Natural Alternatives International (NAII) 10-Q 15 May 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2017	May 15, 2017
Document Information [Line Items]
Entity Registrant Name	NATURAL ALTERNATIVES INTERNATIONAL INC
Entity Central Index Key	787,253
Trading Symbol	naii
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		6,938,352
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 22,593	$ 19,747
Accounts receivable - less allowance for doubtful accounts of $21 at March 31, 2017 and $45 at June 30, 2016	7,919	13,217
Inventories, net	15,966	20,768
Income tax receivable	14	14
Prepaids and other current assets	2,699	2,136
Total current assets	49,191	55,882
Property and equipment, net	17,788	15,167
Deferred income taxes	2,227	2,227
Other noncurrent assets, net	781	899
Total assets	69,987	74,175
Current liabilities:
Accounts payable	4,073	12,821
Accrued liabilities	2,367	2,242
Accrued compensation and employee benefits	989	2,802
Income taxes payable	1,207	1,340
Total current liabilities	8,636	19,205
Other noncurrent liabilities, net	908	758
Deferred rent	530	486
Total liabilities	10,074	20,449
Commitments and contingencies
Stockholders’ equity:
Preferred stock; $.01 par value; 500,000 shares authorized; none issued or outstanding	0	0
Common stock; $.01 par value; 20,000,000 shares authorized; issued and outstanding (net of treasury shares) 6,933,352 at March 31, 2017 and 6,868,628 at June 30, 2016	79	77
Additional paid-in capital	21,933	21,138
Accumulated other comprehensive loss	(279)	(680)
Retained earnings	44,254	38,553
Treasury stock, at cost, 1,043,325 shares at March 31, 2017 and 958,049 at June 30, 2016	(6,074)	(5,362)
Total stockholders’ equity	59,913	53,726
Total liabilities and stockholders’ equity	$ 69,987	$ 74,175

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Accounts receivable, allowance for doubtful accounts	$ 21	$ 45
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	500,000	500,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, issued (in shares)	6,933,352	6,868,628
Common stock, outstanding (in shares)	6,933,352	6,868,628
Treasury stock, shares (in shares)	1,043,325	958,049

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net sales	$ 25,135	$ 30,006	$ 89,761	$ 78,502
Cost of goods sold	20,017	23,549	70,479	61,643
Gross profit	5,118	6,457	19,282	16,859
Selling, general and administrative expenses	4,125	3,352	11,640	9,291
Income from operations	993	3,105	7,642	7,568
Other income (expense):
Interest income	109	26	358	82
Interest expense	(1)	2	(1)	(1)
Foreign exchange (loss) gain	(45)	(137)	158	(241)
Other, net	(6)	1,611	(21)	1,601
	57	1,502	494	1,441
Income before income taxes	1,050	4,607	8,136	9,009
Provision for income taxes	305	1,584	2,435	2,905
Net income	745	3,023	5,701	6,104
Unrealized (loss) gain resulting from change in fair value of derivative instruments, net of tax	(451)	(473)	401	(199)
Comprehensive income	$ 294	$ 2,550	$ 6,102	$ 5,905
Net income per common share:
Basic (in dollars per share)	$ 0.11	$ 0.46	$ 0.87	$ 0.94
Diluted (in dollars per share)	$ 0.11	$ 0.46	$ 0.86	$ 0.92
Weighted average common shares outstanding:
Basic (in shares)	6,581,632	6,510,902	6,569,165	6,513,821
Diluted (in shares)	6,613,955	6,562,577	6,648,091	6,628,883

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities
Net income	$ 5,701	$ 6,104
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,711	1,364
Non-cash compensation	729	463
Pension expense	149	38
Gain on disposal of assets	(23)	(1,848)
Deferred taxes		645
Changes in operating assets and liabilities:
Accounts receivable	5,298	(2,473)
Inventories, net	4,802	(7,164)
Prepaids and other assets	182	380
Accounts payable and accrued liabilities	(8,579)	3,514
Income taxes	(291)	749
Accrued compensation and employee benefits	(1,813)	588
Net cash provided by operating activities	7,866	2,360
Cash flows from investing activities
Purchases of property and equipment	(4,332)	(6,959)
Proceeds from sale of property and equipment	24	3,000
Net cash used in investing activities	(4,308)	(3,959)
Cash flows from financing activities
Repurchase of common stock	(712)	(648)
Net cash used in financing activities	(712)	(648)
Net increase (decrease) in cash and cash equivalents	2,846	(2,247)
Cash and cash equivalents at beginning of period	19,747	18,551
Cash and cash equivalents at end of period	22,593	16,304
Supplemental disclosures of cash flow information
Interest
Taxes	2,761	1,929
Disclosure of non-cash activities:
Change in unrealized gain (loss) resulting from change in fair value of derivative instruments, net of tax	$ 401	$ (199)

Note A - Basis of Presentation

Note A - Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	A. Basis of Presentation and Summary of Si gnificant Accounting Policies The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. In management’s opinion, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows have been included and are of a normal, recurring nature. The results of operations for the three nine March 31, 2017 You should read the financial statements and these notes, which are an integral part of the financial statements, together with our audited financial statements included in our Annual Report on Form 10 June 30, 2016 (“2016 2016 Net Income per Common Share We compute net income per common share using the weighted average number of common shares outstanding during the period, and diluted net income per common share using the additional dilutive effect of all dilutive securities. The dilutive impact of stock options account for the additional weighted average shares of common stock outstanding for our diluted net income per common share computation. We calculated basic and diluted net income per common share as follows (in thousands, except per share data): Three Months Ended March 31, Nine Months Ended March 31, 201 7 201 6 201 7 201 6 Numerator Net income $ 745 $ 3,023 $ 5,701 $ 6,104 Denominator Basic weighted average common shares outstanding 6,582 6,511 6,569 6,514 Dilutive effect of stock options 32 52 79 115 Diluted weighted average common shares outstanding 6,614 6,563 6,648 6,629 Basic net income per common share $ 0.11 $ 0.46 $ 0.87 $ 0.94 Diluted net income per common share $ 0.11 $ 0.46 $ 0.86 $ 0.92 No three nine March 31, 201 7 March 31, 2016. Revenue Recognition To recognize revenue, four (1) (2) (3) (4) We record reductions to gross revenue for estimated returns of private label contract manufacturing products and beta-alanine raw material sales. The estimated returns are based on the trailing six We currently own certain U.S. patents, and each patent ’s corresponding foreign patent applications. All of these patents and patent rights relate to the ingredient known as beta-alanine marketed and sold under the CarnoSyn® and SR Carnosyn® trademarks. We recorded royalty and licensing income as a component of revenue in the amount of $6.6 three March 31, 2017 $20.0 nine March 31, 2017. $5.5 three March 31, 2016 $16.1 nine March 31, 2016. $233,000 three March 31, 2017 $799,000 nine March 31, 2017. We recognized royalty expense as a component of cost of goods sold in the amount of $193,000 three March 31, 2016 $666,000 nine March 31, 2016. Stock-Based Compensation We have an omnibus incentive plan that was approved by our Board of Directors effective as of October 15, 2009 November 30, 2009. may We estimate the fair value of stock option awards at the date of grant using the Black-Scholes option valuation model. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Option valuation models require the input of highly subjective assumptions. Black-Scholes uses assumptions related to volatility, the risk-free interest rate, the dividend yield (which we assume to be zero, On March 28, 2017, 140,000 2009 March 23, 2016, 130,000 2009 three Our net income included stock based compensation expense of approximately $223,000 three March 31, 2017 $729,000 nine March 31, 2017. $183,000 three March 31, 2016 $463,000 nine March 31, 2016. Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We use a three The fair value hierarchy is broken down into three 1 1 2 3 As of March 31, 2017 June 30, 2016, not 1. 2 March 31, 2017 $1.1 June 30, 2016 $250,000. March 31, 2017 June 30, 2016, not 3. 2016 three nine March 31, 2017.

Note B - Inventories, Net

Note B - Inventories, Net	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	B . Inventories , net Inventories, net consisted of the following ( dollars in thousands): March 31, 201 7 June 30, 201 6 Raw materials $ 10,043 $ 14,751 Work in progress 3,019 3,487 Finished goods 3,014 2,832 Reserves (110 ) (302 ) Inventories, net $ 15,966 $ 20,768

Note C - Property and Equipment

Note C - Property and Equipment, Net	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	C . Property and Equipment , net Property and equipment consisted of the following (dollars in thousands): Depreciable Life In Years March 31, 201 7 June 30, 201 6 Land N/A $ 1,200 $ 1,200 Building and building improvements 7 – 39 3,675 3,324 Machinery and equipment 3 – 12 24,450 23,846 Office equipment and furniture 3 – 5 3,749 2,994 Vehicles 3 209 209 Leasehold improvements 1 – 15 17,008 15,261 Total property and equipment 50,291 46,834 Less: accumulated depreciation and amortization (32,503 ) (31,667 ) Property and equipment, net $ 17,788 $ 15,167

Note D - Accumulated Other Comp

Note D - Accumulated Other Comprehensive (Loss) Income	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	D. Accumulated Other C omprehensive (Loss) Income Accumulated other comprehensive (loss) income (“OCL” and “OCI”) consisted of the following during the three nine March 31, 2017 March 31, 2016 Three Months Ended March 31, 201 7 Defined Benefit Pension Plan Unrealized Gain s (losses) on Cash Flow Hedges Total Beginning balance $ (775 ) $ 947 $ 172 OCI/OCL before reclassifications — (322 ) (322 ) Amounts reclassified from OCI — (383 ) (383 ) Tax effect of OCI activity — 254 254 Net current period OCI/OC L — (451 ) (451 ) Ending balance $ (775 ) $ 496 $ (279 ) Nine Months Ended March 31, 201 7 Defined Benefit Pension Plan Unrealized Gains ( Losses ) on Cash Flow Hedges Total Beginning balance $ (775 ) $ 95 $ (680 ) OCI/OCL before reclassifications — 1,512 1,512 Amounts reclassified from OCI — (884 ) (884 ) Tax effect of OCI activity — (227 ) (227 ) Net current period OCI/OCL — 401 401 Ending balance $ (775 ) $ 496 $ (279 ) Three Months Ended March 31, 201 6 Defined Benefit Pension Plan Unrealized Gain s ( L osses) on Cash Flow Hedges Total Beginning balance $ (643 ) $ 151 $ (492 ) OCI/OCL before reclassifications — (613 ) (613 ) Amounts reclassified from OCI — (120 ) (120 ) Tax effect of OCI activity — 260 260 Net current period OCI/OCL — (473 ) (473 ) Ending balance $ (643 ) $ (322 ) $ (965 ) Nine Months Ended March 31, 201 6 Defined Benefit Pension Plan Unrealized Gains ( Losses ) on Cash Flow Hedges Total Beginning balance $ (643 ) $ (123 ) $ (766 ) OCI/OCL before reclassifications — (131 ) (131 ) Amounts reclassified from OCI — (178 ) (178 ) Tax effect of OCI activity — 110 110 Net current period OCI/OCL — (199 ) (199 ) Ending balance $ (643 ) $ (322 ) $ (965 ) During the thre e months ended March 31, 2017, $278,000 $106,000 nine March 31, 2017, $549,000 $336,000 During the three March 31, 2016, $118,000 $2,000 nine March 31, 2016, $125,000 $53,000

Note E - Debt

Note E - Debt	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Debt Disclosure [Text Block]	E. Debt On March 28, 2017, January 31, 2019 February 1, 2020. $10.0 may Under the terms of the Credit Agreement, borrowings are subject to eligibility requirements including maintaining (i) a ratio of total liabilities to tangible net worth of not greater than 1.25 1.0 1.75 1.0 $100,000 1.25% one 1.25% first may may $100,000, Our obligations under the Credit Agreement are secured by our accounts receivable and other rights to payment, general intangibles, inventory, equipment and fixtures. We also have a foreign exchange facility with Wells Fargo Bank, N.A. in effect until January 31, 2019, August 15, 2017. On March 31, 2017, We did not nor nine March 31, 201 7. March 31, 2017, $10.0

Note F - Economic Dependency

Note F - Economic Dependency	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Concentration Risk Disclosure [Text Block]	F . Economic Dependency We had substantial net sales to certain customers during the periods shown in the following table. The loss of any of these customers, or a significant decline in sales to these customers, the growth rate of sales to these customers , or in these customers’ ability to make payments when due, could have a material adverse impact on our net sales and net income. Net sales to any one 10% Three Months Ended March 31, Nine Months Ended March 31, 2017 2016 2017 2016 Net Sales by Net Sales by Net Sales by Net Sales by Customer 1 $ 11,046 $ 13,023 $ 43,198 $ 31,714 Customer 2 (a ) 3,367 (a ) 9,705 Customer 3 (a ) 3,196 (a ) (a ) $ 11,046 $ 19,586 $ 43,198 $ 41,419 (a) Sales were less than 10% ’s total private revenues. We buy certain products , including beta-alanine, from a limited number of raw material suppliers. The loss of any of these suppliers could have a material adverse impact on our net sales and net income. Raw material purchases from any one 10% Three Months Ended March 31, Nine Months Ended March 31, 201 7 201 6 201 7 201 6 Raw Material % of Total Raw Material % of Total Raw Material % of Total Raw Material % of Total Supplier 1 $ 1,683 16 % (a ) (a ) (a ) (a ) (a ) (a ) Supplier 2 1,646 16 (a ) (a ) (a ) (a ) (a ) (a ) Supplier 3 1,317 13 (a ) (a ) (a ) (a ) (a ) (a ) $ 4,646 45 % (a ) (a ) (a ) (a ) (a ) (a ) (a) Purchases were less than 10%

Note G - Segment Information

Note G - Segment Information	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	G . Segment Information Our business consists of two two We evaluate performance based on a number of factors. The primary performance measures for each segment are net sales and income or loss from operations before corporate allocations. Operating income or loss for each segment does not include corporate gen eral and administrative expenses, interest expense and other miscellaneous income and expense items. Corporate general and administrative expenses include, but are not limited to: human resources, corporate legal, finance, information technology, and other corporate level related expenses, which are not allocated to any segment. The accounting policies of our segments are the same as those described in Note A above and in the consolidated financial statements included in our 2016 Our operating results by business segment were as follows (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 201 7 2016 201 7 2016 Net Sales Private label contract manufacturing $ 18,544 $ 24,493 $ 69,787 $ 62,377 Patent and trademark licensing 6,591 5,513 19,974 16,125 $ 25,135 $ 30,006 $ 89,761 $ 78,502 Three Months Ended March 31, Nine Months Ended March 31, 2017 2016 2017 2016 Income from Operations Private label contract manufacturing $ 749 $ 2,915 $ 6,182 $ 7,518 Patent and trademark licensing 1,786 1,750 6,026 4,440 Income from operations of reportable segments 2,535 4,665 12,208 11,958 Corporate expenses not allocated to segments (1,542 ) (1,560 ) (4,566 ) (4,390 ) $ 993 $ 3,105 $ 7,642 $ 7,568 March 31, June 30, 201 7 201 6 Total Assets Private label contract manufacturing $ 58,867 $ 66,375 Patent and trademark licensing 11,120 7,800 $ 69,987 $ 74,175 Our private label contract manufacturing products are sold both in the U.S. and in markets outside the U.S., including Europe, Australia, Asia, Canada, Mexico, and South Africa. Our primary market outside the U.S. is Europe. Our patent and trademark licensing activities are primarily based in the U.S. and our branded products were only sold in the U.S. Net sales by geographic region, based on the customers ’ location, were as follows (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2017 2016 2017 2016 Net Sales United States $ 14,605 $ 13,374 $ 43,484 $ 38,665 Markets outside the United States 10,530 16,632 46,277 39,837 $ 25,135 $ 30,006 $ 89,761 $ 78,502 Products manufactured by NAIE accounted for approximately 62% three March 31, 2017 57% three March 31, 2016. 55% nine March 31, 2017 67% nine March 31, 2016. No nine March 31, 2017 2016. Assets and capital expenditures by geographic region, based on the location of the company or subsidiary at which they were located or made, were as follows (in thousands): Long-Lived Assets Total Assets Capital Expenditures Nine Months Ended March 31, 201 7 June 30, 6 March 31, 201 7 June 30, 6 March 31, 2017 March 31, 2016 United States $ 10,827 $ 9,678 $ 45,599 $ 49,755 $ 2,090 $ 5,004 Europe 6,961 5,489 24,388 24,420 2,242 1,955 $ 17,788 $ 15,167 $ 69,987 $ 74,175 $ 4,332 $ 6,959

Note H - Income Taxes

Note H - Income Taxes	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	H . Income Taxes The effective tax rate for the three months ended March 31, 2017 29.0% nine March 31, 2017 29.9%. 34% To determine our quarterly provision for income taxes, we use an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions to which we are subject. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rate from quarter to quarter. There were no significant discrete items for the three nine March 31, 2017. We record valuation allowances to reduce our deferred tax assets to an amount that we believe is more likely than not to be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. 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. During the three nine March 31, 2017, Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are measured using enacted tax rates, for each of the jurisdictions in which we operate, expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We are subject to taxation in the U.S., Switzerland and various state jurisdictions. Our tax years for the fiscal year ended June 30, 2013 June 30, 2008 June 30, 2015 We do not record U.S. income tax expense for NAIE ’s retained earnings that are declared as indefinitely reinvested offshore, thus reducing our overall income tax expense. The amount of earnings designated as indefinitely reinvested in NAIE is based on the actual deployment of such earnings in NAIE’s assets and our expectations of the future cash needs of our U.S. and foreign entities. Currently income tax laws are also a factor in determining the amount of foreign earnings to be indefinitely reinvested offshore. It is our policy to establish reserves based on management ’s assessment of exposure for certain positions taken in previously filed tax returns that may no nine March 31, 2017.

Note I - Treasury Stock

Note I - Treasury Stock	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Treasury Stock [Text Block]	I . Treasury Stock On June 2, 2011, $2.0 February 6, 2015, $1.0 $3.0 On May 11, 2015, $2.0 $5.0 March 28, 2017, $2.0 $7.0 When we do so we may During the nine months ended March 31, 2017, 39,547 $8.74 $345,000 nine March 31, 2016, 52,603 under this plan at a weighted average cost of $6.26 $329,000 During the nine March 31, 2017, 38,729 nine March 31, 2016, 27,196 Unvested restricted stock grants that are forfeited are returned to treasury stock. During the nine March 31, 2017, 7,000 During the nine March 31, 2016, 2,667

Note J - Derivatives and Hedgin

Note J - Derivatives and Hedging	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	J . Derivatives and Hedging We are exposed to gains and losses resulting from fluctuations in foreign currency exchange rates relating to forecasted product sales denominated in foreign currencies and transactions of NAIE, our foreign subsidiary. As part of our overall strategy to manage the level of exposure to the risk of fluctuations in foreign currency exchange rates, we may As of March 31, 2017, February 2018. For foreign currency contracts designated as cash flow hedges, hedge effectiveness is measured using the spot rate. Changes in the spot-forward differential are excluded from the test of hedge effectiveness and are recorded currently in earnings as interest expense. We measure effectiveness by comparing the cumulative change in the hedge contract with the cumulative change in the hedged item. During the three March 31, 2017, $97,000 nine March 31, 2017, $189,000 three nine March 31, 2016. No hedging relationships were terminated as a result of ineffective hedging or forecasted transactions no longer probable of occurring for foreign currency forward contracts. We monitor the probability of forecasted transactions as part of the hedge effectiveness testing on a quarterly basis. As of March 31, 2017, $23.1 20.4 March 31, 2017, $776,000 12 As of March 31, 2017, $1.1 three March 31, 2017 $322,000 $278,000 nine March 31, 2017 $1.5 $549,000 June 30, 2016, $226,000 three March 31, 2016 $118,000 $2,000 nine March 31, 2016 $125,000 $53,000

Note K - Contingencies

Note K - Contingencies	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Legal Matters and Contingencies [Text Block]	K . Contingencies From time to time, we become involved in various investigations, claims and legal proceedings that arise in the ordinary course of our business. These matters may

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Earnings Per Share, Policy [Policy Text Block]	Net Income per Common Share We compute net income per common share using the weighted average number of common shares outstanding during the period, and diluted net income per common share using the additional dilutive effect of all dilutive securities. The dilutive impact of stock options account for the additional weighted average shares of common stock outstanding for our diluted net income per common share computation. We calculated basic and diluted net income per common share as follows (in thousands, except per share data): Three Months Ended March 31, Nine Months Ended March 31, 201 7 201 6 201 7 201 6 Numerator Net income $ 745 $ 3,023 $ 5,701 $ 6,104 Denominator Basic weighted average common shares outstanding 6,582 6,511 6,569 6,514 Dilutive effect of stock options 32 52 79 115 Diluted weighted average common shares outstanding 6,614 6,563 6,648 6,629 Basic net income per common share $ 0.11 $ 0.46 $ 0.87 $ 0.94 Diluted net income per common share $ 0.11 $ 0.46 $ 0.86 $ 0.92 No three nine March 31, 201 7 March 31, 2016.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition To recognize revenue, four (1) (2) (3) (4) We record reductions to gross revenue for estimated returns of private label contract manufacturing products and beta-alanine raw material sales. The estimated returns are based on the trailing six We currently own certain U.S. patents, and each patent ’s corresponding foreign patent applications. All of these patents and patent rights relate to the ingredient known as beta-alanine marketed and sold under the CarnoSyn® and SR Carnosyn® trademarks. We recorded royalty and licensing income as a component of revenue in the amount of $6.6 three March 31, 2017 $20.0 nine March 31, 2017. $5.5 three March 31, 2016 $16.1 nine March 31, 2016. $233,000 three March 31, 2017 $799,000 nine March 31, 2017. We recognized royalty expense as a component of cost of goods sold in the amount of $193,000 three March 31, 2016 $666,000 nine March 31, 2016.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation We have an omnibus incentive plan that was approved by our Board of Directors effective as of October 15, 2009 November 30, 2009. may We estimate the fair value of stock option awards at the date of grant using the Black-Scholes option valuation model. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no vesting restrictions and are fully transferable. Option valuation models require the input of highly subjective assumptions. Black-Scholes uses assumptions related to volatility, the risk-free interest rate, the dividend yield (which we assume to be zero, On March 28, 2017, 140,000 2009 March 23, 2016, 130,000 2009 three Our net income included stock based compensation expense of approximately $223,000 three March 31, 2017 $729,000 nine March 31, 2017. $183,000 three March 31, 2016 $463,000 nine March 31, 2016.
Fair Value Measurement, Policy [Policy Text Block]	Fair Value of Financial Instruments Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. We use a three The fair value hierarchy is broken down into three 1 1 2 3 As of March 31, 2017 June 30, 2016, not 1. 2 March 31, 2017 $1.1 June 30, 2016 $250,000. March 31, 2017 June 30, 2016, not 3. 2016 three nine March 31, 2017.

Note A - Basis of Presentatio18

Note A - Basis of Presentation and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, Nine Months Ended March 31, 201 7 201 6 201 7 201 6 Numerator Net income $ 745 $ 3,023 $ 5,701 $ 6,104 Denominator Basic weighted average common shares outstanding 6,582 6,511 6,569 6,514 Dilutive effect of stock options 32 52 79 115 Diluted weighted average common shares outstanding 6,614 6,563 6,648 6,629 Basic net income per common share $ 0.11 $ 0.46 $ 0.87 $ 0.94 Diluted net income per common share $ 0.11 $ 0.46 $ 0.86 $ 0.92

Note B - Inventories, Net (Tabl

Note B - Inventories, Net (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, 201 7 June 30, 201 6 Raw materials $ 10,043 $ 14,751 Work in progress 3,019 3,487 Finished goods 3,014 2,832 Reserves (110 ) (302 ) Inventories, net $ 15,966 $ 20,768

Note C - Property and Equipme20

Note C - Property and Equipment, Net (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Property, Plant and Equipment [Table Text Block]	Depreciable Life In Years March 31, 201 7 June 30, 201 6 Land N/A $ 1,200 $ 1,200 Building and building improvements 7 – 39 3,675 3,324 Machinery and equipment 3 – 12 24,450 23,846 Office equipment and furniture 3 – 5 3,749 2,994 Vehicles 3 209 209 Leasehold improvements 1 – 15 17,008 15,261 Total property and equipment 50,291 46,834 Less: accumulated depreciation and amortization (32,503 ) (31,667 ) Property and equipment, net $ 17,788 $ 15,167

Note D - Accumulated Other Co21

Note D - Accumulated Other Comprehensive (Loss) Income (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	Three Months Ended March 31, 201 7 Defined Benefit Pension Plan Unrealized Gain s (losses) on Cash Flow Hedges Total Beginning balance $ (775 ) $ 947 $ 172 OCI/OCL before reclassifications — (322 ) (322 ) Amounts reclassified from OCI — (383 ) (383 ) Tax effect of OCI activity — 254 254 Net current period OCI/OC L — (451 ) (451 ) Ending balance $ (775 ) $ 496 $ (279 ) Nine Months Ended March 31, 201 7 Defined Benefit Pension Plan Unrealized Gains ( Losses ) on Cash Flow Hedges Total Beginning balance $ (775 ) $ 95 $ (680 ) OCI/OCL before reclassifications — 1,512 1,512 Amounts reclassified from OCI — (884 ) (884 ) Tax effect of OCI activity — (227 ) (227 ) Net current period OCI/OCL — 401 401 Ending balance $ (775 ) $ 496 $ (279 ) Three Months Ended March 31, 201 6 Defined Benefit Pension Plan Unrealized Gain s ( L osses) on Cash Flow Hedges Total Beginning balance $ (643 ) $ 151 $ (492 ) OCI/OCL before reclassifications — (613 ) (613 ) Amounts reclassified from OCI — (120 ) (120 ) Tax effect of OCI activity — 260 260 Net current period OCI/OCL — (473 ) (473 ) Ending balance $ (643 ) $ (322 ) $ (965 ) Nine Months Ended March 31, 201 6 Defined Benefit Pension Plan Unrealized Gains ( Losses ) on Cash Flow Hedges Total Beginning balance $ (643 ) $ (123 ) $ (766 ) OCI/OCL before reclassifications — (131 ) (131 ) Amounts reclassified from OCI — (178 ) (178 ) Tax effect of OCI activity — 110 110 Net current period OCI/OCL — (199 ) (199 ) Ending balance $ (643 ) $ (322 ) $ (965 )

Note F - Economic Dependency (T

Note F - Economic Dependency (Tables)	9 Months Ended
	Mar. 31, 2017
Supplier Concentration Risk [Member]
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Three Months Ended March 31, Nine Months Ended March 31, 201 7 201 6 201 7 201 6 Raw Material % of Total Raw Material % of Total Raw Material % of Total Raw Material % of Total Supplier 1 $ 1,683 16 % (a ) (a ) (a ) (a ) (a ) (a ) Supplier 2 1,646 16 (a ) (a ) (a ) (a ) (a ) (a ) Supplier 3 1,317 13 (a ) (a ) (a ) (a ) (a ) (a ) $ 4,646 45 % (a ) (a ) (a ) (a ) (a ) (a )
Customer Concentration Risk [Member]
Notes Tables
Schedules of Concentration of Risk, by Risk Factor [Table Text Block]	Three Months Ended March 31, Nine Months Ended March 31, 2017 2016 2017 2016 Net Sales by Net Sales by Net Sales by Net Sales by Customer 1 $ 11,046 $ 13,023 $ 43,198 $ 31,714 Customer 2 (a ) 3,367 (a ) 9,705 Customer 3 (a ) 3,196 (a ) (a ) $ 11,046 $ 19,586 $ 43,198 $ 41,419

Note G - Segment Information (T

Note G - Segment Information (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, Nine Months Ended March 31, 201 7 2016 201 7 2016 Net Sales Private label contract manufacturing $ 18,544 $ 24,493 $ 69,787 $ 62,377 Patent and trademark licensing 6,591 5,513 19,974 16,125 $ 25,135 $ 30,006 $ 89,761 $ 78,502 Three Months Ended March 31, Nine Months Ended March 31, 2017 2016 2017 2016 Income from Operations Private label contract manufacturing $ 749 $ 2,915 $ 6,182 $ 7,518 Patent and trademark licensing 1,786 1,750 6,026 4,440 Income from operations of reportable segments 2,535 4,665 12,208 11,958 Corporate expenses not allocated to segments (1,542 ) (1,560 ) (4,566 ) (4,390 ) $ 993 $ 3,105 $ 7,642 $ 7,568
Reconciliation of Assets from Segment to Consolidated [Table Text Block]	March 31, June 30, 201 7 201 6 Total Assets Private label contract manufacturing $ 58,867 $ 66,375 Patent and trademark licensing 11,120 7,800 $ 69,987 $ 74,175
Revenue from External Customers by Geographic Areas [Table Text Block]	Three Months Ended March 31, Nine Months Ended March 31, 2017 2016 2017 2016 Net Sales United States $ 14,605 $ 13,374 $ 43,484 $ 38,665 Markets outside the United States 10,530 16,632 46,277 39,837 $ 25,135 $ 30,006 $ 89,761 $ 78,502
Long-lived Assets by Geographic Areas [Table Text Block]	Long-Lived Assets Total Assets Capital Expenditures Nine Months Ended March 31, 201 7 June 30, 6 March 31, 201 7 June 30, 6 March 31, 2017 March 31, 2016 United States $ 10,827 $ 9,678 $ 45,599 $ 49,755 $ 2,090 $ 5,004 Europe 6,961 5,489 24,388 24,420 2,242 1,955 $ 17,788 $ 15,167 $ 69,987 $ 74,175 $ 4,332 $ 6,959

Note A - Basis of Presentatio24

Note A - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) xbrli-pure in Thousands	Mar. 28, 2017	Mar. 26, 2016	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Jun. 30, 2016
Royalty and Licensing Revenue			$ 6,600,000	$ 5,500,000	$ 20,000,000	$ 16,100,000
Royalty Expense			233,000	193,000	799,000	666,000
Allocated Share-based Compensation Expense			223,000	$ 183,000	729,000	$ 463,000
Fair Value, Inputs, Level 2 [Member] | Foreign Exchange Forward [Member]
Foreign Currency Contract, Asset, Fair Value Disclosure			1,100,000		1,100,000			$ 250,000
Fair Value, Inputs, Level 3 [Member]
Fair Value, Net Asset (Liability)			0		0		$ 0	0
Fair Value, Inputs, Level 1 [Member]
Fair Value, Net Asset (Liability)			$ 0		$ 0			$ 0
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			0	0	0	0
2009 Omnibus Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate					0.00%
2009 Omnibus Stock Incentive Plan [Member] | Restricted Stock [Member] | Board of Directors and Management Members [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	140,000	130,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years

Note A - Basis of Presentatio25

Note A - Basis of Presentation and Summary of Significant Accounting Policies - Calculation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Numerator
Net income	$ 745	$ 3,023	$ 5,701	$ 6,104
Denominator
Basic weighted average common shares outstanding (in shares)	6,581,632	6,510,902	6,569,165	6,513,821
Dilutive effect of stock options (in shares)	32,000	52,000	79,000	115,000
Diluted weighted average common shares outstanding (in shares)	6,613,955	6,562,577	6,648,091	6,628,883
Basic net income per common share (in dollars per share)	$ 0.11	$ 0.46	$ 0.87	$ 0.94
Diluted net income per common share (in dollars per share)	$ 0.11	$ 0.46	$ 0.86	$ 0.92

Note B - Inventories, Net - Sum

Note B - Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Raw materials	$ 10,043	$ 14,751
Work in progress	3,019	3,487
Finished goods	3,014	2,832
Reserves	(110)	(302)
Inventories, net	$ 15,966	$ 20,768

Note C - Property and Equipme27

Note C - Property and Equipment, Net - Summary of Property and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Jun. 30, 2016
Property and equipment, gross	$ 50,291	$ 46,834
Less: accumulated depreciation and amortization	(32,503)	(31,667)
Property and equipment, net	17,788	15,167
Land [Member]
Property and equipment, gross	1,200	1,200
Building and Building Improvements [Member]
Property and equipment, gross	$ 3,675	3,324
Building and Building Improvements [Member] | Minimum [Member]
Depreciable Life In Years (Year)	7 years
Building and Building Improvements [Member] | Maximum [Member]
Depreciable Life In Years (Year)	39 years
Machinery and Equipment [Member]
Property and equipment, gross	$ 24,450	23,846
Machinery and Equipment [Member] | Minimum [Member]
Depreciable Life In Years (Year)	3 years
Machinery and Equipment [Member] | Maximum [Member]
Depreciable Life In Years (Year)	12 years
Office Equipment [Member]
Property and equipment, gross	$ 3,749	2,994
Office Equipment [Member] | Minimum [Member]
Depreciable Life In Years (Year)	3 years
Office Equipment [Member] | Maximum [Member]
Depreciable Life In Years (Year)	5 years
Vehicles [Member]
Property and equipment, gross	$ 209	209
Depreciable Life In Years (Year)	3 years
Vehicles [Member] | Maximum [Member]
Depreciable Life In Years (Year)
Leasehold Improvements [Member]
Property and equipment, gross	$ 17,008	$ 15,261
Leasehold Improvements [Member] | Minimum [Member]
Depreciable Life In Years (Year)	1 year
Leasehold Improvements [Member] | Maximum [Member]
Depreciable Life In Years (Year)	15 years

Note D - Accumulated Other Co28

Note D - Accumulated Other Comprehensive (Loss) Income (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Revenue, Net	$ 25,135,000	$ 30,006,000	$ 89,761,000	$ 78,502,000
Other Nonoperating Income (Expense)	(6,000)	1,611,000	(21,000)	1,601,000
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Including Portion Attributable to Noncontrolling Interest [Member]
Revenue, Net	278,000	118,000	549,000	125,000
Other Nonoperating Income (Expense)	$ 106,000	$ 2,000	$ 336,000	$ 53,000

Note D - Accumulated Other Co29

Note D - Accumulated Other Comprehensive (Loss) Income - Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Beginning balance			$ 53,726
Ending balance	$ 59,913		59,913
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Beginning balance	(775)	$ (643)	(775)	$ (643)
OCI/OCL before reclassifications
Amounts reclassified from OCI
Tax effect of OCI activity
Net current period OCI/OCL
Ending balance	(775)	(643)	(775)	(643)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Beginning balance	947	151	95	(123)
OCI/OCL before reclassifications	(322)	(613)	1,512	(131)
Amounts reclassified from OCI	(383)	(120)	(884)	(178)
Tax effect of OCI activity	254	260	(227)	110
Net current period OCI/OCL	(451)	(473)	401	(199)
Ending balance	496	(322)	496	(322)
AOCI Attributable to Parent [Member]
Beginning balance	172	(492)	(680)	(766)
OCI/OCL before reclassifications	(322)	(613)	1,512	(131)
Amounts reclassified from OCI	(383)	(120)	(884)	(178)
Tax effect of OCI activity	254	260	(227)	110
Net current period OCI/OCL	(451)	(473)	401	(199)
Ending balance	$ (279)	$ (965)	$ (279)	$ (965)

Note E - Debt (Details Textual)

Note E - Debt (Details Textual) - USD ($)	Mar. 28, 2017	Mar. 31, 2017
Line of Credit Facility, Remaining Borrowing Capacity		$ 10,000,000
Proceeds from Long-term Lines of Credit		0
Long-term Debt		0
Wells Fargo Bank, N.A. [Member] | Credit Agreement [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000,000
Long-term Debt, Percentage Bearing Fluctuating Interest, Threshold Amount	100,000
Minimum Prepayment Amount Under Line of Credit	$ 100,000
Long-term Line of Credit		$ 0
Wells Fargo Bank, N.A. [Member] | Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.25%
Debt Instrument Basis Spread on Elected Fixed Rate Borrowing	1.25%
Wells Fargo Bank, N.A. [Member] | Credit Agreement [Member] | Maximum [Member]
Ratio of Indebtedness to Net Capital	1.25
Ratio of Total Current Assets to Total Current Liabilities	1.75

Note F - Economic Dependency -

Note F - Economic Dependency - Substantial Net Sales to Certain Customers (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Mar. 31, 2017		Mar. 31, 2016	Mar. 31, 2017		Mar. 31, 2016
Net Sales by Customer	$ 25,135		$ 30,006	$ 89,761		$ 78,502
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member]
Net Sales by Customer	11,046		19,586	43,198		41,419
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Customer 1 [Member]
Net Sales by Customer	11,046		13,023	43,198		31,714
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Customer 2 [Member]
Net Sales by Customer		[1]	3,367		[1]	9,705
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | Customer 3 [Member]
Net Sales by Customer		[1]	$ 3,196		[1]		[1]
[1]	Sales were less than 10% of the respective period's total private revenues.

Note F - Economic Dependency 32

Note F - Economic Dependency - Substantial Net Purchase From Certain Supplier (Details) - Supplier Concentration Risk [Member] - Raw Material Purchases [Member] - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016		Mar. 31, 2017		Mar. 31, 2016
Raw Material Purchases by Supplier	$ 4,646		[1]		[1]		[1]
% of Total Raw Material Purchases	45.00%
Supplier 1 [Member]
Raw Material Purchases by Supplier	$ 1,683		[1]		[1]		[1]
% of Total Raw Material Purchases	16.00%		[1]		[1]		[1]
Supplier 2 [Member]
Raw Material Purchases by Supplier	$ 1,646		[1]		[1]		[1]
% of Total Raw Material Purchases	16.00%		[1]
Supplier 3 [Member]
Raw Material Purchases by Supplier	$ 1,317		[1]		[1]		[1]
% of Total Raw Material Purchases	13.00%
[1]	Purchases were less than 10% of the respective period's total raw material purchases.

Note G - Segment Information (D

Note G - Segment Information (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Number of Reportable Segments			2
Revenue, Net	$ 25,135	$ 30,006	$ 89,761	$ 78,502
Non-US [Member]
Revenue, Net	10,530	16,632	46,277	39,837
UNITED STATES
Revenue, Net	$ 14,605	$ 13,374	$ 43,484	$ 38,665
Products Manufactured by NAIE [Member] | Non-US [Member] | Sales Revenue, Net [Member] | Product Concentration Risk [Member]
Concentration Risk, Percentage	62.00%	57.00%	55.00%	67.00%
Products Manufactured by NAIE [Member] | UNITED STATES
Revenue, Net			$ 0	$ 0

Note G - Segment Information -

Note G - Segment Information - Operating Results by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net sales	$ 25,135	$ 30,006	$ 89,761	$ 78,502
Income from Operations	993	3,105	7,642	7,568
Operating Segments [Member]
Income from Operations	2,535	4,665	12,208	11,958
Corporate, Non-Segment [Member]
Income from Operations	(1,542)	(1,560)	(4,566)	(4,390)
Private Label Contract Manufacturing [Member]
Net sales	18,544	24,493	69,787	62,377
Private Label Contract Manufacturing [Member] | Operating Segments [Member]
Income from Operations	749	2,915	6,182	7,518
Patent and Trademark Licensing [Member]
Net sales	6,591	5,513	19,974	16,125
Patent and Trademark Licensing [Member] | Operating Segments [Member]
Income from Operations	$ 1,786	$ 1,750	$ 6,026	$ 4,440

Note G - Segment Information 35

Note G - Segment Information - Assets by Business Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Jun. 30, 2016
Assets	$ 69,987	$ 74,175
Private Label Contract Manufacturing [Member]
Assets	58,867	66,375
Patent and Trademark Licensing [Member]
Assets	$ 11,120	$ 7,800

Note G - Segment Information 36

Note G - Segment Information - Net Sales by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net sales	$ 25,135	$ 30,006	$ 89,761	$ 78,502
UNITED STATES
Net sales	14,605	13,374	43,484	38,665
Non-US [Member]
Net sales	$ 10,530	$ 16,632	$ 46,277	$ 39,837

Note G - Segment Information 37

Note G - Segment Information - Assets and Capital Expenditures by Geographical Region (Details) - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016
Long-Lived Assets	$ 17,788		$ 15,167
Assets	69,987		74,175
Capital Expenditures	4,332	$ 6,959
UNITED STATES
Long-Lived Assets	10,827		9,678
Assets	45,599		49,755
Capital Expenditures	2,090	5,004
Europe [Member]
Long-Lived Assets	6,961		5,489
Assets	24,388		$ 24,420
Capital Expenditures	$ 2,242	$ 1,955

Note H - Income Taxes (Details

Note H - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2017
Effective Income Tax Rate Reconciliation, Percent	29.00%	29.90%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent		34.00%
Unrecognized Tax Benefits, Period Increase (Decrease)		$ 0
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ 0	$ 0
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Open Tax Year		2,013
Earliest Tax Year [Member] | State and Local Jurisdiction [Member]
Open Tax Year		2,008

Note I - Treasury Stock (Detail

Note I - Treasury Stock (Details Textual) - USD ($)	Mar. 28, 2017	May 11, 2015	Feb. 06, 2015	Mar. 31, 2017	Mar. 31, 2016	Jun. 02, 2011
Stock Repurchase Program, Authorized Amount	$ 7,000,000	$ 5,000,000	$ 3,000,000			$ 2,000,000
Stock Repurchase Program, Increase in Authorized Amount	$ 2,000,000	$ 2,000,000	$ 1,000,000
Treasury Stock, Shares, Acquired				39,547	52,603
Treasury Stock Acquired, Average Cost Per Share				$ 8.74	$ 6.26
Treasury Stock, Value, Acquired, Cost Method				$ 345,000	$ 329,000
Restricted Stock [Member]
Shares Paid for Tax Withholding for Share Based Compensation				38,729	27,196
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Forfeitures				7,000	2,667

Note J - Derivatives and Hedg40

Note J - Derivatives and Hedging (Details Textual) € in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017EUR (€)	Jun. 30, 2016USD ($)
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net	$ 97,000	$ 0	$ 189,000	$ 0
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months	776,000		776,000
Cash Flow Hedging [Member]
Derivative Instruments, Gain Recognized in Other Comprehensive Income (Loss), Effective Portion	322,000	118,000	1,500,000	125,000
Derivative Instruments, Gain Reclassified from Accumulated OCI into Income, Effective Portion	278,000	$ 2,000	549,000	$ 53,000
Prepaid Expenses and Other Current Assets [Member]
Cash Flow Hedge Derivative Instrument Assets at Fair Value	1,100,000		1,100,000			$ 226,000
Cash Flow Hedging Foreign Exchange Contract [Member]
Derivative, Notional Amount	$ 23,100,000		$ 23,100,000		€ 20.4