Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Sep. 15, 2017 | Dec. 31, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | CONCURRENT COMPUTER CORP/DE | ||
Entity Central Index Key | 749,038 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 49,963,414 | ||
Trading Symbol | CCUR | ||
Entity Common Stock, Shares Outstanding | 9,894,103 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 35,893 | $ 18,798 |
Short-term investments | 6,870 | 0 |
Accounts receivable, net of allowance for doubtful accounts of $10 at both June 30, 2017 and 2016 | 6,930 | 8,862 |
Receivable from sale of Real-Time business held in escrow | 2,000 | 0 |
Inventories | 1,865 | 2,342 |
Prepaid expenses and other current assets | 1,366 | 711 |
Current assets of discontinued operations | 0 | 9,215 |
Total current assets | 54,924 | 39,928 |
Property and equipment, net | 1,726 | 2,578 |
Deferred income taxes, net | 15 | 146 |
Other long-term assets, net | 1,142 | 668 |
Noncurrent assets of discontinued operations | 0 | 1,916 |
Total assets | 57,807 | 45,236 |
Current liabilities: | ||
Accounts payable and accrued expenses | 8,164 | 6,315 |
Deferred revenue | 1,454 | 4,017 |
Current liabilities of discontinued operations | 0 | 6,985 |
Total current liabilities | 9,618 | 17,317 |
Long-term liabilities: | ||
Deferred revenue | 66 | 198 |
Pension liability | 3,582 | 3,720 |
Other long-term liabilities | 1,072 | 1,056 |
Noncurrent liabilities of discontinued operations | 0 | 1,947 |
Total liabilities | 14,338 | 24,238 |
Commitments and contingencies (Note 16) | ||
Stockholders’ equity: | ||
Shares of common stock, par value $.01; 14,000,000 authorized; 9,410,878 and 9,218,093 issued and outstanding at June 30, 2017 and 2016, respectively | 94 | 92 |
Capital in excess of par value | 212,018 | 210,971 |
Accumulated deficit | (165,498) | (189,265) |
Treasury stock, at cost; 37,788 shares | (255) | (255) |
Accumulated other comprehensive income (loss) | (2,890) | (545) |
Total stockholders’ equity | 43,469 | 20,998 |
Total liabilities and stockholders’ equity | 57,807 | 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 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Allowance for Doubtful Accounts Receivable, Current | $ 10 | $ 10 |
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 | 9,410,878 | 9,218,093 |
Common Stock, Shares, Outstanding | 9,410,878 | 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 | 20,000 | 20,000 |
Preferred Stock, Shares Issued | 0 | 0 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||
Product | $ 17,141 | $ 22,044 |
Service | 10,506 | 9,963 |
Total revenues | 27,647 | 32,007 |
Cost of sales: | ||
Product | 7,632 | 8,544 |
Service | 4,820 | 4,660 |
Total cost of sales | 12,452 | 13,204 |
Gross margin | 15,195 | 18,803 |
Operating expenses: | ||
Sales and marketing | 11,130 | 9,950 |
Research and development | 8,233 | 10,549 |
General and administrative | 8,068 | 7,556 |
Gain on sale of product line, net | 0 | (4,100) |
Total operating expenses | 27,431 | 23,955 |
Operating loss | (12,236) | (5,152) |
Interest income | 82 | 37 |
Interest expense | (1) | 0 |
Other income, net | 7 | 409 |
Loss from continuing operations before income taxes | (12,148) | (4,706) |
Provision (benefit) for income taxes | (1,037) | 8,031 |
Loss from continuing operations | (11,111) | (12,737) |
Income from discontinued operations, net of income taxes | 39,492 | 1,624 |
Net income (loss) | $ 28,381 | $ (11,113) |
Basic and diluted earnings (loss) per share: | ||
Continuing operations (in dollars per share) | $ (1.20) | $ (1.39) |
Discontinued operations (in dollars per share) | 4.27 | 0.18 |
Net income (loss) (in dollars per share) | $ 3.07 | $ (1.21) |
Weighted average shares outstanding - basic and diluted (in shares) | 9,252,275 | 9,154,437 |
Cash dividends declared per common share (in dollars per share) | $ 0.48 | $ 0.48 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net income (loss) | $ 28,381 | $ (11,113) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | (478) | (231) |
Pension and post-retirement benefits, net of tax | 292 | (423) |
Other comprehensive loss | (186) | (654) |
Comprehensive income (loss) | $ 28,195 | $ (11,767) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - 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, 2015 | $ 36,557 | $ 91 | $ 210,207 | $ (173,595) | $ 109 | $ (255) |
Balance (in shares) at Jun. 30, 2015 | 9,136,793 | (37,788) | ||||
Dividends declared | (4,620) | (4,620) | ||||
Dividends forfeited with restricted stock forfeitures | 63 | 63 | ||||
Share-based compensation expense | 789 | 789 | ||||
Lapse of restriction on restricted stock | 0 | $ 1 | (1) | |||
Lapse of restriction on restricted stock (in shares) | 81,300 | |||||
Income tax impact of stock compensation | (24) | (24) | ||||
Other comprehensive income (loss), net of taxes: | ||||||
Net income (loss) | (11,113) | (11,113) | ||||
Foreign currency translation adjustment | (231) | (231) | ||||
Pension plan | (423) | (423) | ||||
Total comprehensive income (loss) | (11,767) | |||||
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 | (4,734) | (4,734) | ||||
Dividends forfeited with restricted stock forfeitures | 120 | 120 | ||||
Share-based compensation expense | 931 | 931 | ||||
Lapse of restriction on restricted stock | 0 | $ 2 | (2) | |||
Lapse of restriction on restricted stock (in shares) | 172,785 | |||||
Exercise of stock options | 118 | 118 | ||||
Exercise of stock options (in shares) | 20,000 | |||||
Reclassification of foreign currency translation adjustment from sale of Real-Time business | (2,159) | (2,159) | ||||
Other comprehensive income (loss), net of taxes: | ||||||
Net income (loss) | 28,381 | 28,381 | ||||
Foreign currency translation adjustment | (478) | (478) | ||||
Pension plan | 292 | 292 | ||||
Total comprehensive income (loss) | 28,195 | |||||
Balance at Jun. 30, 2017 | $ 43,469 | $ 94 | $ 212,018 | $ (165,498) | $ (2,890) | $ (255) |
Balance (in shares) at Jun. 30, 2017 | 9,410,878 | (37,788) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows used in operating activities: | ||
Net income (loss) | $ 28,381 | $ (11,113) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 1,726 | 1,701 |
Share-based compensation | 931 | 789 |
Deferred income taxes, net | 859 | 13,209 |
Provision for excess and obsolete inventories | 188 | 333 |
Provision for bad debts | 0 | 41 |
Other, net | (14) | 0 |
Foreign currency exchange gains | (51) | (694) |
Gain on sale of Real-Time business, net | (34,574) | 0 |
Gain on sale of product line, net | 0 | (4,100) |
Decrease (increase) in assets: | ||
Accounts receivable | 4,203 | (4,805) |
Inventories | 180 | (43) |
Prepaid expenses and other current assets | (3,171) | (393) |
Other long-term assets | (479) | (91) |
Increase (decrease) in liabilities: | ||
Accounts payable and accrued expenses | 747 | 2,495 |
Deferred revenue | (2,063) | 249 |
Pension and other long-term liabilities | 133 | 201 |
Net cash used in operating activities | (3,004) | (2,221) |
Cash flows provided by (used in) investing activities: | ||
Additions to property and equipment | (912) | (2,251) |
Purchase of domain name | 0 | (35) |
Purchases of short-term investments | (6,856) | 0 |
Proceeds from sale of Real-Time business, net of cash transferred | 31,043 | 0 |
Proceeds from sale of product line | 0 | 3,500 |
Net cash provided by investing activities | 23,275 | 1,214 |
Cash flows provided by (used in) financing activities: | ||
Dividends paid | (4,602) | (4,472) |
Proceeds from exercise of stock options | 118 | 0 |
Net cash used in financing activities | (4,484) | (4,472) |
Effect of exchange rates on cash and cash equivalents | (162) | 296 |
Increase (decrease) in cash and cash equivalents | 15,625 | (5,183) |
Cash and cash equivalents - beginning of year | 18,798 | 25,451 |
Cash and cash equivalents - end of year | 35,893 | 18,798 |
Cash paid during the period for: | ||
Interest | 6 | 3 |
Income taxes (net of refunds) | $ 799 | $ 511 |
Overview of the Business
Overview of the Business | 12 Months Ended |
Jun. 30, 2017 | |
Overview Of Business [Abstract] | |
Overview of Business | 1. Overview of the Business References herein to “Concurrent,” the “Company,” “we,” “our,” or “us” refer to Concurrent Computer Corporation and its subsidiaries unless the context specifically indicates otherwise. Concurrent is a global software and solutions company that develops advanced applications focused on storing, protecting, transforming, and delivering high value media assets. We serve industries and customers that demand uncompromising performance, reliability and flexibility to gain a competitive edge, drive meaningful growth and confidently deliver best-in-class solutions that enrich the lives of millions of people around the world every day. As a result of the sale of our Real-Time solutions business in May 2017, as discussed below, we have one reporting segment for financial reporting purposes, Content Delivery. 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 applications including live broadcast video, video-on-demand and time-shifted video services such as cloud-based digital video recording. In fiscal year 2016, we introduced Aquari Storage, our unified scale-out storage solutions product that is ideally suited for a wide range of enterprise IT and video applications that require advanced performance, very large storage capacities, and a high degree of reliability. In September 2015, we sold our multi-screen video analytics product line for collecting and analyzing data related to content delivery applications (see Note 5 Sale of Product Line). In May 2017, we sold our Real-Time solutions business (“Real-Time business”) consisting of real-time Linux operating system versions, development and performance optimization tools, simulation software and other system software combined, in many cases, with computer platforms and services. These real-time products were sold to a wide variety of companies seeking high performance, real-time computer solutions in the defense, aerospace, financial and automotive markets around the world. Results of our real-time business are retrospectively reflected as discontinued operations in our consolidated financial statements for all periods presented (see Note 4 Discontinued Operations). Prior year information has been adjusted to conform with the current year presentation. Unless otherwise stated, the information disclosed in the footnotes accompanying the consolidated financial statements refer to continuing operations. See Note 4 Discontinued Operations for more information regarding results from discontinued operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Summary of Significant Accounting Policies The consolidated financial statements include the accounts of Concurrent and all wholly-owned domestic and foreign subsidiaries. We have no unconsolidated entities and no special purpose entities. All intercompany transactions and balances have been eliminated in consolidation. 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. 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. The Company records discontinued operations when the disposal of a separately identified business unit constitutes a ’strategic shift’ in the Company’s operations, as defined in Accounting Standards Codification (“ASC”) Topic 205-20, Discontinued Operations 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. Net gains on foreign currency transactions of $ 23 386 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 and commercial paper. Short-term investments in commercial paper and U.S. Treasury bills with original maturities of between 90 days and 1 year are classified as available for sale and are reported at fair value. Inventories are stated at the lower of cost or market. Cost is computed using standard cost, which approximates actual cost, determined on a first-in, first-out basis. The cost of inventories is comprised of material, labor and overhead. We reduce the recorded value of excess and obsolete inventory to its market value based upon historical and anticipated usage. Our provision for excess and obsolescence of inventories was $ 102 208 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 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. We maintain a supply of repairable and reusable spare parts for possible use in future warranty repairs of our installed systems. We have classified this inventory within other long-term assets in our consolidated balance sheets. As these service parts age over the related product post-installation service life covered by a warranty, we reduce the net carrying value of our spare parts inventory to account for the excess that builds over the service life. For certain spare parts, our assessment also includes recent usage under the associated warranties. The post-installation warranty service life of our systems is generally three to five years and, at the end of the service life, the carrying value for these parts is reduced to zero. Our provision for excess and obsolescence of our spare parts inventory was $ 94 77 The significant majority of the Company’s multiple element arrangements are accounted for under ASC 605-25, Multiple Element Arrangements Software 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. Prior to the sale of our multi-screen video analytics product line in September 2015 (see Note 5 Sale of Product Line), our sales model for multi-screen video analytics products included the option for customers to purchase a perpetual license, a term license, or software as a service. Customers also had the option to purchase maintenance or managed services with their license. Revenue from these sales generally was recognized over the term of the various customer arrangements. Professional services attributable to implementation of our multi-screen video analytics software products or managed services were essential to the customers’ use of these products and services. We deferred commencement of revenue recognition for the entire arrangement until we had delivered the essential professional services or had made a determination that the remaining professional services were no longer essential to the customer. We recognized revenue for managed services and software-as-a-service arrangements once we commenced providing the managed or software services and recognize the service revenue ratably over the term of the various customer contracts. In circumstances whereby we sold a term or perpetual license and maintenance or managed services, we commenced revenue recognition after both the software and service were made available to the customer and recognized the revenue from the entire arrangement ratably over the longer of the term license or service period, because we did not have vendor specific objective evidence (“VSOE”) for our term licenses, maintenance, or managed services for multi-screen video analytics software 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. 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 content delivery 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. Shipping and handling amounts we bill to our customers are included in product revenues and the related shipping and handling costs we incur are included in product cost of sales. Taxes assessed by a governmental authority that are imposed on revenue transactions between us and our customers are presented on a net basis in our consolidated statements of operations. 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 customer’s credit worthiness or actual account defaults are higher than our historical trends, our reserve estimates could be adversely impacted. 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. We maintain defined benefit pension plans (the “Pension Plan”) for a number of former employees (“participants”) of our German subsidiary. In 1998, the Pension Plans were closed to new employees and no existing employees are eligible to participate, as all eligible participants are no longer employed by Concurrent. The Pension Plans provide 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 Plans’ benefit obligations and expenses are 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. Intangible assets, net of $ 134 143 www.concurrent.com 35 Amortization expense related to finite-lived intangible assets was $ 12 45 12 We account for software development costs in accordance with ASC Topic 985-20, Software We expense all costs for implementation, setup and other up-front costs incurred in a cloud computing contract arrangement considered a service contract. Research and development expenditures are expensed as incurred. These expenditures include compensation costs, materials, other direct expenses and allocated costs of information technology and facilities. Basic income (loss) per share is computed by dividing income (loss) by the weighted average number of common shares outstanding during each year. Diluted income (loss) per share is computed by dividing 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. Due to the loss from continuing operations for both periods presented, common share equivalents of 270,874 188,467 Year Ended June 30, 2017 2016 Loss from continuing operations $ (11,111) $ (12,737) Income from discontinued operations, net of income taxes 39,492 1,624 Net income (loss) $ 28,381 $ (11,113) Basic and diluted EPS: Basic and diluted weighted average shares outstanding 9,252,275 9,154,437 Basic and diluted earnings (loss) per share: Continuing operations $ (1.20) $ (1.39) Discontinued operations 4.27 0.18 Net income (loss) $ 3.07 $ (1.21) 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 the years ended June 30, 2017 and 2016. 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 no financial assets that are measured on a recurring basis that fall within Level 3 of the fair value hierarchy. Quoted Prices in Observable Unobservable Total Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Cash $ 5,646 $ 5,646 $ - $ - Money market funds 26,051 26,051 - - Commercial paper 4,196 - 4,196 - Cash and cash equivalents 35,893 31,697 4,196 - Commercial paper 6,870 - 6,870 - Short-term investments 6,870 - 6,870 - $ 42,763 $ 31,697 $ 11,066 $ - Our financial assets that are measured at fair value on a recurring basis as of June 30, 2016 are as follows: Quoted As of Prices in Observable Unobservable June 30, 2016 Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Cash $ 8,743 $ 8,743 $ - $ - Money market funds 10,055 10,055 - - Cash and cash equivalents $ 18,798 $ 18,798 $ - $ - 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. We account for share-based compensation in accordance with ASC Topic 718-10, Stock Compensation 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). |
Recent Accounting Guidance
Recent Accounting Guidance | 12 Months Ended |
Jun. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Guidance | Recent Accounting Guidance Recent Accounting Guidance Not Yet Adopted In May 2014, the Financial Accounting Standards Board (“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 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 No. 2016-15, Clarification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU No. 2017-01 - Business Combinations (Topic 805) In March 2017, the FASB issued ASU 2017-07, Compensation Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In May 2017, the FASB issued ASU 2017-09, Compensation Stock Compensation (Topic 718): Scope of Modification Accounting |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | 4. Discontinued Operations On May 15, 2017, we completed the sale and transfer of certain assets and certain liabilities primarily related to our Real-Time business segment pursuant to an Asset Purchase Agreement (the “RT APA”) dated as of May 15, 2017 with Real Time, Inc. (the “Purchaser”), an investment company owned by Battery Ventures, a private-equity firm based in Boston, Massachusetts, for $ 35,000 Gross proceeds from the sale were paid to us as follows: (1) a $ 30,200 2,800 2,000 The RT APA contains customary representations and warranties of each of the parties. The RT APA contains indemnification rights in our favor following closing for (i) breaches of any of the representations or warranties by the Purchaser including, but not limited to, breaches related to organization, authorization, and governmental authorization, (ii) breaches of the covenants or agreements of the Purchaser in the RT APA, and (iii) liabilities which the Purchaser agrees to assume in the RT APA. In conjunction with the RT APA, we and the Purchaser entered into Transition Services Agreements (the “TSAs”) for the U.S./Europe and Japan. Under the TSAs, we have agreed to provide and receive various services to and from the Purchaser on an arms-length fee-for-service basis for a term of six months as of the date of the TSAs, subject to a renewal term of up to eighteen months. Net amounts charged under the TSAs for the year ended June 30, 2017 are $ 6 Results associated with the Real-Time business are classified as income from discontinued operations, net of income taxes, in our consolidated statements of operations. Operating expenses recorded in discontinued operations include costs incurred directly in support of the Real-Time business. During the year ended June 30, 2017, these costs included $ 71 9,710 4 Year Ended June 30, 2017 2016 Revenue $ 27,032 $ 29,142 Cost of sales 10,568 11,689 Gross margin 16,464 17,453 Operating expenses: Sales and marketing 5,300 5,798 Research and development 3,549 3,739 General and administrative 722 819 Total operating expenses 9,571 10,356 Operating income 6,893 7,097 Gain on sale of Real-Time business, net 34,574 - Other income, net 92 422 Income from discontinued operations before income taxes 41,559 7,519 Provision for income taxes 2,067 5,895 Income from discontinued operations $ 39,492 $ 1,624 Year Ended June 30, 2017 Purchase price $ 35,000 Purchase price adjustments for working capital (839) Net book value of assets sold 950 Currency translation adjustment reclassified from accumulated other comprehensive income (loss) 2,159 Transaction costs (2,696) Gain on sale of Real-Time business $ 34,574 Transaction costs directly associated with the sale of the Real-Time business include legal, accounting, investment banking and other fees paid to external parties. Additionally in connection to the sale of our Real-Time business (1) we terminated the employment of two executives of the Company (including our Chief Financial Officer (“CFO”) at the time of the sale) and recorded severance costs of $ 602 69,214 12 500 369 45 ASSETS Current assets: Cash and cash equivalents $ 1,470 Accounts receivable, net 6,242 Inventories 1,153 Prepaid expenses and other current assets 350 Total current assets 9,215 Property and equipment, net 483 Deferred income taxes, net 778 Other long-term assets, net 655 Total noncurrent assets 1,916 Total assets of discontinued operations $ 11,131 LIABILITIES Current liabilities: Accounts payable and accrued expenses $ 2,876 Deferred revenue 4,109 Total current liabilities 6,985 Long-term liabilities: Deferred revenue 970 Other long-term liabilities 977 Total noncurrent liabilities 1,947 Total liabilities of discontinued operations $ 8,932 Proceeds from the sale of the Real-Time business have been presented in the consolidated statement of cash flows under investing activities for the year ended June 30, 2017. In accordance with ASC Topic 205-20, additional disclosures relating to cash flow is required for discontinued operations. Year Ended June 30, 2017 2016 Operating cash flow data: Depreciation and amortization $ 305 $ 328 Share-based compensation 74 81 Provision for (recovery of) excess and obsolete inventories (13) 48 Provision for bad debts - 31 Foreign currency exchange gains (27) (308) Investing cash flow data: Capital expenditures (136) (451) June 30, 2016 Cash and cash equivalents per balance sheet $ 18,798 Cash and cash equivalents classified within current assets of discontinued operations 1,470 Ending cash and cash equivalents balance per statement of cash flows $ 20,268 |
Sale of Product Line
Sale of Product Line | 12 Months Ended |
Jun. 30, 2017 | |
Sale of Product Line [Abstract] | |
Sale of Product Line | 5. 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 1,016 228 4,100 We evaluated the sale of our multi-screen video analytics product line in regards to ASC Topic 205-20 and concluded that the sale was not a “strategic shift” as defined in ASC Topic 205-20 and therefore, was not considered a discontinued operation. The operating profit related to the multi-screen video analytics product line for the year ended June 30, 2016 (through the date of sale) was $ 178 |
Inventories
Inventories | 12 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories June 30, 2017 2016 Raw materials $ 832 $ 891 Finished goods 1,033 1,451 $ 1,865 $ 2,342 |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 7. Property and Equipment, net June 30, 2017 2016 Leasehold improvements $ 1,117 $ 1,171 Machinery and equipment 10,515 11,621 11,632 12,792 Less: Accumulated depreciation (9,906) (10,214) $ 1,726 $ 2,578 For the years ended June 30, 2017 and 2016, depreciation expense for property and equipment amounted to $ 1,409 1,328 During the year ended June 30, 2016, the Company wrote-off fully-depreciated property and equipment related to the sale of its multi-screen video analytics product line with an original cost of $ 260 |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Jun. 30, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Expenses | 8. Accounts Payable and Accrued Expenses June 30, 2017 2016 Accounts payable, trade $ 2,452 $ 3,342 Accrued payroll, vacation and other employee expenses 2,372 1,619 Accrued Real-Time sale transaction expenses 1,767 - Unrecognized income from research and development tax credits 566 - Accrued income taxes 415 389 Dividend payable 60 95 Other accrued expenses 532 870 $ 8,164 $ 6,315 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. 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. Year Ended June 30, 2017 2016 United States $ (13,179) $ (4,970) Foreign 1,031 264 $ (12,148) $ (4,706) Year Ended June 30, 2017 2016 Current: Federal $ (739) $ (61) State (236) (30) Foreign (144) (271) Total (1,119) (362) Deferred: Federal 115 7,617 State (115) 646 Foreign 82 130 Total 82 8,393 Total $ (1,037) $ 8,031 Year Ended June 30, 2017 2016 Loss from continuing operations before provision (benefit) for income taxes $ (12,148) $ (4,706) Benefit at federal statutory rate (4,130) (1,600) Change in valuation allowance 5,500 10,497 Permanent differences 88 59 Net operating loss expiration and adjustment (38) 63 Change in state tax rates - 11 Change in foreign tax rates 1 1 Change in uncertainty in income taxes (206) 23 U.S. research and development credits (1,294) - Foreign rate differential (40) (118) State and foreign tax expense (388) (150) Other (530) (755) Provision (benefit) for income taxes $ (1,037) $ 8,031 June 30, 2017 2016 Deferred tax assets related to: U.S. and foreign net operating loss carryforwards $ 30,922 $ 26,639 Book and tax basis differences for property and equipment 340 480 Bad debt, warranty and inventory reserves 683 732 Accrued compensation 1,363 970 Deferred revenue 60 23 U.S. credit carryforwards 2,068 608 Stock compensation 474 726 Acquired intangibles - 11 Other 755 1,148 Deferred tax assets 36,665 31,337 Valuation allowance (36,634) (31,191) Total deferred tax assets 31 146 Deferred tax liabilities related to: Acquired intangibles 34 - Total deferred tax liability 34 - Deferred income taxes, net $ (3) $ 146 June 30, 2017 2016 Non-current deferred tax asset $ 15 $ 146 Non-current deferred tax liability (18) - $ (3) $ 146 As of June 30, 2017, we had U.S. federal net operating loss carryforwards (“NOLs”) of approximately $ 71,953 As of June 30, 2017, we had state NOLs of $ 37,394 28,335 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 NOLs. 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 $ 828 1,239 20 Of the $ 71,953 11,189 140 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. NOLs, it is not practicable to determine the U.S. income tax liability that would be payable if such earnings were not invested 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, 2017, we have both the intent and ability to permanently reinvest our foreign earnings in our foreign subsidiaries, with the exception of our Hong Kong subsidiary. We have begun the process of closing the Hong Kong office and expect to complete this process during fiscal year 2018. We can no longer state that we have the intent to remain permanently reinvested in Hong Kong. However, because we have negative earnings and profits in our Hong Kong subsidiary, we do not expect to have any tax liability associated with any decisions made with regard to the closing of this office. The valuation allowance for deferred tax assets as of June 30, 2017 and 2016 were $ 36,634 31,191 5,443 3,995 1,570 123 Deferred Tax Assets and Related Valuation Allowances In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining whether or not a valuation allowance for tax assets is needed, we evaluate all available evidence, both positive and negative, including: trends in operating income or losses; currently available information about future years; future reversals of existing taxable temporary differences; future taxable income exclusive of reversing temporary differences and carryforwards; taxable income in prior carryback years if carryback is permitted under the tax law; and tax planning strategies that would accelerate taxable amounts to utilize expiring carryforwards, change the character of taxable and deductible amounts from ordinary income or loss to capital gain or loss, or switch from tax-exempt to taxable investments. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. As of June 30, 2017, we maintain a full valuation allowance on our net deferred tax assets in all jurisdictions except Japan and the U.K. In Japan and the U.K., we believe that it is more likely than not that we will realize our entire deferred tax inventory, and no valuation allowance is needed. In all other jurisdictions, we do not have sufficient evidence of future income to conclude that it is more likely than not that we will realize our entire deferred tax inventory. Therefore, we have placed a full valuation allowance on the deferred tax inventory. These jurisdictions include the U.S., Germany, Spain, Hong Kong, and Australia. We reevaluate our conclusions quarterly regarding the valuation allowance and we will make appropriate adjustments as necessary in the period in which significant changes occur. Unrecognized tax benefits Balance at June 30, 2015 $ 297 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, 2016 297 Additions based on tax positions related to the current year - Additions for tax positions of prior years 194 Reductions for tax positions for prior year (154) Reductions for lapse in statute of limitations - Settlements - Balance at June 30, 2017 $ 337 The amount of gross tax effected unrecognized tax benefits as of June 30, 2017 was approximately $ 337 143 88 22 281 Research and Development Tax Credits During the year ended June 30, 2017, we applied for both a U.S. federal and state of Georgia research and development tax credit for our fiscal year ending June 30, 2016 in the amounts of $ 719 675 20 173 675 Additionally, we recorded $ 575 540 64 Tax Asset Preservation Plan On March 1, 2016, we entered into a Tax Asset Preservation Plan (the “TAPP”) with American Stock Transfer & Trust Company, LLC, as rights agent. Our Board of Directors adopted the TAPP in an effort to deter acquisitions of the Company’s common stock, par value $ 0.01 The TAPP has a 4.9 At our 2016 Annual Meeting of Stockholders held on October 26, 2016, our stockholders adopted a formal amendment to our certificate of incorporation for the same purpose (the “Protective Amendment”). The TAPP terminated in accordance with its terms on November 3, 2016 concurrent with the effectiveness of the amendment to our certificate of incorporation. The Protective Amendment will expire on the earliest of (i) the Board of Directors’ determination that the Protective Amendment is no longer necessary for the preservation of the Company’s NOLs because of the amendment or repeal of Section 382 or any successor statute, (ii) the close of business on the first day of any taxable year of Concurrent to which the Board of Directors determines that none of our NOLs may be carried forward (iii) such date as the Board of Directors otherwise determines that the Protective Amendment is no longer necessary for the preservation of the Concurrent’s NOLs and (iv) the date of our Annual Meeting of Stockholders to be held during calendar year 2017. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jun. 30, 2017 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | 10. 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 1,100,000 122,622 During the year ended June 30, 2016, we retroactively rescinded 120,000 100,000 Year Ended June 30, 2017 2016 Share-based compensation expense included in the consolidated statement of operations: Cost of sales $ 9 $ 3 Sales and marketing 125 126 Research and development 35 87 General and administrative 688 492 Total $ 857 $ 708 Based on historical experience of restricted stock and option pre-vesting cancellations, we estimated annualized forfeiture rates of 8.5 8.0 During the year ended June 30, 2017, we received $ 118 Restricted Share Awards During fiscal year 2017, we issued 334,000 Weighted- Average Grant Date Restricted Stock Awards Shares Fair Value Non-vested at July 1, 2016 464,117 $ 5.39 Granted 334,000 5.66 Vested (172,785) 5.65 Forfeited (184,719) 5.51 Non-vested at June 30, 2017 440,613 $ 5.45 In conjunction with the resignation of one of our directors (See Note 16 Commitments and Contingencies Board Representation and Standstill Agreement), we accelerated the vesting of 5,400 9 69,214 12 9,710 4 During the year ended June 30, 2017, we issued 50,000 During the year ended June 30, 2017, 5,387 Weighted- Average Grant Date Performance Stock Awards Shares Fair Value Non-vested at July 1, 2016 5,387 $ 5.14 Granted 50,000 5.49 Vested - - Forfeited (5,387) 5.14 Non-vested at June 30, 2017 50,000 $ 5.49 Total compensation cost of restricted stock awards issued, but not yet vested as of June 30, 2017 is $ 1,425 2.2 Stock Options 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 2017 and 2016, and there were no unvested options granted to non-employees as of June 30, 2017. Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Term (Years) Value Outstanding as of July 1, 2016 84,419 $ 11.71 Granted - - Exercised (20,000) 5.90 Forfeited or expired (33,538) 13.92 Outstanding as of June 30, 2017 30,881 $ 13.06 0.15 $ - Vested at June 30, 2017 30,881 $ 13.06 0.15 $ - Exercisable at June 30, 2017 30,881 $ 13.06 0.15 $ - Outstanding Options Options Exercisable Weighted- Average Weighted- Weighted- Remaining Average Average Range of Contractual Number Exercise Number Exercise Exercise Prices Life (Years) Outstanding Price Exercisable Price $11.10 0.33 3,000 $ 11.10 3,000 $ 11.10 $12.80 0.12 9,000 $ 12.80 9,000 $ 12.80 $13.50 0.13 18,881 $ 13.50 18,881 $ 13.50 $11.10 - $13.50 0.15 30,881 $ 13.06 30,881 $ 13.06 The total intrinsic value of options both outstanding and exercisable was nil for both of the fiscal years ended June 30, 2017 and 2016. There is no remaining compensation cost for options granted as all outstanding options have vested as of June 30, 2017. We generally issue new shares to satisfy option exercises. |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 12 Months Ended |
Jun. 30, 2017 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Pensions and Other Postretirement Benefits | 11. 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 IRC. From July 1, 2012 through August 20, 2013, we matched 25 5 50 5 272 279 The sale of our Real-Time business in May 2017 (see Note 4 Discontinued Operations) triggered a “partial plan termination” of our domestic 401(k) plan as defined under Section 411(d)(3) of the IRC. As a result, previously forfeited matching contributions for all voluntary and involuntarily terminated employees during the 401(k) plan year for 2017 (January 1, 2017 through December 31, 2017) are to be reinstated. Through June 30, 2017, $ 77 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 35 43 Defined Benefit Plans As of June 30, 2017, we maintained the Pension Plans covering former employees in Germany. The measurement date used to determine fiscal years’ 2017 and 2016 benefit information for the Pension Plans was June 30, 2017 and 2016, respectively. Our Pension Plans have been closed to new employees since 1998 and no existing employees are eligible to participate, as all eligible participants are no longer employed by us. Obligations and Funded Status June 30, 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 4,919 $ 4,628 Interest cost 50 96 Actuarial (gain) loss (256) 435 Foreign currency exchange rate change 133 4 Benefits paid (236) (244) Benefit obligation at end of year $ 4,610 $ 4,919 Change in plan assets: Fair value of plan assets at beginning of year $ 1,192 $ 1,432 Actual return on plan assets 19 (15) Employer contributions 14 12 Benefits paid (229) (237) Foreign currency exchange rate change 25 - Fair value of plan assets at end of year $ 1,021 $ 1,192 Funded status at end of year $ (3,589) $ (3,727) June 30, 2017 2016 Other accrued expenses (1) $ (7) $ (7) Pension liability - long-term liabilities (3,582) (3,720) Total pension liability $ (3,589) $ (3,727) Accumulated other comprehensive loss $ 1,345 $ 1,637 (1) Items Not Yet Recognized as a Component of Net Periodic Pension Cost: June 30, 2017 2016 Net loss $ 1,345 $ 1,637 $ 1,345 $ 1,637 June 30, 2017 2016 Projected benefit obligation $ 4,610 $ 4,919 Accumulated benefit obligation $ 4,610 $ 4,919 Fair value of plan assets $ 1,021 $ 1,193 The following table provides the components of net periodic pension cost recognized in earnings for the fiscal years ended June 30, 2017 and 2016: Year Ended June 30, 2017 2016 Net Periodic Benefit Cost Service cost $ - $ - Interest cost 50 96 Expected return on plan assets (15) (22) Recognized actuarial loss 76 50 Amortization of unrecognized net transition obligation (asset) - - Net periodic benefit cost $ 111 $ 124 We estimate that $ 62 Assumptions June 30, 2017 2016 Discount rate 1.55 % 1.07 % Expected return on plan assets 2.00 % 2.50 % Compensation increase rate 0.00 % 0.00 % The following table sets forth the assumptions used to determine net periodic benefit cost: Year Ended June 30, 2017 2016 Discount rate 1.07 % 2.13 % Expected return on plan assets 2.50 % 2.50 % Compensation increase rate 0.00 % 0.00 % 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 Percentage of Total Plan Assets Level 1 Level 2 Level 3 Assets 2017 Asset Category: Cash and cash equivalents $ 42 $ - $ - $ 42 4.1 % Equity securities - 432 - 432 42.3 % Cash surrender value insurance contracts - 547 - 547 53.6 % Totals $ 42 $ 979 $ - $ 1,021 100.0 % 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, 2016: Percentage of Total Plan Assets Level 1 Level 2 Level 3 Assets 2016 Asset Category: Cash and cash equivalents $ 8 $ - $ - $ 8 0.7 % Equity securities - 572 - 572 47.9 % Debt securities - 57 - 57 4.8 % Cash surrender value insurance contracts - 556 - 556 46.6 % Totals $ 8 $ 1,185 $ - $ 1,193 100.0 % 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. Defined benefit 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 $ 13 Estimated Future Benefit Payments Pension Benefits 2018 248 2019 251 2020 249 2021 247 2022 245 2023 - 2027 1,203 |
Segment Information
Segment Information | 12 Months Ended |
Jun. 30, 2017 | |
Segments, Geographical Areas [Abstract] | |
Segment Information | 12. Segment Information As a result of the sale of our Real-Time business in May 2017 (See Note 4 Discontinued Operations), we operate in one reportable segment, Content Delivery. We evaluate segment results using revenues and gross margin as the performance measures. Such information is shown on the face of the accompanying consolidated statements of operations. We attribute revenues to individual countries and geographic areas based upon location of our customers. We attribute long-lived assets based upon location of the assets. As presented below, long-lived assets exclude intangible assets, net. Year Ended June 30, 2017 2016 Revenue: United States $ 18,159 $ 20,014 Canada 1,648 4,779 Total North America 19,807 24,793 Japan 4,642 3,754 Other Asia-Pacific 86 67 Total Asia-Pacific 4,728 3,821 Europe 2,647 3,393 South America 465 - Total revenue $ 27,647 $ 32,007 June 30, 2017 2016 Long-lived assets: United States $ 2,391 $ 2,800 Europe 53 99 Japan 303 235 Other Asia-Pacific 2 8 Total long-lived assets $ 2,749 $ 3,142 |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | 13. Concentration of Risk Sales to unaffiliated customers outside the U.S. were $ 9,488 11,993 34 37 10 Year Ended June 30, 2017 2016 Customer A (1) 29 % 36 % Customer B 17 % 11 % Customer C 16 % 14 % Customer D <10 % 10 % (1) Data for all periods reflects the merger of two customers consummated in the year ended June 30, 2016. We assess credit risk through ongoing credit evaluations of a customers’ financial condition. Generally, collateral is not required. 10 June 30, 2017 2016 Customer A (1) 35 % 64 % Customer C 23 % <10 % Customer E 21 % N/A Customer F <10 % 10 % (1) Data for all periods reflects the merger of two customers consummated in the year ended June 30, 2016. There were no other customers representing 10% or more of our accounts receivable at June 30, 2017 and 2016. Year Ended June 30, 2017 2016 Vendor A 34 % 18 % Vendor B 29 % 26 % Vendor C 10 % <10 % Vendor D <10 % 31 % |
Dividends
Dividends | 12 Months Ended |
Jun. 30, 2017 | |
Dividends [Abstract] | |
Dividends | 14. Dividends During fiscal years 2017 and 2016, we declared and paid four cash dividends. Future dividends are subject to declaration by our Board of Directors. Dividends Declared Record Date Payment Date Type Per Share Total September 13, 2016 September 27, 2016 Quarterly $ 0.12 $ 1,182 December 14, 2016 December 28, 2016 Quarterly $ 0.12 $ 1,187 March 14, 2017 March 28, 2017 Quarterly $ 0.12 $ 1,183 June 13, 2017 June 27, 2017 Quarterly $ 0.12 $ 1,182 Total $ 4,734 As of June 30, 2017, we recorded $ 285 60 225 120 Earnings per Share |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 15. Accumulated Other Comprehensive Income (Loss) Pension and Postretirement Currency Benefit Translation Plans Adjustments Total Balance at June 30, 2016 $ (1,637) $ 1,092 $ (545) Other comprehensive income before reclassifications 216 (478) (262) Amounts reclassified from accumulated other comprehensive income (loss) 76 - 76 Amount reclassified to gain on sale of discontinued operations - (2,159) (2,159) Net current period other comprehensive income (loss) 292 (2,637) (2,345) Balance at June 30, 2017 $ (1,345) $ (1,545) $ (2,890) |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Operating Leases We lease certain office space, warehousing and equipment under various operating leases. These leases expire at various dates through fiscal 2019 and generally provide for the payment of taxes, insurance, operating expenses 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. 2018 $ 471 2019 216 2020 - 2021 - 2022 - 2023 and thereafter - $ 687 Rent expense under all operating leases amounted to $ 1,275 1,360 Legal Matters 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 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 Eastern District of Pennsylvania U.S. Patent Nos. 6,754,907 and 6,757,907 FutureVision.com LLC U.S. District Court Eastern District of Texas 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 1,215 In connection with the sale of our Real-Time business in May 2017 (1) we terminated the employment of two executives of the Company (including our CFO at the time of the sale) and recorded severance of $ 619 500 369 Shareholder Demand Letter As disclosed in our Form 8-K filed on October 15, 2015, on October 5, 2015, our Board of Directors received a demand letter from a law firm on behalf of a purported shareholder of Concurrent alleging that the grant of 120,000 120,000 On October 15, 2015, Concurrent entered into an amendment (the “Amendment”) to its initial employment agreement with its president and CEO dated November 18, 2014. Pursuant to the terms of the Amendment, Concurrent and its CEO agreed to rescind the 120,000 In connection with the execution of the Amendment, on October 15, 2015, Concurrent awarded its CEO a cash bonus of $ 332 45,000 As part of the Amendment, on February 11, 2016, Concurrent granted its CEO 15,000 In August 2016, the final report of the special committee concluded the following: (1) Concurrent effectively rescinded the entire 120,000 In January 2017, we paid $ 101 68 Board Representation and Standstill Agreement As disclosed in our Form 8-K filed on August 29, 2016, Concurrent 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 Concurrent’s Board until the 2016 Annual Meeting of Stockholders of the Concurrent (the nominee was subsequently elected as a director of Concurrent at the 2016 Annual Meeting of Stockholders 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 | 12 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events Resignation of Directors As indicated in our Form 8-K filed on July 14, 2017, three of our independent directors resigned from our Board and Board committees. In connection with these resignations, we agreed to accelerate the vesting of 5,400 7 52 We have evaluated subsequent events through the date these financial statements were issued and determined that there were no other material subsequent events that required recognition or additional disclosure in our consolidated financial statements. |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Jun. 30, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule of Valuation and Qualifying Accounts Disclosure | Schedule II Concurrent Computer Corporation Valuation And Qualifying Accounts For the Years Ended June 30, 2017 and 2016 (Amounts in thousands) Charged Balance at to Costs Balance at Beginning and Deductions End Description of Year Expenses (a) of Year Reserves and allowances deducted from asset accounts or accrued as expenses: 2017 Allowance for doubtful accounts $ 10 $ - $ - $ 10 Warranty accrual 112 137 (158) 91 2016 Allowance for doubtful accounts $ - $ 10 $ - $ 10 Warranty accrual 164 175 (227) 112 (a) Charges and adjustments to the reserve accounts for write-offs and credits issued during the year. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
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. We have no unconsolidated entities and no special purpose entities. 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. |
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. |
Discontinued Operations, Policy | Discontinued Operations The Company records discontinued operations when the disposal of a separately identified business unit constitutes a ’strategic shift’ in the Company’s operations, as defined in Accounting Standards Codification (“ASC”) Topic 205-20, Discontinued Operations |
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. Net gains on foreign currency transactions of $ 23 386 |
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 and commercial paper. |
Investment, Policy | Short-Term Investments Short-term investments in commercial paper and U.S. Treasury bills with original maturities of between 90 days and 1 year are classified as available for sale and are reported at fair value. |
Inventories | Inventories Inventories are stated at the lower of cost or market. Cost is computed using standard cost, which approximates actual cost, determined on a first-in, first-out basis. The cost of inventories is comprised of material, labor and overhead. We reduce the recorded value of excess and obsolete inventory to its market value based upon historical and anticipated usage. Our provision for excess and obsolescence of inventories was $ 102 208 |
Property 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 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. |
Spare Parts Inventory | Spare Parts Inventory We maintain a supply of repairable and reusable spare parts for possible use in future warranty repairs of our installed systems. We have classified this inventory within other long-term assets in our consolidated balance sheets. As these service parts age over the related product post-installation service life covered by a warranty, we reduce the net carrying value of our spare parts inventory to account for the excess that builds over the service life. For certain spare parts, our assessment also includes recent usage under the associated warranties. The post-installation warranty service life of our systems is generally three to five years and, at the end of the service life, the carrying value for these parts is reduced to zero. Our provision for excess and obsolescence of our spare parts inventory was $ 94 77 |
Revenue Recognition Policy | Revenue Recognition Policy The significant majority of the Company’s multiple element arrangements are accounted for under ASC 605-25, Multiple Element Arrangements Software 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. Prior to the sale of our multi-screen video analytics product line in September 2015 (see Note 5 Sale of Product Line), our sales model for multi-screen video analytics products included the option for customers to purchase a perpetual license, a term license, or software as a service. Customers also had the option to purchase maintenance or managed services with their license. Revenue from these sales generally was recognized over the term of the various customer arrangements. Professional services attributable to implementation of our multi-screen video analytics software products or managed services were essential to the customers’ use of these products and services. We deferred commencement of revenue recognition for the entire arrangement until we had delivered the essential professional services or had made a determination that the remaining professional services were no longer essential to the customer. We recognized revenue for managed services and software-as-a-service arrangements once we commenced providing the managed or software services and recognize the service revenue ratably over the term of the various customer contracts. In circumstances whereby we sold a term or perpetual license and maintenance or managed services, we commenced revenue recognition after both the software and service were made available to the customer and recognized the revenue from the entire arrangement ratably over the longer of the term license or service period, because we did not have vendor specific objective evidence (“VSOE”) for our term licenses, maintenance, or managed services for multi-screen video analytics software 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. 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 content delivery 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. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling amounts we bill to our customers are included in product revenues and the related shipping and handling costs we incur are included in product cost of sales. |
Taxes Collected from Customers and Remitted to Governmental Authorities | Taxes Collected from Customers and Remitted to Governmental Authorities Taxes assessed by a governmental authority that are imposed on revenue transactions between us and our customers are presented on a net basis in our consolidated statements of operations. |
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 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 | We maintain defined benefit pension plans (the “Pension Plan”) for a number of former employees (“participants”) of our German subsidiary. In 1998, the Pension Plans were closed to new employees and no existing employees are eligible to participate, as all eligible participants are no longer employed by Concurrent. The Pension Plans provide 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 Plans’ benefit obligations and expenses are 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. |
Intangible Assets | Intangible Assets Intangible assets, net of $ 134 143 www.concurrent.com 35 Amortization expense related to finite-lived intangible assets was $ 12 45 12 |
Capitalized Software | Capitalized Software We account for software development costs in accordance with ASC Topic 985-20, Software |
Research, Development, and Computer Software, Policy | Cloud Computing Implementation Costs We expense all costs for implementation, setup and other up-front costs incurred in a cloud computing contract arrangement considered a service contract. |
Research and Development | Research and Development Research and development expenditures are expensed as incurred. These expenditures include compensation costs, materials, other direct expenses and allocated costs of information technology and facilities. |
Basic and Diluted Net (Loss) Income per Share | Basic and Diluted Income (Loss) per Share Basic income (loss) per share is computed by dividing income (loss) by the weighted average number of common shares outstanding during each year. Diluted income (loss) per share is computed by dividing 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. Due to the loss from continuing operations for both periods presented, common share equivalents of 270,874 188,467 Year Ended June 30, 2017 2016 Loss from continuing operations $ (11,111) $ (12,737) Income from discontinued operations, net of income taxes 39,492 1,624 Net income (loss) $ 28,381 $ (11,113) Basic and diluted EPS: Basic and diluted weighted average shares outstanding 9,252,275 9,154,437 Basic and diluted earnings (loss) per share: Continuing operations $ (1.20) $ (1.39) Discontinued operations 4.27 0.18 Net income (loss) $ 3.07 $ (1.21) |
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 the years ended June 30, 2017 and 2016. |
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 no financial assets that are measured on a recurring basis that fall within Level 3 of the fair value hierarchy. Quoted Prices in Observable Unobservable Total Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Cash $ 5,646 $ 5,646 $ - $ - Money market funds 26,051 26,051 - - Commercial paper 4,196 - 4,196 - Cash and cash equivalents 35,893 31,697 4,196 - Commercial paper 6,870 - 6,870 - Short-term investments 6,870 - 6,870 - $ 42,763 $ 31,697 $ 11,066 $ - Our financial assets that are measured at fair value on a recurring basis as of June 30, 2016 are as follows: Quoted As of Prices in Observable Unobservable June 30, 2016 Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Cash $ 8,743 $ 8,743 $ - $ - Money market funds 10,055 10,055 - - Cash and cash equivalents $ 18,798 $ 18,798 $ - $ - |
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 Topic 718-10, Stock Compensation |
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). |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
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, 2017 2016 Loss from continuing operations $ (11,111) $ (12,737) Income from discontinued operations, net of income taxes 39,492 1,624 Net income (loss) $ 28,381 $ (11,113) Basic and diluted EPS: Basic and diluted weighted average shares outstanding 9,252,275 9,154,437 Basic and diluted earnings (loss) per share: Continuing operations $ (1.20) $ (1.39) Discontinued operations 4.27 0.18 Net income (loss) $ 3.07 $ (1.21) |
Financial Assets Measured on Recurring Basis | Our financial assets that are measured at fair value on a recurring basis as of June 30, 2017 are as follows: Quoted Prices in Observable Unobservable Total Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Cash $ 5,646 $ 5,646 $ - $ - Money market funds 26,051 26,051 - - Commercial paper 4,196 - 4,196 - Cash and cash equivalents 35,893 31,697 4,196 - Commercial paper 6,870 - 6,870 - Short-term investments 6,870 - 6,870 - $ 42,763 $ 31,697 $ 11,066 $ - Our financial assets that are measured at fair value on a recurring basis as of June 30, 2016 are as follows: Quoted As of Prices in Observable Unobservable June 30, 2016 Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Cash $ 8,743 $ 8,743 $ - $ - Money market funds 10,055 10,055 - - Cash and cash equivalents $ 18,798 $ 18,798 $ - $ - |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Prior year results have been adjusted to conform with the current year presentation. For the years ended June 30, 2017 and 2016, income from discontinued operations is comprised of the following: Year Ended June 30, 2017 2016 Revenue $ 27,032 $ 29,142 Cost of sales 10,568 11,689 Gross margin 16,464 17,453 Operating expenses: Sales and marketing 5,300 5,798 Research and development 3,549 3,739 General and administrative 722 819 Total operating expenses 9,571 10,356 Operating income 6,893 7,097 Gain on sale of Real-Time business, net 34,574 - Other income, net 92 422 Income from discontinued operations before income taxes 41,559 7,519 Provision for income taxes 2,067 5,895 Income from discontinued operations $ 39,492 $ 1,624 At June 30, 2016, the carrying amounts of assets and liabilities of discontinued operations in our consolidated balance sheet were as follows: ASSETS Current assets: Cash and cash equivalents $ 1,470 Accounts receivable, net 6,242 Inventories 1,153 Prepaid expenses and other current assets 350 Total current assets 9,215 Property and equipment, net 483 Deferred income taxes, net 778 Other long-term assets, net 655 Total noncurrent assets 1,916 Total assets of discontinued operations $ 11,131 LIABILITIES Current liabilities: Accounts payable and accrued expenses $ 2,876 Deferred revenue 4,109 Total current liabilities 6,985 Long-term liabilities: Deferred revenue 970 Other long-term liabilities 977 Total noncurrent liabilities 1,947 Total liabilities of discontinued operations $ 8,932 |
Schedule for Reconciliation of the Gain Before Income Taxes of Disposal Groups, Including Discontinued Operations | A reconciliation of the gain before income taxes recorded on the sale of the Real-Time business for the year ended June 30, 2017 is as follows: Year Ended June 30, 2017 Purchase price $ 35,000 Purchase price adjustments for working capital (839) Net book value of assets sold 950 Currency translation adjustment reclassified from accumulated other comprehensive income (loss) 2,159 Transaction costs (2,696) Gain on sale of Real-Time business $ 34,574 |
Disposal Groups, Including Discontinued Operations ,Statement of Cash Flows | Year Ended June 30, 2017 2016 Operating cash flow data: Depreciation and amortization $ 305 $ 328 Share-based compensation 74 81 Provision for (recovery of) excess and obsolete inventories (13) 48 Provision for bad debts - 31 Foreign currency exchange gains (27) (308) Investing cash flow data: Capital expenditures (136) (451) June 30, 2016 Cash and cash equivalents per balance sheet $ 18,798 Cash and cash equivalents classified within current assets of discontinued operations 1,470 Ending cash and cash equivalents balance per statement of cash flows $ 20,268 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: June 30, 2017 2016 Raw materials $ 832 $ 891 Finished goods 1,033 1,451 $ 1,865 $ 2,342 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and equipment consists of the following: June 30, 2017 2016 Leasehold improvements $ 1,117 $ 1,171 Machinery and equipment 10,515 11,621 11,632 12,792 Less: Accumulated depreciation (9,906) (10,214) $ 1,726 $ 2,578 |
Accounts Payable and Accrued 31
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following: June 30, 2017 2016 Accounts payable, trade $ 2,452 $ 3,342 Accrued payroll, vacation and other employee expenses 2,372 1,619 Accrued Real-Time sale transaction expenses 1,767 - Unrecognized income from research and development tax credits 566 - Accrued income taxes 415 389 Dividend payable 60 95 Other accrued expenses 532 870 $ 8,164 $ 6,315 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The domestic and foreign components of income before provision for income taxes are as follows: Year Ended June 30, 2017 2016 United States $ (13,179) $ (4,970) Foreign 1,031 264 $ (12,148) $ (4,706) |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are as follows: Year Ended June 30, 2017 2016 Current: Federal $ (739) $ (61) State (236) (30) Foreign (144) (271) Total (1,119) (362) Deferred: Federal 115 7,617 State (115) 646 Foreign 82 130 Total 82 8,393 Total $ (1,037) $ 8,031 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax expense computed using the federal statutory income tax rate to our provision (benefit) for income taxes is as follows: Year Ended June 30, 2017 2016 Loss from continuing operations before provision (benefit) for income taxes $ (12,148) $ (4,706) Benefit at federal statutory rate (4,130) (1,600) Change in valuation allowance 5,500 10,497 Permanent differences 88 59 Net operating loss expiration and adjustment (38) 63 Change in state tax rates - 11 Change in foreign tax rates 1 1 Change in uncertainty in income taxes (206) 23 U.S. research and development credits (1,294) - Foreign rate differential (40) (118) State and foreign tax expense (388) (150) Other (530) (755) Provision (benefit) for income taxes $ (1,037) $ 8,031 |
Schedule of Deferred Tax Assets and Liabilities | As of June 30, 2017 and 2016, our deferred tax assets and liabilities were comprised of the following: June 30, 2017 2016 Deferred tax assets related to: U.S. and foreign net operating loss carryforwards $ 30,922 $ 26,639 Book and tax basis differences for property and equipment 340 480 Bad debt, warranty and inventory reserves 683 732 Accrued compensation 1,363 970 Deferred revenue 60 23 U.S. credit carryforwards 2,068 608 Stock compensation 474 726 Acquired intangibles - 11 Other 755 1,148 Deferred tax assets 36,665 31,337 Valuation allowance (36,634) (31,191) Total deferred tax assets 31 146 Deferred tax liabilities related to: Acquired intangibles 34 - Total deferred tax liability 34 - Deferred income taxes, net $ (3) $ 146 |
Schedule of Classification for Net Deferred Tax Asset(Liability) | The net deferred tax asset (liability) was classified on our consolidated balance sheets as follows: June 30, 2017 2016 Non-current deferred tax asset $ 15 $ 146 Non-current deferred tax liability (18) - $ (3) $ 146 |
Summary Of Income Tax Contingencies | A reconciliation of the beginning and ending amount of our unrecognized tax benefits for the fiscal years ended June 30, 2017 or 2016 is as follows: Balance at June 30, 2015 $ 297 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, 2016 297 Additions based on tax positions related to the current year - Additions for tax positions of prior years 194 Reductions for tax positions for prior year (154) Reductions for lapse in statute of limitations - Settlements - Balance at June 30, 2017 $ 337 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
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 the issuance of stock options and restricted stock to employees and board members, as follows: Year Ended June 30, 2017 2016 Share-based compensation expense included in the consolidated statement of operations: Cost of sales $ 9 $ 3 Sales and marketing 125 126 Research and development 35 87 General and administrative 688 492 Total $ 857 $ 708 |
Summary of Option Activity | A summary of our stock option activity as of June 30, 2017 and changes during fiscal year 2017 is presented below: Weighted- Weighted- Average Average Remaining Aggregate Exercise Contractual Intrinsic Options Shares Price Term (Years) Value Outstanding as of July 1, 2016 84,419 $ 11.71 Granted - - Exercised (20,000) 5.90 Forfeited or expired (33,538) 13.92 Outstanding as of June 30, 2017 30,881 $ 13.06 0.15 $ - Vested at June 30, 2017 30,881 $ 13.06 0.15 $ - Exercisable at June 30, 2017 30,881 $ 13.06 0.15 $ - |
Stock Options Outstanding and Exercisable | The following table summarizes information about stock options outstanding and exercisable at June 30, 2017: Outstanding Options Options Exercisable Weighted- Average Weighted- Weighted- Remaining Average Average Range of Contractual Number Exercise Number Exercise Exercise Prices Life (Years) Outstanding Price Exercisable Price $11.10 0.33 3,000 $ 11.10 3,000 $ 11.10 $12.80 0.12 9,000 $ 12.80 9,000 $ 12.80 $13.50 0.13 18,881 $ 13.50 18,881 $ 13.50 $11.10 - $13.50 0.15 30,881 $ 13.06 30,881 $ 13.06 |
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 stock awards during fiscal year 2017 is presented below: Weighted- Average Grant Date Restricted Stock Awards Shares Fair Value Non-vested at July 1, 2016 464,117 $ 5.39 Granted 334,000 5.66 Vested (172,785) 5.65 Forfeited (184,719) 5.51 Non-vested at June 30, 2017 440,613 $ 5.45 |
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 2017 is presented below: Weighted- Average Grant Date Performance Stock Awards Shares Fair Value Non-vested at July 1, 2016 5,387 $ 5.14 Granted 50,000 5.49 Vested - - Forfeited (5,387) 5.14 Non-vested at June 30, 2017 50,000 $ 5.49 |
Pensions and Other Postretire34
Pensions and Other Postretirement Benefits (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Schedule of Obligations and Funded Status | A reconciliation of the changes in the Pensions Plans’ benefit obligations and fair value of plan assets over the two-year period ended June 30, 2017, and a statement of the funded status at June 30, 2017 for these years for the Pension Plans is as follows: Obligations and Funded Status June 30, 2017 2016 Change in benefit obligation: Benefit obligation at beginning of year $ 4,919 $ 4,628 Interest cost 50 96 Actuarial (gain) loss (256) 435 Foreign currency exchange rate change 133 4 Benefits paid (236) (244) Benefit obligation at end of year $ 4,610 $ 4,919 Change in plan assets: Fair value of plan assets at beginning of year $ 1,192 $ 1,432 Actual return on plan assets 19 (15) Employer contributions 14 12 Benefits paid (229) (237) Foreign currency exchange rate change 25 - Fair value of plan assets at end of year $ 1,021 $ 1,192 Funded status at end of year $ (3,589) $ (3,727) |
Schedule of Amounts Recognized in the Consolidated Balance Sheets | June 30, 2017 2016 Other accrued expenses (1) $ (7) $ (7) Pension liability - long-term liabilities (3,582) (3,720) Total pension liability $ (3,589) $ (3,727) Accumulated other comprehensive loss $ 1,345 $ 1,637 (1) |
Schedule of Amounts Recognized in Other Comprehensive Income | (1) Items Not Yet Recognized as a Component of Net Periodic Pension Cost: June 30, 2017 2016 Net loss $ 1,345 $ 1,637 $ 1,345 $ 1,637 |
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, 2017 2016 Projected benefit obligation $ 4,610 $ 4,919 Accumulated benefit obligation $ 4,610 $ 4,919 Fair value of plan assets $ 1,021 $ 1,193 |
Components of net periodic pension cost of our German defined benefit pension plans recognized in earnings | Components of Net Periodic Benefit Cost and Other Amounts Recognized in Other Comprehensive Income Year Ended June 30, 2017 2016 Net Periodic Benefit Cost Service cost $ - $ - Interest cost 50 96 Expected return on plan assets (15) (22) Recognized actuarial loss 76 50 Amortization of unrecognized net transition obligation (asset) - - Net periodic benefit cost $ 111 $ 124 |
Schedule of Assumptions | The following table sets forth the assumptions used to determine benefit obligations: June 30, 2017 2016 Discount rate 1.55 % 1.07 % Expected return on plan assets 2.00 % 2.50 % Compensation increase rate 0.00 % 0.00 % The following table sets forth the assumptions used to determine net periodic benefit cost: Year Ended June 30, 2017 2016 Discount rate 1.07 % 2.13 % Expected return on plan assets 2.50 % 2.50 % Compensation increase rate 0.00 % 0.00 % |
Schedule of 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, 2017: Percentage of Total Plan Assets Level 1 Level 2 Level 3 Assets 2017 Asset Category: Cash and cash equivalents $ 42 $ - $ - $ 42 4.1 % Equity securities - 432 - 432 42.3 % Cash surrender value insurance contracts - 547 - 547 53.6 % Totals $ 42 $ 979 $ - $ 1,021 100.0 % 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, 2016: Percentage of Total Plan Assets Level 1 Level 2 Level 3 Assets 2016 Asset Category: Cash and cash equivalents $ 8 $ - $ - $ 8 0.7 % Equity securities - 572 - 572 47.9 % Debt securities - 57 - 57 4.8 % Cash surrender value insurance contracts - 556 - 556 46.6 % Totals $ 8 $ 1,185 $ - $ 1,193 100.0 % |
Schedule of Estimated Future Benefit Payments | Expected benefit payments, which reflect expected future service, during the next ten fiscal years ending June 30 are as follows: Pension Benefits 2018 248 2019 251 2020 249 2021 247 2022 245 2023 - 2027 1,203 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Summary of Revenues by Geographic Area | A summary of our revenue and long-lived assets by geographic area is as follows: Year Ended June 30, 2017 2016 Revenue: United States $ 18,159 $ 20,014 Canada 1,648 4,779 Total North America 19,807 24,793 Japan 4,642 3,754 Other Asia-Pacific 86 67 Total Asia-Pacific 4,728 3,821 Europe 2,647 3,393 South America 465 - Total revenue $ 27,647 $ 32,007 |
Summary of Long Lived Assets | June 30, 2017 2016 Long-lived assets: United States $ 2,391 $ 2,800 Europe 53 99 Japan 303 235 Other Asia-Pacific 2 8 Total long-lived assets $ 2,749 $ 3,142 |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Summary of Revenues by Significant Customers | In addition, the following summarizes revenues by significant customer where such revenue exceeded 10 Year Ended June 30, 2017 2016 Customer A (1) 29 % 36 % Customer B 17 % 11 % Customer C 16 % 14 % Customer D <10 % 10 % (1) Data for all periods reflects the merger of two customers consummated in the year ended June 30, 2016. |
Summary of Significant Accounts Receivable | The following summarizes accounts receivable by significant customer where such accounts receivable exceeded 10 June 30, 2017 2016 Customer A (1) 35 % 64 % Customer C 23 % <10 % Customer E 21 % N/A Customer F <10 % 10 % (1) Data for all periods reflects the merger of two customers consummated in the year ended June 30, 2016. |
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, 2017 2016 Vendor A 34 % 18 % Vendor B 29 % 26 % Vendor C 10 % <10 % Vendor D <10 % 31 % |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Dividends [Abstract] | |
Summary of Dividend Activity | Cash dividends declared on our common stock during fiscal year 2017 are summarized in the following table: Dividends Declared Record Date Payment Date Type Per Share Total September 13, 2016 September 27, 2016 Quarterly $ 0.12 $ 1,182 December 14, 2016 December 28, 2016 Quarterly $ 0.12 $ 1,187 March 14, 2017 March 28, 2017 Quarterly $ 0.12 $ 1,183 June 13, 2017 June 27, 2017 Quarterly $ 0.12 $ 1,182 Total $ 4,734 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
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 year ended June 30, 2017: Pension and Postretirement Currency Benefit Translation Plans Adjustments Total Balance at June 30, 2016 $ (1,637) $ 1,092 $ (545) Other comprehensive income before reclassifications 216 (478) (262) Amounts reclassified from accumulated other comprehensive income (loss) 76 - 76 Amount reclassified to gain on sale of discontinued operations - (2,159) (2,159) Net current period other comprehensive income (loss) 292 (2,637) (2,345) Balance at June 30, 2017 $ (1,345) $ (1,545) $ (2,890) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases of Lessee Disclosure | At June 30, 2017, future minimum lease payments for the fiscal years ending June 30 are as follows: 2018 $ 471 2019 216 2020 - 2021 - 2022 - 2023 and thereafter - $ 687 |
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 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 Eastern District of Pennsylvania U.S. Patent Nos. 6,754,907 and 6,757,907 FutureVision.com LLC U.S. District Court Eastern District of Texas U.S. Patent No. 5,877,755 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Loss from continuing operations | $ (11,111) | $ (12,737) |
Income from discontinued operations, net of income taxes | 39,492 | 1,624 |
Net income (loss) | $ 28,381 | $ (11,113) |
Basic and diluted EPS: | ||
Basic and diluted weighted average shares outstanding | 9,252,275 | 9,154,437 |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (1.20) | $ (1.39) |
Discontinued operations | 4.27 | 0.18 |
Net income (loss) (in dollars per share) | $ 3.07 | $ (1.21) |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Details 1) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Assets, Fair Value Disclosure, Recurring | $ 42,763 | |
Cash [Member] | ||
Assets, Fair Value Disclosure, Recurring | 5,646 | $ 8,743 |
Money Market Funds [Member] | ||
Assets, Fair Value Disclosure, Recurring | 26,051 | 10,055 |
Commercial Paper [Member] | ||
Assets, Fair Value Disclosure, Recurring | 4,196 | |
Cash and Cash Equivalents [Member] | ||
Assets, Fair Value Disclosure, Recurring | 35,893 | 18,798 |
Short-term Investments [Member] | ||
Assets, Fair Value Disclosure, Recurring | 6,870 | |
Short-term Investments [Member] | Commercial Paper [Member] | ||
Assets, Fair Value Disclosure, Recurring | 6,870 | |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 31,697 | |
Fair Value, Inputs, Level 1 [Member] | Cash [Member] | ||
Assets, Fair Value Disclosure, Recurring | 5,646 | 8,743 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets, Fair Value Disclosure, Recurring | 26,051 | 10,055 |
Fair Value, Inputs, Level 1 [Member] | Commercial Paper [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | ||
Assets, Fair Value Disclosure, Recurring | 31,697 | 18,798 |
Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | Commercial Paper [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 11,066 | |
Fair Value, Inputs, Level 2 [Member] | Cash [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||
Assets, Fair Value Disclosure, Recurring | 4,196 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | ||
Assets, Fair Value Disclosure, Recurring | 4,196 | 0 |
Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | ||
Assets, Fair Value Disclosure, Recurring | 6,870 | |
Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | Commercial Paper [Member] | ||
Assets, Fair Value Disclosure, Recurring | 6,870 | |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Commercial Paper [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | $ 0 |
Fair Value, Inputs, Level 3 [Member] | Short-term Investments [Member] | ||
Assets, Fair Value Disclosure, Recurring | 0 | |
Fair Value, Inputs, Level 3 [Member] | Short-term Investments [Member] | Commercial Paper [Member] | ||
Assets, Fair Value Disclosure, Recurring | $ 0 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Inventory Valuation Reserves | $ 102 | $ 208 |
Spare Parts Inventory Valuation Reserves Amount | 94 | 77 |
Foreign Currency Transaction Gain (Loss), before Tax | $ 23 | $ 386 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 270,874 | 188,467 |
Amortization of Intangible Assets | $ 12 | $ 45 |
Finite-Lived Intangible Assets, Accumulated Amortization | 12 | |
Internet Domain [Member] | ||
Indefinite-lived Intangible Assets Acquired | 35 | |
Patents and Internet Domains Name [Member] | ||
Finite-Lived Intangible Assets, Net | $ 134 | $ 143 |
Maximum [Member] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Spare Parts Inventory Service Life | 5 years | |
Minimum [Member] | ||
Property, Plant and Equipment, Useful Life | 1 year | |
Spare Parts Inventory Service Life | 3 years |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | $ 27,032 | $ 29,142 |
Cost of sales | 10,568 | 11,689 |
Gross margin | 16,464 | 17,453 |
Operating expenses: | ||
Sales and marketing | 5,300 | 5,798 |
Research and development | 3,549 | 3,739 |
General and administrative | 722 | 819 |
Total operating expenses | 9,571 | 10,356 |
Operating income | 6,893 | 7,097 |
Gain on sale of Real-Time business, net | 34,574 | 0 |
Other income, net | 92 | 422 |
Income from discontinued operations before income taxes | 41,559 | 7,519 |
Provision for income taxes | 2,067 | 5,895 |
Income from discontinued operations | $ 39,492 | $ 1,624 |
Discontinued Operations (Deta44
Discontinued Operations (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | May 15, 2017 | |
Purchase price | $ 35,000 | $ 35,000 | |
Purchase price adjustments for working capital | (839) | ||
Net book value of assets sold | 950 | ||
Currency translation adjustment reclassified from accumulated other comprehensive income (loss) | 2,159 | ||
Transaction costs | (2,696) | ||
Gain on sale of Real-Time business | $ 34,574 | $ 0 |
Discontinued Operations (Deta45
Discontinued Operations (Details 2) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Sep. 09, 2015 |
Current assets: | |||
Cash and cash equivalents | $ 1,470 | ||
Accounts receivable, net | 6,242 | ||
Inventories | 1,153 | ||
Prepaid expenses and other current assets | 350 | ||
Total current assets | $ 0 | 9,215 | $ 188 |
Property and equipment, net | 483 | ||
Deferred income taxes, net | 778 | ||
Other long-term assets, net | 655 | ||
Total noncurrent assets | 0 | 1,916 | |
Total assets of discontinued operations | 11,131 | ||
Current liabilities: | |||
Accounts payable and accrued expenses | 2,876 | ||
Deferred revenue | 4,109 | ||
Total current liabilities | 0 | 6,985 | |
Long-term liabilities: | |||
Deferred revenue | 970 | ||
Other long-term liabilities | 977 | ||
Total noncurrent liabilities | $ 0 | 1,947 | |
Total liabilities of discontinued operations | $ 8,932 |
Discontinued Operations (Deta46
Discontinued Operations (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net Cash Provided by (Used in) Discontinued Operations [Abstract] | ||
Depreciation and Amortization, Discontinued Operations | $ 305 | $ 328 |
Share based compensation, Discontinued Operations | 74 | 81 |
Provision for Excess and Obsolete Inventories, Discontinued Operations | (13) | 48 |
Provision for Bad Debts, Discontinued Operations | 0 | 31 |
Foreign Currency Exchange Gains, Discontinued Operations | (27) | (308) |
Discontinued Operation, Alternative Cash Flow Information [Abstract] | ||
Capital expenditures | (136) | (451) |
Cash and cash equivalents - beginning of year | 18,798 | 25,451 |
Cash and cash equivalents classified within current assets of discontinued operations | 1,470 | |
Cash and cash equivalents - end of year | $ 35,893 | $ 18,798 |
Discontinued Operations (Deta47
Discontinued Operations (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2017 | May 15, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disposal Group, Including Discontinued Operation, Consideration | $ 35,000 | $ 35,000 | ||
Gross Proceeds from Divestiture of Businesses | 30,200 | |||
Proceeds from Divestiture of Businesses | 2,800 | 0 | $ 3,500 | |
Escrow Deposit | $ 2,000 | |||
Other Cost and Expense, Operating | 6 | |||
License and Support Agreement, Term | 3 years | |||
Disposal Group, Including Discontinued Operation, Other Expense | 71 | |||
Severance Costs | $ 619 | 602 | ||
Payments for Loans | $ 45 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 69,214 | |||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 4 | |||
Officer [Member] | ||||
Officers' Compensation | $ 369 | |||
Due to Employees, Current | $ 500 | |||
Officer [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 9,710 | |||
Two Executives [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 12 |
Sale of Product Line (Details T
Sale of Product Line (Details Textual) - USD ($) $ in Thousands | Sep. 09, 2015 | Jan. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 |
Product Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | $ 17,141 | $ 22,044 | ||
Disposal Group, Including Discontinued Operation, Assets, Current, Total | $ 188 | 0 | 9,215 | |
Financial Guarantee Insurance Contracts, Unearned Premium Revenue, Total | 1,016 | |||
Legal Fees | 228 | $ 68 | ||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | 0 | 4,100 | ||
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) | $ 6,893 | $ 7,097 | ||
Assets Purchase Agreement [Member] | ||||
Product Information [Line Items] | ||||
Sales Revenue, Goods, Net, Total | $ 3,500 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Inventory [Line Items] | ||
Raw materials | $ 832 | $ 891 |
Finished goods | 1,033 | 1,451 |
Total inventory | $ 1,865 | $ 2,342 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements | $ 1,117 | $ 1,171 |
Machinery and equipment | 10,515 | 11,621 |
Property, Plant and Equipment, Gross, Total | 11,632 | 12,792 |
Less: Accumulated depreciation | (9,906) | (10,214) |
Property, Plant and Equipment, Net, Total | $ 1,726 | $ 2,578 |
Property and Equipment, net (51
Property and Equipment, net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 1,409 | $ 1,328 |
Property Subject to or Available for Operating Lease, Gross | 0 | |
Property, Plant and Equipment, Disposals | $ 260 |
Accounts Payable and Accrued 52
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Accounts payable, trade | $ 2,452 | $ 3,342 |
Accrued payroll, vacation and other employee expenses | 2,372 | 1,619 |
Accrued Real-Time sale transaction expenses | 1,767 | 0 |
Unrecognized income from research and development tax credits | 566 | 0 |
Accrued income taxes | 415 | 389 |
Dividend payable | 60 | 95 |
Other accrued expenses | 532 | 870 |
Accrued Liabilities and Other Liabilities, Total | $ 8,164 | $ 6,315 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
United States | $ (13,179) | $ (4,970) |
Foreign | 1,031 | 264 |
Income (loss) before income taxes | $ (12,148) | $ (4,706) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Current: | ||
Federal | $ (739) | $ (61) |
State | (236) | (30) |
Foreign | (144) | (271) |
Total | (1,119) | (362) |
Deferred: | ||
Federal | 115 | 7,617 |
State | (115) | 646 |
Foreign | 82 | 130 |
Total | 82 | 8,393 |
Total | $ (1,037) | $ 8,031 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Loss from continuing operations before provision (benefit) for income taxes | $ (12,148) | $ (4,706) |
Benefit at federal statutory rate | (4,130) | (1,600) |
Change in valuation allowance | 5,500 | 10,497 |
Permanent differences | 88 | 59 |
Net operating loss expiration and adjustment | (38) | 63 |
Change in state tax rates | 0 | 11 |
Change in foreign tax rates | 1 | 1 |
Change in uncertainty in income taxes | (206) | 23 |
U.S. research and development credits | (1,294) | 0 |
Foreign rate differential | (40) | (118) |
State and foreign tax expense | (388) | (150) |
Other | (530) | (755) |
Provision (benefit) for income taxes | $ (1,037) | $ 8,031 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Deferred tax assets related to: | ||
U.S. and foreign net operating loss carryforwards | $ 30,922 | $ 26,639 |
Book and tax basis differences for property and equipment | 340 | 480 |
Bad debt, warranty and inventory reserves | 683 | 732 |
Accrued compensation | 1,363 | 970 |
Deferred revenue | 60 | 23 |
U.S. credit carryforwards | 2,068 | 608 |
Stock compensation | 474 | 726 |
Acquired intangibles | 0 | 11 |
Other | 755 | 1,148 |
Deferred tax assets | 36,665 | 31,337 |
Valuation allowance | (36,634) | (31,191) |
Total deferred tax assets | 31 | 146 |
Deferred tax liabilities related to: | ||
Acquired intangibles | 34 | 0 |
Total deferred tax liability | 34 | 0 |
Deferred income taxes, net | $ (3) | $ 146 |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Non-current deferred tax asset | $ 15 | $ 146 |
Non-current deferred tax liability | (18) | 0 |
Deferred income taxes, net | $ (3) | $ 146 |
Income Taxes (Details 5)
Income Taxes (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Beginning Balance | $ 297 | $ 297 |
Additions based on tax positions related to the current year | 0 | 0 |
Additions for tax positions of prior years | 194 | 0 |
Reductions for tax positions for prior year | (154) | 0 |
Reductions for lapse in statute of limitations | 0 | 0 |
Settlements | 0 | 0 |
Ending Balance | $ 337 | $ 297 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 16, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 01, 2016 |
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Net, Noncurrent | $ 15 | $ 146 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 828 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 1,239 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | 71,953 | |||
Deferred Tax Assets, Valuation Allowance, Current | 36,634 | 31,191 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 5,443 | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 143 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | 337 | 88 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 22 | 281 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | $ 88 | ||
Unrecognized Benefits Resulting In Net Operating Loss Carryforward | 11,189 | |||
Research And Development Credits | $ 140 | |||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ (1,294) | $ 0 | ||
Tax Credit Carryforward, Expiration Period | 20 years | |||
Research and Development Tax Credit [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Other Assets, Current | $ 675 | |||
Additional Research and Development Tax Credit [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Other Assets, Current | 64 | |||
Deferred Tax Assets,Change in Valuation Allowance Due To Other Deferred Tax Adjustments [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,570 | |||
Deferred Tax Assets,Change in Valuation Allowance Due To Creation of Deferred Tax Assets [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 3,995 | |||
Deferred Tax Assets,Change in Valuation Allowance Due To Miscellaneous True up Adjustments [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 123 | |||
Tax Asset Preservation Plan [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | |||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 0.00% | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating Loss Carryforwards | 28,335 | |||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Additional Estimates of Tax Credit, Research and Development, Amount | 575 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Net, Noncurrent | 71,953 | |||
Operating Loss Carryforwards | 37,394 | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 719 | $ 675 | ||
Additional Estimates of Tax Credit, Research and Development, Amount | 540 | |||
State and Local Jurisdiction [Member] | Research and Development Tax Credit [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | $ 173 | |||
Research and Development Expense [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax Carry Forward Period | 20 years |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | $ 857 | $ 708 |
Cost of sales [Member] | ||
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | 9 | 3 |
Sales and marketing [Member] | ||
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | 125 | 126 |
Research and development [Member] | ||
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | 35 | 87 |
General and administrative [Member] | ||
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | $ 688 | $ 492 |
Share-Based Compensation (Det61
Share-Based Compensation (Details 1) | 12 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Restricted Stock Awards [Member] | |
Non-vested at July 1, 2016 (in shares) | shares | 464,117 |
Granted, Shares (in shares) | shares | 334,000 |
Vested, Shares (in shares) | shares | (172,785) |
Forfeited, Shares (in shares) | shares | (184,719) |
Non-vested at June 30, 2017 (in shares) | shares | 440,613 |
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 | 5.66 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 5.65 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 5.51 |
Non-vested at, Weighted Average Grant Date Fair Value at June 30, 2017 (in dollars per share) | $ / shares | $ 5.45 |
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 June 30, 2017 (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 June 30, 2017 (in dollars per share) | $ / shares | $ 5.49 |
Share-Based Compensation (Det62
Share-Based Compensation (Details 2) - Employee Stock Option [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Outstanding as of July 1, 2016, Shares (in shares) | shares | 84,419 |
Granted, Shares (in shares) | shares | 0 |
Exercised, Shares (in shares) | shares | (20,000) |
Forfeited or expired, Shares (in shares) | shares | (33,538) |
Outstanding as of June 30, 2017, Shares (in shares) | shares | 30,881 |
Vested or expected to vest at June 30, 2017, Shares (in shares) | shares | 30,881 |
Exercisable at June 30, 2017, Shares (in shares) | shares | 30,881 |
Outstanding as of July 1, 2016, Weighted-Average Exercise Price (in dollars per share) | $ / shares | $ 11.71 |
Granted, Weighted-Average Exercise Price (in dollars per share) | $ / shares | 0 |
Exercised, Weighted-Average Exercise Price (in dollars per share) | $ / shares | 5.90 |
Forfeited or expired, Weighted-Average Exercise Price (in dollars per share) | $ / shares | 13.92 |
Outstanding as of June 30, 2017, Weighted Average Exercise Price (in dollars per share) | $ / shares | 13.06 |
Vested or expected to vest at June 30,2017, Weighted Average Exercise Price (in dollars per share) | $ / shares | 13.06 |
Exercisable at June 30, 2017, Weighted-Average Exercise Price (in dollars per share) | $ / shares | $ 13.06 |
Outstanding as of June 30, 2017, Weighted-Average Remaining Contractual Term (Years) | 1 month 24 days |
Vested or expected to vest at June 30, 2017, Weighted-Average Remaining Contractual Term (Years) | 1 month 24 days |
Outstanding as of June 30,2017, Aggregate Intrinsic Value | $ | $ 0 |
Vested of expected to vest at June 30, 2017, Aggregate Intrinsic Value | $ | $ 0 |
Exercisable at June 30, 2017, Weighted-Average Remaining Contractual Term (Years) | 1 month 24 days |
Exercisable at June 30, 2017, Aggregate Intrinsic Value | $ | $ 0 |
Share-Based Compensation (Det63
Share-Based Compensation (Details 3) | 12 Months Ended |
Jun. 30, 2017$ / sharesshares | |
$11.10 [Member] | |
Exercise Prices, Upper Limit (in dollars per share) | $ 11.10 |
Weighted Average Remaining Contractual Life, Outstanding Options | 3 months 29 days |
Number of Options Outstanding (in shares) | shares | 3,000 |
Weighted Average Exercise Price, Outstanding Options (in dollars per share) | $ 11.10 |
Number of Options Exercisable (in shares) | shares | 3,000 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 11.10 |
$12.80 [Member] | |
Exercise Prices, Upper Limit (in dollars per share) | $ 12.80 |
Weighted Average Remaining Contractual Life, Outstanding Options | 1 month 13 days |
Number of Options Outstanding (in shares) | shares | 9,000 |
Weighted Average Exercise Price, Outstanding Options (in dollars per share) | $ 12.80 |
Number of Options Exercisable (in shares) | shares | 9,000 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 12.80 |
$13.50 [Member] | |
Exercise Prices, Upper Limit (in dollars per share) | $ 13.50 |
Weighted Average Remaining Contractual Life, Outstanding Options | 1 month 17 days |
Number of Options Outstanding (in shares) | shares | 18,881 |
Weighted Average Exercise Price, Outstanding Options (in dollars per share) | $ 13.50 |
Number of Options Exercisable (in shares) | shares | 18,881 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 13.50 |
$11.10 - $13.50 [Member] | |
Exercise Prices, Upper Limit (in dollars per share) | 11.10 |
Exercise Prices, Lower Limit (in dollars per share) | $ 13.50 |
Weighted Average Remaining Contractual Life, Outstanding Options | 1 month 24 days |
Number of Options Outstanding (in shares) | shares | 30,881 |
Weighted Average Exercise Price, Outstanding Options (in dollars per share) | $ 13.06 |
Number of Options Exercisable (in shares) | shares | 30,881 |
Weighted Average Exercise Price, Options Exercisable (in dollars per share) | $ 13.06 |
Share-Based Compensation (Det64
Share-Based Compensation (Details Textual) - USD ($) $ in Thousands | Oct. 15, 2015 | Aug. 31, 2016 | Aug. 29, 2016 | Feb. 29, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Shares, Issued | 1,100,000 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 122,622 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 5,387 | |||||
Proceeds from Stock Options Exercised | $ 118 | $ 0 | ||||
Chief Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 120,000 | |||||
Restricted Stock [Member] | ||||||
Annualized Forfeiture Rate For Unvested Restricted Stock Awards And Stock Options Outstanding | 8.50% | 8.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 334,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 1,425 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 2 months 12 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 120,000 | |||||
Restricted Stock [Member] | Chief Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 120,000 | 120,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 45,000 | 15,000 | 100,000 | |||
Restricted Stock [Member] | Director [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,400 | |||||
Restricted Stock [Member] | Director [Member] | Standstill Agreement [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,400 | |||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 9 | |||||
Restricted Stock [Member] | Two Executives [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 69,214 | |||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 12 | |||||
Restricted Stock [Member] | Executive Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 9,710 | |||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 4 | |||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 50,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |||||
Performance Shares [Member] | Management [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 50,000 |
Pensions and Other Postretire65
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Change in benefit obligation: | ||
Benefit obligation at beginning of year | $ 4,919 | $ 4,628 |
Interest cost | 50 | 96 |
Actuarial (gain) loss | (256) | 435 |
Foreign currency exchange rate change | 133 | 4 |
Benefits paid | (236) | (244) |
Benefit obligation at end of year | 4,610 | 4,919 |
Change in plan assets: | ||
Fair value of plan assets at beginning of year | 1,192 | 1,432 |
Actual return on plan assets | 19 | (15) |
Employer contributions | 14 | 12 |
Benefits paid | (229) | (237) |
Foreign currency exchange rate change | 25 | 0 |
Fair value of plan assets at end of year | 1,021 | 1,192 |
Funded status at end of year | $ (3,589) | $ (3,727) |
Pensions and Other Postretire66
Pensions and Other Postretirement Benefits (Details 1) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Other accrued expenses | [1] | $ (7) | $ (7) |
Pension liability - long-term liabilities | (3,582) | (3,720) | |
Total pension liability | (3,589) | (3,727) | |
Accumulated other comprehensive loss | $ 1,345 | $ 1,637 | |
[1] | Included in line item accounts payable and accrued expenses |
Pensions and Other Postretire67
Pensions and Other Postretirement Benefits (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Net loss | $ 1,345 | $ 1,637 |
Amounts recognized in OCI | $ 1,345 | $ 1,637 |
Pensions and Other Postretire68
Pensions and Other Postretirement Benefits (Details 3) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $ 4,610 | $ 4,919 | $ 4,628 |
Accumulated benefit obligation | 4,610 | 4,919 | |
Fair value of plan assets | $ 1,021 | $ 1,192 | $ 1,432 |
Pensions and Other Postretire69
Pensions and Other Postretirement Benefits (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Net Periodic Benefit Cost | ||
Service cost | $ 0 | $ 0 |
Interest cost | 50 | 96 |
Expected return on plan assets | (15) | (22) |
Recognized actuarial loss | 76 | 50 |
Amortization of unrecognized net transition obligation (asset) | 0 | 0 |
Net periodic benefit cost | $ 111 | $ 124 |
Pensions and Other Postretire70
Pensions and Other Postretirement Benefits (Details 5) | Jun. 30, 2017 | Jun. 30, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.55% | 1.07% |
Expected return on plan assets | 2.00% | 2.50% |
Compensation increase rate | 0.00% | 0.00% |
Pensions and Other Postretire71
Pensions and Other Postretirement Benefits (Details 6) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate | 1.07% | 2.13% |
Expected return on plan assets | 2.50% | 2.50% |
Compensation increase rate | 0.00% | 0.00% |
Pensions and Other Postretire72
Pensions and Other Postretirement Benefits (Details 7) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 1,021 | $ 1,192 | $ 1,432 |
Percentage of Plan Assets | 100.00% | 100.00% | |
Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 432 | $ 572 | |
Percentage of Plan Assets | 42.30% | 47.90% | |
Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 57 | ||
Percentage of Plan Assets | 4.80% | ||
Cash surrender value insurance contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 547 | $ 556 | |
Percentage of Plan Assets | 53.60% | 46.60% | |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 42 | $ 8 | |
Percentage of Plan Assets | 4.10% | 0.70% | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 42 | $ 8 | |
Fair Value, Inputs, Level 1 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Cash surrender value insurance contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 42 | 8 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 979 | 1,185 | |
Fair Value, Inputs, Level 2 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 432 | 572 | |
Fair Value, Inputs, Level 2 [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 57 | ||
Fair Value, Inputs, Level 2 [Member] | Cash surrender value insurance contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 547 | 556 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Debt Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | ||
Fair Value, Inputs, Level 3 [Member] | Cash surrender value insurance contracts [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value of Plan Assets | $ 0 | $ 0 |
Pensions and Other Postretire73
Pensions and Other Postretirement Benefits (Details 8) $ in Thousands | Jun. 30, 2017USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2,018 | $ 248 |
2,019 | 251 |
2,020 | 249 |
2,021 | 247 |
2,022 | 245 |
2023 - 2027 | $ 1,203 |
Pensions and Other Postretire74
Pensions and Other Postretirement Benefits (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 14 Months Ended | |||
Jun. 30, 2017 | Aug. 21, 2013 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Aug. 20, 2013 | |
Defined Contribution Plan Disclosure [Line Items] | ||||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Total | $ 1,345 | $ 1,345 | $ 1,637 | |||
Deferred Compensation Arrangement with Individual, Forfeited Matching Contributions Reinstated | $ 77 | |||||
Scenario, Forecast [Member] | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Defined Benefit Plan, Expected Contributions in Current Fiscal Year, Total | $ 13 | |||||
Accumulated Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net of Tax, Total | $ 62 | |||||
Foreign Pension Plans [Member] | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Defined Contribution Plan, Cost Recognized | $ 35 | $ 43 | ||||
Foreign Pension Plans [Member] | Minimum [Member] | ||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | |||||
Foreign Pension Plans [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% | 5.00% | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | 25.00% | ||||
Defined Contribution Plan, Cost Recognized | $ 272 | $ 279 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 27,647 | $ 32,007 |
Long-lived assets | 2,749 | 3,142 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 2,391 | 2,800 |
Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 303 | 235 |
Other Asia-Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 2 | 8 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 53 | 99 |
Reportable Geographical Components [Member] | United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 18,159 | 20,014 |
Reportable Geographical Components [Member] | Canada [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 1,648 | 4,779 |
Reportable Geographical Components [Member] | North America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 19,807 | 24,793 |
Reportable Geographical Components [Member] | Japan [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 4,642 | 3,754 |
Reportable Geographical Components [Member] | Other Asia-Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 86 | 67 |
Reportable Geographical Components [Member] | Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 4,728 | 3,821 |
Reportable Geographical Components [Member] | Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 2,647 | 3,393 |
Reportable Geographical Components [Member] | South America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 465 | $ 0 |
Concentration of Risk (Details)
Concentration of Risk (Details) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | ||
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | ||
Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 0.00% | ||
Customer A [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | [1] | 35.00% | 64.00% |
Customer A [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | [1] | 29.00% | 36.00% |
Customer B [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 17.00% | 11.00% | |
Customer C [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 23.00% | 10.00% | |
Customer C [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 16.00% | 14.00% | |
Customer D [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 10.00% | |
Customer E [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 21.00% | 0.00% | |
Customer F [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 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) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Vendor A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 34.00% | 18.00% |
Vendor B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 29.00% | 26.00% |
Vendor C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 10.00% |
Vendor D [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 31.00% |
Concentration of Risk (Detail78
Concentration of Risk (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Concentration Risk [Line Items] | ||
Revenues, Total | $ 27,647 | $ 32,007 |
Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 0.00% | |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | |
International Sales [Member] | ||
Concentration Risk [Line Items] | ||
Revenues, Total | $ 9,488 | $ 11,993 |
International Sales [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 34.00% | 37.00% |
Dividends (Details)
Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Dividends Payable [Line Items] | ||
Dividends Declared Per Share (in dollars per share) | $ 0.48 | $ 0.48 |
Dividends | $ 4,734 | |
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 | |
Second Quarter Dividend [Member] | ||
Dividends Payable [Line Items] | ||
Record Date | Dec. 14, 2016 | |
Payment Date | Dec. 28, 2016 | |
Type | Quarterly | |
Dividends Declared Per Share (in dollars per share) | $ 0.12 | |
Dividends | $ 1,187 | |
Third Quarter Dividend [Member] | ||
Dividends Payable [Line Items] | ||
Record Date | Mar. 14, 2017 | |
Payment Date | Mar. 28, 2017 | |
Type | Quarterly | |
Dividends Declared Per Share (in dollars per share) | $ 0.12 | |
Dividends | $ 1,183 | |
Fourth Quarter Dividend [Member] | ||
Dividends Payable [Line Items] | ||
Record Date | Jun. 13, 2017 | |
Payment Date | Jun. 27, 2017 | |
Type | Quarterly | |
Dividends Declared Per Share (in dollars per share) | $ 0.12 | |
Dividends | $ 1,182 |
Dividends (Details Textual)
Dividends (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Dividends Payable [Line Items] | ||
Dividends Payable | $ 285 | |
Dividends Payable, Current | 60 | $ 95 |
Dividends Payable Noncurrent | 225 | |
Restricted Stock Award, Forfeitures, Dividends | $ 120 | $ 63 |
Accumulated Other Comprehensi81
Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at June 30, 2016 | $ (545) |
Other comprehensive income before reclassifications | (262) |
Amounts reclassified from accumulated other comprehensive income (loss) | 76 |
Amount reclassified to gain on sale of discontinued operations | (2,159) |
Net current period other comprehensive income (loss) | (2,345) |
Balance at June 30, 2017 | (2,890) |
Pension and Postretirement Benefit Plans [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at June 30, 2016 | (1,637) |
Other comprehensive income before reclassifications | 216 |
Amounts reclassified from accumulated other comprehensive income (loss) | 76 |
Amount reclassified to gain on sale of discontinued operations | 0 |
Net current period other comprehensive income (loss) | 292 |
Balance at June 30, 2017 | (1,345) |
Currency Translation Adjustments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at June 30, 2016 | 1,092 |
Other comprehensive income before reclassifications | (478) |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 |
Amount reclassified to gain on sale of discontinued operations | (2,159) |
Net current period other comprehensive income (loss) | (2,637) |
Balance at June 30, 2017 | $ (1,545) |
Commitments and Contingencies82
Commitments and Contingencies (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Loss Contingencies [Line Items] | |
2,018 | $ 471 |
2,019 | 216 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
2023 and thereafter | 0 |
Operating Leases, Future Minimum Payments Due, Total | $ 687 |
Commitments and Contingencies83
Commitments and Contingencies (Details 1) | 12 Months Ended |
Jun. 30, 2017 | |
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 Contingencies84
Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Oct. 15, 2015 | Sep. 09, 2015 | May 31, 2017 | Jan. 31, 2017 | Aug. 31, 2016 | Aug. 29, 2016 | Feb. 29, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Loss Contingencies [Line Items] | |||||||||
Operating Leases, Rent Expense | $ 1,275 | $ 1,360 | |||||||
Contingent Liability for Employee Severance Payments | $ 1,215 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 5,387 | ||||||||
Dividends Payable | $ 285 | ||||||||
Severance Costs | $ 619 | $ 602 | |||||||
Payments for Legal Settlements | $ 101 | ||||||||
Legal Fees | $ 228 | $ 68 | |||||||
Standstill Agreement [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Management Fee Expense | $ 235 | ||||||||
Restricted Stock [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 120,000 | ||||||||
Board of Directors Chairman [Member] | Restricted Stock [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 120,000 | ||||||||
Chief Executive Officer [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 120,000 | ||||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 120,000 | 120,000 | |||||||
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 332 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 45,000 | 15,000 | 100,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | 40,000 RSAs under the 2011 Plan that will vest on the third anniversary of the grant date | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||
Director [Member] | Standstill Agreement [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Dividends Payable | $ 2 | ||||||||
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 | ||||||||
Director [Member] | Restricted Stock [Member] | Standstill Agreement [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,400 | ||||||||
Officer [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Officers' Compensation | $ 369 | ||||||||
Due to Employees, Current | $ 500 | ||||||||
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 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) $ in Thousands | Jul. 14, 2017 | Aug. 29, 2016 | Jun. 30, 2017 |
Subsequent Event [Line Items] | |||
Dividends Payable | $ 285 | ||
Director [Member] | Restricted Stock [Member] | |||
Subsequent Event [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 | ||
Subsequent Event [Member] | Director [Member] | |||
Subsequent Event [Line Items] | |||
Dividends Payable | $ 7 | ||
Due to Officers or Stockholders | $ 52 | ||
Subsequent Event [Member] | Director [Member] | Restricted Stock [Member] | |||
Subsequent Event [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,400 |
VALUATION AND QUALIFYING ACCO86
VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Allowance for Doubtful Accounts [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | $ 10 | $ 0 |
Charged to Costs and Expenses | 0 | 10 |
Deductions | 0 | 0 |
Balance at End of Year | 10 | 10 |
Warranty Accrual [Member] | ||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Year | 112 | 164 |
Charged to Costs and Expenses | 137 | 175 |
Deductions | (158) | (227) |
Balance at End of Year | $ 91 | $ 112 |