Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended | |
Dec. 31, 2013 | Feb. 05, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'BOLT TECHNOLOGY CORP | ' |
Entity Central Index Key | '0000354655 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Trading Symbol | 'BOLT | ' |
Entity Common Stock, Shares Outstanding | ' | 8,665,725 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Sales | $21,744,000 | $14,410,000 | $37,952,000 | $28,678,000 |
Costs and Expenses: | ' | ' | ' | ' |
Cost of sales | 10,698,000 | 8,009,000 | 18,655,000 | 15,679,000 |
Research and development | 1,005,000 | 818,000 | 1,931,000 | 1,438,000 |
Selling, general and administrative | 3,785,000 | 3,116,000 | 7,632,000 | 6,501,000 |
Adjustment of contingent earnout liability | 1,500,000 | 0 | 1,500,000 | 0 |
Other income | -562,000 | -37,000 | -612,000 | -65,000 |
Operating Expenses, Total | 16,426,000 | 11,906,000 | 29,106,000 | 23,553,000 |
Income before income taxes | 5,318,000 | 2,504,000 | 8,846,000 | 5,125,000 |
Provision for income taxes | 2,300,000 | 803,000 | 3,465,000 | 1,720,000 |
Net income | $3,018,000 | $1,701,000 | $5,381,000 | $3,405,000 |
Earnings per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.35 | $0.20 | $0.62 | $0.40 |
Diluted (in dollars per share) | $0.35 | $0.20 | $0.62 | $0.40 |
Average number of common shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 8,663,490 | 8,606,773 | 8,653,445 | 8,591,680 |
Diluted (in shares) | 8,679,288 | 8,606,795 | 8,666,357 | 8,593,843 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
ASSETS | ' | ' |
Cash and cash equivalents | $23,704,000 | $22,816,000 |
Accounts receivable, less allowance for uncollectible accounts of $386,000 at December 31, 2013 and $255,000 at June 30, 2013 | 16,169,000 | 12,308,000 |
Inventories | 18,544,000 | 17,137,000 |
Deferred income taxes | 663,000 | 478,000 |
Other current assets | 533,000 | 981,000 |
Total current assets | 59,613,000 | 53,720,000 |
Property, Plant and Equipment, net | 5,356,000 | 4,922,000 |
Goodwill, net | 17,227,000 | 17,227,000 |
Other Intangible Assets, net | 6,578,000 | 6,967,000 |
Other Assets | 240,000 | 250,000 |
Total assets | 89,014,000 | 83,086,000 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ' | ' |
Accounts payable | 2,276,000 | 2,765,000 |
Accrued expenses | 2,588,000 | 3,242,000 |
Contingent earnout liability | 4,815,000 | 1,715,000 |
Dividends payable | 5,113,000 | 604,000 |
Income taxes payable | 1,248,000 | 72,000 |
Total current liabilities | 16,040,000 | 8,398,000 |
Non-Current Portion of Contingent Earnout Liability | 0 | 1,600,000 |
Deferred Income Taxes | 2,353,000 | 2,379,000 |
Total liabilities | 18,393,000 | 12,377,000 |
Stockholders’ Equity: | ' | ' |
Common stock | 32,633,000 | 32,210,000 |
Retained earnings | 39,914,000 | 40,425,000 |
Treasury stock, at cost | -1,926,000 | -1,926,000 |
Total stockholders’ equity | 70,621,000 | 70,709,000 |
Total liabilities and stockholders’ equity | $89,014,000 | $83,086,000 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Allowance for doubtful accounts (in dollars) | $386,000 | $255,000 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash Flows From Operating Activities: | ' | ' |
Net income | $5,381,000 | $3,405,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 803,000 | 851,000 |
Deferred income taxes | -211,000 | -178,000 |
Stock-based compensation expense | 349,000 | 383,000 |
Adjustment of contingent earnout liability | 1,500,000 | 0 |
Gain on condemnation settlement | -507,000 | 0 |
Change in operating assets and liabilities: | ' | ' |
Accounts receivable | -3,861,000 | 803,000 |
Inventories | -1,407,000 | 1,541,000 |
Other assets | 448,000 | -28,000 |
Accounts payable | -489,000 | -136,000 |
Accrued expenses | -654,000 | -1,083,000 |
Income taxes payable | 1,176,000 | -329,000 |
Net cash provided by operating activities | 2,528,000 | 5,229,000 |
Cash Flows From Investing Activities: | ' | ' |
Purchase of SeaBotix Inc. | 0 | -1,900,000 |
Proceeds from condemnation settlement | 529,000 | 0 |
Capital expenditures and other non-current assets | -860,000 | -476,000 |
Net cash used by investing activities | -331,000 | -2,376,000 |
Cash Flows From Financing Activities: | ' | ' |
Dividends paid | -1,383,000 | -5,946,000 |
Exercise of stock options | 25,000 | 277,000 |
Tax asset from vested restricted stock and stock options exercised | 49,000 | 28,000 |
Net cash used by financing activities | -1,309,000 | -5,641,000 |
Net increase (decrease) in cash and cash equivalents | 888,000 | -2,788,000 |
Cash and cash equivalents at beginning of period | 22,816,000 | 24,613,000 |
Cash and cash equivalents at end of period | 23,704,000 | 21,825,000 |
Supplemental Disclosure of Cash Flow Information: | ' | ' |
Income taxes paid | $2,451,000 | $2,215,000 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting [Text Block] | ' |
Note 1 – Basis of Presentation | |
The Consolidated Balance Sheet as of December 31, 2013, the Consolidated Statements of Income for the three month and six month periods ended December 31, 2013 and 2012 and the Consolidated Statements of Cash Flows for the six month periods ended December 31, 2013 and 2012 are unaudited. In the opinion of management, all adjustments necessary for a fair presentation of such financial statements have been included. Such adjustments consisted only of normal, recurring items. Interim results are not necessarily indicative of results for a full year. These Consolidated Financial Statements (Unaudited) should be read in conjunction with the Consolidated Financial Statements and notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013. | |
Description_of_Business_and_Si
Description of Business and Significant Accounting Policies | 6 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Description Of Business and Significant Accounting Policies [Text Block] | ' | |||||||||||||
Note 2 – Description of Business and Significant Accounting Policies | ||||||||||||||
The Company develops, manufactures and sells marine seismic data acquisition equipment and underwater remotely operated robotic vehicles, and consists of four operating units (each a separate reportable segment): Bolt Technology Corporation (“Bolt”), A-G Geophysical Products, Inc. (“A-G”), Real Time Systems Inc. (“RTS”) and SeaBotix Inc. (“SBX”). The Bolt seismic energy sources segment develops, manufactures and sells marine seismic energy sources (air guns) and replacement parts. The A-G underwater cables and connectors segment develops, manufactures and sells underwater cables, connectors, hydrophones, depth and pressure transducers and seismic source monitoring systems. The RTS seismic energy source controllers segment develops, manufactures and sells air gun controllers/synchronizers, data loggers and auxiliary equipment. The SBX underwater robotic vehicles segment develops, manufactures and sells underwater remotely operated robotic vehicles used for a variety of underwater tasks. | ||||||||||||||
Principles of Consolidation | ||||||||||||||
The Consolidated Financial Statements (Unaudited) include the accounts of Bolt Technology Corporation and its subsidiary companies. All significant intercompany balances and transactions have been eliminated. | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | ||||||||||||||
Inventories | ||||||||||||||
Inventories are valued at the lower of cost or market, with cost principally determined on an average cost method that approximates the first-in, first-out method. The Company maintains an inventory valuation reserve to provide for slow moving and obsolete inventory. Amounts are charged to the reserve when the Company scraps or disposes of inventory. | ||||||||||||||
Goodwill, Intangible Assets with Indefinite Lives and Other Long-Lived Assets | ||||||||||||||
Goodwill represents the unamortized excess cost over the value of net assets acquired in business combinations. The Financial Accounting Standards Board guidance for testing goodwill for impairment provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform a two-step quantitative impairment test, otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether an entity chooses to perform the qualitative assessment or proceeds directly to the two-step quantitative impairment test. | ||||||||||||||
The Company conducted an assessment of qualitative factors regarding the A-G reporting unit at June 30, 2013. The Company’s review of the A-G goodwill balance at June 30, 2013 did not identify any indicators of impairment. | ||||||||||||||
For the RTS reporting unit, the Company performed the quantitative impairment test at June 30, 2013. The impairment test for the RTS reporting unit indicated no impairment of the goodwill balance at June 30, 2013. | ||||||||||||||
For the SBX reporting unit, the Company performed the quantitative impairment test at December 31, 2013 using the capitalized cash flow method and the market price method, as well as the discounted cash flow method, and the test indicated no impairment of the goodwill balance. The Company’s review of the SBX goodwill balance at June 30, 2013 did not identify any indicators of impairment. | ||||||||||||||
The Company reviewed A-G and RTS goodwill as of December 31, 2013 and no indicators of impairment were identified. | ||||||||||||||
Intangible assets with indefinite lives must be tested annually or more frequently if there are indicators of impairment, to determine if events and circumstances still justify the carrying value of such asset. The test consists of a comparison of the fair value of the asset to its carrying amount. If the carrying amount exceeds the fair value, an impairment loss is recognized equal to the excess of the carrying amount over the fair value. Any such loss would be recognized in the period in which the impairment arose. The SBX intangible asset with an indefinite life was tested for impairment at December 31, 2013 and the test indicated no impairment. | ||||||||||||||
The Company reviewed the SBX intangible asset with an indefinite life at June 30, 2013 and such review did not identify any indicators of impairment. | ||||||||||||||
The Company reviewed the RTS intangible asset with an indefinite life at December 31, 2013 and June 30, 2013 and no indicators of impairment were identified. | ||||||||||||||
The Company’s other long-lived assets consist of property, plant and equipment, other intangible assets with definite lives and other non-current assets. The Company reviews these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount is considered impaired when anticipated undiscounted cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. The Company’s reviews as of June 30, 2013 and December 31, 2013 did not identify any indicators of impairment. | ||||||||||||||
Use of Estimates | ||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of financial statements, and the reported amounts of revenues and expenses during the reporting period. The most critical estimates made by the Company are those relating to inventory reserves, the potential impairment of goodwill and intangible assets with indefinite lives, other long-lived assets impairment, valuation of acquisitions, contingent earnout liability and realization of deferred tax assets. Actual results could differ from those estimates. | ||||||||||||||
Contingent Earnout Liability | ||||||||||||||
The Company is obligated under an earnout arrangement to make cash payments to the former SBX stockholders if certain revenue and gross profit margin targets are achieved. The Company recorded a contingent earnout liability at the acquisition date of SBX at its estimated fair value, which took into account the range and probability of projected future revenues of SBX over the earnout period. The Company revalues the contingent earnout liability at the close of each accounting period and records any change in the estimated fair value in the Consolidated Statement of Income as adjustment of contingent earnout liability. | ||||||||||||||
Computation of Earnings Per Share | ||||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period including common share equivalents (which includes stock option grants and restricted stock awards) assuming dilution. Unvested shares of restricted stock are included in computing basic earnings per share because they contain rights to receive non-forfeitable dividends. | ||||||||||||||
The following is a reconciliation of basic earnings per share to diluted earnings per share for the three month and six month periods ended December 31, 2013 and 2012: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net income available to common stockholders | $ | 3,018,000 | $ | 1,701,000 | $ | 5,381,000 | $ | 3,405,000 | ||||||
Divided by: | ||||||||||||||
Weighted average common shares | 8,663,490 | 8,606,773 | 8,653,445 | 8,591,680 | ||||||||||
Weighted average common share equivalents | 15,798 | 22 | 12,912 | 2,163 | ||||||||||
Total weighted average common shares and common | 8,679,288 | 8,606,795 | 8,666,357 | 8,593,843 | ||||||||||
share equivalents | ||||||||||||||
Basic earnings per share | $ | 0.35 | $ | 0.2 | $ | 0.62 | $ | 0.4 | ||||||
Diluted earnings per share | $ | 0.35 | $ | 0.2 | $ | 0.62 | $ | 0.4 | ||||||
For the three month period ended December 31, 2013, the calculation included all options to acquire shares because they were all dilutive. For the three month period ended December 31, 2012, the calculation did not include options to acquire 40,250 shares, since the inclusion of these shares would have been anti-dilutive. | ||||||||||||||
Recent Accounting Developments | ||||||||||||||
None. | ||||||||||||||
SeaBotix_Inc_Acquisition
SeaBotix Inc. Acquisition | 6 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination Disclosure [Text Block] | ' | ||||
Note 3 – SeaBotix Inc. Acquisition | |||||
The Company acquired all of the outstanding shares of capital stock of SeaBotix Inc. effective January 1, 2011. At closing, $9,500,000 was paid and a $500,000 purchase price holdback was accrued by the Company. Additional post-closing earnout payments are due if SBX achieves certain revenue and gross profit margin targets during the four-year period ending December 31, 2014. | |||||
The total purchase price paid or accrued consisted of the following: | |||||
Cash paid | $ | 9,500,000 | |||
Accrual for contingent earnout payments | 5,000,000 | ||||
Accrual for holdback and pro forma working capital | 1,560,000 | ||||
adjustment | |||||
Total purchase price | $ | 16,060,000 | |||
The final purchase price allocation was as follows: | |||||
Net current assets, including cash acquired of $316,000 and | $ | 4,963,000 | |||
accounts receivable of $1,342,000 | |||||
Non-current assets (mainly property and equipment) | 796,000 | ||||
Goodwill | 6,270,000 | ||||
Other intangible assets | 8,500,000 | ||||
Accounts payable and accrued expenses | -1,010,000 | ||||
Debt assumed | -539,000 | ||||
Deferred tax liability (non-current) | -2,920,000 | ||||
Total purchase price allocation | $ | 16,060,000 | |||
In the fourth quarters of fiscal years 2012 and 2013 and the second quarter of fiscal year 2014, the Company increased the contingent earnout liability by $4,500,000, $500,000 and $1,500,000, respectively, and these amounts were charged to the Consolidated Statement of Income. These charges are non-deductible for income tax purposes. These amounts are not included in the total purchase price of $16,060,000. | |||||
Set forth below is a summary of the activity in the contingent earnout liability (all amounts represent fair values) from the date of closing to December 31, 2013: | |||||
Contingent | |||||
Earnout | |||||
Liability | |||||
Balance at closing | $ | 5,000,000 | |||
Earnout paid in fiscal year 2011 | -2,000,000 | ||||
Balance at June 30, 2011 | 3,000,000 | ||||
Earnout paid in fiscal year 2012 | -2,500,000 | ||||
Increase to contingent earnout liability in June 2012 | 4,500,000 | ||||
Balance at June 30, 2012 | 5,000,000 | ||||
Earnout paid in fiscal year 2013 | -2,185,000 | ||||
Increase to contingent earnout liability in June 2013 | 500,000 | ||||
Balance at June 30, 2013 | 3,315,000 | ||||
Increase to contingent earnout liability in December 2013 | 1,500,000 | ||||
Balance at December 31, 2013 | $ | 4,815,000 | |||
Earnout payments equal to 15.5% of annual gross revenues are payable if SBX generates annual gross revenues in excess of $10,000,000 and maintains a certain gross profit margin for the remaining earnout period which ends on December 31, 2014. If the Company determines that it is more likely than not that these future estimated earnout payments will exceed $4,815,000, the Company would have to increase the contingent earnout liability. Such increase would result in a non-cash charge to the Consolidated Statement of Income. | |||||
The $4,815,000 and $3,315,000 contingent earnout liability at December 31, 2013 and June 30, 2013, respectively, were estimated by the Company based upon projected SBX revenues and gross profit margins for the remaining earnout period. | |||||
Inventories
Inventories | 6 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventory Disclosure [Text Block] | ' | |||||||
Note 4 – Inventories | ||||||||
Inventories consist of the following: | ||||||||
December 31, | June 30, | |||||||
2013 | 2013 | |||||||
Raw materials and sub-assemblies | $ | 17,166,000 | $ | 15,268,000 | ||||
Work-in-process | 2,415,000 | 2,495,000 | ||||||
19,581,000 | 17,763,000 | |||||||
Less – Reserve for inventory valuation | -1,037,000 | -626,000 | ||||||
$ | 18,544,000 | $ | 17,137,000 | |||||
The inventory valuation reserve is a significant estimate made by management based on experience and the exercise of professional judgment. Actual results may differ from this estimate, and the difference could be material. | ||||||||
Management establishes the inventory valuation reserve by reviewing the inventory for items that should be reserved in full based on a lack of usage for a specified period of time and for which future demand is not forecasted and establishes an additional reserve for slow moving inventory based on varying percentages of the cost of the items. The inventory valuation reserve is adjusted at the close of each accounting period, as necessary, based on management’s estimate of the valuation reserve required. This estimate is calculated on a consistent basis as determined by the Company’s inventory valuation policy. Increases to the inventory valuation reserve result in a charge to cost of sales, and decreases to the reserve result in a credit to cost of sales. The inventory valuation reserve is also decreased when items are scrapped or disposed of. During the six month period ended December 31, 2013, the inventory valuation reserve was increased by $411,000 and no items were scrapped or disposed. | ||||||||
Goodwill
Goodwill | 6 Months Ended | ||||
Dec. 31, 2013 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Goodwill Disclosure [Text Block] | ' | ||||
Note 5 – Goodwill | |||||
The Company’s goodwill carrying amounts relate to the acquisitions of A-G, RTS and SBX. A-G, RTS and SBX are three reporting units under ASC 350, “Intangibles — Goodwill and Other.” Bolt, the parent of A-G, RTS and SBX, is a fourth reporting unit and has no goodwill. | |||||
The composition of the net goodwill balance at December 31, 2013 and June 30, 2013 is as follows: | |||||
A-G | $ | 7,679,000 | |||
RTS | 3,278,000 | ||||
SBX | 6,270,000 | ||||
$ | 17,227,000 | ||||
Goodwill represents approximately 19% of the Company’s total assets at December 31, 2013 and thus the evaluation of goodwill impairment is a significant estimate by management. | |||||
Other_Income
Other Income | 6 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||
Interest and Other Income [Text Block] | ' | |||||||||||||
Note 6 – Other Income | ||||||||||||||
Other income consists of the following: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Gain on condemnation settlement | $ | -507,000 | $ | - | $ | -507,000 | $ | - | ||||||
Interest income | -55,000 | -37,000 | -105,000 | -65,000 | ||||||||||
$ | -562,000 | $ | -37,000 | $ | -612,000 | $ | -65,000 | |||||||
Income_Taxes
Income Taxes | 6 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Income Tax Disclosure [Text Block] | ' | |||||||
Note 7 – Income Taxes | ||||||||
A reconciliation of the federal statutory rate to the effective tax rate reflected in the total provision for income taxes for the six month periods ended December 31 is as follows: | ||||||||
2013 | 2012 | |||||||
Federal statutory rate | 34 | % | 34 | % | ||||
Exempt income from domestic manufacturer’s deduction | -4 | -3 | ||||||
Non-deductible expenses: | ||||||||
Adjustment to fair value of contingent earnout liability | 6 | - | ||||||
Other | - | 2 | ||||||
State taxes | 3 | 1 | ||||||
Effective tax rate | 39 | % | 34 | % | ||||
ASC 740, “Income Taxes,” requires the Company to review all open tax years in all tax jurisdictions to determine if there are any uncertain income tax positions that require recognition in the Company’s financial statements, including any penalties and interest, based on the “more-likely-than-not” criterion. Based on its review, the Company has concluded that there were no significant income tax positions that would require the recording of additional income taxes or the recognition of any tax benefit in the Company’s financial statements at December 31, 2013 and June 30, 2013. There were no unallocated tax reserves at December 31, 2013 and June 30, 2013. The Company’s federal income tax returns for fiscal years prior to fiscal year 2010 are no longer subject to examination by the Internal Revenue Service. | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value Measurements Disclosure [Text Block] | ' | |||||||||||||
Note 8 — Fair Value Measurements | ||||||||||||||
Pursuant to the accounting guidance for fair value measurements, the Company uses a three-tier fair value hierarchy to prioritize the inputs for measuring fair value. The hierarchy gives the highest priority to quoted prices in active markets (Level 1) and the lowest priority to unobservable inputs (Level 3). | ||||||||||||||
Set forth below is a summary of liabilities that are measured at fair value on a recurring basis based on the three-level valuation hierarchy: | ||||||||||||||
Quoted | ||||||||||||||
Market Prices | Significant | |||||||||||||
For | Other | Significant | ||||||||||||
Identical | Observable | Unobservable | ||||||||||||
Assets | Inputs | Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||
Liabilities | ||||||||||||||
At December 31, 2013 — Contingent earnout liability | $ | — | $ | — | $ | 4,815,000 | $ | 4,815,000 | ||||||
At June 30, 2013 — Contingent earnout liability | $ | — | $ | — | $ | 3,315,000 | $ | 3,315,000 | ||||||
This liability relates to the estimated fair value of future earnout payments to former SeaBotix Inc. stockholders for the earnout period ending December 31, 2014. | ||||||||||||||
Set forth below are the changes in the Level 3 liability from June 30, 2013 to December 31, 2013: | ||||||||||||||
Fair Value | ||||||||||||||
of | ||||||||||||||
Contingent | ||||||||||||||
Earnout | ||||||||||||||
Liability | ||||||||||||||
Balance at June 30, 2013 | $ | 3,315,000 | ||||||||||||
Adjustment to contingent earnout liability | 1,500,000 | |||||||||||||
Balance at December 31, 2013 | $ | 4,815,000 | ||||||||||||
The Company determined the fair value of the contingent earnout liability at December 31, 2013 and June 30, 2013 using a probability weighted approach. The principal inputs to the approach include expectations of the specific business’s revenue in calendar years 2013 and 2014 and the probability of achieving required gross profit margin targets using an appropriate discount rate. Given the use of significant inputs that are not observable in the market, the contingent liability is classified within Level 3 of the fair value hierarchy. There were no significant changes to this methodology during the six month period ended December 31, 2013 and the year ended June 30, 2013. | ||||||||||||||
Fair values of accounts receivable, accounts payable, accrued expenses, dividends payable and income taxes payable reflected in the December 31, 2013 (Unaudited) and June 30, 2013 Consolidated Balance Sheets approximate carrying values on those dates. | ||||||||||||||
Stock_Options_and_Restricted_S
Stock Options and Restricted Stock | 6 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | |||||||||||
Note 9 – Stock Options and Restricted Stock | ||||||||||||
The Company recognizes compensation costs for all share-based payments granted based on the grant-date fair value estimated in accordance with the provisions of ASC 718, “Compensation — Stock Compensation.” | ||||||||||||
The Bolt Technology Corporation 2012 Stock Incentive Plan (the “2012 Plan”) was approved by the Company’s stockholders at the November 20, 2012 Annual Meeting of Stockholders. The 2012 Plan replaced the Company’s Amended and Restated 2006 Stock Option and Restricted Stock Plan (the “2006 Plan”). No new grants may be made under the 2006 Plan, but stock option and restricted stock grants awarded prior to the effective date of the 2012 Plan continue in effect. | ||||||||||||
The 2012 Plan provides that 750,000 shares of Common Stock may be used for equity awards under the 2012 Plan of either stock options or restricted stock grants or any combination thereof. Stock options granted under the 2012 Plan can become vested over, and can be exercisable for, a period of up to ten years. | ||||||||||||
Under the 2012 Plan, non-qualified or compensatory stock options may be granted and awards of restricted stock may be made to non-employee directors at the discretion of the compensation committee, for up to a combined annual maximum of 3,000 shares of Common Stock per non-employee director. Under the terms of the 2012 Plan, no stock options or restricted stock can be granted subsequent to June 30, 2022. | ||||||||||||
Stock Options | ||||||||||||
Stock option compensation expense was $92,000 and $127,000 for the six month periods ended December 31, 2013 and 2012, respectively. | ||||||||||||
A summary of changes in stock options during the six month period ended December 31, 2013 is as follows: | ||||||||||||
2012 Plan | 2006 Plan | |||||||||||
Weighted | Weighted | |||||||||||
Average | Average | |||||||||||
Exercise | Exercise | |||||||||||
Shares | Price | Shares | Price | |||||||||
Options outstanding at June 30, 2013 | 50,000 | $ | 15.43 | 83,425 | $ | 12.33 | ||||||
Granted | - | $ | - | - | $ | - | ||||||
Exercised | - | $ | - | -16,550 | $ | -12.92 | ||||||
Options outstanding at December 31, 2013 | 50,000 | $ | 15.43 | 66,875 | $ | 12.19 | ||||||
At December 31, 2013, the aggregate intrinsic value for outstanding options was $986,000, because the market price of the Company’s Common Stock at December 31, 2013 was higher than the weighted average exercise price of such options. | ||||||||||||
Restricted Stock | ||||||||||||
During the six month period ended December 31, 2013, 33,100 shares of restricted stock were granted under the 2012 Plan. Of these shares, 28,000, 600 and 4,500 shares vest over a five-year period, three-year period and one-year period, respectively, and the cost to the recipients is zero. During the six month period ended December 31, 2012, 27,100 shares of restricted stock were granted under the 2006 Plan. These shares vest over a five year period and the cost to the recipients is zero. The aggregate compensation cost for restricted stock granted during the six month periods ended December 31, 2013 and 2012 was $618,000 and $463,000, respectively, as of the grant dates. This compensation expense, which is a non-cash item, is being recognized in the Company’s financial statements over the vesting period of each restricted stock grant. | ||||||||||||
Restricted stock compensation expense was $257,000 and $256,000 for the six month periods ended December 31, 2013 and 2012, respectively. | ||||||||||||
A summary of changes in restricted stock awards during the six month period ended December 31, 2013 is as follows: | ||||||||||||
2012 Plan | 2006 Plan | |||||||||||
Weighted | Weighted | |||||||||||
Average | Average | |||||||||||
Grant Date | Grant Date | |||||||||||
Shares | Fair Value | Shares | Fair Value | |||||||||
Unvested restricted stock awards outstanding at June 30, 2013 | 5,200 | $ | 14.49 | 91,100 | $ | 12.52 | ||||||
Granted | 33,100 | $ | 18.67 | - | $ | - | ||||||
Vested | -3,400 | $ | 14.27 | -28,480 | $ | 12.74 | ||||||
Unvested restricted stock awards outstanding at December | 34,900 | $ | 18.48 | 62,620 | $ | 12.42 | ||||||
31, 2013 | ||||||||||||
Stockholders_Equity
Stockholders' Equity | 6 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Stockholders Equity Note [Abstract] | ' | |||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||||||||||||||
Note 10 - Stockholders’ Equity | ||||||||||||||||||||
Changes in issued Common Stock and Stockholders’ Equity for the six month period ended December 31, 2013 were as follows: | ||||||||||||||||||||
Common Stock | Treasury Stock | Retained | ||||||||||||||||||
Shares | Amount | Shares | Amount | Earnings | Total | |||||||||||||||
Balance June 30, 2013 | 8,828,103 | $ | 32,210,000 | 202,075 | $ | -1,926,000 | $ | 40,425,000 | $ | 70,709,000 | ||||||||||
Restricted stock grants | 33,100 | — | — | — | — | — | ||||||||||||||
Stock based compensation expense | — | 349,000 | — | — | — | 349,000 | ||||||||||||||
Stock options exercised | 6,597 | 25,000 | — | — | — | 25,000 | ||||||||||||||
Tax asset from vested restricted stock | — | 49,000 | — | — | — | 49,000 | ||||||||||||||
and stock options exercised | ||||||||||||||||||||
Net income | — | — | — | — | 5,381,000 | 5,381,000 | ||||||||||||||
Dividends ($0.68 per share) | — | — | — | — | -5,892,000 | -5,892,000 | ||||||||||||||
Balance December 31, 2013 | 8,867,800 | $ | 32,633,000 | 202,075 | $ | -1,926,000 | $ | 39,914,000 | $ | 70,621,000 | ||||||||||
At December 31, 2013 and June 30, 2013, 20,000,000 shares of Common Stock, no par value, were authorized. | ||||||||||||||||||||
Concentrations_and_Contingenci
Concentrations and Contingencies | 6 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentrations and Contingencies [Text Block] | ' |
Note 11 – Concentrations and Contingencies | |
Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and trade accounts receivable. The Company maintains substantial cash and cash equivalent balances with various financial institutions in amounts that exceed the limit of FDIC insurance and with several non-banking U.S. corporations that are not insured or guaranteed. The Company believes that the risk of loss associated with cash and cash equivalents is remote. The Company believes that the concentration of credit risk in its trade receivables is substantially mitigated by the Company’s ongoing credit evaluation and its short collection terms. The Company does not generally require collateral from its customers but, in certain cases, the Company does require customers to provide a letter of credit or an advance payment. In limited cases, the Company will grant customers extended payment terms of up to 12 months. The Company establishes an allowance for uncollectible accounts based upon factors surrounding the credit risk of specific customers. Historically, the Company has not incurred significant credit related losses. | |
From time to time, the Company is a party to routine litigation and proceedings that are considered part of the ordinary course of business. The Company is not aware of any material current or pending litigation. | |
Segment_Information
Segment Information | 6 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | |||||||||||||||||||
Note 12 – Segment Information | ||||||||||||||||||||
The Company has four reportable segments aligned with each of the Company’s product lines in accordance with ASC 280, “Segment Reporting.” | ||||||||||||||||||||
The following table provides selected financial information for each reportable segment for the three month and six month periods ended December 31, 2013 and 2012: | ||||||||||||||||||||
Seismic | Corporate | |||||||||||||||||||
Seismic | Underwater | Energy | Underwater | Headquarters | ||||||||||||||||
Energy | Cables & | Source | Robotic | & | ||||||||||||||||
Sources | Connectors | Controllers | Vehicles | Eliminations | Consolidated | |||||||||||||||
Six Months Ended December 31, 2013 | ||||||||||||||||||||
Sales to external customers | $ | 14,161,000 | $ | 9,594,000 | $ | 3,046,000 | $ | 11,151,000 | $ | — | $ | 37,952,000 | ||||||||
Intersegment sales | 727,000 | 254,000 | 541,000 | — | -1,522,000 | — | ||||||||||||||
Depreciation and amortization | 138,000 | 151,000 | 36,000 | 468,000 | 10,000 | 803,000 | ||||||||||||||
Income (loss) before income taxes | 4,257,000 | 3,742,000 | 1,572,000 | 1,130,000 | -1,855,000 | 8,846,000 | ||||||||||||||
Fixed asset additions | 116,000 | 604,000 | 80,000 | 53,000 | — | 853,000 | ||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Sales to external customers | $ | 7,883,000 | $ | 4,448,000 | $ | 1,384,000 | $ | 8,029,000 | $ | — | $ | 21,744,000 | ||||||||
Intersegment sales | 347,000 | 77,000 | 250,000 | — | -674,000 | — | ||||||||||||||
Depreciation and amortization | 69,000 | 76,000 | 19,000 | 234,000 | 5,000 | 403,000 | ||||||||||||||
Income (loss) before income taxes | 2,978,000 | 1,613,000 | 701,000 | 910,000 | -884,000 | 5,318,000 | ||||||||||||||
Fixed asset additions | 19,000 | 575,000 | 29,000 | 49,000 | — | 672,000 | ||||||||||||||
Balance Sheet Data at December 31, 2013 | ||||||||||||||||||||
Segment assets | $ | 21,545,000 | $ | 17,793,000 | $ | 6,613,000 | $ | 25,000,000 | $ | 18,063,000 | $ | 89,014,000 | ||||||||
Goodwill | — | 7,679,000 | 3,278,000 | 6,270,000 | — | 17,227,000 | ||||||||||||||
Other intangible assets | 117,000 | — | 311,000 | 6,150,000 | — | 6,578,000 | ||||||||||||||
Six Months Ended December 31, 2012 | ||||||||||||||||||||
Sales to external customers | $ | 12,576,000 | $ | 8,119,000 | $ | 1,593,000 | $ | 6,390,000 | $ | — | $ | 28,678,000 | ||||||||
Intersegment sales | — | 158,000 | 263,000 | — | -394,000 | — | ||||||||||||||
Depreciation and amortization | 101,000 | 145,000 | 139,000 | 457,000 | 9,000 | 851,000 | ||||||||||||||
Income (loss) before income taxes | 2,547,000 | 3,060,000 | 562,000 | 783,000 | -1,827,000 | 5,125,000 | ||||||||||||||
Fixed asset additions | 54,000 | 363,000 | 2,000 | 35,000 | — | 454,000 | ||||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||
Sales to external customers | $ | 7,169,000 | $ | 3,764,000 | $ | 711,000 | $ | 2,766,000 | $ | — | $ | 14,410,000 | ||||||||
Intersegment sales | — | 109,000 | 134,000 | — | -243,000 | — | ||||||||||||||
Depreciation and amortization | 50,000 | 75,000 | 70,000 | 229,000 | 4,000 | 428,000 | ||||||||||||||
Income (loss) before income taxes | 1,788,000 | 1,239,000 | 191,000 | 89,000 | -803,000 | 2,504,000 | ||||||||||||||
Fixed asset additions | 18,000 | 32,000 | 2,000 | -4,000 | — | 48,000 | ||||||||||||||
Balance Sheet Data at June 30, 2013 | ||||||||||||||||||||
Segment assets | $ | 23,140,000 | $ | 18,757,000 | $ | 5,716,000 | $ | 22,724,000 | $ | 12,749,000 | $ | 83,086,000 | ||||||||
Goodwill | — | 7,679,000 | 3,278,000 | 6,270,000 | — | 17,227,000 | ||||||||||||||
Other intangible assets | 100,000 | — | 325,000 | 6,542,000 | — | 6,967,000 | ||||||||||||||
The Company does not allocate income taxes to the segments. | ||||||||||||||||||||
Subsequent_Event
Subsequent Event | 6 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
Note 13 – Subsequent Event | |
On January 22, 2014, the Company’s Board of Directors approved a quarterly dividend of $0.09 per common share, which will be paid on April 2, 2014 to stockholders of record on March 5, 2014. | |
Description_of_Business_and_Si1
Description of Business and Significant Accounting Policies (Policies) | 6 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||||||||
Principles of Consolidation | ||||||||||||||
The Consolidated Financial Statements (Unaudited) include the accounts of Bolt Technology Corporation and its subsidiary companies. All significant intercompany balances and transactions have been eliminated. | ||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||||||||
Cash and Cash Equivalents | ||||||||||||||
The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. | ||||||||||||||
Inventory, Policy [Policy Text Block] | ' | |||||||||||||
Inventories | ||||||||||||||
Inventories are valued at the lower of cost or market, with cost principally determined on an average cost method that approximates the first-in, first-out method. The Company maintains an inventory valuation reserve to provide for slow moving and obsolete inventory. Amounts are charged to the reserve when the Company scraps or disposes of inventory. | ||||||||||||||
Goodwill and Intangible Assets, Policy [Policy Text Block] | ' | |||||||||||||
Goodwill, Intangible Assets with Indefinite Lives and Other Long-Lived Assets | ||||||||||||||
Goodwill represents the unamortized excess cost over the value of net assets acquired in business combinations. The Financial Accounting Standards Board guidance for testing goodwill for impairment provides the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform a two-step quantitative impairment test, otherwise no further analysis is required. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether an entity chooses to perform the qualitative assessment or proceeds directly to the two-step quantitative impairment test. | ||||||||||||||
The Company conducted an assessment of qualitative factors regarding the A-G reporting unit at June 30, 2013. The Company’s review of the A-G goodwill balance at June 30, 2013 did not identify any indicators of impairment. | ||||||||||||||
For the RTS reporting unit, the Company performed the quantitative impairment test at June 30, 2013. The impairment test for the RTS reporting unit indicated no impairment of the goodwill balance at June 30, 2013. | ||||||||||||||
For the SBX reporting unit, the Company performed the quantitative impairment test at December 31, 2013 using the capitalized cash flow method and the market price method, as well as the discounted cash flow method, and the test indicated no impairment of the goodwill balance. The Company’s review of the SBX goodwill balance at June 30, 2013 did not identify any indicators of impairment. | ||||||||||||||
The Company reviewed A-G and RTS goodwill as of December 31, 2013 and no indicators of impairment were identified. | ||||||||||||||
Intangible assets with indefinite lives must be tested annually or more frequently if there are indicators of impairment, to determine if events and circumstances still justify the carrying value of such asset. The test consists of a comparison of the fair value of the asset to its carrying amount. If the carrying amount exceeds the fair value, an impairment loss is recognized equal to the excess of the carrying amount over the fair value. Any such loss would be recognized in the period in which the impairment arose. The SBX intangible asset with an indefinite life was tested for impairment at December 31, 2013 and the test indicated no impairment. | ||||||||||||||
The Company reviewed the SBX intangible asset with an indefinite life at June 30, 2013 and such review did not identify any indicators of impairment. | ||||||||||||||
The Company reviewed the RTS intangible asset with an indefinite life at December 31, 2013 and June 30, 2013 and no indicators of impairment were identified. | ||||||||||||||
The Company’s other long-lived assets consist of property, plant and equipment, other intangible assets with definite lives and other non-current assets. The Company reviews these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The carrying amount is considered impaired when anticipated undiscounted cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. The Company’s reviews as of June 30, 2013 and December 31, 2013 did not identify any indicators of impairment. | ||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||||||||
Use of Estimates | ||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of financial statements, and the reported amounts of revenues and expenses during the reporting period. The most critical estimates made by the Company are those relating to inventory reserves, the potential impairment of goodwill and intangible assets with indefinite lives, other long-lived assets impairment, valuation of acquisitions, contingent earnout liability and realization of deferred tax assets. Actual results could differ from those estimates. | ||||||||||||||
Contingent Earnout Liability [Policy Text Block] | ' | |||||||||||||
Contingent Earnout Liability | ||||||||||||||
The Company is obligated under an earnout arrangement to make cash payments to the former SBX stockholders if certain revenue and gross profit margin targets are achieved. The Company recorded a contingent earnout liability at the acquisition date of SBX at its estimated fair value, which took into account the range and probability of projected future revenues of SBX over the earnout period. The Company revalues the contingent earnout liability at the close of each accounting period and records any change in the estimated fair value in the Consolidated Statement of Income as adjustment of contingent earnout liability. | ||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||||||||
Computation of Earnings Per Share | ||||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period including common share equivalents (which includes stock option grants and restricted stock awards) assuming dilution. Unvested shares of restricted stock are included in computing basic earnings per share because they contain rights to receive non-forfeitable dividends. | ||||||||||||||
The following is a reconciliation of basic earnings per share to diluted earnings per share for the three month and six month periods ended December 31, 2013 and 2012: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net income available to common stockholders | $ | 3,018,000 | $ | 1,701,000 | $ | 5,381,000 | $ | 3,405,000 | ||||||
Divided by: | ||||||||||||||
Weighted average common shares | 8,663,490 | 8,606,773 | 8,653,445 | 8,591,680 | ||||||||||
Weighted average common share equivalents | 15,798 | 22 | 12,912 | 2,163 | ||||||||||
Total weighted average common shares and common | 8,679,288 | 8,606,795 | 8,666,357 | 8,593,843 | ||||||||||
share equivalents | ||||||||||||||
Basic earnings per share | $ | 0.35 | $ | 0.2 | $ | 0.62 | $ | 0.4 | ||||||
Diluted earnings per share | $ | 0.35 | $ | 0.2 | $ | 0.62 | $ | 0.4 | ||||||
For the three month period ended December 31, 2013, the calculation included all options to acquire shares because they were all dilutive. For the three month period ended December 31, 2012, the calculation did not include options to acquire 40,250 shares, since the inclusion of these shares would have been anti-dilutive. | ||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | |||||||||||||
Recent Accounting Developments | ||||||||||||||
None. | ||||||||||||||
Description_of_Business_and_Si2
Description of Business and Significant Accounting Policies (Tables) | 6 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
The following is a reconciliation of basic earnings per share to diluted earnings per share for the three month and six month periods ended December 31, 2013 and 2012: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Net income available to common stockholders | $ | 3,018,000 | $ | 1,701,000 | $ | 5,381,000 | $ | 3,405,000 | ||||||
Divided by: | ||||||||||||||
Weighted average common shares | 8,663,490 | 8,606,773 | 8,653,445 | 8,591,680 | ||||||||||
Weighted average common share equivalents | 15,798 | 22 | 12,912 | 2,163 | ||||||||||
Total weighted average common shares and common | 8,679,288 | 8,606,795 | 8,666,357 | 8,593,843 | ||||||||||
share equivalents | ||||||||||||||
Basic earnings per share | $ | 0.35 | $ | 0.2 | $ | 0.62 | $ | 0.4 | ||||||
Diluted earnings per share | $ | 0.35 | $ | 0.2 | $ | 0.62 | $ | 0.4 | ||||||
SeaBotix_Inc_Acquisition_Table
SeaBotix Inc. Acquisition (Tables) | 6 Months Ended | ||||
Dec. 31, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | ' | ||||
The total purchase price paid or accrued consisted of the following: | |||||
Cash paid | $ | 9,500,000 | |||
Accrual for contingent earnout payments | 5,000,000 | ||||
Accrual for holdback and pro forma working capital | 1,560,000 | ||||
adjustment | |||||
Total purchase price | $ | 16,060,000 | |||
The final purchase price allocation was as follows: | |||||
Net current assets, including cash acquired of $316,000 and | $ | 4,963,000 | |||
accounts receivable of $1,342,000 | |||||
Non-current assets (mainly property and equipment) | 796,000 | ||||
Goodwill | 6,270,000 | ||||
Other intangible assets | 8,500,000 | ||||
Accounts payable and accrued expenses | -1,010,000 | ||||
Debt assumed | -539,000 | ||||
Deferred tax liability (non-current) | -2,920,000 | ||||
Total purchase price allocation | $ | 16,060,000 | |||
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | ' | ||||
Set forth below is a summary of the activity in the contingent earnout liability (all amounts represent fair values) from the date of closing to December 31, 2013: | |||||
Contingent | |||||
Earnout | |||||
Liability | |||||
Balance at closing | $ | 5,000,000 | |||
Earnout paid in fiscal year 2011 | -2,000,000 | ||||
Balance at June 30, 2011 | 3,000,000 | ||||
Earnout paid in fiscal year 2012 | -2,500,000 | ||||
Increase to contingent earnout liability in June 2012 | 4,500,000 | ||||
Balance at June 30, 2012 | 5,000,000 | ||||
Earnout paid in fiscal year 2013 | -2,185,000 | ||||
Increase to contingent earnout liability in June 2013 | 500,000 | ||||
Balance at June 30, 2013 | 3,315,000 | ||||
Increase to contingent earnout liability in December 2013 | 1,500,000 | ||||
Balance at December 31, 2013 | $ | 4,815,000 | |||
Inventories_Tables
Inventories (Tables) | 6 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory, Current [Table Text Block] | ' | |||||||
Inventories consist of the following: | ||||||||
December 31, | June 30, | |||||||
2013 | 2013 | |||||||
Raw materials and sub-assemblies | $ | 17,166,000 | $ | 15,268,000 | ||||
Work-in-process | 2,415,000 | 2,495,000 | ||||||
19,581,000 | 17,763,000 | |||||||
Less – Reserve for inventory valuation | -1,037,000 | -626,000 | ||||||
$ | 18,544,000 | $ | 17,137,000 | |||||
Goodwill_Tables
Goodwill (Tables) | 6 Months Ended | ||||
Dec. 31, 2013 | |||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||
Schedule of Goodwill [Table Text Block] | ' | ||||
The composition of the net goodwill balance at December 31, 2013 and June 30, 2013 is as follows: | |||||
A-G | $ | 7,679,000 | |||
RTS | 3,278,000 | ||||
SBX | 6,270,000 | ||||
$ | 17,227,000 | ||||
Other_Income_Tables
Other Income (Tables) | 6 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Other Income and Expenses [Abstract] | ' | |||||||||||||
Interest and Other Income [Table Text Block] | ' | |||||||||||||
Other income consists of the following: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
December 31, | December 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Gain on condemnation settlement | $ | -507,000 | $ | - | $ | -507,000 | $ | - | ||||||
Interest income | -55,000 | -37,000 | -105,000 | -65,000 | ||||||||||
$ | -562,000 | $ | -37,000 | $ | -612,000 | $ | -65,000 | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Income Tax Disclosure [Abstract] | ' | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | |||||||
A reconciliation of the federal statutory rate to the effective tax rate reflected in the total provision for income taxes for the six month periods ended December 31 is as follows: | ||||||||
2013 | 2012 | |||||||
Federal statutory rate | 34 | % | 34 | % | ||||
Exempt income from domestic manufacturer’s deduction | -4 | -3 | ||||||
Non-deductible expenses: | ||||||||
Adjustment to fair value of contingent earnout liability | 6 | - | ||||||
Other | - | 2 | ||||||
State taxes | 3 | 1 | ||||||
Effective tax rate | 39 | % | 34 | % | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block] | ' | |||||||||||||
Set forth below is a summary of liabilities that are measured at fair value on a recurring basis based on the three-level valuation hierarchy: | ||||||||||||||
Quoted | ||||||||||||||
Market Prices | Significant | |||||||||||||
For | Other | Significant | ||||||||||||
Identical | Observable | Unobservable | ||||||||||||
Assets | Inputs | Inputs | ||||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||||
Liabilities | ||||||||||||||
At December 31, 2013 — Contingent earnout liability | $ | — | $ | — | $ | 4,815,000 | $ | 4,815,000 | ||||||
At June 30, 2013 — Contingent earnout liability | $ | — | $ | — | $ | 3,315,000 | $ | 3,315,000 | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||
Set forth below are the changes in the Level 3 liability from June 30, 2013 to December 31, 2013: | ||||||||||||||
Fair Value | ||||||||||||||
of | ||||||||||||||
Contingent | ||||||||||||||
Earnout | ||||||||||||||
Liability | ||||||||||||||
Balance at June 30, 2013 | $ | 3,315,000 | ||||||||||||
Adjustment to contingent earnout liability | 1,500,000 | |||||||||||||
Balance at December 31, 2013 | $ | 4,815,000 | ||||||||||||
Stock_Options_and_Restricted_S1
Stock Options and Restricted Stock (Tables) | 6 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | ' | |||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | |||||||||||
A summary of changes in stock options during the six month period ended December 31, 2013 is as follows: | ||||||||||||
2012 Plan | 2006 Plan | |||||||||||
Weighted | Weighted | |||||||||||
Average | Average | |||||||||||
Exercise | Exercise | |||||||||||
Shares | Price | Shares | Price | |||||||||
Options outstanding at June 30, 2013 | 50,000 | $ | 15.43 | 83,425 | $ | 12.33 | ||||||
Granted | - | $ | - | - | $ | - | ||||||
Exercised | - | $ | - | -16,550 | $ | -12.92 | ||||||
Options outstanding at December 31, 2013 | 50,000 | $ | 15.43 | 66,875 | $ | 12.19 | ||||||
Schedule Of Share-Based Compensation, Other Than Stock Options, Activity [Table Text Block] | ' | |||||||||||
A summary of changes in restricted stock awards during the six month period ended December 31, 2013 is as follows: | ||||||||||||
2012 Plan | 2006 Plan | |||||||||||
Weighted | Weighted | |||||||||||
Average | Average | |||||||||||
Grant Date | Grant Date | |||||||||||
Shares | Fair Value | Shares | Fair Value | |||||||||
Unvested restricted stock awards outstanding at June 30, 2013 | 5,200 | $ | 14.49 | 91,100 | $ | 12.52 | ||||||
Granted | 33,100 | $ | 18.67 | - | $ | - | ||||||
Vested | -3,400 | $ | 14.27 | -28,480 | $ | 12.74 | ||||||
Unvested restricted stock awards outstanding at December | 34,900 | $ | 18.48 | 62,620 | $ | 12.42 | ||||||
31, 2013 | ||||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 6 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Stockholders Equity Note [Abstract] | ' | |||||||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | ' | |||||||||||||||||||
Changes in issued Common Stock and Stockholders’ Equity for the six month period ended December 31, 2013 were as follows: | ||||||||||||||||||||
Common Stock | Treasury Stock | Retained | ||||||||||||||||||
Shares | Amount | Shares | Amount | Earnings | Total | |||||||||||||||
Balance June 30, 2013 | 8,828,103 | $ | 32,210,000 | 202,075 | $ | -1,926,000 | $ | 40,425,000 | $ | 70,709,000 | ||||||||||
Restricted stock grants | 33,100 | — | — | — | — | — | ||||||||||||||
Stock based compensation expense | — | 349,000 | — | — | — | 349,000 | ||||||||||||||
Stock options exercised | 6,597 | 25,000 | — | — | — | 25,000 | ||||||||||||||
Tax asset from vested restricted stock | — | 49,000 | — | — | — | 49,000 | ||||||||||||||
and stock options exercised | ||||||||||||||||||||
Net income | — | — | — | — | 5,381,000 | 5,381,000 | ||||||||||||||
Dividends ($0.68 per share) | — | — | — | — | -5,892,000 | -5,892,000 | ||||||||||||||
Balance December 31, 2013 | 8,867,800 | $ | 32,633,000 | 202,075 | $ | -1,926,000 | $ | 39,914,000 | $ | 70,621,000 | ||||||||||
Segment_Information_Tables
Segment Information (Tables) | 6 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | |||||||||||||||||||
The following table provides selected financial information for each reportable segment for the three month and six month periods ended December 31, 2013 and 2012: | ||||||||||||||||||||
Seismic | Corporate | |||||||||||||||||||
Seismic | Underwater | Energy | Underwater | Headquarters | ||||||||||||||||
Energy | Cables & | Source | Robotic | & | ||||||||||||||||
Sources | Connectors | Controllers | Vehicles | Eliminations | Consolidated | |||||||||||||||
Six Months Ended December 31, 2013 | ||||||||||||||||||||
Sales to external customers | $ | 14,161,000 | $ | 9,594,000 | $ | 3,046,000 | $ | 11,151,000 | $ | — | $ | 37,952,000 | ||||||||
Intersegment sales | 727,000 | 254,000 | 541,000 | — | -1,522,000 | — | ||||||||||||||
Depreciation and amortization | 138,000 | 151,000 | 36,000 | 468,000 | 10,000 | 803,000 | ||||||||||||||
Income (loss) before income taxes | 4,257,000 | 3,742,000 | 1,572,000 | 1,130,000 | -1,855,000 | 8,846,000 | ||||||||||||||
Fixed asset additions | 116,000 | 604,000 | 80,000 | 53,000 | — | 853,000 | ||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||
Sales to external customers | $ | 7,883,000 | $ | 4,448,000 | $ | 1,384,000 | $ | 8,029,000 | $ | — | $ | 21,744,000 | ||||||||
Intersegment sales | 347,000 | 77,000 | 250,000 | — | -674,000 | — | ||||||||||||||
Depreciation and amortization | 69,000 | 76,000 | 19,000 | 234,000 | 5,000 | 403,000 | ||||||||||||||
Income (loss) before income taxes | 2,978,000 | 1,613,000 | 701,000 | 910,000 | -884,000 | 5,318,000 | ||||||||||||||
Fixed asset additions | 19,000 | 575,000 | 29,000 | 49,000 | — | 672,000 | ||||||||||||||
Balance Sheet Data at December 31, 2013 | ||||||||||||||||||||
Segment assets | $ | 21,545,000 | $ | 17,793,000 | $ | 6,613,000 | $ | 25,000,000 | $ | 18,063,000 | $ | 89,014,000 | ||||||||
Goodwill | — | 7,679,000 | 3,278,000 | 6,270,000 | — | 17,227,000 | ||||||||||||||
Other intangible assets | 117,000 | — | 311,000 | 6,150,000 | — | 6,578,000 | ||||||||||||||
Six Months Ended December 31, 2012 | ||||||||||||||||||||
Sales to external customers | $ | 12,576,000 | $ | 8,119,000 | $ | 1,593,000 | $ | 6,390,000 | $ | — | $ | 28,678,000 | ||||||||
Intersegment sales | — | 158,000 | 263,000 | — | -394,000 | — | ||||||||||||||
Depreciation and amortization | 101,000 | 145,000 | 139,000 | 457,000 | 9,000 | 851,000 | ||||||||||||||
Income (loss) before income taxes | 2,547,000 | 3,060,000 | 562,000 | 783,000 | -1,827,000 | 5,125,000 | ||||||||||||||
Fixed asset additions | 54,000 | 363,000 | 2,000 | 35,000 | — | 454,000 | ||||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||
Sales to external customers | $ | 7,169,000 | $ | 3,764,000 | $ | 711,000 | $ | 2,766,000 | $ | — | $ | 14,410,000 | ||||||||
Intersegment sales | — | 109,000 | 134,000 | — | -243,000 | — | ||||||||||||||
Depreciation and amortization | 50,000 | 75,000 | 70,000 | 229,000 | 4,000 | 428,000 | ||||||||||||||
Income (loss) before income taxes | 1,788,000 | 1,239,000 | 191,000 | 89,000 | -803,000 | 2,504,000 | ||||||||||||||
Fixed asset additions | 18,000 | 32,000 | 2,000 | -4,000 | — | 48,000 | ||||||||||||||
Balance Sheet Data at June 30, 2013 | ||||||||||||||||||||
Segment assets | $ | 23,140,000 | $ | 18,757,000 | $ | 5,716,000 | $ | 22,724,000 | $ | 12,749,000 | $ | 83,086,000 | ||||||||
Goodwill | — | 7,679,000 | 3,278,000 | 6,270,000 | — | 17,227,000 | ||||||||||||||
Other intangible assets | 100,000 | — | 325,000 | 6,542,000 | — | 6,967,000 | ||||||||||||||
Description_of_Business_and_Si3
Description of Business and Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Description Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Net income available to common stockholders | $3,018,000 | $1,701,000 | $5,381,000 | $3,405,000 |
Weighted average common shares (in shares) | 8,663,490 | 8,606,773 | 8,653,445 | 8,591,680 |
Weighted average common share equivalents (in shares) | 15,798 | 22 | 12,912 | 2,163 |
Total weighted average common shares and common share equivalents (in shares) | 8,679,288 | 8,606,795 | 8,666,357 | 8,593,843 |
Basic earnings per share (in dollars per share) | $0.35 | $0.20 | $0.62 | $0.40 |
Diluted earnings per share (in dollars per share) | $0.35 | $0.20 | $0.62 | $0.40 |
Description_of_Business_and_Si4
Description of Business and Significant Accounting Policies (Details Textual) | 6 Months Ended |
Dec. 31, 2013 | |
Description Of Business And Significant Accounting Policies [Line Items] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 40,250 |
SeaBotix_Inc_Acquisition_Detai
SeaBotix Inc. Acquisition (Details) (USD $) | Dec. 31, 2013 |
Business Combination, Separately Recognized Transactions [Line Items] | ' |
Cash paid | $9,500,000 |
Accrual for contingent earnout payments | 5,000,000 |
Accrual for holdback and pro forma working capital adjustment | 1,560,000 |
Total purchase price | 16,060,000 |
Net current assets, including cash acquired of $316,000 and accounts receivable of $1,342,000 | 4,963,000 |
Non-current assets (mainly property and equipment) | 796,000 |
Goodwill | 6,270,000 |
Other intangible assets | 8,500,000 |
Accounts payable and accrued expenses | -1,010,000 |
Debt assumed | -539,000 |
Deferred tax liability (non-current) | -2,920,000 |
Total purchase price allocation | $16,060,000 |
SeaBotix_Inc_Acquisition_Detai1
SeaBotix Inc. Acquisition (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jan. 01, 2011 | |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Opening | $3,315,000 | $5,000,000 | $3,315,000 | $5,000,000 | $5,000,000 | $3,000,000 | $5,000,000 | $5,000,000 |
Earnout paid | ' | ' | ' | ' | -2,185,000 | -2,500,000 | -2,000,000 | ' |
Increase to contingent earnout liability | 1,500,000 | 0 | 1,500,000 | 0 | 500,000 | 4,500,000 | ' | ' |
Balance, Ending | $4,815,000 | ' | $4,815,000 | ' | $3,315,000 | $5,000,000 | $3,000,000 | $5,000,000 |
SeaBotix_Inc_Acquisition_Detai2
SeaBotix Inc. Acquisition (Details Textual) (USD $) | 6 Months Ended |
Dec. 31, 2013 | |
Business Acquisition [Line Items] | ' |
Business Acquisition Purchase Price Holdback Amount | $500,000 |
Cash Acquired from Acquisition | 316,000 |
Noncash or Part Noncash Acquisition, Accounts Receivable Acquired | $1,342,000 |
Business Acquisition Description Of Contingent Consideration | 'Earnout payments equal to 15.5% of annual gross revenues are payable if SBX generates annual gross revenues in excess of $10,000,000 and maintains a certain gross profit margin for the remaining earnout period which ends on December 31, 2014. If the Company determines that it is more likely than not that these future estimated earnout payments will exceed $4,815,000, the Company would have to increase the contingent earnout liability. Such increase would result in a non-cash charge to the Consolidated Statement of Income. |
Estimated Future Earnout Payments Percentage Of Annual Gross Revenue | 15.50% |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Inventory [Line Items] | ' | ' |
Raw materials and sub-assemblies | $17,166,000 | $15,268,000 |
Work-in-process | 2,415,000 | 2,495,000 |
Inventory, Gross | 19,581,000 | 17,763,000 |
Less - Reserve for inventory valuation | -1,037,000 | -626,000 |
Inventory, Net | $18,544,000 | $17,137,000 |
Inventories_Details_Textual
Inventories (Details Textual) (Inventory Valuation Reserve [Member], USD $) | 6 Months Ended |
Dec. 31, 2013 | |
Inventory Valuation Reserve [Member] | ' |
Inventory [Line Items] | ' |
Valuation Allowances and Reserves, Recoveries | $411,000 |
Goodwill_Details
Goodwill (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Goodwill [Line Items] | ' | ' |
Goodwill | $17,227,000 | $17,227,000 |
A-G [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 7,679,000 | 7,679,000 |
RTS [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | 3,278,000 | 3,278,000 |
SBX [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill | $6,270,000 | $6,270,000 |
Goodwill_Details_Textual
Goodwill (Details Textual) | Dec. 31, 2013 |
Goodwill [Line Items] | ' |
Percentage Of Goodwill On Assets | 19.00% |
Other_Income_Details
Other Income (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Gain on condemnation settlement | ($507,000) | $0 | ($507,000) | $0 |
Interest income | -55,000 | -37,000 | -105,000 | -65,000 |
Interest and Other Income, Total | ($562,000) | ($37,000) | ($612,000) | ($65,000) |
Income_Taxes_Details
Income Taxes (Details) | 6 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | ' | ' |
Federal statutory rate | 34.00% | 34.00% |
Exempt income from domestic manufacturerbs deduction | -4.00% | -3.00% |
Adjustment to fair value of contingent earnout liability | 6.00% | 0.00% |
Other | 0.00% | 2.00% |
State taxes | 3.00% | 1.00% |
Effective tax rate | 39.00% | 34.00% |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2011 | Jan. 01, 2011 | Jun. 30, 2010 |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Opening | $4,815,000 | $3,315,000 | $3,315,000 | $5,000,000 | $5,000,000 | $3,000,000 | $5,000,000 | $5,000,000 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Opening | $4,815,000 | $3,315,000 | $3,315,000 | ' | $5,000,000 | $3,000,000 | $5,000,000 | ' |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Jan. 01, 2011 | Jun. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jan. 01, 2011 | |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||||
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, Opening | $3,315,000 | $5,000,000 | $3,315,000 | $5,000,000 | $5,000,000 | $3,000,000 | $5,000,000 | $5,000,000 | $3,315,000 | $3,315,000 | $5,000,000 | $3,000,000 | $5,000,000 |
Adjustment of contingent earnout liability | 1,500,000 | 0 | 1,500,000 | 0 | 500,000 | 4,500,000 | ' | ' | 1,500,000 | 1,500,000 | ' | ' | ' |
Balance, Ending | $4,815,000 | ' | $4,815,000 | ' | $3,315,000 | $5,000,000 | $5,000,000 | $5,000,000 | $4,815,000 | $4,815,000 | $5,000,000 | $3,000,000 | $5,000,000 |
Stock_Options_and_Restricted_S2
Stock Options and Restricted Stock (Details) (USD $) | 6 Months Ended |
Dec. 31, 2013 | |
Plan 2012 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options outstanding - Number of shares - Beginning balance | 50,000 |
Granted - Number of shares | 0 |
Exercised - Number of shares | 0 |
Options outstanding - Number of shares - Ending balance | 50,000 |
Options outstanding - Weighted Average Exercise Price - Beginning balance | $15.43 |
Granted - Weighted Average Exercise Price | $0 |
Exercised - Weighted Average Exercise Price | $0 |
Options outstanding - Weighted Average Exercise Price - Ending balance | $15.43 |
Plan 2006 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Options outstanding - Number of shares - Beginning balance | 83,425 |
Granted - Number of shares | 0 |
Exercised - Number of shares | -16,550 |
Options outstanding - Number of shares - Ending balance | 66,875 |
Options outstanding - Weighted Average Exercise Price - Beginning balance | $12.33 |
Granted - Weighted Average Exercise Price | $0 |
Exercised - Weighted Average Exercise Price | ($12.92) |
Options outstanding - Weighted Average Exercise Price - Ending balance | $12.19 |
Stock_Options_and_Restricted_S3
Stock Options and Restricted Stock (Details 1) (USD $) | 6 Months Ended |
Dec. 31, 2013 | |
Plan 2012 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested restricted stock awards outstanding - Number of shares - Beginning balance | 5,200 |
Granted - Number of shares | 33,100 |
Vested - Number of shares | -3,400 |
Unvested restricted stock awards outstanding - Number of shares - Ending balance | 34,900 |
Unvested restricted stock awards outstanding - Weighted Average Grant Date Fair Value - Beginning balance | $14.49 |
Granted - Weighted Average Grant Date Fair Value | $18.67 |
Vested - Weighted Average Grant Date Fair Value | $14.27 |
Unvested restricted stock awards outstanding - Weighted Average Grant Date Fair Value - Ending balance | $18.48 |
Plan 2006 [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested restricted stock awards outstanding - Number of shares - Beginning balance | 91,100 |
Granted - Number of shares | 0 |
Vested - Number of shares | -28,480 |
Unvested restricted stock awards outstanding - Number of shares - Ending balance | 62,620 |
Unvested restricted stock awards outstanding - Weighted Average Grant Date Fair Value - Beginning balance | $12.52 |
Granted - Weighted Average Grant Date Fair Value | $0 |
Vested - Weighted Average Grant Date Fair Value | $12.74 |
Unvested restricted stock awards outstanding - Weighted Average Grant Date Fair Value - Ending balance | $12.42 |
Stock_Options_and_Restricted_S4
Stock Options and Restricted Stock (Details Textual) (USD $) | 6 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 750,000 | ' |
Share Based Compensation Arrangement By Share Based Payment Award Option Exercisable Period | '10 years | ' |
Stock or Unit Option Plan Expense | $92,000 | $127,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | '3 years | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 986,000 | ' |
Stock-based compensation expense | 349,000 | 383,000 |
Restricted Stock or Unit Expense | 257,000 | 256,000 |
Shares Vested For One Year Period | 4,500 | ' |
Shares Vested For Three Year Period | 600 | ' |
Shares Vested For Five Year Period | 28,000 | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 33,100 | 27,100 |
Plan 2012 [Member] | Non Employee Director [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in shares) | 3,000 | ' |
Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock-based compensation expense | $618,000 | $463,000 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Balance | ' | ' | $70,709,000 | ' |
Restricted stock grants | ' | ' | 0 | ' |
Stock based compensation expense | ' | ' | 349,000 | ' |
Stock options exercised | ' | ' | 25,000 | ' |
Tax benefit from vested restricted stock | ' | ' | 49,000 | ' |
Net income | 3,018,000 | 1,701,000 | 5,381,000 | 3,405,000 |
Dividends | ' | ' | -5,892,000 | ' |
Balance | 70,621,000 | ' | 70,621,000 | ' |
Common Stock [Member] | ' | ' | ' | ' |
Balance | ' | ' | 32,210,000 | ' |
Balance (in shares) | ' | ' | 8,828,103 | ' |
Restricted stock grants | ' | ' | 0 | ' |
Restricted stock grants (in shares) | ' | ' | 33,100 | ' |
Stock based compensation expense | ' | ' | 349,000 | ' |
Stock options exercised | ' | ' | 25,000 | ' |
Stock options exercised (in shares) | ' | ' | 6,597 | ' |
Tax benefit from vested restricted stock | ' | ' | 49,000 | ' |
Net income | ' | ' | 0 | ' |
Dividends | ' | ' | 0 | ' |
Balance | 32,633,000 | ' | 32,633,000 | ' |
Balance (in shares) | 8,867,800 | ' | 8,867,800 | ' |
Treasury Stock [Member] | ' | ' | ' | ' |
Balance | ' | ' | -1,926,000 | ' |
Balance (in shares) | ' | ' | 202,075 | ' |
Restricted stock grants | ' | ' | 0 | ' |
Restricted stock grants (in shares) | ' | ' | 0 | ' |
Stock based compensation expense | ' | ' | 0 | ' |
Stock options exercised | ' | ' | 0 | ' |
Stock options exercised (in shares) | ' | ' | 0 | ' |
Tax benefit from vested restricted stock | ' | ' | 0 | ' |
Net income | ' | ' | 0 | ' |
Dividends | ' | ' | 0 | ' |
Balance | -1,926,000 | ' | -1,926,000 | ' |
Balance (in shares) | 202,075 | ' | 202,075 | ' |
Retained Earnings [Member] | ' | ' | ' | ' |
Balance | ' | ' | 40,425,000 | ' |
Restricted stock grants | ' | ' | 0 | ' |
Stock based compensation expense | ' | ' | 0 | ' |
Stock options exercised | ' | ' | 0 | ' |
Tax benefit from vested restricted stock | ' | ' | 0 | ' |
Net income | ' | ' | 5,381,000 | ' |
Dividends | ' | ' | -5,892,000 | ' |
Balance | $39,914,000 | ' | $39,914,000 | ' |
Stockholders_Equity_Details_Te
Stockholders' Equity (Details Textual) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Dividends Payable, Amount Per Share | $0.68 | ' |
Concentrations_and_Contingenci1
Concentrations and Contingencies (Details Textual) | 6 Months Ended |
Dec. 31, 2013 | |
Concentration Risk [Line Items] | ' |
Extended Term Of Payment | '12 months |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to external customers | $21,744,000 | $14,410,000 | $37,952,000 | $28,678,000 | ' |
Intersegment sales | 0 | 0 | 0 | 0 | ' |
Depreciation and amortization | 403,000 | 428,000 | 803,000 | 851,000 | ' |
Income (loss) before income taxes | 5,318,000 | 2,504,000 | 8,846,000 | 5,125,000 | ' |
Fixed asset additions | 672,000 | 48,000 | 853,000 | 454,000 | ' |
Segment assets | 89,014,000 | ' | 89,014,000 | ' | 83,086,000 |
Goodwill | 17,227,000 | ' | 17,227,000 | ' | 17,227,000 |
Other intangible assets | 6,578,000 | ' | 6,578,000 | ' | 6,967,000 |
Seismic Energy Sources [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to external customers | 7,883,000 | 7,169,000 | 14,161,000 | 12,576,000 | ' |
Intersegment sales | 347,000 | 0 | 727,000 | 0 | ' |
Depreciation and amortization | 69,000 | 50,000 | 138,000 | 101,000 | ' |
Income (loss) before income taxes | 2,978,000 | 1,788,000 | 4,257,000 | 2,547,000 | ' |
Fixed asset additions | 19,000 | 18,000 | 116,000 | 54,000 | ' |
Segment assets | 21,545,000 | ' | 21,545,000 | ' | 23,140,000 |
Goodwill | 0 | ' | 0 | ' | 0 |
Other intangible assets | 117,000 | ' | 117,000 | ' | 100,000 |
Underwater Cables and Connectors [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to external customers | 4,448,000 | 3,764,000 | 9,594,000 | 8,119,000 | ' |
Intersegment sales | 77,000 | 109,000 | 254,000 | 158,000 | ' |
Depreciation and amortization | 76,000 | 75,000 | 151,000 | 145,000 | ' |
Income (loss) before income taxes | 1,613,000 | 1,239,000 | 3,742,000 | 3,060,000 | ' |
Fixed asset additions | 575,000 | 32,000 | 604,000 | 363,000 | ' |
Segment assets | 17,793,000 | ' | 17,793,000 | ' | 18,757,000 |
Goodwill | 7,679,000 | ' | 7,679,000 | ' | 7,679,000 |
Other intangible assets | 0 | ' | 0 | ' | 0 |
Seismic Energy Source Controllers [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to external customers | 1,384,000 | 711,000 | 3,046,000 | 1,593,000 | ' |
Intersegment sales | 250,000 | 134,000 | 541,000 | 263,000 | ' |
Depreciation and amortization | 19,000 | 70,000 | 36,000 | 139,000 | ' |
Income (loss) before income taxes | 701,000 | 191,000 | 1,572,000 | 562,000 | ' |
Fixed asset additions | 29,000 | 2,000 | 80,000 | 2,000 | ' |
Segment assets | 6,613,000 | ' | 6,613,000 | ' | 5,716,000 |
Goodwill | 3,278,000 | ' | 3,278,000 | ' | 3,278,000 |
Other intangible assets | 311,000 | ' | 311,000 | ' | 325,000 |
Underwater Robotic Vehicles [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to external customers | 8,029,000 | 2,766,000 | 11,151,000 | 6,390,000 | ' |
Intersegment sales | 0 | 0 | 0 | 0 | ' |
Depreciation and amortization | 234,000 | 229,000 | 468,000 | 457,000 | ' |
Income (loss) before income taxes | 910,000 | 89,000 | 1,130,000 | 783,000 | ' |
Fixed asset additions | 49,000 | -4,000 | 53,000 | 35,000 | ' |
Segment assets | 25,000,000 | ' | 25,000,000 | ' | 22,724,000 |
Goodwill | 6,270,000 | ' | 6,270,000 | ' | 6,270,000 |
Other intangible assets | 6,150,000 | ' | 6,150,000 | ' | 6,542,000 |
Corporate Headquarters and Eliminations [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Sales to external customers | 0 | 0 | 0 | 0 | ' |
Intersegment sales | -674,000 | -243,000 | -1,522,000 | -394,000 | ' |
Depreciation and amortization | 5,000 | 4,000 | 10,000 | 9,000 | ' |
Income (loss) before income taxes | -884,000 | -803,000 | -1,855,000 | -1,827,000 | ' |
Fixed asset additions | 0 | 0 | 0 | 0 | ' |
Segment assets | 18,063,000 | ' | 18,063,000 | ' | 12,749,000 |
Goodwill | 0 | ' | 0 | ' | 0 |
Other intangible assets | $0 | ' | $0 | ' | $0 |
Subsequent_Event_Details_Textu
Subsequent Event (Details Textual) (Subsequent Event [Member], USD $) | 1 Months Ended |
Jan. 22, 2014 | |
Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Common Stock, Dividends, Per Share, Declared | $0.09 |