Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Sep. 08, 2015 | Dec. 31, 2014 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | ACETO CORP | ||
Entity Central Index Key | 2,034 | ||
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 | 29,356,192 | ||
Entity Public Float | $ 616,032,815 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2015 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 34,020 | $ 42,897 |
Investments | 3,416 | 746 |
Trade receivables: less allowance for doubtful accounts (2015, $691; 2014; $517) | 161,521 | 122,694 |
Other receivables | 10,611 | 5,288 |
Inventory | 95,596 | 100,683 |
Prepaid expenses and other current assets | 3,096 | 3,556 |
Deferred income tax asset, net | 2,050 | 490 |
Total current assets | 310,310 | 276,354 |
Property and equipment, net | 10,456 | 11,573 |
Property held for sale | 6,574 | 5,848 |
Goodwill | 67,870 | 66,516 |
Intangible assets, net | 78,997 | 87,955 |
Deferred income tax asset, net | 9,972 | 11,605 |
Other assets | 5,595 | 8,133 |
TOTAL ASSETS | 489,774 | 467,984 |
Current liabilities: | ||
Current portion of long-term debt | 10,197 | 8,343 |
Accounts payable | 54,962 | 48,716 |
Accrued expenses | 59,841 | 61,464 |
Total current liabilities | 125,000 | 118,523 |
Long-term debt | 99,960 | 97,158 |
Long-term liabilities | 7,542 | 11,634 |
Environmental remediation liability | 2,995 | 7,079 |
Deferred income tax liability | 66 | 6 |
Total liabilities | $ 235,563 | $ 234,400 |
Commitments and contingencies (Note 16) | ||
Shareholders' equity: | ||
Preferred stock, 2,000 shares authorized; no shares issued and outstanding | ||
Common stock, $.01 par value, 40,000 shares authorized; 29,147 and 28,772 shares issued and outstanding at June 30, 2015 and 2014, respectively | $ 292 | $ 288 |
Capital in excess of par value | 93,807 | 87,156 |
Retained earnings | 167,208 | 140,768 |
Accumulated other comprehensive (loss) income | (7,096) | 5,372 |
Total shareholders' equity | 254,211 | 233,584 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 489,774 | $ 467,984 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Statement Of Financial Position [Abstract] | ||
Trade receivables, allowance for doubtful accounts (in dollars) | $ 691 | $ 517 |
Preferred stock, shares authorized | 2,000 | 2,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000 | 40,000 |
Common stock, shares issued | 29,147 | 28,772 |
Common stock, shares outstanding | 29,147 | 28,772 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Statement [Abstract] | |||
Net sales | $ 546,951 | $ 510,179 | $ 499,690 |
Cost of sales | 411,517 | 395,476 | 401,419 |
Gross profit | 135,434 | 114,703 | 98,271 |
Selling, general and administrative expenses | 73,159 | 65,209 | 61,021 |
Research and development expenses | 5,942 | 5,222 | 2,834 |
Operating income | 56,333 | 44,272 | 34,416 |
Other (expense) income: | |||
Interest expense | (3,954) | (2,100) | (2,122) |
Interest and other income, net | 1,486 | 2,502 | 2,256 |
Other (expense) income, Total | (2,468) | 402 | 134 |
Income before income taxes | 53,865 | 44,674 | 34,550 |
Provision for income taxes | 20,382 | 15,674 | 12,222 |
Net income | $ 33,483 | $ 29,000 | $ 22,328 |
Basic income per common share (in dollars per share) | $ 1.17 | $ 1.04 | $ 0.83 |
Diluted income per common share (in dollars per share) | $ 1.14 | $ 1.02 | $ 0.81 |
Weighted average shares outstanding: | |||
Basic (in shares) | 28,731 | 28,001 | 27,050 |
Diluted (in shares) | 29,247 | 28,563 | 27,450 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 33,483 | $ 29,000 | $ 22,328 |
Other comprehensive (loss) income: | |||
Foreign currency translation adjustments | (12,354) | 2,609 | 1,447 |
Change in fair value of interest rate swaps | 99 | (179) | 169 |
Defined benefit plans | (213) | 40 | (33) |
Comprehensive income | $ 21,015 | $ 31,470 | $ 23,911 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating activities: | |||
Net income | $ 33,483 | $ 29,000 | $ 22,328 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 11,849 | 8,091 | 6,944 |
Provision for doubtful accounts | 484 | 8 | 409 |
Stock compensation | 4,537 | 3,156 | 1,788 |
Deferred income taxes | (1,874) | (3,083) | (2,649) |
Earnings on equity investment in joint venture | (1,761) | (2,024) | (1,790) |
Contingent consideration | (3,468) | 3,244 | |
Environmental remediation charge | 1,618 | ||
Changes in assets and liabilities: | |||
Trade receivables | (44,181) | (19,400) | (14,985) |
Other receivables | (5,644) | 1,353 | (2,685) |
Inventory | (229) | (7,764) | 1,632 |
Prepaid expenses and other current assets | 304 | (232) | (694) |
Other assets | 1,254 | 57 | 610 |
Accounts payable | 8,133 | 5,216 | (3,228) |
Accrued expenses and other liabilities | 1,816 | 8,868 | 12,807 |
Distributions from joint venture | 2,022 | 1,810 | 1,745 |
Net cash provided by operating activities | 8,343 | 25,056 | 25,476 |
Investing activities: | |||
Payment for net assets of businesses acquired | (86,140) | ||
Purchases of investments | (2,720) | (108) | (2,698) |
Sales of investments | 1,506 | 2,029 | |
Payments for intangible assets | (1,564) | (746) | (1,505) |
Purchases of property and equipment, net | (617) | (1,145) | (1,022) |
Net cash used in investing activities | (4,901) | (86,633) | (3,196) |
Financing activities: | |||
Proceeds from exercise of stock options | 1,273 | 3,655 | 6,257 |
Excess income tax benefit on stock option exercises and restricted stock | 790 | 1,752 | 619 |
Payment of cash dividends | (6,964) | (6,806) | (6,016) |
Payment of deferred consideration | (3,500) | (1,500) | (1,470) |
Payment of contingent consideration | (4,500) | ||
Borrowings of bank loans | 19,000 | 114,145 | 10,000 |
Repayment of bank loans | (14,344) | (40,713) | (23,696) |
Net cash (used in) provided by financing activities | (8,245) | 70,533 | (14,306) |
Effect of foreign exchange rate changes on cash | (4,074) | 710 | 395 |
Net (decrease) increase in cash and cash equivalents | (8,877) | 9,666 | 8,369 |
Cash and cash equivalents at beginning of period | 42,897 | 33,231 | 24,862 |
Cash and cash equivalents at end of period | $ 34,020 | $ 42,897 | $ 33,231 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
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 $16, $19 and $100 for June 30, 2013, June 30, 2014 and June 30, 2015, 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 $0.22 per share for June 30, 2013 and $0.24 per share for June 30, 2014 and 2015, 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 | ||||
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 $16, $19 and $100 for June 30, 2013, June 30, 2014 and June 30, 2015, 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 $0.22 per share for June 30, 2013 and $0.24 per share for June 30, 2014 and 2015, 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 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 33,483 | 33,483 | |||
Foreign currency translation adjustments | (12,354) | (12,354) | |||
Defined benefit plans, net of tax of $16, $19 and $100 for June 30, 2013, June 30, 2014 and June 30, 2015, respectively | (213) | (213) | |||
Change in fair value of interest rate swaps | 99 | 99 | |||
Stock issued pursuant to employee stock incentive plans | 77 | $ 77 | |||
Stock issued pursuant to employee stock incentive plans (in shares) | 5 | 5 | |||
Issuance of restricted stock, including dividends and net of forfeitures | $ 2 | (2) | |||
Issuance of restricted stock, including dividends and net of forfeitures (in shares) | 224 | ||||
Dividends declared $0.22 per share for June 30, 2013 and $0.24 per share for June 30, 2014 and 2015, respectively | (7,043) | $ (7,043) | |||
Share-based compensation | 4,515 | 4,515 | |||
Exercise of stock options | $ 2 | 1,271 | 1,273 | ||
Exercise of stock options (in shares) | 146 | ||||
Tax benefit from employee stock incentive plans | 790 | 790 | |||
Balance at Jun. 30, 2015 | $ 292 | $ 93,807 | $ 167,208 | $ (7,096) | $ 254,211 |
Balance (in shares) at Jun. 30, 2015 | 29,147 |
CONSOLIDATED STATEMENTS OF SHA8
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Defined benefit plans, tax | $ 100 | $ 19 | $ 16 |
Dividends declared, per share | $ 0.24 | $ 0.24 | $ 0.22 |
Description of Business
Description of Business | 12 Months Ended |
Jun. 30, 2015 | |
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 finished dosage form generics, nutraceutical products, pharmaceutical intermediates and active ingredients, 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 Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 and June 30, 2014 is $58 and $383, 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 (Loss) Income The components of accumulated other comprehensive (loss) income as of June 30, 2015 and 2014 are as follows: 2015 2014 Cumulative foreign currency translation adjustments $ (6,488 ) $ 5,866 Fair value of interest rate swaps (338 ) (437 ) Defined benefit plans, net of tax (270 ) (57 ) Total $ (7,096 ) $ 5,372 The foreign currency translation adjustments for the year ended June 30, 2015 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 Cash dividends of $0.06 per common share were paid in September, December, March and June of fiscal year 2015. Cash dividends of $0.06 per common share were paid in September, December, March and June of fiscal year 2014. Cash dividends of $0.055 per common share were paid in September, December, March and June of fiscal year 2013. On September 10, 2015, the Company’s board of directors declared a regular quarterly dividend of $0.06 per share to be distributed on October 2, 2015 to shareholders of record as of September 21, 2015. 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. The Board of Directors has authority under the Company’s Restated Certificate of Incorporation to issue shares of preferred stock with voting and other relative rights to be determined by the Board of Directors. 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 of finished dosage form generics, estimates of rebates, chargebacks, returns, government reimbursed rebates, sales discounts and other adjustments are made. These estimates are recorded as reductions to gross revenues, with corresponding adjustments either as a reduction of accounts receivable or as a liability for price concessions. Management has the experience and access to relevant information that it believes is necessary to reasonably estimate the amounts of such deductions from gross revenues. These deductions are primarily estimated based on historical experience, future expectations, contractual arrangements with wholesalers and indirect customers, and other factors known to management at the time of accrual. 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, 2015, 2014 and 2013: 2015 2014 2013 Weighted average shares outstanding 28,731 28,001 27,050 Dilutive effect of stock options and restricted stock awards and units 516 562 400 Diluted weighted average shares outstanding 29,247 28,563 27,450 There were 424 common equivalent shares outstanding as of June 30, 2013 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: June 30, 2015 June 30, 2014 Estimated useful Machinery and equipment $ 401 $ 907 3-7 Leasehold improvements 1,065 1,114 Shorter of asset life Computer equipment and software 5,233 5,348 3-5 Furniture and fixtures 2,472 2,488 5-10 Automobiles 185 171 3 Building 8,682 8,692 20 Land 1,970 1,983 - 20,008 20,703 Accumulated depreciation and amortization 9,552 9,130 $ 10,456 $ 11,573 Property held for sale represents land and land improvements of $6,574 and $5,848 at June 30, 2015 and 2014, respectively. See Note 8, “Environmental Remediation” for further discussion on property held for sale. Depreciation and amortization of property and equipment amounted to $1,571, $1,430 and $1,315 for the years ended June 30, 2015, 2014, and 2013 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. 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 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 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. |
Business Combinations
Business Combinations | 12 Months Ended |
Jun. 30, 2015 | |
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, had headquarters in Buffalo Grove, Illinois, a suburb of Chicago, Illinois. The Company believes that the acquisition of PACK by Rising has advanced 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 provided 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, 2015 and 2014, the Company accrued $783 and $3,797 respectively, related to this contingent consideration. In the fourth quarter of fiscal 2015, the Company reversed $3,468 of contingent consideration due to management’s evaluation and assessment of the performance-based targets. The $3,468 reversal is included in selling, general and administrative expenses in the accompanying Consolidated Statement of Income for the fiscal year ended June 30, 2015. 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 $ .74 Diluted net income per common share $ 1.03 $ .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, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | (4) Investments A summary of short-term investments was as follows: June 30, 2015 June 30, 2014 Fair Value Cost Basis Fair Value Cost Basis Held to Maturity Investments Time deposits $ 3,416 $ 3,393 $ 746 $ 700 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, 2015 | |
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 futures contracts 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 futures foreign exchange rates. At June 30, 2015, the Company had foreign currency contracts outstanding that had a notional amount of $51,252. Unrealized losses on hedging activities for the years ended June 30, 2015, 2014, and 2013, amounted to $703, $40 and $160, 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, 2015 is $28,625. 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, 2015 is $2,375. 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, 2015, is $338. 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, 2015 and 2014, the Company had $1,480 and $5,694, 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, as of June 30, 2015 and 2014,the Company had $783 and $3,797 of contingent consideration related to the PACK acquisition, which was completed in April 2014 and $359 and $413, respectively, 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. Changes in contingent consideration during 2015 and 2014 are as follows: Balance as of June 30, 2013 $ 5,346 Acquisitions 4,124 Accrued interest expense 438 Change in foreign currency exchange rate (4 ) Balance as of June 30, 2014 9,904 Reversal of fair value of liability-PACK (3,468 ) Payments (4,500 ) Accrued interest expense 765 Change in foreign currency exchange rate (79 ) Balance as of June 30, 2015 $ 2,622 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, 2015 and 2014: Fair Value Measurements at June 30, 2015 Using Quoted Prices Significant Significant Unobservable Total Cash equivalents: Time deposits - $ 6,376 - $ 6,376 Investments: Time deposits - 3,416 - 3,416 Foreign currency contracts-assets (1) - 119 - 119 Foreign currency contracts-liabilities (2) - 767 - 767 Derivative liability for interest rate swap (3) - 338 - 338 Contingent consideration (4) - - $ 2,622 2,622 (1) Included in “Other receivables” in the accompanying Consolidated Balance Sheet as of June 30, 2015. (2) Included in “Accrued expenses” in the accompanying Consolidated Balance Sheet as of June 30, 2015. (3) $13 included in “Accrued expenses” and $325 included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2015. (4) $1,480 included in “Accrued expenses” and $1,142 included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2015. Fair Value Measurements at June 30, 2014 Using Quoted Prices (Level 1) Significant Significant Total Cash equivalents: Time deposits - $ 1,372 - $ 1,372 Investments: Time deposits - 746 - 746 Foreign currency contracts-assets (5) - 87 - 87 Foreign currency contracts-liabilities (6) - 128 - 128 Derivative liability for interest rate swap (7) - 437 - 437 Contingent consideration (8) - - $ 9,904 9,904 (5) Included in “Other receivables” in the accompanying Consolidated Balance Sheet as of June 30, 2014. (6) Included in “Accrued expenses” in the accompanying Consolidated Balance Sheet as of June 30, 2014. (7) Included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2014. (8) $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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | (6) Goodwill and Other Intangible Assets As of June 30, 2015 and June 30, 2014, there was goodwill of $67,870 and $66,516, respectively. Changes in the Company’s goodwill during 2015 and 2014 are as follows: Balance as of June 30, 2013 $ 33,526 Acquisitions 32,944 Changes in foreign currency exchange rates 46 Balance as of June 30, 2014 66,516 Measurement period adjustments 1,578 Changes in foreign currency exchange rates (224 ) Balance as of June 30, 2015 $ 67,870 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, 2015 and 2014 were as follows: Gross Accumulated Net Book June 30, 2015 Customer relationships $ 21,664 $ 6,013 $ 15,651 Trademarks 1,868 1,756 112 Product rights and related intangibles 73,261 16,410 56,851 License agreements 6,037 4,568 1,469 EPA registrations and related data 12,800 8,683 4,117 Technology-based intangibles 155 118 37 $ 115,785 $ 37,548 $ 78,237 Gross Accumulated Net Book June 30, 2014 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 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, 2015 and June 30, 2014, the Company also had $760 and $935, 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 $10,278, $6,662 and $5,629 for the years ended June 30, 2015, 2014 and 2013, respectively. The estimated aggregate amortization expense for intangible assets subject to amortization for each of the succeeding years ended June 30, 2016 through June 30, 2021 are as follows: 2016: $10,259; 2017: $9,509; 2018: $8,713; 2019: $8,231; 2020: $7,752 and 2021 and thereafter: $33,773. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Jun. 30, 2015 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | (7) Accrued Expenses The components of accrued expenses as of June 30, 2015 and 2014 were as follows: 2015 2014 Accrued compensation $ 6,942 $ 7,940 Accrued environmental remediation costs-current portion 8,084 1,828 Reserve for price concessions 35,965 24,884 Accrued income taxes payable - 6,403 Other accrued expenses 8,850 20,409 $ 59,841 $ 61,464 |
Environmental Remediation
Environmental Remediation | 12 Months Ended |
Jun. 30, 2015 | |
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 minimis 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, Arsynco received an estimate from an environmental consultant stating that the costs of remediation could be between $16,500 and $18,300. Remediation commenced in fiscal 2010, and as of June 30, 2015 and 2014, a liability of $11,079 and $8,907, respectively, is included in the accompanying consolidated balance sheets for this matter. In the fourth quarter of fiscal 2015, $1,618 environmental remediation charge was recorded and included in selling, general and administrative expenses in the accompanying consolidated statement of income. 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, Arsynco 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 requires 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, 2015 and 2014 is $4,985 and $4,008, 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 the same proceeding. Arsynco entered into an agreement to avoid impleader. Pursuant to the 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. In July 2015, Arsynco was contacted by an allocation consultant retained by a group of the named PRPs, inviting Arsynco to participate in the allocation among the PRPs’ investigation and remediation costs relating to the BCSA. Arsynco declined that invitation. 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 currently known. |
Debt
Debt | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt | (9) Debt Long-term debt June 30, 2015 2014 Revolving bank loans $ 45,000 $ 32,000 Term bank loans 62,000 70,000 Mortgage 3,157 3,355 Other - 146 110,157 105,501 Less current portion 10,197 8,343 $ 99,960 $ 97,158 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 terminated the Credit Agreement, dated December 31, 2010. On June 25, 2015, Aceto entered into Amendment No. 1 to its Credit Agreement dated April 30, 2014 (together with the Credit Agreement, the “Amended Credit Agreement”). The Amended Credit Agreement increased the aggregate revolving commitment (the “Revolving Commitment”) under the existing credit facility from $60,000 to $75,000. Aceto may borrow, repay and reborrow during the period ending April 30, 2019, up to but not exceeding at any one time outstanding $75,000 under the Revolving Commitment. The Revolving Commitment provides for (i) Adjusted LIBOR Loans (as defined in the Amended Credit Agreement), (ii) Alternate Base Rate Loans (as defined in the Amended Credit Agreement) or (iii) a combination thereof. As of June 30, 2015, the Company borrowed Revolving Loans aggregating $45,000 which loans are Adjusted LIBOR Loans at interest rates ranging from 2.03% to 2.41% at June 30, 2015. The Amended Credit Agreement also allows for the borrowing up to $70,000 (the “Term Commitment”). The Term Commitment interest may be payable as (i) an Adjusted LIBOR Loan, (ii) an 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, 2015, the remaining amount outstanding under the amortizing Term Loan is $62,000 and is payable as an Adjusted LIBOR Loan at an interest rate of 2.03% at June 30, 2015. 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 commenced 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 Amended 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 $10,000 of the Term Loan as short-term in the consolidated balance sheet at June 30, 2015. The Amended 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 $21 and $105 at June 30, 2015 and June 30, 2014 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 Amended Credit Agreement provides for a security interest in all of our personal property. The Amended Credit Agreement contains several financial covenants including, among other things, maintaining a minimum level of debt service. The Company is 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. The Company was in compliance with all covenants at June 30, 2015. The Company has available lines of credit with foreign financial institutions. At June 30, 2015, the Company had available lines of credit with foreign financial institutions totaling $7,391. At June 30, 2014, the Company had available lines of credit with foreign financial institutions totaling $8,798. 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, 2015, 2014 and 2013. The Company is not subject to any financial covenants under these arrangements. Under the above financing arrangements, the Company had $107,000 in bank loans and $21 in letters of credit leaving an unused facility of $37,370 at June 30, 2015. At June 30, 2014 the Company had $102,146 in bank loans and $251 in letters of credit leaving an unused facility of $36,693. 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, 2015 and matures on June 30, 2021. Maturity of Long-term Debt Long-term debt matures by fiscal year as follows: 2016 $ 10,197 2017 12,197 2018 16,197 2019 69,197 2020 197 Thereafter 2,172 $ 110,157 |
Stock Based Compensation Plans
Stock Based Compensation Plans | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs Share based 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. As of June 30, 2015, there were 1,349 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. The following summarizes the shares of common stock under options for all plans at June 30, 2015, 2014 and 2013, and the activity with respect to options for the respective years then ended: Shares subject to option Weighted average exercise price per share Aggregate 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 Granted - - Exercised (146 ) 8.74 Forfeited (including cancelled options) (8 ) 10.94 Balance at June 30, 2015 397 $ 7.28 $ 6,894 Options exercisable at June 30, 2015 397 $ 7.28 $ 6,894 The total intrinsic value of stock options exercised during the years ended June 30, 2015, 2014 and 2013 was approximately $1,713, $3,607 and $2,047, respectively. There were no stock options granted in fiscal years 2015, 2014 or 2013. Under the 2010 Plan, 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 2015, 2014 and 2013, restricted stock awarded and premium shares vested of 5, 7 and 9 common shares, respectively, were issued under employee incentive plans, which increased stockholders’ equity by $77, $93 and $82, respectively. The related non-cash compensation expense related to the vesting of premium shares during the year was $22, $20 and $11 in fiscal 2015, 2014 and 2013, respectively. Additionally, non-cash compensation expense of $21, $207 and $324 was recorded in fiscal 2015, 2014 and 2013, respectively, relating to stock option grants, which is included in selling, general and administrative expenses. The following summarizes the non-vested stock options at June 30, 2015 and the activity with respect to non-vested options for the year ended June 30, 2015: Shares Weighted Non-vested at June 30, 2014 61 $ 2.06 Granted - - Vested (61 ) 2.06 Forfeited - - Non-vested at June 30, 2015 - - During the year ended June 30, 2015, the Company granted 165 shares of restricted common stock to its employees that vest over three years and 12 shares of restricted common stock to its non-employee directors, which vest over approximately one year as well as 67 restricted stock units that have varying vest dates through August 2016. In addition, the Company also issued a target grant of 116 performance-vested restricted stock units, which grant could be as much as 203 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, 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. For the years ended June 30, 2015, 2014 and 2013, the Company recorded stock-based compensation expense of approximately $4,494, $2,929, and $1,453, 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 $5,605 at June 30, 2015 and the related weighted average period over which it is expected that such unrecognized compensation cost will be recognized is approximately 1.6 years. A summary of restricted stock awards including restricted stock units as of June 30, 2015, is presented below: Shares Weighted Non-vested at beginning of year 562 $ 13.00 Granted 360 17.06 Vested (209 ) 10.37 Forfeited (25 ) 16.24 Non-vested at June 30, 2015 688 $ 15.81 |
Interest and Other Income
Interest and Other Income | 12 Months Ended |
Jun. 30, 2015 | |
Other Income And Expenses [Abstract] | |
Interest and Other Income | (11) Interest and Other Income Interest and other income during fiscal 2015, 2014 and 2013 was comprised of the following: 2015 2014 2013 Dividends $ 233 $ 257 $ 228 Interest 282 237 185 Foreign government subsidies received 22 38 17 Joint venture equity earnings 1,761 2,024 1,790 Foreign currency losses (1,065 ) (102 ) (105 ) Rental income 151 144 82 Miscellaneous income 102 (96 ) 59 $ 1,486 $ 2,502 $ 2,256 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 the Company accounts for this joint venture using the equity method of accounting. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (12) Income Taxes The components of income before the provision for income taxes are as follows: 2015 2014 2013 Domestic operations $ 48,276 $ 30,884 $ 21,181 Foreign operations 5,589 13,790 13,369 $ 53,865 $ 44,674 $ 34,550 The components of the provision for income taxes are as follows: 2015 2014 2013 Federal: Current $ 18,393 $ 12,720 $ 9,428 Deferred (1,357 ) (2,728 ) (2,011 ) State and local: Current 1,526 1,547 1,568 Deferred 189 (113 ) (628 ) Foreign: Current 2,337 4,490 3,875 Deferred (706 ) (242 ) (10 ) $ 20,382 $ 15,674 $ 12,222 Income taxes payable, which is included in accrued expenses, was $0 and $6,403 at June 30, 2015 and 2014, respectively. The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at June 30, 2015 and 2014 are presented below: 2015 2014 Deferred tax assets: Accrued deferred compensation $ 3,025 $ 2,970 Accrual for sales deductions not currently deductible 6,388 5,901 Additional inventoried costs for tax purposes 262 236 Allowance for doubtful accounts receivable 132 87 Depreciation and amortization 6,899 6,074 Accrual for payments to former senior management and other personnel related costs 29 126 Contingent consideration 286 1,313 Foreign deferred tax assets 1,201 477 Domestic net operating loss carryforwards 132 158 Foreign net operating loss carryforwards 678 857 Total gross deferred tax assets 19,032 18,199 Valuation allowances (810 ) (1,015 ) 18,222 17,184 Deferred tax liabilities: Foreign deferred tax liabilities (66 ) (6 ) Goodwill (6,117 ) (4,627 ) Accrued environmental remediation liabilities not currently deductible (39 ) (216 ) Other (44 ) (246 ) Total gross deferred tax liabilities (6,266 ) (5,095 ) Net deferred tax assets $ 11,956 $ 12,089 The following table shows the current and non current deferred tax assets (liabilities) at June 30, 2015 and 2014: 2015 2014 Current deferred tax assets, net $ 2,050 $ 490 Non-current deferred tax assets, net 9,972 11,605 Current deferred tax liabilities - - Non current deferred tax liabilities (66 ) (6 ) Net deferred tax assets $ 11,956 $ 12,089 The net change in the total valuation allowance for the year ended June 30, 2015 was a decrease of $205. The net change in the total valuation allowance for the year ended June 30, 2014 was an increase of $57. 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, 2015, the Company will need to generate future taxable income of approximately $32,600. 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 $99,825 at June 30, 2015 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, 2015, 2014 and 2013 follows: 2015 2014 2013 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State and local taxes, net of federal income tax benefit 2.4 2.5 3.0 Decrease (increase) in valuation allowance 0.4 (0.1 ) - Foreign tax rate differential (0.9 ) (1.1 ) (2.1 ) Other 0.9 (1.2 ) (0.5 ) Effective tax rate 37.8 % 35.1 % 35.4 % The Company operates 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, 2015 and June 30, 2014. 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 2011 (in the case of certain foreign tax returns, fiscal year 2010). |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | (13) Supplemental Cash Flow Information Cash paid for interest and income taxes during fiscal 2015, 2014 and 2013 was as follows: 2015 2014 2013 Interest $ 3,954 $ 2,100 $ 2,122 Income taxes, net of refunds $ 25,459 $ 14,645 $ 11,054 The Company had non-cash items excluded from the Consolidated Statements of Cash Flows during the years ended June 30, 2015 and 2014 of $726 and $1,790, respectively, related to capitalized environmental remediation costs and property held for sale and $1,578 measurement period adjustments to goodwill during the year ended June 30, 2015. 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. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Jun. 30, 2015 | |
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 $1,849, $1,474 and $1,725 in fiscal 2015, 2014 and 2013, 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, 2015 was $926. The accrued pension liability as of June 30, 2014 was $700. Net periodic pension costs, which consists principally of interest cost and service cost was $53 in fiscal 2015, $80 in fiscal 2014 and $73 in fiscal 2013. The Company’s plans are funded in conformity with the funding requirements of the applicable government regulations. An assumed weighted average discount rate of 1.6%, 3.0% and 3.4% and a compensation increase rate of 0.0%, 0.0% and 1.7% were used in determining the actuarial present value of benefit obligations as of June 30, 2015, 2014 and 2013, 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, 2015, the Company recorded a liability under the Plans of $2,974 (of which $2,855 is included in long-term liabilities and $119 is included in accrued expenses) and an asset (included in other assets) of $2,550, primarily representing the cash surrender value of policies owned by the Company. 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. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jun. 30, 2015 | |
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 $21 and $251 as of June 30, 2015 and 2014, 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, 2015, two customers approximated 40% and 21%, respectively, of net trade accounts receivable. At June 30, 2014, two customers approximated 16% and 13%, respectively, of net trade accounts receivable. One customer accounted for 13% of net sales in fiscal 2015. No single customer accounted for as much as 10% of net sales in fiscal 2014 or 2013. No single product accounted for as much as 10% of net sales in fiscal 2015, 2014 or 2013. During the fiscal years ended June 30, 2015, 2014 and 2013, approximately 65%, 64% and 68%, respectively, of the Company’s purchases came from Asia and approximately 12%, 14% and 13%, respectively, came from Europe. The Company maintains operations located outside of the United States. Net assets located in Europe and Asia approximated $57,161 and $47,097, respectively at June 30, 2015. Net assets located in Europe and Asia approximated $69,129 and $45,668, respectively at June 30, 2014. |
Commitments, Contingencies and
Commitments, Contingencies and Other Matters | 12 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Other Matters | (16) Commitments, Contingencies and Other Matters As of June 30, 2015, the Company has outstanding purchase obligations totaling $62,159 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 and believes that UPL’s claims are without merit. However, in October 2014, in order to avoid the inherent risk of litigation, AACC and UPL reached an agreement pursuant to which (i) UPL will provide certain future business benefits and opportunities to AACC and the Company, and (ii) AACC would pay $350 to UPL, which occurred in December 2014. 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 minimis 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, Arsynco received an estimate from an environmental consultant stating that the costs of remediation could be between $16,500 and $18,300. Remediation commenced in fiscal 2010, and as of June 30, 2015 and 2014, a liability of $11,079 and $8,907, respectively, is included in the accompanying consolidated balance sheets for this matter. In the fourth quarter of fiscal 2015, $1,618 environmental remediation charge was recorded and included in selling, general and administrative expenses in the accompanying consolidated statement of income. 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, Arsynco 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 requires 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, 2015 and 2014 is $4,985 and $4,008, 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 the same proceeding. Arsynco entered into an agreement to avoid impleader. Pursuant to the 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. In July 2015, Arsynco was contacted by an allocation consultant retained by a group of the named PRPs, inviting Arsynco to participate in the allocation among the PRPs’ investigation and remediation costs relating to the BCSA. Arsynco declined that invitation. 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 currently 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 $1,785 through fiscal 2016, of which $0 has been accrued as of June 30, 2015 and June 30, 2014, respectively. The Company leases office facilities in the United States, the Netherlands, Germany, France, Singapore and the Philippines expiring at various dates between October 2014 and June 2021. At June 30, 2015, 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 2016 $ 1,334 2017 1,211 2018 751 2019 314 2020 229 Thereafter 212 $ 4,051 Total rental expense amounted to $1,567, $1,576 and $1,269 for fiscal 2015, 2014 and 2013, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2015 | |
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 was partially owned by two former executive officers. In addition, Aceto purchases product development costs from an affiliate of this company that was partially owned by the two former executive officers. Payments to these two related companies approximated $5,932, $6,252 and $3,839 in fiscals 2015, 2014 and 2013, respectively. During fiscal 2015, 2014 and 2013, the Company purchased inventory from its joint venture in the amount of $3,204, $2,808 and $2,635, respectively. |
Other Recent Accounting Pronoun
Other Recent Accounting Pronouncements | 12 Months Ended |
Jun. 30, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Other Recent Accounting Pronouncements | (18) Other Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company believes the adoption of ASU 2015-02 will not have an impact on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40).” This ASU provides guidance to determine when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. ASU 2014-15 will be effective for all entities in the first annual period ending after December 15, 2016. Earlier adoption is permitted. ASU 2014-15 will be effective for the Company beginning June 30, 2017. The Company does not believe that this pronouncement will have an impact on its 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. In July 2015, the FASB voted to defer the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of December 15, 2016, The Company is currently evaluating the impact of adopting this guidance. |
Segment Information
Segment Information | 12 Months Ended |
Jun. 30, 2015 | |
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. Human Health Pharmaceutical Ingredients – Performance Chemicals 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 environment. Human Pharmaceutical Ingredients Performance Chemicals Unallocated Corporate Consolidated Totals 2015 Net sales $ 225,263 $ 149,296 $ 172,392 $ - $ 546,951 Gross profit 75,749 26,683 33,002 - 135,434 Income before income taxes 35,152 8,697 14,289 (4,273 ) 53,865 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 Net sales and gross profit by source country for the years ended June 30, 2015, 2014 and 2013 were as follows: Net Sales Gross Profit 2015 2014 2013 2015 2014 2013 United States $ 407,101 $ 355,715 $ 326,247 $ 111,734 $ 82,573 $ 68,964 Germany 69,889 84,024 92,053 14,660 22,614 19,688 Netherlands 14,656 14,869 14,513 1,325 1,581 1,693 France 27,976 29,412 38,475 3,634 4,182 4,608 Asia-Pacific 27,329 26,159 28,402 4,081 3,753 3,318 Total $ 546,951 $ 510,179 $ 499,690 $ 135,434 $ 114,703 $ 98,271 Sales generated from the United States to foreign countries amounted to $38,295, $31,156 and $36,976 for the fiscal years ended June 30, 2015, 2014 and 2013, respectively. Long-lived assets by geographic region as of June 30, 2015 and June 30, 2014 were as follows: Long-lived assets 2015 2014 United States $ 152,886 $ 160,544 Europe 2,544 3,458 Asia-Pacific 1,893 2,042 Total $ 157,323 $ 166,044 |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 and 2014. For the quarter ended Fiscal year ended June 30, 2015 September 30, December 31, March 31, June 30, Net sales $ 130,803 $ 123,765 $ 145,796 $ 146,587 Gross profit 27,651 30,019 36,598 41,166 Net income 4,828 6,608 8,411 13,636 Net income per diluted share $ 0.17 $ 0.23 $ 0.29 $ 0.46 For the quarter ended Fiscal year ended June 30, 2014 September 30, December 31, March 31, June 30, 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 $ 0.40 $ 0.24 $ 0.19 $ 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. (1)Includes pretax items consisting of $1,618 environmental remediation charge in connection with Arsynco, $3,468 reversal of contingent consideration related to the PACK acquisition and $3,497 change in estimate for product returns. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 30, 2015 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Valuation and Qualifying Accounts For the years ended June 30, 2015, 2014 and 2013 (dollars in thousands) Description Balance at Charged to Charged to Deductions Balance at Year ended June 30, 2015 Allowance for doubtful accounts $ 517 $ 484 - $ 310 (a) $ 691 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 (a) Specific accounts written off as uncollectible. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
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, 2015 and June 30, 2014 is $58 and $383, 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. |
Inventory | 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 (Loss) Income | Accumulated Other Comprehensive (Loss) Income The components of accumulated other comprehensive (loss) income as of June 30, 2015 and 2014 are as follows: 2015 2014 Cumulative foreign currency translation adjustments $ (6,488 ) $ 5,866 Fair value of interest rate swaps (338 ) (437 ) Defined benefit plans, net of tax (270 ) (57 ) Total $ (7,096 ) $ 5,372 The foreign currency translation adjustments for the year ended June 30, 2015 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 Cash dividends of $0.06 per common share were paid in September, December, March and June of fiscal year 2015. Cash dividends of $0.06 per common share were paid in September, December, March and June of fiscal year 2014. Cash dividends of $0.055 per common share were paid in September, December, March and June of fiscal year 2013. On September 10, 2015, the Company’s board of directors declared a regular quarterly dividend of $0.06 per share to be distributed on October 2, 2015 to shareholders of record as of September 21, 2015. 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. The Board of Directors has authority under the Company’s Restated Certificate of Incorporation to issue shares of preferred stock with voting and other relative rights to be determined by the Board of Directors. |
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 of finished dosage form generics, estimates of rebates, chargebacks, returns, government reimbursed rebates, sales discounts and other adjustments are made. These estimates are recorded as reductions to gross revenues, with corresponding adjustments either as a reduction of accounts receivable or as a liability for price concessions. Management has the experience and access to relevant information that it believes is necessary to reasonably estimate the amounts of such deductions from gross revenues. These deductions are primarily estimated based on historical experience, future expectations, contractual arrangements with wholesalers and indirect customers, and other factors known to management at the time of accrual. 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, 2015, 2014 and 2013: 2015 2014 2013 Weighted average shares outstanding 28,731 28,001 27,050 Dilutive effect of stock options and restricted stock awards and units 516 562 400 Diluted weighted average shares outstanding 29,247 28,563 27,450 There were 424 common equivalent shares outstanding as of June 30, 2013 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: June 30, 2015 June 30, 2014 Estimated useful Machinery and equipment $ 401 $ 907 3-7 Leasehold improvements 1,065 1,114 Shorter of asset life Computer equipment and software 5,233 5,348 3-5 Furniture and fixtures 2,472 2,488 5-10 Automobiles 185 171 3 Building 8,682 8,692 20 Land 1,970 1,983 - 20,008 20,703 Accumulated depreciation and amortization 9,552 9,130 $ 10,456 $ 11,573 Property held for sale represents land and land improvements of $6,574 and $5,848 at June 30, 2015 and 2014, respectively. See Note 8, “Environmental Remediation” for further discussion on property held for sale. Depreciation and amortization of property and equipment amounted to $1,571, $1,430 and $1,315 for the years ended June 30, 2015, 2014, and 2013 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. |
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 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 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. |
Summary of Significant Accoun31
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of components of accumulated other comprehensive income | 2015 2014 Cumulative foreign currency translation adjustments $ (6,488 ) $ 5,866 Fair value of interest rate swaps (338 ) (437 ) Defined benefit plans, net of tax (270 ) (57 ) Total $ (7,096 ) $ 5,372 |
Schedule of reconciliation of weighted average shares outstanding and diluted weighted average shares outstanding | 2015 2014 2013 Weighted average shares outstanding 28,731 28,001 27,050 Dilutive effect of stock options and restricted stock awards and units 516 562 400 Diluted weighted average shares outstanding 29,247 28,563 27,450 |
Schedule of components of property and equipment | June 30, 2015 June 30, 2014 Estimated useful Machinery and equipment $ 401 $ 907 3-7 Leasehold improvements 1,065 1,114 Shorter of asset life Computer equipment and software 5,233 5,348 3-5 Furniture and fixtures 2,472 2,488 5-10 Automobiles 185 171 3 Building 8,682 8,692 20 Land 1,970 1,983 - 20,008 20,703 Accumulated depreciation and amortization 9,552 9,130 $ 10,456 $ 11,573 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed | 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 | Year ended 2014 2013 Net sales $ 551,744 $ 538,058 Net income 29,704 20,140 Net income per common share $ 1.05 $ .74 Diluted net income per common share $ 1.03 $ .73 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Summary of short-term investments | June 30, 2015 June 30, 2014 Fair Value Cost Basis Fair Value Cost Basis Held to Maturity Investments Time deposits $ 3,416 $ 3,393 $ 746 $ 700 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of changes in contingent consideration rollforward | Balance as of June 30, 2013 $ 5,346 Acquisitions 4,124 Accrued interest expense 438 Change in foreign currency exchange rate (4 ) Balance as of June 30, 2014 9,904 Reversal of fair value of liability-PACK (3,468 ) Payments (4,500 ) Accrued interest expense 765 Change in foreign currency exchange rate (79 ) Balance as of June 30, 2015 $ 2,622 |
Summary of valuation of the Company's financial assets and liabilities | Fair Value Measurements at June 30, 2015 Using Quoted Prices Significant Significant Unobservable Total Cash equivalents: Time deposits - $ 6,376 - $ 6,376 Investments: Time deposits - 3,416 - 3,416 Foreign currency contracts-assets (1) - 119 - 119 Foreign currency contracts-liabilities (2) - 767 - 767 Derivative liability for interest rate swap (3) - 338 - 338 Contingent consideration (4) - - $ 2,622 2,622 (1) Included in “Other receivables” in the accompanying Consolidated Balance Sheet as of June 30, 2015. (2) Included in “Accrued expenses” in the accompanying Consolidated Balance Sheet as of June 30, 2015. (3) $13 included in “Accrued expenses” and $325 included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2015. (4) $1,480 included in “Accrued expenses” and $1,142 included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2015. Fair Value Measurements at June 30, 2014 Using Quoted Prices (Level 1) Significant Significant Total Cash equivalents: Time deposits - $ 1,372 - $ 1,372 Investments: Time deposits - 746 - 746 Foreign currency contracts-assets (5) - 87 - 87 Foreign currency contracts-liabilities (6) - 128 - 128 Derivative liability for interest rate swap (7) - 437 - 437 Contingent consideration (8) - - $ 9,904 9,904 (5) Included in “Other receivables” in the accompanying Consolidated Balance Sheet as of June 30, 2014. (6) Included in “Accrued expenses” in the accompanying Consolidated Balance Sheet as of June 30, 2014. (7) Included in “Long-term liabilities” in the accompanying Consolidated Balance Sheet as of June 30, 2014. (8) $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. |
Goodwill and Other Intangible35
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | Balance as of June 30, 2013 $ 33,526 Acquisitions 32,944 Changes in foreign currency exchange rates 46 Balance as of June 30, 2014 66,516 Measurement period adjustments 1,578 Changes in foreign currency exchange rates (224 ) Balance as of June 30, 2015 $ 67,870 |
Schedule of Intangible assets subject to amortization | Gross Accumulated Net Book June 30, 2015 Customer relationships $ 21,664 $ 6,013 $ 15,651 Trademarks 1,868 1,756 112 Product rights and related intangibles 73,261 16,410 56,851 License agreements 6,037 4,568 1,469 EPA registrations and related data 12,800 8,683 4,117 Technology-based intangibles 155 118 37 $ 115,785 $ 37,548 $ 78,237 Gross Accumulated Net Book June 30, 2014 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 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Payables And Accruals [Abstract] | |
Schedule of components of accrued expenses | 2015 2014 Accrued compensation $ 6,942 $ 7,940 Accrued environmental remediation costs-current portion 8,084 1,828 Reserve for price concessions 35,965 24,884 Accrued income taxes payable - 6,403 Other accrued expenses 8,850 20,409 $ 59,841 $ 61,464 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | 2015 2014 Revolving bank loans $ 45,000 $ 32,000 Term bank loans 62,000 70,000 Mortgage 3,157 3,355 Other - 146 110,157 105,501 Less current portion 10,197 8,343 $ 99,960 $ 97,158 |
Schedule of 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 | 2016 $ 10,197 2017 12,197 2018 16,197 2019 69,197 2020 197 Thereafter 2,172 $ 110,157 |
Stock Based Compensation Plans
Stock Based Compensation Plans (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs Share based Payments [Abstract] | |
Schedule of shares of common stock under options for all plans | Shares subject to Weighted average Aggregate 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 Granted - - Exercised (146 ) 8.74 Forfeited (including cancelled options) (8 ) 10.94 Balance at June 30, 2015 397 $ 7.28 $ 6,894 Options exercisable at June 30, 2015 397 $ 7.28 $ 6,894 |
Schedule of non-vested stock options | Shares Weighted Non-vested at June 30, 2014 61 $ 2.06 Granted - - Vested (61 ) 2.06 Forfeited - - Non-vested at June 30, 2015 - - |
Schedule of restricted stock awards including restricted stock units | Shares Weighted Non-vested at beginning of year 562 $ 13.00 Granted 360 17.06 Vested (209 ) 10.37 Forfeited (25 ) 16.24 Non-vested at June 30, 2015 688 $ 15.81 |
Interest and Other Income (Tabl
Interest and Other Income (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Other Income And Expenses [Abstract] | |
Schedule of interest and other income | 2015 2014 2013 Dividends $ 233 $ 257 $ 228 Interest 282 237 185 Foreign government subsidies received 22 38 17 Joint venture equity earnings 1,761 2,024 1,790 Foreign currency losses (1,065 ) (102 ) (105 ) Rental income 151 144 82 Miscellaneous income 102 (96 ) 59 $ 1,486 $ 2,502 $ 2,256 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of income before income tax, domestic and foreign | 2015 2014 2013 Domestic operations $ 48,276 $ 30,884 $ 21,181 Foreign operations 5,589 13,790 13,369 $ 53,865 $ 44,674 $ 34,550 |
Schedule of components of provision for income taxes | 2015 2014 2013 Federal: Current $ 18,393 $ 12,720 $ 9,428 Deferred (1,357 ) (2,728 ) (2,011 ) State and local: Current 1,526 1,547 1,568 Deferred 189 (113 ) (628 ) Foreign: Current 2,337 4,490 3,875 Deferred (706 ) (242 ) (10 ) $ 20,382 $ 15,674 $ 12,222 |
Schedule of tax effects of temporary differences that give rise to the deferred tax assets and liabilities | 2015 2014 Deferred tax assets: Accrued deferred compensation $ 3,025 $ 2,970 Accrual for sales deductions not currently deductible 6,388 5,901 Additional inventoried costs for tax purposes 262 236 Allowance for doubtful accounts receivable 132 87 Depreciation and amortization 6,899 6,074 Accrual for payments to former senior management and other personnel related costs 29 126 Contingent consideration 286 1,313 Foreign deferred tax assets 1,201 477 Domestic net operating loss carryforwards 132 158 Foreign net operating loss carryforwards 678 857 Total gross deferred tax assets 19,032 18,199 Valuation allowances (810 ) (1,015 ) 18,222 17,184 Deferred tax liabilities: Foreign deferred tax liabilities (66 ) (6 ) Goodwill (6,117 ) (4,627 ) Accrued environmental remediation liabilities not currently deductible (39 ) (216 ) Other (44 ) (246 ) Total gross deferred tax liabilities (6,266 ) (5,095 ) Net deferred tax assets $ 11,956 $ 12,089 |
Schedule of current and non current deferred tax assets (liabilities) | 2015 2014 Current deferred tax assets, net $ 2,050 $ 490 Non-current deferred tax assets, net 9,972 11,605 Current deferred tax liabilities - - Non current deferred tax liabilities (66 ) (6 ) Net deferred tax assets $ 11,956 $ 12,089 |
Schedule of reconciliation of the statutory federal income tax rate and the effective tax rate for continuing operation | 2015 2014 2013 Federal statutory tax rate 35.0 % 35.0 % 35.0 % State and local taxes, net of federal income tax benefit 2.4 2.5 3.0 Decrease (increase) in valuation allowance 0.4 (0.1 ) - Foreign tax rate differential (0.9 ) (1.1 ) (2.1 ) Other 0.9 (1.2 ) (0.5 ) Effective tax rate 37.8 % 35.1 % 35.4 % |
Supplemental Cash Flow Inform41
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of cash paid for interest and income taxes | 2015 2014 2013 Interest $ 3,954 $ 2,100 $ 2,122 Income taxes, net of refunds $ 25,459 $ 14,645 $ 11,054 |
Commitments, Contingencies an42
Commitments, Contingencies and Other Matters (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease payments for office facilities and equipment | Fiscal year Amount 2016 $ 1,334 2017 1,211 2018 751 2019 314 2020 229 Thereafter 212 $ 4,051 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of segment performance measures | Human Pharmaceutical Ingredients Performance Chemicals Unallocated Corporate Consolidated Totals 2015 Net sales $ 225,263 $ 149,296 $ 172,392 $ - $ 546,951 Gross profit 75,749 26,683 33,002 - 135,434 Income before income taxes 35,152 8,697 14,289 (4,273 ) 53,865 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 |
Schedule of net sales and gross profit by source country | Net Sales Gross Profit 2015 2014 2013 2015 2014 2013 United States $ 407,101 $ 355,715 $ 326,247 $ 111,734 $ 82,573 $ 68,964 Germany 69,889 84,024 92,053 14,660 22,614 19,688 Netherlands 14,656 14,869 14,513 1,325 1,581 1,693 France 27,976 29,412 38,475 3,634 4,182 4,608 Asia-Pacific 27,329 26,159 28,402 4,081 3,753 3,318 Total $ 546,951 $ 510,179 $ 499,690 $ 135,434 $ 114,703 $ 98,271 |
Schedule of long-lived assets by geographic region | Long-lived assets 2015 2014 United States $ 152,886 $ 160,544 Europe 2,544 3,458 Asia-Pacific 1,893 2,042 Total $ 157,323 $ 166,044 |
Unaudited Quarterly Financial44
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of unaudited quarterly financial data | For the quarter ended Fiscal year ended June 30, 2015 September 30, December 31, March 31, June 30, Net sales $ 130,803 $ 123,765 $ 145,796 $ 146,587 Gross profit 27,651 30,019 36,598 41,166 Net income 4,828 6,608 8,411 13,636 Net income per diluted share $ 0.17 $ 0.23 $ 0.29 $ 0.46 For the quarter ended Fiscal year ended June 30, 2014 September 30, December 31, March 31, June 30, 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 $ 0.40 $ 0.24 $ 0.19 $ 0.19 (1)Includes pretax items consisting of $1,618 environmental remediation charge in connection with Arsynco, $3,468 reversal of contingent consideration related to the PACK acquisition and $3,497 change in estimate for product returns. |
Summary of Significant Accoun45
Summary of Significant Accounting Policies (Components of accumulated other comprehensive income) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Accounting Policies [Abstract] | ||
Cumulative foreign currency translation adjustments | $ (6,488) | $ 5,866 |
Fair value of interest rate swaps | (338) | (437) |
Defined benefit plans, net of tax | (270) | (57) |
Total | $ (7,096) | $ 5,372 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies (Schedule of Reconciliation of Weighted Average Shares Outstanding and Diluted Weighted Average Shares Outstanding) (Detail) - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Accounting Policies [Abstract] | |||
Weighted average shares outstanding | 28,731 | 28,001 | 27,050 |
Dilutive effect of stock options and restricted stock awards and units | 516 | 562 | 400 |
Diluted weighted average shares outstanding | 29,247 | 28,563 | 27,450 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies (Schedule of Components of Property and Equipment) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Significant Accounting Policies [Line Items] | ||
Property plant and equipment, gross | $ 20,008 | $ 20,703 |
Accumulated depreciation and amortization | 9,552 | 9,130 |
Property plant and equipment, net | 10,456 | 11,573 |
Machinery and equipment | ||
Significant Accounting Policies [Line Items] | ||
Property plant and equipment, gross | $ 401 | 907 |
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 | $ 1,065 | 1,114 |
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 | $ 5,233 | 5,348 |
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 | $ 2,472 | 2,488 |
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 | $ 185 | 171 |
Property, plant and equipment, estimated useful life | 3 years | |
Building | ||
Significant Accounting Policies [Line Items] | ||
Property plant and equipment, gross | $ 8,682 | 8,692 |
Property, plant and equipment, estimated useful life | 20 years | |
Land | ||
Significant Accounting Policies [Line Items] | ||
Property plant and equipment, gross | $ 1,970 | $ 1,983 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 10, 2015 | May. 08, 2014 | Apr. 30, 2014 | Mar. 31, 2011 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | 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, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Restricted cash | $ 58 | $ 383 | $ 58 | $ 383 | |||||||||||||||
Stock repurchase program, expiration date | May 2,017 | ||||||||||||||||||
Stock repurchase program, shares authorized | 5,000 | ||||||||||||||||||
Cash dividends paid | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.055 | $ 0.055 | $ 0.055 | $ 0.055 | |||||||
Dividends declared, per share | $ 0.24 | $ 0.24 | $ 0.22 | ||||||||||||||||
Common equivalent shares outstanding excluded from calculation of diluted income per common share because their effect would have been anti-dilutive | 424 | ||||||||||||||||||
Property held for sale | $ 6,574 | $ 5,848 | $ 6,574 | $ 5,848 | |||||||||||||||
Depreciation and amortization | $ 1,571 | $ 1,430 | $ 1,315 | ||||||||||||||||
Interest rate swap | Cash flow hedging | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Derivative, notional amount | $ 25,750 | $ 20,000 | |||||||||||||||||
Derivative, expiration date | Apr. 30, 2019 | Dec. 31, 2015 | |||||||||||||||||
Subsequent Event | |||||||||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||
Dividends declared, per share | $ 0.06 | ||||||||||||||||||
Dividends declared, date of declaration | Sep. 10, 2015 | ||||||||||||||||||
Dividends declared, date of distribution | Oct. 2, 2015 | ||||||||||||||||||
Dividends declared, date of record | Sep. 21, 2015 |
Business Combinations - Estimat
Business Combinations - Estimated fair values of the assets acquired and liabilities assumed (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 67,870 | $ 66,516 | $ 33,526 | |
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 | 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 for
Business Combinations - Pro forma operating results (Details 2) - Pack Pharmaceuticals Llc - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
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- (Narrati
Business Combinations- (Narrative) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Business Acquisition [Line Items] | |||||||||||||
Goodwill | $ 66,516 | $ 67,870 | $ 66,516 | $ 67,870 | $ 66,516 | $ 33,526 | |||||||
Net sales | 146,587 | $ 145,796 | $ 123,765 | $ 130,803 | 139,580 | $ 124,830 | $ 116,508 | $ 129,261 | 546,951 | 510,179 | 499,690 | ||
Income (loss) before income taxes | 53,865 | 44,674 | 34,550 | ||||||||||
Proforma amortization charges from acquired intangible assets | 4,783 | 4,783 | |||||||||||
Proforma increase in interest expense | 3,414 | 3,414 | |||||||||||
Contingent consideration | (3,468) | $ 3,244 | |||||||||||
Pack Pharmaceuticals Llc | |||||||||||||
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 | 783 | $ 3,797 | 783 | $ 3,797 | ||||||||
Goodwill | 32,722 | ||||||||||||
Net sales | 8,131 | ||||||||||||
Income (loss) before income taxes | $ (454) | ||||||||||||
Contingent consideration | $ (3,468) | ||||||||||||
Pack Pharmaceuticals Llc | Product Rights | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets assumed | $ 38,280 | ||||||||||||
Amortizable period of intangible assets | 11 years | ||||||||||||
Pack Pharmaceuticals Llc | Customer Relationships | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets assumed | $ 14,170 | ||||||||||||
Amortizable period of intangible assets | 11 years | ||||||||||||
Pack Pharmaceuticals Llc | Trademarks | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets assumed | $ 90 | ||||||||||||
Amortizable period of intangible assets | 3 years | ||||||||||||
Pack Pharmaceuticals Llc | Selling, general and administrative expenses | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Contingent consideration | $ (3,468) |
Business Combinations- (Narra52
Business Combinations- (Narrative) (Detail 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
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 ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Schedule of Investments [Line Items] | ||
Held to Maturity Investments, Fair Value | $ 3,416 | $ 746 |
Held to Maturity Investments, Cost Basis | $ 3,393 | $ 700 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Changes in contingent consideration) (Details) - Rising Pharmaceuticals Inc. , France Company and PACK Pharmaceuticals, LLC - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Changes In Contingent Consideration [Roll Forward] | ||
Balance as of June 30 | $ 9,904 | $ 5,346 |
Acquisitions | 4,124 | |
Reversal of fair value of liability-PACK | (3,468) | |
Payments | (4,500) | |
Accrued interest expense | 765 | 438 |
Change in foreign currency exchange rate | (79) | (4) |
Balance as of June 30 | $ 2,622 | $ 9,904 |
Fair Value Measurements (Sche55
Fair Value Measurements (Schedule of Valuation of Financial Assets and Liabilities) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign currency contracts-assets | $ 119 | [1] | $ 87 | [2] |
Foreign currency contracts-liabilities | 767 | [3] | 128 | [4] |
Derivative liability for interest rate swap | 338 | [5] | 437 | [6] |
Contingent consideration | 2,622 | [7] | 9,904 | [8] |
Time deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | 6,376 | 1,372 | ||
Investments | $ 3,416 | $ 746 | ||
Quoted Prices in Active Markets (Level 1) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign currency contracts-assets | ||||
Foreign currency contracts-liabilities | ||||
Derivative liability for interest rate swap | ||||
Contingent consideration | ||||
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 | $ 119 | [1] | $ 87 | [2] |
Foreign currency contracts-liabilities | 767 | [3] | 128 | [4] |
Derivative liability for interest rate swap | $ 338 | [5] | $ 437 | [6] |
Contingent consideration | ||||
Significant Other Observable Inputs (Level 2) | Time deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | $ 6,376 | $ 1,372 | ||
Investments | $ 3,416 | $ 746 | ||
Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Foreign currency contracts-assets | ||||
Foreign currency contracts-liabilities | ||||
Derivative liability for interest rate swap | ||||
Contingent consideration | $ 2,622 | [7] | $ 9,904 | [8] |
Significant Unobservable Inputs (Level 3) | Time deposits | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash equivalents | ||||
Investments | ||||
[1] | Included in "Other receivables" in the accompanying Consolidated Balance Sheet as of June 30, 2015. | |||
[2] | Included in "Other receivables" in the accompanying Consolidated Balance Sheet as of June 30, 2014. | |||
[3] | Included in "Accrued expenses" in the accompanying Consolidated Balance Sheet as of June 30, 2015. | |||
[4] | Included in "Accrued expenses" in the accompanying Consolidated Balance Sheet as of June 30, 2014. | |||
[5] | $13 included in "Accrued expenses" and $325 included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2015. | |||
[6] | Included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2014. | |||
[7] | $1,480 included in "Accrued expenses" and $1,142 included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2015. | |||
[8] | $4,500 included in "Accrued expenses" and $5,404 included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2014. |
Fair Value Measurements (Sche56
Fair Value Measurements (Schedule of Valuation of Financial Assets and Liabilities) (Parentheticals) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability for interest rate swap | $ 338 | [1] | $ 437 | [2] |
Contingent consideration | 2,622 | [3] | 9,904 | [4] |
Accrued expenses | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability for interest rate swap | 13 | |||
Contingent consideration | 1,480 | 4,500 | ||
Long-term liabilities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivative liability for interest rate swap | 325 | |||
Contingent consideration | $ 1,142 | $ 5,404 | ||
[1] | $13 included in "Accrued expenses" and $325 included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2015. | |||
[2] | Included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2014. | |||
[3] | $1,480 included in "Accrued expenses" and $1,142 included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2015. | |||
[4] | $4,500 included in "Accrued expenses" and $5,404 included in "Long-term liabilities" in the accompanying Consolidated Balance Sheet as of June 30, 2014. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2014 | Mar. 31, 2011 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Unrealized gain (loss) recorded in accumulated other comprehensive income | $ (338) | $ (437) | |||
Rising Pharmaceuticals Inc. | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent consideration at fair value | 1,480 | 5,694 | |||
PACK Pharmaceuticals, LLC | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent consideration at fair value | 783 | 3,797 | |||
France Company | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Contingent consideration at fair value | 359 | 413 | |||
Foreign exchange contract | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, notional amount | 51,252 | ||||
Unrealized gains (losses) on hedging activities | (703) | $ (40) | $ (160) | ||
Interest rate swap | Cash flow hedging | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, notional amount | $ 25,750 | $ 20,000 | |||
Unrealized gain (loss) recorded in accumulated other comprehensive income | (338) | ||||
Derivative, expiration date | Apr. 30, 2019 | Dec. 31, 2015 | |||
Interest rate swap | Cash flow hedging | April 30, 2019 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, notional amount | $ 25,750 | 28,625 | |||
Derivative, interest rate | 1.63% | ||||
Derivative, expiration date | Apr. 30, 2019 | ||||
Interest rate swap | Cash flow hedging | December 31, 2015 | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, notional amount | $ 20,000 | $ 2,375 | |||
Derivative, interest rate | 1.91% | ||||
Derivative, expiration date | Dec. 31, 2015 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets - Summary of changes in goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 66,516 | $ 33,526 |
Acquisitions | 32,944 | |
Measurement period adjustments | 1,578 | |
Changes in foreign currency exchange rates | (224) | 46 |
Ending balance | $ 67,870 | $ 66,516 |
Goodwill and Other Intangible59
Goodwill and Other Intangible Assets (Schedule of Intangible Assets Subject to Amortization) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Gross Carrying Value | $ 115,785 | $ 114,866 |
Accumulated Amortization | 37,548 | 27,846 |
Net Book Value | 78,237 | 87,020 |
Customer relationships | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Gross Carrying Value | 21,664 | 22,292 |
Accumulated Amortization | 6,013 | 4,782 |
Net Book Value | 15,651 | 17,510 |
Trademarks | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Gross Carrying Value | 1,868 | 1,886 |
Accumulated Amortization | 1,756 | 1,711 |
Net Book Value | 112 | 175 |
Product rights and related intangibles | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Gross Carrying Value | 73,261 | 72,626 |
Accumulated Amortization | 16,410 | 10,146 |
Net Book Value | 56,851 | 62,480 |
License agreements | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Gross Carrying Value | 6,037 | 5,938 |
Accumulated Amortization | 4,568 | 3,642 |
Net Book Value | 1,469 | 2,296 |
EPA registrations and related data | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Gross Carrying Value | 12,800 | 11,969 |
Accumulated Amortization | 8,683 | 7,469 |
Net Book Value | 4,117 | 4,500 |
Technology-based intangibles | ||
Goodwill and Intangible Assets Disclosure [Line Items] | ||
Gross Carrying Value | 155 | 155 |
Accumulated Amortization | 118 | 96 |
Net Book Value | $ 37 | $ 59 |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2014 | |
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Goodwill | $ 67,870 | $ 66,516 | $ 33,526 | |
Intangible assets amortization method | straight-line method | |||
Indefinite-lived trademarks | $ 760 | 935 | ||
Finite-lived intangible assets, amortization expense | 10,278 | $ 6,662 | $ 5,629 | |
Finite-lived intangible assets, future amortization expense, year one | 10,259 | |||
Finite-lived intangible assets, future amortization expense, year two | 9,509 | |||
Finite-lived intangible assets, future amortization expense, year three | 8,713 | |||
Finite-lived intangible assets, future amortization expense, year four | 8,231 | |||
Finite-lived intangible assets, future amortization expense, year five | 7,752 | |||
Finite-lived intangible assets, future amortization expense, after year five | $ 33,773 | |||
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 | |||
PACK Pharmaceuticals, LLC | ||||
Goodwill and Intangible Assets Disclosure [Line Items] | ||||
Goodwill | $ 32,722 | |||
Human Health | PACK Pharmaceuticals, LLC | ||||
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 ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 6,942 | $ 7,940 |
Accrued environmental remediation costs-current portion | 8,084 | 1,828 |
Reserve for price concessions | $ 35,965 | 24,884 |
Accrued income taxes payable | 6,403 | |
Other accrued expenses | $ 8,850 | 20,409 |
Accrued expenses | $ 59,841 | $ 61,464 |
Environmental Remediation (Narr
Environmental Remediation (Narrative) (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($)Entity | Jun. 30, 2015USD ($)Entity | Jun. 30, 2009USD ($) | Jun. 30, 2014USD ($) | |
Site Contingency [Line Items] | ||||
Environmental remediation charge included in selling, general and administrative expenses | $ 1,618 | |||
Pulvair Site Group | ||||
Site Contingency [Line Items] | ||||
Loss contingency, damages sought value | 1,700 | |||
BASF Corporation | ||||
Site Contingency [Line Items] | ||||
Partial reimbursement of environmental remediation costs previously expensed | $ 550 | |||
Environmental remediation costs expensed in prior years | $ 1,200 | |||
Future remediation costs receivable | $ 4,985 | 4,985 | $ 4,008 | |
Arsynco, Inc | ||||
Site Contingency [Line Items] | ||||
Site contingency loss exposure not accrued, low estimate | 16,500 | |||
Site contingency loss exposure not accrued, high estimate | 18,300 | |||
Accrual for environmental loss contingencies | 11,079 | 11,079 | $ 8,907 | |
Environmental remediation charge included in selling, general and administrative expenses | $ 1,618 | $ 1,618 | ||
Number of potentially responsible parties | Entity | 150 | 150 |
Debt (Schedule of Long-term Deb
Debt (Schedule of Long-term Debt) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | Apr. 30, 2014 |
Debt Instrument [Line Items] | |||
Mortgage | $ 3,157 | $ 3,355 | |
Other | 146 | ||
Long-term debt including current portion | $ 110,157 | 105,501 | |
Less current portion | 10,197 | 8,343 | |
Long-term debt | 99,960 | 97,158 | |
Revolving bank loans | |||
Debt Instrument [Line Items] | |||
Long-term debt including current portion | 45,000 | 32,000 | |
Term bank loans | |||
Debt Instrument [Line Items] | |||
Long-term debt including current portion | $ 62,000 | $ 70,000 | $ 70,000 |
Debt (Schedule of Quarterly Ins
Debt (Schedule of Quarterly Installments of Term Loans) (Detail) $ in Thousands | 12 Months Ended |
Jun. 30, 2015USD ($) | |
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 ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Debt Disclosure [Abstract] | ||
2,016 | $ 10,197 | |
2,017 | 12,197 | |
2,018 | 16,197 | |
2,019 | 69,197 | |
2,020 | 197 | |
Thereafter | 2,172 | |
Long-term Debt | $ 110,157 | $ 105,501 |
Debt (Narrative) (Detail)
Debt (Narrative) (Detail) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jun. 25, 2015USD ($) | Jun. 30, 2011USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($)Installment | Apr. 30, 2014USD ($) | Jun. 30, 2013 | |
Debt Instrument [Line Items] | ||||||
Bank loans outstanding | $ 107,000 | $ 102,146 | ||||
Short term loans payable | 10,197 | 8,343 | ||||
Letters of credit | 21 | 251 | ||||
Bank loans, unused borrowing capacity | 37,370 | 36,693 | ||||
Term loan | 3,157 | 3,355 | ||||
Revolving bank loans | Amended Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Loans, maximum amount | $ 75,000 | $ 60,000 | ||||
Revolving loans, expiration date | Apr. 30, 2019 | |||||
Bank loans outstanding | $ 45,000 | $ 32,000 | ||||
Lines of credit, variable rate basis | LIBOR | |||||
Revolving bank loans | Amended Credit Agreement | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Lines of credit, interest rate | 2.03% | |||||
Revolving bank loans | Amended Credit Agreement | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Lines of credit, interest rate | 2.41% | |||||
Term bank loans | Amended Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Loans, maximum amount | $ 70,000 | |||||
Bank loans outstanding | 62,000 | |||||
Term loans, number of installments | Installment | 19 | |||||
Short term loans payable | $ 10,000 | |||||
Lines of credit, interest rate | 2.03% | |||||
Mortgage payable | ||||||
Debt Instrument [Line Items] | ||||||
Mortgage payable interest rate | 4.92% | |||||
Term loan | $ 3,947 | |||||
Mortgage payable, amortization period | 20 years | |||||
Foreign line of credit | ||||||
Debt Instrument [Line Items] | ||||||
Available lines of credit with foreign financial institutions | $ 7,391 | $ 8,798 | ||||
Lines of credit, interest rate | 5.00% | 5.00% | 5.00% | |||
Open letter of credit | Amended Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Letters of credit | $ 21 | $ 105 |
Stock Based Compensation Plan67
Stock Based Compensation Plans (Schedule of Shares of Common Stock under Options for All Plans) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
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 | 551 | 960 | 1,815 |
Shares subject to option, Granted | |||
Shares subject to option, Exercised | (146) | (392) | (740) |
Shares subject to option, Forfeited (including cancelled options) | (8) | (17) | (115) |
Ending balance | 397 | 551 | 960 |
Shares subject to option, options exercisable at June 30, 2015 | 397 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted average exercise price per share, beginning balance | $ 7.72 | $ 8.36 | $ 8.47 |
Weighted average exercise price per share, granted | |||
Weighted average exercise price per share, exercised | $ 8.74 | $ 9.34 | $ 8.43 |
Weighted average exercise price per share, forfeited (including canceled options) | 10.94 | 6.58 | 9.55 |
Weighted average exercise price per share, ending balance | 7.28 | $ 7.72 | $ 8.36 |
Weighted average exercise price per share, options exercisable at June 30, 2015 | $ 7.28 | ||
Aggregate Intrinsic Value, Balance at June 30, 2015 | $ 6,894 | ||
Aggregate Intrinsic Value, Options exercisable at June 30, 2015 | $ 6,894 |
Stock Based Compensation Plan68
Stock Based Compensation Plans (Schedule of Non-Vested Stock Options) (Detail) - $ / shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
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, 2014 | 61 | ||
Shares subject to option, Granted | |||
Shares subject to option, vested | (61) | ||
Shares subject to option, forfeited | |||
Shares subject to option, Non-vested at June 30, 2015 | 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, 2014 | $ 2.06 | ||
Weighted average grant date fair value, Granted | |||
Weighted average grant date fair value, Vested | $ 2.06 | ||
Weighted average grant date fair value, Forfeited | |||
Weighted average grant date fair value, non-vested, Non-vested at June 30, 2015 | $ 2.06 |
Stock Based Compensation Plan69
Stock Based Compensation Plans (Schedule of Restricted Stock Awards Including Restricted Stock Units) (Detail) - Restricted stock awards and restricted stock units - $ / shares shares in Thousands | 12 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, non-vested at beginning of year | 562 |
Shares, granted | 360 |
Shares, vested | (209) |
Shares, forfeited | (25) |
Shares, non-vested at end of year | 688 |
Weighted average grant date fair value, non-vested at beginning of year | $ 13 |
Weighted average grant date fair value, granted | 17.06 |
Weighted average grant date fair value, vested | 10.37 |
Weighted average grant date fair value, forfeited | 16.24 |
Weighted average grant date fair value, non-vested at end of year | $ 15.81 |
Stock Based Compensation (Narra
Stock Based Compensation (Narrative) (Detail) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 06, 2012 | Dec. 06, 2007 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares subject to option, Granted | |||||
Stock options exercised, total intrinsic value | $ 1,713 | $ 3,607 | $ 2,047 | ||
Restricted stock awarded and premium shares vested, common shares | 5 | 7 | 9 | ||
Stock issued pursuant to employee stock incentive plans | $ 77 | $ 93 | $ 82 | ||
Non-cash restricted stock expense | 22 | 20 | 11 | ||
Non-cash stock option plan expense is included in selling, general and administrative expenses | 21 | 207 | 324 | ||
Non-cash stock compensation included in selling, general and administrative expenses | $ 4,537 | $ 3,156 | $ 1,788 | ||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options, expiration date | January 2,016 | ||||
Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options, expiration date | December 2,021 | ||||
Restricted Stock | Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock granted, shares | 165 | 214 | 120 | ||
Restricted stock units, vesting period | 3 years | 3 years | 3 years | ||
Restricted Stock | Non Employee Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock granted, shares | 12 | 11 | 25 | ||
Restricted stock units, vesting period | 1 year | 1 year | 1 year | ||
Performance-vested restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock granted, shares | 116 | 131 | 84 | ||
Upper limit of target grant, shares | 203 | 196 | 126 | ||
Performance-vested restricted stock units, vesting percentage | 100.00% | 100.00% | 100.00% | ||
Restricted stock units, vesting period | 3 years | 3 years | 3 years | ||
Restricted stock awards and restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock granted, shares | 360 | ||||
Non-cash stock compensation included in selling, general and administrative expenses | $ 4,494 | $ 2,929 | $ 1,453 | ||
Remaining stock-based compensation expense | $ 5,605 | ||||
Remaining stock-based compensation expense, period for recognition | 1 year 7 months 6 days | ||||
Restricted stock units | Employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock granted, shares | 67 | 32 | |||
2010 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares of common stock that may be issued | 5,250 | ||||
Shares of common stock available for grant | 1,349 | ||||
2007 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares of common stock that may be issued | 700 | ||||
Shares of common stock available for grant | 14 |
Interest and Other Income (Sche
Interest and Other Income (Schedule of Interest and other income) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Other Income And Expenses [Abstract] | |||
Dividends | $ 233 | $ 257 | $ 228 |
Interest | 282 | 237 | 185 |
Foreign government subsidies received | 22 | 38 | 17 |
Joint venture equity earnings | 1,761 | 2,024 | 1,790 |
Foreign currency losses | (1,065) | (102) | (105) |
Rental income | 151 | 144 | 82 |
Miscellaneous income | 102 | (96) | 59 |
Interest and other income | $ 1,486 | $ 2,502 | $ 2,256 |
Interest and Other Income (Narr
Interest and Other Income (Narrative) (Detail) - Jun. 30, 2009 - USD ($) $ in Thousands | Total |
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 ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic operations | $ 48,276 | $ 30,884 | $ 21,181 |
Foreign operations | 5,589 | 13,790 | 13,369 |
Income before income taxes | 53,865 | 44,674 | 34,550 |
Federal: | |||
Provision for federal income taxes, current | 18,393 | 12,720 | 9,428 |
Provision for federal income taxes, deferred | (1,357) | (2,728) | (2,011) |
State and local: | |||
Provision for state and local income taxes, current | 1,526 | 1,547 | 1,568 |
Provision for state and local income taxes, deferred | 189 | (113) | (628) |
Foreign: | |||
Provision for foreign income taxes, current | 2,337 | 4,490 | 3,875 |
Provision for foreign income taxes, deferred | (706) | (242) | (10) |
Provision for income taxes | $ 20,382 | $ 15,674 | $ 12,222 |
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 ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Deferred tax assets: | ||
Accrued deferred compensation | $ 3,025 | $ 2,970 |
Accrual for sales deductions not currently deductible | 6,388 | 5,901 |
Additional inventoried costs for tax purposes | 262 | 236 |
Allowance for doubtful accounts receivable | 132 | 87 |
Depreciation and amortization | 6,899 | 6,074 |
Accrual for payments to former senior management and other personnel related costs | 29 | 126 |
Contingent consideration | 286 | 1,313 |
Foreign deferred tax assets | 1,201 | 477 |
Domestic net operating loss carryforwards | 132 | 158 |
Foreign net operating loss carryforwards | 678 | 857 |
Total gross deferred tax assets | 19,032 | 18,199 |
Valuation allowances | (810) | (1,015) |
Deferred tax assets, net | 18,222 | 17,184 |
Deferred tax liabilities: | ||
Foreign deferred tax liabilities | (66) | (6) |
Goodwill | (6,117) | (4,627) |
Accrued environmental remediation liabilities not currently deductible | (39) | (216) |
Other | (44) | (246) |
Total gross deferred tax liabilities | (6,266) | (5,095) |
Net deferred tax assets | $ 11,956 | $ 12,089 |
Income Taxes (Schedule of Curre
Income Taxes (Schedule of Current and Non Current Deferred Tax Assets (Liabilities)) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Income Tax Disclosure [Abstract] | ||
Current deferred tax assets, net | $ 2,050 | $ 490 |
Non-current deferred tax assets, net | $ 9,972 | $ 11,605 |
Current deferred tax liabilities | ||
Non current deferred tax liabilities | $ (66) | $ (6) |
Net deferred tax assets | $ 11,956 | $ 12,089 |
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, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory tax rate | 35.00% | 35.00% | 35.00% |
State and local taxes, net of federal income tax benefit | 2.40% | 2.50% | 3.00% |
Decrease (increase) in valuation allowance | 0.40% | (0.10%) | |
Foreign tax rate differential | (0.90%) | (1.10%) | (2.10%) |
Other | 0.90% | (1.20%) | (0.50%) |
Effective tax rate | 37.80% | 35.10% | 35.40% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||
Income taxes payable included in accrued expenses | $ 0 | $ 6,403 |
Net change in total valuation allowance | 205 | $ 57 |
Future taxable income required to fully realize the net deferred tax assets | 32,600 | |
Undistributed earnings of foreign subsidiaries | $ 99,825 |
Supplemental Cash Flow Inform78
Supplemental Cash Flow Information (Schedule of Cash Paid for Interest and Income Taxes) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest | $ 3,954 | $ 2,100 | $ 2,122 |
Income taxes, net of refunds | $ 25,459 | $ 14,645 | $ 11,054 |
Supplemental Cash Flow Inform79
Supplemental Cash Flow Information (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Supplemental Cash Flow Information [Line Items] | ||
Environmental remediation costs and property held for sale | $ 726 | $ 1,790 |
Measurement period adjustments | $ 1,578 | |
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) (D
Retirement Plans (Narrative) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Compensation And Retirement Disclosure [Abstract] | |||
Provision for defined contribution plans | $ 1,849 | $ 1,474 | $ 1,725 |
Accrued pension liability | 926 | 700 | |
Net periodic pension costs, principally of interest cost and service cost | $ 53 | $ 80 | $ 73 |
Actuarial present value of benefit obligations, assumed weighted average discount rate | 1.60% | 3.00% | 3.40% |
Actuarial present value of benefit obligations, assumed compensation increase rate | 0.00% | 0.00% | 1.70% |
Liability under the deferred compensation plans, total | $ 2,974 | $ 3,068 | |
Liability under the deferred compensation plans, long-term | 2,855 | 2,816 | |
Liability under the deferred compensation plans, current | 119 | 252 | |
Deferred compensation plan assets | $ 2,550 | $ 2,703 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Detail) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015USD ($)Customer | Jun. 30, 2014USD ($)Customer | Jun. 30, 2013Customer | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Open letters of credit | $ | $ 21 | $ 251 | |
Accounts Receivable | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Number of customers exceeding a 10% benchmark | 2 | 2 | |
Europe | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Net assets by geographic area | $ | $ 57,161 | $ 69,129 | |
Asia | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Net assets by geographic area | $ | $ 47,097 | $ 45,668 | |
Customer One | Accounts Receivable | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Percentage of net trade accounts receivable attributable to single customer | 40.00% | 16.00% | |
Customer One | Net sales | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Percentage of net sales attributable to single customer | 13.00% | ||
Customer Two | Accounts Receivable | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Percentage of net trade accounts receivable attributable to single customer | 21.00% | 13.00% | |
Product Concentration | Net sales | |||
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% |
Customer Concentration | Net sales | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Number of customers exceeding a 10% benchmark | 1 | 0 | 0 |
Minimum percentage of net sales for separate disclosure | 10.00% | 10.00% | 10.00% |
Geographic Concentration | Europe | Purchases | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Percentage of purchases for a single geographic area | 12.00% | 14.00% | 13.00% |
Geographic Concentration | Asia | Purchases | |||
Financial Instruments Owned and Pledged as Collateral [Line Items] | |||
Percentage of purchases for a single geographic area | 65.00% | 64.00% | 68.00% |
Commitments, Contingencies an82
Commitments, Contingencies and Other Matters (Schedule of Future Minimum Lease Payments) (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,016 | $ 1,334 |
2,017 | 1,211 |
2,018 | 751 |
2,019 | 314 |
2,020 | 229 |
Thereafter | 212 |
Total future minimum lease payments | $ 4,051 |
Commitments, Contingencies an83
Commitments, Contingencies and Other Matters (Narrative) (Detail) £ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014USD ($) | Jun. 30, 2015USD ($)Entity | Jun. 30, 2015USD ($)Entity | Jun. 30, 2014USD ($) | Jun. 30, 2014GBP (£) | Jun. 30, 2013USD ($) | Jun. 30, 2009USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | |||||||
Outstanding purchase obligations | $ 62,159 | $ 62,159 | |||||
Environmental remediation charge included in selling, general and administrative expenses | 1,618 | ||||||
Total rental expense | 1,567 | $ 1,576 | $ 1,269 | ||||
United Phosphorous Limited | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Loss contingency, damages sought | 7,200 | £ 4,500 | |||||
Payment for litigation settlement | $ 350 | ||||||
Pulvair Site Group | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Loss contingency, damages sought | 1,700 | ||||||
Arsynco, Inc | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Site contingency loss exposure not accrued, low estimate | 16,500 | ||||||
Site contingency loss exposure not accrued, high estimate | 18,300 | ||||||
Environmental remediation charge included in selling, general and administrative expenses | 1,618 | 1,618 | |||||
Accrual for environmental loss contingencies | $ 11,079 | $ 11,079 | 8,907 | ||||
Number of potentially responsible parties | Entity | 150 | 150 | |||||
BASF Corporation | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Partial reimbursement of environmental remediation costs previously expensed | $ 550 | ||||||
Environmental remediation costs expensed in prior years | $ 1,200 | ||||||
Future remediation costs receivable | $ 4,985 | $ 4,985 | 4,008 | ||||
Subsidiary | |||||||
Commitments and Contingencies Disclosure [Line Items] | |||||||
Amount expected to be paid for product registrations and various task force groups | 1,785 | 1,785 | |||||
Amount accrued for product registrations and various task force groups | $ 0 | $ 0 | $ 0 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Detail) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015USD ($)Officers | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | |
Related Party Transaction [Line Items] | |||
Number of former executive officers | Officers | 2 | ||
Payments to related parties for inventory purchases and product development costs | $ 5,932 | $ 6,252 | $ 3,839 |
Joint Venture | |||
Related Party Transaction [Line Items] | |||
Inventory purchases | $ 3,204 | $ 2,808 | $ 2,635 |
Segment Information (Schedule o
Segment Information (Schedule of Segment Perfomance Measures by Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net sales | $ 146,587 | $ 145,796 | $ 123,765 | $ 130,803 | $ 139,580 | $ 124,830 | $ 116,508 | $ 129,261 | $ 546,951 | $ 510,179 | $ 499,690 |
Gross profit | $ 41,166 | $ 36,598 | $ 30,019 | $ 27,651 | $ 29,022 | $ 24,963 | $ 26,984 | $ 33,734 | 135,434 | 114,703 | 98,271 |
Income before income taxes | 53,865 | 44,674 | 34,550 | ||||||||
Operating Segments | Human Health | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 225,263 | 160,217 | 129,667 | ||||||||
Gross profit | 75,749 | 48,496 | 39,306 | ||||||||
Income before income taxes | 35,152 | 19,710 | 17,276 | ||||||||
Operating Segments | Pharmaceutical Ingredients | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 149,296 | 176,425 | 184,852 | ||||||||
Gross profit | 26,683 | 36,615 | 31,367 | ||||||||
Income before income taxes | 8,697 | 17,557 | 13,294 | ||||||||
Operating Segments | Performance Chemicals | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | 172,392 | 173,537 | 185,171 | ||||||||
Gross profit | 33,002 | 29,592 | 27,598 | ||||||||
Income before income taxes | $ 14,289 | $ 13,273 | $ 10,400 | ||||||||
Unallocated Corporate | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net sales | |||||||||||
Gross profit | |||||||||||
Income before income taxes | $ (4,273) | $ (5,866) | $ (6,420) |
Segment Information (Schedule86
Segment Information (Schedule of Net Sales and Gross Profit by Source Country) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | $ 146,587 | $ 145,796 | $ 123,765 | $ 130,803 | $ 139,580 | $ 124,830 | $ 116,508 | $ 129,261 | $ 546,951 | $ 510,179 | $ 499,690 |
Gross Profit | $ 41,166 | $ 36,598 | $ 30,019 | $ 27,651 | $ 29,022 | $ 24,963 | $ 26,984 | $ 33,734 | 135,434 | 114,703 | 98,271 |
Geographic region | United States | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 407,101 | 355,715 | 326,247 | ||||||||
Gross Profit | 111,734 | 82,573 | 68,964 | ||||||||
Geographic region | Germany | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 69,889 | 84,024 | 92,053 | ||||||||
Gross Profit | 14,660 | 22,614 | 19,688 | ||||||||
Geographic region | Netherlands | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 14,656 | 14,869 | 14,513 | ||||||||
Gross Profit | 1,325 | 1,581 | 1,693 | ||||||||
Geographic region | France | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 27,976 | 29,412 | 38,475 | ||||||||
Gross Profit | 3,634 | 4,182 | 4,608 | ||||||||
Geographic region | Asia-Pacific | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Sales | 27,329 | 26,159 | 28,402 | ||||||||
Gross Profit | $ 4,081 | $ 3,753 | $ 3,318 |
Segment Information (Schedule87
Segment Information (Schedule of Long-Lived Assets by Geographic Region) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 157,323 | $ 166,044 |
Geographic region | United States | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 152,886 | 160,544 |
Geographic region | Europe | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 2,544 | 3,458 |
Geographic region | Asia-Pacific | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 1,893 | $ 2,042 |
Segment Information (Narrative)
Segment Information (Narrative) (Detail) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015USD ($)Principal_segments | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | 3 | ||
Foreign Segments | United States | |||
Segment Reporting Information [Line Items] | |||
Segment revenues | $ | $ 38,295 | $ 31,156 | $ 36,976 |
Unaudited Quarterly Financial89
Unaudited Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales | $ 146,587 | $ 145,796 | $ 123,765 | $ 130,803 | $ 139,580 | $ 124,830 | $ 116,508 | $ 129,261 | $ 546,951 | $ 510,179 | $ 499,690 | |
Gross profit | 41,166 | 36,598 | 30,019 | 27,651 | 29,022 | 24,963 | 26,984 | 33,734 | 135,434 | 114,703 | 98,271 | |
Net income | $ 13,636 | [1] | $ 8,411 | $ 6,608 | $ 4,828 | $ 5,554 | $ 5,356 | $ 6,755 | $ 11,335 | $ 33,483 | $ 29,000 | $ 22,328 |
Net income (loss) per diluted share | $ 0.46 | [1] | $ 0.29 | $ 0.23 | $ 0.17 | $ 0.19 | $ 0.19 | $ 0.24 | $ 0.4 | $ 1.14 | $ 1.02 | $ 0.81 |
[1] | Includes pretax items consisting of $1,618 environmental remediation charge in connection with Arsynco, $3,468 reversal of contingent consideration related to the PACK acquisition and $3,497 change in estimate for product returns. |
Unaudited Quarterly Financial90
Unaudited Quarterly Financial Data (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2013 | |
Effect of Fourth Quarter Events [Line Items] | |||
Environmental remediation charge | $ 1,618 | ||
Contingent consideration | (3,468) | $ 3,244 | |
Change in estimate for product returns | $ 3,497 | ||
Pack Pharmaceuticals Llc | |||
Effect of Fourth Quarter Events [Line Items] | |||
Contingent consideration | $ (3,468) | ||
Arsynco, Inc | |||
Effect of Fourth Quarter Events [Line Items] | |||
Environmental remediation charge | $ 1,618 |
Valuation and Qualifying Acco91
Valuation and Qualifying Accounts (Detail) - Allowance for Doubtful Accounts - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of year | $ 517 | $ 1,294 | $ 887 | |
Charged to costs and expenses | $ 484 | $ 8 | $ 409 | |
Charged to other accounts | ||||
Deductions | [1] | $ 310 | $ 785 | $ 2 |
Balance at end of year | $ 691 | $ 517 | $ 1,294 | |
[1] | Specific accounts written off as uncollectible. |