site and the PRP Group has begun to undertake cleanup. The PRP Group is seeking a settlement of approximately $1,700 from the Company for its share to remediate the site contamination. Although the Company acknowledges that it shipped materials to the site for formulation over twenty years ago, the Company believes that the evidence does not show that the hazardous materials sent by Aceto to the site have significantly contributed to the contamination of the environment and thus believes that, at most, it is a de minimus contributor to the site contamination. Accordingly, the Company believes that the settlement offer is unreasonable. Management believes that the ultimate outcome of this matter will not have a material adverse effect on the Company’s financial condition or liquidity. | |||||
The Company has environmental remediation obligations in connection with Arsynco, Inc. (Arsynco), a subsidiary formerly involved in manufacturing chemicals located in Carlstadt, New Jersey, which was closed in 1993 and is currently held for sale. Based on continued monitoring of the contamination at the site and the approved plan of remediation, the Company received an estimate from an environmental consultant stating that the costs of remediation could be between $12,200 and $14,000. Remediation commenced in fiscal 2010, and as of June 30, 2014 and June 30, 2013, a liability of $8,907 and $7,166 respectively, is included in the accompanying consolidated balance sheets for this matter. In accordance with GAAP, management believes that the majority of costs incurred to remediate the site will be capitalized in preparing the property which is currently classified as held for sale. An appraisal of the fair value of the property by a third-party appraiser supports the assumption that the expected fair value after the remediation is in excess of the amount required to be capitalized. However, these matters, if resolved in a manner different from those assumed in current estimates, could have a material adverse effect on the Company’s financial condition, operating results and cash flows when resolved in a future reporting period. | |||||
In connection with the environmental remediation obligation for Arsynco, in July 2009, the Company entered into a settlement agreement with BASF Corporation (BASF), the former owners of the Arsynco property. In accordance with the settlement agreement, BASF paid for a portion of the prior remediation costs and going forward, will co-remediate the property with the Company. The contract states that BASF pay $550 related to past response costs and pay a proportionate share of the future remediation costs. Accordingly, the Company had recorded a gain of $550 in fiscal 2009. This $550 gain relates to the partial reimbursement of costs of approximately $1,200 that the Company had previously expensed. The Company also recorded an additional receivable from BASF, with an offset against property held for sale, representing its estimated portion of the future remediation costs. The balance of this receivable for future remediation costs as of June 30, 2014 and June 30, 2013 is $4,008 and $3,225, respectively, which is included in the accompanying consolidated balance sheets. | |||||
In March 2006, Arsynco received notice from the EPA of its status as a PRP under the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA) for a site described as the Berry’s Creek Study Area (“BCSA”). Arsynco is one of over 150 PRPs which have potential liability for the required investigation and remediation of the site. The estimate of the potential liability is not quantifiable for a number of reasons, including the difficulty in determining the extent of contamination and the length of time remediation may require. In addition, any estimate of liability must also consider the number of other PRPs and their financial strength. In July 2014, Arsynco received notice from the U.S. Department of Interior (“USDOI”) regarding the USDOI’s intent to perform a Natural Resource Damage (NRD) Assessment at the BCSA. Arsynco has to date declined to participate in the development and performance of the NRD assessment process. Based on prior practice in similar situations, it is possible that the State may assert a claim for natural resource damages with respect to the Arsynco site itself, and either the federal government or the State (or both) may assert claims against Arsynco for natural resource damages in connection with Berry’s Creek; any such claim with respect to Berry’s Creek could also be asserted against the approximately 150 PRPs which the EPA has identified in connection with that site. Any claim for natural resource damages with respect to the Arsynco site itself may also be asserted against BASF, the former owners of the Arsynco property. In September 2012, Arsynco entered into an agreement with three of the other PRPs that had previously been impleaded into New Jersey Department of Environmental Protection, et al. v. Occidental Chemical Corporation, et al., Docket No. ESX-L-9868-05 (the “NJDEP Litigation”) and were considering impleading Arsynco into same. Arsynco entered into agreement to avoid impleader. Pursuant to agreement, Arsynco agreed to (1) a tolling period that would not be included when computing the running of any statute of limitations that might provide a defense to the NJDEP Litigation; (2) the waiver of certain issue preclusion defenses in the NJDEP Litigation; and (3) arbitration of certain potential future liability allocation claims if the other parties to the agreement are barred by a court of competent jurisdiction from proceeding against Arsynco. Since an amount of the liability cannot be reasonably estimated at this time, no accrual is recorded for these potential future costs. The impact of the resolution of this matter on the Company’s results of operations in a particular reporting period is not known. | |||||
A subsidiary of the Company markets certain agricultural protection products which are subject to the Federal Insecticide, Fungicide and Rodenticide Act (FIFRA). FIFRA requires that test data be provided to the EPA to register, obtain and maintain approved labels for pesticide products. The EPA requires that follow-on registrants of these products compensate the initial registrant for the cost of producing the necessary test data on a basis prescribed in the FIFRA regulations. Follow-on registrants do not themselves generate or contract for the data. However, when FIFRA requirements mandate that new test data be generated to enable all registrants to continue marketing a pesticide product, often both the initial and follow-on registrants establish a task force to jointly undertake the testing effort. The Company is presently a member of several such task force groups, which requires payments for such memberships. In addition, in connection with our agricultural protection business, the Company plans to acquire product registrations and related data filed with the United States Environmental Protection Agency to support such registrations and other supporting data for several products. The acquisition of these product registrations and related data filed with the United States Environmental Protection Agency as well as payments to various task force groups could approximate $3,900 through fiscal 2015, of which $0 has been accrued as of June 30, 2014 and June 30, 2013, respectively. | |||||
The Company leases office facilities in the United States, the Netherlands, Germany, France and Singapore expiring at various dates between October 2014 and June 2021. | |||||
At June 30, 2014, the future minimum lease payments for office facilities and equipment for each of the five succeeding years and in the aggregate are as follows: | |||||
Fiscal year | Amount | ||||
2015 | $ | 1,813 | |||
2016 | 1,226 | ||||
2017 | 1,039 | ||||
2018 | 477 | ||||
2019 | 230 | ||||
Thereafter | 460 | ||||
$ | 5,245 | ||||
Total rental expense amounted to $1,576, $1,269 and $1,090 for fiscal 2014, 2013 and 2012, respectively. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
(17) Related Party Transactions | |
The Company has purchased inventory and incurred product development costs from a company that is partially owned by two former executive officers. In addition, Aceto purchases product development costs from an affiliate of this company that is partially owned by the two former executive officers. Payments to these two related companies approximated $6,252, $3,839 and $3,082 in fiscals 2014, 2013 and 2012, respectively. | |
During fiscal 2014, 2013 and 2012, the Company purchased inventory from its joint venture in the amount of $2,808, $2,635 and $2,554, respectively. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Other Recent Accounting Pronouncements | ' |
(18) Other Recent Accounting Pronouncements | |
In July 2012, the FASB issued ASU 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment (the revised standard)” , which allows companies the option to perform a qualitative assessment to determine whether further impairment testing of indefinite-lived intangible assets is necessary. Under this guidance, an entity is required to perform a quantitative impairment test if qualitative factors indicate that it is more likely than not that indefinite-lived intangible assets are impaired. The qualitative factors are consistent with the guidance established for goodwill impairment testing and include identifying and assessing events and circumstances that would most significantly impact, individually or in the aggregate, the carrying value of the indefinite-lived intangible assets. The adoption of ASU 2012-02 did not have a material impact on the Company’s consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which is the new comprehensive revenue recognition standard that will supersede all existing revenue recognition guidance under U.S. GAAP. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to a customer in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for annual and interim periods beginning on or after December 15, 2016, and early adoption is not permitted. Entities will have the option of using either a full retrospective approach or a modified approach to adopt the guidance. The Company is currently evaluating the impact of adopting this guidance. | |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Information | ' | ||||||||||||||||||||||||
(19) Segment Information | |||||||||||||||||||||||||
The Company’s business is organized along product lines into three principal segments: Human Health, Pharmaceutical Ingredients and Performance Chemicals. In fiscal 2012, the Company reconfigured and renamed its three business segments to more accurately reflect the scope of its business activities. | |||||||||||||||||||||||||
Human Health - includes finished dosage form generic drugs and nutraceutical products. | |||||||||||||||||||||||||
Pharmaceutical Ingredients – includes pharmaceutical intermediates and active pharmaceutical ingredients (APIs). | |||||||||||||||||||||||||
Performance Chemicals - The Performance Chemicals segment is made up of two product groups: Specialty Chemicals and Agriculture Protection Products. Specialty chemicals includes a variety of chemicals which make plastics, surface coatings, textiles, fuels and lubricants perform to their designed capabilities. Dye and pigment intermediates are used in the color-producing industries such as textiles, inks, paper, and coatings. Organic intermediates are used in the production of agrochemicals. In addition, Aceto is a supplier of diazos and couplers to the paper, film and electronics industries. | |||||||||||||||||||||||||
Agricultural Protection Products includes herbicides, fungicides and insecticides that control weed growth as well as control the spread of insects and other microorganisms that can severely damage plant growth. The Agricultural Protection Products segment also includes a sprout inhibitor for potatoes and an herbicide for sugar cane. | |||||||||||||||||||||||||
The Company’s chief operating decision maker evaluates performance of the segments based on net sales, gross profit and income before income taxes. Unallocated corporate amounts are deemed by the Company as administrative, oversight costs, not managed by the segment managers. The Company does not allocate assets by segment because the chief operating decision maker does not review the assets by segment to assess the segments’ performance, as the assets are managed on an entity-wide basis. During all periods presented, our chief operating decision maker has been the Chief Executive Officer of the Company. In accordance with GAAP, the Company has aggregated certain operating segments into reportable segments because they have similar economic characteristics, and the operating segments are similar in all of the following areas: (a) the nature of the products and services; (b) the nature of the production processes; (c) the type or class of customer for their products and services; (d) the methods used to distribute their products or provide their services; and (e) the nature of the regulatory. | |||||||||||||||||||||||||
Human | Pharmaceutical Ingredients | Performance Chemicals | Unallocated Corporate | Consolidated | |||||||||||||||||||||
Health | Totals | ||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Net sales | $ | 160,217 | $ | 176,425 | $ | 173,537 | $ | - | $ | 510,179 | |||||||||||||||
Gross profit | 48,496 | 36,615 | 29,592 | - | 114,703 | ||||||||||||||||||||
Income before income taxes | 19,710 | 17,557 | 13,273 | (5,866 | ) | 44,674 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Net sales | $ | 129,667 | $ | 184,852 | $ | 185,171 | $ | - | $ | 499,690 | |||||||||||||||
Gross profit | 39,306 | 31,367 | 27,598 | - | 98,271 | ||||||||||||||||||||
Income before income taxes | 17,276 | 13,294 | 10,400 | (6,420 | ) | 34,550 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Net sales | $ | 105,249 | $ | 162,998 | $ | 176,141 | $ | - | $ | 444,388 | |||||||||||||||
Gross profit | 29,932 | 25,472 | 26,628 | - | 82,032 | ||||||||||||||||||||
Income before income taxes | 11,683 | 8,066 | 10,570 | (5,579 | ) | 24,740 | |||||||||||||||||||
Net sales and gross profit by source country for the years ended June 30, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Net Sales | Gross Profit | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
United States | $ | 355,715 | $ | 326,247 | $ | 289,630 | $ | 82,573 | $ | 68,964 | $ | 58,733 | |||||||||||||
Germany | 84,024 | 92,053 | 82,600 | 22,614 | 19,688 | 14,303 | |||||||||||||||||||
Netherlands | 14,869 | 14,513 | 13,738 | 1,581 | 1,693 | 1,706 | |||||||||||||||||||
France | 29,412 | 38,475 | 33,143 | 4,182 | 4,608 | 3,885 | |||||||||||||||||||
Asia-Pacific | 26,159 | 28,402 | 25,277 | 3,753 | 3,318 | 3,405 | |||||||||||||||||||
Total | $ | 510,179 | $ | 499,690 | $ | 444,388 | $ | 114,703 | $ | 98,271 | $ | 82,032 | |||||||||||||
Sales generated from the United States to foreign countries amounted to $31,156, $36,976 and $37,892 for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
Long-lived assets by geographic region as of June 30, 2014 and June 30, 2013 were as follows: | |||||||||||||||||||||||||
Long-lived assets | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
United States | $ | 160,544 | $ | 80,870 | |||||||||||||||||||||
Europe | 3,458 | 2,684 | |||||||||||||||||||||||
Asia-Pacific | 2,042 | 2,213 | |||||||||||||||||||||||
Total | $ | 166,044 | $ | 85,767 |
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Unaudited Quarterly Financial Data | ' | ||||||||||||||||
(20) Unaudited Quarterly Financial Data | |||||||||||||||||
The following is a summary of the unaudited quarterly results of operations for the years ended June 30, 2014 and 2013. | |||||||||||||||||
For the quarter ended | |||||||||||||||||
30-Sep-13 | 31-Dec-13 | March 31, | June 30, | ||||||||||||||
Fiscal year ended June 30, 2014 | 2014 | 2014 | |||||||||||||||
Net sales | $ | 129,261 | $ | 116,508 | $ | 124,830 | $ | 139,580 | |||||||||
Gross profit | 33,734 | 26,984 | 24,963 | 29,022 | |||||||||||||
Net income | 11,335 | 6,755 | 5,356 | 5,554 | |||||||||||||
Net income per diluted share | $ | 0.4 | $ | 0.24 | $ | 0.19 | $ | 0.19 | |||||||||
For the quarter ended | |||||||||||||||||
30-Sep-12 | 31-Dec-12 | March 31, | June 30, | ||||||||||||||
Fiscal year ended June 30, 2013 | 2013 | 2013 | |||||||||||||||
Net sales | $ | 111,748 | $ | 113,956 | $ | 150,871 | $ | 123,115 | |||||||||
Gross profit | 21,505 | 20,708 | 31,527 | 24,531 | |||||||||||||
Net income | 4,820 | 4,513 | 7,593 | 5,402 | |||||||||||||
Net income per diluted share | $ | 0.18 | $ | 0.17 | $ | 0.28 | $ | 0.19 | |||||||||
The net income per common share calculation for each of the quarters is based on the weighted average number of shares outstanding in each period. Therefore, the sum of the quarters in a year does not necessarily equal the year’s net income per common share. | |||||||||||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||||||
For the years ended June 30, 2014, 2013 and 2012 | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Balance at beginning of | Charged to | Charged to | Deductions | Balance at | |||||||||||||||||
year | costs and | other | end of year | ||||||||||||||||||
Description | expenses | accounts | |||||||||||||||||||
Year ended June 30, 2014 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,294 | $ | 8 | - | $ | 785 | (a) | $ | 517 | |||||||||||
Year ended June 30, 2013 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 887 | $ | 409 | - | $ | 2 | (a) | $ | 1,294 | |||||||||||
Year ended June 30, 2012 | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 682 | $ | 211 | - | $ | 6 | (a) | $ | 887 | |||||||||||
(a) Specific accounts written off as uncollectible. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiaries. All significant inter-company balances and transactions are eliminated in consolidation. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses reported in those financial statements and the disclosure of contingent assets and liabilities at the date of the financial statements. These judgments can be subjective and complex, and consequently actual results could differ from those estimates and assumptions. The Company’s most critical accounting policies relate to revenue recognition; allowance for doubtful accounts; inventory; goodwill and other indefinite-life intangible assets; long-lived assets; environmental matters and other contingencies; income taxes; and stock-based compensation. | |||||||||||||
Cash Equivalents | ' | ||||||||||||
Cash Equivalents | |||||||||||||
The Company considers all highly liquid debt instruments with original maturities at the time of purchase of three months or less to be cash equivalents. Included in cash equivalents as of June 30, 2014 and June 30, 2013 is $383 and $115, respectively, of restricted cash. | |||||||||||||
Investments | ' | ||||||||||||
Investments | |||||||||||||
The Company classifies investments in marketable securities as trading, available-for-sale or held-to-maturity at the time of purchase and periodically re-evaluates such classifications. Trading securities are carried at fair value, with unrealized holding gains and losses included in earnings. Held-to-maturity securities are recorded at cost and are adjusted for the amortization or accretion of premiums or discounts over the life of the related security. Unrealized holding gains and losses on available-for-sale securities are excluded from earnings and are reported as a separate component of accumulated other comprehensive income (loss) until realized. In determining realized gains and losses, the cost of securities sold is based on the specific identification method. Interest and dividends on the investments are accrued at the balance sheet date. | |||||||||||||
Inventories | ' | ||||||||||||
Inventory | |||||||||||||
Inventory, which consists principally of finished goods, are stated at the lower of cost (first-in first-out method) or market. The Company writes down its inventory for estimated excess and obsolete goods by an amount equal to the difference between the carrying cost of the inventory and the estimated market value based upon assumptions about future demand and market conditions. | |||||||||||||
Environmental and Other Contingencies | ' | ||||||||||||
Environmental and Other Contingencies | |||||||||||||
The Company establishes accrued liabilities for environmental matters and other contingencies when it is probable that a liability has been incurred and the amount of the liability is reasonably estimable. If the contingency is resolved for an amount greater or less than the accrual, or the Company’s share of the contingency increases or decreases, or other assumptions relevant to the development of the estimate were to change, the Company would recognize an additional expense or benefit in the consolidated statements of income in the period such determination was made. | |||||||||||||
Pension Benefits | ' | ||||||||||||
Pension Benefits | |||||||||||||
In connection with certain historical acquisitions in Germany, the Company assumed defined benefit pension plans covering certain employees who meet certain eligibility requirements. The net pension benefit obligations recorded and the related periodic costs are based on, among other things, assumptions of the discount rate, estimated return on plan assets, salary increases and the mortality of participants. The obligation for these claims and the related periodic costs are measured using actuarial techniques and assumptions. Actuarial gains and losses are deferred and amortized over future periods. The Company’s plans are funded in conformity with the funding requirements of applicable government regulations. | |||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||
The components of accumulated other comprehensive income as of June 30, 2014 and 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Cumulative foreign currency translation adjustments | $ | 5,866 | $ | 3,257 | |||||||||
Fair value of interest rate swaps | (437 | ) | (258 | ) | |||||||||
Defined benefit plans, net of tax | (57 | ) | (97 | ) | |||||||||
Total | $ | 5,372 | $ | 2,902 | |||||||||
The foreign currency translation adjustments for the year ended June 30, 2014 primarily relates to the fluctuation of the conversion rate of the Euro. The currency translation adjustments are not adjusted for income taxes as they relate to indefinite investments in non-US subsidiaries. | |||||||||||||
Common Stock | ' | ||||||||||||
Common Stock | |||||||||||||
On May 8, 2014, the Board of Directors of the Company authorized the continuation of the Company’s stock repurchase program, expiring in May 2017. Under the stock repurchase program, the Company is authorized to purchase up to 5,000 shares of common stock in open market or private transactions, at prices not to exceed the market value of the common stock at the time of such purchase. | |||||||||||||
On September 4, 2014, the Company’s board of directors declared a regular quarterly dividend of $0.06 per share to be distributed on September 29, 2014 to shareholders of record as of September 15, 2014. | |||||||||||||
Stock Options | ' | ||||||||||||
Stock Options | |||||||||||||
GAAP requires that all stock-based compensation be recognized as an expense in the financial statements and that such costs be measured at the fair value of the award. GAAP also requires that excess tax benefits related to stock option exercises be reflected as financing cash inflows. | |||||||||||||
In order to determine the fair value of stock options on the date of grant, the Company uses the Black-Scholes option-pricing model, including an estimate of forfeiture rates. Inherent in this model are assumptions related to expected stock-price volatility, risk-free interest rate, expected life and dividend yield. The Company uses an expected stock-price volatility assumption that is a combination of both historical volatility, calculated based on the daily closing prices of its common stock over a period equal to the expected life of the option and implied volatility, utilizing market data of actively traded options on Aceto’s common stock, which are obtained from public data sources. The Company believes that the historical volatility of the price of its common stock over the expected life of the option is a reasonable indicator of the expected future volatility and that implied volatility takes into consideration market expectations of how future volatility might differ from historical volatility. Accordingly, the Company believes a combination of both historical and implied volatility provides the best estimate of the future volatility of the market price of its common stock. The risk-free interest rate is based on U.S. Treasury issues with a term equal to the expected life of the option. The Company uses historical data to estimate expected dividend yield, expected life and forfeiture rates. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
The Company recognizes revenue from product sales at the time of shipment and passage of title and risk of loss to the customer. The Company has no acceptance or other post-shipment obligations and does not offer product warranties or services to its customers. | |||||||||||||
Sales are recorded net of estimated returns of damaged goods from customers, which historically have been immaterial, and sales incentives offered to customers. Sales incentives include volume incentive rebates. The Company records volume incentive rebates based on the underlying revenue transactions that result in progress by the customer in earning the rebate. In addition, upon each sale, estimates of rebates, chargebacks, returns, government reimbursed rebates, and other adjustments are made. These estimates are recorded as reductions to gross revenues, with corresponding adjustments to either liabilities or reserve for price concessions. Management has the experience and access to relevant information that they believe are necessary to reasonably estimate the amounts of such deductions from gross revenues. The Company regularly reviews the information related to these estimates and adjust its reserves accordingly, if and when actual experience differs from previous estimates. | |||||||||||||
Shipping and Handling Fees and Costs | ' | ||||||||||||
Shipping and Handling Fees and Costs | |||||||||||||
All amounts billed to a customer in a sales transaction related to shipping and handling represent revenues earned and are included in net sales. The costs incurred by the Company for shipping and handling are reported as a component of cost of sales. Cost of sales also includes inbound freight, receiving, inspection, warehousing, distribution network, and customs and duty costs. | |||||||||||||
Net Income Per Common Share | ' | ||||||||||||
Net Income Per Common Share | |||||||||||||
Basic income per common share is based on the weighted average number of common shares outstanding during the period. Diluted income per common share includes the dilutive effect of potential common shares outstanding. The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding for the fiscal years ended June 30, 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average shares outstanding | 28,001 | 27,050 | 26,587 | ||||||||||
Dilutive effect of stock options and restricted stock awards and units | 562 | 400 | 225 | ||||||||||
Diluted weighted average shares outstanding | 28,563 | 27,450 | 26,812 | ||||||||||
There were 0, 424 and 1,340 common equivalent shares outstanding as of June 30, 2014, 2013 and 2012, respectively that were not included in the calculation of diluted income per common share because their effect would have been anti-dilutive. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost and are depreciated using the straight line method over the estimated useful lives of the related asset. The Company allocates depreciation and amortization to cost of sales. Expenditures for improvements that extend the useful life of an asset are capitalized. Ordinary repairs and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts and any related gains or losses are included in income. | |||||||||||||
The components of property and equipment were as follows: | |||||||||||||
30-Jun-14 | 30-Jun-13 | Estimated useful | |||||||||||
life (years) | |||||||||||||
Machinery and equipment | $ | 907 | $ | 865 | 7-Mar | ||||||||
1,114 | 686 | Shorter of asset life | |||||||||||
Leasehold improvements | or lease term | ||||||||||||
Computer equipment and software | 5,348 | 4,067 | 5-Mar | ||||||||||
Furniture and fixtures | 2,488 | 2,144 | 10-May | ||||||||||
Automobiles | 171 | 196 | 3 | ||||||||||
Building | 8,692 | 8,692 | 20 | ||||||||||
Land | 1,983 | 1,983 | - | ||||||||||
20,703 | 18,633 | ||||||||||||
Accumulated depreciation and amortization | 9,130 | 7,223 | |||||||||||
$ | 11,573 | $ | 11,410 | ||||||||||
Property held for sale represents land and land improvements of $5,848 and $4,058 at June 30, 2014 and 2013, respectively. See Note 8, “Environmental Remediation” for further discussion on property held for sale. | |||||||||||||
Depreciation and amortization of property and equipment amounted to $1,430, $1,315 and $1,317 for the years ended June 30, 2014, 2013, and 2012 respectively. | |||||||||||||
Goodwill and Other Intangibles | ' | ||||||||||||
Goodwill and Other Intangibles | |||||||||||||
Goodwill is calculated as the excess of the cost of purchased businesses over the fair value of their underlying net assets. Other intangible assets principally consist of customer relationships, license agreements, technology-based intangibles, EPA registrations and related data, trademarks and product rights and related intangibles. Goodwill and other intangible assets that have an indefinite life are not amortized. | |||||||||||||
In accordance with GAAP, the Company tests goodwill and other intangible assets for impairment on at least an annual basis. Goodwill impairment exists if the net book value of a reporting unit exceeds its estimated fair value. The impairment testing is performed in two steps: (i) the Company determines impairment by comparing the fair value of a reporting unit with its carrying value, and (ii) if there is an impairment, the Company measures the amount of impairment loss by comparing the implied fair value of goodwill with the carrying amount of that goodwill. To determine the fair value of these intangible assets, the Company uses many assumptions and estimates using a market participant approach that directly impact the results of the testing. In making these assumptions and estimates, the Company uses industry accepted valuation models and set criteria that are reviewed and approved by various levels of management. | |||||||||||||
In September 2011, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2011-08, “Intangibles-Goodwill and Other (Topic 350): Testing Goodwill for Impairment”, to allow entities to use a qualitative approach to test goodwill for impairment. ASU 2011-08 permits an entity to first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If it is concluded that this is the case, it is necessary to perform the currently prescribed two-step goodwill impairment test. Otherwise, the two-step goodwill impairment test is not required. The Company adopted ASU 2011-08 in fiscal 2013 and thus performed a qualitative assessment in fiscal 2014 and fiscal 2013. This adoption did not have a material impact on the Company’s consolidated financial statements. | |||||||||||||
Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed of | ' | ||||||||||||
Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed of | |||||||||||||
Long-lived assets and certain identifiable intangibles are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. Recoverability of assets held for sale is measured by comparing the carrying amount of the assets to their estimated fair value. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceed the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. | |||||||||||||
Accounting for Derivatives and Hedging Activities | ' | ||||||||||||
Accounting for Derivatives and Hedging Activities | |||||||||||||
The Company accounts for derivatives and hedging activities under the provisions of GAAP which establishes accounting and reporting guidelines for derivative instruments and hedging activities. GAAP requires the recognition of all derivative financial instruments as either assets or liabilities in the statement of financial condition and measurement of those instruments at fair value. Changes in the fair values of those derivatives are reported in earnings or other comprehensive income depending on the designation of the derivative and whether it qualifies for hedge accounting. The accounting for gains and losses associated with changes in the fair value of a derivative and the effect on the consolidated financial statements depends on its hedge designation and whether the hedge is highly effective in achieving offsetting changes in the fair value or cash flows of the asset or liability hedged. The method that is used for assessing the effectiveness of a hedging derivative, as well as the measurement approach for determining the ineffective aspects of the hedge, is established at the inception of the hedged instrument. | |||||||||||||
The Company operates internationally, therefore its earnings, cash flows and financial positions are exposed to foreign currency risk from foreign-currency-denominated receivables and payables, which, in the U.S., have been denominated in various foreign currencies, including, among others, Euros, British Pounds, Japanese Yen, Singapore Dollars and Chinese Renminbi and at certain foreign subsidiaries in U.S. dollars and other non-local currencies. | |||||||||||||
Management believes it is prudent to minimize the risk caused by foreign currency fluctuation. Management minimizes the currency risk on its foreign currency receivables and payables by purchasing future foreign currency contracts (futures) with one of its financial institutions. Futures are traded on regulated U.S. and international exchanges and represent commitments to purchase or sell a particular foreign currency at a future date and at a specific price. Since futures are purchased for the amount of the foreign currency receivable or for the amount of foreign currency needed to pay for specific purchase orders, and the futures mature on the due date of the related foreign currency vendor invoices or customer receivables, the Company believes that it eliminates risks relating to foreign currency fluctuation. The Company takes delivery of all futures to pay suppliers in the appropriate currency. The gains or losses for the changes in the fair value of the foreign currency contracts are recorded in cost of sales (sales) and offset the gains or losses associated with the impact of changes in foreign exchange rates on trade payables (receivables) denominated in foreign currencies. Senior management and members of the financial department continually monitor foreign currency risks and the use of this derivative instrument. | |||||||||||||
In conjunction with the new Credit Agreement, the Company entered into an interest rate swap on April 30, 2014 for a notional amount of $25,750, which has been designated as a cash flow hedge. The expiration date of this interest rate swap is April 30, 2019. Pursuant to the requirements of the Credit Agreement, dated December 31, 2010, the Company was required to deliver Hedging Agreements (as defined in the agreement) fixing the interest rate on not less than $20,000 of the term loan at that time. Accordingly, in March 2011, the Company entered into an interest rate swap for a notional amount of $20,000, which has been designated as a cash flow hedge. The expiration date of this interest rate swap is December 31, 2015. | |||||||||||||
Foreign Currency | ' | ||||||||||||
Foreign Currency | |||||||||||||
The financial statements of the Company’s foreign subsidiaries are translated into U.S. dollars in accordance with GAAP. Where the functional currency of a foreign subsidiary is its local currency, balance sheet accounts are translated at the current exchange rate and income statement items are translated at the average exchange rate for the period. Exchange gains or losses resulting from the translation of financial statements of foreign operations are accumulated in other comprehensive income. Where the local currency of a foreign subsidiary is not its functional currency, financial statements are translated at either current or historical exchange rates, as appropriate. | |||||||||||||
Reclassification | ' | ||||||||||||
Reclassifications | |||||||||||||
Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current year presentation. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Schedule of components of accumulated other comprehensive income | ' | ||||||||||||
The components of accumulated other comprehensive income as of June 30, 2014 and 2013 are as follows: | |||||||||||||
2014 | 2013 | ||||||||||||
Cumulative foreign currency translation adjustments | $ | 5,866 | $ | 3,257 | |||||||||
Fair value of interest rate swaps | (437 | ) | (258 | ) | |||||||||
Defined benefit plans, net of tax | (57 | ) | (97 | ) | |||||||||
Total | $ | 5,372 | $ | 2,902 | |||||||||
Schedule of reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding | ' | ||||||||||||
The following table sets forth the reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding for the fiscal years ended June 30, 2014, 2013 and 2012: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average shares outstanding | 28,001 | 27,050 | 26,587 | ||||||||||
Dilutive effect of stock options and restricted stock awards and units | 562 | 400 | 225 | ||||||||||
Diluted weighted average shares outstanding | 28,563 | 27,450 | 26,812 | ||||||||||
Schedule of components of property and equipment | ' | ||||||||||||
The components of property and equipment were as follows: | |||||||||||||
30-Jun-14 | 30-Jun-13 | Estimated useful | |||||||||||
life (years) | |||||||||||||
Machinery and equipment | $ | 907 | $ | 865 | 7-Mar | ||||||||
1,114 | 686 | Shorter of asset life | |||||||||||
Leasehold improvements | or lease term | ||||||||||||
Computer equipment and software | 5,348 | 4,067 | 5-Mar | ||||||||||
Furniture and fixtures | 2,488 | 2,144 | 10-May | ||||||||||
Automobiles | 171 | 196 | 3 | ||||||||||
Building | 8,692 | 8,692 | 20 | ||||||||||
Land | 1,983 | 1,983 | - | ||||||||||
20,703 | 18,633 | ||||||||||||
Accumulated depreciation and amortization | 9,130 | 7,223 | |||||||||||
$ | 11,573 | $ | 11,410 | ||||||||||
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed | ' | ||||||||
The following table summarizes the allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed on the closing date of April 30, 2014: | |||||||||
Trade receivables | $ | 11,592 | |||||||
Other receivables | 1,215 | ||||||||
Inventory | 7,711 | ||||||||
Prepaid expenses and other current assets | 239 | ||||||||
Property and equipment, net | 311 | ||||||||
Goodwill | 32,722 | ||||||||
Intangible assets | 52,540 | ||||||||
Total assets acquired | 106,330 | ||||||||
Accounts payable | 3,383 | ||||||||
Accrued expenses | 7,626 | ||||||||
Contingent consideration | 3,725 | ||||||||
Net assets acquired | $ | 91,596 | |||||||
Schedule of unaudited pro forma operating results | ' | ||||||||
The following represents unaudited pro forma operating results as if the operations of PACK had been included in the Company’s consolidated statements of operations as of July 1, 2012: | |||||||||
Year ended | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Net sales | $ | 551,744 | $ | 538,058 | |||||
Net income | 29,704 | 20,140 | |||||||
Net income per common share | $ | 1.05 | $ | 0.74 | |||||
Diluted net income per common share | $ | 1.03 | $ | 0.73 |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||
Schedule of Summary of short-term investments | ' | ||||||||||||||||
A summary of short-term investments was as follows: | |||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||
Fair Value | Cost Basis | Fair Value | Cost Basis | ||||||||||||||
Held to Maturity Investments | |||||||||||||||||
Time deposits | $ | 746 | $ | 700 | $ | 2,144 | $ | 2,016 | |||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of valuation of the Company's financial assets and liabilities | ' | ||||||||||||||||
The following tables summarize the valuation of the Company’s financial assets and liabilities which were determined by using the following inputs at June 30, 2014 and 2013: | |||||||||||||||||
Fair Value Measurements at June 30, 2014 Using | |||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||
in Active | Other | Unobservable Inputs | |||||||||||||||
Markets | Observable | (Level 3) | |||||||||||||||
(Level 1) | Inputs | Total | |||||||||||||||
(Level 2) | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Time deposits | - | $ | 1,372 | - | $ | 1,372 | |||||||||||
Investments: | |||||||||||||||||
Time deposits | - | 746 | - | 746 | |||||||||||||
Foreign currency contracts-assets (1) | - | 87 | - | 87 | |||||||||||||
Foreign currency contracts-liabilities (2) | - | 128 | - | 128 | |||||||||||||
Derivative liability for interest rate swap (3) | - | 437 | - | 437 | |||||||||||||
Contingent consideration (4) | - | - | $ | 9,904 | 9,904 | ||||||||||||
-1 | Included in “Other receivables” in the accompanying Consolidated Balance Sheet as of June 30, 2014. | ||||||||||||||||
(2) | Included in “Accrued expenses” in the accompanying Consolidated Balance Sheet as of June 30, 2014. | ||||||||||||||||
(3) | Included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2014. | ||||||||||||||||
(4) | $4,500 included in “Accrued expenses” and $5,404 included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2014. | ||||||||||||||||
Fair Value Measurements at June 30, 2013 Using | |||||||||||||||||
Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant | |||||||||||||||
(Level 1) | (Level 2) | Unobservable Inputs | |||||||||||||||
(Level 3) | |||||||||||||||||
Total | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Time deposits | - | $ | 856 | - | $ | 856 | |||||||||||
Investments: | |||||||||||||||||
Time deposits | - | 2,144 | - | 2,144 | |||||||||||||
Foreign currency contracts-assets (5) | - | 14 | - | 14 | |||||||||||||
Foreign currency contracts-liabilities (6) | - | 173 | - | 173 | |||||||||||||
Derivative liability for interest rate swap (7) | - | 258 | - | 258 | |||||||||||||
Contingent consideration (8) | - | - | $ | 5,346 | 5,346 | ||||||||||||
-5 | Included in “Other receivables” in the accompanying Consolidated Balance Sheet as of June 30, 2013. | ||||||||||||||||
-6 | Included in “Accrued expenses” in the accompanying Consolidated Balance Sheet as of June 30, 2013 | ||||||||||||||||
-7 | Included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2013. | ||||||||||||||||
-8 | $1,500 included in “Accrued expenses” and $3,846 included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2014. | ||||||||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Schedule of goodwill | ' | ||||||||||||
Changes in the Company’s goodwill during 2014 and 2013 are as follows: | |||||||||||||
Balance as of July 1, 2012 | $ | 33,495 | |||||||||||
Changes in foreign currency exchange rates | 31 | ||||||||||||
Balance as of July 1, 2013 | 33,526 | ||||||||||||
Acquisitions | 32,944 | ||||||||||||
Changes in foreign currency exchange rates | 46 | ||||||||||||
Balance as of June 30, 2014 | $ | 66,516 | |||||||||||
Schedule of Intangible assets subject to amortization | ' | ||||||||||||
Intangible assets subject to amortization as of June 30, 2014 and 2013 were as follows: | |||||||||||||
Gross | |||||||||||||
Carrying | Accumulated | Net Book | |||||||||||
Value | Amortization | Value | |||||||||||
30-Jun-14 | |||||||||||||
Customer relationships | $ | 22,292 | $ | 4,782 | $ | 17,510 | |||||||
Trademarks | 1,886 | 1,711 | 175 | ||||||||||
Product rights and related intangibles | 72,626 | 10,146 | 62,480 | ||||||||||
License agreements | 5,938 | 3,642 | 2,296 | ||||||||||
EPA registrations and related data | 11,969 | 7,469 | 4,500 | ||||||||||
Technology-based intangibles | 155 | 96 | 59 | ||||||||||
$ | 114,866 | $ | 27,846 | $ | 87,020 | ||||||||
Gross | Accumulated | Net Book | |||||||||||
Carrying | Amortization | Value | |||||||||||
Value | |||||||||||||
30-Jun-13 | |||||||||||||
Customer relationships | $ | 7,320 | $ | 3,946 | $ | 3,374 | |||||||
Trademarks | 1,700 | 1,215 | 485 | ||||||||||
Product rights and related intangibles | 34,346 | 6,767 | 27,579 | ||||||||||
License agreements | 5,938 | 2,715 | 3,223 | ||||||||||
EPA registrations and related data | 11,523 | 6,325 | 5,198 | ||||||||||
Technology-based intangibles | 155 | 74 | 81 | ||||||||||
$ | 60,982 | $ | 21,042 | $ | 39,940 | ||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of components of accrued expenses | ' | ||||||||
The components of accrued expenses as of June 30, 2014 and 2013 were as follows: | |||||||||
2014 | 2013 | ||||||||
Accrued compensation | $ | 7,940 | $ | 7,351 | |||||
Accrued environmental remediation costs-current portion | 1,828 | 2,058 | |||||||
Reserve for price concessions | 24,884 | 10,139 | |||||||
Accrued income taxes payable | 6,403 | 3,956 | |||||||
Other accrued expenses | 20,409 | 15,467 | |||||||
$ | 61,464 | $ | 38,971 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of long-term debt | ' | ||||||||
Long-term debt | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Revolving bank loans | $ | 32,000 | $ | 4,000 | |||||
Term bank loans | 70,000 | 24,500 | |||||||
Mortgage | 3,355 | 3,569 | |||||||
Other | 146 | - | |||||||
105,501 | 32,069 | ||||||||
Less current portion | 8,343 | 11,714 | |||||||
$ | 97,158 | $ | 20,355 | ||||||
Schedule of outstanding unpaid principal amount of the term loan | ' | ||||||||
The Term Loan is payable as to principal in nineteen consecutive quarterly installments, which will commence on September 30, 2014 and will continue on each December 31, March 31, and June 30 thereafter, each in the amount set forth below opposite the applicable installment, provided that the final payment on the Term Loan Maturity Date (as defined in the new Credit Agreement) shall be in an amount equal to the then outstanding unpaid principal amount of the Term Loan: | |||||||||
Installment | Amount | ||||||||
1 through 4 | $ | 2,000 | |||||||
5 through 8 | $ | 2,500 | |||||||
9 through 12 | $ | 3,000 | |||||||
13 through 16 | $ | 4,000 | |||||||
17 through 19 | $ | 6,000 | |||||||
Schedule of maturities of long-term debt | ' | ||||||||
Long-term debt matures by fiscal year as follows: | |||||||||
2015 | $ | 8,343 | |||||||
2016 | 10,197 | ||||||||
2017 | 12,197 | ||||||||
2018 | 16,197 | ||||||||
2019 | 56,197 | ||||||||
Thereafter | 2,370 | ||||||||
$ | 105,501 | ||||||||
Stock_Based_Compensation_Plans1
Stock Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||
Schedule of shares of common stock under options for all plans | ' | ||||||||||||
The following summarizes the shares of common stock under options for all plans at June 30, 2014, 2013 and 2012, and the activity with respect to options for the respective years then ended: | |||||||||||||
Shares subject to | Weighted average | Aggregate Intrinsic | |||||||||||
option | exercise price per | Value | |||||||||||
share | |||||||||||||
Balance at June 30, 2011 | 1,959 | $ | 8.46 | ||||||||||
Granted | 217 | 6.1 | |||||||||||
Exercised | (168 | ) | 4.33 | ||||||||||
Forfeited (including cancelled options) | (193 | ) | 9.68 | ||||||||||
Balance at June 30, 2012 | 1,815 | $ | 8.47 | ||||||||||
Granted | - | - | |||||||||||
Exercised | (740 | ) | 8.43 | ||||||||||
Forfeited (including cancelled options) | (115 | ) | 9.55 | ||||||||||
Balance at June 30, 2013 | 960 | $ | 8.36 | ||||||||||
Granted | - | - | |||||||||||
Exercised | (392 | ) | 9.34 | ||||||||||
Forfeited (including cancelled options) | (17 | ) | 6.58 | ||||||||||
Balance at June 30, 2014 | 551 | $ | 7.72 | $ | 5,741 | ||||||||
Options exercisable at June 30, 2014 | 490 | $ | 7.93 | $ | 5,002 | ||||||||
Schedule of non-vested stock options | ' | ||||||||||||
The following summarizes the non-vested stock options at June 30, 2014 and the activity with respect to non-vested options for the year ended June 30, 2014: | |||||||||||||
Shares | Weighted average grant | ||||||||||||
subject to | date fair value | ||||||||||||
option | |||||||||||||
Non-vested at June 30, 2013 | 198 | $ | 2.32 | ||||||||||
Granted | - | - | |||||||||||
Vested | (130 | ) | 2.45 | ||||||||||
Forfeited | (7 | ) | 2.1 | ||||||||||
Non-vested at June 30, 2014 | 61 | $ | 2.06 | ||||||||||
Schedule of weighted average assumptions | ' | ||||||||||||
There were no stock options granted during fiscal 2014 or 2013. The per-share weighted-average fair value of stock options granted during 2012 was $2.07 on the date of the grant using the Black-Scholes option-pricing model with the following weighted average assumptions: | |||||||||||||
2012 | |||||||||||||
Expected life | 5.7 years | ||||||||||||
Expected volatility | 48.1 | % | |||||||||||
Risk-free interest rate | 1.59 | % | |||||||||||
Dividend yield | 3.24 | % | |||||||||||
Schedule of restricted stock awards including restricted stock units | ' | ||||||||||||
A summary of restricted stock awards including restricted stock units as of June 30, 2014, is presented below: | |||||||||||||
Weighted average grant date fair value | |||||||||||||
Shares | |||||||||||||
Non-vested at beginning of year | 411 | $ | 8.13 | ||||||||||
Granted | 388 | 15.38 | |||||||||||
Vested | (191 | ) | 8.34 | ||||||||||
Forfeited | (46 | ) | 10.43 | ||||||||||
Non-vested at June 30, 2014 | 562 | $ | 13 |
Interest_and_Other_Income_Tabl
Interest and Other Income (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Other Income And Expenses [Abstract] | ' | ||||||||||||
Schedule of interest and other income | ' | ||||||||||||
Interest and other income during fiscal 2014, 2013 and 2012 was comprised of the following: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Dividends | $ | 257 | $ | 228 | $ | 139 | |||||||
Interest | 237 | 185 | 184 | ||||||||||
Foreign government subsidies received | 38 | 17 | 41 | ||||||||||
Joint venture equity earnings | 2,024 | 1,790 | 1,598 | ||||||||||
Foreign currency losses | (102 | ) | (105 | ) | (74 | ) | |||||||
Rental income | 144 | 82 | - | ||||||||||
Miscellaneous income | (96 | ) | 59 | 113 | |||||||||
$ | 2,502 | $ | 2,256 | $ | 2,001 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of income before income tax, domestic and foreign | ' | ||||||||||||
The components of income before the provision for income taxes are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Domestic operations | $ | 30,884 | $ | 21,181 | $ | 16,418 | |||||||
Foreign operations | 13,790 | 13,369 | 8,322 | ||||||||||
$ | 44,674 | $ | 34,550 | $ | 24,740 | ||||||||
Schedule of components of provision for income taxes | ' | ||||||||||||
The components of the provision for income taxes are as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal: | |||||||||||||
Current | $ | 12,720 | $ | 9,428 | $ | 6,533 | |||||||
Deferred | (2,728 | ) | (2,011 | ) | (1,476 | ) | |||||||
State and local: | |||||||||||||
Current | 1,547 | 1,568 | 716 | ||||||||||
Deferred | (113 | ) | (628 | ) | (277 | ) | |||||||
Foreign: | |||||||||||||
Current | 4,490 | 3,875 | 2,287 | ||||||||||
Deferred | (242 | ) | (10 | ) | (24 | ) | |||||||
$ | 15,674 | $ | 12,222 | $ | 7,759 | ||||||||
Schedule of tax effects of temporary differences that give rise to the deferred tax assets and liabilities | ' | ||||||||||||
The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at June 30, 2014 and 2013 are presented below: | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Accrued environmental remediation liabilities not currently deductible | $ | - | $ | 102 | |||||||||
Accrued deferred compensation | 2,970 | 2,791 | |||||||||||
Accrual for sales deductions not currently deductible | 5,901 | 2,989 | |||||||||||
Additional inventoried costs for tax purposes | 236 | 206 | |||||||||||
Allowance for doubtful accounts receivable | 87 | 139 | |||||||||||
Depreciation and amortization | 6,074 | 2,690 | |||||||||||
Accrual for payments to former senior management and other personnel related costs | 126 | 57 | |||||||||||
Contingent consideration | 1,313 | 1,949 | |||||||||||
Foreign deferred tax assets | 477 | 246 | |||||||||||
Domestic net operating loss carryforwards | 158 | 200 | |||||||||||
Foreign net operating loss carryforwards | 857 | 758 | |||||||||||
Total gross deferred tax assets | 18,199 | 12,127 | |||||||||||
Valuation allowances | (1,015 | ) | (958 | ) | |||||||||
17,184 | 11,169 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Foreign deferred tax liabilities | (6 | ) | (6 | ) | |||||||||
Goodwill | (4,627 | ) | (2,306 | ) | |||||||||
Accrued environmental remediation liabilities not currently deductible | (216 | ) | - | ||||||||||
Other | (246 | ) | (107 | ) | |||||||||
Total gross deferred tax liabilities | (5,095 | ) | (2,419 | ) | |||||||||
Net deferred tax assets | $ | 12,089 | $ | 8,750 | |||||||||
Schedule of current and non current deferred tax assets (liabilities) | ' | ||||||||||||
The following table shows the current and non current deferred tax assets (liabilities) at June 30, 2014 and 2013: | |||||||||||||
2014 | 2013 | ||||||||||||
Current deferred tax assets, net | $ | 490 | $ | 701 | |||||||||
Non-current deferred tax assets, net | 11,605 | 8,055 | |||||||||||
Current deferred tax liabilities | - | - | |||||||||||
Non current deferred tax liabilities | (6 | ) | (6 | ) | |||||||||
Net deferred tax assets | $ | 12,089 | $ | 8,750 | |||||||||
Schedule of reconciliation of the statutory federal income tax rate and the effective tax rate for continuing operation | ' | ||||||||||||
A reconciliation of the statutory federal income tax rate and the effective tax rate for continuing operations for the fiscal years ended June 30, 2014, 2013 and 2012 follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory tax rate | 35 | % | 35 | % | 35 | % | |||||||
State and local taxes, net of federal income tax benefit | 2.5 | 3 | 3 | ||||||||||
Decrease (increase) in valuation allowance | (0.1 | ) | - | 0.2 | |||||||||
Foreign tax rate differential | (1.1 | ) | (2.1 | ) | (3.0 | ) | |||||||
Impact of repatriation of non-US earnings | - | - | (2.1 | ) | |||||||||
Other | (1.2 | ) | (0.5 | ) | (1.7 | ) | |||||||
Effective tax rate | 35.1 | % | 35.4 | % | 31.4 | % |
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||||||
Schedule of cash paid for interest and income taxes | ' | ||||||||||||
Cash paid for interest and income taxes during fiscal 2014, 2013 and 2012 was as follows: | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest | $ | 2,100 | $ | 2,122 | $ | 2,628 | |||||||
Income taxes, net of refunds | $ | 14,645 | $ | 11,054 | $ | 9,402 | |||||||
Commitments_Contingencies_and_1
Commitments, Contingencies and Other Matters (Tables) | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule of future minimum lease payments for office facilities and equipmen | ' | ||||
At June 30, 2014, the future minimum lease payments for office facilities and equipment for each of the five succeeding years and in the aggregate are as follows: | |||||
Fiscal year | Amount | ||||
2015 | $ | 1,813 | |||
2016 | 1,226 | ||||
2017 | 1,039 | ||||
2018 | 477 | ||||
2019 | 230 | ||||
Thereafter | 460 | ||||
$ | 5,245 | ||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of segment perfomance measures | ' | ||||||||||||||||||||||||
Human | Pharmaceutical Ingredients | Performance Chemicals | Unallocated Corporate | Consolidated | |||||||||||||||||||||
Health | Totals | ||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Net sales | $ | 160,217 | $ | 176,425 | $ | 173,537 | $ | - | $ | 510,179 | |||||||||||||||
Gross profit | 48,496 | 36,615 | 29,592 | - | 114,703 | ||||||||||||||||||||
Income before income taxes | 19,710 | 17,557 | 13,273 | (5,866 | ) | 44,674 | |||||||||||||||||||
2013 | |||||||||||||||||||||||||
Net sales | $ | 129,667 | $ | 184,852 | $ | 185,171 | $ | - | $ | 499,690 | |||||||||||||||
Gross profit | 39,306 | 31,367 | 27,598 | - | 98,271 | ||||||||||||||||||||
Income before income taxes | 17,276 | 13,294 | 10,400 | (6,420 | ) | 34,550 | |||||||||||||||||||
2012 | |||||||||||||||||||||||||
Net sales | $ | 105,249 | $ | 162,998 | $ | 176,141 | $ | - | $ | 444,388 | |||||||||||||||
Gross profit | 29,932 | 25,472 | 26,628 | - | 82,032 | ||||||||||||||||||||
Income before income taxes | 11,683 | 8,066 | 10,570 | (5,579 | ) | 24,740 | |||||||||||||||||||
Schedule of net sales and gross profit by source country | ' | ||||||||||||||||||||||||
Net sales and gross profit by source country for the years ended June 30, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||||||||
Net Sales | Gross Profit | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
United States | $ | 355,715 | $ | 326,247 | $ | 289,630 | $ | 82,573 | $ | 68,964 | $ | 58,733 | |||||||||||||
Germany | 84,024 | 92,053 | 82,600 | 22,614 | 19,688 | 14,303 | |||||||||||||||||||
Netherlands | 14,869 | 14,513 | 13,738 | 1,581 | 1,693 | 1,706 | |||||||||||||||||||
France | 29,412 | 38,475 | 33,143 | 4,182 | 4,608 | 3,885 | |||||||||||||||||||
Asia-Pacific | 26,159 | 28,402 | 25,277 | 3,753 | 3,318 | 3,405 | |||||||||||||||||||
Total | $ | 510,179 | $ | 499,690 | $ | 444,388 | $ | 114,703 | $ | 98,271 | $ | 82,032 | |||||||||||||
Schedule of long-lived assets by geographic region | ' | ||||||||||||||||||||||||
Long-lived assets by geographic region as of June 30, 2014 and June 30, 2013 were as follows: | |||||||||||||||||||||||||
Long-lived assets | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
United States | $ | 160,544 | $ | 80,870 | |||||||||||||||||||||
Europe | 3,458 | 2,684 | |||||||||||||||||||||||
Asia-Pacific | 2,042 | 2,213 | |||||||||||||||||||||||
Total | $ | 166,044 | $ | 85,767 |
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of unaudited quarterly financial data | ' | ||||||||||||||||
The following is a summary of the unaudited quarterly results of operations for the years ended June 30, 2014 and 2013. | |||||||||||||||||
For the quarter ended | |||||||||||||||||
30-Sep-13 | 31-Dec-13 | March 31, | June 30, | ||||||||||||||
Fiscal year ended June 30, 2014 | 2014 | 2014 | |||||||||||||||
Net sales | $ | 129,261 | $ | 116,508 | $ | 124,830 | $ | 139,580 | |||||||||
Gross profit | 33,734 | 26,984 | 24,963 | 29,022 | |||||||||||||
Net income | 11,335 | 6,755 | 5,356 | 5,554 | |||||||||||||
Net income per diluted share | $ | 0.4 | $ | 0.24 | $ | 0.19 | $ | 0.19 | |||||||||
For the quarter ended | |||||||||||||||||
30-Sep-12 | 31-Dec-12 | March 31, | June 30, | ||||||||||||||
Fiscal year ended June 30, 2013 | 2013 | 2013 | |||||||||||||||
Net sales | $ | 111,748 | $ | 113,956 | $ | 150,871 | $ | 123,115 | |||||||||
Gross profit | 21,505 | 20,708 | 31,527 | 24,531 | |||||||||||||
Net income | 4,820 | 4,513 | 7,593 | 5,402 | |||||||||||||
Net income per diluted share | $ | 0.18 | $ | 0.17 | $ | 0.28 | $ | 0.19 | |||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Components of accumulated other comprehensive income) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Cumulative foreign currency translation adjustments | $5,866 | $3,257 |
Fair value of interest rate swaps | -437 | -258 |
Defined benefit plans, net of tax | -57 | -97 |
Total | $5,372 | $2,902 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Schedule of Reconciliation of Weighted Average Shares Outstanding and Diluted Weighted Average Shares Outstanding) (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Accounting Policies [Abstract] | ' | ' | ' |
Weighted average shares outstanding | 28,001 | 27,050 | 26,587 |
Dilutive effect of stock options and restricted stock awards and units | 562 | 400 | 225 |
Diluted weighted average shares outstanding | 28,563 | 27,450 | 26,812 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Schedule of Components of Property and Equipment) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Significant Accounting Policies [Line Items] | ' | ' |
Property plant and equipment, gross | $20,703 | $18,633 |
Accumulated depreciation and amortization | 9,130 | 7,223 |
Property plant and equipment, net | 11,573 | 11,410 |
Machinery and equipment | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Property plant and equipment, gross | 907 | 865 |
Machinery and equipment | Minimum | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Property, plant and equipment, estimated useful life | '3 years | ' |
Machinery and equipment | Maximum | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Property, plant and equipment, estimated useful life | '7 years | ' |
Leasehold improvements | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Property plant and equipment, gross | 1,114 | 686 |
Property, plant and equipment, estimated useful life | 'Shorter of asset life or lease term | ' |
Computer equipment and software | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Property plant and equipment, gross | 5,348 | 4,067 |
Computer equipment and software | Minimum | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Property, plant and equipment, estimated useful life | '3 years | ' |
Computer equipment and software | Maximum | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Property, plant and equipment, estimated useful life | '5 years | ' |
Furniture and fixtures | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Property plant and equipment, gross | 2,488 | 2,144 |
Furniture and fixtures | Minimum | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Property, plant and equipment, estimated useful life | '5 years | ' |
Furniture and fixtures | Maximum | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Property, plant and equipment, estimated useful life | '10 years | ' |
Automobiles | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Property plant and equipment, gross | 171 | 196 |
Property, plant and equipment, estimated useful life | '3 years | ' |
Building | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Property plant and equipment, gross | 8,692 | 8,692 |
Property, plant and equipment, estimated useful life | '20 years | ' |
Land | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Property plant and equipment, gross | $1,983 | $1,983 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Narrative) (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||
In Thousands, except Per Share data, unless otherwise specified | 8-May-14 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Apr. 30, 2014 | Mar. 31, 2011 | Jun. 30, 2014 | Sep. 04, 2014 |
Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | Subsequent Event | |||||
Cash flow hedging | Cash flow hedging | Cash flow hedging | |||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted cash | ' | $383 | $115 | ' | ' | ' | ' | ' | ' |
Stock repurchase program, expiration date | 'May 2017 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase program, shares authorized | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared, per share | ' | $0.24 | $0.22 | $0.20 | ' | ' | ' | ' | $0.06 |
Dividends declared, date of declaration | ' | ' | ' | ' | ' | ' | ' | ' | 4-Sep-14 |
Dividends declared, date of distribution | ' | ' | ' | ' | ' | ' | ' | ' | 29-Sep-14 |
Dividends declared, date of record | ' | ' | ' | ' | ' | ' | ' | ' | 15-Sep-14 |
Common equivalent shares outstanding excluded from calculation of diluted income per common share because their effect would have been anti-dilutive | ' | 0 | 424 | 1,340 | ' | ' | ' | ' | ' |
Property held for sale | ' | 5,848 | 4,058 | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | ' | 1,430 | 1,315 | 1,317 | ' | ' | ' | ' | ' |
Derivative, notional amount | ' | ' | ' | ' | $8,250 | $25,750 | $20,000 | $26,750 | ' |
Derivative, expiration date | ' | ' | ' | ' | ' | 30-Apr-19 | 31-Dec-15 | ' | ' |
Business_Combinations_Estimate
Business Combinations - Estimated fair values of the assets acquired and liabilities assumed (Details 1) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | Pack Pharmaceuticals Llc | |||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Trade receivables | ' | ' | ' | $11,592 |
Other receivables | ' | ' | ' | 1,215 |
Inventory | ' | ' | ' | 7,711 |
Prepaid expenses and other current assets | ' | ' | ' | 239 |
Property and equipment, net | ' | ' | ' | 311 |
Goodwill | 66,516 | 33,526 | 33,495 | 32,722 |
Intangible assets | ' | ' | ' | 52,540 |
Total assets acquired | ' | ' | ' | 106,330 |
Accounts payable | ' | ' | ' | 3,383 |
Accrued expenses | ' | ' | ' | 7,626 |
Contingent consideration | ' | ' | ' | 3,725 |
Net assets acquired | ' | ' | ' | $91,596 |
Business_Combinations_Pro_form
Business Combinations - Pro forma operating results (Details 2) (Pack Pharmaceuticals Llc, USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Pack Pharmaceuticals Llc | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Net sales | $551,744 | $538,058 |
Net income | $29,704 | $20,140 |
Net income per common share (in dollars per share) | $1.05 | $0.74 |
Diluted net income per common share (in dollars per share) | $1.03 | $0.73 |
Business_Combinations_Narrativ
Business Combinations- (Narrative) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 2 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Apr. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 |
Pack Pharmaceuticals Llc | Pack Pharmaceuticals Llc | Pack Pharmaceuticals Llc | Pack Pharmaceuticals Llc | Pack Pharmaceuticals Llc | Pack Pharmaceuticals Llc | Pack Pharmaceuticals Llc | ||||||||||||
Product Rights | Customer Relationships | Trademarks | ||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of issued and outstanding membership interests acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Business acquisition, purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $91,596 | ' | ' | ' | ' | ' | ' |
Number of shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 260 | ' | ' | ' | ' | ' | ' |
Value of shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,685 | ' | ' | ' | ' | ' | ' |
Purchase price, initial cash payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,911 | ' | ' | ' | ' | ' | ' |
Purchase price, earn-out period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' |
Purchase price, earn-out amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' |
Accrued contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,797 | 3,797 | ' | ' | ' | ' |
Goodwill | 66,516 | ' | ' | ' | 33,526 | ' | ' | ' | 66,516 | 33,526 | 33,495 | 32,722 | ' | ' | ' | ' | ' | ' |
Intangible assets assumed | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,280 | 14,170 | 90 |
Amortizable period of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '11 years | '11 years | '3 years |
Net sales | 139,580 | 124,830 | 116,508 | 129,261 | 123,115 | 150,871 | 113,956 | 111,748 | 510,179 | 499,690 | 444,388 | ' | 8,131 | ' | ' | ' | ' | ' |
Loss before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 44,674 | 34,550 | 24,740 | ' | -454 | ' | ' | ' | ' | ' |
Proforma amortization charges from acquired intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,783 | 4,783 | ' | ' | ' |
Proforma increase in interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,414 | $3,414 | ' | ' | ' |
Business_Combinations_Narrativ1
Business Combinations- (Narrative) (Detail 1) (Pack Pharmaceuticals Llc, USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Pack Pharmaceuticals Llc | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Proforma acquisition related transaction costs | $1,732 | $1,732 |
Investments_Schedule_of_Summar
Investments (Schedule of Summary of Short-Term Investments) (Detail) (Time deposits, USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Time deposits | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Held to Maturity Investments, Fair Value | $746 | $2,144 |
Held to Maturity Investments, Cost Basis | $700 | $2,016 |
Fair_Value_Measurements_Schedu
Fair Value Measurements (Schedule of Valuation of Financial Assets and Liabilities) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Foreign currency contracts-assets | $87 | [1] | $14 | [2] |
Foreign currency contracts-liabilities | 128 | [3] | 173 | [4] |
Derivative liability for interest rate swap | 437 | [5] | 258 | [6] |
Contingent consideration | 9,904 | [7] | 5,346 | [8] |
Time deposits | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 1,372 | 856 | ||
Investments | 746 | 2,144 | ||
Quoted Prices in Active Markets (Level 1) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Foreign currency contracts-assets | ' | [1] | ' | [2] |
Foreign currency contracts-liabilities | ' | [3] | ' | [4] |
Derivative liability for interest rate swap | ' | [5] | ' | [6] |
Contingent consideration | ' | [7] | ' | [8] |
Quoted Prices in Active Markets (Level 1) | Time deposits | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | ' | ' | ||
Investments | ' | ' | ||
Significant Other Observable Inputs (Level 2) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Foreign currency contracts-assets | 87 | [1] | 14 | [2] |
Foreign currency contracts-liabilities | 128 | [3] | 173 | [4] |
Derivative liability for interest rate swap | 437 | [5] | 258 | [6] |
Contingent consideration | ' | [7] | ' | [8] |
Significant Other Observable Inputs (Level 2) | Time deposits | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Cash equivalents | 1,372 | 856 | ||
Investments | 746 | 2,144 | ||
Significant Unobservable Inputs (Level 3) | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Foreign currency contracts-assets | ' | [1] | ' | [2] |
Foreign currency contracts-liabilities | ' | [3] | ' | [4] |
Derivative liability for interest rate swap | ' | [5] | ' | [6] |
Contingent consideration | $9,904 | [7] | $5,346 | [8] |
[1] | Included in "Other receivables" in the accompanying Consolidated Balance Sheet as of June 30, 2014. | |||
[2] | Included in "Other receivables" in the accompanying Consolidated Balance Sheet as of June 30, 2013. | |||
[3] | Included in "Accrued expenses" in the accompanying Consolidated Balance Sheet as of June 30, 2014. | |||
[4] | Included in "Accrued expenses" in the accompanying Consolidated Balance Sheet as of June 30, 2013 | |||
[5] | Included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2014. | |||
[6] | Included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2013. | |||
[7] | $4,500 included in "Accrued expenses" and $5,404 included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2014. | |||
[8] | $1,500 included in "Accrued expenses" and $3,846 included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2014. |
Fair_Value_Measurements_Schedu1
Fair Value Measurements (Schedule of Valuation of Financial Assets and Liabilities) (Parentheticals) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Contingent consideration | $9,904 | [1] | $5,346 | [2] |
Accrued expenses | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Contingent consideration | 4,500 | 1,500 | ||
Long-term liabilities | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Contingent consideration | $5,404 | $3,846 | ||
[1] | $4,500 included in "Accrued expenses" and $5,404 included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2014. | |||
[2] | $1,500 included in "Accrued expenses" and $3,846 included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2014. |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Apr. 30, 2014 | Mar. 31, 2011 | Jun. 30, 2014 |
Rising Pharmaceuticals Inc. | Rising Pharmaceuticals Inc. | France Company | PACK Pharmaceuticals, LLC | Foreign exchange contract | Foreign exchange contract | Foreign exchange contract | Interest rate swap | Interest rate swap | Interest rate swap | Interest rate swap | |||
Cash flow hedging | Cash flow hedging | Cash flow hedging | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, notional amount | ' | ' | ' | ' | ' | ' | $42,755 | ' | ' | $8,250 | $25,750 | $20,000 | $26,750 |
Unrealized gains (losses) on hedging activities | ' | ' | ' | ' | ' | ' | -40 | -160 | -560 | ' | ' | ' | ' |
Unrealized loss recorded in accumulated other comprehensive income | -437 | -258 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.63% | 1.91% | ' |
Derivative, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Apr-19 | 31-Dec-15 | ' |
Contingent consideration at fair value | ' | ' | 5,694 | 5,346 | 413 | 3,797 | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, accrued interest expense | $438 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of changes in goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Goodwill [Roll Forward] | ' | ' |
Begining balance | $33,526 | $33,495 |
Acquisitions | 32,944 | ' |
Changes in foreign currency exchange rates | 46 | 31 |
Ending balance | $66,516 | $33,526 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets (Schedule of Intangible Assets Subject to Amortization) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Value | $114,866 | $60,982 |
Accumulated Amortization | 27,846 | 21,042 |
Net Book Value | 87,020 | 39,940 |
Customer relationships | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Value | 22,292 | 7,320 |
Accumulated Amortization | 4,782 | 3,946 |
Net Book Value | 17,510 | 3,374 |
Trademarks | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Value | 1,886 | 1,700 |
Accumulated Amortization | 1,711 | 1,215 |
Net Book Value | 175 | 485 |
Product rights and related intangibles | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Value | 72,626 | 34,346 |
Accumulated Amortization | 10,146 | 6,767 |
Net Book Value | 62,480 | 27,579 |
License agreements | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Value | 5,938 | 5,938 |
Accumulated Amortization | 3,642 | 2,715 |
Net Book Value | 2,296 | 3,223 |
EPA registrations and related data | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Value | 11,969 | 11,523 |
Accumulated Amortization | 7,469 | 6,325 |
Net Book Value | 4,500 | 5,198 |
Technology-based intangibles | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' |
Gross Carrying Value | 155 | 155 |
Accumulated Amortization | 96 | 74 |
Net Book Value | $59 | $81 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Goodwill | $66,516 | $33,526 | $33,495 |
Indefinite-lived trademarks | 935 | 891 | ' |
Finite-lived intangible assets, amortization expense | 6,662 | 5,629 | 5,625 |
Finite-lived intangible assets, future amortization expense, year one | 10,200 | ' | ' |
Finite-lived intangible assets, future amortization expense, year two | 10,143 | ' | ' |
Finite-lived intangible assets, future amortization expense, year three | 9,393 | ' | ' |
Finite-lived intangible assets, future amortization expense, year four | 8,597 | ' | ' |
Finite-lived intangible assets, future amortization expense, year five | 8,164 | ' | ' |
Finite-lived intangible assets, future amortization expense, after year five | 40,523 | ' | ' |
Customer relationships | Minimum | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Finite-lived intangible assets, estimated useful life | '7 years | ' | ' |
Customer relationships | Maximum | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Finite-lived intangible assets, estimated useful life | '11 years | ' | ' |
Trademarks | Minimum | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Finite-lived intangible assets, estimated useful life | '3 years | ' | ' |
Trademarks | Maximum | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Finite-lived intangible assets, estimated useful life | '4 years | ' | ' |
Product rights and related intangibles | Minimum | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Finite-lived intangible assets, estimated useful life | '3 years | ' | ' |
Product rights and related intangibles | Maximum | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Finite-lived intangible assets, estimated useful life | '14 years | ' | ' |
License agreements | Minimum | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Finite-lived intangible assets, estimated useful life | '6 years | ' | ' |
License agreements | Maximum | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Finite-lived intangible assets, estimated useful life | '11 years | ' | ' |
EPA registrations and related data | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Finite-lived intangible assets, estimated useful life | '10 years | ' | ' |
Technology-based intangibles | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Finite-lived intangible assets, estimated useful life | '7 years | ' | ' |
Human Health | ' | ' | ' |
Goodwill and Intangible Assets Disclosure [Line Items] | ' | ' | ' |
Goodwill | $32,722 | ' | ' |
Accrued_Expenses_Schedule_of_C
Accrued Expenses (Schedule of Components of Accrued Expenses) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued compensation | $7,940 | $7,351 |
Accrued environmental remediation costs-current portion | 1,828 | 2,058 |
Reserve for price concessions | 24,884 | 10,139 |
Accrued income taxes payable | 6,403 | 3,956 |
Other accrued expenses | 20,409 | 15,467 |
Accrued expenses | $61,464 | $38,971 |
Environmental_Remediation_Narr
Environmental Remediation (Narrative) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2009 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Entity | Pulvair Site Group | BASF Corporation | BASF Corporation | BASF Corporation | Arsynco, Inc | Arsynco, Inc |
Site Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, damages sought value | ' | $1,700 | ' | ' | ' | ' | ' |
Site contingency loss exposure not accrued, low estimate | ' | ' | ' | ' | ' | 12,200 | ' |
Site contingency loss exposure not accrued, high estimate | ' | ' | ' | ' | ' | 14,000 | ' |
Accrual for environmental loss contingencies | ' | ' | ' | ' | ' | 8,907 | 7,166 |
Partial reimbursement of environmental remediation costs previously expensed | ' | ' | 550 | ' | ' | ' | ' |
Environmental remediation costs expensed in prior years | ' | ' | 1,200 | ' | ' | ' | ' |
Future remediation costs receivable | ' | ' | ' | $4,008 | $3,225 | ' | ' |
Number of potentially responsible parties | 150 | ' | ' | ' | ' | ' | ' |
Debt_Schedule_of_Longterm_Debt
Debt (Schedule of Long-term Debt) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Mortgage | $3,355 | $3,569 |
Other | 146 | ' |
Long-term debt including current portion | 105,501 | 32,069 |
Less current portion | 8,343 | 11,714 |
Long-term debt | 97,158 | 20,355 |
Revolving bank loans | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt including current portion | 32,000 | 4,000 |
Term bank loans | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term debt including current portion | 70,000 | 24,500 |
Less current portion | $8,000 | ' |
Debt_Schedule_of_Quarterly_Ins
Debt (Schedule of Quarterly Installments of Term Loans) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Installments 1 through 4 | ' |
Debt Instrument [Line Items] | ' |
Periodic installment amount | $2,000 |
Installments 5 through 8 | ' |
Debt Instrument [Line Items] | ' |
Periodic installment amount | 2,500 |
Installments 9 through 12 | ' |
Debt Instrument [Line Items] | ' |
Periodic installment amount | 3,000 |
Installments 13 through 16 | ' |
Debt Instrument [Line Items] | ' |
Periodic installment amount | 4,000 |
Installments 17 through 19 | ' |
Debt Instrument [Line Items] | ' |
Periodic installment amount | $6,000 |
Debt_Schedule_of_Long_Term_Deb
Debt (Schedule of Long Term Debt Maturities) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2015 | $8,343 | ' |
2016 | 10,197 | ' |
2017 | 12,197 | ' |
2018 | 16,197 | ' |
2019 | 56,197 | ' |
Thereafter | 2,370 | ' |
Long-term Debt | $105,501 | $32,069 |
Debt_Narrative_Detail
Debt (Narrative) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2014 | Jun. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Revolving bank loans | Revolving bank loans | Revolving bank loans | Revolving bank loans | Revolving bank loans | Term bank loans | Term bank loans | Mortgage payable | Mortgage payable | Mortgage payable | Foreign line of credit | Foreign line of credit | Foreign line of credit | Open letter of credit | Open letter of credit | ||
Minimum | Maximum | Installment | |||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loans, maximum amount | ' | ' | ' | $60,000 | ' | ' | ' | $70,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving loans, expiration date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Apr-19 | ' | ' | ' | ' | ' | ' | ' |
Bank loans outstanding | 102,146 | 28,500 | 32,000 | ' | 4,000 | ' | ' | 70,000 | 24,500 | ' | ' | ' | ' | ' | ' | ' | ' |
Lines of credit, variable rate basis | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjusted LIBOR Loans at interest rates | ' | ' | ' | ' | ' | 2.15% | 2.32% | 2.23% | ' | ' | ' | 4.92% | ' | ' | ' | ' | ' |
Term loans, number of installments | ' | ' | ' | ' | ' | ' | ' | 19 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short term loans payable | 8,343 | 11,714 | ' | ' | ' | ' | ' | 8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit | 251 | 78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105 | 78 |
Available lines of credit with foreign financial institutions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,798 | 8,665 | ' | ' | ' |
Lines of credit, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 5.00% | 5.50% | ' | ' |
Bank loans, unused borrowing capacity | 36,693 | 44,587 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage payable | $3,355 | $3,569 | ' | ' | ' | ' | ' | ' | ' | ' | $3,947 | ' | ' | ' | ' | ' | ' |
Mortgage payable, amortization period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' |
Stock_Based_Compensation_Plans2
Stock Based Compensation Plans (Schedule of Shares of Common Stock under Options for All Plans) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Shares subject to option, Granted | ' | ' | ' |
Common stock under option | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Beginning balance | 960 | 1,815 | 1,959 |
Shares subject to option, Granted | ' | ' | 217 |
Shares subject to option, Exercised | -392 | -740 | -168 |
Shares subject to option, Forfeited (including cancelled options) | -17 | -115 | -193 |
Ending balance | 551 | 960 | 1,815 |
Shares subject to option, options exercisable at June 30, 2014 | 490 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' | ' | ' |
Weighted average exercise price per share, beginning balance | $8.36 | $8.47 | $8.46 |
Weighted average exercise price per share, granted | ' | ' | $6.10 |
Weighted average exercise price per share, exercised | $9.34 | $8.43 | $4.33 |
Weighted average exercise price per share, forfeited (including canceled options) | $6.58 | $9.55 | $9.68 |
Weighted average exercise price per share, ending balance | $7.72 | $8.36 | $8.47 |
Weighted average exercise price per share, options exercisable at June 30, 2014 | $7.93 | ' | ' |
Aggregate Intrinsic Value, Balance at June 30, 2014 | $5,741 | ' | ' |
Aggregate Intrinsic Value, Options exercisable at June 30, 2014 | $5,002 | ' | ' |
Stock_Based_Compensation_Plans3
Stock Based Compensation Plans (Schedule of Non-Vested Stock Options) (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Shares subject to option, Non-vested at June 30, 2013 | 198 | ' |
Shares subject to option, Granted | ' | ' |
Shares subject to option, vested | -130 | ' |
Shares subject to option, forfeited | -7 | ' |
Shares subject to option, Non-vested at June 30, 2014 | 61 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' |
Weighted average grant date fair value, Non-vested at June 30, 2013 | $2.32 | ' |
Weighted average grant date fair value, Granted | ' | $2.07 |
Weighted average grant date fair value, Vested | $2.45 | ' |
Weighted average grant date fair value, Forfeited | $2.10 | ' |
Weighted average grant date fair value, non-vested, Non-vested at June 30, 2014 | $2.06 | ' |
Stock_Based_Compensation_Plans4
Stock Based Compensation Plans (Schedule of Weighted Average Assumptions) (Detail) (Common stock under option) | 12 Months Ended |
Jun. 30, 2012 | |
Common stock under option | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected life | '5 years 8 months 12 days |
Expected volatility | 48.10% |
Risk-free interest rate | 1.59% |
Dividend yield | 3.24% |
Stock_Based_Compensation_Plans5
Stock Based Compensation Plans (Schedule of Restricted Stock Awards Including Restricted Stock Units) (Detail) (Restricted stock units, USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 |
Restricted stock units | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares, non-vested at beginning of year | 411 |
Shares, granted | 388 |
Shares, vested | -191 |
Shares, forfeited | -46 |
Shares, non-vested at end of year | 562 |
Weighted average grant date fair value, non-vested at beginning of year | $8.13 |
Weighted average grant date fair value, granted | $15.38 |
Weighted average grant date fair value, vested | $8.34 |
Weighted average grant date fair value, forfeited | $10.43 |
Weighted average grant date fair value, non-vested at end of year | $13 |
Stock_Based_Compensation_Narra
Stock Based Compensation (Narrative) (Detail) (USD $) | 12 Months Ended | |||||||||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 02, 2010 | Jun. 30, 2014 | Dec. 06, 2007 |
Minimum | Maximum | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Restricted Stock | Performance Shares | Performance Shares | Performance Shares | Restricted Stock and Restricted Stock Units | Restricted Stock and Restricted Stock Units | Restricted Stock and Restricted Stock Units | Employee Stock Option | Employee Stock Option | Employee Stock Option | Restricted stock units | Restricted stock units | 2010 Plan | 2010 Plan | 2007 Plan | 2007 Plan | ||||
Employees | Employees | Employees | Non Employee Directors | Non Employee Directors | Non Employee Directors | Non Employee Directors | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of shares of common stock that may be issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,250 | ' | 700 |
Shares subject to option, Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 217 | ' | ' | ' | ' | ' | ' |
Stock options granted to employees, term in years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' |
Common stock granted, vesting period | ' | ' | ' | ' | ' | '3 years | '3 years | '3 years | '1 year | '1 year | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' |
Common stock granted, shares | ' | ' | ' | ' | ' | 214 | 120 | 103 | 11 | 25 | 38 | 131 | 84 | 49 | ' | ' | ' | ' | ' | ' | 388 | 32 | ' | ' | ' | ' |
Upper limit of target grant, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 196 | 126 | 73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance-vested restricted stock units, vesting percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock available for grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,398 | ' | 14 | ' |
Stock options exercised, total instrinsic value | $3,607 | $2,047 | $690 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options, expiration date | ' | ' | ' | 30-Sep-14 | 31-Dec-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awarded and premium shares vested, common shares | 7 | 9 | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock issued pursuant to employee stock incentive plans | 93 | 82 | 49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash restricted stock expense | 20 | 11 | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash stock option plan expense | 207 | 324 | 333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense related to modification of certain stock options | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to option awards | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average grant date fair value, Granted | ' | ' | $2.07 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash stock compensation | 3,156 | 1,788 | 1,168 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,929 | 1,453 | 824 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4,409 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining stock-based compensation expense, period for recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule_of_Interest_and_Other
Schedule of Interest and Other Income (Schedule of Interest and other income) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Other Income And Expenses [Abstract] | ' | ' | ' |
Dividends | $257 | $228 | $139 |
Interest | 237 | 185 | 184 |
Foreign government subsidies received | 38 | 17 | 41 |
Joint venture equity earnings | 2,024 | 1,790 | 1,598 |
Foreign currency losses | -102 | -105 | -74 |
Rental income | 144 | 82 | ' |
Miscellaneous income | -96 | 59 | 113 |
Interest and other income | $2,502 | $2,256 | $2,001 |
Interest_and_Other_Income_Narr
Interest and Other Income (Narrative) (Detail) (USD $) | Jun. 30, 2009 |
In Thousands, unless otherwise specified | |
Other Income And Expenses [Abstract] | ' |
Initial investment in joint venture, cost | $6 |
Initial investment in joint venture, percentage | 30.00% |
Income_Taxes_Schedule_of_Provi
Income Taxes (Schedule of Provision for Income Taxes) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Domestic operations | $30,884 | $21,181 | $16,418 |
Foreign operations | 13,790 | 13,369 | 8,322 |
Income before income taxes | 44,674 | 34,550 | 24,740 |
Federal: | ' | ' | ' |
Provision for federal income taxes, current | 12,720 | 9,428 | 6,533 |
Provision for federal income taxes, deferred | -2,728 | -2,011 | -1,476 |
State and local: | ' | ' | ' |
Provision for state and local income taxes, current | 1,547 | 1,568 | 716 |
Provision for state and local income taxes, deferred | -113 | -628 | -277 |
Foreign: | ' | ' | ' |
Provision for foreign income taxes, current | 4,490 | 3,875 | 2,287 |
Provision for foreign income taxes, deferred | -242 | -10 | -24 |
Provision for income taxes | $15,674 | $12,222 | $7,759 |
Income_Taxes_Schedule_of_Tax_E
Income Taxes (Schedule of Tax Effects of Temporary Differences that Give Rise to the Deferred Tax Assets and Liabilities) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Accrued environmental remediation liabilities not currently deductible | ' | $102 |
Accrued deferred compensation | 2,970 | 2,791 |
Accrual for sales deductions not currently deductible | 5,901 | 2,989 |
Additional inventoried costs for tax purposes | 236 | 206 |
Allowance for doubtful accounts receivable | 87 | 139 |
Depreciation and amortization | 6,074 | 2,690 |
Accrual for payments to former senior management and other personnel related costs | 126 | 57 |
Contingent consideration | 1,313 | 1,949 |
Foreign deferred tax assets | 477 | 246 |
Domestic net operating loss carryforwards | 158 | 200 |
Foreign net operating loss carryforwards | 857 | 758 |
Total gross deferred tax assets | 18,199 | 12,127 |
Valuation allowances | -1,015 | -958 |
Deferred tax assets, net | 17,184 | 11,169 |
Deferred tax liabilities: | ' | ' |
Foreign deferred tax liabilities | -6 | -6 |
Goodwill | -4,627 | -2,306 |
Accrued environmental remediation liabilities not currently deductible | -216 | ' |
Other | -246 | -107 |
Total gross deferred tax liabilities | -5,095 | -2,419 |
Net deferred tax assets | $12,089 | $8,750 |
Income_Taxes_Schedule_of_Curre
Income Taxes (Schedule of Current and Non Current Deferred Tax Assets (Liabilities)) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Current deferred tax assets, net | $490 | $701 |
Non-current deferred tax assets, net | 11,605 | 8,055 |
Current deferred tax liabilities | ' | ' |
Non current deferred tax liabilities | -6 | -6 |
Net deferred tax assets | $12,089 | $8,750 |
Income_Taxes_Schedule_of_Recon
Income Taxes (Schedule of Reconciliation of Statutory Federal Income Tax Rate and Effective Tax Rate for Continuing Operations) (Detail) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal income tax benefit | 2.50% | 3.00% | 3.00% |
Decrease (increase) in valuation allowance | -0.10% | ' | 0.20% |
Foreign tax rate differential | -1.10% | -2.10% | -3.00% |
Impact of repatriation of non-US earnings | ' | ' | -2.10% |
Other | -1.20% | -0.50% | -1.70% |
Effective tax rate | 35.10% | 35.40% | 31.40% |
Income_Taxes_Narrative_Detail
Income Taxes (Narrative) (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Income taxes payable | $6,403 | $3,956 |
Net change in total valuation allowance | 57 | 12 |
Future taxable income required to fully realize the net deferred tax assets | 30,700 | ' |
Undistributed earnings of foreign subsidiaries | $95,255 | ' |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Schedule of Cash Paid for Interest and Income Taxes) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Supplemental Cash Flow Elements [Abstract] | ' | ' | ' |
Interest | $2,100 | $2,122 | $2,628 |
Income taxes, net of refunds | $14,645 | $11,054 | $9,402 |
Supplemental_Cash_Flow_Informa3
Supplemental Cash Flow Information (Narrative) (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Supplemental Cash Flow Information [Line Items] | ' |
Environmental remediation costs and property held for sale | $1,790 |
PACK Pharmaceuticals, LLC | ' |
Supplemental Cash Flow Information [Line Items] | ' |
Fair market value of shares of common stock issued in acquisition | $5,685 |
Retirement_Plans_Narrative_Det
Retirement Plans (Narrative) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' |
Provision for defined contribution plans | $1,474 | $1,725 | $1,698 |
Accrued pension liability | 700 | 1,232 | ' |
Net periodic pension costs, principally of interest cost and service cost | 80 | 73 | 51 |
Actuarial present value of benefit obligations, assumed weighted average discount rate | 3.00% | 3.40% | 4.10% |
Actuarial present value of benefit obligations, assumed compensation increase rate | 0.00% | 1.70% | 1.50% |
Liability under the deferred compensation plans, total | 3,068 | 3,410 | ' |
Liability under the deferred compensation plans, long-term | 2,816 | 2,654 | ' |
Liability under the deferred compensation plans, current | 252 | 756 | ' |
Deferred compensation plan assets | $2,703 | $2,880 | ' |
Financial_Instruments_Narrativ
Financial Instruments (Narrative) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' |
Open letters of credit | 251 | 78 | ' |
Accounts Receivable | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' |
Number of customers exceeding a 10% benchmark | 2 | 1 | ' |
Europe | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' |
Net assets by geographic area | 69,129 | 57,883 | ' |
Europe | Purchases | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' |
Concentration risk, percent of purchases that came from single geographic region | 14.00% | 13.00% | 13.00% |
Asia | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' |
Net assets by geographic area | 45,668 | 44,072 | ' |
Asia | Purchases | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' |
Concentration risk, percent of purchases that came from single geographic region | 64.00% | 68.00% | 69.00% |
Customer One | Accounts Receivable | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' |
Minimum percentage of net trade accounts receivable for separate disclosure | 16.00% | 10.00% | ' |
Customer Two | Accounts Receivable | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' |
Minimum percentage of net trade accounts receivable for separate disclosure | 13.00% | ' | ' |
Product or Customer Concentration Risk | ' | ' | ' |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ' | ' | ' |
Number of customers exceeding a 10% benchmark | 0 | 0 | 0 |
Minimum percentage of net sales for separate disclosure | 10.00% | 10.00% | 10.00% |
Commitments_Contingencies_and_2
Commitments, Contingencies and Other Matters (Schedule of Future Minimum Lease Payments) (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2015 | $1,813 |
2016 | 1,226 |
2017 | 1,039 |
2018 | 477 |
2019 | 230 |
Thereafter | 460 |
Total future minimum lease payments | $5,245 |
Commitments_Contingencies_and_3
Commitments, Contingencies and Other Matters (Narrative) (Detail) | 12 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2009 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
USD ($) | USD ($) | USD ($) | United Phosphorous Limited | United Phosphorous Limited | United Phosphorous Limited | Pulvair Site Group | Arsynco, Inc | Arsynco, Inc | BASF Corporation | BASF Corporation | BASF Corporation | Subsidiary | Subsidiary | |
Entity | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding purchase obligations | $50,806 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss contingency, damages sought | ' | ' | ' | 7,200 | 4,500 | 7,200 | 1,700 | ' | ' | ' | ' | ' | ' | ' |
Site contingency loss exposure not accrued, low estimate | ' | ' | ' | ' | ' | ' | ' | 12,200 | ' | ' | ' | ' | ' | ' |
Site contingency loss exposure not accrued, high estimate | ' | ' | ' | ' | ' | ' | ' | 14,000 | ' | ' | ' | ' | ' | ' |
Accrual for environmental loss contingencies | ' | ' | ' | ' | ' | ' | ' | 8,907 | 7,166 | ' | ' | ' | ' | ' |
Partial reimbursement of environmental remediation costs previously expensed | ' | ' | ' | ' | ' | ' | ' | ' | ' | 550 | ' | ' | ' | ' |
Environmental remediation costs expensed in prior years | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200 | ' | ' | ' | ' |
Future remediation costs receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,008 | 3,225 | ' | ' |
Number of potentially responsible parties | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount expected to be paid for product registrations and various task force groups | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900 | ' |
Amount accrued for product registrations and various task force groups | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Total rental expense | $1,576 | $1,269 | $1,090 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Related Party Transaction [Line Items] | ' | ' | ' |
Payments to related parties for inventory purchases and product development costs | $6,252 | $3,839 | $3,082 |
Joint Venture | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Inventory purchases | $2,808 | $2,635 | $2,554 |
Segment_Information_Schedule_o
Segment Information (Schedule of Segment Perfomance Measures by Segment) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $139,580 | $124,830 | $116,508 | $129,261 | $123,115 | $150,871 | $113,956 | $111,748 | $510,179 | $499,690 | $444,388 |
Gross profit | 29,022 | 24,963 | 26,984 | 33,734 | 24,531 | 31,527 | 20,708 | 21,505 | 114,703 | 98,271 | 82,032 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 44,674 | 34,550 | 24,740 |
Operating Segments | Human Health | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 160,217 | 129,667 | 105,249 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 48,496 | 39,306 | 29,932 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 19,710 | 17,276 | 11,683 |
Operating Segments | Pharmaceutical Ingredients | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 176,425 | 184,852 | 162,998 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 36,615 | 31,367 | 25,472 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 17,557 | 13,294 | 8,066 |
Operating Segments | Performance Chemicals | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 173,537 | 185,171 | 176,141 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 29,592 | 27,598 | 26,628 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 13,273 | 10,400 | 10,570 |
Unallocated Corporate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | ($5,866) | ($6,420) | ($5,579) |
Segment_Information_Schedule_o1
Segment Information (Schedule of Net Sales and Gross Profit by Source Country) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $139,580 | $124,830 | $116,508 | $129,261 | $123,115 | $150,871 | $113,956 | $111,748 | $510,179 | $499,690 | $444,388 |
Gross profit | 29,022 | 24,963 | 26,984 | 33,734 | 24,531 | 31,527 | 20,708 | 21,505 | 114,703 | 98,271 | 82,032 |
Geographic region | United States | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 355,715 | 326,247 | 289,630 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 82,573 | 68,964 | 58,733 |
Geographic region | Germany | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 84,024 | 92,053 | 82,600 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 22,614 | 19,688 | 14,303 |
Geographic region | Netherlands | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 14,869 | 14,513 | 13,738 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 1,581 | 1,693 | 1,706 |
Geographic region | France | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 29,412 | 38,475 | 33,143 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | 4,182 | 4,608 | 3,885 |
Geographic region | Asia-Pacific | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | 26,159 | 28,402 | 25,277 |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | $3,753 | $3,318 | $3,405 |
Segment_Information_Schedule_o2
Segment Information (Schedule of Long-Lived Assets by Geographic Region) (Detail) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Long-lived assets | $166,044 | $85,767 |
Geographic region | United States | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Long-lived assets | 160,544 | 80,870 |
Geographic region | Europe | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Long-lived assets | 3,458 | 2,684 |
Geographic region | Asia-Pacific | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Long-lived assets | $2,042 | $2,213 |
Segment_Information_Narrative_
Segment Information (Narrative) (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of operating segments | 3 | ' | ' |
Foreign Segments | United States | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Segment revenues | $31,156 | $36,976 | $37,892 |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $139,580 | $124,830 | $116,508 | $129,261 | $123,115 | $150,871 | $113,956 | $111,748 | $510,179 | $499,690 | $444,388 |
Gross profit | 29,022 | 24,963 | 26,984 | 33,734 | 24,531 | 31,527 | 20,708 | 21,505 | 114,703 | 98,271 | 82,032 |
Net income | $5,554 | $5,356 | $6,755 | $11,335 | $5,402 | $7,593 | $4,513 | $4,820 | $29,000 | $22,328 | $16,981 |
Net income (loss) per diluted share | $0.19 | $0.19 | $0.24 | $0.40 | $0.19 | $0.28 | $0.17 | $0.18 | $1.02 | $0.81 | $0.63 |
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at end of year | $24,884 | $10,139 | ' | |||
Allowance for Doubtful Accounts | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance at beginning of year | 1,294 | 887 | 682 | |||
Charged to costs and expenses | 8 | 409 | 211 | |||
Charged to other accounts | ' | ' | ' | |||
Deductions | 785 | [1] | 2 | [1] | 6 | [1] |
Balance at end of year | $517 | $1,294 | $887 | |||
[1] | Specific accounts written off as uncollectible. |