Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2016 | Nov. 11, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CONCURRENT COMPUTER CORP/DE | |
Entity Central Index Key | 749,038 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | CCUR | |
Entity Common Stock, Shares Outstanding | 9,895,740 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 19,269 | $ 20,268 |
Accounts receivable, net of allowance for doubtful accounts of $56 and $55 at September 30, 2016 and June 30, 2016, respectively | 10,453 | 15,104 |
Inventories | 2,699 | 3,495 |
Prepaid expenses and other current assets | 1,421 | 1,061 |
Total current assets | 33,842 | 39,928 |
Property and equipment, net | 3,057 | 3,061 |
Deferred income taxes, net | 941 | 924 |
Other long-term assets, net | 1,374 | 1,323 |
Total assets | 39,214 | 45,236 |
Current liabilities: | ||
Accounts payable and accrued expenses | 7,360 | 9,191 |
Deferred revenue | 8,024 | 8,126 |
Total current liabilities | 15,384 | 17,317 |
Long-term liabilities: | ||
Deferred revenue | 884 | 1,168 |
Pension liability | 3,774 | 3,720 |
Other long-term liabilities | 2,095 | 2,033 |
Total liabilities | 22,137 | 24,238 |
Commitments and contingencies (Note 17) | ||
Stockholders' equity: | ||
Shares of common stock, par value $0.01; 14,000,000 authorized; 9,248,403 and 9,218,093 issued and outstanding at September 30, 2016 and June 30, 2016, respectively | 92 | 92 |
Capital in excess of par value | 211,213 | 210,971 |
Accumulated deficit | (193,350) | (189,265) |
Treasury stock, at cost; 37,788 shares | (255) | (255) |
Accumulated other comprehensive income (loss) | (623) | (545) |
Total stockholders' equity | 17,077 | 20,998 |
Total liabilities and stockholders' equity | 39,214 | 45,236 |
Series Preferred Stock [Member] | ||
Stockholders' equity: | ||
Shares of preferred stock | 0 | 0 |
Preferred Class A [Member] | ||
Stockholders' equity: | ||
Shares of preferred stock | 0 | 0 |
Preferred Class B [Member] | ||
Stockholders' equity: | ||
Shares of preferred stock | $ 0 | $ 0 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Allowance for Doubtful Accounts Receivable, Current | $ 56 | $ 55 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 14,000,000 | 14,000,000 |
Common Stock, Shares, Issued | 9,248,403 | 9,218,093 |
Common Stock, Shares, Outstanding | 9,248,403 | 9,218,093 |
Treasury Stock, Shares | 37,788 | 37,788 |
Series Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,250,000 | 1,250,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Class A [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Preferred Stock, Shares Authorized | 200,000 | 20,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Series B Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 14,000 | 14,000 |
Preferred Stock, Shares Issued | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||
Product | $ 7,859 | $ 8,494 |
Service | 5,257 | 4,857 |
Total revenues | 13,116 | 13,351 |
Cost of sales: | ||
Product | 3,790 | 3,453 |
Service | 2,143 | 2,041 |
Total cost of sales | 5,933 | 5,494 |
Gross margin | 7,183 | 7,857 |
Operating expenses: | ||
Sales and marketing | 4,475 | 3,394 |
Research and development | 3,307 | 3,837 |
General and administrative | 2,344 | 1,778 |
Gain on sale of product line, net | 0 | (4,116) |
Total operating expenses | 10,126 | 4,893 |
Operating income (loss) | (2,943) | 2,964 |
Interest income | 27 | 3 |
Interest expense | (3) | 0 |
Other income, net | 119 | 123 |
Income (loss) before income taxes | (2,800) | 3,090 |
Provision (benefit) for income taxes | 128 | (117) |
Net income (loss) | $ (2,928) | $ 3,207 |
Net income (loss) per share | ||
Basic (in dollars per share) | $ (0.32) | $ 0.35 |
Diluted (in dollars per share) | $ (0.32) | $ 0.35 |
Weighted average shares outstanding - basic (in shares) | 9,189,343 | 9,112,891 |
Weighted average shares outstanding - diluted (in shares) | 9,189,343 | 9,176,877 |
Cash dividends declared per common share (in dollars per share) | $ 0.12 | $ 0.12 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Net income (loss) | $ (2,928) | $ 3,207 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | (75) | (94) |
Pension and post-retirement benefits, net of tax | (3) | (3) |
Other comprehensive loss | (78) | (97) |
Comprehensive income (loss) | $ (3,006) | $ 3,110 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - 3 months ended Sep. 30, 2016 - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital In Excess Of Par Value [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance at Jun. 30, 2016 | $ 20,998 | $ 92 | $ 210,971 | $ (189,265) | $ (545) | $ (255) |
Balance (in shares) at Jun. 30, 2016 | 9,218,093 | (37,788) | ||||
Dividends declared | (1,182) | (1,182) | ||||
Dividends forfeited with restricted stock forfeitures | 25 | 25 | ||||
Share-based compensation expense | 242 | 242 | ||||
Lapse of restriction on restricted stock | 0 | $ 0 | 0 | |||
Lapse of restriction on restricted stock (in shares) | 30,310 | |||||
Other comprehensive income (loss), net of taxes: | ||||||
Net loss | (2,928) | (2,928) | ||||
Foreign currency translation adjustment | (75) | (75) | ||||
Pension plan | (3) | (3) | ||||
Total comprehensive income (loss) | (3,006) | |||||
Balance at Sep. 30, 2016 | $ 17,077 | $ 92 | $ 211,213 | $ (193,350) | $ (623) | $ (255) |
Balance (in shares) at Sep. 30, 2016 | 9,248,403 | (37,788) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows provided by (used in) operating activities: | ||
Net income (loss) | $ (2,928) | $ 3,207 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 458 | 431 |
Share-based compensation | 242 | 167 |
Deferred income taxes, net | 0 | (257) |
Provision for excess and obsolete inventories | 110 | 23 |
Foreign currency exchange gains | (104) | (120) |
Gain on sale of product line, net | 0 | (4,116) |
Decrease (increase) in assets: | ||
Accounts receivable | 4,676 | (219) |
Inventories | 768 | 499 |
Prepaid expenses and other current assets | (354) | (510) |
Other long-term assets | (105) | (63) |
Increase (decrease) in liabilities: | ||
Accounts payable and accrued expenses | (1,973) | (667) |
Deferred revenue | (415) | (571) |
Pension and other long-term liabilities | 55 | 51 |
Net cash provided by (used in) operating activities | 430 | (2,145) |
Cash flows provided by (used in) investing activities: | ||
Additions to property and equipment | (347) | (448) |
Purchase of domain name | 0 | (35) |
Proceeds from sale of product line | 0 | 2,750 |
Net cash provided by (used in) investing activities | (347) | 2,267 |
Cash flows used in financing activities: | ||
Dividends paid | (1,142) | (1,143) |
Net cash used in financing activities | (1,142) | (1,143) |
Effect of exchange rates on cash and cash equivalents | 60 | 32 |
Decrease in cash and cash equivalents | (999) | (989) |
Cash and cash equivalents - beginning of period | 20,268 | 25,451 |
Cash and cash equivalents - end of period | 19,269 | 24,462 |
Cash paid during the period for: | ||
Interest | 1 | 1 |
Income taxes (net of refunds) | $ 500 | $ 225 |
Overview of Business and Basis
Overview of Business and Basis of Presentation | 3 Months Ended |
Sep. 30, 2016 | |
Overview Of Business [Abstract] | |
Overview of Business | 1. Overview of Business and Basis of Presentation References herein to “Concurrent,” the “Company,” “we,” “our,” or “us” refer to Concurrent Computer Corporation and its subsidiaries unless the context specifically indicates otherwise. We provide software, hardware and professional services for the content delivery market, storage solutions market and the high-performance, real-time market. Effective July 1, 2016, we changed the way our chief operating decision maker views our operating results by providing more discrete segment financial information. As a result, our reportable operating segments now consist of Content Delivery and Real-Time. Our content delivery solutions consist of software, hardware and services for intelligently streaming video content to a variety of consumer devices and storing and managing content in the network. Our streaming video and storage products and services are deployed by service providers to support consumer-facing video services including live broadcast video, video-on-demand and time-shifted video applications such as cloud-based digital video recording. In fiscal year 2016, we introduced Aquari, our new unified scale-out storage solutions product to our content delivery customers. Our real-time solutions consist of real-time Linux ® The accompanying unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles of the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to applicable rules and regulations. In the opinion of management, all adjustments of a normal recurring nature which were considered necessary for fair presentation have been included. The year-end condensed consolidated balance sheet data as of June 30, 2016 was derived from audited consolidated financial statements but do not include all disclosures required by U.S. GAAP. The results of operations for the three months ended September 30, 2016 are not necessarily indicative of the results to be expected for the entire year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2016 filed with the SEC on August 30, 2016. There have been no changes to our Significant Accounting Policies as disclosed in Note 2 of the consolidated financial statements included in our Annual Report on Form 10-K for the year ended June 30, 2016. The results reported in these condensed consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year. Smaller Reporting Company We meet the SEC’s definition of a “Smaller Reporting Company,” and therefore qualify for the SEC’s reduced disclosure requirements for smaller reporting companies. Use of Estimates The preparation of financial statements in conformity with 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 | 3 Months Ended |
Sep. 30, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Guidance | 2. Recent Accounting Guidance Recently Adopted Accounting Guidance In April 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-05, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40) Recent Accounting Guidance Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU No. 2016-09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In August 2016, the FASB issued ASU 2016-15, Clarification of Certain Cash Receipts and Cash Payments |
Basic and Diluted Net Income (L
Basic and Diluted Net Income (Loss) per Share | 3 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income (Loss) per Share | 3. Basic and Diluted Net Income (Loss) 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 342,361 127,190 Three Months Ended 2016 2015 Basic and diluted EPS calculation: Net income (loss) $ (2,928) $ 3,207 Basic weighted average number of shares outstanding 9,189,343 9,112,891 Effect of dilutive securities: Employee stock options - - Restricted shares - 63,821 Diluted weighted average number of shares outstanding 9,189,343 9,176,712 Basic EPS $ (0.32) $ 0.35 Diluted EPS $ (0.32) $ 0.35 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, we consider the most advantageous market in which it would transact and assumptions that market participants would use when pricing the asset or liability. The Accounting Standards Codification 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. We have money market funds that are highly liquid and have a maturity of three months or less, and as such, are considered cash equivalents and fall within Level 1 of the fair value hierarchy. We have no financial assets that are measured on a recurring basis that fall within Level 2 or Level 3 of the fair value hierarchy. Total Quoted Observable Unobservable Cash $ 9,206 $ 9,206 $ - $ - Money market funds 10,063 10,063 - - Cash and cash equivalents $ 19,269 $ 19,269 $ - $ - Our financial assets that are measured at fair value on a recurring basis as of June 30, 2016 are as follows: Total Quoted Observable Unobservable Cash $ 10,213 $ 10,213 $ - $ - Money market funds 10,055 10,055 - - Cash and cash equivalents $ 20,268 $ 20,268 $ - $ - |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes Components of Provision (Benefit) for Income Taxes Three Months Ended 2016 2015 United States $ (3,314) $ 2,755 Foreign 514 335 Income (loss) before income taxes $ (2,800) $ 3,090 We recorded income tax expense for our domestic and foreign subsidiaries of $ 128 117 Three Months Ended 2016 2015 United States $ 8 $ (251) Foreign 120 134 Provision (benefit) for income taxes $ 128 $ (117) For the three months ended September 30, 2016, the domestic tax expense is higher than the prior year due to the full valuation allowance that is now being applied to any tax benefit generated from operating losses. The domestic expense is primarily attributable to interest and penalties on uncertain tax positions and minimum state taxes in a number of jurisdictions for the three months ended September 30, 2016. The foreign tax expense is lower than the prior year primarily due to (1) lower pretax book income in Japan and (2) a reduction in the statutory tax rate in Japan for the three months ended September 30, 2016, compared to the same period from the prior year. Net Operating Losses As of June 30, 2016, we had U.S. federal net operating loss carryforwards (“NOLs”) of approximately $ 89,937 As of June 30, 2016, we had state NOLs of $ 51,346 28,208 Valuation Allowance 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 September 30, 2016: U.S. 2 U.K. 214 Japan Other Foreign Jurisdictions We are beginning to show greater profitability in our German operations. While we continue to have cumulative losses over a 12-quarter period, it is possible that we could become cumulatively profitable over a 12-quarter period in the next 12 to 24 months should profitable operations continue. We will continue to monitor results in Germany to determine if a change in our valuation allowance conclusion is needed. 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. Unrecognized Tax Benefits The Company has evaluated its unrecognized tax benefits and determined that there has not been a material change in the amount of such benefits for the three months ended September 30, 2016. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Sep. 30, 2016 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | 6. Share-Based Compensation As of September 30, 2016, we had share-based compensation plans which are described in Note 10 of the consolidated financial statements included in our Annual Report on Form 10-K for the year ended June 30, 2016. We recognize stock compensation expense over the requisite service period of the individual grantees, which generally equals the vesting period. As of September 30, 2016, we had 70,509 652,125 13,910 Three Months Ended 2016 2015 Share-based compensation expense included in the consolidated statement of operations: Cost of sales $ 8 $ 1 Sales and marketing 72 30 Research and development 8 31 General and administrative 154 105 Total $ 242 $ 167 Restricted Stock Awards Shares Weighted- Non-vested at July 1, 2016 464,117 $ 5.39 Granted 188,000 5.53 Vested (30,310) 5.32 Forfeited (19,682) 5.72 Non-vested at September 30, 2016 602,125 $ 5.43 In conjunction with the resignation of one of our directors (See Note 17 Commitments and Contingencies Board Representation and Standstill Agreement), we accelerated the vesting of 5,400 27 During the three months ended September 30, 2016, we issued 50,000 During the three months ended September 30, 2016, 5,387 Performance Stock Awards Shares Weighted- Non-vested at July 1, 2016 5,387 $ 5.14 Granted 50,000 5.49 Vested - - Forfeited (5,387) 5.14 Non-vested at September 30, 2016 50,000 $ 5.49 |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 3 Months Ended |
Sep. 30, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Pensions and Other Postretirement Benefits | 7. Pensions and Other Postretirement Benefits Defined Contribution Plans We maintain a retirement savings plan available to U.S. employees that qualifies as a defined contribution plan under Section 401(k) of the Internal Revenue Code. We match 50 5 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 7 13 14 Defined Benefit Plans Three Months Ended 2016 2015 Net Periodic Benefit Cost Interest cost $ 13 $ 24 Expected return on plan assets (4) (5) Recognized actuarial loss 20 12 Net periodic benefit cost $ 29 $ 31 We contributed $ 4 |
Inventories
Inventories | 3 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. Inventories September 30, June 30, Raw materials $ 1,188 $ 1,233 Work-in-process 86 133 Finished goods 1,425 2,129 $ 2,699 $ 3,495 |
Property and Equipment, net
Property and Equipment, net | 3 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 9. Property and Equipment, net September 30, June 30, Leasehold improvements $ 2,766 $ 2,750 Machinery and equipment 15,413 15,000 18,179 17,750 Less: Accumulated depreciation (15,122) (14,689) $ 3,057 $ 3,061 Depreciation expense for property and equipment was $ 455 395 |
Intangible Assets, net
Intangible Assets, net | 3 Months Ended |
Sep. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, net | 10. Intangible Assets, net Intangible assets, net of $ 140 143 Amortization expense related to finite-lived intangible assets was $ 3 36 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 3 Months Ended |
Sep. 30, 2016 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Expenses | 11. Accounts Payable and Accrued Expenses September 30, June 30, Accounts payable, trade $ 3,646 $ 4,767 Accrued payroll, vacation and other employee expenses 2,634 2,757 Accrued income taxes 77 389 Dividend payable 95 95 Other accrued expenses 908 1,183 $ 7,360 $ 9,191 |
Sale of Product Line
Sale of Product Line | 3 Months Ended |
Sep. 30, 2016 | |
Sale of Product Line [Abstract] | |
Sale of Product Line | 12. Sale of Product Line On September 9, 2015, we sold the customer contracts and intellectual property related to our multi-screen video analytics product line for $ 3,500 2,750 375 375 The customer contracts and intellectual property sold had a net book value of $ 188 1,016 212 4,116 On July 1, 2015, we had adopted ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity 179 |
Segment Information
Segment Information | 3 Months Ended |
Sep. 30, 2016 | |
Segments, Geographical Areas [Abstract] | |
Segment Information | 13. Segment Information Reportable Operating Segments The “management approach” has been used to present the following segment information. This approach is based upon the way the management organizes segments within the Company for making operating decisions and assessing performance. Financial information is reported on the basis that it is used internally by the chief operating decision maker (“CODM”) for evaluating segment performance and deciding how to allocate resources to segments. The Company’s chief executive officer has been identified as the CODM. Effective July 1, 2016, we changed the way our CODM views our operating results by providing more discrete segment financial information. As a result, our reportable operating segments now consist of Content Delivery and Real-Time. ⋅ Content Delivery ⋅ Real-Time These operating segments were determined based on the nature of the products and services offered and the nature and industry of customers serviced. The measures that are used to assess the reportable segment’s operating performance are revenue, gross margin and operating income. Operating income for reportable segments is defined as gross margin less selling and marketing, research and development expenses, and certain general and administrative expenses. Any transactions between operating segments are eliminated in consolidation. Additionally, corporate and unallocated costs include certain corporate sales and marketing and corporate general and administrative expenses (executive, finance, legal, risk management and human resources). These expenses are not included in the measure of segment operating income but are included in the reconciliation to income (loss) before income taxes. Segment assets may be either directly attributable or allocated to the operating segment depending on their nature. However, segment assets are not regularly reviewed by the CODM for evaluating performance or allocating resources and therefore, are not presented. Three Months Ended September 30, 2016 2015 Content Real-Time Total Content Real-Time Total Product $ 2,440 $ 5,419 $ 7,859 $ 3,949 $ 4,545 $ 8,494 Services 2,679 2,578 5,257 2,497 2,360 4,857 Revenue from external customers $ 5,119 $ 7,997 $ 13,116 $ 6,446 $ 6,905 $ 13,351 Gross margin $ 2,525 $ 4,658 $ 7,183 $ 3,726 $ 4,131 $ 7,857 Sales and marketing (2,616) (1,460) (4,076) (1,910) (1,329) (3,239) Research and development (2,225) (1,082) (3,307) (2,871) (966) (3,837) General and administrative (73) (133) (206) (57) (118) (175) Operating income (loss) for reportable segments $ (2,389) $ 1,983 (406) $ (1,112) $ 1,718 606 Corporate and unallocated costs: Sales and marketing (399) (155) General and administrative (2,138) (1,603) Gain on sale of product line, net - 4,116 (2,537) 2,358 Operating income (loss) (2,943) 2,964 Interest income 27 3 Interest expense (3) - Other income, net 119 123 Income (loss) before income taxes $ (2,800) $ 3,090 Geographic Information 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: Three Months Ended 2016 2015 United States $ 6,781 $ 8,607 Canada 901 1,116 Total North America 7,682 9,723 Japan 2,635 2,097 Other Asia-Pacific 1,346 301 Total Asia-Pacific 3,981 2,398 Europe 1,453 1,224 South America - 6 Total revenue $ 13,116 $ 13,351 |
Concentration of Risk
Concentration of Risk | 3 Months Ended |
Sep. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | 14. Concentration of Risk Three Months Ended September 30, 2016 2015 Customer A (1) <10 % 25 % (1) September 30, June 30, 2016 2016 Customer B 14 % <10 % Customer A (1) <10 % 37 % (1) Three Months Ended September 30, 2016 2015 Vendor A 20 % <10 % Vendor B 18 % 13 % Vendor C 10 % 15 % Vendor D <10 % 19 % |
Dividends
Dividends | 3 Months Ended |
Sep. 30, 2016 | |
Dividends [Abstract] | |
Dividends | 15. Dividends Dividends Declared Record Date Payment Date Type Per Share Total September 13, 2016 September 27, 2016 Quarterly $ 0.12 $ 1,182 As of September 30, 2016, we recorded $ 287 95 192 25 Earnings per Share. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 16. Accumulated Other Comprehensive Income (Loss) Pension and Currency Total Balance at June 30, 2016 $ (1,637) $ 1,092 $ (545) Other comprehensive loss before reclassifications (23) (75) (98) Amounts reclassified from accumulated other comprehensive income 20 - 20 Net current period other comprehensive loss (3) (75) (78) Balance at September 30, 2016 $ (1,640) $ 1,017 $ (623) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies 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. Asserting Party Jurisdiction Patents at Issue Constellation Technologies, LLC U.S. District Court U.S. Patent Nos. 6,128,649, 6,901,048, 7,154,879 and 6,845,389 Broadband iTV, Inc. U.S. District Court of Hawaii U.S. Patent No. 7,361,336 Sprint Communications Company, L.P. U.S. District Court U.S. Patent Nos. 6,754,907 and 6,757,907 FutureVision.com LLC U.S. District Court U.S. Patent No. 5,877,755 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. Severance Arrangements 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 12 2,272 Board Representation and Standstill Agreement As previously disclosed in our Form 8-K filed on August 29, 2016, the Company entered into a Board Representation and Standstill Agreement (the “Standstill Agreement”) with an investor and its affiliated party. Pursuant to the terms of the Standstill Agreement, in consideration for certain restrictions applicable to the investor, our Board, among other things (1) agreed to appoint a nominee of the investor to serve on the Company’s Board until the 2016 Annual Meeting of stockholders of the Company (the nominee was subsequently elected as a director of the Company at the 2016 Annual Meeting held on October 26, 2016) and (2) agreed to pay up to $ 235 Additionally, pursuant to the Standstill Agreement, effective as of August 29, 2016, one of our directors tendered his resignation from the Board and all Board committees thereof. In connection with this resignation, the Company agreed to accelerate the vesting of 5,400 48 2 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events We have evaluated subsequent events through the date these financial statements were issued and determined that there were no other material subsequent events that require recognition or additional disclosure in our consolidated financial statements. |
Basic and Diluted Net Income 26
Basic and Diluted Net Income (Loss) per Share (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents a reconciliation of the numerators and denominators of basic and diluted net income per share for the periods indicated: Three Months Ended 2016 2015 Basic and diluted EPS calculation: Net income (loss) $ (2,928) $ 3,207 Basic weighted average number of shares outstanding 9,189,343 9,112,891 Effect of dilutive securities: Employee stock options - - Restricted shares - 63,821 Diluted weighted average number of shares outstanding 9,189,343 9,176,712 Basic EPS $ (0.32) $ 0.35 Diluted EPS $ (0.32) $ 0.35 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Our financial assets that are measured at fair value on a recurring basis as of September 30, 2016 are as follows: Total Quoted Observable Unobservable Cash $ 9,206 $ 9,206 $ - $ - Money market funds 10,063 10,063 - - Cash and cash equivalents $ 19,269 $ 19,269 $ - $ - Our financial assets that are measured at fair value on a recurring basis as of June 30, 2016 are as follows: Total Quoted Observable Unobservable Cash $ 10,213 $ 10,213 $ - $ - Money market funds 10,055 10,055 - - Cash and cash equivalents $ 20,268 $ 20,268 $ - $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The domestic and foreign components of income (loss) before the provision (benefit) for income taxes are as follows: Three Months Ended 2016 2015 United States $ (3,314) $ 2,755 Foreign 514 335 Income (loss) before income taxes $ (2,800) $ 3,090 |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision (benefit) for income taxes are as follows: Three Months Ended 2016 2015 United States $ 8 $ (251) Foreign 120 134 Provision (benefit) for income taxes $ 128 $ (117) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share Based Compensation Expense Allocation | Three Months Ended 2016 2015 Share-based compensation expense included in the consolidated statement of operations: Cost of sales $ 8 $ 1 Sales and marketing 72 30 Research and development 8 31 General and administrative 154 105 Total $ 242 $ 167 |
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 time-based, service condition restricted shares during the three months ended September 30, 2016, is presented below: Restricted Stock Awards Shares Weighted- Non-vested at July 1, 2016 464,117 $ 5.39 Granted 188,000 5.53 Vested (30,310) 5.32 Forfeited (19,682) 5.72 Non-vested at September 30, 2016 602,125 $ 5.43 |
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 performance-based restricted shares during the three months ended September 30, 2016, is presented below: Performance Stock Awards Shares Weighted- Non-vested at July 1, 2016 5,387 $ 5.14 Granted 50,000 5.49 Vested - - Forfeited (5,387) 5.14 Non-vested at September 30, 2016 50,000 $ 5.49 |
Pensions and Other Postretire30
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Components of net periodic pension cost of our German defined benefit pension plans recognized in earnings | The following table provides the components of net periodic pension cost of our German defined benefit pension plans recognized in earnings for the three months ended September 30, 2016 and 2015: Three Months Ended 2016 2015 Net Periodic Benefit Cost Interest cost $ 13 $ 24 Expected return on plan assets (4) (5) Recognized actuarial loss 20 12 Net periodic benefit cost $ 29 $ 31 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: September 30, June 30, Raw materials $ 1,188 $ 1,233 Work-in-process 86 133 Finished goods 1,425 2,129 $ 2,699 $ 3,495 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and equipment consists of the following: September 30, June 30, Leasehold improvements $ 2,766 $ 2,750 Machinery and equipment 15,413 15,000 18,179 17,750 Less: Accumulated depreciation (15,122) (14,689) $ 3,057 $ 3,061 |
Accounts Payable and Accrued 33
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following: September 30, June 30, Accounts payable, trade $ 3,646 $ 4,767 Accrued payroll, vacation and other employee expenses 2,634 2,757 Accrued income taxes 77 389 Dividend payable 95 95 Other accrued expenses 908 1,183 $ 7,360 $ 9,191 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Reportable Segments | The table below represents information about the Company’s reportable operating segments for the three months ended September 30, 2016 and 2015: Three Months Ended September 30, 2016 2015 Content Real-Time Total Content Real-Time Total Product $ 2,440 $ 5,419 $ 7,859 $ 3,949 $ 4,545 $ 8,494 Services 2,679 2,578 5,257 2,497 2,360 4,857 Revenue from external customers $ 5,119 $ 7,997 $ 13,116 $ 6,446 $ 6,905 $ 13,351 Gross margin $ 2,525 $ 4,658 $ 7,183 $ 3,726 $ 4,131 $ 7,857 Sales and marketing (2,616) (1,460) (4,076) (1,910) (1,329) (3,239) Research and development (2,225) (1,082) (3,307) (2,871) (966) (3,837) General and administrative (73) (133) (206) (57) (118) (175) Operating income (loss) for reportable segments $ (2,389) $ 1,983 (406) $ (1,112) $ 1,718 606 Corporate and unallocated costs: Sales and marketing (399) (155) General and administrative (2,138) (1,603) Gain on sale of product line, net - 4,116 (2,537) 2,358 Operating income (loss) (2,943) 2,964 Interest income 27 3 Interest expense (3) - Other income, net 119 123 Income (loss) before income taxes $ (2,800) $ 3,090 |
Summary of Revenues by Geographic Area | Three Months Ended 2016 2015 United States $ 6,781 $ 8,607 Canada 901 1,116 Total North America 7,682 9,723 Japan 2,635 2,097 Other Asia-Pacific 1,346 301 Total Asia-Pacific 3,981 2,398 Europe 1,453 1,224 South America - 6 Total revenue $ 13,116 $ 13,351 |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Risks and Uncertainties [Abstract] | |
Summary of Revenues by Significant Customers | The following table summarizes revenues by significant customer where such revenue accounted for 10% or more of total revenues for any one of the indicated periods: Three Months Ended September 30, 2016 2015 Customer A (1) <10 % 25 % (1) |
Summary of Significant Accounts Receivable | 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 customers for whom accounts receivable were 10% or more of total accounts receivables for any one of the indicated periods: September 30, June 30, 2016 2016 Customer B 14 % <10 % Customer A (1) <10 % 37 % (1) |
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: Three Months Ended September 30, 2016 2015 Vendor A 20 % <10 % Vendor B 18 % 13 % Vendor C 10 % 15 % Vendor D <10 % 19 % |
Dividends (Tables)
Dividends (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Dividends [Abstract] | |
Summary of Dividend Activity | During the three months ended September 30, 2016, our Board approved quarterly cash dividends as follows: Dividends Declared Record Date Payment Date Type Per Share Total September 13, 2016 September 27, 2016 Quarterly $ 0.12 $ 1,182 |
Accumulated Other Comprehensi37
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of taxes, for the three months ended September 30, 2016: Pension and Currency Total Balance at June 30, 2016 $ (1,637) $ 1,092 $ (545) Other comprehensive loss before reclassifications (23) (75) (98) Amounts reclassified from accumulated other comprehensive income 20 - 20 Net current period other comprehensive loss (3) (75) (78) Balance at September 30, 2016 $ (1,640) $ 1,017 $ (623) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Patent Infringement Claims | 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 U.S. Patent Nos. 6,128,649, 6,901,048, 7,154,879 and 6,845,389 Broadband iTV, Inc. U.S. District Court of Hawaii U.S. Patent No. 7,361,336 Sprint Communications Company, L.P. U.S. District Court U.S. Patent Nos. 6,754,907 and 6,757,907 FutureVision.com LLC U.S. District Court U.S. Patent No. 5,877,755 |
Overview of the Business (Detai
Overview of the Business (Details Textual) | 3 Months Ended |
Sep. 30, 2016Number | |
Number of Reportable Segments | 2 |
Basic and Diluted Net Income 40
Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Basic and diluted EPS calculation: | ||
Net income (loss) | $ (2,928) | $ 3,207 |
Basic weighted average number of shares outstanding (in shares) | 9,189,343 | 9,112,891 |
Effect of dilutive securities: | ||
Diluted weighted average number of shares outstanding (in shares) | 9,189,343 | 9,176,877 |
Basic (in dollars per share) | $ (0.32) | $ 0.35 |
Diluted (in dollars per share) | $ (0.32) | $ 0.35 |
Employee Stock Option [Member] | ||
Effect of dilutive securities: | ||
Effect of dilutive securities (in shares) | 0 | 0 |
Restricted Stock [Member] | ||
Effect of dilutive securities: | ||
Effect of dilutive securities (in shares) | 0 | 63,821 |
Basic and Diluted Net Income 41
Basic and Diluted Net Income (Loss) per Share (Details Textual) - shares | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 342,361 | 127,190 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $ 19,269 | $ 20,268 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 19,269 | 20,268 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Cash [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 9,206 | 10,213 |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 9,206 | 10,213 |
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 10,063 | 10,055 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 10,063 | 10,055 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Recurring | $ 0 | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
United States | $ (3,314) | $ 2,755 |
Foreign | 514 | 335 |
Income (loss) before income taxes | $ (2,800) | $ 3,090 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
United States | $ 8 | $ (251) |
Foreign | 120 | 134 |
Total | $ 128 | $ (117) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2016 | |
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 89,937 | |||
Income Tax Expense (Benefit) | $ 128 | $ (117) | ||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | 51,346 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | $ 28,208 | |||
Operating Loss Carryforwards Expiration Date Description | The state NOLs expire between fiscal year 2017 and fiscal year 2035. | |||
Effective Income Tax Rate Reconciliation At Federal Statutory Alternative Minimum Tax Rate | 2.00% | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Decrease Due To Release Of Valuation Allowance Deferred Tax Asset In State And Foreign Earnings | $ 214 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | $ 242 | $ 167 |
Cost of sales [Member] | ||
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | 8 | 1 |
Sales and marketing [Member] | ||
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | 72 | 30 |
Research and development [Member] | ||
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | 8 | 31 |
General and administrative [Member] | ||
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | $ 154 | $ 105 |
Share-Based Compensation (Det47
Share-Based Compensation (Details 1) | 3 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Restricted Stock Awards [Member] | |
Non-vested at July 1, 2016 (in shares) | shares | 464,117 |
Granted, Shares (in shares) | shares | 188,000 |
Vested, Shares (in shares) | shares | (30,310) |
Forfeited, Shares (in shares) | shares | (19,682) |
Non-vested at September 30, 2016 (in shares) | shares | 602,125 |
Non-vested, Weighted Average Grant Date Fair Value at July 1, 2016 (in dollars per share) | $ / shares | $ 5.39 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 5.53 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 5.32 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 5.72 |
Non-vested at, Weighted Average Grant Date Fair Value at September 30, 2016 (in dollars per share) | $ / shares | $ 5.43 |
Performance Stock Awards [Member] | |
Non-vested at July 1, 2016 (in shares) | shares | 5,387 |
Granted, Shares (in shares) | shares | 50,000 |
Vested, Shares (in shares) | shares | 0 |
Forfeited, Shares (in shares) | shares | (5,387) |
Non-vested at September 30, 2016 (in shares) | shares | 50,000 |
Non-vested, Weighted Average Grant Date Fair Value at July 1, 2016 (in dollars per share) | $ / shares | $ 5.14 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 5.49 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 0 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 5.14 |
Non-vested at, Weighted Average Grant Date Fair Value at September 30, 2016 (in dollars per share) | $ / shares | $ 5.49 |
Share-Based Compensation (Det48
Share-Based Compensation (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Aug. 29, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | |
Options, outstanding (in shares) | 70,509 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 5,387 | ||
Share-based Compensation, Total | $ 242 | $ 167 | |
Restricted Stock [Member] | |||
Restricted shares outstanding (in shares) | 652,125 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 13,910 | ||
Restricted Stock [Member] | Senior And Executive Management [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 50,000 | ||
Restricted Stock [Member] | Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,400 | ||
Share-based Compensation, Total | $ 27 |
Pensions and Other Postretire49
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Net Periodic Benefit Cost | ||
Interest cost | $ 13 | $ 24 |
Expected return on plan assets | (4) | (5) |
Recognized actuarial loss | 20 | 12 |
Net periodic benefit cost | $ 29 | $ 31 |
Pensions and Other Postretire50
Pensions and Other Postretirement Benefits (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Defined Contribution Plan Disclosure [Line Items] | ||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax | $ 4 | $ 4 |
Foreign Pension Plan [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Cost Recognized | $ 13 | 14 |
Foreign Pension Plan [Member] | Minimum [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | |
Foreign Pension Plan [Member] | Maximum [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 7.00% | |
United States Defined Contribution Plan [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |
Defined Contribution Plan, Cost Recognized | $ 133 | $ 124 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Inventory [Line Items] | ||
Raw materials | $ 1,188 | $ 1,233 |
Work-in-process | 86 | 133 |
Finished goods | 1,425 | 2,129 |
Total inventory | $ 2,699 | $ 3,495 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements | $ 2,766 | $ 2,750 |
Machinery and equipment | 15,413 | 15,000 |
Property, Plant and Equipment, Gross, Total | 18,179 | 17,750 |
Less: Accumulated depreciation | (15,122) | (14,689) |
Property, Plant and Equipment, Net, Total | $ 3,057 | $ 3,061 |
Property and Equipment, net (53
Property and Equipment, net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 455 | $ 395 |
Intangible Assets, net (Details
Intangible Assets, net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 3 | $ 36 | |
Intangible Assets, Net (Excluding Goodwill) | $ 140 | $ 143 |
Accounts Payable and Accrued 55
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Accounts payable, trade | $ 3,646 | $ 4,767 |
Accrued payroll, vacation and other employee expenses | 2,634 | 2,757 |
Accrued income taxes | 77 | 389 |
Dividend payable | 95 | 95 |
Other accrued expenses | 908 | 1,183 |
Accrued Liabilities and Other Liabilities, Total | $ 7,360 | $ 9,191 |
Sale of Product Line (Details T
Sale of Product Line (Details Textual) - USD ($) $ in Thousands | Sep. 09, 2015 | Sep. 30, 2016 | Sep. 30, 2015 |
Product Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | $ 7,859 | $ 8,494 | |
Disposal Group, Including Discontinued Operation, Assets, Current, Total | $ 188 | ||
Financial Guarantee Insurance Contracts, Unearned Premium Revenue, Total | 1,016 | ||
Legal Fees | 212 | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 0 | 4,116 | |
Proceeds from sale of intangible assets | 2,750 | ||
Proceeds From Receipt Of Deferred Payment | 375 | ||
Proceeds From Source Related To Escrow | 375 | ||
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | $ 179 | ||
Assets Purchase Agreement [Member] | |||
Product Information [Line Items] | |||
Sales Revenue, Goods, Net, Total | $ 3,500 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue, Major Customer [Line Items] | ||
Product | $ 7,859 | $ 8,494 |
Services | 5,257 | 4,857 |
Revenue from external customers | 13,116 | 13,351 |
Gross margin | 7,183 | 7,857 |
Sales and marketing | (4,076) | (3,239) |
Research and development | (3,307) | (3,837) |
General and administrative | (206) | (175) |
Operating income (loss) for reportable segments | (406) | 606 |
Corporate and unallocated costs: | ||
Sales and marketing | (399) | (155) |
General and administrative | 2,344 | 1,778 |
Gain on sale of product line, net | 0 | 4,116 |
Shared Services And Other Not Related to Direct Conrtibution | (2,537) | 2,358 |
Operating Income (Loss), Total | (2,943) | 2,964 |
Interest income | 27 | 3 |
Interest expense | 3 | 0 |
Other income, net | 119 | 123 |
Income (loss) before income taxes | (2,800) | 3,090 |
Content Delivery Segment [Member] | ||
Revenue, Major Customer [Line Items] | ||
Product | 2,440 | 3,949 |
Services | 2,679 | 2,497 |
Revenue from external customers | 5,119 | 6,446 |
Gross margin | 2,525 | 3,726 |
Sales and marketing | (2,616) | (1,910) |
Research and development | (2,225) | (2,871) |
General and administrative | (73) | (57) |
Operating income (loss) for reportable segments | (2,389) | (1,112) |
Real time Segments [Member] | ||
Revenue, Major Customer [Line Items] | ||
Product | 5,419 | 4,545 |
Services | 2,578 | 2,360 |
Revenue from external customers | 7,997 | 6,905 |
Gross margin | 4,658 | 4,131 |
Sales and marketing | (1,460) | (1,329) |
Research and development | (1,082) | (966) |
General and administrative | (133) | (118) |
Operating income (loss) for reportable segments | $ 1,983 | $ 1,718 |
Segment Information (Details 1)
Segment Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 13,116 | $ 13,351 |
Reportable Geographical Components [Member] | United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 6,781 | 8,607 |
Reportable Geographical Components [Member] | Canada [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 901 | 1,116 |
Reportable Geographical Components [Member] | North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 7,682 | 9,723 |
Reportable Geographical Components [Member] | Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 2,635 | 2,097 |
Reportable Geographical Components [Member] | Other Asia-Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 1,346 | 301 |
Reportable Geographical Components [Member] | Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 3,981 | 2,398 |
Reportable Geographical Components [Member] | Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 1,453 | 1,224 |
Reportable Geographical Components [Member] | South America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 0 | $ 6 |
Concentration of Risk (Details)
Concentration of Risk (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | ||
Customer A [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | [1] | 10.00% | 37.00% | |
Customer A [Member] | Sales Revenue, Net [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | [1] | 10.00% | 25.00% | |
Customer B [Member] | Accounts Receivable [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration Risk, Percentage | 14.00% | 10.00% | ||
[1] | Data for all periods reflects the merger of two customers consummated in the year ended June 30, 2016. |
Concentration of Risk (Details
Concentration of Risk (Details 1) - Total Purchase [Member] | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Vendor A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 20.00% | 10.00% |
Vendor B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 18.00% | 13.00% |
Vendor C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 15.00% |
Vendor D [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 19.00% |
Dividends (Details)
Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Dividends Payable [Line Items] | ||
Dividends Declared Per Share (in dollars per share) | $ 0.12 | $ 0.12 |
First Quarter Dividend [Member] | ||
Dividends Payable [Line Items] | ||
Record Date | Sep. 13, 2016 | |
Payment Date | Sep. 27, 2016 | |
Type | Quarterly | |
Dividends Declared Per Share (in dollars per share) | $ 0.12 | |
Dividends | $ 1,182 |
Dividends (Details Textual)
Dividends (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Jun. 30, 2016 | |
Dividends Payable [Line Items] | ||
Dividends Payable | $ 287 | |
Dividends Payable, Current | 95 | $ 95 |
Dividends Payable Noncurrent | 192 | |
Restricted Stock Award, Forfeitures, Dividends | $ 25 |
Accumulated Other Comprehensi63
Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2016USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at June 30, 2016 | $ (545) |
Other comprehensive loss before reclassifications | (98) |
Amounts reclassified from accumulated other comprehensive income | 20 |
Net current period other comprehensive loss | (78) |
Balance at September 30, 2016 | (623) |
Pension and Postretirement Benefit Plans [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at June 30, 2016 | (1,637) |
Other comprehensive loss before reclassifications | (23) |
Amounts reclassified from accumulated other comprehensive income | 20 |
Net current period other comprehensive loss | (3) |
Balance at September 30, 2016 | (1,640) |
Currency Translation Adjustments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at June 30, 2016 | 1,092 |
Other comprehensive loss before reclassifications | (75) |
Amounts reclassified from accumulated other comprehensive income | 0 |
Net current period other comprehensive loss | (75) |
Balance at September 30, 2016 | $ 1,017 |
Commitments and Contingencies64
Commitments and Contingencies (Details) | 3 Months Ended |
Sep. 30, 2016 | |
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. Patent Nos. 6,128,649, 6,901,048, 7,154,879 and 6,845,389 |
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. Patent No. 7,361,336 |
Sprint Communications Company, L.P. [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 |
Commitments and Contingencies65
Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2016 | Aug. 29, 2016 | Sep. 30, 2016 | |
Loss Contingencies [Line Items] | |||
Contingent Liability for Employee Severance Payments | $ 2,272 | ||
Dividends Payable | $ 287 | ||
Subsequent Event [Member] | |||
Loss Contingencies [Line Items] | |||
Management Fee Expense | $ 235 | ||
Director [Member] | Restricted Stock [Member] | |||
Loss Contingencies [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,400 | ||
Due to Officers or Stockholders | $ 48 | ||
Dividends Payable | $ 2 | ||
Minimum [Member] | |||
Loss Contingencies [Line Items] | |||
Terminated Employees Severance Compensation Period | 6 months | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Terminated Employees Severance Compensation Period | 12 months | ||
Term of Termination CEO Resigns With in Period of Change of Control | 3 months | ||
Term of Termination CEO is Terminated by Company With in Period of Change of Control | 1 year |