Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Aug. 22, 2014 | Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'CONCURRENT COMPUTER CORP/DE | ' | ' |
Entity Central Index Key | '0000749038 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 9,257,413 | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Public Float | ' | ' | $72,092,000 |
Entity Current Reporting Status | 'Yes | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $28,074,000 | $27,927,000 |
Accounts receivable, less allowance for doubtful accounts $78 and $70 | 11,355,000 | 10,701,000 |
Inventories, net | 3,272,000 | 2,844,000 |
Deferred income taxes - current, net | 1,458,000 | 618,000 |
Prepaid expenses and other current assets | 804,000 | 1,706,000 |
Total current assets | 44,963,000 | 43,796,000 |
Property, plant and equipment, net | 3,081,000 | 3,102,000 |
Intangible assets, net | 476,000 | 834,000 |
Deferred income taxes, net | 13,231,000 | 137,000 |
Other long-term assets, net | 635,000 | 600,000 |
Total assets | 62,386,000 | 48,469,000 |
Current liabilities: | ' | ' |
Accounts payable and accrued expenses | 7,591,000 | 7,671,000 |
Deferred revenue | 7,441,000 | 8,383,000 |
Total current liabilities | 15,032,000 | 16,054,000 |
Long-term liabilities: | ' | ' |
Deferred revenue | 1,400,000 | 1,924,000 |
Pension liability | 3,566,000 | 2,901,000 |
Other | 1,934,000 | 1,805,000 |
Total liabilities | 21,932,000 | 22,684,000 |
Commitments and contingencies (Note 17) | ' | ' |
Stockholders' equity: | ' | ' |
Shares of common stock, par value $.01; 14,000,000 authorized; 8,996,655 and 8,807,766 issued and outstanding at June 30, 2014 and 2013, respectively | 90,000 | 88,000 |
Capital in excess of par value | 209,711,000 | 208,677,000 |
Accumulated deficit | -169,001,000 | -183,085,000 |
Treasury stock, at cost; 37,788 shares | -255,000 | -255,000 |
Accumulated other comprehensive income | -91,000 | 360,000 |
Total stockholders' equity | 40,454,000 | 25,785,000 |
Total liabilities and stockholders' equity | 62,386,000 | 48,469,000 |
Series Preferred Stock [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Shares of preferred stock | 0 | 0 |
Preferred Class A [Member] | ' | ' |
Stockholders' equity: | ' | ' |
Shares of preferred stock | $0 | $0 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Current assets: | ' | ' |
Accounts receivable, allowance for doubtful accounts | $78 | $70 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Shares of common stock, par value (in dollars per share) | $0.01 | $0.01 |
Shares of common stock, authorized (in shares) | 14,000,000 | 14,000,000 |
Shares of common stock, issued (in shares) | 8,996,655 | 8,807,766 |
Shares of common stock, outstanding (in shares) | 8,996,655 | 8,807,766 |
Treasury stock, at cost (in shares) | 37,788 | 37,788 |
Series Preferred Stock [Member] | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Shares of preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Shares of preferred stock, authorized (in shares) | 1,250,000 | 1,250,000 |
Shares of preferred stock, issued (in shares) | 0 | 0 |
Preferred Class A [Member] | ' | ' |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Shares of preferred stock, par value (in dollars per share) | $100 | $100 |
Shares of preferred stock, authorized (in shares) | 20,000 | 20,000 |
Shares of preferred stock, issued (in shares) | 0 | 0 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Revenues: | ' | ' | ' |
Product | $47,893 | $38,414 | $34,981 |
Service | 23,278 | 25,030 | 25,316 |
Total revenues | 71,171 | 63,444 | 60,297 |
Cost of sales: | ' | ' | ' |
Product | 20,402 | 16,374 | 13,706 |
Service | 10,356 | 10,233 | 11,854 |
Total cost of sales | 30,758 | 26,607 | 25,560 |
Gross margin | 40,413 | 36,837 | 34,737 |
Operating expenses: | ' | ' | ' |
Sales and marketing | 14,350 | 14,358 | 16,257 |
Research and development | 13,019 | 11,599 | 13,153 |
General and administrative | 7,744 | 8,226 | 7,373 |
Gain on sale of intellectual property, net | 0 | -2,381 | 0 |
Total operating expenses | 35,113 | 31,802 | 36,783 |
Operating income (loss) | 5,300 | 5,035 | -2,046 |
Interest income | 27 | 36 | 110 |
Interest expense | -42 | -66 | -73 |
Other expense, net | -188 | -388 | -227 |
Income (loss) before income taxes | 5,097 | 4,617 | -2,236 |
(Benefit) provision for income taxes | -13,408 | 369 | 651 |
Net income (loss) | $18,505 | $4,248 | ($2,887) |
Net income (loss) per share | ' | ' | ' |
Basic (in dollars per share) | $2.08 | $0.49 | ($0.34) |
Diluted (in dollars per share) | $2.04 | $0.48 | ($0.34) |
Weighted average shares outstanding - basic (in shares) | 8,911 | 8,736 | 8,602 |
Weighted average shares outstanding - diluted (in shares) | 9,086 | 8,910 | 8,602 |
Cash dividends declared per common share (in dollars per share) | $0.48 | $0.86 | $0 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ' | ' | ' |
Net income (loss) | $18,505 | $4,248 | ($2,887) |
Other comprehensive income (loss) on investment | ' | ' | ' |
Foreign currency translation adjustment | 22 | -325 | 379 |
Unrealized gain/(loss) on investment | 0 | 0 | 2 |
Pension and post-retirement benefits, net of tax | -473 | -174 | -583 |
Other comprehensive loss | -451 | -499 | -202 |
Comprehensive income (loss) | $18,054 | $3,749 | ($3,089) |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Common Stock [Member] | Capital In Excess Of Par Value [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Total |
Balance at Jun. 30, 2011 | $85,000 | $207,116,000 | ($176,528,000) | $1,061,000 | ($255,000) | $31,479,000 |
Treasury Stock, (in shares) at Jun. 30, 2011 | ' | ' | ' | ' | -37,788 | ' |
Balance (in shares) at Jun. 30, 2011 | 8,481,643 | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | 716,000 | ' | ' | ' | 716,000 |
Dividends declared | ' | ' | ' | ' | ' | -7,944,000 |
Lapse of restriction on restricted stock | 2,000 | -2,000 | ' | ' | ' | 0 |
Lapse of restriction on restricted stock (in shares) | 219,146 | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | -2,887,000 | ' | ' | -2,887,000 |
Foreign currency translation adjustment | ' | ' | ' | 379,000 | ' | 379,000 |
Unrealized gains/(loss) on investment | ' | ' | ' | 2,000 | ' | 2,000 |
Pensions plan | ' | ' | ' | -583,000 | ' | -583,000 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | -3,089,000 |
Balance at Jun. 30, 2012 | 87,000 | 207,830,000 | -179,415,000 | 859,000 | -255,000 | 29,106,000 |
Treasury Stock, Shares (in shares) at Jun. 30, 2012 | ' | ' | ' | ' | -37,788 | ' |
Balance at, shares (in shares) at Jun. 30, 2012 | 8,700,789 | ' | ' | ' | ' | ' |
Share-based compensation expense | ' | 848,000 | ' | ' | ' | 848,000 |
Dividends declared | ' | ' | -7,944,000 | ' | ' | ' |
Dividends forfeited with restricted stock forfeitures | ' | ' | 26,000 | ' | ' | 26,000 |
Lapse of restriction on restricted stock | 1,000 | -1,000 | ' | ' | ' | 0 |
Lapse of restriction on restricted stock (in shares) | 106,977 | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | 4,248,000 | ' | ' | 4,248,000 |
Foreign currency translation adjustment | ' | ' | ' | -325,000 | ' | -325,000 |
Unrealized gains/(loss) on investment | ' | ' | ' | ' | ' | 0 |
Pensions plan | ' | ' | ' | -174,000 | ' | -174,000 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | 3,749,000 |
Balance at Jun. 30, 2013 | 88,000 | 208,677,000 | -183,085,000 | 360,000 | -255,000 | 25,785,000 |
Treasury Stock, Shares (in shares) at Jun. 30, 2013 | ' | ' | ' | ' | -37,788 | -37,788 |
Balance at, shares (in shares) at Jun. 30, 2013 | 8,807,766 | ' | ' | ' | ' | 8,807,766 |
Share-based compensation expense | ' | 1,130,000 | ' | ' | ' | 1,130,000 |
Dividends declared | ' | ' | -4,442,000 | ' | ' | -4,442,000 |
Dividends forfeited with restricted stock forfeitures | ' | ' | 63,000 | ' | ' | 63,000 |
Lapse of restriction on restricted stock | 2,000 | -2,000 | ' | ' | ' | 0 |
Lapse of restriction on restricted stock (in shares) | 206,121 | ' | ' | ' | ' | ' |
Repurchase of shares to satisfy minimum tax withholdings on restricted stock releases | ' | -94,000 | -42,000 | ' | ' | -136,000 |
Repurchase of shares to satisfy minimum tax withholdings on restricted stock releases (in shares) | -17,232 | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net of taxes: | ' | ' | ' | ' | ' | ' |
Net loss | ' | ' | 18,505,000 | ' | ' | 18,505,000 |
Foreign currency translation adjustment | ' | ' | ' | 22,000 | ' | 22,000 |
Unrealized gains/(loss) on investment | ' | ' | ' | ' | ' | 0 |
Pensions plan | ' | ' | ' | -473,000 | ' | -473,000 |
Comprehensive income (loss) | ' | ' | ' | ' | ' | 18,054,000 |
Balance at Jun. 30, 2014 | $90,000 | $209,711,000 | ($169,001,000) | ($91,000) | ($255,000) | $40,454,000 |
Treasury Stock, Shares (in shares) at Jun. 30, 2014 | ' | ' | ' | ' | -37,788 | -37,788 |
Balance at, shares (in shares) at Jun. 30, 2014 | 8,996,655 | ' | ' | ' | ' | 8,996,655 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Cash flows provided by (used in) operating activities: | ' | ' | ' |
Net income (loss) | $18,505,000 | $4,248,000 | ($2,887,000) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 2,322,000 | 3,158,000 | 3,714,000 |
Share-based compensation | 1,130,000 | 848,000 | 716,000 |
Non-cash accretion expense | 0 | 4,000 | 93,000 |
Deferred income taxes, net | -13,954,000 | 1,000 | -70,000 |
Other non-cash expenses | 310,000 | 607,000 | 311,000 |
Gain on sale of intellectual property, net | 0 | -2,381,000 | 0 |
Decrease (increase) in assets: | ' | ' | ' |
Accounts receivable | -674,000 | -1,976,000 | -708,000 |
Inventories | -461,000 | 593,000 | -25,000 |
Prepaid expenses and other current assets, net | 902,000 | -341,000 | -146,000 |
Other long-term assets, net | -59,000 | 236,000 | 499,000 |
Increase (decrease) in liabilities: | ' | ' | ' |
Accounts payable and accrued expenses, net | -78,000 | 1,262,000 | -1,649,000 |
Deferred revenue | -1,466,000 | -1,331,000 | -1,283,000 |
Long-term liabilities, net | 291,000 | -4,000 | -140,000 |
Net cash provided by (used in) operating activities | 6,768,000 | 4,924,000 | -1,575,000 |
Cash flows provided by (used in) investing activities: | ' | ' | ' |
Additions to property and equipment | -1,900,000 | -1,447,000 | -1,977,000 |
Proceeds from sale of intellectual property | 0 | 2,750,000 | 0 |
Proceeds from sale or maturity of short-term investments | 0 | 0 | 7,634,000 |
Purchase of short-term investments | 0 | 0 | -2,226,000 |
Net cash (used in) provided by investing activities | -1,900,000 | 1,303,000 | 3,431,000 |
Cash flows provided by (used in) financing activities: | ' | ' | ' |
Dividends paid | -4,471,000 | -7,542,000 | 0 |
Repurchase of shares to satisfy tax withholdings | -136,000 | 0 | 0 |
Net cash used in financing activities | -4,607,000 | -7,542,000 | 0 |
Effect of exchange rates on cash and cash equivalents | -114,000 | -371,000 | -57,000 |
Increase in cash and cash equivalents | 147,000 | -1,686,000 | 1,799,000 |
Cash and cash equivalents - beginning of year | 27,927,000 | 29,613,000 | 27,814,000 |
Cash and cash equivalents - end of year | 28,074,000 | 27,927,000 | 29,613,000 |
Cash paid during the period for: | ' | ' | ' |
Interest | 25,000 | 27,000 | 28,000 |
Income taxes (net of refunds) | ($90,000) | $880,000 | $908,000 |
Overview_of_the_Business
Overview of the Business | 12 Months Ended | |
Jun. 30, 2014 | ||
Overview of the Business [Abstract] | ' | |
Overview of the Business | ' | |
1 | Overview of the Business | |
We provide software, hardware and professional services for the video solutions market and the high-performance, real-time market. Our business is comprised of two segments for financial reporting purposes, products and services, which we provide for each of these markets. | ||
Our video solutions consist of software, hardware, and services for intelligently streaming video and collecting and analyzing media data. Our video solutions and services are deployed by video service providers for distribution of video to consumers and collection of media data intelligence to manage their video business and operations. | ||
Our real-time products consist of real-time Linux operating system versions, development tools and other system software combined, in most cases, with computer platforms and services. These products are sold to a wide variety of companies seeking high-performance, real-time computer solutions in the military, aerospace, financial and automotive markets around the world. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||||||
2 | Summary of Significant Accounting Policies | ||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The consolidated financial statements include the accounts of Concurrent and all wholly-owned domestic and foreign subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||||||
Smaller Reporting Company | |||||||||||||||||
We meet the Securities and Exchange Commission’s (“SEC’s”) definition of a “Smaller Reporting Company,” and therefore qualify for the SEC’s reduced disclosure requirements for smaller reporting companies. | |||||||||||||||||
Foreign Currency | |||||||||||||||||
The functional currency of all of our foreign subsidiaries is the applicable local currency. The translation of the applicable foreign currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using average rates of exchange prevailing during the fiscal year. Adjustments resulting from the translation of foreign currency financial statements are accumulated in a separate component of stockholders’ equity. Gains or losses resulting from foreign currency transactions are included in the Consolidated Statements of Operations, except for those relating to intercompany transactions of a long-term investment nature, which are accumulated in a separate component of stockholders’ equity. | |||||||||||||||||
Losses on foreign currency transactions of $257,000, $348,000, and $116,000 for the years ended June 30, 2014, 2013 and 2012, respectively, are included in “Other expense, net” in the Consolidated Statements of Operations. | |||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Cash balances and short-term investments with original maturities of 90 days or less at the date of purchase are considered cash equivalents. Cash equivalents are stated at cost plus accrued interest, which approximates market value, and represent cash and cash invested in money market funds. | |||||||||||||||||
Inventories | |||||||||||||||||
Inventories are stated at the lower of cost or market, with cost determined on a first-in, first-out basis. We reduce the recorded value of excess and obsolete inventory to its market value based upon historical and anticipated usage. | |||||||||||||||||
Property and Equipment | |||||||||||||||||
Property and equipment are stated at acquired cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives of assets ranging from one to five years. Leasehold improvements are amortized over the shorter of the useful lives of the improvements or the terms of the related lease. Gains and losses resulting from the disposition of property, plant and equipment are included in operations. Expenditures for repairs and maintenance are charged to operations as incurred and expenditures for major renewals and betterments are capitalized. | |||||||||||||||||
Revenue Recognition Policy | |||||||||||||||||
We generate revenue from the sale of products and services. We commence revenue recognition when all of the following conditions are met: | |||||||||||||||||
· | persuasive evidence of an arrangement exists, | ||||||||||||||||
· | the system has been delivered or the services have been performed, | ||||||||||||||||
· | the fee is fixed or determinable, and | ||||||||||||||||
· | collectability of the fee is probable. | ||||||||||||||||
Our standard multiple-element contractual arrangements with our customers generally include the delivery of systems with multiple components of hardware and software, certain professional services that typically involve installation and consulting, and ongoing systems maintenance. Product revenue is generally recognized when the product is delivered. Professional services that are of a consultative nature may take place before, or after, delivery of the system, and installation services typically occur within 90 days after delivery of the system. Professional services revenue is typically recognized as the services are performed. Initial maintenance begins after delivery of the system and typically is provided for one to three years after delivery. Maintenance revenue is recognized ratably over the maintenance period. Our product sales are predominantly system sales whereby software and hardware function together to deliver the essential functionality of the combined product. Upon our adoption of ASU 2009-14 on July 1, 2010, sales of these systems were determined to typically be outside of the scope of the software revenue guidance in Topic 985 (previously included in SOP 97-2) and are accounted for under ASU 2009-13. | |||||||||||||||||
Our sales model for media data intelligence (“MDI”) products includes the option for customers to purchase a perpetual license, a term license, or software as a service. Customers also have the option to purchase maintenance or managed services with their license. Revenue from these sales generally is recognized over the term of the various customer arrangements. Professional services attributable to implementation of our MDI products or managed services are essential to the customers’ use of these products and services. We defer commencement of revenue recognition for the entire arrangement until we have delivered the essential professional services or have made a determination that the remaining professional services are no longer essential to the customer. We recognize revenue for managed services and software-as-a-service arrangements once we commence providing the managed or software services and recognize the service revenue ratably over the term of the various customer contracts. In circumstances whereby we sell a term or perpetual license and maintenance or managed services, we commence revenue recognition after both the software and service are made available to the customer and recognize the revenue from the entire arrangement ratably over the longer of the term license or service period, because we do not have vendor specific objective evidence (“VSOE”) for our term licenses, maintenance, or managed services for MDI solutions. | |||||||||||||||||
We evaluate each element in a multiple-element arrangement to determine whether it represents a separate unit of accounting. An element constitutes a separate unit of accounting when the delivered item has standalone value and delivery of the undelivered element is probable and within our control. Our various systems have standalone value because we have either routinely sold them on a standalone basis or we believe that our customers could resell the delivered system on a standalone basis. Professional services have standalone value because we have routinely sold them on a standalone basis, there are similar third party vendors that routinely provide similar professional services, and certain customers perform the installation themselves. Our maintenance has standalone value because we have routinely sold maintenance separately. | |||||||||||||||||
As a result of the adoption of ASU 2009-13, we allocate revenue to each element in an arrangement based on a selling price hierarchy. The selling price for a deliverable is based on its VSOE, if available, third party evidence (“TPE”), if VSOE is not available, or estimated selling price (“ESP”), if neither VSOE nor TPE is available. We have typically been able to establish VSOE of fair value for our maintenance and services. We determine VSOE of fair value for professional services and maintenance by examining the population of selling prices for the same or similar services when sold separately, and determining that the pricing population for each VSOE classification is within a very narrow range of the median selling price. For each element, we evaluate at least annually whether or not we have maintained VSOE of fair value based on our review of the actual selling price of each element over the previous 12 month period. | |||||||||||||||||
Our product deliverables are typically complete systems comprised of numerous hardware and software components that operate together to provide essential functionality, and we are typically unable to establish VSOE or TPE of fair value for our products. Due to the custom nature of our products, we must determine ESP at the individual component level whereby our ESP for the total system is determined based on the sum of the individual components. ESP for components of our real-time products is typically based upon list price, which is representative of our actual selling price. ESP for components of our video solutions products is based upon our most frequent selling price (“mode”) of standalone and bundled sales, based upon a 12 month historical analysis. If a mode selling price is not available, then ESP will be the median selling price of all such component sales based upon a 12 month historical analysis, unless facts and circumstances indicate that another selling price, other than the mode or median selling price, is more representative of our ESP. Our methodology for determining ESP requires judgment, and any changes to pricing practices, the costs incurred to integrate products, the nature of our relationships with our customers, and market trends could cause variability in our ESP or cause us to re-evaluate our methodology for determining ESP. We update our analysis of mode and median selling price at least annually, unless facts and circumstances indicate that more frequent analysis is required. | |||||||||||||||||
Occasionally, we sell software under multiple element arrangements that do not include hardware. Under these software arrangements, we allocate revenue to the various elements based on VSOE of fair value. Our VSOE of fair value is determined based on the price charged when the same element is sold separately. If VSOE of fair value does not exist for all elements in a multiple element arrangement, but does exist for undelivered elements, we recognize revenue using the residual method. Under the residual method, the fair value of the undelivered elements is deferred and the remaining portion of the arrangement is recognized as revenue. Where fair value of undelivered elements has not been established, the total arrangement is recognized over the period during which the services are performed. | |||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
The allowance for doubtful accounts receivable is based on an analysis of our historical charge-off ratio, our aging of accounts receivable and our assessment of the collectability of our receivables. If there is a deterioration of one of our major customer’s credit worthiness or actual account defaults are higher than our historical trends, our reserve estimates could be adversely impacted. | |||||||||||||||||
Deferred Revenue | |||||||||||||||||
Deferred revenue consists of billings for maintenance contracts and for products that are pending completion of the revenue recognition process. Maintenance revenue, whether bundled with the product or priced separately, is recognized ratably over the maintenance period. For contracts extending beyond one year, deferred revenue related to the contract period extending beyond 12 months is classified among long-term liabilities. | |||||||||||||||||
Defined Benefit Pension Plan | |||||||||||||||||
We maintain defined benefit pension plans (the “Pension Plan”) for a number of former employees (“participants”) of our German subsidiary. In 1998 the pension plan was closed to new employees and no existing employees are eligible to participate, as all eligible participants are no longer employed by Concurrent. The Pension Plan provides benefits to be paid to all participants at retirement based primarily on years of service with Concurrent and compensation rates in effect near retirement. Our policy is to fund benefits attributed to participants’ services to date as well as service expected to be earned in the future. The determination of our Pension Plan benefit obligation and expense is dependent on our selection of certain assumptions used by actuaries in calculating such amounts. Those assumptions include, among others, the weighted average discount rate, the weighted average expected rate of return on plan assets and the weighted average rate of compensation increase. To the extent that these assumptions change, our future benefit obligation and net periodic pension expense may be positively or negatively impacted. | |||||||||||||||||
Capitalized Software | |||||||||||||||||
We account for software development costs in accordance with ASC 985-20. Under ASC 985-20, the costs associated with software development are required to be capitalized after technological feasibility has been established. We cease capitalization upon the achievement of customer availability. Costs incurred by us between technological feasibility and the point at which the products are ready for market are generally insignificant and as a result we had minimal software development costs capitalized at June 30, 2014 and 2013. | |||||||||||||||||
Research and Development | |||||||||||||||||
Research and development expenditures are expensed as incurred. | |||||||||||||||||
Basic and Diluted Net (Loss) Income per Share | |||||||||||||||||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each year. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares including dilutive common share equivalents. Under the treasury stock method, incremental shares representing the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued are included in the computation. Common share equivalents of 111,000, 232,000, and 502,000 for the years ended June 30, 2014, 2013 and 2012, respectively, were excluded from the calculation as their effect was anti-dilutive. | |||||||||||||||||
The following table presents a reconciliation of the numerators and denominators of basic and diluted income (loss) per share for the periods indicated: | |||||||||||||||||
Year Ended June 30, | |||||||||||||||||
(Dollars and share data in thousands, except per share amounts) | 2014 | 2013 | 2012 | ||||||||||||||
Basic and diluted EPS calculation: | |||||||||||||||||
Net income (loss) | $ | 18,505 | $ | 4,248 | $ | (2,887 | ) | ||||||||||
Basic weighted average number of shares outstanding | 8,911 | 8,736 | 8,602 | ||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Employee stock options | 14 | - | - | ||||||||||||||
Restricted shares | 161 | 174 | - | ||||||||||||||
Diluted weighted average number of shares outstanding | 9,086 | 8,910 | 8,602 | ||||||||||||||
Basic EPS | $ | 2.08 | $ | 0.49 | $ | (0.34 | ) | ||||||||||
Diluted EPS | $ | 2.04 | $ | 0.48 | $ | (0.34 | ) | ||||||||||
Valuation of Long-Lived Assets | |||||||||||||||||
We evaluate the recoverability of long-lived assets, other than indefinite lived intangible assets, for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. For long-lived assets to be held and used, we recognize an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measure the impairment loss based on the difference between the carrying amount and fair value based on discounted cash flows. As a result of these evaluations, we have not recorded any impairment losses related to long-lived assets, for any of the years ending June 30, 2014, 2013 and 2012. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) requires certain disclosures around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: | |||||||||||||||||
● | Level 1 | Quoted prices (unadjusted) in active markets for identical assets or liabilities; | |||||||||||||||
● | Level 2 | Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and | |||||||||||||||
● | Level 3 | Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. | |||||||||||||||
Our financial assets that are measured at fair value on a recurring basis as of June 30, 2014 are as follows (in thousands): | |||||||||||||||||
As of | Quoted Prices in | Observable | Unobservable | ||||||||||||||
30-Jun-14 | Active Markets | Inputs | Inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Cash | $ | 18,037 | $ | 18,037 | $ | - | $ | - | |||||||||
Money market funds | 10,037 | 10,037 | - | - | |||||||||||||
Cash and cash equivalents | $ | 28,074 | $ | 28,074 | $ | - | $ | - | |||||||||
Our financial assets that are measured at fair value on a recurring basis as of June 30, 2013 are as follows (in thousands): | |||||||||||||||||
As of | Quoted Prices in | Observable | Unobservable | ||||||||||||||
30-Jun-13 | Active Markets | Inputs | Inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Cash | $ | 17,895 | $ | 17,895 | $ | - | $ | - | |||||||||
Money market funds | 10,032 | 10,032 | - | - | |||||||||||||
Cash and cash equivalents | $ | 27,927 | $ | 27,927 | $ | - | $ | - | |||||||||
Income Taxes | |||||||||||||||||
Concurrent and its domestic subsidiaries file a consolidated federal income tax return. All foreign subsidiaries file individual or consolidated tax returns pursuant to local tax laws. We follow the asset and liability method of accounting for income taxes. Under the asset and liability method, a deferred tax asset or liability is recognized for temporary differences between financial reporting and income tax basis of assets and liabilities, tax credit carryforwards and operating loss carryforwards. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that such deferred tax assets will not be realized. | |||||||||||||||||
Share-Based Compensation | |||||||||||||||||
We account for share-based compensation in accordance with ASC 718-10, which requires the recognition of the fair value of stock compensation in the Statement of Operations. We recognize stock compensation expense over the requisite service period of the individual grantees, which generally equals the vesting period. All of our stock compensation is accounted for as equity instruments. | |||||||||||||||||
Refer to Note 11 for assumptions used in calculation of fair value. Total compensation cost of restricted stock awards issued, but not yet vested as of June 30, 2014 is $668,762, which is expected to be recognized over the weighted average period of 1.5 years. | |||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||
Comprehensive income (loss) is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income (loss). Comprehensive income (loss) is defined as a change in equity during the financial reporting period of a business enterprise resulting from non-owner sources. Components of accumulated other comprehensive income (loss) are disclosed in the Consolidated Statements of Comprehensive Income (Loss). | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Recent_Accounting_Guidance
Recent Accounting Guidance | 12 Months Ended | |
Jun. 30, 2014 | ||
Recent Accounting Guidance [Abstract] | ' | |
Recent Accounting Guidance | ' | |
3 | Recent Accounting Guidance | |
Recently Adopted Accounting Guidance | ||
In February 2013, the FASB issued ASU No. 2013-2, Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, providing on disclosure requirements for items reclassified out of accumulated other comprehensive income (“AOCI”). This new guidance requires entities to present (either on the face of the income statement or in the notes) the effects on the line items of the income statement for amounts reclassified out of AOCI. The new guidance was effective for us beginning July 1, 2013. Other than requiring additional disclosures, this guidance did not have a material impact on our financial statements. | ||
Recent Accounting Guidance Not Yet Adopted | ||
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830) which provides guidance on a parent’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The new guidance was effective for us beginning July 1, 2014 and will not have a material impact on our financial statements. | ||
In July 2013, the FASB issued ASU No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This amendment requires entities to present an unrecognized tax benefit, or a portion of an unrecognized tax benefit, as a reduction to a deferred tax asset for a net operating loss carryforward or a similar tax loss or a tax credit carryforward, unless certain conditions exist. This guidance is effective prospectively for annual reporting periods (and the interim periods within) beginning after December 15, 2013. Early adoption and retrospective application are permitted. The new guidance was effective for us beginning July 1, 2014 and will not have a material impact on our financial statements. | ||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, as part of its ongoing efforts to assist in the convergence of U.S. GAAP and International Financial Reporting Standards, the FASB issued a new standard related to revenue recognition. Under the new standard, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to receive in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard will be effective for us beginning July 1, 2017 and early adoption is not permitted. We anticipate this standard may have a material impact, and we are currently evaluating the impact this standard will have on our consolidated financial statements. | ||
In June 2014, the FASB issued ASU 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period. This update affects reporting entities that grant their employees share-based payments in which the terms of the award stipulate that a performance target that affects vesting could be achieved after the requisite service period. The new standard requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. The new standard will be effective for us for us beginning July 1, 2015, and early adoption is permitted. We expect adoption will not have a material impact on our financial condition, results of operations or cash flows. |
Inventories
Inventories | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
4 | Inventories | ||||||||
Inventories consist of the following: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Raw materials | $ | 1,265 | $ | 1,091 | |||||
Work-in-process | 319 | 298 | |||||||
Finished goods | 1,688 | 1,455 | |||||||
$ | 3,272 | $ | 2,844 |
Property_and_Equipment_net
Property and Equipment, net | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property and Equipment, net [Abstract] | ' | ||||||||
Property and Equipment, net | ' | ||||||||
5 | Property and Equipment, net | ||||||||
Property and equipment consist of the following: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Leasehold improvements | $ | 2,807 | $ | 2,641 | |||||
Machinery, equipment and customer support spares | 18,085 | 17,763 | |||||||
20,892 | 20,404 | ||||||||
Less: Accumulated depreciation | (17,811 | ) | (17,302 | ) | |||||
$ | 3,081 | $ | 3,102 | ||||||
For the years ended June 30, 2014, 2013 and 2012, depreciation expense for property and equipment amounted to $1,941,000, $2,254,000, and $2,811,000, respectively. | |||||||||
We recorded an asset for leasehold improvements and a corresponding liability for the present value of the estimated asset retirement obligation associated with the lease restoration costs at some of our international locations. The asset was depreciated over the expected life of the corresponding lease and has a net book value of $0 as of both June 30, 2014 and June 30, 2013, while the liability continues to accrete to the amount of the estimated retirement obligation. Expense associated with accretion of the obligation is recorded to operating expenses. The changes to the asset retirement obligation associated with lease restoration costs are as follows (in thousands): | |||||||||
Asset retirement obligation, June 30, 2013 | $ | 428 | |||||||
Accretion of asset retirement obligation | 1 | ||||||||
Payment of restoration costs | (6 | ) | |||||||
Impact of foreign exchange rates | (10 | ) | |||||||
Asset retirement obligation, June 30, 2014 | $ | 413 |
Intangibles
Intangibles | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Intangibles [Abstract] | ' | ||||||||||||
Intangibles | ' | ||||||||||||
6 | Intangibles | ||||||||||||
Intangible assets consist of the following (in thousands): | |||||||||||||
Weighted Average | June 30, | June 30, | |||||||||||
Remaining | 2014 | 2013 | |||||||||||
Useful Life | |||||||||||||
Cost of amortizable intangibles: | |||||||||||||
Purchased technology | 0.0 years | $ | 7,700 | $ | 7,700 | ||||||||
Customer relationships | 2.3 years | 1,900 | 1,900 | ||||||||||
Patents | 12.9 years | 101 | 78 | ||||||||||
Total cost of intangibles | 9,701 | 9,678 | |||||||||||
Less accumulated amortization: | |||||||||||||
Purchased technology | (7,700 | ) | (7,497 | ) | |||||||||
Customer relationships | (1,506 | ) | (1,334 | ) | |||||||||
Patents | (19 | ) | (13 | ) | |||||||||
Total accumulated amortization | (9,225 | ) | (8,844 | ) | |||||||||
Total intangible assets, net | $ | 476 | $ | 834 | |||||||||
We recorded $381,000, $904,000, and $904,000 of amortization expense during each of the years ended June 30, 2014, 2013 and 2012, respectively. The estimated amortization expense related to intangible assets for the next five fiscal years is (in thousands): | |||||||||||||
Fiscal year: | |||||||||||||
2015 | $ | 181 | |||||||||||
2016 | 181 | ||||||||||||
2017 | 56 | ||||||||||||
2018 | 7 | ||||||||||||
2019 | 7 | ||||||||||||
$ | 432 |
Accounts_Payable_And_Accrued_E
Accounts Payable And Accrued Expenses | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounts Payable And Accrued Expenses [Abstract] | ' | ||||||||
Accounts Payable And Accrued Expenses | ' | ||||||||
7 | Accounts Payable and Accrued Expenses | ||||||||
Accounts payable and accrued expenses consist of the following: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Accounts payable, trade | $ | 1,838 | $ | 2,075 | |||||
Accrued payroll, vacation and other employee expenses | 4,331 | 4,298 | |||||||
Accrued income taxes | 221 | 130 | |||||||
Dividend payable | 67 | 94 | |||||||
Other accrued expenses | 1,134 | 1,074 | |||||||
$ | 7,591 | $ | 7,671 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
8 | Income Taxes | ||||||||||||
Concurrent and its subsidiaries file income tax returns in the U.S. federal jurisdiction, and various states and foreign jurisdictions. With a few exceptions, we are no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for fiscal years before 1999. | |||||||||||||
The domestic and foreign components of income (loss) before provision for income taxes are as follows: | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
United States | $ | 3,930 | $ | 4,979 | $ | (2,406 | ) | ||||||
Foreign | 1,167 | (362 | ) | 170 | |||||||||
$ | 5,097 | $ | 4,617 | $ | (2,236 | ) | |||||||
The components of the provision for income taxes are as follows: | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 78 | $ | 128 | $ | 20 | |||||||
State | 28 | 151 | (11 | ) | |||||||||
Foreign | 438 | 90 | 707 | ||||||||||
Total | 544 | 369 | 716 | ||||||||||
Deferred: | |||||||||||||
Federal | (12,338 | ) | - | - | |||||||||
State | (1,361 | ) | - | - | |||||||||
Foreign | (253 | ) | - | (65 | ) | ||||||||
Total | (13,952 | ) | - | (65 | ) | ||||||||
Total | $ | (13,408 | ) | $ | 369 | $ | 651 | ||||||
A reconciliation of the income tax expense (benefit) computed using the federal statutory income tax rate to our provision for income taxes is as follows: | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Income (loss) before provision for income taxes | $ | 5,097 | $ | 4,617 | $ | (2,236 | ) | ||||||
Provision (benefit) at Federal statutory rate | 1,733 | 1,570 | (760 | ) | |||||||||
Change in valuation allowance | (15,859 | ) | (5,444 | ) | 452 | ||||||||
Permanent differences | 350 | 22 | 82 | ||||||||||
Net operating loss expiration and true-up | 13 | 4,801 | 700 | ||||||||||
Change in state tax rates | (21 | ) | - | - | |||||||||
Change in foreign tax rates | 43 | - | 49 | ||||||||||
Change in uncertain tax positions | 21 | 16 | (313 | ) | |||||||||
UK refundable research and development tax credits | - | - | 281 | ||||||||||
Foreign rate differential | (40 | ) | 23 | 175 | |||||||||
State and foreign tax expense | 145 | 194 | (5 | ) | |||||||||
Stock option classification change due to repricing | - | (653 | ) | - | |||||||||
Other | 207 | (160 | ) | (10 | ) | ||||||||
Provision for income taxes | $ | (13,408 | ) | $ | 369 | $ | 651 | ||||||
As of June 30, 2014 and 2013, our deferred tax assets and liabilities were comprised of the following: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets related to: | |||||||||||||
U.S. and foreign net operating loss carryforwards | $ | 43,230 | $ | 44,123 | |||||||||
Book and tax basis differences for property and equipment | 563 | 448 | |||||||||||
Bad debt, warranty and inventory reserves | 707 | 804 | |||||||||||
Accrued compensation | 944 | 898 | |||||||||||
Deferred revenue | 596 | 1,112 | |||||||||||
U.S. credit carryforwards | 549 | 459 | |||||||||||
Stock compensation | 992 | 1,245 | |||||||||||
Other | 1,076 | 1,030 | |||||||||||
Deferred tax assets | 48,657 | 50,119 | |||||||||||
Valuation allowance | (33,851 | ) | (49,119 | ) | |||||||||
Total deferred tax assets | 14,806 | 1,000 | |||||||||||
Deferred tax liabilities related to: | |||||||||||||
Acquired intangibles | 117 | 245 | |||||||||||
Total deferred tax liability | 117 | 245 | |||||||||||
Deferred income taxes, net | $ | 14,689 | $ | 755 | |||||||||
The net deferred income tax asset of $14,689,000 is comprised of $1,458,000 of current deferred tax assets, net, and $13,231,000 of non-current deferred tax assets, net. As of June 30, 2014, we have U.S. federal net operating loss carryforwards (NOLs) of approximately $94,323,000 for income tax purposes, of which none expire in fiscal year 2014, and the remainder expires at various dates through fiscal year 2032. We completed an evaluation of the potential effect of Section 382 of the Internal Revenue Code on our ability to utilize these NOLs. The study concluded that we have not had an ownership change in the past three years, and previous studies confirmed that there have been no ownership changes since July 22, 1993. Therefore, the U.S. federal NOLs will not be subject to limitation under Section 382. | |||||||||||||
As of June 30, 2014, we have state NOLs of approximately $54,339,000 and foreign NOLs of approximately $32,661,000. The state NOLs expire between fiscal year 2014 and fiscal year 2032. The foreign NOLs expire according to the rules of each country, and with the exception of Spain, all have an indefinite carryforward period. Spanish NOLs will expire between fiscal year 2015 through fiscal year 2023. | |||||||||||||
We have evaluated our ability to generate future taxable income in all jurisdictions that would allow it to realize the benefit associated with these NOLs. Based on our best estimate of future taxable income, we do not expect to fully realize the benefit of these NOLs. We expect a significant amount of the U.S. losses to expire without utilization, resulting in a valuation allowance in the U.S. on this portion of the deferred tax assets. We expect the U.K. losses to be fully realized based on a fiscal year 2014 tax law change regarding the treatment of research and development benefits, so we have fully released the valuation allowance placed on these losses in prior periods. We do not expect to realize the benefit of our NOLs in other international jurisdictions due to cumulative accounting losses, our long history of taxable losses and our uncertainty with respect to generating future taxable income in the near term given our recently completed projections and other inherent uncertainties in our business. We continue to maintain a full valuation allowance on losses in these other international jurisdictions. | |||||||||||||
We also have an alternative minimum tax credit for federal purposes of $377,000, which has an indefinite life, and a research and development credit carryforward for federal purposes of $140,000, which has a carryforward period of 20 years and will expire in fiscal years 2025 and 2026. We do not expect to be able to realize the benefit of the research and development credit carryforward before its expiration, and we maintain a full valuation allowance on this item. | |||||||||||||
Of the $94,323,000 of aforementioned U.S. federal tax NOLs, $11,000,000 represents acquired NOLs from the Everstream acquisition. Additionally, we acquired the aforementioned $140,000 in research and development credits in the transaction. The benefits associated with these Everstream losses and tax credits will likely be limited under Sections 382 and 383 of the Internal Revenue Code as of the date of acquisition. We have fully offset the deferred tax assets related to these losses and credits with a valuation allowance. However as the alternative minimum tax credit has an indefinite life, we have released the valuation allowance on this item. | |||||||||||||
Deferred income taxes have not been provided for undistributed earnings of foreign subsidiaries because of our intent to reinvest them indefinitely in active foreign operations. Because of the availability of significant U.S. net operating losses, it is not practicable to determine the U.S. income tax liability that would be payable if such earnings were not reinvested indefinitely. Deferred taxes are provided for the earnings of foreign subsidiaries when it becomes evident that we do not plan to permanently reinvest the earnings into active foreign operations. As of June 30, 2014, $2,670,000 of the $28,074,000 (on the consolidated balance sheet) of cash and cash equivalents was held by foreign subsidiaries. As of June 30, 2014, we have both the intent and the ability to permanently reinvest our foreign earnings in our foreign subsidiaries. | |||||||||||||
The valuation allowances for deferred tax assets as of June 30, 2014 and 2013 were approximately $33,851,000 and $49,119,000, respectively. The change in the valuation allowance for the year ended June 30, 2014 was a decrease of approximately $15,268,000. This change was primarily due to a $13,913,000 decrease related to the release of our valuation allowances in both the U.S. and the U.K. In the U.S. we concluded during our fourth quarter of fiscal year 2014 that it is more likely than not that we will utilize a portion of our domestic deferred tax assets, and released $13,699,000 of our U.S. valuation allowance based on our best estimate of the realizability of those assets. In the U.K., we released $214,000 of valuation allowance based on a change in U.K. tax law related to research and development benefits that will allow us to fully utilize our deferred tax inventory in the U.K. This change also resulted from a $1,766,000 decrease due to the use of deferred tax assets during fiscal year 2014, and a $201,000 decrease due to miscellaneous true-ups of prior year deferred tax amounts. Additionally, there was a $590,000 increase due to exchange rate changes and the effect of unrealized gains/losses, the effect of which was a component of equity, and a $22,000 increase due to a change in foreign tax rates. | |||||||||||||
Deferred Tax Assets and Related Valuation Allowances | |||||||||||||
Realization of our deferred tax assets is dependent primarily on the generation of future taxable income. In considering the need for a valuation allowance we consider our historical and future projected operations along with other positive and negative evidence in assessing if sufficient future taxable income will be generated to use the existing deferred tax assets. The following summarizes our conclusions on the need for a valuation allowance in each jurisdiction as of June 30, 2014: | |||||||||||||
U.S.: As of June 30, 2014, we have realized a three-year cumulative accounting profit in the U.S. adjusted for permanent differences and other non-recurring events, including the 2013 gain on the sale of certain patents, and adjusting for the loss of a long time customer. This three-year period is the standard period by which we initially assess each jurisdiction and is strong objective evidence, whether positive or negative, to be considered in the release or recording of any valuation allowance. In determining whether or not to release valuation allowance for the U.S. jurisdiction we considered positive evidence including the three year cumulative accounting profit, current projections of future profitability, lack of any significant claims or loss contingencies, and positive cash from operations. Negative evidence considered includes significant volatility in our operations, history of NOLs expiring unused, concentration of our customer base including the risk that global consolidation in the cable industry, and the loss of a long-time customer in the current year. Based on our analysis of both positive and negative evidence, we have concluded during fourth quarter of our fiscal year 2014 that it is now more likely than not that we will realize a portion of our U.S. deferred tax asset as the positive objective evidence, including the three-year cumulative accounting gain, outweighed the negative subjective evidence of customer concentration and volatility in our business. As a result we realized a $13,699,000 tax benefit related to the release of a portion of our valuation allowance against federal and state net operating losses as well as on the aforementioned deferred tax asset related to AMT credit as it has an indefinite life. We did not release the valuation allowance against our research and development credit as it is expected to expire in future years in which we already expect an expiration of federal NOLs. The amount of valuation allowance released against our net deferred tax assets is based upon our best estimate of future earnings including consideration of a combination of a past historical operating income and future projected income scheduled against the future expected expiration of federal and state NOLs. We did not perform a full release of valuation allowance as there are still significant NOLs that will expire unused based upon our expectations of future earnings. Before consideration of future earnings, there are $25,570,000 and $18,954,000 of federal NOLs scheduled to expire in 2020 and 2021 respectively in addition to other years through 2032 mentioned above. Results materially different from our current expectations on an ongoing basis, or significant events such as the acquisition or loss of a major customer, or the change in buying habits of our customers, could result in future additional change in the valuation allowance. We will continue to evaluate our assumptions each quarter regarding the need for a valuation allowance and will make appropriate adjustments as necessary. | |||||||||||||
In the recent past, our U.S. tax provision expense has been limited to the alternative minimum tax amount for federal tax purposes, which approximates 2% of earnings before income taxes, and state taxes in various jurisdictions. However, as a result of our non-cash valuation allowance release during our fiscal year ended June 30, 2014, we expect our U.S. tax provision expense in future periods to be at a higher effective tax rate, which will reduce our net income (or loss) and earnings (or loss) per share, by a greater amount than it has in the past. The higher effective tax rates and tax provisions will result in non-cash income tax expense in the future, as we will be able to utilize net operating losses to offset future cash taxes into the foreseeable future. | |||||||||||||
U.K. - During our fiscal year 2014, a change in U.K. tax law relative to treatment of research and development expenses allowed us to release $214,000 of valuation allowances against deferred tax assets that we believe are now realizable as a result of the current period tax law change. We believe that in light of this law change, we will now generate sufficient taxable income to fully utilize our net deferred tax assets in the U.K. | |||||||||||||
Japan – Our subsidiary in Japan has a long history of profitable operations, and we continue to project profitability in Japan for the foreseeable future. Therefore, we continue to believe that we will fully realize the net deferred tax assets in Japan, and no valuation allowance is needed. | |||||||||||||
Other Foreign Jurisdictions - We also evaluated the need for a continued full valuation allowance against our foreign deferred tax assets in other jurisdictions. We concluded that a full valuation allowance against our deferred tax assets for other foreign jurisdictions was warranted due to, among other reasons, (i) the realized cumulative accounting losses, (ii) our long history of taxable losses and (iii) our uncertainty with respect to generating future taxable income in the near term given our recently completed projections and other inherent uncertainties in our business. | |||||||||||||
Each quarter, we assess the total weight of positive and negative evidence and evaluate whether release of all or any portion of the valuation allowance is appropriate. Should we come to the conclusion that a release of our valuation allowances is required, or that additional valuation allowance is required, there could be a significant increase or decrease in net income and earnings per share in the period of release, or the additional valuation allowance, due to the impact on the tax rate. | |||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (dollars in thousands): | |||||||||||||
Balance at June 30, 2012 | $ | 154 | |||||||||||
Additions based on tax positions related to the current year | - | ||||||||||||
Additions for tax positions of prior years | - | ||||||||||||
Reductions for tax positions for prior year | - | ||||||||||||
Reductions for lapse in statute of limitations | - | ||||||||||||
Settlements | - | ||||||||||||
Balance at June 30, 2013 | 154 | ||||||||||||
Additions based on tax positions related to the current year | - | ||||||||||||
Additions for tax positions of prior years | 143 | ||||||||||||
Reductions for tax positions for prior year | - | ||||||||||||
Reductions for lapse in statute of limitations | - | ||||||||||||
Settlements | - | ||||||||||||
Balance at June 30, 2014 | $ | 297 | |||||||||||
The amount of gross tax effected unrecognized tax benefits as of June 30, 2014 was approximately $297,000 of which approximately $248,000, if recognized, would affect the effective tax rate. During the fiscal year ended June 30, 2014, we recognized approximately $21,000 of interest and no penalties. We had approximately $236,000 and $215,000 of accrued interest at June 30, 2014 and 2013, respectively. We had approximately $88,000 of accrued penalties as of both June 30, 2014 and 2013. We recognize potential interest and penalties related to unrecognized tax benefits as a component of income tax expense. We believe that the amount of uncertain tax positions will not change by a significant amount within the next 12 months. |
Pensions_And_Other_Postretirem
Pensions And Other Postretirement Benefits | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Pensions And Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||||||
Pensions And Other Postretirement Benefits | ' | ||||||||||||||||||||
9 | Pensions and Other Postretirement Benefits | ||||||||||||||||||||
We maintain a retirement savings plan (the “Plan”), available to U.S. employees, that qualifies as a defined contribution plan under Section 401(k) of the Internal Revenue Code. From July 1, 2012 through August 20, 2013, the Company was matching 25% of the first 5% of the participants’ compensation. Effective August 21, 2013, the Company matches 50% of the first 5% of the participants’ compensation. For fiscal years 2014, 2013 and 2012, we made matching contributions of $388,000, $183,000 and $0, respectively. | |||||||||||||||||||||
We also maintain a defined contribution plan (the “Stakeholder Plan”) for our U.K. based employees. The Stakeholder Plan provides for discretionary matching contributions of between 4% and 7% of the employee’s salary. For fiscal years 2014, 2013 and 2012, we made total contributions to the Stakeholder Plan of $70,000, $60,000 and $63,000, respectively. | |||||||||||||||||||||
As of June 30, 2014, we maintained defined benefit pension plans covering former employees in Germany. The measurement date used to determine fiscal years’ 2014 and 2013 benefit information for the plans was June 30, 2014 and 2013, respectively. Our German defined benefit plans have been closed to new employees since 1998 and no employees have been added to the plan since this time. | |||||||||||||||||||||
A reconciliation of the changes in the plans’ benefit obligations and fair value of plan assets over the two-year period ended June 30, 2014, and a statement of the funded status at June 30, 2014 for these years for our pension plans is as follows: | |||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||
Benefit obligation at beginning of year | $ | 4,967 | $ | 4,652 | |||||||||||||||||
Service cost | - | 3 | |||||||||||||||||||
Interest cost | 174 | 189 | |||||||||||||||||||
Actuarial (gain) loss | 460 | 136 | |||||||||||||||||||
Foreign currency exchange rate change | 238 | 212 | |||||||||||||||||||
Benefits paid | (272 | ) | (225 | ) | |||||||||||||||||
Benefit obligation at end of year | $ | 5,567 | $ | 4,967 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 2,052 | $ | 2,097 | |||||||||||||||||
Actual return on plan assets | 67 | 37 | |||||||||||||||||||
Employer contributions | 24 | 32 | |||||||||||||||||||
Benefits paid | (255 | ) | (209 | ) | |||||||||||||||||
Foreign currency exchange rate change | 96 | 95 | |||||||||||||||||||
Fair value of plan assets at end of year | $ | 1,984 | $ | 2,052 | |||||||||||||||||
Funded status at end of year | $ | (3,583 | ) | $ | (2,915 | ) | |||||||||||||||
Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Pension liability - current liabilities | $ | (17 | ) | $ | (14 | ) | |||||||||||||||
Pension liability - non-current liabilities | (3,566 | ) | (2,901 | ) | |||||||||||||||||
Total pension liability | $ | (3,583 | ) | $ | (2,915 | ) | |||||||||||||||
Accumulated other comprehensive loss | $ | 1,246 | $ | 773 | |||||||||||||||||
Items not yet recognized as a component of net periodic pension cost (dollars in thousands): | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Net loss | $ | 1,246 | $ | 773 | |||||||||||||||||
$ | 1,246 | $ | 773 | ||||||||||||||||||
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Projected benefit obligation | $ | 5,567 | $ | 4,967 | |||||||||||||||||
Accumulated benefit obligation | 5,567 | 4,967 | |||||||||||||||||||
Fair value of plan assets | 1,984 | 2,052 | |||||||||||||||||||
The following tables provide the components of net periodic pension cost recognized in earnings for the fiscal years ended June 30, 2014, 2013 and 2012: | |||||||||||||||||||||
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income | |||||||||||||||||||||
Year ended June 30, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||||||
Service cost | $ | - | $ | 3 | $ | 13 | |||||||||||||||
Interest cost | 174 | 189 | 221 | ||||||||||||||||||
Expected return on plan assets | (61 | ) | (73 | ) | (93 | ) | |||||||||||||||
Recognized actuarial loss | 19 | 8 | - | ||||||||||||||||||
Amortization of unrecognized net transition amount | - | - | (1 | ) | |||||||||||||||||
Net periodic benefit cost | $ | 132 | $ | 127 | $ | 140 | |||||||||||||||
We estimate that $44,000 of the net loss for the defined benefit pension plans will be amortized from accumulated other comprehensive income into net period benefit cost over the next fiscal year. | |||||||||||||||||||||
Assumptions | |||||||||||||||||||||
The following table sets forth the assumptions used to determine benefit obligations: | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Discount rate | 2.65 | % | 3.43 | % | |||||||||||||||||
Expected return on plan assets | 3.5 | % | 3 | % | |||||||||||||||||
Compensation increase rate | 0 | % | 0 | % | |||||||||||||||||
The following table sets forth the assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 3.43 | % | 4 | % | 5.1 | % | |||||||||||||||
Expected return on plan assets | 3 | % | 3.5 | % | 4 | % | |||||||||||||||
Compensation increase rate | 0 | % | 0 | % | 1 | % | |||||||||||||||
On an annual basis, we adjust the discount rate used to determine the projected benefit obligation to approximate rates on high-quality, long-term obligations. | |||||||||||||||||||||
Plan Assets | |||||||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, a summary of the defined benefit plan’s assets measured at fair value, as well as the percentage of total plan assets for each category at June 30, 2014: | |||||||||||||||||||||
Percentage of | |||||||||||||||||||||
Total | Plan Assets | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Assets | 2014 | |||||||||||||||||
Asset Category: | |||||||||||||||||||||
Cash and cash equivalents | $ | 136 | $ | - | $ | - | $ | 136 | 6.9 | % | |||||||||||
Equity securities | - | 734 | - | 734 | 37.1 | % | |||||||||||||||
Debt securities | - | 409 | - | 409 | 20.6 | % | |||||||||||||||
Cash surrender value insurance contracts | - | 701 | - | 701 | 35.4 | % | |||||||||||||||
Other | 4 | - | - | 4 | 0.1 | % | |||||||||||||||
Totals | $ | 140 | $ | 1,844 | $ | - | $ | 1,984 | 100 | % | |||||||||||
The following table sets forth, by level within the fair value hierarchy, a summary of the defined benefit plan’s assets measured at fair value, as well as the percentage of total plan assets for each category at June 30, 2013: | |||||||||||||||||||||
Percentage of | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Plan Assets | |||||||||||||||||
Assets | 2013 | ||||||||||||||||||||
Asset Category: | |||||||||||||||||||||
Cash and cash equivalents | $ | 73 | $ | - | $ | - | $ | 73 | 3.5 | % | |||||||||||
Equity securities | - | 611 | - | 611 | 29.8 | % | |||||||||||||||
Debt securities | 541 | - | 541 | 26.4 | % | ||||||||||||||||
Cash surrender value insurance contracts | - | 818 | - | 818 | 39.9 | % | |||||||||||||||
Other | 9 | - | - | 9 | 0.4 | % | |||||||||||||||
Totals | $ | 82 | $ | 1,970 | $ | - | $ | 2,052 | 100 | % | |||||||||||
Pension assets utilizing Level 1 inputs include fair values of equity investments and debt securities, and related dividends, which were determined by closing prices for those securities traded actively on national stock exchanges. All cash equivalents are carried at cost, which approximates fair value. Level 2 assets include fair values of equity investments and debt securities with limited trading activity and related dividends that were determined by closing prices for those securities traded on national stock exchanges and cash surrender life insurance contracts that are valued based on contractually stated settlement value. In estimating the expected return on plan assets, we consider past performance and future expectations for the fund. Plan assets are heavily weighted toward equity investments that yield consistent, dependable dividends. | |||||||||||||||||||||
Our investment strategy with respect to pension assets is to invest the assets in accordance with applicable laws and regulations. The long-term primary objectives for our pension assets are to: (1) provide for a reasonable amount of long-term growth of capital, with prudent exposure to risk and protect the assets from erosion of purchasing power; (2) provide investment results that meet or exceed the plans’ actuarially assumed long-term rate of return; and (3) match the duration of the liabilities and assets of the plans to reduce the potential risk of large employer contributions being necessary in the future. | |||||||||||||||||||||
Contributions | |||||||||||||||||||||
We expect to contribute $24,000 to our defined benefit pension plans in fiscal year 2015. | |||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||
The benefit payments, which reflect expected future service, as appropriate, are expected to be paid (dollars in thousands) for each of the following years: | |||||||||||||||||||||
Pension | |||||||||||||||||||||
Benefits | |||||||||||||||||||||
2015 | $ | 289 | |||||||||||||||||||
2016 | 316 | ||||||||||||||||||||
2017 | 314 | ||||||||||||||||||||
2018 | 318 | ||||||||||||||||||||
2019 | 315 | ||||||||||||||||||||
2020 - 2024 | 1,529 | ||||||||||||||||||||
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Segment Information [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
10 | Segment Information | ||||||||||||
We operate in two segments, products and services, as disclosed within our consolidated Statements of Operations. We evaluate segment results using revenues and gross margin as the performance measures. Such information is shown on the face of the accompanying statements of operations. We do not identify assets on a segment basis. We attribute revenues to individual countries and geographic areas based upon location of our customers. | |||||||||||||
A summary of our revenue by geographic area is as follows (in thousands): | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 40,993 | $ | 38,973 | $ | 30,204 | |||||||
Canada | 5,746 | 6,868 | 4,393 | ||||||||||
Total North America | 46,739 | 45,841 | 34,597 | ||||||||||
Japan | 11,161 | 10,079 | 17,015 | ||||||||||
Other Asia Pacific countries | 3,193 | 2,355 | 2,366 | ||||||||||
Total Asia Pacific | 14,354 | 12,434 | 19,381 | ||||||||||
Europe | 9,964 | 5,165 | 6,221 | ||||||||||
South America | 114 | 4 | 98 | ||||||||||
Total revenue | $ | 71,171 | $ | 63,444 | $ | 60,297 | |||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Long lived assets: | |||||||||||||
United States | $ | 15,543 | $ | 2,622 | |||||||||
Europe | 543 | 370 | |||||||||||
Japan | 806 | 750 | |||||||||||
Asia/Pacific - other | 55 | 97 | |||||||||||
Total | $ | 16,947 | $ | 3,839 |
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Share-Based Compensation [Abstract] | ' | ||||||||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||||||||
11 | Share-Based Compensation | ||||||||||||||||||||||
We have Stock Incentive Plans providing for the grant of incentive stock options to employees and non-qualified stock options to employees and directors. The Compensation Committee of the Board of Directors (“Compensation Committee”) administers the Stock Incentive Plans. Under the plans, the Compensation Committee may award stock options and shares of Common Stock on a restricted basis. The plans also specifically provide for stock appreciation rights and authorize the Compensation Committee to provide, either at the time of the grant of an option or otherwise, that the option may be cashed out upon terms and conditions to be determined by the Compensation Committee or the Board of Directors. | |||||||||||||||||||||||
Option awards are granted with an exercise price equal to the market price of our stock at the date of grant. We recognize stock compensation expense in accordance with ASC 718-10 over the requisite service period of the individual grantees, which generally equals the vesting period. All of our stock compensation is accounted for as equity instruments. | |||||||||||||||||||||||
Our 2011 Stock Incentive Plan became effective November 1, 2011 and replaced the 2001 Stock Option Plan that expired on October 31, 2011. The 2011 Stock Incentive Plan terminates on October 31, 2021. Stockholders have authorized the issuance of up to 500,000 shares under this plan, and at June 30, 2014, there were 108,535 shares available for future grants. | |||||||||||||||||||||||
We recorded share-based compensation related to issuance of stock options and restricted stock to employees, board members, and non-employees, as follows (amounts in thousands of dollars): | |||||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Share-based compensation expense included in the | |||||||||||||||||||||||
Statement of Operations: | |||||||||||||||||||||||
Cost of sales | $ | 56 | $ | 55 | $ | 55 | |||||||||||||||||
Sales and marketing | 176 | 165 | 133 | ||||||||||||||||||||
Research and development | 150 | 128 | 102 | ||||||||||||||||||||
General and administrative | 748 | 500 | 426 | ||||||||||||||||||||
Total | 1,130 | 848 | 716 | ||||||||||||||||||||
Tax benefit | - | - | - | ||||||||||||||||||||
Share-based compensation expense, net of taxes | $ | 1,130 | $ | 848 | $ | 716 | |||||||||||||||||
Based on historical experience of restricted stock and option pre-vesting cancellations, we estimated an annualized forfeiture rate of 9.0% for unvested restricted stock awards and stock options outstanding as of June 30, 2014. We estimated a 10.0% annualized forfeiture rate for unvested restricted stock awards and stock options outstanding as of June 30, 2013. We update our expectation of forfeiture rates quarterly and under the true-up provisions of ASC 718-10, we will record additional expense if the actual forfeiture rate is lower than estimated, and will record a recovery of prior expense if the actual forfeiture is higher than estimated. | |||||||||||||||||||||||
We have not received any cash from option exercises under any share-based payment arrangements for the fiscal years ended June 30, 2014, 2013 and 2012. | |||||||||||||||||||||||
During fiscal year 2014, we issued 125,000 shares of restricted stock and there are 299,546 total restricted shares outstanding as of June 30, 2014. 85,000 of these restricted shares were issued in fiscal year 2014 to employees and board members that vest over a four year period for the employees and a three year graded vesting period for board members. Vesting is based solely on a service condition, and restrictions generally release ratably over the service period. A summary of the activity of our service condition restricted shares during our fiscal year 2014 is presented below: | |||||||||||||||||||||||
Weighted | |||||||||||||||||||||||
Average | |||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||
Restricted Stock Awards | Shares | Fair Value | |||||||||||||||||||||
Non-vested at July 1, 2013 | 225,064 | $ | 4.91 | ||||||||||||||||||||
Granted | 85,000 | 7.69 | |||||||||||||||||||||
Vested | (113,955 | ) | 5.01 | ||||||||||||||||||||
Forfeited | (12,475 | ) | 5.71 | ||||||||||||||||||||
Non-vested at June 30, 2014 | 183,634 | $ | 6.08 | ||||||||||||||||||||
During fiscal years 2011, 2013 and 2014, we issued performance-based restricted shares (“PSAs”) to senior and executive management and board members. The PSA’s issued in fiscal year 2011 will be released only if either company performance criteria or market condition criteria are achieved over a three year performance period. The performance criteria are determined each year and require us to achieve certain annual revenue and operating income goals. To the extent that these annual goals are met, a portion of the shares will vest and be released. The market condition requires our stock to reach a certain closing share price at the end of three years. Provided that the market condition is met, any remaining shares that did not vest based on the performance condition will become fully vested at the end of the three years. The PSA’s issued in fiscal years 2013 and 2014 will be released only if company performance criteria are achieved over a three year performance period. The performance criteria are determined each year and require us to achieve certain financial goals. | |||||||||||||||||||||||
During our fiscal year 2014 we released 92,166 PSAs based on meeting performance conditions related to our fiscal year 2013 financial results. Additionally we cancelled 62,934 PSAs in fiscal year 2014. The cancelled PSAs were granted in fiscal year 2011 to executive management and were forfeited during the period because neither 100% of the performance criteria for our fiscal years 2011 and 2012 financial results were met, nor was the market condition (achievement of certain share price) which ended in 2014, met. The weighted average grant-date fair-value for our performance shares with both performance and market conditions was based upon a Geometric Brownian Motion model and Monte Carlo simulation. A summary of the activity of our PSAs during fiscal year 2014 is presented below: | |||||||||||||||||||||||
Weighted | |||||||||||||||||||||||
Average | |||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||
Performance Stock Awards | Shares | Fair Value | |||||||||||||||||||||
Non-vested at July 1, 2013 | 231,012 | $ | 3.66 | ||||||||||||||||||||
Granted | 40,000 | 7.86 | |||||||||||||||||||||
Vested | (92,166 | ) | 3.52 | ||||||||||||||||||||
Forfeited | (62,934 | ) | 2.9 | ||||||||||||||||||||
Non-vested at June 30, 2014 | 115,912 | $ | 5.59 | ||||||||||||||||||||
Total compensation cost of restricted stock awards issued, but not yet vested as of June 30, 2014 is $668,762, which is expected to be recognized over the weighted average period of 1.5 years. | |||||||||||||||||||||||
We use the Black-Scholes valuation model to estimate the fair value of each option award on: 1) the date of grant for grants to employees, and 2) each reporting period-end date for grants to non-employees, until the non- employee shares have vested, at which point the vest date becomes the final measurement date for non-employee grants. We did not grant any stock options in fiscal years 2014, 2013 and 2012, and there were no unvested options granted to non-employees as of June 30, 2014. During the third quarter of our fiscal year 2013 our Board of Directors approved a $0.50 reduction in the exercise price of outstanding stock options for existing employees and board members as an equitable adjustment for the $0.50 special dividend declared and paid during the second quarter of our fiscal year 2013. We accounted for this equitable adjustment to exercise price as a modification on the date of approval. This modification resulted in less than $1,000 of additional expense as most option exercise prices remain above our stock’s trading price after the equitable adjustment. We use the Black-Scholes valuation model to estimate the fair value of each option award under modification accounting. | |||||||||||||||||||||||
A summary of option activity under the plans as of June 30, 2014, and changes during the year is presented below: | |||||||||||||||||||||||
Options | Shares | Weighted | Weighted | Aggregate | |||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||
Term (Years) | |||||||||||||||||||||||
Outstanding as of July 1, 2013 | 201,082 | $ | 13.27 | ||||||||||||||||||||
Granted | - | - | |||||||||||||||||||||
Exercised | - | - | |||||||||||||||||||||
Forfeited or expired | (17,765 | ) | 37.52 | ||||||||||||||||||||
Outstanding as of June 30, 2014 | 183,317 | $ | 10.92 | 3.11 | $ | 70,800 | |||||||||||||||||
Vested at June 30, 2014 | 183,317 | $ | 10.92 | 3.11 | $ | 70,800 | |||||||||||||||||
Exercisable at June 30, 2014 | 183,317 | $ | 10.92 | 3.11 | $ | 70,800 | |||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at June 30, 2014: | |||||||||||||||||||||||
Outstanding Options | Options Exercisable | ||||||||||||||||||||||
Weighted | |||||||||||||||||||||||
Average | Weighted | Weighted | |||||||||||||||||||||
Range of | Remaining | Average | Average | ||||||||||||||||||||
Exercise | Contractual | June 30, | Exercise | June 30, | Exercise | ||||||||||||||||||
Prices | Life (Years) | 2014 | Price | 2014 | Price | ||||||||||||||||||
$ | 5.9 | 4.09 | 20,000 | $ | 5.9 | 20,000 | $ | 5.9 | |||||||||||||||
$ | 6.8 | 3.81 | 60,000 | $ | 6.8 | 60,000 | $ | 6.8 | |||||||||||||||
$ | 11.10 - $13.00 | 2.53 | 35,625 | $ | 12.74 | 35,625 | $ | 12.74 | |||||||||||||||
$ | 13.5 | 3.14 | 37,502 | $ | 13.5 | 37,502 | $ | 13.5 | |||||||||||||||
$ | 14.70 - $21.00 | 1.71 | 30,190 | $ | 17.08 | 30,190 | $ | 17.08 | |||||||||||||||
$ | 5.90 - $21.00 | 3.11 | 183,317 | $ | 10.92 | 183,317 | $ | 10.92 | |||||||||||||||
The total intrinsic value of options both outstanding and exercisable was $70,800, $86,000 and $0 for each of the fiscal years ended June 30, 2014, 2013 and 2012, respectively. There is no remaining compensation cost for options granted as all outstanding options have vested as of June 30, 2014. We generally issue new shares to satisfy option exercises. | |||||||||||||||||||||||
Revolving_Credit_Facility
Revolving Credit Facility | 12 Months Ended | |
Jun. 30, 2014 | ||
Revolving Credit Facility [Abstract] | ' | |
Revolving Credit Facility | ' | |
12 | Revolving Credit Facility | |
We had a $10,000,000 credit line with Silicon Valley Bank that matured on December 31, 2013. We had not drawn against the credit line in the past three years and allowed it to expire on December 31, 2013. We are currently evaluating whether or not to enter into a new credit arrangement, but based upon our existing cash balances, historical cash usage, and anticipated operating cash flow in the near term, we believe that existing cash balances will be sufficient to meet our anticipated working capital, capital expenditure requirements and any dividend payments for at least the next twelve months. We are no longer subject to any covenants. |
Gain_on_Sale_of_Intellectual_P
Gain on Sale of Intellectual Property, net | 12 Months Ended | |
Jun. 30, 2014 | ||
Gain on Sale of Intellectual Property, net [Abstract] | ' | |
Gain on Sale of Intellectual Property, net | ' | |
13 | Gain on Sale of Intellectual Property, net | |
In the fourth quarter of our fiscal year 2013, we entered into an agreement to sell certain non-strategic patents and patent applications (collectively known as “intellectual property”) that Concurrent originally acquired in the purchase of Everstream, Inc. (“Everstream”). We had not and did not expect to use the technology associated with this intellectual property as part of our ongoing or planned operations. This intellectual property was originally valued at $0 upon our acquisition of Everstream. On June 28, 2013 we closed on this agreement with the purchaser and the purchaser transferred $2,750,000 of cash to us as payment in full for this intellectual property. As part of the execution of this agreement, we incurred approximately $369,000 of commissions and legal fees that we have netted against the gross proceeds, as these expenses were incurred as a result of the sale, and would not have been incurred otherwise. |
Concentration_of_Risk
Concentration of Risk | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Concentration of Risk [Abstract] | ' | ||||||||||||
Concentration of Risk | ' | ||||||||||||
14 | Concentration of Risk | ||||||||||||
Sales to unaffiliated customers outside the U.S. were $30,178,000, $24,474,000 and $30,093,000 for the years ended June 30, 2014, 2013 and 2012, respectively, which amounts represented 42%, 39% and 50% of total sales for the respective fiscal years. | |||||||||||||
Sales to the U.S. government, prime contractors and agencies of the U.S. government amounted to approximately $10,072,000, $9,573,000 and $8,060,000 for the years ended June 30, 2014, 2013 and 2012, respectively, which amounts represented 14%, 15% and 13%, respectively, of total sales for each of the fiscal years. | |||||||||||||
In addition, the following summarizes revenues by significant customer where such revenue exceeded 10% of total revenues for any one of the indicated periods: | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Customer A | 13% | 12% | <10% | ||||||||||
Customer B | 13% | 12% | <10% | ||||||||||
Customer C | <10% | <10% | 20% | ||||||||||
We assess credit risk through ongoing credit evaluations of customers’ financial condition and collateral is generally not required. | |||||||||||||
The following summarizes accounts receivable by significant customer where such account receivables exceeded 10% of total accounts receivables for any one of the indicated periods: | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Customer D | 15% | <10% | |||||||||||
Customer E | 12% | <10% | |||||||||||
Customer F | 11% | <10% | |||||||||||
Customer B | <10% | 19% | |||||||||||
There were no other customers representing 10% or more of our trade receivables at June 30, 2014 and 2013. | |||||||||||||
The following summarizes purchases from significant vendors where such purchases accounted for 10%, or more, of total purchases for any one of the indicated periods: | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Vendor A | 23% | 24% | 28% | ||||||||||
Vendor B | 18% | 16% | <10% | ||||||||||
Vendor C | 13% | <10% | <10% | ||||||||||
Quarterly_Consolidated_Financi
Quarterly Consolidated Financial Information (Unaudited) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Quarterly Consolidated Financial Information [Abstract] | ' | ||||||||||||||||
Quarterly Consolidated Financial Information | ' | ||||||||||||||||
15 | Quarterly Consolidated Financial Information (Unaudited) | ||||||||||||||||
The following is a summary of quarterly financial results for the fiscal years ended June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||
2013 | 2013 | 2014 | 2014 | ||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
2014 | |||||||||||||||||
Net sales | $ | 17,198 | $ | 17,837 | $ | 18,278 | $ | 17,858 | |||||||||
Gross margin | $ | 9,502 | $ | 9,956 | $ | 10,248 | $ | 10,707 | |||||||||
Operating income | $ | 800 | $ | 1,133 | $ | 1,260 | $ | 2,107 | |||||||||
Net income | $ | 734 | $ | 1,089 | $ | 1,082 | $ | 15,600 | |||||||||
Net income per share-basic | $ | 0.08 | $ | 0.12 | $ | 0.12 | $ | 1.75 | |||||||||
Net income per share-diluted | $ | 0.08 | $ | 0.12 | $ | 0.12 | $ | 1.72 | |||||||||
Three Months Ended | |||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||
2012 | 2012 | 2013 | 2013 | ||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
2013 | |||||||||||||||||
Net sales | $ | 15,004 | $ | 16,589 | $ | 16,927 | $ | 14,924 | |||||||||
Gross margin | $ | 8,812 | $ | 9,543 | $ | 10,000 | $ | 8,482 | |||||||||
Operating income | $ | 413 | $ | 876 | $ | 1,233 | $ | 2,513 | |||||||||
Net income | $ | 325 | $ | 673 | $ | 937 | $ | 2,313 | |||||||||
Net income per share-basic | $ | 0.04 | $ | 0.08 | $ | 0.11 | $ | 0.26 | |||||||||
Net income per share-diluted | $ | 0.04 | $ | 0.08 | $ | 0.11 | $ | 0.26 | |||||||||
Dividends
Dividends | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Dividends [Abstract] | ' | ||||||||||||
Dividends | ' | ||||||||||||
16 | Dividends | ||||||||||||
During fiscal year 2014, our Board of Directors approved four cash dividends. In fiscal year 2013, we paid five cash dividends and a special dividend. All cash dividends were declared on common stock during fiscal year 2014, as summarized in the following table: | |||||||||||||
Record | Payment | Dividend | |||||||||||
Date | Date | Type | Per Share | Total | |||||||||
16-Sep-13 | 30-Sep-13 | Quarterly | $ | 0.12 | $ | 1,108,000 | |||||||
13-Dec-13 | 27-Dec-13 | Quarterly | $ | 0.12 | $ | 1,111,000 | |||||||
14-Mar-14 | 28-Mar-14 | Quarterly | $ | 0.12 | $ | 1,111,000 | |||||||
13-Jun-14 | 27-Jun-14 | Quarterly | $ | 0.12 | $ | 1,111,000 | |||||||
Total | $ | 4,441,000 | |||||||||||
As of June 30, 2014, we have recorded $285,000 of dividends payable to holders of restricted common stock who held restricted shares at the time of dividend record dates and still hold those restricted shares as of June 30, 2014. Such dividends will be paid when the restrictions on a holder’s restricted common shares lapse. This dividend payable is divided between current payable and non-current payable in the amounts of $67,000 and $218,000, respectively, based upon the expected vest date of the underlying shares. These holders of restricted common stock will receive the dividend payments as long as they remain eligible at the vest date of the shares. As of June 30, 2014, $63,000 of dividends payable were forfeited and returned to capital for restricted shares that were forfeited prior to meeting vesting requirements. Because the participants are not entitled to these dividends unless they complete the requisite service period for the shares to vest, they are not participating dividends as defined under ASC 260-10. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments And Contingencies [Abstract] | ' | ||||
Commitments And Contingencies | ' | ||||
17 | Commitments and Contingencies | ||||
We lease certain office space, warehousing, and equipment under various operating leases. The leases expire at various dates through 2018 and generally provide for the payment of taxes, insurance and maintenance costs. Additionally, certain leases contain escalation clauses that provide for increased rents resulting from the pass through of increases in operating costs, property taxes and consumer price indexes. | |||||
At June 30, 2014, future minimum lease payments for the fiscal years ending June 30 are as follows (dollars in thousands): | |||||
2015 | $ | 1,913 | |||
2016 | 1,447 | ||||
2017 | 569 | ||||
2018 | 9 | ||||
2019 | - | ||||
2020 and thereafter | - | ||||
$ | 3,938 | ||||
Rent expense under all operating leases amounted to $2,340,000, $2,485,000 and $2,852,000 for the years ended June 30, 2014, 2013 and 2012, respectively. | |||||
From time to time, we are involved in litigation incidental to the conduct of our business. We believe that such pending litigation will not have a material adverse effect on our results of operations or financial condition. | |||||
We enter into agreements in the ordinary course of business with customers that often require us to defend and/or indemnify the customer against intellectual property infringement claims brought by a third party with respect to our products. For example, we were notified that certain of our customers have settled with or been sued by the following companies, in the noted jurisdictions, regarding the listed patents: | |||||
Asserting Party | Jurisdiction | Patents at Issue | |||
Constellation Technologies, LLC | U.S. District Court Eastern | U.S. Patent Nos. 6,128,649, | |||
District of Texas | 6,901,048, 7,154,879 and 6,845,389 | ||||
Trans Video Electronics Ltd. | U.S. District Court of Delaware | U.S. Patent Nos. 5,594,936 and | |||
5,991,801 | |||||
Broadband iTV, Inc. | U.S. District Court of Hawaii | U.S. Patent No. 7,361,336 | |||
LVL Patent Group | U.S. District Court of Delaware | U.S. Patent No. 6,044,382 | |||
U.S. District Court Eastern District of Pennsylvania | U.S. Patent Nos. 6,754,907 and | ||||
Sprint Communications Company, L.P. | 6,757,907 | ||||
U.S. District Court Eastern | U.S. Patent No. 5,877,755 | ||||
FutureVision.com LLC | District of Texas | ||||
We continue to review our potential obligations under our indemnification agreements with these customers and the indemnity obligations to these customers from other vendors that also provided systems and services to these customers. From time to time, we also indemnify customers and business partners for damages, losses and liabilities they may suffer or incur relating to personal injury, personal property damage, product liability, and environmental claims relating to the use of our products and services or resulting from our acts or omissions, our employees, authorized agents or subcontractors. We have not accrued any material liabilities related to such indemnifications in our financial statements and do not expect any other material costs as a result of such obligations. The maximum potential amount of future payments that we could be required to make is unlimited, and we are unable to estimate any possible loss or range of possible loss. | |||||
Pursuant to the terms of the employment agreements with our executive officers and certain other employees, employment may be terminated by either the respective executive officer or us at any time. In the event the employee voluntarily resigns (except as described below) or is terminated for cause, compensation under the employment agreement will end. In the event an agreement is terminated by us without cause or in certain circumstances constructively by us, the terminated employee will receive severance compensation for a period from 6 to 12 months, depending on the officer, in an annualized amount equal to the respective employee's base salary then in effect. In the event our CEO resigns within three months of a change in control or the CEO’s agreement is terminated by us within one year of a change of control other than for due cause, disability or non-renewal by our CEO, our CEO will be entitled to severance compensation multiplied by two. Additionally, if terminated, our CEO and CFO may be entitled to bonuses during the severance period. At June 30, 2014, the maximum contingent liability under these agreements is $3,050,000. Our employment agreements with certain of our employees contain certain offset provisions, as defined in their respective agreements. | |||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Valuation and Qualifying Accounts | ' | ||||||||||||||||
SCHEDULE II | |||||||||||||||||
CONCURRENT COMPUTER CORPORATION | |||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
For The Years Ended June 30, 2014, 2013 and 2012 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Description | Balance at | Charged To | Deductions | Balance At | |||||||||||||
Beginning Of | Costs And | (a) | End Of Year | ||||||||||||||
Year | Expenses | ||||||||||||||||
Reserves and allowances deducted from asset accounts or accrued as expenses: | |||||||||||||||||
2014 | |||||||||||||||||
Allowance for doubtful accounts | $ | 70 | $ | 20 | $ | (12 | ) | $ | 78 | ||||||||
Warranty accrual | 119 | 124 | (165 | ) | 78 | ||||||||||||
2013 | |||||||||||||||||
Allowance for doubtful accounts | 80 | 14 | (24 | ) | 70 | ||||||||||||
Warranty accrual | 181 | 183 | (245 | ) | 119 | ||||||||||||
2012 | |||||||||||||||||
Allowance for doubtful accounts | 82 | 2 | (4 | ) | 80 | ||||||||||||
Warranty accrual | 160 | 270 | (249 | ) | 181 | ||||||||||||
(a) | Charges and adjustments to the reserve accounts for write-offs and credits issued during the year. | ||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
Principles of Consolidation | |||||||||||||||||
The consolidated financial statements include the accounts of Concurrent and all wholly-owned domestic and foreign subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||||||
Smaller Reporting Company | ' | ||||||||||||||||
Smaller Reporting Company | |||||||||||||||||
We meet the Securities and Exchange Commission’s (“SEC’s”) definition of a “Smaller Reporting Company,” and therefore qualify for the SEC’s reduced disclosure requirements for smaller reporting companies. | |||||||||||||||||
Foreign Currency | ' | ||||||||||||||||
Foreign Currency | |||||||||||||||||
The functional currency of all of our foreign subsidiaries is the applicable local currency. The translation of the applicable foreign currencies into U.S. dollars is performed for balance sheet accounts using current exchange rates in effect at the balance sheet date and for revenue and expense accounts using average rates of exchange prevailing during the fiscal year. Adjustments resulting from the translation of foreign currency financial statements are accumulated in a separate component of stockholders’ equity. Gains or losses resulting from foreign currency transactions are included in the Consolidated Statements of Operations, except for those relating to intercompany transactions of a long-term investment nature, which are accumulated in a separate component of stockholders’ equity. | |||||||||||||||||
Losses on foreign currency transactions of $257,000, $348,000, and $116,000 for the years ended June 30, 2014, 2013 and 2012, respectively, are included in “Other expense, net” in the Consolidated Statements of Operations. | |||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||
Cash balances and short-term investments with original maturities of 90 days or less at the date of purchase are considered cash equivalents. Cash equivalents are stated at cost plus accrued interest, which approximates market value, and represent cash and cash invested in money market funds. | |||||||||||||||||
Inventories | ' | ||||||||||||||||
Inventories | |||||||||||||||||
Inventories are stated at the lower of cost or market, with cost determined on a first-in, first-out basis. We reduce the recorded value of excess and obsolete inventory to its market value based upon historical and anticipated usage. | |||||||||||||||||
Property, Plant, and Equipment | ' | ||||||||||||||||
Property and Equipment | |||||||||||||||||
Property and equipment are stated at acquired cost less accumulated depreciation. Depreciation is provided on a straight-line basis over the estimated useful lives of assets ranging from one to five years. Leasehold improvements are amortized over the shorter of the useful lives of the improvements or the terms of the related lease. Gains and losses resulting from the disposition of property, plant and equipment are included in operations. Expenditures for repairs and maintenance are charged to operations as incurred and expenditures for major renewals and betterments are capitalized. | |||||||||||||||||
Revenue Recognition Policy | ' | ||||||||||||||||
Revenue Recognition Policy | |||||||||||||||||
We generate revenue from the sale of products and services. We commence revenue recognition when all of the following conditions are met: | |||||||||||||||||
· | persuasive evidence of an arrangement exists, | ||||||||||||||||
· | the system has been delivered or the services have been performed, | ||||||||||||||||
· | the fee is fixed or determinable, and | ||||||||||||||||
· | collectability of the fee is probable. | ||||||||||||||||
Our standard multiple-element contractual arrangements with our customers generally include the delivery of systems with multiple components of hardware and software, certain professional services that typically involve installation and consulting, and ongoing systems maintenance. Product revenue is generally recognized when the product is delivered. Professional services that are of a consultative nature may take place before, or after, delivery of the system, and installation services typically occur within 90 days after delivery of the system. Professional services revenue is typically recognized as the services are performed. Initial maintenance begins after delivery of the system and typically is provided for one to three years after delivery. Maintenance revenue is recognized ratably over the maintenance period. Our product sales are predominantly system sales whereby software and hardware function together to deliver the essential functionality of the combined product. Upon our adoption of ASU 2009-14 on July 1, 2010, sales of these systems were determined to typically be outside of the scope of the software revenue guidance in Topic 985 (previously included in SOP 97-2) and are accounted for under ASU 2009-13. | |||||||||||||||||
Our sales model for media data intelligence (“MDI”) products includes the option for customers to purchase a perpetual license, a term license, or software as a service. Customers also have the option to purchase maintenance or managed services with their license. Revenue from these sales generally is recognized over the term of the various customer arrangements. Professional services attributable to implementation of our MDI products or managed services are essential to the customers’ use of these products and services. We defer commencement of revenue recognition for the entire arrangement until we have delivered the essential professional services or have made a determination that the remaining professional services are no longer essential to the customer. We recognize revenue for managed services and software-as-a-service arrangements once we commence providing the managed or software services and recognize the service revenue ratably over the term of the various customer contracts. In circumstances whereby we sell a term or perpetual license and maintenance or managed services, we commence revenue recognition after both the software and service are made available to the customer and recognize the revenue from the entire arrangement ratably over the longer of the term license or service period, because we do not have vendor specific objective evidence (“VSOE”) for our term licenses, maintenance, or managed services for MDI solutions. | |||||||||||||||||
We evaluate each element in a multiple-element arrangement to determine whether it represents a separate unit of accounting. An element constitutes a separate unit of accounting when the delivered item has standalone value and delivery of the undelivered element is probable and within our control. Our various systems have standalone value because we have either routinely sold them on a standalone basis or we believe that our customers could resell the delivered system on a standalone basis. Professional services have standalone value because we have routinely sold them on a standalone basis, there are similar third party vendors that routinely provide similar professional services, and certain customers perform the installation themselves. Our maintenance has standalone value because we have routinely sold maintenance separately. | |||||||||||||||||
As a result of the adoption of ASU 2009-13, we allocate revenue to each element in an arrangement based on a selling price hierarchy. The selling price for a deliverable is based on its VSOE, if available, third party evidence (“TPE”), if VSOE is not available, or estimated selling price (“ESP”), if neither VSOE nor TPE is available. We have typically been able to establish VSOE of fair value for our maintenance and services. We determine VSOE of fair value for professional services and maintenance by examining the population of selling prices for the same or similar services when sold separately, and determining that the pricing population for each VSOE classification is within a very narrow range of the median selling price. For each element, we evaluate at least annually whether or not we have maintained VSOE of fair value based on our review of the actual selling price of each element over the previous 12 month period. | |||||||||||||||||
Our product deliverables are typically complete systems comprised of numerous hardware and software components that operate together to provide essential functionality, and we are typically unable to establish VSOE or TPE of fair value for our products. Due to the custom nature of our products, we must determine ESP at the individual component level whereby our ESP for the total system is determined based on the sum of the individual components. ESP for components of our real-time products is typically based upon list price, which is representative of our actual selling price. ESP for components of our video solutions products is based upon our most frequent selling price (“mode”) of standalone and bundled sales, based upon a 12 month historical analysis. If a mode selling price is not available, then ESP will be the median selling price of all such component sales based upon a 12 month historical analysis, unless facts and circumstances indicate that another selling price, other than the mode or median selling price, is more representative of our ESP. Our methodology for determining ESP requires judgment, and any changes to pricing practices, the costs incurred to integrate products, the nature of our relationships with our customers, and market trends could cause variability in our ESP or cause us to re-evaluate our methodology for determining ESP. We update our analysis of mode and median selling price at least annually, unless facts and circumstances indicate that more frequent analysis is required. | |||||||||||||||||
Occasionally, we sell software under multiple element arrangements that do not include hardware. Under these software arrangements, we allocate revenue to the various elements based on VSOE of fair value. Our VSOE of fair value is determined based on the price charged when the same element is sold separately. If VSOE of fair value does not exist for all elements in a multiple element arrangement, but does exist for undelivered elements, we recognize revenue using the residual method. Under the residual method, the fair value of the undelivered elements is deferred and the remaining portion of the arrangement is recognized as revenue. Where fair value of undelivered elements has not been established, the total arrangement is recognized over the period during which the services are performed. | |||||||||||||||||
Allowance for Doubtful Accounts | ' | ||||||||||||||||
Allowance for Doubtful Accounts | |||||||||||||||||
The allowance for doubtful accounts receivable is based on an analysis of our historical charge-off ratio, our aging of accounts receivable and our assessment of the collectability of our receivables. If there is a deterioration of one of our major customer’s credit worthiness or actual account defaults are higher than our historical trends, our reserve estimates could be adversely impacted. | |||||||||||||||||
Deferred Revenue | ' | ||||||||||||||||
Deferred Revenue | |||||||||||||||||
Deferred revenue consists of billings for maintenance contracts and for products that are pending completion of the revenue recognition process. Maintenance revenue, whether bundled with the product or priced separately, is recognized ratably over the maintenance period. For contracts extending beyond one year, deferred revenue related to the contract period extending beyond 12 months is classified among long-term liabilities. | |||||||||||||||||
Defined Benefit Pension Plan | ' | ||||||||||||||||
Defined Benefit Pension Plan | |||||||||||||||||
We maintain defined benefit pension plans (the “Pension Plan”) for a number of former employees (“participants”) of our German subsidiary. In 1998 the pension plan was closed to new employees and no existing employees are eligible to participate, as all eligible participants are no longer employed by Concurrent. The Pension Plan provides benefits to be paid to all participants at retirement based primarily on years of service with Concurrent and compensation rates in effect near retirement. Our policy is to fund benefits attributed to participants’ services to date as well as service expected to be earned in the future. The determination of our Pension Plan benefit obligation and expense is dependent on our selection of certain assumptions used by actuaries in calculating such amounts. Those assumptions include, among others, the weighted average discount rate, the weighted average expected rate of return on plan assets and the weighted average rate of compensation increase. To the extent that these assumptions change, our future benefit obligation and net periodic pension expense may be positively or negatively impacted. | |||||||||||||||||
Capitalized Software | ' | ||||||||||||||||
Capitalized Software | |||||||||||||||||
We account for software development costs in accordance with ASC 985-20. Under ASC 985-20, the costs associated with software development are required to be capitalized after technological feasibility has been established. We cease capitalization upon the achievement of customer availability. Costs incurred by us between technological feasibility and the point at which the products are ready for market are generally insignificant and as a result we had minimal software development costs capitalized at June 30, 2014 and 2013. | |||||||||||||||||
Research And Development | ' | ||||||||||||||||
Research and Development | |||||||||||||||||
Research and development expenditures are expensed as incurred. | |||||||||||||||||
Basic and Diluted Net (Loss) Income per Share | ' | ||||||||||||||||
Basic and Diluted Net (Loss) Income per Share | |||||||||||||||||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each year. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares including dilutive common share equivalents. Under the treasury stock method, incremental shares representing the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued are included in the computation. Common share equivalents of 111,000, 232,000, and 502,000 for the years ended June 30, 2014, 2013 and 2012, respectively, were excluded from the calculation as their effect was anti-dilutive. | |||||||||||||||||
The following table presents a reconciliation of the numerators and denominators of basic and diluted income (loss) per share for the periods indicated: | |||||||||||||||||
Year Ended June 30, | |||||||||||||||||
(Dollars and share data in thousands, except per share amounts) | 2014 | 2013 | 2012 | ||||||||||||||
Basic and diluted EPS calculation: | |||||||||||||||||
Net income (loss) | $ | 18,505 | $ | 4,248 | $ | (2,887 | ) | ||||||||||
Basic weighted average number of shares outstanding | 8,911 | 8,736 | 8,602 | ||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Employee stock options | 14 | - | - | ||||||||||||||
Restricted shares | 161 | 174 | - | ||||||||||||||
Diluted weighted average number of shares outstanding | 9,086 | 8,910 | 8,602 | ||||||||||||||
Basic EPS | $ | 2.08 | $ | 0.49 | $ | (0.34 | ) | ||||||||||
Diluted EPS | $ | 2.04 | $ | 0.48 | $ | (0.34 | ) | ||||||||||
Valuation of Long-Lived Assets | ' | ||||||||||||||||
Valuation of Long-Lived Assets | |||||||||||||||||
We evaluate the recoverability of long-lived assets, other than indefinite lived intangible assets, for impairment when events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Conditions that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or a significant adverse change that would indicate that the carrying amount of an asset or group of assets is not recoverable. For long-lived assets to be held and used, we recognize an impairment loss only if its carrying amount is not recoverable through its undiscounted cash flows and measure the impairment loss based on the difference between the carrying amount and fair value based on discounted cash flows. As a result of these evaluations, we have not recorded any impairment losses related to long-lived assets, for any of the years ending June 30, 2014, 2013 and 2012. | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Fair Value Measurements | |||||||||||||||||
The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) requires certain disclosures around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: | |||||||||||||||||
● | Level 1 | Quoted prices (unadjusted) in active markets for identical assets or liabilities; | |||||||||||||||
● | Level 2 | Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and | |||||||||||||||
● | Level 3 | Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. | |||||||||||||||
Our financial assets that are measured at fair value on a recurring basis as of June 30, 2014 are as follows (in thousands): | |||||||||||||||||
As of | Quoted Prices in | Observable | Unobservable | ||||||||||||||
30-Jun-14 | Active Markets | Inputs | Inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Cash | $ | 18,037 | $ | 18,037 | $ | - | $ | - | |||||||||
Money market funds | 10,037 | 10,037 | - | - | |||||||||||||
Cash and cash equivalents | $ | 28,074 | $ | 28,074 | $ | - | $ | - | |||||||||
Our financial assets that are measured at fair value on a recurring basis as of June 30, 2013 are as follows (in thousands): | |||||||||||||||||
As of | Quoted Prices in | Observable | Unobservable | ||||||||||||||
30-Jun-13 | Active Markets | Inputs | Inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Cash | $ | 17,895 | $ | 17,895 | $ | - | $ | - | |||||||||
Money market funds | 10,032 | 10,032 | - | - | |||||||||||||
Cash and cash equivalents | $ | 27,927 | $ | 27,927 | $ | - | $ | - | |||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
Concurrent and its domestic subsidiaries file a consolidated federal income tax return. All foreign subsidiaries file individual or consolidated tax returns pursuant to local tax laws. We follow the asset and liability method of accounting for income taxes. Under the asset and liability method, a deferred tax asset or liability is recognized for temporary differences between financial reporting and income tax basis of assets and liabilities, tax credit carryforwards and operating loss carryforwards. A valuation allowance is established to reduce deferred tax assets if it is more likely than not that such deferred tax assets will not be realized. | |||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Share-Based Compensation | |||||||||||||||||
We account for share-based compensation in accordance with ASC 718-10, which requires the recognition of the fair value of stock compensation in the Statement of Operations. We recognize stock compensation expense over the requisite service period of the individual grantees, which generally equals the vesting period. All of our stock compensation is accounted for as equity instruments. | |||||||||||||||||
Refer to Note 11 for assumptions used in calculation of fair value. Total compensation cost of restricted stock awards issued, but not yet vested as of June 30, 2014 is $668,762, which is expected to be recognized over the weighted average period of 1.5 years. | |||||||||||||||||
Comprehensive Income (Loss) | ' | ||||||||||||||||
Comprehensive Income (Loss) | |||||||||||||||||
Comprehensive income (loss) is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income (loss). Comprehensive income (loss) is defined as a change in equity during the financial reporting period of a business enterprise resulting from non-owner sources. Components of accumulated other comprehensive income (loss) are disclosed in the Consolidated Statements of Comprehensive Income (Loss). | |||||||||||||||||
Use Of Estimates | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ' | ||||||||||||||||
Reconciliation of Numerators and Denominators of Basic and Diluted Income (Loss) Per Share | ' | ||||||||||||||||
The following table presents a reconciliation of the numerators and denominators of basic and diluted income (loss) per share for the periods indicated: | |||||||||||||||||
Year Ended June 30, | |||||||||||||||||
(Dollars and share data in thousands, except per share amounts) | 2014 | 2013 | 2012 | ||||||||||||||
Basic and diluted EPS calculation: | |||||||||||||||||
Net income (loss) | $ | 18,505 | $ | 4,248 | $ | (2,887 | ) | ||||||||||
Basic weighted average number of shares outstanding | 8,911 | 8,736 | 8,602 | ||||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Employee stock options | 14 | - | - | ||||||||||||||
Restricted shares | 161 | 174 | - | ||||||||||||||
Diluted weighted average number of shares outstanding | 9,086 | 8,910 | 8,602 | ||||||||||||||
Basic EPS | $ | 2.08 | $ | 0.49 | $ | (0.34 | ) | ||||||||||
Diluted EPS | $ | 2.04 | $ | 0.48 | $ | (0.34 | ) | ||||||||||
Financial Assets Measured on Recurring Basis | ' | ||||||||||||||||
Our financial assets that are measured at fair value on a recurring basis as of June 30, 2014 are as follows (in thousands): | |||||||||||||||||
As of | Quoted Prices in | Observable | Unobservable | ||||||||||||||
30-Jun-14 | Active Markets | Inputs | Inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Cash | $ | 18,037 | $ | 18,037 | $ | - | $ | - | |||||||||
Money market funds | 10,037 | 10,037 | - | - | |||||||||||||
Cash and cash equivalents | $ | 28,074 | $ | 28,074 | $ | - | $ | - | |||||||||
Our financial assets that are measured at fair value on a recurring basis as of June 30, 2013 are as follows (in thousands): | |||||||||||||||||
As of | Quoted Prices in | Observable | Unobservable | ||||||||||||||
30-Jun-13 | Active Markets | Inputs | Inputs | ||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
Cash | $ | 17,895 | $ | 17,895 | $ | - | $ | - | |||||||||
Money market funds | 10,032 | 10,032 | - | - | |||||||||||||
Cash and cash equivalents | $ | 27,927 | $ | 27,927 | $ | - | $ | - |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Inventories [Abstract] | ' | ||||||||
Components of Inventories | ' | ||||||||
Inventories consist of the following: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Raw materials | $ | 1,265 | $ | 1,091 | |||||
Work-in-process | 319 | 298 | |||||||
Finished goods | 1,688 | 1,455 | |||||||
$ | 3,272 | $ | 2,844 |
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property and Equipment, net [Abstract] | ' | ||||||||
Property, Plant And Equipment | ' | ||||||||
Property and equipment consist of the following: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Leasehold improvements | $ | 2,807 | $ | 2,641 | |||||
Machinery, equipment and customer support spares | 18,085 | 17,763 | |||||||
20,892 | 20,404 | ||||||||
Less: Accumulated depreciation | (17,811 | ) | (17,302 | ) | |||||
$ | 3,081 | $ | 3,102 | ||||||
Changes To The Asset Retirement Obligation Associated With Lease Restoration Costs | ' | ||||||||
The changes to the asset retirement obligation associated with lease restoration costs are as follows (in thousands): | |||||||||
Asset retirement obligation, June 30, 2013 | $ | 428 | |||||||
Accretion of asset retirement obligation | 1 | ||||||||
Payment of restoration costs | (6 | ) | |||||||
Impact of foreign exchange rates | (10 | ) | |||||||
Asset retirement obligation, June 30, 2014 | $ | 413 |
Intangibles_Tables
Intangibles (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Intangibles [Abstract] | ' | ||||||||||||
Schedule Of Intangible Assets | ' | ||||||||||||
Intangible assets consist of the following (in thousands): | |||||||||||||
Weighted Average | June 30, | June 30, | |||||||||||
Remaining | 2014 | 2013 | |||||||||||
Useful Life | |||||||||||||
Cost of amortizable intangibles: | |||||||||||||
Purchased technology | 0.0 years | $ | 7,700 | $ | 7,700 | ||||||||
Customer relationships | 2.3 years | 1,900 | 1,900 | ||||||||||
Patents | 12.9 years | 101 | 78 | ||||||||||
Total cost of intangibles | 9,701 | 9,678 | |||||||||||
Less accumulated amortization: | |||||||||||||
Purchased technology | (7,700 | ) | (7,497 | ) | |||||||||
Customer relationships | (1,506 | ) | (1,334 | ) | |||||||||
Patents | (19 | ) | (13 | ) | |||||||||
Total accumulated amortization | (9,225 | ) | (8,844 | ) | |||||||||
Total intangible assets, net | $ | 476 | $ | 834 | |||||||||
Amortization Expense Related To Intangible Assets | ' | ||||||||||||
The estimated amortization expense related to intangible assets for the next five fiscal years is (in thousands): | |||||||||||||
Fiscal year: | |||||||||||||
2015 | $ | 181 | |||||||||||
2016 | 181 | ||||||||||||
2017 | 56 | ||||||||||||
2018 | 7 | ||||||||||||
2019 | 7 | ||||||||||||
$ | 432 |
Accounts_Payable_And_Accrued_E1
Accounts Payable And Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounts Payable And Accrued Expenses [Abstract] | ' | ||||||||
Components Of Accounts Payable And Accrued Expenses | ' | ||||||||
Accounts payable and accrued expenses consist of the following: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||
Accounts payable, trade | $ | 1,838 | $ | 2,075 | |||||
Accrued payroll, vacation and other employee expenses | 4,331 | 4,298 | |||||||
Accrued income taxes | 221 | 130 | |||||||
Dividend payable | 67 | 94 | |||||||
Other accrued expenses | 1,134 | 1,074 | |||||||
$ | 7,591 | $ | 7,671 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Income Taxes [Abstract] | ' | ||||||||||||
Components Of Income (Loss) Before Provision For Income Taxes | ' | ||||||||||||
The domestic and foreign components of income (loss) before provision for income taxes are as follows: | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
United States | $ | 3,930 | $ | 4,979 | $ | (2,406 | ) | ||||||
Foreign | 1,167 | (362 | ) | 170 | |||||||||
$ | 5,097 | $ | 4,617 | $ | (2,236 | ) | |||||||
Components Of The Provision For Income Taxes | ' | ||||||||||||
The components of the provision for income taxes are as follows: | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Current: | |||||||||||||
Federal | $ | 78 | $ | 128 | $ | 20 | |||||||
State | 28 | 151 | (11 | ) | |||||||||
Foreign | 438 | 90 | 707 | ||||||||||
Total | 544 | 369 | 716 | ||||||||||
Deferred: | |||||||||||||
Federal | (12,338 | ) | - | - | |||||||||
State | (1,361 | ) | - | - | |||||||||
Foreign | (253 | ) | - | (65 | ) | ||||||||
Total | (13,952 | ) | - | (65 | ) | ||||||||
Total | $ | (13,408 | ) | $ | 369 | $ | 651 | ||||||
Schedule Of Reconciliation Of The Income Tax Expense (Benefit) Computed Using The Federal Statutory Income Tax Rate To The Provision For Income Taxes | ' | ||||||||||||
A reconciliation of the income tax expense (benefit) computed using the federal statutory income tax rate to our provision for income taxes is as follows: | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(Dollars in thousands) | |||||||||||||
Income (loss) before provision for income taxes | $ | 5,097 | $ | 4,617 | $ | (2,236 | ) | ||||||
Provision (benefit) at Federal statutory rate | 1,733 | 1,570 | (760 | ) | |||||||||
Change in valuation allowance | (15,859 | ) | (5,444 | ) | 452 | ||||||||
Permanent differences | 350 | 22 | 82 | ||||||||||
Net operating loss expiration and true-up | 13 | 4,801 | 700 | ||||||||||
Change in state tax rates | (21 | ) | - | - | |||||||||
Change in foreign tax rates | 43 | - | 49 | ||||||||||
Change in uncertain tax positions | 21 | 16 | (313 | ) | |||||||||
UK refundable research and development tax credits | - | - | 281 | ||||||||||
Foreign rate differential | (40 | ) | 23 | 175 | |||||||||
State and foreign tax expense | 145 | 194 | (5 | ) | |||||||||
Stock option classification change due to repricing | - | (653 | ) | - | |||||||||
Other | 207 | (160 | ) | (10 | ) | ||||||||
Provision for income taxes | $ | (13,408 | ) | $ | 369 | $ | 651 | ||||||
Schedule Of Deferred Tax Assets And Liabilities | ' | ||||||||||||
As of June 30, 2014 and 2013, our deferred tax assets and liabilities were comprised of the following: | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Deferred tax assets related to: | |||||||||||||
U.S. and foreign net operating loss carryforwards | $ | 43,230 | $ | 44,123 | |||||||||
Book and tax basis differences for property and equipment | 563 | 448 | |||||||||||
Bad debt, warranty and inventory reserves | 707 | 804 | |||||||||||
Accrued compensation | 944 | 898 | |||||||||||
Deferred revenue | 596 | 1,112 | |||||||||||
U.S. credit carryforwards | 549 | 459 | |||||||||||
Stock compensation | 992 | 1,245 | |||||||||||
Other | 1,076 | 1,030 | |||||||||||
Deferred tax assets | 48,657 | 50,119 | |||||||||||
Valuation allowance | (33,851 | ) | (49,119 | ) | |||||||||
Total deferred tax assets | 14,806 | 1,000 | |||||||||||
Deferred tax liabilities related to: | |||||||||||||
Acquired intangibles | 117 | 245 | |||||||||||
Total deferred tax liability | 117 | 245 | |||||||||||
Deferred income taxes, net | $ | 14,689 | $ | 755 | |||||||||
Schedule Of Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (dollars in thousands): | |||||||||||||
Balance at June 30, 2012 | $ | 154 | |||||||||||
Additions based on tax positions related to the current year | - | ||||||||||||
Additions for tax positions of prior years | - | ||||||||||||
Reductions for tax positions for prior year | - | ||||||||||||
Reductions for lapse in statute of limitations | - | ||||||||||||
Settlements | - | ||||||||||||
Balance at June 30, 2013 | 154 | ||||||||||||
Additions based on tax positions related to the current year | - | ||||||||||||
Additions for tax positions of prior years | 143 | ||||||||||||
Reductions for tax positions for prior year | - | ||||||||||||
Reductions for lapse in statute of limitations | - | ||||||||||||
Settlements | - | ||||||||||||
Balance at June 30, 2014 | $ | 297 |
Pensions_And_Other_Postretirem1
Pensions And Other Postretirement Benefits (Tables) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Pensions And Other Postretirement Benefits [Abstract] | ' | ||||||||||||||||||||
Schedule Of Obligations And Funded Status | ' | ||||||||||||||||||||
A reconciliation of the changes in the plans’ benefit obligations and fair value of plan assets over the two-year period ended June 30, 2014, and a statement of the funded status at June 30, 2014 for these years for our pension plans is as follows: | |||||||||||||||||||||
Obligations and Funded Status | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||
Benefit obligation at beginning of year | $ | 4,967 | $ | 4,652 | |||||||||||||||||
Service cost | - | 3 | |||||||||||||||||||
Interest cost | 174 | 189 | |||||||||||||||||||
Actuarial (gain) loss | 460 | 136 | |||||||||||||||||||
Foreign currency exchange rate change | 238 | 212 | |||||||||||||||||||
Benefits paid | (272 | ) | (225 | ) | |||||||||||||||||
Benefit obligation at end of year | $ | 5,567 | $ | 4,967 | |||||||||||||||||
Change in plan assets: | |||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 2,052 | $ | 2,097 | |||||||||||||||||
Actual return on plan assets | 67 | 37 | |||||||||||||||||||
Employer contributions | 24 | 32 | |||||||||||||||||||
Benefits paid | (255 | ) | (209 | ) | |||||||||||||||||
Foreign currency exchange rate change | 96 | 95 | |||||||||||||||||||
Fair value of plan assets at end of year | $ | 1,984 | $ | 2,052 | |||||||||||||||||
Funded status at end of year | $ | (3,583 | ) | $ | (2,915 | ) | |||||||||||||||
Schedule Of Amounts Recognized In The Consolidated Balance Sheets | ' | ||||||||||||||||||||
Amounts Recognized in the Consolidated Balance Sheets | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Pension liability - current liabilities | $ | (17 | ) | $ | (14 | ) | |||||||||||||||
Pension liability - non-current liabilities | (3,566 | ) | (2,901 | ) | |||||||||||||||||
Total pension liability | $ | (3,583 | ) | $ | (2,915 | ) | |||||||||||||||
Accumulated other comprehensive loss | $ | 1,246 | $ | 773 | |||||||||||||||||
Schedule Of Amounts Recognized In Other Comprehensive Income | ' | ||||||||||||||||||||
Items not yet recognized as a component of net periodic pension cost (dollars in thousands): | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Net loss | $ | 1,246 | $ | 773 | |||||||||||||||||
$ | 1,246 | $ | 773 | ||||||||||||||||||
Schedule of Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets | ' | ||||||||||||||||||||
Information for Pension Plans with an Accumulated Benefit Obligation in Excess of Plan Assets | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Projected benefit obligation | $ | 5,567 | $ | 4,967 | |||||||||||||||||
Accumulated benefit obligation | 5,567 | 4,967 | |||||||||||||||||||
Fair value of plan assets | 1,984 | 2,052 | |||||||||||||||||||
Schedule Of Components Of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Income | ' | ||||||||||||||||||||
Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income | |||||||||||||||||||||
Year ended June 30, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Net Periodic Benefit Cost | |||||||||||||||||||||
Service cost | $ | - | $ | 3 | $ | 13 | |||||||||||||||
Interest cost | 174 | 189 | 221 | ||||||||||||||||||
Expected return on plan assets | (61 | ) | (73 | ) | (93 | ) | |||||||||||||||
Recognized actuarial loss | 19 | 8 | - | ||||||||||||||||||
Amortization of unrecognized net transition amount | - | - | (1 | ) | |||||||||||||||||
Net periodic benefit cost | $ | 132 | $ | 127 | $ | 140 | |||||||||||||||
Schedule Of Assumptions | ' | ||||||||||||||||||||
Assumptions | |||||||||||||||||||||
The following table sets forth the assumptions used to determine benefit obligations: | |||||||||||||||||||||
June 30, | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Discount rate | 2.65 | % | 3.43 | % | |||||||||||||||||
Expected return on plan assets | 3.5 | % | 3 | % | |||||||||||||||||
Compensation increase rate | 0 | % | 0 | % | |||||||||||||||||
The following table sets forth the assumptions used to determine net periodic benefit cost: | |||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
Discount rate | 3.43 | % | 4 | % | 5.1 | % | |||||||||||||||
Expected return on plan assets | 3 | % | 3.5 | % | 4 | % | |||||||||||||||
Compensation increase rate | 0 | % | 0 | % | 1 | % | |||||||||||||||
Schedule Of Plan Assets | ' | ||||||||||||||||||||
Plan Assets | |||||||||||||||||||||
The following table sets forth, by level within the fair value hierarchy, a summary of the defined benefit plan’s assets measured at fair value, as well as the percentage of total plan assets for each category at June 30, 2014: | |||||||||||||||||||||
Percentage of | |||||||||||||||||||||
Total | Plan Assets | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Assets | 2014 | |||||||||||||||||
Asset Category: | |||||||||||||||||||||
Cash and cash equivalents | $ | 136 | $ | - | $ | - | $ | 136 | 6.9 | % | |||||||||||
Equity securities | - | 734 | - | 734 | 37.1 | % | |||||||||||||||
Debt securities | - | 409 | - | 409 | 20.6 | % | |||||||||||||||
Cash surrender value insurance contracts | - | 701 | - | 701 | 35.4 | % | |||||||||||||||
Other | 4 | - | - | 4 | 0.1 | % | |||||||||||||||
Totals | $ | 140 | $ | 1,844 | $ | - | $ | 1,984 | 100 | % | |||||||||||
The following table sets forth, by level within the fair value hierarchy, a summary of the defined benefit plan’s assets measured at fair value, as well as the percentage of total plan assets for each category at June 30, 2013: | |||||||||||||||||||||
Percentage of | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Plan Assets | |||||||||||||||||
Assets | 2013 | ||||||||||||||||||||
Asset Category: | |||||||||||||||||||||
Cash and cash equivalents | $ | 73 | $ | - | $ | - | $ | 73 | 3.5 | % | |||||||||||
Equity securities | - | 611 | - | 611 | 29.8 | % | |||||||||||||||
Debt securities | 541 | - | 541 | 26.4 | % | ||||||||||||||||
Cash surrender value insurance contracts | - | 818 | - | 818 | 39.9 | % | |||||||||||||||
Other | 9 | - | - | 9 | 0.4 | % | |||||||||||||||
Totals | $ | 82 | $ | 1,970 | $ | - | $ | 2,052 | 100 | % | |||||||||||
Schedule Of Estimated Future Benefit Payments | ' | ||||||||||||||||||||
Estimated Future Benefit Payments | |||||||||||||||||||||
The benefit payments, which reflect expected future service, as appropriate, are expected to be paid (dollars in thousands) for each of the following years: | |||||||||||||||||||||
Pension | |||||||||||||||||||||
Benefits | |||||||||||||||||||||
2015 | $ | 289 | |||||||||||||||||||
2016 | 316 | ||||||||||||||||||||
2017 | 314 | ||||||||||||||||||||
2018 | 318 | ||||||||||||||||||||
2019 | 315 | ||||||||||||||||||||
2020 - 2024 | 1,529 | ||||||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Segment Information [Abstract] | ' | ||||||||||||
Summary of Revenues by Geographic Area | ' | ||||||||||||
A summary of our revenue by geographic area is as follows (in thousands): | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | 40,993 | $ | 38,973 | $ | 30,204 | |||||||
Canada | 5,746 | 6,868 | 4,393 | ||||||||||
Total North America | 46,739 | 45,841 | 34,597 | ||||||||||
Japan | 11,161 | 10,079 | 17,015 | ||||||||||
Other Asia Pacific countries | 3,193 | 2,355 | 2,366 | ||||||||||
Total Asia Pacific | 14,354 | 12,434 | 19,381 | ||||||||||
Europe | 9,964 | 5,165 | 6,221 | ||||||||||
South America | 114 | 4 | 98 | ||||||||||
Total revenue | $ | 71,171 | $ | 63,444 | $ | 60,297 | |||||||
Summary Of Long Lived Assets | ' | ||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
(Dollars in thousands) | |||||||||||||
Long lived assets: | |||||||||||||
United States | $ | 15,543 | $ | 2,622 | |||||||||
Europe | 543 | 370 | |||||||||||
Japan | 806 | 750 | |||||||||||
Asia/Pacific - other | 55 | 97 | |||||||||||
Total | $ | 16,947 | $ | 3,839 |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||||
Summary Of Share Based Compensation Expense Allocation | ' | ||||||||||||||||||||||
We recorded share-based compensation related to issuance of stock options and restricted stock to employees, board members, and non-employees, as follows (amounts in thousands of dollars): | |||||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||
Share-based compensation expense included in the | |||||||||||||||||||||||
Statement of Operations: | |||||||||||||||||||||||
Cost of sales | $ | 56 | $ | 55 | $ | 55 | |||||||||||||||||
Sales and marketing | 176 | 165 | 133 | ||||||||||||||||||||
Research and development | 150 | 128 | 102 | ||||||||||||||||||||
General and administrative | 748 | 500 | 426 | ||||||||||||||||||||
Total | 1,130 | 848 | 716 | ||||||||||||||||||||
Tax benefit | - | - | - | ||||||||||||||||||||
Share-based compensation expense, net of taxes | $ | 1,130 | $ | 848 | $ | 716 | |||||||||||||||||
Summary Of Option Activity | ' | ||||||||||||||||||||||
A summary of option activity under the plans as of June 30, 2014, and changes during the year is presented below: | |||||||||||||||||||||||
Options | Shares | Weighted | Weighted | Aggregate | |||||||||||||||||||
Average | Average | Intrinsic | |||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||
Term (Years) | |||||||||||||||||||||||
Outstanding as of July 1, 2013 | 201,082 | $ | 13.27 | ||||||||||||||||||||
Granted | - | - | |||||||||||||||||||||
Exercised | - | - | |||||||||||||||||||||
Forfeited or expired | (17,765 | ) | 37.52 | ||||||||||||||||||||
Outstanding as of June 30, 2014 | 183,317 | $ | 10.92 | 3.11 | $ | 70,800 | |||||||||||||||||
Vested at June 30, 2014 | 183,317 | $ | 10.92 | 3.11 | $ | 70,800 | |||||||||||||||||
Exercisable at June 30, 2014 | 183,317 | $ | 10.92 | 3.11 | $ | 70,800 | |||||||||||||||||
Stock Options Outstanding And Exercisable | ' | ||||||||||||||||||||||
The following table summarizes information about stock options outstanding and exercisable at June 30, 2014: | |||||||||||||||||||||||
Outstanding Options | Options Exercisable | ||||||||||||||||||||||
Weighted | |||||||||||||||||||||||
Average | Weighted | Weighted | |||||||||||||||||||||
Range of | Remaining | Average | Average | ||||||||||||||||||||
Exercise | Contractual | June 30, | Exercise | June 30, | Exercise | ||||||||||||||||||
Prices | Life (Years) | 2014 | Price | 2014 | Price | ||||||||||||||||||
$ | 5.9 | 4.09 | 20,000 | $ | 5.9 | 20,000 | $ | 5.9 | |||||||||||||||
$ | 6.8 | 3.81 | 60,000 | $ | 6.8 | 60,000 | $ | 6.8 | |||||||||||||||
$ | 11.10 - $13.00 | 2.53 | 35,625 | $ | 12.74 | 35,625 | $ | 12.74 | |||||||||||||||
$ | 13.5 | 3.14 | 37,502 | $ | 13.5 | 37,502 | $ | 13.5 | |||||||||||||||
$ | 14.70 - $21.00 | 1.71 | 30,190 | $ | 17.08 | 30,190 | $ | 17.08 | |||||||||||||||
$ | 5.90 - $21.00 | 3.11 | 183,317 | $ | 10.92 | 183,317 | $ | 10.92 | |||||||||||||||
Service-Based Restricted Shares [Member] | ' | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||||
Summary Of Activity Of Restricted Shares | ' | ||||||||||||||||||||||
A summary of the activity of our service condition restricted shares during our fiscal year 2014 is presented below: | |||||||||||||||||||||||
Weighted | |||||||||||||||||||||||
Average | |||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||
Restricted Stock Awards | Shares | Fair Value | |||||||||||||||||||||
Non-vested at July 1, 2013 | 225,064 | $ | 4.91 | ||||||||||||||||||||
Granted | 85,000 | 7.69 | |||||||||||||||||||||
Vested | (113,955 | ) | 5.01 | ||||||||||||||||||||
Forfeited | (12,475 | ) | 5.71 | ||||||||||||||||||||
Non-vested at June 30, 2014 | 183,634 | $ | 6.08 | ||||||||||||||||||||
Performance-Based Restricted Shares [Member] | ' | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||||
Summary Of Activity Of Restricted Shares | ' | ||||||||||||||||||||||
A summary of the activity of our PSAs during fiscal year 2014 is presented below: | |||||||||||||||||||||||
Weighted | |||||||||||||||||||||||
Average | |||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||
Performance Stock Awards | Shares | Fair Value | |||||||||||||||||||||
Non-vested at July 1, 2013 | 231,012 | $ | 3.66 | ||||||||||||||||||||
Granted | 40,000 | 7.86 | |||||||||||||||||||||
Vested | (92,166 | ) | 3.52 | ||||||||||||||||||||
Forfeited | (62,934 | ) | 2.9 | ||||||||||||||||||||
Non-vested at June 30, 2014 | 115,912 | $ | 5.59 |
Concentration_of_Risk_Tables
Concentration of Risk (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Concentration of Risk [Abstract] | ' | ||||||||||||
Summary Of Revenues By Significant Customers | ' | ||||||||||||
In addition, the following summarizes revenues by significant customer where such revenue exceeded 10% of total revenues for any one of the indicated periods: | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Customer A | 13% | 12% | <10% | ||||||||||
Customer B | 13% | 12% | <10% | ||||||||||
Customer C | <10% | <10% | 20% | ||||||||||
Summary Of Significant Accounts Receivable | ' | ||||||||||||
The following summarizes accounts receivable by significant customer where such account receivables exceeded 10% of total accounts receivables for any one of the indicated periods: | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Customer D | 15% | <10% | |||||||||||
Customer E | 12% | <10% | |||||||||||
Customer F | 11% | <10% | |||||||||||
Customer B | <10% | 19% | |||||||||||
Summary Of Purchases By Significant Vendor | ' | ||||||||||||
The following summarizes purchases from significant vendors where such purchases accounted for 10%, or more, of total purchases for any one of the indicated periods: | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Vendor A | 23% | 24% | 28% | ||||||||||
Vendor B | 18% | 16% | <10% | ||||||||||
Vendor C | 13% | <10% | <10% | ||||||||||
Quarterly_Consolidated_Financi1
Quarterly Consolidated Financial Information (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Quarterly Consolidated Financial Information [Abstract] | ' | ||||||||||||||||
Schedule Of Quarterly Consolidated Financial Information | ' | ||||||||||||||||
The following is a summary of quarterly financial results for the fiscal years ended June 30, 2014 and 2013: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||
2013 | 2013 | 2014 | 2014 | ||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
2014 | |||||||||||||||||
Net sales | $ | 17,198 | $ | 17,837 | $ | 18,278 | $ | 17,858 | |||||||||
Gross margin | $ | 9,502 | $ | 9,956 | $ | 10,248 | $ | 10,707 | |||||||||
Operating income | $ | 800 | $ | 1,133 | $ | 1,260 | $ | 2,107 | |||||||||
Net income | $ | 734 | $ | 1,089 | $ | 1,082 | $ | 15,600 | |||||||||
Net income per share-basic | $ | 0.08 | $ | 0.12 | $ | 0.12 | $ | 1.75 | |||||||||
Net income per share-diluted | $ | 0.08 | $ | 0.12 | $ | 0.12 | $ | 1.72 | |||||||||
Three Months Ended | |||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||
2012 | 2012 | 2013 | 2013 | ||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||
2013 | |||||||||||||||||
Net sales | $ | 15,004 | $ | 16,589 | $ | 16,927 | $ | 14,924 | |||||||||
Gross margin | $ | 8,812 | $ | 9,543 | $ | 10,000 | $ | 8,482 | |||||||||
Operating income | $ | 413 | $ | 876 | $ | 1,233 | $ | 2,513 | |||||||||
Net income | $ | 325 | $ | 673 | $ | 937 | $ | 2,313 | |||||||||
Net income per share-basic | $ | 0.04 | $ | 0.08 | $ | 0.11 | $ | 0.26 | |||||||||
Net income per share-diluted | $ | 0.04 | $ | 0.08 | $ | 0.11 | $ | 0.26 | |||||||||
Dividends_Tables
Dividends (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Dividends [Abstract] | ' | ||||||||||||
Summary of Dividend Activity | ' | ||||||||||||
All cash dividends were declared on common stock during fiscal year 2014, as summarized in the following table: | |||||||||||||
Record | Payment | Dividend | |||||||||||
Date | Date | Type | Per Share | Total | |||||||||
16-Sep-13 | 30-Sep-13 | Quarterly | $ | 0.12 | $ | 1,108,000 | |||||||
13-Dec-13 | 27-Dec-13 | Quarterly | $ | 0.12 | $ | 1,111,000 | |||||||
14-Mar-14 | 28-Mar-14 | Quarterly | $ | 0.12 | $ | 1,111,000 | |||||||
13-Jun-14 | 27-Jun-14 | Quarterly | $ | 0.12 | $ | 1,111,000 | |||||||
Total | $ | 4,441,000 |
Commitments_And_Contingencies_
Commitments And Contingencies (Tables) | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Commitments And Contingencies [Abstract] | ' | ||||
Schedule Of Minimum Lease Payments | ' | ||||
At June 30, 2014, future minimum lease payments for the fiscal years ending June 30 are as follows (dollars in thousands): | |||||
2015 | $ | 1,913 | |||
2016 | 1,447 | ||||
2017 | 569 | ||||
2018 | 9 | ||||
2019 | - | ||||
2020 and thereafter | - | ||||
$ | 3,938 | ||||
Customers Sued By Following Companies | ' | ||||
We enter into agreements in the ordinary course of business with customers that often require us to defend and/or indemnify the customer against intellectual property infringement claims brought by a third party with respect to our products. For example, we were notified that certain of our customers have settled with or been sued by the following companies, in the noted jurisdictions, regarding the listed patents: | |||||
Asserting Party | Jurisdiction | Patents at Issue | |||
Constellation Technologies, LLC | U.S. District Court Eastern | U.S. Patent Nos. 6,128,649, | |||
District of Texas | 6,901,048, 7,154,879 and 6,845,389 | ||||
Trans Video Electronics Ltd. | U.S. District Court of Delaware | U.S. Patent Nos. 5,594,936 and | |||
5,991,801 | |||||
Broadband iTV, Inc. | U.S. District Court of Hawaii | U.S. Patent No. 7,361,336 | |||
LVL Patent Group | U.S. District Court of Delaware | U.S. Patent No. 6,044,382 | |||
U.S. District Court Eastern District of Pennsylvania | U.S. Patent Nos. 6,754,907 and | ||||
Sprint Communications Company, L.P. | 6,757,907 | ||||
U.S. District Court Eastern | U.S. Patent No. 5,877,755 | ||||
FutureVision.com LLC | District of Texas | ||||
Overview_of_the_Business_Detai
Overview of the Business (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Segment | |
Overview of the Business [Abstract] | ' |
Number of reportable segments | 2 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Losses on foreign currency transactions | ' | ' | ' | ' | ' | ' | ' | ' | ($257,000) | ($348,000) | ($116,000) | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days in delivery period following sale of system | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' |
Antidilutive securities excluded from earnings per share (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 111,000 | 232,000 | 502,000 | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 15,600,000 | 1,082,000 | 1,089,000 | 734,000 | 2,313,000 | 937,000 | 673,000 | 325,000 | 18,505,000 | 4,248,000 | -2,887,000 | ' |
Basic weighted average number of shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 8,911,000 | 8,736,000 | 8,602,000 | ' |
Diluted weighted average number of shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 9,086,000 | 8,910,000 | 8,602,000 | ' |
Basic EPS (in dollars per share) | $1.75 | $0.12 | $0.12 | $0.08 | $0.26 | $0.11 | $0.08 | $0.04 | $2.08 | $0.49 | ($0.34) | ' |
Diluted EPS (in dollars per share) | $1.72 | $0.12 | $0.12 | $0.08 | $0.26 | $0.11 | $0.08 | $0.04 | $2.04 | $0.48 | ($0.34) | ' |
Fair Value By Asset Class [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 28,074,000 | ' | ' | ' | 27,927,000 | ' | ' | ' | 28,074,000 | 27,927,000 | 29,613,000 | 27,814,000 |
Total compensation costs related to unvested options and restricted stock not yet expensed | 668,762 | ' | ' | ' | ' | ' | ' | ' | 668,762 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months | ' | ' | ' |
Recurring Basis [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value By Asset Class [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | 18,037,000 | ' | ' | ' | 17,895,000 | ' | ' | ' | 18,037,000 | 17,895,000 | ' | ' |
Money market funds | 10,037,000 | ' | ' | ' | 10,032,000 | ' | ' | ' | 10,037,000 | 10,032,000 | ' | ' |
Cash and cash equivalents | 28,074,000 | ' | ' | ' | 27,927,000 | ' | ' | ' | 28,074,000 | 27,927,000 | ' | ' |
Recurring Basis [Member] | Quoted Prices in Active Markets (Level 1) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value By Asset Class [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | 18,037,000 | ' | ' | ' | 17,895,000 | ' | ' | ' | 18,037,000 | 17,895,000 | ' | ' |
Money market funds | 10,037,000 | ' | ' | ' | 10,032,000 | ' | ' | ' | 10,037,000 | 10,032,000 | ' | ' |
Cash and cash equivalents | 28,074,000 | ' | ' | ' | 27,927,000 | ' | ' | ' | 28,074,000 | 27,927,000 | ' | ' |
Recurring Basis [Member] | Observable Inputs (Level 2) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value By Asset Class [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Money market funds | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Cash and cash equivalents | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Recurring Basis [Member] | Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value By Asset Class [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Money market funds | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Cash and cash equivalents | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' | ' |
Employee Stock Option [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 14,000 | 0 | 0 | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of dilutive securities (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 161,000 | 174,000 | 0 | ' |
Fair Value By Asset Class [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total compensation costs related to unvested options and restricted stock not yet expensed | $668,762 | ' | ' | ' | ' | ' | ' | ' | $668,762 | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful lives of assets | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' |
Maintenance Period | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful lives of assets | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Maintenance Period | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventories [Abstract] | ' | ' |
Raw materials | $1,265 | $1,091 |
Work-in-process | 319 | 298 |
Finished goods | 1,688 | 1,455 |
Total inventory | $3,272 | $2,844 |
Property_and_Equipment_net_Det
Property and Equipment, net (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Leasehold improvements | $2,807,000 | $2,641,000 | ' |
Machinery, equipment and customer support spares | 18,085,000 | 17,763,000 | ' |
Property, plant and equipment, gross | 20,892,000 | 20,404,000 | ' |
Less: Accumulated depreciation | -17,811,000 | -17,302,000 | ' |
Property, plant and equipment, total | 3,081,000 | 3,102,000 | ' |
Depreciation expense for property, plant and equipment | 1,941,000 | 2,254,000 | 2,811,000 |
Net book value | 0 | 0 | ' |
Asset retirement obligation [Roll Forward] | ' | ' | ' |
Asset retirement obligation, June 30, 2013 | 428,000 | ' | ' |
Accretion of asset retirement obligation | 1,000 | ' | ' |
Payment of restoration costs | -6,000 | ' | ' |
Impact of foreign exchange rates | -10,000 | ' | ' |
Asset retirement obligation, June 30, 2014 | $413,000 | $428,000 | ' |
Intangibles_Details
Intangibles (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Total cost of intangibles | $9,701,000 | $9,678,000 | ' |
Total accumulated amortization | -9,225,000 | -8,844,000 | ' |
Total intangible assets, net | 476,000 | 834,000 | ' |
Amortization expense | 381,000 | 904,000 | 904,000 |
Estimated amortization expense related to intangible assets [Abstract] | ' | ' | ' |
2015 | 181,000 | ' | ' |
2016 | 181,000 | ' | ' |
2017 | 56,000 | ' | ' |
2018 | 7,000 | ' | ' |
2019 | 7,000 | ' | ' |
Total intangible assets, net | 432,000 | ' | ' |
Purchased Technology [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Total cost of intangibles | 7,700,000 | 7,700,000 | ' |
Total accumulated amortization | -7,700,000 | -7,497,000 | ' |
Weighted Average Remaining Useful Life | '0 years | ' | ' |
Customer Relationships [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Total cost of intangibles | 1,900,000 | 1,900,000 | ' |
Total accumulated amortization | -1,506,000 | -1,334,000 | ' |
Weighted Average Remaining Useful Life | '2 years 3 months 18 days | ' | ' |
Patents [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Total cost of intangibles | 101,000 | 78,000 | ' |
Total accumulated amortization | ($19,000) | ($13,000) | ' |
Weighted Average Remaining Useful Life | '12 years 10 months 24 days | ' | ' |
Accounts_Payable_And_Accrued_E2
Accounts Payable And Accrued Expenses (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Accounts Payable And Accrued Expenses [Abstract] | ' | ' |
Accounts payable, trade | $1,838,000 | $2,075,000 |
Accrued payroll, vacation and other employee expenses | 4,331,000 | 4,298,000 |
Accrued income taxes | 221,000 | 130,000 |
Dividends payable | 67,000 | 94,000 |
Other accrued expenses | 1,134,000 | 1,074,000 |
Total accounts payable and accrued expenses | $7,591,000 | $7,671,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Components of income (loss) before provision for income taxes [Abstract] | ' | ' | ' | ' |
United States | $3,930,000 | $4,979,000 | ($2,406,000) | ' |
Foreign | 1,167,000 | -362,000 | 170,000 | ' |
Income (loss) before provision for income taxes | 5,097,000 | 4,617,000 | -2,236,000 | ' |
Current [Abstract] | ' | ' | ' | ' |
Federal | 78,000 | 128,000 | 20,000 | ' |
State | 28,000 | 151,000 | -11,000 | ' |
Foreign | 438,000 | 90,000 | 707,000 | ' |
Total, Current | 544,000 | 369,000 | 716,000 | ' |
Deferred [Abstract] | ' | ' | ' | ' |
Federal | -12,338,000 | 0 | 0 | ' |
State | -1,361,000 | 0 | 0 | ' |
Foreign | -253,000 | 0 | -65,000 | ' |
Total, Deferred | -13,952,000 | 0 | -65,000 | ' |
Provision for income taxes | -13,408,000 | 369,000 | 651,000 | ' |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ' | ' | ' | ' |
Income (loss) before provision for income taxes | 5,097,000 | 4,617,000 | -2,236,000 | ' |
Provision (benefit) at Federal statutory rate | 1,733,000 | 1,570,000 | -760,000 | ' |
Change in valuation allowance | -15,859,000 | -5,444,000 | 452,000 | ' |
Permanent differences | 350,000 | 22,000 | 82,000 | ' |
Net operating loss expiration and true-up | 13,000 | 4,801,000 | 700,000 | ' |
Change in state tax rates | -21,000 | 0 | 0 | ' |
Change in foreign tax rates | 43,000 | 0 | 49,000 | ' |
Change in uncertain tax positions | 21,000 | 16,000 | -313,000 | ' |
UK refundable research and development tax credits | 0 | 0 | 281,000 | ' |
Foreign rate differential | -40,000 | 23,000 | 175,000 | ' |
State and foreign tax expense | 145,000 | 194,000 | -5,000 | ' |
Stock option classification change due to repricing | 0 | -653,000 | 0 | ' |
Other | 207,000 | -160,000 | -10,000 | ' |
Provision for income taxes | -13,408,000 | 369,000 | 651,000 | ' |
Deferred tax assets related to [Abstract] | ' | ' | ' | ' |
U.S. and foreign net operating loss carryforwards | 43,230,000 | 44,123,000 | ' | ' |
Book and tax basis differences for property and equipment | 563,000 | 448,000 | ' | ' |
Bad debt, warranty and inventory reserves | 707,000 | 804,000 | ' | ' |
Accrued compensation | 944,000 | 898,000 | ' | ' |
Deferred revenue | 596,000 | 1,112,000 | ' | ' |
U.S. credit carryforwards | 549,000 | 459,000 | ' | ' |
Stock compensation | 992,000 | 1,245,000 | ' | ' |
Other | 1,076,000 | 1,030,000 | ' | ' |
Deferred tax assets | 48,657,000 | 50,119,000 | ' | ' |
Valuation allowance | -33,851,000 | -49,119,000 | ' | ' |
Total deferred tax assets | 14,806,000 | 1,000,000 | ' | ' |
Deferred tax liabilities related to [Abstract] | ' | ' | ' | ' |
Acquired intangibles | 117,000 | 245,000 | ' | ' |
Total deferred tax liabilities | 117,000 | 245,000 | ' | ' |
Deferred income taxes, net | 14,689,000 | 755,000 | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Deferred tax assets, current | 1,458,000 | 618,000 | ' | ' |
Deferred tax assets, noncurrent | 13,231,000 | 137,000 | ' | ' |
U.S. Federal net operating loss carryforwards, income tax purposes | 94,323,000 | ' | ' | ' |
Net operating loss carryforwards, amount to expire | 0 | ' | ' | ' |
Alternative minimum tax credit | 377,000 | ' | ' | ' |
Alternative minimum tax as percentage of earnings before income taxes, and state taxes in various jusrisdictions (in hundredths) | 2.00% | ' | ' | ' |
Research and development credit carryforward | 140,000 | ' | ' | ' |
U.S. Federal Tax net operating loss carryforwards | 94,323,000 | ' | ' | ' |
Net operating loss | 11,000,000 | ' | ' | ' |
Research and development credits | 140,000 | ' | ' | ' |
Cash and cash equivalents | 28,074,000 | 27,927,000 | 29,613,000 | 27,814,000 |
Valuation allowances for deferred tax assets | 33,851,000 | 49,119,000 | ' | ' |
Change in valuation allowance | 15,268,000 | ' | ' | ' |
Decrease due to release of valuation allowance, deferred tax asset | 13,913,000 | ' | ' | ' |
Decrease due to creation of deferred tax assets | 1,766,000 | ' | ' | ' |
Decrease due to miscellaneous true-ups of prior year deferred tax amounts | 201,000 | ' | ' | ' |
Increase due to exchange rate changes and the effect of unrealized gains/losses | 590,000 | ' | ' | ' |
Reconciliation of unrecognized tax benefits | ' | ' | ' | ' |
Balance | 154,000 | 154,000 | ' | ' |
Additions based on tax positions related to the current year | 0 | 0 | ' | ' |
Additions for tax positions of prior years | 143,000 | 0 | ' | ' |
Reductions for tax positions of prior year | 0 | 0 | ' | ' |
Reductions for lapse in statute of limitations | 0 | 0 | ' | ' |
Settlements | 0 | 0 | ' | ' |
Balance | 297,000 | 154,000 | 154,000 | ' |
Unrecognized tax benefits | 248,000 | ' | ' | ' |
Interest | 21,000 | ' | ' | ' |
Penalties | 0 | ' | ' | ' |
Accrued interest | 236,000 | 215,000 | ' | ' |
Accrued penalties | 88,000 | 88,000 | ' | ' |
Foreign Subsidiaries [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 2,670,000 | ' | ' | ' |
State [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating loss carryforward | 54,339,000 | ' | ' | ' |
Decrease due to release of valuation allowance, deferred tax asset | 13,699,000 | ' | ' | ' |
Foreign [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating loss carryforward | 32,661,000 | ' | ' | ' |
Decrease due to release of valuation allowance, deferred tax asset | 214,000 | ' | ' | ' |
Increase due to exchange rate changes and the effect of unrealized gains/losses | 22,000 | ' | ' | ' |
Federal [Member] | 2020 [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating loss carryforward | 25,570,000 | ' | ' | ' |
Operating loss carryforward expiration date | 30-Jun-20 | ' | ' | ' |
Federal [Member] | 2021 [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Operating loss carryforward | $18,954,000 | ' | ' | ' |
Operating loss carryforward expiration date | 30-Jun-21 | ' | ' | ' |
Research And Development [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Carryforward period | '20 years | ' | ' | ' |
Pensions_And_Other_Postretirem2
Pensions And Other Postretirement Benefits (Schedule Of Obligations And Funded Status) (Details) (USD $) | 10 Months Ended | 12 Months Ended | 14 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Aug. 20, 2013 | |
Change in Benefit Obligation [Roll Forward] | ' | ' | ' | ' | ' |
Benefit obligation at beginning of year | ' | $4,967,000 | $4,652,000 | ' | 4,652,000 |
Service cost | ' | 0 | 3,000 | 13,000 | ' |
Interest cost | ' | 174,000 | 189,000 | 221,000 | ' |
Actuarial (gain) loss | ' | 460,000 | 136,000 | ' | ' |
Foreign currency exchange rate change | ' | 238,000 | 212,000 | ' | ' |
Benefits paid | ' | -272,000 | -225,000 | ' | ' |
Benefit obligation at end of year | 5,567,000 | 5,567,000 | 4,967,000 | 4,652,000 | ' |
Change in Fair Value of Plan Assets [Roll Forward] | ' | ' | ' | ' | ' |
Fair value of plan assets at beginning of year | ' | 2,052,000 | 2,097,000 | ' | 2,097,000 |
Actual return on plan assets | ' | 67,000 | 37,000 | ' | ' |
Employer contributions | ' | 24,000 | 32,000 | ' | ' |
Benefits paid | ' | -255,000 | -209,000 | ' | ' |
Foreign currency exchange rate change | ' | 96,000 | 95,000 | ' | ' |
Fair value of plan assets at end of year | 1,984,000 | 1,984,000 | 2,052,000 | 2,097,000 | ' |
Funded status at end of year | -3,583,000 | -3,583,000 | -2,915,000 | ' | ' |
United Kingdom Defined Contribution Plan [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Employer contributions | ' | 70,000 | 60,000 | 63,000 | ' |
United States Defined Contribution Plan [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Employer matching contribution (in hundredths) | 50.00% | ' | ' | ' | 25.00% |
Employee contribution subject to employer match (in hundredths) | 5.00% | ' | ' | ' | 5.00% |
Employer contributions | ' | $388,000 | $183,000 | $0 | ' |
Minimum [Member] | United Kingdom Defined Contribution Plan [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Employer matching contribution (in hundredths) | ' | 4.00% | ' | ' | ' |
Maximum [Member] | United Kingdom Defined Contribution Plan [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Employer matching contribution (in hundredths) | ' | 7.00% | ' | ' | ' |
Pensions_And_Other_Postretirem3
Pensions And Other Postretirement Benefits (Schedule Of Amounts Recognized In The Consolidated Balance Sheets) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Pensions And Other Postretirement Benefits [Abstract] | ' | ' |
Pension liability - current liabilities | ($17) | ($14) |
Pension liability - noncurrent liabilities | -3,566 | -2,901 |
Total pension liability | -3,583 | -2,915 |
Accumulated other comprehensive loss | $1,246 | $773 |
Pensions_And_Other_Postretirem4
Pensions And Other Postretirement Benefits (Schedule Of Amounts Recognized In Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Pensions And Other Postretirement Benefits [Abstract] | ' | ' |
Net loss | $1,246 | $773 |
Amounts recognized in OCI | $1,246 | $773 |
Pensions_And_Other_Postretirem5
Pensions And Other Postretirement Benefits (Schedule Of Pension Plans With An Accumulated Benefit Obligation In Excess Of Plan Assets) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
In Thousands, unless otherwise specified | |||
Pensions And Other Postretirement Benefits [Abstract] | ' | ' | ' |
Projected benefit obligation | $5,567 | $4,967 | $4,652 |
Accumulated benefit obligation | 5,567 | 4,967 | ' |
Fair value of plan assets | $1,984 | $2,052 | $2,097 |
Pensions_And_Other_Postretirem6
Pensions And Other Postretirement Benefits, (schedule of Components of Net Periodic Benefit Cost And Other Amounts Recognized In Other Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Pensions And Other Postretirement Benefits [Abstract] | ' | ' | ' |
Service cost | $0 | $3,000 | $13,000 |
Interest cost | 174,000 | 189,000 | 221,000 |
Expected return on plan assets | -61,000 | -73,000 | -93,000 |
Recognized actuarial loss | 19,000 | 8,000 | 0 |
Amortization of unrecognized net transition amount | 0 | 0 | -1,000 |
Net periodic benefit cost | 132,000 | 127,000 | 140,000 |
Amount expected to amortized from AOCI into net periodic benefit cost | $44,000 | ' | ' |
Pensions_And_Other_Postretirem7
Pensions And Other Postretirement Benefits, (Schedule Of Assumptions) (Details) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Assumptions used to determine benefit obligations [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 2.65% | 3.43% | ' |
Expected return on plan assets (in hundredths) | 3.50% | 3.00% | ' |
Compensation increase rate (in hundredths) | 0.00% | 0.00% | ' |
Assumptions used to determine net periodic benefit cost [Abstract] | ' | ' | ' |
Discount rate (in hundredths) | 3.43% | 4.00% | 5.10% |
Expected return on plan assets (in hundredths) | 3.00% | 3.50% | 4.00% |
Compensation increase rate (in hundredths) | 0.00% | 0.00% | 1.00% |
Pensions_And_Other_Postretirem8
Pensions And Other Postretirement Benefits (Schedule Of Plan Assets) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $1,984,000 | $2,052,000 | $2,097,000 |
Percentage of Plan Assets (in hundredths) | 100.00% | 100.00% | ' |
Expected contributions in next fiscal year | 24,000 | ' | ' |
Cash And Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 136,000 | 73,000 | ' |
Percentage of Plan Assets (in hundredths) | 6.90% | 3.50% | ' |
Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 734,000 | 611,000 | ' |
Percentage of Plan Assets (in hundredths) | 37.10% | 29.80% | ' |
Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 409,000 | 541,000 | ' |
Percentage of Plan Assets (in hundredths) | 20.60% | 26.40% | ' |
Cash Surrender Value Insurance Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 701,000 | 818,000 | ' |
Percentage of Plan Assets (in hundredths) | 35.40% | 39.90% | ' |
Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 4,000 | 9,000 | ' |
Percentage of Plan Assets (in hundredths) | 0.10% | 0.40% | ' |
Level 1 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 140,000 | 82,000 | ' |
Level 1 [Member] | Cash And Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 136,000 | 73,000 | ' |
Level 1 [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 1 [Member] | Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 1 [Member] | Cash Surrender Value Insurance Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 1 [Member] | Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 4,000 | 9,000 | ' |
Level 2 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 1,844,000 | 1,970,000 | ' |
Level 2 [Member] | Cash And Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 2 [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 734,000 | 611,000 | ' |
Level 2 [Member] | Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 409,000 | 541,000 | ' |
Level 2 [Member] | Cash Surrender Value Insurance Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 701,000 | 818,000 | ' |
Level 2 [Member] | Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Cash And Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Equity Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Debt Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Cash Surrender Value Insurance Contracts [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 0 | 0 | ' |
Level 3 [Member] | Other [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $0 | $0 | ' |
Pensions_And_Other_Postretirem9
Pensions And Other Postretirement Benefits (Schedule Of Estimated Future Benefit Payments) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Pensions And Other Postretirement Benefits [Abstract] | ' |
2015 | $289 |
2016 | 316 |
2017 | 314 |
2018 | 318 |
2019 | 315 |
2020 - 2024 | $1,529 |
Segment_Information_Details
Segment Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Segment | |||
Segment Information [Abstract] | ' | ' | ' |
Number of operating segments | 2 | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | $71,171 | $63,444 | $60,297 |
Long-lived assets | 16,947 | 3,839 | ' |
United States [Member] | Reportable Geographical Components [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 40,993 | 38,973 | 30,204 |
Long-lived assets | 15,543 | 2,622 | ' |
Canada [Member] | Reportable Geographical Components [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 5,746 | 6,868 | 4,393 |
Total North America [Member] | Reportable Geographical Components [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 46,739 | 45,841 | 34,597 |
Japan [Member] | Reportable Geographical Components [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 11,161 | 10,079 | 17,015 |
Long-lived assets | 806 | 750 | ' |
Other Asia Pacific Countries [Member] | Reportable Geographical Components [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 3,193 | 2,355 | 2,366 |
Long-lived assets | 55 | 97 | ' |
Total Asia Pacific [Member] | Reportable Geographical Components [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 14,354 | 12,434 | 19,381 |
Europe [Member] | Reportable Geographical Components [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | 9,964 | 5,165 | 6,221 |
Long-lived assets | 543 | 370 | ' |
South America [Member] | Reportable Geographical Components [Member] | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Revenue | $114 | $4 | $98 |
ShareBased_Compensation_Summar
Share-Based Compensation (Summary Of Share Based Compensation Expense Allocation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | $1,130 | $848 | $716 |
Tax benefit | 0 | 0 | 0 |
Share-based compensation expense, net of taxes | 1,130 | 848 | 716 |
Authorized amount of shares issued (in shares) | 500,000 | ' | ' |
Shares available for future grants (in shares) | 108,535 | ' | ' |
Annualized forfeiture rate (in hundredths) | 9.00% | 10.00% | ' |
Cost Of Sales [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | 56 | 55 | 55 |
Sales And Marketing [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | 176 | 165 | 133 |
Research And Development [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | 150 | 128 | 102 |
General And Administrative [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Share-based compensation expense | $748 | $500 | $426 |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summary Of Activity Of Restricted Shares) (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Summary of activity of service condition restricted shares [Abstract] | ' | ' |
Options, outstanding (in shares) | 183,317 | 201,082 |
Total compensation cost of options granted but not yet vested | $668,762 | ' |
Weighted average period | '1 year 6 months | ' |
Reduction in the exercise price of outstanding stock options (in dollars per share) | $0.50 | ' |
Restricted Stock [Member] | ' | ' |
Summary of activity of service condition restricted shares [Abstract] | ' | ' |
Granted, Shares (in shares) | 125,000 | ' |
Stock grants in period (in shares) | 125,000 | ' |
Options, outstanding (in shares) | 299,546 | ' |
Total compensation cost of options granted but not yet vested | 668,762 | ' |
Weighted average period | '1 year 6 months | ' |
Service-Based Restricted Shares [Member] | ' | ' |
Summary of activity of service condition restricted shares [Abstract] | ' | ' |
Non-vested, Shares (in shares) | 225,064 | ' |
Granted, Shares (in shares) | 85,000 | ' |
Vested, Shares (in shares) | -113,955 | ' |
Forfeited, Shares (in shares) | -12,475 | ' |
Non-vested, Shares (in shares) | 183,634 | ' |
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $4.91 | ' |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $7.69 | ' |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $5.01 | ' |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $5.71 | ' |
Non-vested at, Weighted Average Grant Date Fair Value (in dollars per share) | $6.08 | ' |
Stock grants in period (in shares) | 85,000 | ' |
Performance-Based Restricted Shares [Member] | ' | ' |
Summary of activity of service condition restricted shares [Abstract] | ' | ' |
Non-vested, Shares (in shares) | 231,012 | ' |
Granted, Shares (in shares) | 40,000 | ' |
Vested, Shares (in shares) | -92,166 | ' |
Forfeited, Shares (in shares) | -62,934 | ' |
Non-vested, Shares (in shares) | 115,912 | ' |
Non-vested, Weighted Average Grant Date Fair Value (in dollars per share) | $3.66 | ' |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $7.86 | ' |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $3.52 | ' |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $2.90 | ' |
Non-vested at, Weighted Average Grant Date Fair Value (in dollars per share) | $5.59 | ' |
Stock grants in period (in shares) | 40,000 | ' |
Performance criteria (in hundredths) | 100.00% | ' |
Minimum [Member] | Restricted Stock [Member] | ' | ' |
Summary of activity of service condition restricted shares [Abstract] | ' | ' |
Vesting period | '3 years | ' |
Maximum [Member] | ' | ' |
Summary of activity of service condition restricted shares [Abstract] | ' | ' |
Additional expense | $1,000 | ' |
Maximum [Member] | Restricted Stock [Member] | ' | ' |
Summary of activity of service condition restricted shares [Abstract] | ' | ' |
Vesting period | '4 years | ' |
ShareBased_Compensation_Summar2
Share-Based Compensation (Summary Of Option Activity) (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Summary of option activity under the plans [Abstract] | ' | ' | ' |
Outstanding as of July 1, 2013, Shares (in shares) | 201,082 | ' | ' |
Outstanding as of July 1, 2013, Weighted-Average Exercise Price (in dollars per share) | $13.27 | ' | ' |
Granted, Shares (in shares) | 0 | ' | ' |
Granted, Weighted-Average Exercise Price (in dollars per share) | $0 | ' | ' |
Exercised, Shares (in shares) | 0 | ' | ' |
Exercised, Weighted-Average Exercise Price (in dollars per share) | $0 | ' | ' |
Forfeited or expired, Shares (in shares) | -17,765 | ' | ' |
Forfeited or expired, Weighted-Average Exercise Price (in dollars per share) | $37.52 | ' | ' |
Outstanding as of June 30, 2014, Shares (in shares) | 183,317 | ' | ' |
Outstanding as of June 30, 2014, Weighted Average Exercise Price (in dollars per share) | $10.92 | ' | ' |
Outstanding as of June 30, 2014, Weighted-Average Remaining Contractual Term (Years) | '3 years 1 month 10 days | ' | ' |
Outstanding as of June 30,2014, Aggregate Intrinsic Value | $70,800 | $86,000 | $0 |
Vested or expected to vest at June 30, 2014, Shares (in shares) | 183,317 | ' | ' |
Vested or expected to vest at June 30,2014, Weighted Average Exercise Price (in dollars per share) | $10.92 | ' | ' |
Vested or expected to vest at June 30, 2014, Weighted-Average Remaining Contractual Term (Years) | '3 years 1 month 10 days | ' | ' |
Vested of expected to vest at June 30, 2014, Aggregate Intrinsic Value | 70,800 | ' | ' |
Exercisable at June 30, 2014, Shares (in shares) | 183,317 | ' | ' |
Exercisable at June 30, 2014, Weighted-Average Exercise Price (in dollars per share) | $10.92 | ' | ' |
Exercisable at June 30, 2014, Weighted-Average Remaining Contractual Term (Years) | '3 years 1 month 10 days | ' | ' |
Exercisable at June 30, 2014, Aggregate Intrinsic Value | $70,800 | $86,000 | $0 |
ShareBased_Compensation_Stock_
Share-Based Compensation (Stock Options Outstanding And Exercisable) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
$5.90 [Member] | $6.80 [Member] | $11.10 - $13.00 [Member] | $13.50 [Member] | $14.70 - $21.00 [Member] | $5.90 - $21.00 [Member] | ||||
Summarizes information about stock options outstanding and exercisable [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Prices, Lower Limit (in dollars per share) | ' | ' | ' | ' | ' | $11.10 | ' | $14.70 | $5.90 |
Exercise Prices, Upper Limit (in dollars per share) | ' | ' | ' | $5.90 | $6.80 | $13 | $13.50 | $21 | $21 |
Weighted Average Remaining Contractual Life, Outstanding Options | ' | ' | ' | '4 years 1 month 2 days | '3 years 9 months 22 days | '2 years 6 months 11 days | '3 years 1 month 20 days | '1 year 8 months 16 days | '3 years 1 month 10 days |
June 30, 2014, Outstanding Options (in shares) | ' | ' | ' | 20,000 | 60,000 | 35,625 | 37,502 | 30,190 | 183,317 |
Weighted Average Exercise Price, Outstanding Options (in dollars per share) | ' | ' | ' | $5.90 | $6.80 | $12.74 | $13.50 | $17.08 | $10.92 |
June 30, 2014, Options Exercisable (in shares) | ' | ' | ' | 20,000 | 60,000 | 35,625 | 37,502 | 30,190 | 183,317 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | ' | ' | ' | $5.90 | $6.80 | $12.74 | $13.50 | $17.08 | $10.92 |
Total intrinsic value of options outstanding | $70,800 | $86,000 | $0 | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercisable | $70,800 | $86,000 | $0 | ' | ' | ' | ' | ' | ' |
Revolving_Credit_Facility_Deta
Revolving Credit Facility (Details) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Revolving Credit Facility [Abstract] | ' |
Revolving credit facility, maximum borrowing capacity | $10,000,000 |
Revolving credit facility, expiration date | 31-Dec-13 |
Period within which no amount drawn against credit line | '3 years |
Gain_on_Sale_of_Intellectual_P1
Gain on Sale of Intellectual Property, net (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Gain on Sale of Intellectual Property, net [Abstract] | ' | ' | ' |
Originally value of intellectual property | ' | $0 | ' |
Proceeds from sale of intellectual property | 0 | 2,750,000 | 0 |
Commissions and legal fees netted against gross proceeds | ' | $369,000 | ' |
Concentration_of_Risk_Details
Concentration of Risk (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | $17,858,000 | $18,278,000 | $17,837,000 | $17,198,000 | $14,924,000 | $16,927,000 | $16,589,000 | $15,004,000 | $71,171,000 | $63,444,000 | $60,297,000 |
Vendor A [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 23.00% | 24.00% | 28.00% |
Vendor B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | 16.00% | ' |
Vendor C [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | ' | ' |
International Sales [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 30,178,000 | 24,474,000 | 30,093,000 |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 42.00% | 39.00% | 50.00% |
Customer A [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | 12.00% | ' |
Customer B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 13.00% | 12.00% | ' |
Customer C [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% |
Accounts Receivable [Member] | Customer B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19.00% | ' |
Accounts Receivable [Member] | Customer D [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' |
Accounts Receivable [Member] | Customer E [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' |
Accounts Receivable [Member] | Customer F [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 11.00% | ' | ' |
Government Contracts Concentration Risk [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | $10,072,000 | $9,573,000 | $8,060,000 |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 14.00% | 15.00% | 13.00% |
Maximum [Member] | Vendor B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% |
Maximum [Member] | Vendor C [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% |
Maximum [Member] | Customer A [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% |
Maximum [Member] | Customer B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% |
Maximum [Member] | Customer C [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | ' |
Maximum [Member] | Accounts Receivable [Member] | Customer B [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' |
Maximum [Member] | Accounts Receivable [Member] | Customer D [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Maximum [Member] | Accounts Receivable [Member] | Customer E [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Maximum [Member] | Accounts Receivable [Member] | Customer F [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Concentration risk (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Quarterly_Consolidated_Financi2
Quarterly Consolidated Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Quarterly Consolidated Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $17,858 | $18,278 | $17,837 | $17,198 | $14,924 | $16,927 | $16,589 | $15,004 | $71,171 | $63,444 | $60,297 |
Gross margin | 10,707 | 10,248 | 9,956 | 9,502 | 8,482 | 10,000 | 9,543 | 8,812 | 40,413 | 36,837 | 34,737 |
Operating income (loss) | 2,107 | 1,260 | 1,133 | 800 | 2,513 | 1,233 | 876 | 413 | 5,300 | 5,035 | -2,046 |
Net income | $15,600 | $1,082 | $1,089 | $734 | $2,313 | $937 | $673 | $325 | $18,505 | $4,248 | ($2,887) |
Net income per share-basic (in dollars per share) | $1.75 | $0.12 | $0.12 | $0.08 | $0.26 | $0.11 | $0.08 | $0.04 | $2.08 | $0.49 | ($0.34) |
Net income per share-diluted (in dollars per share) | $1.72 | $0.12 | $0.12 | $0.08 | $0.26 | $0.11 | $0.08 | $0.04 | $2.04 | $0.48 | ($0.34) |
Dividends_Details
Dividends (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Dividend | Dividend | ||
Dividends [Abstract] | ' | ' | ' |
Number of dividends approved | 4 | ' | ' |
Number of dividends during period | ' | 5 | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Dividend Per Share (in dollars per share) | $0.48 | $0.86 | $0 |
Dividends | $4,441,000 | ' | ' |
Dividends Payable | 285,000 | ' | ' |
Current dividends payable | 67,000 | 94,000 | ' |
Noncurrent dividends payable | 218,000 | ' | ' |
Dividends forfeited with restricted stock forfeitures | 63,000 | 26,000 | ' |
September 16, 2013 [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Record Date | 16-Sep-13 | ' | ' |
Payment Date | 30-Sep-13 | ' | ' |
Type | 'Quarterly | ' | ' |
Dividend Per Share (in dollars per share) | $0.12 | ' | ' |
Dividends | 1,108,000 | ' | ' |
December 13, 2013 [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Record Date | 13-Dec-13 | ' | ' |
Payment Date | 27-Dec-13 | ' | ' |
Type | 'Quarterly | ' | ' |
Dividend Per Share (in dollars per share) | $0.12 | ' | ' |
Dividends | 1,111,000 | ' | ' |
March 14, 2014 [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Record Date | 14-Mar-14 | ' | ' |
Payment Date | 28-Mar-14 | ' | ' |
Type | 'Quarterly | ' | ' |
Dividend Per Share (in dollars per share) | $0.12 | ' | ' |
Dividends | 1,111,000 | ' | ' |
June 13, 2014 [Member] | ' | ' | ' |
Dividends Payable [Line Items] | ' | ' | ' |
Record Date | 13-Jun-14 | ' | ' |
Payment Date | 27-Jun-14 | ' | ' |
Type | 'Quarterly | ' | ' |
Dividend Per Share (in dollars per share) | $0.12 | ' | ' |
Dividends | $1,111,000 | ' | ' |
Recovered_Sheet1
Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Loss Contingencies [Line Items] | ' | ' | ' |
Rent expense | $2,340,000 | $2,485,000 | $2,852,000 |
Contingent liability under employment contract agreements | $3,050,000 | ' | ' |
Minimum [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Terminated employees severance compensation payment period | '6 months | ' | ' |
Maximum [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Terminated employees severance compensation payment period | '12 months | ' | ' |
Term of termination CEO resigns within period of a change of control | '3 months | ' | ' |
Term of termination, CEO is terminated by company within period of a change of control | '1 year | ' | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies, Schedule of Minimum Lease Payments (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies [Abstract] | ' |
2015 | $1,913 |
2016 | 1,447 |
2017 | 569 |
2018 | 9 |
2019 | 0 |
2020 and thereafter | 0 |
Total future minimum lease payments | $3,938 |
Recovered_Sheet2
Commitments and Contingencies, Litigation (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Constellation Technologies, LLC [Member] | ' |
Loss Contingencies [Line Items] | ' |
Asserting Party | 'Constellation Technologies, LLC |
Jurisdiction | 'U.S. District Court Eastern District of Texas |
Patents at Issue | 'U.S. Patents Nos. 6,128,649, 6,901,048, 7,154,879 and 6,845,389 |
Trans Video Electronics Ltd [Member] | ' |
Loss Contingencies [Line Items] | ' |
Asserting Party | 'Trans Video Electronics Ltd. |
Jurisdiction | 'U.S. District Court of Delaware |
Patents at Issue | 'U.S. Patents Nos. 5,594,936 and 5,991,801 |
Broadband iTV, Inc. [Member] | ' |
Loss Contingencies [Line Items] | ' |
Asserting Party | 'Broadband iTV, Inc. |
Jurisdiction | 'U.S. District Court of Hawaii |
Patents at Issue | 'U.S. Patents No. 7,361,336 |
LVL Patent Group [Member] | ' |
Loss Contingencies [Line Items] | ' |
Asserting Party | 'LVL Patent Group |
Jurisdiction | 'U.S. District Court of Delaware |
Patents at Issue | 'U.S. Patent No. 6,044,382 |
Sprint Communications Company LP [Member] | ' |
Loss Contingencies [Line Items] | ' |
Asserting Party | 'Sprint Communications Company, L.P. |
Jurisdiction | 'U.S. District Court Eastern District of Pennsylvania |
Patents at Issue | 'U.S. Patent Nos. 6,754,907 and 6,757,907 |
FutureVision.com LLC [Member] | ' |
Loss Contingencies [Line Items] | ' |
Asserting Party | 'FutureVision.com LLC |
Jurisdiction | 'U.S. District Court Eastern District of Texas |
Patents at Issue | 'U.S. Patent No. 5,877,755 |
Recovered_Sheet3
Valuation And Qualifying Accounts (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance Beginning Of Year | $70 | $80 | $82 | |||
Charged To Costs And Expenses | 20 | 14 | 2 | |||
Deductions | -12 | [1] | -24 | [1] | -4 | [1] |
Balance End Of Year | 78 | 70 | 80 | |||
Warranty Accrual [Member] | ' | ' | ' | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' | |||
Balance Beginning Of Year | 119 | 181 | 160 | |||
Charged To Costs And Expenses | 124 | 183 | 270 | |||
Deductions | -165 | [1] | -245 | [1] | -249 | [1] |
Balance End Of Year | $78 | $119 | $181 | |||
[1] | Charges and adjustments to the reserve accounts for write-offs and credits issued during the year |