Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | May. 11, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | ESPEY MFG & ELECTRONICS CORP | |
Entity Central Index Key | 33,533 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Is Entity a Well-known Seasoned Issuer | No | |
Is Entity a Voluntary Filer | No | |
Is Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 2,364,684 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,016 |
Balance Sheets
Balance Sheets - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
ASSETS: | ||
Cash and cash equivalents | $ 9,547,801 | $ 8,859,405 |
Investment securities | 5,393,116 | 4,159,057 |
Trade accounts receivable, net of allowance of $3,000 | 4,852,417 | $ 6,694,401 |
Income taxes receivable | 172,459 | |
Inventories: | ||
Raw materials | 1,369,959 | $ 1,481,792 |
Work-in-process | 638,271 | 561,682 |
Costs relating to contracts in process, net of advance payments of $18,313 at March 31, 2016 and $19,626 at June 30, 2015 | 9,392,537 | 9,542,423 |
Total inventories | 11,400,767 | 11,585,897 |
Deferred income taxes | 214,534 | 334,681 |
Prepaid expenses and other current assets | 260,765 | 211,940 |
Total current assets | 31,841,859 | 31,845,381 |
Property, plant and equipment, net | 2,314,311 | 2,498,863 |
Total assets | 34,156,170 | 34,344,244 |
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||
Accounts payable | 672,517 | 976,112 |
Accrued expenses: | ||
Salaries and wages | 306,277 | 332,387 |
Vacation | 733,106 | $ 690,833 |
ESOP payable | $ 254,865 | |
Dividend payable | $ 590,672 | |
Other | $ 301,779 | 548,817 |
Payroll and other taxes withheld | $ 50,855 | 47,082 |
Income taxes payable | 2,716 | |
Total current liabilities | $ 2,319,399 | 3,188,619 |
Deferred tax liability | 157,444 | 224,751 |
Total liabilities | $ 2,476,843 | $ 3,413,370 |
Commitments and contingencies (see Note 5) | ||
Common stock, par value $.33-1/3 per share. Authorized 10,000,000 shares; Issued 3,029,874 shares on March 31, 2016 and June 30, 2015. Outstanding 2,361,084 and 2,362,687 on March 31, 2016 and June 30, 2015, respectively (includes 66,042 and 79,167 Unearned ESOP shares, respectively) | $ 1,009,958 | $ 1,009,958 |
Capital in excess of par value | 17,003,266 | 16,785,604 |
Accumulated other comprehensive (income) loss | 845 | (4,386) |
Retained earnings | 22,642,154 | 21,865,951 |
Total stockholders equity before ESOP | 40,656,223 | 39,657,127 |
Less: Unearned ESOP shares | (1,143,957) | (1,143,957) |
Treasury shares, cost of 668,790 and 667,187 shares on March 31, 2016 and June 30, 2015, respectively | (7,832,939) | (7,582,296) |
Total stockholders' equity | 31,679,327 | 30,930,874 |
Total liabilities and stockholders' equity | $ 34,156,170 | $ 34,344,244 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Balance Sheets [Abstract] | ||
Trade accounts receivable, allowance | $ 3,000 | $ 3,000 |
Advance payments of costs related to contracts in process | $ 18,313 | $ 19,626 |
Common stock, par value | $ 0.3333 | $ 0.3333 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,029,874 | 3,029,874 |
Common stock, shares outstanding | 2,361,084 | 2,362,687 |
Unearned ESOP, shares | 66,042 | 79,167 |
Treasury stock, shares | 677,690 | 667,187 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net sales | $ 7,217,922 | $ 6,470,286 | $ 20,739,378 | $ 17,860,841 |
Cost of sales | 5,069,699 | 5,032,752 | 15,034,792 | 12,354,493 |
Gross profit | 2,148,223 | 1,437,534 | 5,704,586 | 5,506,348 |
Selling, general and administrative expenses | 781,248 | 765,900 | 2,285,856 | 1,997,279 |
Operating income | 1,366,975 | 671,634 | 3,418,730 | 3,509,069 |
Other income | ||||
Interest income | 4,240 | 9,362 | 22,303 | 26,416 |
Other | 12,712 | 5,024 | 57,263 | 25,618 |
Total other income | 16,952 | 14,386 | 79,566 | 52,034 |
Income before income taxes | 1,383,927 | 686,020 | 3,498,296 | 3,561,103 |
Provision for income taxes | 411,459 | 179,651 | 1,032,871 | 924,431 |
Net income | 972,468 | 506,369 | 2,465,425 | 2,636,672 |
Other comprehensive income, net of tax: | ||||
Unrealized gain (loss) on investment securities | 4,357 | (259) | 5,231 | (1,672) |
Total comprehensive income | $ 976,825 | $ 506,110 | $ 2,470,656 | $ 2,635,000 |
Net income per share: | ||||
Basic | $ 0.43 | $ 0.22 | $ 1.08 | $ 1.16 |
Diluted | $ 0.43 | $ 0.22 | $ 1.08 | $ 1.15 |
Weighted average number of shares outstanding: | ||||
Basic | 2,259,529 | 2,271,105 | 2,273,401 | 2,269,157 |
Diluted | 2,274,781 | 2,297,071 | 2,290,927 | 2,286,312 |
Dividends per share: | $ 0.25 | $ 0.25 | $ 0.75 | $ 0.75 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash Flows from Operating Activities: | ||
Net income | $ 2,465,425 | $ 2,636,672 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Excess tax benefits from share-based compensation | (15,021) | (26,835) |
Stock-based compensation | 74,533 | 42,051 |
Depreciation | 324,745 | 336,403 |
ESOP compensation expense | 334,031 | 333,389 |
Loss on disposal of assets | 147 | 233 |
Deferred income tax expense | 55,656 | 63,715 |
Changes in assets and liabilities: | ||
Decrease (increase) in trade receivable, net | 1,841,984 | (984,778) |
(Increase) decrease in income taxes receivable | (172,459) | 774,880 |
Decrease (increase) in inventories, net | 185,130 | (2,172,380) |
Increase in prepaid expenses and other current assets | (48,825) | (67,950) |
(Decrease) increase in accounts payable | (303,595) | 959,648 |
Decrease in accrued salaries and wages | (26,110) | (104,707) |
Increase (decrease) in vacation accrual | 42,273 | (48,633) |
Decrease in ESOP payable | (79,166) | (73,125) |
Decrease in other accrued expenses | (247,038) | (437,007) |
Increase (decrease) in payroll and other taxes withheld | 3,773 | (1,010) |
Increase in income taxes payable | 12,305 | 26,835 |
Net cash provided by operating activities | 4,447,788 | 1,257,401 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | (140,340) | (162,822) |
Purchase of investment securities | (3,575,584) | (2,599,572) |
Proceeds from sale/maturity of investment securities | 2,343,942 | 3,262,397 |
Net cash (used in) provided by investing activities | (1,371,982) | 500,003 |
Cash Flows from Financing Activities: | ||
Dividends on common stock | (2,279,895) | (1,698,306) |
Purchase of treasury stock | (355,418) | (320,504) |
Proceeds from exercise of stock options | 232,882 | 115,556 |
Excess tax benefits from share-based compensation | 15,021 | 26,835 |
Net cash used in financing activities | (2,387,410) | (1,876,419) |
Increase in cash and cash equivalents | 688,396 | (119,015) |
Cash and cash equivalents, beginning of period | 8,859,405 | 9,556,891 |
Cash and cash equivalents, end of period | 9,547,801 | 9,437,876 |
Supplemental Schedule of Cash Flow Information: | ||
Income taxes paid | $ 1,143,000 | $ 59,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation In the opinion of management the accompanying unaudited financial statements contain all adjustments (consisting of only normal recurring adjustments) necessary for a fair presentation of the results for such periods. The results for any interim period are not necessarily indicative of the results to be expected for the full fiscal year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of assets and liabilities. On an ongoing basis, we evaluate our estimates and judgments, including those related to revenue recognition, inventories, income taxes, and stock-based compensation. Management bases its estimates on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. These financial statements should be read in conjunction with the Company's most recent audited financial statements included in its report on Form 10-K for the year ended June 30, 2015. Certain reclassifications may have been made to the prior year financial statements to conform to the current year presentation. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Investments | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value of Financial Instruments and Investments [Abstract] | |
Fair Value of Financial Instruments and Investments | Note 2. Fair Value of Financial Instruments and Investments ASC 820 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: § Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. § Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. § Level 3: Significant unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability. The carrying amounts of financial instruments, including cash and cash equivalents, short term investments, accounts receivable, accounts payable and accrued expenses, approximated fair value as of March 31, 2016 and June 30, 2015 because of the immediate or short-term maturity of these financial instruments. Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2016 Certificates of deposit $ 4,663,000 $ $ $ 4,663,000 Municipal bonds 728,816 1,300 730,116 Total investment securities $ 5,391,816 $ 1,300 $ $ 5,393,116 June 30, 2015 Certificates of deposit $ 3,272,000 $ $ $ 3,272,000 Municipal bonds 893,804 1,288 (8,035 ) 887,057 Total investment securities $ 4,165,804 $ 1,288 $ (8,035 ) $ 4,159,057 The portfolio is diversified and highly liquid and primarily consists of investment grade fixed income instruments. At March 31, 2016 the Company did not have any investments in individual securities that have been in a continuous loss position considered to be other than temporary. As of March 31, 2016 and June 30, 2015, the contractual maturities of available-for-sale securities were as follows: Years to Maturity Less than One to One Year Five Years Total March 31, 2016 Available-for-sale $ 5,043,116 $ 350,000 $ 5,393,116 June 30, 2015 Available-for-sale $ 3,522,728 $ 636,329 $ 4,159,057 |
Net Income per Share
Net Income per Share | 9 Months Ended |
Mar. 31, 2016 | |
Net Income per Share [Abstract] | |
Net Income per Share | Note 3. Net Income per Share Basic net income per share excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income of the Company. The computation of weighted-average common shares outstanding, assuming dilution, excluded options to purchase 92,400 25,250 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Mar. 31, 2016 | |
Stock Based Compensation [Abstract] | |
Stock Based Compensation | Note 4. Stock Based Compensation The Company follows ASC 718 in establishing standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services, as well as transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity's equity instruments or that may be settled by the issuance of those equity instruments. ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the financial statements based on the fair value of the share-based payment. ASC 718 establishes fair value as the measurement objective in accounting for share-based payment transactions with employees, except for equity instruments held by employee share ownership plans. Total stock-based compensation expense recognized in the statements of comprehensive income for the three-month period ended March 31, 2016 and 2015, was $ 22,284 15,993 1,765 1,371 Total stock-based compensation expense recognized in the statements of comprehensive income for the nine-month period ended March 31, 2016 and 2015, was $ 74,533 42,051 6,206 4,113 As of March 31, 2016, there was approximately $ 103,223 2 8,530 The Company has one employee stock option plan under which options may be granted, the 2007 Stock Option and Restricted Stock Plan (the "2007 Plan"). The Board of Directors may grant options to acquire shares of common stock to Directors and employees of the Company at the fair market value of the common stock on the date of grant. Generally, options granted have a two-year vesting period based on two years of continuous service and have a ten-year contractual life. Option grants provide for accelerated vesting if there is a change in control. Shares issued upon the exercise of options are from those held in Treasury. The 2007 Plan was approved by the Company's shareholders at the Company's Annual Meeting on November 30, 2007 and supersedes the Company's 2000 Stock Option Plan (the "2000 Plan"). Options covering 400,000 235,650 162,250 10,800 ASC 718 requires the use of a valuation model to calculate the fair value of stock-based awards. The Company has elected to use the Black-Scholes option valuation model, which incorporates various assumptions including those for volatility, expected life and interest rates. The table below outlines the weighted average assumptions that the Company used to calculate the fair value of the option award for the nine months ended March 31, 2016 and 2015. March 31, 2016 March 31, 2015 Dividend yield 3.85 3.77 Expected stock price volatility 28.09 29.11 Risk-free interest rate 1.33 0.99 Expected option life (in years) 4.1 4.0 Weighted average fair value per share of options granted during the period $ 4.149 $ 4.296 The Company pays dividends quarterly and paid cash dividends totaling $ 0.75 The following table summarizes stock option activity during the nine months ended March 31, 2016: Employee Stock Options Plan Weighted Number of Weighted Average Shares Average Remaining Aggregate Subject Exercise Contractual Intrinsic To Option Price Term Value Balance at July 1, 2015 187,500 $ 23.38 6.26 Granted 1,500 $ 26.03 9.82 Exercised (12,700 ) $ 18.34 Forfeited or expired (3,250 ) $ 25.99 Outstanding at March 31, 2016 173,050 $ 23.72 5.83 $ 311,241 Vested or expected to vest at March 31, 2016 166,673 $ 23.62 5.70 $ 311,241 Exercisable at March 31, 2016 128,750 $ 22.87 4.69 $ 311,241 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the closing sale price of the Company's common stock as reported on the NYSE MKT on March 31, 2016 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders if all option holders had exercised their options on March 31, 2016. This amount changes based on the fair market value of the Company's common stock. The total intrinsic values of the options exercised during the nine months ended March 31, 2016 and 2015, was $ 36,374 53,242 The following table summarizes changes in non-vested stock options during the nine months ended March 31, 2016: Weighted Number Average Grant of Shares Date Fair Subject to Option Value (per Option) Non-Vested at July 1, 2015 69,300 $ 4.310 Granted 1,500 $ 4.149 Vested (25,250 ) $ 3.777 Forfeited or expired (1,250 ) $ 4.710 Non-Vested at March 31, 2016 44,300 $ 4.598 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 5. Commitments and Contingencies The Company at certain times enters into standby letters of credit agreements with financial institutions primarily relating to the guarantee of future performance on certain contracts. Contingent liabilities on outstanding standby letters of credit agreements aggregated to zero |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Mar. 31, 2016 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | Note 6. Recently Issued Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The guidance requires the classification of deferred tax assets and liabilities as non-current in a classified balance sheet. The current requirement that deferred tax assets and liabilities of a tax-paying component of an entity be offset and presented as a single amount is not affected by this update. ASU No. 2015-17 will be effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. ASU No. 2015-17 may be applied prospectively or retrospectively, and early adoption is permitted. Adoption of ASU 2015-17 would have the following impact on the Company's financial statements at March 31, 2016; a decrease in current assets of $ 214,534 157,444 57,090 In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this Update address certain aspects of recognition, measurement, presentation and disclosure of financial instruments in order to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. ASU No. 2016-01 will be effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. The Company is evaluating the impact that ASU 2016-01 will have on the Company's financial statements. In March 2016, the FASB issued ASU No. 2016-08, Revenue from Contracts with Customers Principal versus Agent Considerations (Reporting Revenue Gross versus Net). ASU 2016-08 provides guidance on principal versus agent considerations by an entity as discussed in ASU 2014-09, issued May 2014. ASU 2016-08 provides criteria to be assessed by an entity when determining whether it is the principal or agent in relation to the goods or services which the company is contractually obligated to provide to the customer. Among these considerations are; Identifying the unit of account at which the entity should assess whether it is a principal or an agent, Identifying the nature of the good or service provided to the customer; Applying the control principle to certain types of transactions; and, Interaction of the control principle with the indicators provided to assist in the principle versus agent evaluation. The effective date and transition requirements for the amendments in this Update are consistent with the effective date and transition requirements of Update 2014-09. The Company's adoption of ASU 2016-08 is not expected to have a material impact on the Company's financial position or results of operations. In March 2016, the FASB issued ASU No. 2016-09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The areas for simplification in this Update involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU No. 2016-09 will be effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. ASU No. 2015-17 may be applied prospectively or retrospectively, and early adoption is permitted. The Company is evaluating the impact that ASU 2016-09 will have on the Company's financial statements. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 9 Months Ended |
Mar. 31, 2016 | |
Employee Stock Ownership Plan [Abstract] | |
Employee Stock Ownership Plan | Note 7. Employee Stock Ownership Plan The Company sponsors a leveraged employee stock ownership plan (the "ESOP") that covers all nonunion employees who work 1,000 or more hours per year and are employed on June 30. 109,856 124,712 ESOP compensation expense was $ 334,031 333,389 The ESOP shares as of March 31, 2016 and 2015 were as follows: March 31, 2016 March 31, 2015 Allocated Shares 423,568 441,531 Committed-to-be-released shares 13,125 13,750 Unreleased shares 66,042 83,750 Total shares held by the ESOP 502,735 539,031 Fair value of unreleased shares $ 1,624,633 $ 2,480,675 During the three and nine months ended March 31, 2016 the Company repurchased 0 14,303 0 355,418 0 13,553 0 320,504 respectively. |
Fair Value of Financial Instr13
Fair Value of Financial Instruments and Investments (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Fair Value of Financial Instruments and Investments [Abstract] | |
Schedule of cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale securities by major security type | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value March 31, 2016 Certificates of deposit $ 4,663,000 $ $ $ 4,663,000 Municipal bonds 728,816 1,300 730,116 Total investment securities $ 5,391,816 $ 1,300 $ $ 5,393,116 June 30, 2015 Certificates of deposit $ 3,272,000 $ $ $ 3,272,000 Municipal bonds 893,804 1,288 (8,035 ) 887,057 Total investment securities $ 4,165,804 $ 1,288 $ (8,035 ) $ 4,159,057 |
Schedule of contractual maturities of available-for-sale securities | Years to Maturity Less than One to One Year Five Years Total March 31, 2016 Available-for-sale $ 5,043,116 $ 350,000 $ 5,393,116 June 30, 2015 Available-for-sale $ 3,522,728 $ 636,329 $ 4,159,057 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Stock Based Compensation [Abstract] | |
Schedule of weighted average assumptions for option awards | March 31, 2016 March 31, 2015 Dividend yield 3.85 3.77 Expected stock price volatility 28.09 29.11 Risk-free interest rate 1.33 0.99 Expected option life (in years) 4.1 4.0 Weighted average fair value per share of options granted during the period $ 4.149 $ 4.296 |
Schedule of stock option activity | Employee Stock Options Plan Weighted Number of Weighted Average Shares Average Remaining Aggregate Subject Exercise Contractual Intrinsic To Option Price Term Value Balance at July 1, 2015 187,500 $ 23.38 6.26 Granted 1,500 $ 26.03 9.82 Exercised (12,700 ) $ 18.34 Forfeited or expired (3,250 ) $ 25.99 Outstanding at March 31, 2016 173,050 $ 23.72 5.83 $ 311,241 Vested or expected to vest at March 31, 2016 166,673 $ 23.62 5.70 $ 311,241 Exercisable at March 31, 2016 128,750 $ 22.87 4.69 $ 311,241 |
Schedule of changes in non-vested stock options | Weighted Number Average Grant of Shares Date Fair Subject to Option Value (per Option) Non-Vested at July 1, 2015 69,300 $ 4.310 Granted 1,500 $ 4.149 Vested (25,250 ) $ 3.777 Forfeited or expired (1,250 ) $ 4.710 Non-Vested at March 31, 2016 44,300 $ 4.598 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Employee Stock Ownership Plan [Abstract] | |
Schedule of ESOP shares | March 31, 2016 March 31, 2015 Allocated Shares 423,568 441,531 Committed-to-be-released shares 13,125 13,750 Unreleased shares 66,042 83,750 Total shares held by the ESOP 502,735 539,031 Fair value of unreleased shares $ 1,624,633 $ 2,480,675 |
Fair Value of Financial Instr16
Fair Value of Financial Instruments and Investments (Schedule of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Available-For-Sale Securities by Major Security Type) (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Investment in Fair Value [Line Items] | ||
Amortized Cost | $ 5,391,816 | $ 4,165,804 |
Gross Unrealized Gains | $ 1,300 | 1,288 |
Gross Unrealized Losses | (8,035) | |
Fair Value | $ 5,393,116 | 4,159,057 |
Certificates of deposit [Member] | ||
Investment in Fair Value [Line Items] | ||
Amortized Cost | $ 4,663,000 | $ 3,272,000 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Fair Value | $ 4,663,000 | $ 3,272,000 |
Municipal bonds [Member] | ||
Investment in Fair Value [Line Items] | ||
Amortized Cost | 728,816 | 893,804 |
Gross Unrealized Gains | $ 1,300 | 1,288 |
Gross Unrealized Losses | (8,035) | |
Fair Value | $ 730,116 | $ 887,057 |
Fair Value of Financial Instr17
Fair Value of Financial Instruments and Investments (Schedule of Contractual Maturities of Available-For-Sale Securities) (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Contractual maturities of available-for-sale securities | ||
Less than One Year | $ 5,043,116 | $ 3,522,728 |
One to Five Years | 350,000 | 636,329 |
Fair Value | $ 5,393,116 | $ 4,159,057 |
Net Income per Share (Details)
Net Income per Share (Details) - shares | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net Income per Share [Abstract] | ||
Anti-dilutive securities | 92,400 | 25,250 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 96 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Stock-Based Compensation [Line Items] | |||||
Stock based compensation expense | $ 22,284 | $ 15,993 | $ 74,533 | $ 42,051 | |
Deferred tax benefit related to stock based compensation | 1,765 | $ 1,371 | 6,206 | 4,113 | |
Unrecognized compensation costs | 103,223 | $ 103,223 | |||
Period in which compensation cost will be recognized | 2 years | ||||
Deferred tax benefit related to unrecognized compensation costs | $ 8,530 | $ 8,530 | |||
Outstanding, ending | 173,050 | 173,050 | |||
Options granted | 1,500 | ||||
Aggregate intrinsic value of options exercised | $ 36,374 | $ 53,242 | |||
Cash divided paid (in dollars per share) | $ 0.75 | $ 0.75 | |||
2007 Plan [Member] | Stock Option Plans [Member] | |||||
Stock-Based Compensation [Line Items] | |||||
Authorized shares under plan | 400,000 | 400,000 | |||
Outstanding, ending | 162,250 | 162,250 | |||
Options granted | 235,650 | ||||
2000 Plan [Member] | Stock Option Plans [Member] | |||||
Stock-Based Compensation [Line Items] | |||||
Outstanding, ending | 10,800 | 10,800 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of weighted average assumptions for option awards) (Details) - $ / shares | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Weighted Average Assumptions | ||
Dividend yield | 3.85% | 3.77% |
Expected stock price volatility | 28.09% | 29.11% |
Risk-free interest rate | 1.33% | 0.99% |
Expected option life (in years) | 4 years 1 month 6 days | 4 years |
Weighted average fair value per share of options granted | $ 4.149 | $ 4.296 |
Stock-based Compensation (Sch21
Stock-based Compensation (Schedule of stock option activity) (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Jun. 30, 2015 | |
Number of Shares Subject to Options | ||
Balance, beginning | 187,500 | |
Granted | 1,500 | |
Exercised | (12,700) | |
Forfeited or expired | (3,250) | |
Outstanding, ending | 173,050 | 187,500 |
Vested or expected to vest, end of period | 166,673 | |
Exercisable, end of period | 128,750 | |
Weight Average Exercise Price | ||
Balance, beginning | $ 23.38 | |
Granted | 26.03 | |
Exercised | 18.34 | |
Forfeited or expired | 25.99 | |
Outstanding, ending | 23.72 | $ 23.38 |
Vested or expected to vest, end of period | 23.62 | |
Exercisable, end of period | $ 22.87 | |
Weighted Average Remaining Contractual Term | ||
Balance, beginning | 6 years 3 months 4 days | |
Granted | 9 years 9 months 25 days | |
Outstanding, ending | 5 years 9 months 29 days | |
Vested or expected to vest, end of period | 5 years 8 months 12 days | |
Exercisable, end of period | 4 years 8 months 8 days | |
Aggregate Intrinsic Value | ||
Outstanding end of period | $ 311,241 | |
Vested or expected to vest, end of period | 311,241 | |
Exercisable, end of period | $ 311,241 |
Stock-based Compensation (Sch22
Stock-based Compensation (Schedule of changes in non-vested stock options) (Details) | 9 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Average Grant Date Fair Value | |
Balance, beginning | $ / shares | $ 4.310 |
Granted | $ / shares | 4.149 |
Vested | $ / shares | 3.777 |
Forfeited or expired | $ / shares | 4.710 |
Outstanding, ending | $ / shares | $ 4.598 |
Weighted Average Number of Shares Subject to Option | |
Non-vested, beginning balance | shares | 69,300 |
Granted | shares | 1,500 |
Vested | shares | (25,250) |
Forfeited or expired | shares | (1,250) |
Non-vested, ending balance | shares | 44,300 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Commitments and Contingencies [Abstract] | ||
Accrued amount within the range that appears to be possible outcome | $ 0 | $ 0 |
Recently Issued Accounting St24
Recently Issued Accounting Standards (Details) - USD ($) | Mar. 31, 2016 | Jun. 30, 2015 |
Item Effected [Line Items] | ||
Current assets | $ 31,841,859 | $ 31,845,381 |
Adjustments for New Accounting Pronouncement [Member] | ||
Item Effected [Line Items] | ||
Current assets | (214,534) | |
Non-current assets | 57,090 | |
Non-current liabilities | $ (157,444) |
Employee Stock Ownership Plan25
Employee Stock Ownership Plan (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($)shares | Mar. 31, 2016USD ($)hshares | Mar. 31, 2015USD ($)shares | |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
ESOP compensation expense | $ 334,031 | $ 333,389 | ||
Employee Stock Ownership Plan [Member] | ||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||||
Plan description | The Company sponsors a leveraged employee stock ownership plan (the "ESOP") that covers all nonunion employees who work 1,000 or more hours per year and are employed on June 30. | |||
Number of hours worked per year | h | 1,000 | |||
ESOP compensation expense | $ 109,856 | $ 124,712 | $ 334,031 | $ 333,389 |
Stock repurchased (in shares) | shares | 0 | 0 | 14,303 | 13,553 |
Stock repurchased | $ 0 | $ 0 | $ 355,418 | $ 320,504 |
Employee Stock Ownership Plan26
Employee Stock Ownership Plan (Schedule of ESOP shares) (Details) - Employee Stock Ownership Plan [Member] - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ||
Allocated shares | 423,568 | 441,531 |
Committed-to-be-released shares | 13,125 | 13,750 |
Unreleased shares | 66,042 | 83,750 |
Total shares held by the ESOP | 502,735 | 539,031 |
Fair value of unreleased shares | $ 1,624,633 | $ 2,480,675 |