Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Sep. 18, 2019 | Dec. 31, 2018 | |
Document Information [Line Items] | |||
Entity Registrant Name | NATURAL ALTERNATIVES INTERNATIONAL INC | ||
Entity Central Index Key | 0000787253 | ||
Trading Symbol | naii | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 7,225,072 | ||
Entity Public Float | $ 54,141,271 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 25,040 | $ 23,613 |
Accounts receivable – less allowance for doubtful accounts of $25 at June 30, 2019 and $49 at June 30, 2018 | 15,964 | 14,621 |
Note receivable | 1,500 | |
Inventories, net | 26,003 | 23,567 |
Income tax receivable | 901 | |
Forward contracts | 1,978 | 55 |
Prepaids and other current assets | 1,500 | 1,827 |
Total current assets | 71,386 | 65,183 |
Property and equipment, net | 21,085 | 19,290 |
Other noncurrent assets, net | 1,019 | 734 |
Total assets | 93,490 | 85,207 |
Current liabilities: | ||
Accounts payable | 8,634 | 9,649 |
Accrued liabilities | 2,782 | 2,346 |
Accrued compensation and employee benefits | 1,615 | 1,498 |
Income taxes payable | 1,219 | 787 |
Total current liabilities | 14,250 | 14,280 |
Long-term pension liability | 246 | 45 |
Deferred rent | 543 | 556 |
Income taxes payable, noncurrent | 1,349 | 1,546 |
Deferred income taxes | (1,018) | (532) |
Total liabilities | 17,406 | 16,959 |
Commitments and contingencies (Notes G, I and L) | ||
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 at June 30, 2019 and June 30, 2018, issued and outstanding (net of treasury shares) 7,225,072 at June 30, 2019 and 7,558,409 at June 30, 2018 | 87 | 85 |
Additional paid-in capital | 26,280 | 24,486 |
Retained earnings | 57,380 | 50,839 |
Treasury stock, at cost, 1,626,605 shares at June 30, 2019 and 1,098,268 at June 30, 2018 | (7,955) | (6,584) |
Accumulated other comprehensive income (loss) | 292 | (578) |
Total stockholders’ equity | 76,084 | 68,248 |
Total liabilities and stockholders’ equity | $ 93,490 | $ 85,207 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 25 | $ 49 |
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, shares outstanding (in shares) | 7,225,072 | 7,558,408 |
Treasury stock, shares (in shares) | 1,626,605 | 1,098,268 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 138,290 | $ 132,437 |
Cost of goods sold | 114,715 | 106,117 |
Gross profit | 23,575 | 26,320 |
Selling, general and administrative expenses | 17,614 | 16,787 |
Income from operations | 5,961 | 9,533 |
Other income (expense): | ||
Interest income | 1,868 | 1,085 |
Interest expense | (29) | (9) |
Foreign exchange gain | 148 | 18 |
Other, net | 5 | (14) |
Total other income: | 1,992 | 1,080 |
Income before income taxes | 7,953 | 10,613 |
Provision for income taxes | 1,412 | 5,562 |
Net income | 6,541 | 5,051 |
Change in minimum pension liability, net of tax | (104) | 104 |
Unrealized gain resulting from change in fair value of derivative instruments, net of tax | 974 | 223 |
Comprehensive income | $ 7,411 | $ 5,378 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.96 | $ 0.76 |
Diluted (in dollars per share) | $ 0.92 | $ 0.73 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 6,809,306 | 6,640,583 |
Diluted (in shares) | 7,097,678 | 6,886,126 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Jun. 30, 2017 | 7,981,677 | 1,044,659 | ||||
Balance at Jun. 30, 2017 | $ 79 | $ 22,260 | $ 45,788 | $ (6,074) | $ (905) | $ 61,148 |
Issuance of common stock for restricted stock grants (in shares) | 675,000 | |||||
Issuance of common stock for restricted stock grants | $ 6 | (6) | ||||
Compensation expense related to stock compensation plans | 2,232 | 2,232 | ||||
Repurchase of common stock (in shares) | 43,610 | |||||
Repurchase of common stock | $ (510) | (510) | ||||
Forfeiture of restricted stock (in shares) | 9,999 | |||||
Forfeiture of restricted stock | ||||||
Change in minimum pension liability, net of tax | 104 | 104 | ||||
Unrealized gain resulting from change in fair value of derivative instruments, net of tax | 223 | 223 | ||||
Net income | 5,051 | $ 5,051 | ||||
Issuance of common stock for stock option exercise (in shares) | 0 | |||||
Balance (in shares) at Jun. 30, 2018 | 8,656,677 | 1,098,268 | ||||
Balance at Jun. 30, 2018 | $ 85 | 24,486 | 50,839 | $ (6,584) | (578) | $ 68,248 |
Issuance of common stock for restricted stock grants (in shares) | 190,000 | |||||
Issuance of common stock for restricted stock grants | $ 2 | (2) | ||||
Compensation expense related to stock compensation plans | 1,754 | 1,754 | ||||
Repurchase of common stock (in shares) | 123,337 | |||||
Repurchase of common stock | $ (1,367) | (1,367) | ||||
Forfeiture of restricted stock (in shares) | 405,000 | |||||
Forfeiture of restricted stock | 4 | $ (4) | ||||
Change in minimum pension liability, net of tax | (104) | (104) | ||||
Unrealized gain resulting from change in fair value of derivative instruments, net of tax | 974 | 974 | ||||
Net income | 6,541 | $ 6,541 | ||||
Issuance of common stock for stock option exercise (in shares) | 5,000 | 5,000 | ||||
Issuance of common stock for stock option exercise | 38 | $ 38 | ||||
Balance (in shares) at Jun. 30, 2019 | 8,851,677 | 1,626,605 | ||||
Balance at Jun. 30, 2019 | $ 87 | $ 26,280 | $ 57,380 | $ (7,955) | $ 292 | $ 76,084 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities | ||
Net income | $ 6,541 | $ 5,051 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 3,465 | 2,908 |
Deferred income taxes | 212 | 2,393 |
Non-cash sales discount | 82 | 898 |
Non-cash compensation | 1,672 | 1,334 |
Pension expense, net of contributions | 60 | (363) |
Loss (gain) on disposal of assets | 48 | (9) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,343) | (6,211) |
Inventories | (2,436) | (9,838) |
Prepaids and other assets | 308 | (386) |
Accounts payable and accrued liabilities | (491) | 4,444 |
Forward contracts | (1,005) | 321 |
Income taxes | (666) | 1,387 |
Accrued compensation and employee benefits | 117 | (96) |
Net cash provided by operating activities | 6,564 | 1,833 |
Cash flows from investing activities | ||
Purchases of property and equipment | (5,327) | (4,081) |
Proceeds from sale of property and equipment | 19 | 28 |
Repayment of notes receivable / (issuances) | 1,500 | (1,500) |
Net cash used in investing activities | (3,808) | (5,553) |
Cash flows from financing activities | ||
Repurchase of common stock | (1,367) | (510) |
Issuance of common stock | 38 | |
Net cash used in financing activities | (1,329) | (510) |
Net increase (decrease) in cash and cash equivalents | 1,427 | (4,230) |
Cash and cash equivalents at beginning of year | 23,613 | 27,843 |
Cash and cash equivalents at end of year | 25,040 | 23,613 |
Supplemental disclosures of cash flow information | ||
Taxes | 1,973 | 1,818 |
Interest | 23 | 9 |
Disclosure of non-cash activities: | ||
Change in minimum pension liability, net of tax | (104) | 104 |
Change in unrealized gain resulting from change in fair value of derivative instruments, net of tax | $ 974 | $ 223 |
Note A - Organization and Summa
Note A - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | A. Organization and Summary of Significant Accounting Policies Organization We provide private-label contract manufacturing services to companies that market and distribute vitamins, minerals, herbs, and other nutritional supplements, as well as other health care products, to consumers both within and outside the U.S. We also seek to commercialize our patent and trademark estate related to the ingredient known as beta-alanine sold under our CarnoSyn® and SR Carnosyn® tradenames through direct raw material sales and various license and similar arrangements. Subsidiaries On January 22, 1999, Natural Alternatives International Europe S.A. (NAIE) was formed as our wholly-owned subsidiary, based in Manno, Switzerland. In September 1999, NAIE opened a manufacturing facility and currently possesses manufacturing capability in encapsulation, powders, tablets, finished goods packaging, quality control laboratory testing, warehousing, distribution and administration. Principles of Consolidation The consolidated financial statements include the accounts of Natural Alternatives International, Inc. (NAI) and our wholly-owned subsidiary, NAIE. All intercompany accounts and transactions have been eliminated. The functional currency of NAIE, our foreign subsidiary, is the U.S. Dollar. The financial statements of NAIE have been translated at either current or historical exchange rates, as appropriate, with gains and losses included in the consolidated statements of operations. Recently Adopted Accounting Pronouncements In April 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017 - 10, Revenue from Contracts with Customers (Topic 606 )(ASU 2017 - 10 ), which amends and adds clarity to certain aspects of the guidance set forth in the revenue standard ASU 2014 - 09 that is related to identifying performance obligations and licensing. In May 2017, the FASB issued Accounting Standards Update No. 2017 - 11, Revenue Recognition (Topic 605 ) and Derivatives and Hedging (Topic 815 ) (ASU 2017 - 11 ), which amends and rescinds certain revenue recognition guidance previously released within ASU 2014 - 09. In May 2017, the FASB issued Accounting Standards Update No. 2017 - 12, Revenue from Contracts with Customers (Topic 606 ) (ASU 2017 - 12 ), which provides narrow scope improvements and practical expedients related to ASU 2014 - 09. All of these ASUs have been codified under Accounting Standards Codification (ASC) 606. ASC 606 outlines a single comprehensive model for companies to use in accounting for revenue arising from contracts with customers and supersedes most historical revenue recognition guidance, including industry-specific guidance. The core principle of this revenue model is an entity recognizes revenue to depict the transfer of promised goods and services in an amount that reflects the consideration to which the entity expects to be entitled to receive in exchange for those goods and services. In addition, the new revenue model requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with their respective customers. The new revenue model is required to be applied either retrospectively to each prior reporting period presented or prospectively with the cumulative effect of initially applying the model used at the date of the initial application, supplemented with certain disclosures related to the effect of adoption on previously reported amounts, if any (the modified retrospective method). We adopted this revenue model on July 1, 2018 for contracts that were not completed before the adoption date, using the modified retrospective method. We evaluated the effect of the use of the new model and concluded it was not material to the timing or amount of revenues or expenses recognized in our historical consolidated financial statements. As a result, we concluded the application of the new model did not have a material effect that required a retrospective adjustment for reporting disclosure purposes to any previously reported amounts in our historical consolidated financial statements. On December 22, 2017, the SEC issued guidance under Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (“SAB 118” ) directing taxpayers to consider the impact of the U.S. legislation as “provisional” when it does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the change in tax law. In accordance with SAB 118, we calculated our taxes for fiscal 2018 to the best of our ability and finalized our fiscal 2018 tax estimate by the end of the one -year measurement period ending December 22, 2018. The impact of finalizing our fiscal 2018 provision during this period did not result in a material impact on our consolidated financial statements. In February 2018, the FASB issued ASU 2018 - 03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825 - 10 ): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2018 - 03 is intended to improve certain aspects of recognition, measurement, presentation, and disclosure of certain financial instruments, i.e. forward contracts, purchased options and option liabilities. ASU 2018 - 03 is effective for us beginning in our first quarter of fiscal 2019. This ASU did not have a material impact on our consolidated financial statements. In March 2019, the SEC issued its Final Rule Release No. 33 - 10618, FAST Act Modernization and Simplification of Regulation S-K . The guidance in this Release revises certain disclosure requirements in SEC Regulation S-K, with the intent of improving the readability of filed documents and simplifying registrants' compliance efforts. We adopted this Release in the third quarter of fiscal 2019. The adoption of this Release did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update No. 2016 - 02, Leases (Topic 842 ) (ASU 2016 - 02 ), which amends existing standards for leases to increase transparency and comparability among organizations by requiring recognition of lease assets and liabilities on the balance sheet and requiring disclosure of key information about such arrangements. In July 2018, the FASB issued ASU 2018 - 10, Codification Improvements to Topic 842, Leases. This ASU affects narrow aspects of the guidance issued in the amendments in ASU No. 2016 - 02 including those regarding residual value guarantees, the interest rate implicit in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase option, variable lease payments that depend on an index or a rate, investment tax credits, lease term and purchase option, transition guidance for amounts previously recognized in business combinations, certain transition adjustments, transition guidance for leases previously classified as capital leases under Topic 840, transition guidance for modifications to leases previously classified as direct financing or sales-type leases under Topic 840, transition guidance for sale and leaseback transactions, impairment of net investment in the lease, unguaranteed residual asset, the effect of initial direct costs on the interest rate implicit in the lease, and failed sale and leaseback transactions. In addition, Topic 842 was subsequently amended by ASU 2018 - 11, Targeted Improvements; ASU 2018 - 20 Narrow Scope Improvements; and ASU 2019 - 01 Codification Improvements. These ASUs will be effective for us beginning in our first quarter of fiscal 2020. We will adopt ASC 842 using a modified retrospective approach for all leases existing at July 1, 2019. Substantially all of our leases are operating leases. Accordingly, the adoption of ASC 842 will have a material impact on our consolidated balance sheet, and an immaterial impact on our consolidated statement of operations. The most significant impact will be the recognition of the right-of-use assets and the related lease liability. The lease liability will be based on the present value of the remaining lease payments discounted using our secured incremental borrowing rate using July 1, 2019, as the effective date and the original lease term will be used as the tenor. Based on current foreign exchange rates, the lease liability will be approximately $20.4 million and the right of use asset will approximately be $20.3 million. As permitted under ASC 842, upon adoption we will elect a package of practical expedients that allows us not to reassess ( 1 ) whether a contract is or contains a lease, ( 2 ) the lease classification and ( 3 ) whether previously capitalized costs continue to qualify as initial indirect costs. The use of the package of practical expedients will not have a significant impact on the measurement of the operating lease liability. In August 2017, the FASB issued ASU 2017 - 12, Derivatives and Hedging (Topic 815 ): Targeted Improvements to Accounting for Hedging Activities. ASU 2017 - 12 is intended to improve and simplify accounting rules around hedge accounting and improve the disclosures of hedging arrangements. Under this ASU, we will record forward points as component of Net Sales, rather than as a component of Other Income. We recorded interest income from forward points in Other Income in the amount of $1.6 million for the year ended June 30, 2019 and $0.9 million for the year ended June 30, 2018. ASU 2017 - 12 will be effective for us beginning in our first quarter of fiscal 2020 and will be applied on a prospective basis. In February 2018, the FASB issued ASU 2018 - 02, Income Statement-Reporting Comprehensive Income (Topic 220 ): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU 2018 - 02 allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. Under this ASU, we currently expect to reclassify $134,000 of gains from OCI to retained earnings. ASU 2018 - 02 will be effective for us beginning in our first quarter of fiscal 2020. In June 2018, the FASB issued ASU 2018 - 07, Compensation-Stock Compensation (Topic 718 ): Improvements to Nonemployee Share-Based Payment Accounting. The ASU clarifies that Topic 718 does not apply to share-based payments used to effectively provide financing to the issuer or awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. We do not expect this ASU to have a material impact on our consolidated financial statements. ASU 2018 - 07 will be effective for us beginning in our first quarter of fiscal 2020. Other recently issued accounting pronouncements not discussed in this report did not have, or are not believed by management to have, a material impact on our present or future financial statements. Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. 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 -level hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available under the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs. In general, fair values determined by Level 1 inputs use quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. We classify cash, cash equivalents, and marketable securities balances as Level 1 assets. The approximate fair value of cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings is equal to book value due to the short-term nature of these items. Fair values determined by Level 2 inputs are based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable or can be corroborated, either directly or indirectly by observable market data. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. These include certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. Except for cash and cash equivalents and assets and liabilities related to our pension plan, as of June 30, 2019 and June 30, 2018, we did not have any financial assets or liabilities classified as Level 1. We classify derivative forward exchange contracts as Level 2 assets and liabilities. The fair value of our forward exchange contracts as of June 30, 2019 included a net asset of $2.3 million. The fair value as of June 30, 2018 was a net asset of $55,000 and a net liability of $55,000, with no right of offset. The fair values were determined based on obtaining pricing from our bank and corroborating those values with a third party bank. As of June 30, 2019 and June 30, 2018, we did not have any financial assets or liabilities classified as Level 3. We did not transfer any assets or liabilities between any levels during fiscal 2019. Accounts Receivable We perform ongoing credit evaluations of our customers and adjust credit limits based on payment history and customer credit-worthiness. An allowance for estimated doubtful accounts is maintained based on historical experience, including anticipated early payment discounts and identified customer credit issues. We monitor collections regularly and adjust the allowance for doubtful accounts as necessary to recognize any changes in credit exposure. Upon conclusion that a receivable is uncollectible, we record the respective amount as a charge against allowance for doubtful accounts. To date, such doubtful accounts reserves, in the aggregate, have been adequate to cover collection losses. Notes Receivable On September 30, 2017, we accepted a 12 -month note (Loan Agreement) from Kaged Muscle, LLC (“Kaged Muscle”), one of our contract manufacturing customers, in exchange for $1.5 million of trade receivables due to us from Kaged Muscle. On September 30, 2018, we entered into a First Amendment (the “First Amendment”) with Kaged Muscle in connection with the Loan Agreement. The First Amendment modified the Loan Agreement and related promissory note by extending the maturity date from September 30, 2018 to December 28, 2018 in exchange for an extension fee in the amount of $25,000. Kaged Muscle is one of our fastest growing sports nutrition customers and we executed this note receivable conversion, and subsequent amendment, to assist them with their near term financing needs. The note carried an interest rate of fifteen percent ( 15% ) per annum with payments of interest only. The note was paid in full before the amended maturity date. In association with this note, we recognized $104,000 in interest income during the year ended June 30, 2019 and $171,000 the year ended June 30, 2018. Inventories We operate primarily as a private-label contract manufacturer. We build products based upon anticipated demand or following receipt of customer specific purchase orders. From time to time, we build inventory for private-label contract manufacturing customers under a specific purchase order with delivery dates that may subsequently be rescheduled or canceled at the customer’s request. We value inventory at the lower of cost ( first -in, first -out) or net realizable value on an item-by-item basis, including costs for raw materials, labor and manufacturing overhead. We establish reserves equal to all or a portion of the related inventory to reflect situations in which the cost of the inventory is not expected to be recovered. This requires us to make estimates regarding the market value of our inventory, including an assessment for excess and obsolete inventory. Once we establish an inventory reserve in a fiscal period, the reduced inventory value is maintained until the inventory is sold or otherwise disposed of. In evaluating whether inventory is stated at the lower of cost or net realizable value, management considers such factors as the amount of inventory on hand, the estimated time required to sell such inventory, the remaining shelf life and efficacy, the foreseeable demand within a specified time horizon and current and expected market conditions. Based on this evaluation, we record adjustments to cost of goods sold to adjust inventory to its net realizable value. For the year ended June 30, 2019, we established an inventory reserve of $686,000 related to our first generation of SR CarnoSyn® powder. This material was reserved as we have developed a new and superior SR CarnoSyn® powder which has rendered this first generation powder obsolete. Property and Equipment We state property and equipment at cost. Depreciation of property and equipment is provided using the straight-line method over their estimated useful lives, generally ranging from 1 to 39 years. We amortize leasehold improvements using the straight-line method over the shorter of the useful life of the improvement or the term of the lease. Maintenance and repairs are expensed as incurred. Significant expenditures that increase economic useful lives of property or equipment are capitalized and expensed over the useful life of such expenditure. Impairment of Long-Lived Assets We periodically evaluate the carrying value of long-lived assets to be held and used when events and circumstances indicate that the carrying amount of an asset may not be recovered. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. We did not recognize any impairment losses during fiscal 2019 or fiscal 2018. Derivative Financial Instruments We currently may use derivative financial instruments in the management of our foreign currency exchange risk inherent in our forecasted transactions denominated in Euros. We may hedge our foreign currency exposures by entering into offsetting forward exchange contracts and currency options. To the extent we use derivative financial instruments, we account for them using the deferral method, which recognizes income or expense at the time when such instruments are intended to hedge identifiable, firm foreign currency commitments or anticipated transactions and are designated as, and effective as, hedges. Foreign exchange exposures arising from certain transactions that do not meet the criteria for the deferral method are marked-to-market through the Consolidated Statements of Operations and Comprehensive Income. Historically, our derivative instruments have met the criteria for the deferral method. We recognize any unrealized gains and losses associated with derivative instruments in income in the period in which the underlying hedged transaction is realized. To the extent the derivative instrument is deemed ineffective we would recognize the resulting gain or loss in income at that time. As of June 30, 2019, we held derivative contracts designated as cash flow hedges primarily to protect against the foreign exchange risks inherent in our forecasted sales of products at prices denominated in currencies other than the U.S. Dollar, which is primarily the Euro. As of June 30, 2019, the notional amounts of our foreign exchange contracts were $39.9 million (€ 32.5 million). These contracts will mature over the next 14 months. Defined Benefit Pension Plan We formerly sponsored a defined benefit pension plan. Effective June 21, 1999, we adopted an amendment to freeze benefit accruals to the participants. The plan obligation and related assets of the plan are presented in the notes to the consolidated financial statements. Plan assets, which consist primarily of marketable equity and debt instruments, are valued based upon third party market quotations. Independent actuaries, through the use of a number of assumptions, determine plan obligations and annual pension expense. Key assumptions in measuring the plan obligations include the discount rate and estimated future return on plan assets. In determining the discount rate, we use an average long-term bond yield. Asset returns are based on the historical returns of multiple asset classes to develop a risk free rate of return and risk premiums for each asset class. The overall rate for each asset class was developed by combining a long-term inflation component, the risk free rate of return and the associated risk premium. A weighted average rate is developed based on the overall rates and the plan’s asset allocation. Revenue Recognition We record revenue based on a five -step model which includes: ( 1 ) identifying a contract with a customer; ( 2 ) identifying the performance obligations in the contract; ( 3 ) determining the transaction price; ( 4 ) allocating the transaction price among the performance obligations; and ( 5 ) recognizing revenue as each of the various performance obligations are satisfied. Revenue is measured as the net amount of consideration expected to be received in exchange for fulfilling one or more performance obligations. We identify purchase orders from customers as contracts. The amount of consideration expected to be received and revenue recognized includes estimates of variable consideration, including estimates for early payment discounts and volume rebates. Such estimates are calculated using historical averages adjusted for any expected changes due to current business conditions and experience. We review and update these estimates at the end of each reporting period and the impact of any adjustments is recognized in the period the adjustments are identified. In assessing whether collection of consideration from a customer is probable, we consider both the customer's ability and intent to pay that amount of consideration when it is due. Payment of invoices is due as specified in the underlying customer agreement, which is typically 30 days from the invoice date. Invoices are generally issued on the date of transfer of control of the products ordered to the customer. Revenue is recognized at the point in time that each of our performance obligation is fulfilled, and control of the ordered products is transferred to the customer. This transfer occurs when the product is shipped, or in some cases, when the product is delivered to the customer. We provide early payment discounts to certain customers. Based on historical payment trends, we expect that these customers will take advantage of these early payment discounts. The cost of these discounts is reported as a reduction to the transaction price. If the actual discounts differ from those estimated, the difference is also reported as a change in the transaction price. Except for product defects, no right of return exists on the sale of our products. We estimate returns based on historical experience and recognize a returns liability for any estimated returns. As of June 30, 2019, we have no known returns liability. On August 7, 2017, we entered into three agreements (“Agreements”), with The Juice Plus+ Company LLC (“Juice Plus+”). The Agreements are an Exclusive Manufacturing Agreement, a Restricted Stock Award Agreement, and an Irrevocable Proxy. Pursuant to the Exclusive Manufacturing Agreement, Juice Plus+ has granted us exclusive rights to manufacture and supply them with certain of their products within 24 countries where Juice Plus+ currently sells those products. Pursuant to the Restricted Stock Award Agreement, NAI granted 500,000 shares of NAI common stock to Juice Plus+, (the “Shares”), and Juice Plus+ agreed the Shares are subject to certain restrictions and risk of forfeiture. Pursuant to the Irrevocable Proxy, Juice Plus+ also granted the NAI Board of Directors the right to vote the Shares that remain subject to risk of forfeiture. Each of the Agreements is for a term of 5 years, and each may be terminated by either party only upon the occurrence of specified events. On March 31, 2019, we amended our original agreements with Juice Plus+ and extended the term of the Exclusive Manufacturing Agreement through August 6, 2025. In addition, pursuant to that Amended and Restated Exclusive Manufacturing Agreement, Juice Plus+ returned 400,000 shares of restricted common stock in exchange for an annual cash sales discount. The expense associated with the return of those shares and the related cash discount granted to Juice Plus+ are each recorded as a reduction to sales. As a result of the amendment to the Exclusive Manufacturing Agreement, we made a one -time adjustment to reverse the expense associated with unvested shares that were returned as a result of the Amended and Restated Exclusive Manufacturing Agreement. Amounts associated with the new cash discount began to be recorded in our fourth quarter of fiscal 2019 and will be amortized ratably over the remaining life of the extended agreement based on the full value of the cash discount expected to be given over the same period. We recorded $82,000 of “Non-Cash Sales Discount” and $395,000 of “Cash Sales Discount” for the year ended June 30, 2019, with both discount amounts recorded as a reduction to net sales. We recorded $898,000 of “Non-Cash Sales Discount” and no “Cash Sales Discount” during the year ended June 30, 2018, with such amounts recorded as a reduction to net sales. 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® trade names. We recorded beta-alanine raw material sales and royalty and licensing income as a component of revenue in the amount of $16.7 million during fiscal 2019 and $21.4 million during fiscal 2018. These royalty income and raw material sale amounts resulted in royalty expense paid to the original patent holders from whom NAI acquired its patents and patent rights. We recognized royalty expense as a component of cost of goods sold in the amount of $686,000 during fiscal 2019 and $854,000 during fiscal 2018. Cost of Goods Sold Cost of goods sold includes raw material, labor, manufacturing overhead, and royalty expense. Shipping and Handling Costs We include fees earned on the shipment of our products to customers in sales and include costs incurred on the shipment of product to customers in costs of goods sold. Research and Development Costs As part of the services we provide to our private-label contract manufacturing customers, we may perform, but are not obligated to perform, certain research and development activities related to the development or improvement of their products. While our customers typically do not pay directly for this service, the cost of this service is included as a component of the price we charge to manufacture and deliver their products. We also direct and participate in clinical research studies, often in collaboration with scientists and research institutions, to validate the benefits of a product and provide scientific support for product claims and marketing initiatives. Research and development costs are expensed when incurred. Our research and development expenses for the last two fiscal years ended June 30 were $1.8 million for fiscal 2019 and $1.5 million for fiscal 2018. These costs were included in selling, general and administrative expenses and cost of goods sold. Advertising Costs We expense the production costs of advertising the first time the advertising takes place. We incurred and expensed advertising costs in the amount of $1.6 million during the fiscal year ended June 30, 2019 and $2.4 million during fiscal 2018. These costs were included in selling, general and administrative expenses. Income Taxes The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. Among other things, the Tax Act reduced the U.S. federal corporate tax rate to 21% and required companies to pay a one -time deemed repatriation transition tax on earnings of U.S.-owned foreign subsidiaries that were previously tax deferred. As of June 30, 2018, as described below and in accordance with SAB 118, we made a reasonable estimate of the effects on our existing deferred tax balances and the one -time transition tax, for which we recognized a provisional amount as a discrete component of our provision for income taxes. The one -year measurement period ended December 22, 2018. Our final tax amount associated with the Tax Act for the year ended June 30, 2018, did not materially differ from the discrete tax expense recorded for the fiscal year ended June 30, 2018. To determine our quarterly provision for income taxes, we use an estimated annual effective tax rate that 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 as discrete items in the quarter in which they occur and can be a source of variability in the effective tax rate from quarter to quarter. We recognize interest and penalties related to uncertain tax positions, if any, as an income tax expense. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are measured and recorded using enacted tax rates for each of the jurisdictions in which we operate, and adjusted using the tax rates 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 or expense in the period that includes the enactment date. We account for uncertain tax positions using the more-likely-than- not recognition threshold. 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 become payable upon audit by tax authorities. Our tax reserves are analyzed quarterly and adjustments are made as events occur that we believe warrant adjustments to the reserves. Our practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of June 30, 2019 and June 30, 2018, we did not record any tax liabilities for uncertain tax positions. 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 ultimately be realized based on whether future taxable income will be generated during the periods in which those temporary differences become deductible. During the year ended June 30, 2019, there was no change to our valuation allowance. We are subject to taxation in the U.S., Switzerland and various U.S. state jurisdictions. Our tax returns for the fiscal years ended June 30, 2016 and forward are subject to examination by U.S. tax authorities and for fiscal years ended June 30, 2007 and forward are subject to examination by state tax authorities. Our tax filings for the fiscal |
Note B - Inventories
Note B - Inventories | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | B. Inventories Inventories, net, consisted of the following at June 30 201 9 2018 Raw materials $ 18,322 $ 16,209 Work in progress 3,785 4,268 Finished goods 5,002 3,462 Reserve (1,106 ) (372 ) $ 26,003 $ 23,567 The inventory reserve as of June 30, 2019, $686,000 first |
Note C - Property and Equipment
Note C - Property and Equipment | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | C. Property and Equipment Property and equipment consisted of the following at June 30 Depreciable Life In Years 201 9 201 8 Land NA $ 1,200 $ 1,200 Building and building improvements 7 – 39 3,729 3,721 Machinery and equipment 3 – 12 30,216 28,185 Office equipment and furniture 3 – 5 5,190 4,883 Vehicles 3 314 209 Leasehold improvements 1 – 15 17,468 15,688 Total property and equipment 58,117 53,886 Less: accumulated depreciation and amortization (37,032 ) (34,596 ) Property and equipment, net $ 21,085 $ 19,290 Depreciation expense was approximately $3.5 2019 $2.9 2018. |
Note D - Other Comprehensive Lo
Note D - Other Comprehensive Loss | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | D. Other comprehensive loss Other comprehensive (loss) income (“OCL” and “OCI”) consisted of the following at June 30 Year Ended June 30, 2019 Defined Benefit Pension Plan Unrealized (Losses) Gains on Cash Flow Hedges Total Balance as of June 30, 2018 $ (387 ) $ (191 ) $ (578 ) OCI/OCL before reclassifications (144 ) 4,251 4,107 Amounts reclassified from OCI 3 (2,966 ) (2,963 ) Tax effect of OCI activity 37 (311 ) (274 ) Net current period OCI/OCL (104 ) 974 870 Balance as of June 30, 2019 $ (491 ) $ 783 $ 292 Year Ended June 30, 2018 Defined Benefit Pension Plan Unrealized Gains (Losses) on Cash Flow Hedges Total Balance as of June 30, 2017 $ (491 ) $ (414 ) $ (905 ) OCI/OCL before reclassifications 69 (1,370 ) (1,301 ) Amounts reclassified from OCI 80 1,689 1,769 Tax effect of OCI activity (45 ) (96 ) (141 ) Net current period OCI/OCL 104 223 327 Balance as of June 30, 2018 $ (387 ) $ (191 ) $ (578 ) |
Note E - Debt
Note E - Debt | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | E. Debt On July 1, 2019, February 1, 2021 November 1, 2022. $10.0 may no no 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 1.25 1.0 not 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 credit approval with Wells Fargo Bank, N.A. which allows us to hedge foreign currency exposures up to 30 24 On June 30, 2019, We did not June 30, 2019. June 30, 2019, $10.0 |
Note F - Income Taxes
Note F - Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | F. Income Taxes During fiscal 2019, $6,000. 2018, $4.4 The following is a geographical breakdown of income before income taxes (in thousands): 2019 2018 United States $ 927 $ 4,611 Foreign 7,026 6,002 Total income before income taxes $ 7,953 $ 10,613 The provision for income taxes for the years ended June 30 201 9 2018 Current: Federal $ 12 $ 2,141 State 16 52 Foreign 1,172 976 1,200 3,169 Deferred: Federal 6 2,024 State (28 ) 134 Foreign 234 235 212 2,393 Total provision for income taxes $ 1,412 $ 5,562 Net deferred tax assets and deferred tax liabilities as of June 30 201 9 2018 Deferred tax assets: Inventory capitalization $ 507 $ 267 Inventory reserves 273 29 Pension liability 159 121 Net operating loss carry forward 220 240 Deferred rent 130 129 Stock-based compensation 174 155 Tax credit carry forward 260 230 Accrued vacation expense — 70 Other, net 93 84 Total gross deferred tax assets 1,816 1,325 Deferred tax liabilities: Prepaid expenses (73 ) (101 ) Withholding taxes (1,133 ) (1,133 ) Fixed Assets (905 ) (388 ) Foreign inventory reserves (469 ) (235 ) Forward Contracts (229 ) — Other, net (25 ) Deferred tax liabilities (2,834 ) (1,857 ) Net deferred tax liabilities $ (1,018 ) $ (532 ) At June 30, 2019, $3.4 2008, 2009, 2010 2011 not 2032, Pursuant to Section 382 1986, 50% three not June 30, 2019 June 30, 2018. We are subject to taxation in the U.S., Switzerland and various state jurisdictions. Our tax years for the fiscal year ended June 30, 2016 June 30, 2007 June 30, 2018 NAIE’s effective tax rate for Swiss federal, cantonal and communal taxes is approximately 20.0%. As part of the Tax Act, we were required to recognize a one June 30, 2018 1986 one June 30, 2018 $1.7 eight June 30. 2019, $1.3 no December 31, 2017 $1.1 June 30, 2018. December 31, 2017 A reconciliation of our income tax provision computed by applying the statutory federal income tax rate of 21% 2019 28.06% 2018 June 30 2019 2018 Income taxes computed at statutory federal income tax rate $ 1,670 $ 2,969 State income taxes, net of federal income tax expense (6 ) 131 Permanent Differences (182 ) (90 ) Foreign tax rate differential (70 ) (473 ) Tax Act — 3,025 Income tax provision as reported $ 1,412 $ 5,562 Effective tax rate 17.8 % 52.4 % The effective tax rate for the year ended June 30, 2019 17.8%. June 30, 2019 21% June 30, 2018 52.4%. June 30, 2018 28.06% one 21% |
Note G - Employee Benefit Plans
Note G - Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | G. Employee Benefit Plans We have a profit sharing plan pursuant to Section 401 may not six 401 100% first 3% 50% 2% $283,000 2019 $256,000 2018. We have a “Cafeteria Plan” pursuant to Section 125 $1.3 June 30, 2019 $1.1 June 30, 2018. We formerly sponsored a defined benefit pension plan, which provides retirement benefits to employees based generally on years of service and compensation during the last five June 21, 1999, not 1974 Disclosure of Funded Status The following table sets forth the defined benefit pension plan’s funded status and amount recognized in our consolidated balance sheets at June 30 201 9 201 8 Change in Benefit Obligation: Benefit obligation at beginning of year $ 1,498 $ 1,804 Interest cost 57 57 Actuarial loss (gain) 173 (24 ) Benefits paid (113 ) (339 ) Benefit obligation at end of year $ 1,615 $ 1,498 Change in Plan Assets: Fair value of plan assets at beginning of year $ 1,453 $ 1,247 Actual return on plan assets 69 83 Employer contributions — 500 Benefits paid (114 ) (339 ) Plan expenses (39 ) (38 ) Fair value of plan assets at end of year $ 1,369 $ 1,453 Reconciliation of Funded Status: Difference between benefit obligation and fair value of plan assets $ (246 ) $ (45 ) Unrecognized net actuarial loss in accumulated other comprehensive income 671 523 Net amount recognized $ 425 $ 478 Projected benefit obligation $ 1,615 $ 1,498 Accumulated benefit obligation $ 1,615 $ 1,498 Fair value of plan assets $ 1,369 $ 1,453 The weighted-average discount rate used for determining the projected benefit obligations for the defined benefit pension plan was 3.5% June 30, 2019 4.1% June 30, 2018. Net Periodic Benefit Cost The components included in the defined benefit pension plan’s net periodic benefit expense for the fiscal years ended June 30 201 9 2018 Interest cost $ 57 $ 57 Expected return on plan assets (85 ) (89 ) Recognized actuarial loss 38 49 Settlement loss 43 119 Net periodic benefit expense $ 53 $ 136 In the fiscal year ended June 30, 2019, not June 30, 2018, $500,000 not June 30, 2020. The following is a summary of changes in plan assets and benefit obligations recognized in other comprehensive income (in thousands): 201 9 2018 Net gain (loss) $ 189 $ (18 ) Settlement loss (50 ) (119 ) Amortization of net loss (37 ) (49 ) Plan expenses 39 38 Total recognized in other comprehensive income (loss) $ 141 $ (148 ) Total recognized in net periodic benefit cost and other comprehensive income $ 194 $ (12 ) The estimated net gain for the defined benefit pension plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year is $21,000. not The following benefit payments are expected to be paid (in thousands): 2020 $ 67 2021 79 2022 78 2023 84 2024 83 2025-2029 551 Total benefit payments expected to be paid $ 942 The weighted-average rates used for the years ended June 30 201 9 2018 Discount rate 3.51 % 4.14 % Expected long-term rate of return 6.50 % 6.80 % Compensation increase rate N/A N/A Our expected rate of return is determined based on a methodology that considers historical returns of multiple classes analyzed to develop a risk free real rate of return and risk premiums for each asset class. The overall rate for each asset class was developed by combining a long-term inflation component, the risk free real rate of return, and the associated risk premium. A weighted average rate was developed based on those overall rates and the target asset allocation of the plan. Our defined benefit pension plan’s weighted average asset allocation at June 30 2019 2018 Target Equity securities 52 % 51 % 49 % Debt securities 38 % 47 % 46 % Commodities 2 % 0 % 2 % Cash and money market funds 8 % 2 % 3 % 100 % 100 % 100 % The underlying basis of the investment strategy of our defined benefit pension plan is to ensure that pension funds are available to meet the plan’s benefit obligations when due. Our investment strategy is a long-term risk controlled approach using diversified investment options with relatively minimal exposure to volatile investment options like derivatives. The fair values by asset category of our defined benefit pension plan at June 30, 2019 Total Quoted Prices in Significant Significant Cash and money market funds $ 105 $ 105 $ — $ — Commodities and other $ 25 $ 25 $ — $ — Equity securities (1) $ 712 $ 712 $ — $ — Debt securities (2) $ 527 $ 527 $ — $ — Total $ 1,369 $ 1,369 $ — $ — ( 1 This category is comprised of publicly traded funds, of which 34% 27% 13% 15% 11% ( 2 This category is comprised of publicly traded funds, of which 16% 49% 4% 8% 23% |
Note H - Stockholders' Equity
Note H - Stockholders' Equity | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | H. Stockholders’ Equity Treasury Stock On June 2, 2011, $2.0 February 6, 2015, $1.0 $3.0 May 11, 2015, $2.0 $5.0 March 28, 2017, $2.0 $7.0 may, During the year ended June 30, 2019, 76,272 $10.97 $837,000 June 30, 2018, not During fiscal 2019, 47,065 $11.26 $530,000. 2018, 43,610 $11.68 $510,000. Stock Incentive Plans Stock option activity for the year ended June 30, 2019 2009 Weighted Price Weighted Aggregate Intrinsic Vested and exercisable at June 30, 2018 135,000 $ 6.32 Exercised (5,000 ) $ 7.50 Forfeited — $ — Granted — $ — Outstanding at June 30, 2019 130,000 $ 6.28 1.59 $ 700,000 Vested and exercisable at June 30, 2019 130,000 $ 6.28 1.59 $ 700,000 Restricted stock activity for the year ended June 30, 2019 Number of Shares – 2009 Plan Number of Shares outside of 2009 Plan Weighted Average Grant Date Fair Value Nonvested at June 30, 2018 356,989 500,000 $ 9.90 Granted 190,000 — $ 11.57 Vested (158,001 ) (100,000 ) $ 10.06 Forfeited (5,000 ) (400,000 ) $ 9.82 Nonvested at June 30, 2019 383,988 — $ 10.70 |
Note I - Commitments
Note I - Commitments | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | I. Commitments We lease a total of 162,000 third July 31, 2013, third March 2024. NAIE leases facility space in Manno, Switzerland from two third 125,000 . July 1, 2019, five June 30, 2024. On November 5, 2018, 2,870 five January 1, 2019 12 June 30th December 31st 12 Minimum rental commitments (exclusive of property tax, insurance and maintenance) under all non-cancelable operating leases with initial or remaining lease terms in excess of one June 30, 2019 20 20 2021 2022 2023 2024 There- Total Gross minimum rental commitments $ 3,064 $ 3,099 $ 3,135 $ 3,172 $ 2,694 $ — $ 15,164 Rental expense totaled $3.1 June 30, 2019 $3.0 June 30, 2018. |
Note J - Economic Dependency
Note J - Economic Dependency | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | J. Economic Dependency We had substantial net sales to certain customers during the fiscal years ended June 30 one 10% Fiscal 2019 Fiscal 201 8 Customer 1 $ 68,197 $ 74,349 Customer 2 26,102 13,881 $ 94,299 $ 88,230 Accounts receivable from these customers totaled $9.5 June 30, 2019 $9.2 June 30, 2018. We buy certain products, including beta-alanine, from a single supplier. The loss of this supplier or other raw material suppliers could have a material adverse impact on our net sales and net income. Raw material purchases from any one 10% Year ended June 30, 2019 2018 Raw Material Purchases by Supplier % of Total Raw Material Purchases Raw Material Purchases by Supplier % of Total Raw Material Purchases Supplier 1 8,240 11 % 7,487 10 % Supplier 2 $ (a) (a) 7,727 11 % $ 8,240 11 % $ 15,214 21 % (a) Purchases were less than 10% |
Note K - Derivatives and Hedgin
Note K - Derivatives and Hedging | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | K. 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 no During the year ended June 30, 2019 August 2020. 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 income or expense. We measure effectiveness by comparing the cumulative change in the hedge contract with the cumulative change in the hedged item. No June 30, 2019 June 30, 2018. We monitor the probability of forecasted transactions as part of the hedge effectiveness testing on a quarterly basis. As of March 31, 2019, fourth 2019 no 2.3 $132,000 As of June 30, 2019, $39.9 €32.5 June 30, 2019, $957,000 $229,000 June 30, 2018, $328,000, $76,000 $933,000 June 30, 2019, 12 As of June 30, 2019, $2.0 $312,000 June 30, 2019, $4.3 $1.8 $1.2 June 30, 2018, $1.4 $0.9 $2.6 |
Note L - Contingencies
Note L - Contingencies | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | L. 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 not not |
Note M - Segment Information
Note M - Segment Information | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | M. 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 not not Our operating results by business segment for the years ended June 30 201 9 2018 Net Sales Private-label contract manufacturing $ 121,598 $ 110,992 Patent and trademark licensing 16,692 21,445 $ 138,290 $ 132,437 201 9 2018 Income from Operations Private-label contract manufacturing $ 11,232 $ 8,569 Patent and trademark licensing 2,892 5,730 Income from operations of reportable segments 14,124 16,212 Corporate expenses not allocated to segments (8,163 ) (6,679 ) $ 5,961 $ 9,533 201 9 201 8 Assets Private-label contract manufacturing $ 74,431 $ 69,037 Patent and trademark licensing 19,059 16,170 $ 93,490 $ 85,207 Our private-label contract manufacturing products are sold both in the U.S. and in markets outside the U.S., including Europe, Canada, Australia, New Zealand, and Asia. Our primary markets outside the U.S. are Europe and Asia. Our patent and trademark licensing activities are primarily based in the U.S. Net sales by geographic region, based on the customers’ location, for the two June 30 201 9 2018 United States $ 67,000 $ 65,482 Markets outside the United States 71,290 66,955 Total net sales $ 138,290 $ 132,437 Products manufactured by NAIE accounted for 78% 2019 81% 2018. No June 30, 2019 2018. Long-lived assets by geographic region, based on the location of the company or subsidiary at which they were located or made, for the two June 30 2019 2018 United States $ 10,977 $ 10,887 Europe 10,108 8,403 Total Long-Lived Assets $ 21,085 $ 19,290 Total assets by geographic region, based on the location of the company or subsidiary at which they were located or made, for the two June 30 2019 2018 United States $ 54,785 $ 51,562 Europe 38,705 33,645 Total Assets $ 93,490 $ 85,207 Capital expenditures by geographic region, based on the location of the company or subsidiary at which they were located or made, for the two June 30 2019 2018 United States $ 1,746 $ 1,564 Europe 3,581 2,517 Total Capital Expenditures $ 5,327 $ 4,081 |
Note N - Subsequent Events
Note N - Subsequent Events | 12 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | N. Subsequent Events Effective July 1, 2019, February 1, 2021 November 1, 2022. $10.0 may no no Management has evaluated subsequent events through September 24, 2019, no |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Subsidiaries On January 22, 1999, September 1999, |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of Natural Alternatives International, Inc. (NAI) and our wholly-owned subsidiary, NAIE. All intercompany accounts and transactions have been eliminated. The functional currency of NAIE, our foreign subsidiary, is the U.S. Dollar. The financial statements of NAIE have been translated at either current or historical exchange rates, as appropriate, with gains and losses included in the consolidated statements of operations. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In April 2017, No. 2017 10, 606 2017 10 2014 09 May 2017, No. 2017 11, 605 815 2017 11 2014 09. May 2017, No. 2017 12, 606 2017 12 2014 09. 606. ASC 606 The new revenue model is required to be applied either retrospectively to each prior reporting period presented or prospectively with the cumulative effect of initially applying the model used at the date of the initial application, supplemented with certain disclosures related to the effect of adoption on previously reported amounts, if any (the modified retrospective method). We adopted this revenue model on July 1, 2018 not not not On December 22, 2017, No. 118, 118” not 118, 2018 2018 one December 22, 2018. 2018 not In February 2018, 2018 03, 825 10 2018 03 2018 03 first 2019. not In March 2019, No. 33 10618, FAST Act Modernization and Simplification of Regulation S-K third 2019. not Recently Issued Accounting Pronouncements In March 2016, No. 2016 02, 842 2016 02 July 2018, 2018 10, 842, No. 2016 02 840, 840, 842 2018 11, 2018 20 2019 01 first 2020. We will adopt ASC 842 July 1, 2019. 842 July 1, 2019, $20.4 $20.3 As permitted under ASC 842, not 1 2 3 not In August 2017, 2017 12, 815 2017 12 $1.6 June 30, 2019 $0.9 June 30, 2018. 2017 12 first 2020 In February 2018, 2018 02, 220 2018 02 $134,000 2018 02 first 2020. In June 2018, 2018 07, 718 718 not 606, not 2018 07 first 2020. Other recently issued accounting pronouncements not not not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three |
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 not 3 Except for cash and cash equivalents and assets and liabilities related to our pension plan, as of June 30, 2019 June 30, 2018, not 1. 2 June 30, 2019 $2.3 June 30, 2018 $55,000 $55,000, no third June 30, 2019 June 30, 2018, not 3. not 2019. |
Accounts Receivable [Policy Text Block] | Accounts Receivable We perform ongoing credit evaluations of our customers and adjust credit limits based on payment history and customer credit-worthiness. An allowance for estimated doubtful accounts is maintained based on historical experience, including anticipated early payment discounts and identified customer credit issues. We monitor collections regularly and adjust the allowance for doubtful accounts as necessary to recognize any changes in credit exposure. Upon conclusion that a receivable is uncollectible, we record the respective amount as a charge against allowance for doubtful accounts. To date, such doubtful accounts reserves, in the aggregate, have been adequate to cover collection losses. |
Financing Receivable [Policy Text Block] | Notes Receivable On September 30, 2017, 12 one $1.5 September 30, 2018, September 30, 2018 December 28, 2018 $25,000. one fifteen 15% $104,000 June 30, 2019 $171,000 June 30, 2018. |
Inventory, Policy [Policy Text Block] | Inventories We operate primarily as a private-label contract manufacturer. We build products based upon anticipated demand or following receipt of customer specific purchase orders. From time to time, we build inventory for private-label contract manufacturing customers under a specific purchase order with delivery dates that may first first not For the year ended June 30, 2019, $686,000 first first |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment We state property and equipment at cost. Depreciation of property and equipment is provided using the straight-line method over their estimated useful lives, generally ranging from 1 39 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets We periodically evaluate the carrying value of long-lived assets to be held and used when events and circumstances indicate that the carrying amount of an asset may not not 2019 2018. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments We currently may may not We recognize any unrealized gains and losses associated with derivative instruments in income in the period in which the underlying hedged transaction is realized. To the extent the derivative instrument is deemed ineffective we would recognize the resulting gain or loss in income at that time. As of June 30, 2019, June 30, 2019, $39.9 32.5 14 |
Pension and Other Postretirement Plans, Policy [Policy Text Block] | Defined Benefit Pension Plan We formerly sponsored a defined benefit pension plan. Effective June 21, 1999, third |
Revenue [Policy Text Block] | Revenue Recognition We record revenue based on a five 1 2 3 4 5 Revenue is measured as the net amount of consideration expected to be received in exchange for fulfilling one 30 Revenue is recognized at the point in time that each of our performance obligation is fulfilled, and control of the ordered products is transferred to the customer. This transfer occurs when the product is shipped, or in some cases, when the product is delivered to the customer. We provide early payment discounts to certain customers. Based on historical payment trends, we expect that these customers will take advantage of these early payment discounts. The cost of these discounts is reported as a reduction to the transaction price. If the actual discounts differ from those estimated, the difference is also reported as a change in the transaction price. Except for product defects, no June 30, 2019, no On August 7, 2017, three 24 500,000 5 may On March 31, 2019, August 6, 2025. 400,000 one fourth 2019 $82,000 $395,000 June 30, 2019, $898,000 no June 30, 2018, 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® trade names. We recorded beta-alanine raw material sales and royalty and licensing income as a component of revenue in the amount of $16.7 2019 $21.4 2018. $686,000 2019 $854,000 2018. |
Cost of Goods and Service [Policy Text Block] | Cost of Goods Sold Cost of goods sold includes raw material, labor, manufacturing overhead, and royalty expense. |
Shipping and Handling Costs [Policy Text Block] | Shipping and Handling Costs We include fees earned on the shipment of our products to customers in sales and include costs incurred on the shipment of product to customers in costs of goods sold. |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Costs As part of the services we provide to our private-label contract manufacturing customers, we may not not Research and development costs are expensed when incurred. Our research and development expenses for the last two June 30 $1.8 2019 $1.5 2018. |
Advertising Cost [Policy Text Block] | Advertising Costs We expense the production costs of advertising the first $1.6 June 30, 2019 $2.4 2018. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Tax Cuts and Jobs Act (the “Tax Act”) was enacted on December 22, 2017. 21% one June 30, 2018, 118, one one December 22, 2018. June 30, 2018, not June 30, 2018. To determine our quarterly provision for income taxes, we use an estimated annual effective tax rate that 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 as discrete items in the quarter in which they occur and can be a source of variability in the effective tax rate from quarter to quarter. We recognize interest and penalties related to uncertain tax positions, if any, as an income tax expense. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are measured and recorded using enacted tax rates for each of the jurisdictions in which we operate, and adjusted using the tax rates 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 or expense in the period that includes the enactment date. We account for uncertain tax positions using the more-likely-than- not may June 30, 2019 June 30, 2018, not We record valuation allowances to reduce our deferred tax assets to an amount that we believe is more likely than not not June 30, 2019, no We are subject to taxation in the U.S., Switzerland and various U.S. state jurisdictions. Our tax returns for the fiscal years ended June 30, 2016 June 30, 2007 June 30, 2018 |
Share-based Payment Arrangement [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. 2009 may October 15, 2009, June 30, 2019, 1.4 2009 June 30, 2019, 229,000 2009 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 not We recognize forfeitures as they occur. We did not 2019 2018. We had 5,000 June 30, 2019 not June 30, 2018. June 30, 2014. No June 30, 2019 June 30, 2018. During fiscal 2019, 190,000 2009 2018, 175,000 2009 three five $3.5 June 30, 2019 2.3 2019 $11.57 2018 $11.30 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates Our management has made a number of estimates and assumptions relating to the reporting of assets and liabilities, revenue and expenses, and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP). Actual results could differ from those estimates and our assumptions may |
Earnings Per Share, Policy [Policy Text Block] | Net Income per Common Share We compute basic 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 and restricted shares 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): For the Years Ended June 30, 201 9 2018 Numerator Net income $ 6,541 $ 5,051 Denominator Basic weighted average common shares outstanding 6,809 6,641 Dilutive effect of stock options and restricted stock shares 289 245 Diluted weighted average common shares outstanding 7,098 6,886 Basic net income per common share $ 0.96 $ 0.76 Diluted net income per common share $ 0.92 $ 0.73 We did not June 30, 2019. 41,661 June 30, 2018, |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk Financial instruments that subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. We place our cash and cash equivalents with highly rated financial institutions. Credit risk with respect to receivables is primarily concentrated with our three 76.8% June 30, 2019 76.6% June 30, 2018. 8.0% June 30, 2019, 17.3% June 30, 2018. |
Note A - Organization and Sum_2
Note A - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Years Ended June 30, 201 9 2018 Numerator Net income $ 6,541 $ 5,051 Denominator Basic weighted average common shares outstanding 6,809 6,641 Dilutive effect of stock options and restricted stock shares 289 245 Diluted weighted average common shares outstanding 7,098 6,886 Basic net income per common share $ 0.96 $ 0.76 Diluted net income per common share $ 0.92 $ 0.73 |
Note B - Inventories (Tables)
Note B - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 201 9 2018 Raw materials $ 18,322 $ 16,209 Work in progress 3,785 4,268 Finished goods 5,002 3,462 Reserve (1,106 ) (372 ) $ 26,003 $ 23,567 |
Note C - Property and Equipme_2
Note C - Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Depreciable Life In Years 201 9 201 8 Land NA $ 1,200 $ 1,200 Building and building improvements 7 – 39 3,729 3,721 Machinery and equipment 3 – 12 30,216 28,185 Office equipment and furniture 3 – 5 5,190 4,883 Vehicles 3 314 209 Leasehold improvements 1 – 15 17,468 15,688 Total property and equipment 58,117 53,886 Less: accumulated depreciation and amortization (37,032 ) (34,596 ) Property and equipment, net $ 21,085 $ 19,290 |
Note D - Other Comprehensive _2
Note D - Other Comprehensive Loss (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Year Ended June 30, 2019 Defined Benefit Pension Plan Unrealized (Losses) Gains on Cash Flow Hedges Total Balance as of June 30, 2018 $ (387 ) $ (191 ) $ (578 ) OCI/OCL before reclassifications (144 ) 4,251 4,107 Amounts reclassified from OCI 3 (2,966 ) (2,963 ) Tax effect of OCI activity 37 (311 ) (274 ) Net current period OCI/OCL (104 ) 974 870 Balance as of June 30, 2019 $ (491 ) $ 783 $ 292 Year Ended June 30, 2018 Defined Benefit Pension Plan Unrealized Gains (Losses) on Cash Flow Hedges Total Balance as of June 30, 2017 $ (491 ) $ (414 ) $ (905 ) OCI/OCL before reclassifications 69 (1,370 ) (1,301 ) Amounts reclassified from OCI 80 1,689 1,769 Tax effect of OCI activity (45 ) (96 ) (141 ) Net current period OCI/OCL 104 223 327 Balance as of June 30, 2018 $ (387 ) $ (191 ) $ (578 ) |
Note F - Income Taxes (Tables)
Note F - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2019 2018 United States $ 927 $ 4,611 Foreign 7,026 6,002 Total income before income taxes $ 7,953 $ 10,613 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 201 9 2018 Current: Federal $ 12 $ 2,141 State 16 52 Foreign 1,172 976 1,200 3,169 Deferred: Federal 6 2,024 State (28 ) 134 Foreign 234 235 212 2,393 Total provision for income taxes $ 1,412 $ 5,562 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 201 9 2018 Deferred tax assets: Inventory capitalization $ 507 $ 267 Inventory reserves 273 29 Pension liability 159 121 Net operating loss carry forward 220 240 Deferred rent 130 129 Stock-based compensation 174 155 Tax credit carry forward 260 230 Accrued vacation expense — 70 Other, net 93 84 Total gross deferred tax assets 1,816 1,325 Deferred tax liabilities: Prepaid expenses (73 ) (101 ) Withholding taxes (1,133 ) (1,133 ) Fixed Assets (905 ) (388 ) Foreign inventory reserves (469 ) (235 ) Forward Contracts (229 ) — Other, net (25 ) Deferred tax liabilities (2,834 ) (1,857 ) Net deferred tax liabilities $ (1,018 ) $ (532 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 Income taxes computed at statutory federal income tax rate $ 1,670 $ 2,969 State income taxes, net of federal income tax expense (6 ) 131 Permanent Differences (182 ) (90 ) Foreign tax rate differential (70 ) (473 ) Tax Act — 3,025 Income tax provision as reported $ 1,412 $ 5,562 Effective tax rate 17.8 % 52.4 % |
Note G - Employee Benefit Pla_2
Note G - Employee Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | 201 9 201 8 Change in Benefit Obligation: Benefit obligation at beginning of year $ 1,498 $ 1,804 Interest cost 57 57 Actuarial loss (gain) 173 (24 ) Benefits paid (113 ) (339 ) Benefit obligation at end of year $ 1,615 $ 1,498 Change in Plan Assets: Fair value of plan assets at beginning of year $ 1,453 $ 1,247 Actual return on plan assets 69 83 Employer contributions — 500 Benefits paid (114 ) (339 ) Plan expenses (39 ) (38 ) Fair value of plan assets at end of year $ 1,369 $ 1,453 Reconciliation of Funded Status: Difference between benefit obligation and fair value of plan assets $ (246 ) $ (45 ) Unrecognized net actuarial loss in accumulated other comprehensive income 671 523 Net amount recognized $ 425 $ 478 Projected benefit obligation $ 1,615 $ 1,498 Accumulated benefit obligation $ 1,615 $ 1,498 Fair value of plan assets $ 1,369 $ 1,453 |
Schedule of Net Benefit Costs [Table Text Block] | 201 9 2018 Interest cost $ 57 $ 57 Expected return on plan assets (85 ) (89 ) Recognized actuarial loss 38 49 Settlement loss 43 119 Net periodic benefit expense $ 53 $ 136 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 201 9 2018 Net gain (loss) $ 189 $ (18 ) Settlement loss (50 ) (119 ) Amortization of net loss (37 ) (49 ) Plan expenses 39 38 Total recognized in other comprehensive income (loss) $ 141 $ (148 ) Total recognized in net periodic benefit cost and other comprehensive income $ 194 $ (12 ) |
Schedule of Expected Benefit Payments [Table Text Block] | 2020 $ 67 2021 79 2022 78 2023 84 2024 83 2025-2029 551 Total benefit payments expected to be paid $ 942 |
Defined Benefit Plan, Assumptions [Table Text Block] | 201 9 2018 Discount rate 3.51 % 4.14 % Expected long-term rate of return 6.50 % 6.80 % Compensation increase rate N/A N/A |
Schedule of Weighted Average Allocation of Assets Related to Defined Benefit Plans Disclosure [Table Text Block] | <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2019</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Target<br /> Allocation</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 49%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Equity securities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Debt securities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Commodities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cash and money market funds</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> </tr> </table></div>" id="sjs-B9"><div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 10%; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2019</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">2018</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-weight: bold;">Target<br /> Allocation</div></div></div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 49%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Equity securities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">49</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Debt securities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">47</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Commodities</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Cash and money market funds</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 14%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 3px;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">%</div> </td> </tr> </table></div> |
Schedule of Allocation of Plan Assets [Table Text Block] | Total Quoted Prices in Significant Significant Cash and money market funds $ 105 $ 105 $ — $ — Commodities and other $ 25 $ 25 $ — $ — Equity securities (1) $ 712 $ 712 $ — $ — Debt securities (2) $ 527 $ 527 $ — $ — Total $ 1,369 $ 1,369 $ — $ — |
Note H - Stockholders' Equity (
Note H - Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2009 Weighted Price Weighted Aggregate Intrinsic Vested and exercisable at June 30, 2018 135,000 $ 6.32 Exercised (5,000 ) $ 7.50 Forfeited — $ — Granted — $ — Outstanding at June 30, 2019 130,000 $ 6.28 1.59 $ 700,000 Vested and exercisable at June 30, 2019 130,000 $ 6.28 1.59 $ 700,000 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Shares – 2009 Plan Number of Shares outside of 2009 Plan Weighted Average Grant Date Fair Value Nonvested at June 30, 2018 356,989 500,000 $ 9.90 Granted 190,000 — $ 11.57 Vested (158,001 ) (100,000 ) $ 10.06 Forfeited (5,000 ) (400,000 ) $ 9.82 Nonvested at June 30, 2019 383,988 — $ 10.70 |
Note I - Commitments (Tables)
Note I - Commitments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 20 20 2021 2022 2023 2024 There- Total Gross minimum rental commitments $ 3,064 $ 3,099 $ 3,135 $ 3,172 $ 2,694 $ — $ 15,164 |
Note J - Economic Dependency (T
Note J - Economic Dependency (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Supplier Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year ended June 30, 2019 2018 Raw Material Purchases by Supplier % of Total Raw Material Purchases Raw Material Purchases by Supplier % of Total Raw Material Purchases Supplier 1 8,240 11 % 7,487 10 % Supplier 2 $ (a) (a) 7,727 11 % $ 8,240 11 % $ 15,214 21 % |
Customer Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Fiscal 2019 Fiscal 201 8 Customer 1 $ 68,197 $ 74,349 Customer 2 26,102 13,881 $ 94,299 $ 88,230 |
Note M - Segment Information (T
Note M - Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 201 9 2018 Net Sales Private-label contract manufacturing $ 121,598 $ 110,992 Patent and trademark licensing 16,692 21,445 $ 138,290 $ 132,437 201 9 2018 Income from Operations Private-label contract manufacturing $ 11,232 $ 8,569 Patent and trademark licensing 2,892 5,730 Income from operations of reportable segments 14,124 16,212 Corporate expenses not allocated to segments (8,163 ) (6,679 ) $ 5,961 $ 9,533 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | 201 9 201 8 Assets Private-label contract manufacturing $ 74,431 $ 69,037 Patent and trademark licensing 19,059 16,170 $ 93,490 $ 85,207 |
Revenue from External Customers by Geographic Areas [Table Text Block] | 201 9 2018 United States $ 67,000 $ 65,482 Markets outside the United States 71,290 66,955 Total net sales $ 138,290 $ 132,437 |
Long-lived Assets by Geographic Areas [Table Text Block] | 2019 2018 United States $ 10,977 $ 10,887 Europe 10,108 8,403 Total Long-Lived Assets $ 21,085 $ 19,290 |
Assets by Geographic Areas [Table Text Block] | 2019 2018 United States $ 54,785 $ 51,562 Europe 38,705 33,645 Total Assets $ 93,490 $ 85,207 |
Capital Expenditures by Geographic Areas [Table Text Block] | 2019 2018 United States $ 1,746 $ 1,564 Europe 3,581 2,517 Total Capital Expenditures $ 5,327 $ 4,081 |
Note A - Organization and Sum_3
Note A - Organization and Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, € in Millions | Sep. 30, 2017USD ($) | Aug. 07, 2017shares | Sep. 30, 2019USD ($) | Dec. 28, 2018USD ($) | Jun. 30, 2019USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Jul. 01, 2019USD ($) | Jun. 30, 2019EUR (€)shares |
Foreign Currency Contract, Asset, Fair Value Disclosure | $ 2,300,000 | $ 55,000 | ||||||
Foreign Currency Contracts, Liability, Fair Value Disclosure | 55,000 | |||||||
Financing Receivable, after Allowance for Credit Loss, Current, Total | 1,500,000 | |||||||
Investment Income, Interest | 1,868,000 | 1,085,000 | ||||||
Inventory Valuation Reserves, Ending Balance | 1,106,000 | 372,000 | ||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | ||||||
Sales Discounts, Noncash | 82,000 | 898,000 | ||||||
Sales, Royalty and Licensing Revenue | 16,700,000 | 21,400,000 | ||||||
Royalty Expense | 686,000 | 854,000 | ||||||
Research and Development Expense, Total | 1,800,000 | 1,500,000 | ||||||
Advertising Expense | $ 1,600,000 | $ 2,400,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 0 | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 5,000 | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 0 | $ 0 | ||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Beta Alanine Raw Material Sale Customers [Member] | ||||||||
Concentration Risk, Percentage | 8.00% | 17.30% | ||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Three Customers [Member] | ||||||||
Concentration Risk, Percentage | 76.80% | 76.60% | ||||||
Restricted Stock 1 [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 0 | 41,661 | ||||||
The 2009 Omnibus Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | shares | 1,400,000 | 1,400,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 229,000 | 229,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 5,000 | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 190,000 | 175,000 | ||||||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 3,500,000 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 109 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 11.57 | $ 11.30 | ||||||
Restricted Stock [Member] | The 2009 Omnibus Stock Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 190,000 | |||||||
Restricted Stock [Member] | Juice Plus, Amended and Restated Exclusive Manufacturing Agreement [Member] | ||||||||
Treasury Stock, Shares, Acquired | shares | 400,000 | |||||||
Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | |||||||
Foreign Exchange Contract [Member] | ||||||||
Derivative, Notional Amount | $ 39,900,000 | € 32.5 | ||||||
Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 1 year | |||||||
Minimum [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life | 39 years | |||||||
Maximum [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||
SR CarnoSyn Powder [Member] | ||||||||
Inventory Valuation Reserves, Ending Balance | $ 686,000 | |||||||
Kaged Muscle LLC [Member] | Notes Receivable [Member] | ||||||||
Notes, Loans and Financing Receivable, Term | 1 year | |||||||
Financing Receivable, after Allowance for Credit Loss, Current, Total | $ 1,500,000 | |||||||
Notes, Loans and Financing Receivable, Extension Fee | $ 25,000 | |||||||
Notes, Loans and Financing Receivable, Interest Rate, Stated Percentage | 15.00% | |||||||
Investment Income, Interest | 104,000 | $ 171,000 | ||||||
Juice Plus + [Member] | ||||||||
Agreement, Term | 5 years | |||||||
Juice Plus + [Member] | Restricted Stock [Member] | ||||||||
Stock Issuance Agreement, Shares Agreed to Grant | shares | 500,000 | |||||||
Sales Discounts, Noncash | 82,000 | 898,000 | ||||||
Sales Discounts, Cash | 395,000 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Net Asset (Liability), Total | 0 | 0 | ||||||
Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Net Asset (Liability), Total | 0 | 0 | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Forecast [Member] | ||||||||
Cumulative Effect on Retained Earnings, Net of Tax, Total | $ 134,000 | |||||||
Nonoperating Income (Expense) [Member] | ||||||||
Gain (Loss) on Derivative Instruments, Net, Pretax, Total | $ 1,600,000 | $ 900,000 | ||||||
Accounting Standards Update 2016-02 [Member] | Subsequent Event [Member] | ||||||||
Operating Lease, Liability, Total | $ 20,400,000 | |||||||
Operating Lease, Right-of-Use Asset | $ 20,300,000 |
Note A - Organization and Sum_4
Note A - Organization and Summary of Significant Accounting Policies - Calculation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator | ||
Net income | $ 6,541 | $ 5,051 |
Denominator | ||
Basic weighted average common shares outstanding (in shares) | 6,809,306 | 6,640,583 |
Dilutive effect of stock options and restricted stock shares (in shares) | 289,000 | 245,000 |
Diluted weighted average common shares outstanding (in shares) | 7,097,678 | 6,886,126 |
Basic net income per common share (in dollars per share) | $ 0.96 | $ 0.76 |
Diluted net income per common share (in dollars per share) | $ 0.92 | $ 0.73 |
Note B - Inventories (Details T
Note B - Inventories (Details Textual) - USD ($) | Jun. 30, 2019 | Jun. 30, 2018 |
Inventory Valuation Reserves, Ending Balance | $ 1,106,000 | $ 372,000 |
SR CarnoSyn Powder [Member] | ||
Inventory Valuation Reserves, Ending Balance | $ 686,000 |
Note B - Inventories - Summary
Note B - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Raw materials | $ 18,322 | $ 16,209 |
Work in progress | 3,785 | 4,268 |
Finished goods | 5,002 | 3,462 |
Reserve | (1,106) | (372) |
Inventories, net | $ 26,003 | $ 23,567 |
Note C - Property and Equipme_3
Note C - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Depreciation, Total | $ 3.5 | $ 2.9 |
Note C - Property and Equipme_4
Note C - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Property and equipment, gross | $ 58,117 | $ 53,886 |
Less: accumulated depreciation and amortization | (37,032) | (34,596) |
Property and equipment, net | $ 21,085 | 19,290 |
Minimum [Member] | ||
Depreciable Life In Years (Year) | 1 year | |
Maximum [Member] | ||
Depreciable Life In Years (Year) | 39 years | |
Land [Member] | ||
Property and equipment, gross | $ 1,200 | 1,200 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 3,729 | 3,721 |
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 | $ 30,216 | 28,185 |
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 | $ 5,190 | 4,883 |
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 | $ 314 | 209 |
Depreciable Life In Years (Year) | 3 years | |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 17,468 | $ 15,688 |
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 - Other Comprehensive _3
Note D - Other Comprehensive Loss - Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Balance | $ 68,248 | $ 61,148 |
Balance | 76,084 | 68,248 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (387) | (491) |
OCI/OCL before reclassifications | (144) | 69 |
Amounts reclassified from OCI | 3 | 80 |
Tax effect of OCI activity | 37 | (45) |
Net current period OCI/OCL | (104) | 104 |
Balance | (491) | (387) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Balance | (191) | (414) |
OCI/OCL before reclassifications | 4,251 | (1,370) |
Amounts reclassified from OCI | (2,966) | 1,689 |
Tax effect of OCI activity | (311) | (96) |
Net current period OCI/OCL | 974 | 223 |
Balance | 783 | (191) |
AOCI Attributable to Parent [Member] | ||
Balance | (578) | (905) |
OCI/OCL before reclassifications | 4,107 | (1,301) |
Amounts reclassified from OCI | (2,963) | 1,769 |
Tax effect of OCI activity | (274) | (141) |
Net current period OCI/OCL | 870 | 327 |
Balance | $ 292 | $ (578) |
Note E - Debt (Details Textual)
Note E - Debt (Details Textual) | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Proceeds from Long-term Lines of Credit | $ 0 |
Line of Credit Facility, Remaining Borrowing Capacity | 10,000,000 |
Long-term Debt, Total | 0 |
Wells Fargo Bank, N.A. [Member] | Credit Agreement [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 |
Long-term Line of Credit, Total | 0 |
Long-term Debt, Percentage Bearing Fluctuating Interest, Threshold Amount | 100,000 |
Minimum Prepayment Amount Under Line of Credit | $ 100,000 |
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 - Income Taxes (Details
Note F - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | |
Federal, State and Local Income Tax Expense (Benefit), Gross, Continuing Operations | $ 6,000 | $ 4,400,000 | |
Operating Loss Carryforwards, Total | $ 3,400,000 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 17.80% | 52.40% | |
Income Tax Expense (Benefit), Continuing Operations, Discrete Tax Items Due to Tax Act, Amount, Total | $ 1,300,000 | $ 1,700,000 | |
Undistributed Earnings of Foreign Subsidiaries | 0 | ||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 1,100,000 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 28.06% | |
Forecast [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] | |||
Effective Income Tax Rate Reconciliation, Percent, Total | 20.00% | ||
Open Tax Year | 2015 2016 2017 2018 | ||
Domestic Tax Authority [Member] | |||
Open Tax Year | 2016 2017 2018 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 |
Note F - Income Taxes - Geograp
Note F - Income Taxes - Geographical Breakdown of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Total income before income taxes | $ 7,953 | $ 10,613 |
Domestic Tax Authority [Member] | ||
Total income before income taxes | 927 | 4,611 |
Foreign Tax Authority [Member] | ||
Total income before income taxes | $ 7,026 | $ 6,002 |
Note F - Income Taxes - Provisi
Note F - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Current: | ||
Federal, current | $ 12 | $ 2,141 |
State, current | 16 | 52 |
Foreign, current | 1,172 | 976 |
Total current | 1,200 | 3,169 |
Deferred: | ||
Federal, deferred | 6 | 2,024 |
State, deferred | (28) | 134 |
Foreign, deferred | 234 | 235 |
Total deferred | 212 | 2,393 |
Total provision for income taxes | $ 1,412 | $ 5,562 |
Note F - Income Taxes - Net Def
Note F - Income Taxes - Net Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Deferred tax assets: | ||
Inventory capitalization | $ 507 | $ 267 |
Inventory reserves | 273 | 29 |
Pension liability | 159 | 121 |
Net operating loss carry forward | 220 | 240 |
Deferred rent | 130 | 129 |
Stock-based compensation | 174 | 155 |
Tax credit carry forward | 260 | 230 |
Accrued vacation expense | 70 | |
Other, net | 93 | 84 |
Total gross deferred tax assets | 1,816 | 1,325 |
Deferred tax liabilities: | ||
Prepaid expenses | (73) | (101) |
Withholding taxes | (1,133) | (1,133) |
Fixed Assets | (905) | (388) |
Foreign inventory reserves | (469) | (235) |
Forward Contracts | (229) | |
Other, net | (25) | |
Deferred tax liabilities | (2,834) | (1,857) |
Net deferred tax liabilities | $ (1,018) | $ (532) |
Note F - Income Taxes - Reconci
Note F - Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income taxes computed at statutory federal income tax rate | $ 1,670 | $ 2,969 |
State income taxes, net of federal income tax expense | (6) | 131 |
Permanent Differences | (182) | (90) |
Foreign tax rate differential | (70) | (473) |
Tax Act | 3,025 | |
Total provision for income taxes | $ 1,412 | $ 5,562 |
Effective Income Tax Rate Reconciliation, Percent, Total | 17.80% | 52.40% |
Note G - Employee Benefit Pla_3
Note G - Employee Benefit Plans (Details Textual) - USD ($) | Jan. 01, 2004 | Jun. 30, 2019 | Jun. 30, 2018 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 283,000 | $ 256,000 | |
Health Insurance Plan Premium Expense | $ 1,300,000 | $ 1,100,000 | |
Number of Years Compensation Used for Benefit Obligation Assumptions | 5 years | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 3.50% | 4.10% | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 500,000 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 0 | ||
Defined Benefit Plan, Expected Amortization, Next Fiscal Year, Total | $ 21,000 | ||
Large-cap Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 34.00% | ||
Mid-cap and Small-cap Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 27.00% | ||
Developed Market Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 13.00% | ||
Emerging Market Equity Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 15.00% | ||
Specialty Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 11.00% | ||
REIT [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 16.00% | ||
High-yield Fixed Income Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 49.00% | ||
Fixed Income Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 4.00% | ||
Developed Market Fixed Income Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 8.00% | ||
International Emerging Markets Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 23.00% | ||
First Contributions [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 3.00% | ||
Next Contributions [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 2.00% |
Note G - Employee Benefit Pla_4
Note G - Employee Benefit Plans - Defined Benefit Pension Plan's Funded Status and Amount Recognized (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Change in Benefit Obligation: | ||
Benefit obligation at beginning of year | $ 1,498,000 | $ 1,804,000 |
Interest cost | 57,000 | 57,000 |
Actuarial loss (gain) | 173,000 | (24,000) |
Benefits paid | (113,000) | (339,000) |
Benefit obligation at end of year | 1,615,000 | 1,498,000 |
Change in Plan Assets: | ||
Fair value of plan assets at beginning of year | 1,453,000 | 1,247,000 |
Actual return on plan assets | 69,000 | 83,000 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | 500,000 |
Benefits paid | (114,000) | (339,000) |
Plan expenses | (39,000) | (38,000) |
Fair value of plan assets at end of year | 1,369,000 | 1,453,000 |
Reconciliation of Funded Status: | ||
Difference between benefit obligation and fair value of plan assets | (246,000) | (45,000) |
Unrecognized net actuarial loss in accumulated other comprehensive income | 671,000 | 523,000 |
Net amount recognized | 425,000 | 478,000 |
Projected benefit obligation | 1,615,000 | 1,498,000 |
Accumulated benefit obligation | 1,615,000 | 1,498,000 |
Fair value of plan assets | $ 1,369,000 | $ 1,453,000 |
Note G - Employee Benefit Pla_5
Note G - Employee Benefit Plans - Components Included in Defined Benefit Pension Plan's Net Periodic Benefit Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Interest cost | $ 57 | $ 57 |
Expected return on plan assets | (85) | (89) |
Recognized actuarial loss | 38 | 49 |
Settlement loss | 43 | 119 |
Net periodic benefit expense | $ 53 | $ 136 |
Note G - Employee Benefit Pla_6
Note G - Employee Benefit Plans - Summary of Changes in Plan Assets and Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net gain (loss) | $ 189 | $ (18) |
Settlement loss | (50) | (119) |
Amortization of net loss | (37) | (49) |
Plan expenses | 39 | 38 |
Total recognized in other comprehensive income (loss) | 141 | (148) |
Total recognized in net periodic benefit cost and other comprehensive income | $ 194 | $ (12) |
Note G - Employee Benefit Pla_7
Note G - Employee Benefit Plans - Benefit Payments Expected to be Paid (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2020 | $ 67 |
2021 | 79 |
2022 | 78 |
2023 | 84 |
2024 | 83 |
2025-2029 | 551 |
Total benefit payments expected to be paid | $ 942 |
Note G - Employee Benefit Pla_8
Note G - Employee Benefit Plans - Weighted-average Rates Used In Determining Defined Benefit Pension Plan's Net Pension Costs (Details) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Discount rate | 3.51% | 4.14% |
Expected long-term rate of return | 6.50% | 6.80% |
Compensation increase rate |
Note G - Employee Benefit Pla_9
Note G - Employee Benefit Plans - Defined Benefit Pension Plan's Weighted Average Asset Association and Weighted Average Target Allocation (Details) | Jun. 30, 2019 | Jun. 30, 2018 |
Weighted-average asset allocation | 100.00% | 100.00% |
Weighted-average target allocation | 100.00% | |
Equity Securities [Member] | ||
Weighted-average asset allocation | 52.00% | 51.00% |
Weighted-average target allocation | 49.00% | |
Debt Securities [Member] | ||
Weighted-average asset allocation | 38.00% | 47.00% |
Weighted-average target allocation | 46.00% | |
Commodity Contract [Member] | ||
Weighted-average asset allocation | 2.00% | 0.00% |
Weighted-average target allocation | 2.00% | |
Cash and Cash Equivalents [Member] | ||
Weighted-average asset allocation | 8.00% | 2.00% |
Weighted-average target allocation | 3.00% |
Note G - Employee Benefit Pl_10
Note G - Employee Benefit Plans - Fair Values by Asset Category of Defined Benefit Pension Plan (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Fair value by asset category | $ 1,369 | $ 1,453 | $ 1,247 | |
Fair Value, Inputs, Level 1 [Member] | ||||
Fair value by asset category | 1,369 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair value by asset category | ||||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair value by asset category | ||||
Cash and Cash Equivalents [Member] | ||||
Fair value by asset category | 105 | |||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value by asset category | 105 | |||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value by asset category | ||||
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value by asset category | ||||
Commodities and Other [Member] | ||||
Fair value by asset category | 25 | |||
Commodities and Other [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value by asset category | 25 | |||
Commodities and Other [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value by asset category | ||||
Commodities and Other [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value by asset category | ||||
Equity Securities [Member] | ||||
Fair value by asset category | [1] | 712 | ||
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value by asset category | [1] | 712 | ||
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value by asset category | [1] | |||
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value by asset category | [1] | |||
Debt Securities [Member] | ||||
Fair value by asset category | [2] | 527 | ||
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value by asset category | [2] | 527 | ||
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value by asset category | [2] | |||
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value by asset category | [2] | |||
[1] | This category is comprised of publicly traded funds, of which 34% are large-cap funds, 27% are mid-cap and small-cap, 13% are developed market funds, 15% are emerging markets equity funds, and 11% are specialty funds. | |||
[2] | This category is comprised of publicly traded funds, of which 16% are REITs, 49% are high-yield fixed income funds, 4% are U.S. fixed income funds, 8% are developed market fixed income funds, and 23% are international/emerging markets funds. |
Note H - Stockholders' Equity_2
Note H - Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | |||||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 28, 2017 | May 11, 2015 | Feb. 06, 2015 | Jun. 02, 2011 | |
Stock Repurchase Program, Authorized Amount | $ 7,000,000 | $ 5,000,000 | $ 3,000,000 | $ 2,000,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 1,367,000 | $ 510,000 | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 47,065 | 43,610 | ||||
Shares Paid for Tax Withholding for Share-based Compensation, Average Cost Per Share | $ 11.26 | $ 11.68 | ||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 530,000 | $ 510,000 | ||||
Excluding Restricted Stock Purchased [Member] | ||||||
Treasury Stock, Shares, Acquired | 76,272 | 0 | ||||
Treasury Stock Acquired, Average Cost Per Share | $ 10.97 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 837,000 | |||||
2015 Increase [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 2,000,000 | $ 1,000,000 | ||||
2017 Increase [Member] | ||||||
Stock Repurchase Program, Authorized Amount | $ 2,000,000 |
Note H - Stockholders' Equity -
Note H - Stockholders' Equity - Stock Option Activity (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Exercised (in shares) | (5,000) | 0 |
Granted (in shares) | 0 | 0 |
The 2009 Omnibus Stock Incentive Plan [Member] | ||
Vested and exercisable (in shares) | 135,000 | |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 6.32 | |
Exercised (in shares) | (5,000) | |
Exercised, weighted average exercise price (in dollars per share) | $ 7.50 | |
Forfeited (in shares) | ||
Forfeited, weighted average exercise price (in dollars per share) | ||
Granted (in shares) | ||
Granted, weighted average exercise price (in dollars per share) | ||
Outstanding (in shares) | 130,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 6.28 | |
Outstanding, weighted average contractual term (Year) | 1 year 215 days | |
Outstanding, aggregate intrinsic value | $ 700,000 | |
Vested and exercisable (in shares) | 130,000 | 135,000 |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 6.28 | $ 6.32 |
Vested and exercisable, weighted average contractual term (Year) | 1 year 215 days | |
Vested and exercisable, aggregate intrinsic value | $ 700,000 |
Note H - Stockholders' Equity_3
Note H - Stockholders' Equity - Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Nonvested, weighted-average grant date fair value (in dollars per share) | $ 9.90 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 190,000 | 175,000 |
Granted, weighted-average grant date fair value (in dollars per share) | $ 11.57 | $ 11.30 |
Vested, weighted-average grant date fair value (in dollars per share) | 10.06 | |
Forfeited, weighted-average grant date fair value (in dollars per share) | 9.82 | |
Nonvested, weighted-average grant date fair value (in dollars per share) | $ 10.70 | $ 9.90 |
The 2009 Omnibus Stock Incentive Plan [Member] | ||
Nonvested, Shares (in shares) | 356,989 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 190,000 | |
Vested, Shares (in shares) | (158,001) | |
Forfeited, Shares (in shares) | (5,000) | |
Nonvested, Shares (in shares) | 383,988 | 356,989 |
Outside of 2009 Plan [Member] | ||
Nonvested, Shares (in shares) | 500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | ||
Vested, Shares (in shares) | (100,000) | |
Forfeited, Shares (in shares) | (400,000) | |
Nonvested, Shares (in shares) | 500,000 |
Note I - Commitments (Details T
Note I - Commitments (Details Textual) $ in Millions | 12 Months Ended | ||
Jun. 30, 2019USD ($)ft² | Jun. 30, 2018USD ($) | Nov. 05, 2018ft² | |
Operating Leases, Rent Expense, Net, Total | $ | $ 3.1 | $ 3 | |
California 1 [Member] | |||
Operating Lease Facility Area | 162,000 | ||
SWITZERLAND | Natural Alternatives International Europe SA [Member] | |||
Operating Lease Facility Area | 125,000 | ||
Lessee, Operating Lease, Term of Contract | 5 years | ||
SWITZERLAND | Natural Alternatives International Europe SA [Member] | Sofinol SA [Member] | |||
Operating Lease Facility Area | 2,870 | ||
Lessee, Operating Lease, Term of Contract | 5 years |
Note I - Commitments - Minimum
Note I - Commitments - Minimum Rental Commitments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
2020 | $ 3,064 |
2021 | 3,099 |
2022 | 3,135 |
2023 | 3,172 |
2024 | 2,694 |
There-after | |
Total | $ 15,164 |
Note J - Economic Dependency (D
Note J - Economic Dependency (Details Textual) - USD ($) $ in Millions | Jun. 30, 2019 | Jun. 30, 2018 |
Customers 1 and 2 [Member] | ||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 9.5 | $ 9.2 |
Note J - Economic Dependency -
Note J - Economic Dependency - Substantial Net Sales to Certain Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 138,290 | $ 132,437 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Net sales | 94,299 | 88,230 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 1 [Member] | ||
Net sales | 68,197 | 74,349 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 2 [Member] | ||
Net sales | $ 26,102 | $ 13,881 |
Note J - Economic Dependency _2
Note J - Economic Dependency - Substantial Net Purchase From Certain Suppliers (Details) - Supplier Concentration Risk [Member] - Raw Material Purchases [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Raw Material Purchases by Supplier | $ 8,240 | $ 15,214 | |
% of Total Raw Material Purchases | 11.00% | 21.00% | |
Supplier 1 [Member] | |||
Raw Material Purchases by Supplier | $ 8,240 | $ 7,487 | |
% of Total Raw Material Purchases | 11.00% | 10.00% | |
Supplier 2 [Member] | |||
Raw Material Purchases by Supplier | [1] | $ 7,727 | |
% of Total Raw Material Purchases | [1] | 11.00% | |
[1] | Purchases were less than 10% of the respective period's total raw material purchases. |
Note K - Derivatives and Hedg_2
Note K - Derivatives and Hedging (Details Textual) € in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2019USD ($) | Mar. 31, 2019EUR (€) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019EUR (€) | |
Foreign Currency, Cash Flow Hedge Contracts, Terminations | € | € 2.3 | ||||
Gain (Loss) on Discontinuation of Foreign Currency Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | $ 132,000 | ||||
Accumulated Other Comprehensive Income (Loss) Cumulative Cash Flow Hedges, Gain (Loss) | $ 957,000 | $ 328,000 | |||
Deferred Tax Assets, Derivative Instruments | 229,000 | 76,000 | |||
Prepaid Expenses and Other Current Assets [Member] | |||||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 2,000,000 | ||||
Other Noncurrent Assets [Member] | |||||
Cash Flow Hedge Derivative Instrument Assets at Fair Value | 312,000 | ||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | 933,000 | ||||
Cash Flow Hedging [Member] | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, before Tax | 4,300,000 | (1,400,000) | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Interest Income, Effective Portion, Net | 1,800,000 | 900,000 | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | 1,200,000 | $ 2,600,000 | |||
Foreign Exchange Contract [Member] | |||||
Derivative, Notional Amount | 39,900,000 | € 32.5 | |||
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | |||||
Derivative, Notional Amount | $ 39,900,000 | € 32.5 |
Note M - Segment Information (D
Note M - Segment Information (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Number of Reportable Segments | 2 | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 138,290 | $ 132,437 | |
Non-US [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 71,290 | 66,955 | |
UNITED STATES | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 67,000 | $ 65,482 | |
Products Manufactured by NAIE [Member] | Non-US [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | |||
Concentration Risk, Percentage | 78.00% | 81.00% | |
Products Manufactured by NAIE [Member] | UNITED STATES | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 |
Note M - Segment Information -
Note M - Segment Information - Operating Results by Business Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 138,290 | $ 132,437 |
Income from operations | 5,961 | 9,533 |
Operating Segments [Member] | ||
Income from operations | 14,124 | 16,212 |
Corporate, Non-Segment [Member] | ||
Income from operations | (8,163) | (6,679) |
Private Label Contract Manufacturing [Member] | ||
Net sales | 121,598 | 110,992 |
Private Label Contract Manufacturing [Member] | Operating Segments [Member] | ||
Income from operations | 11,232 | 8,569 |
Patent and Trademark Licensing [Member] | ||
Net sales | 16,692 | 21,445 |
Patent and Trademark Licensing [Member] | Operating Segments [Member] | ||
Income from operations | $ 2,892 | $ 5,730 |
Note M - Segment Information _2
Note M - Segment Information - Assets by Business Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Assets | $ 93,490 | $ 85,207 |
Private Label Contract Manufacturing [Member] | ||
Assets | 74,431 | 69,037 |
Patent and Trademark Licensing [Member] | ||
Assets | $ 19,059 | $ 16,170 |
Note M - Segment Information _3
Note M - Segment Information - Net Sales by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Net sales | $ 138,290 | $ 132,437 |
UNITED STATES | ||
Net sales | 67,000 | 65,482 |
Non-US [Member] | ||
Net sales | $ 71,290 | $ 66,955 |
Note M - Segment Information _4
Note M - Segment Information - Long-lived Assets by Geographical Region (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Long-Lived Assets | $ 21,085 | $ 19,290 |
UNITED STATES | ||
Long-Lived Assets | 10,977 | 10,887 |
Europe [Member] | ||
Long-Lived Assets | $ 10,108 | $ 8,403 |
Note M - Segment Information _5
Note M - Segment Information - Total Assets by Geographical Region (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Total Assets | $ 93,490 | $ 85,207 |
UNITED STATES | ||
Total Assets | 54,785 | 51,562 |
Europe [Member] | ||
Total Assets | $ 38,705 | $ 33,645 |
Note M - Segment Information _6
Note M - Segment Information - Capital Expenditures by Geographical Region (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Capital Expenditures | $ 5,327 | $ 4,081 |
UNITED STATES | ||
Capital Expenditures | 1,746 | 1,564 |
Europe [Member] | ||
Capital Expenditures | $ 3,581 | $ 2,517 |
Note N - Subsequent Events (Det
Note N - Subsequent Events (Details Textual) - Credit Agreement [Member] - Wells Fargo Bank, N.A. [Member] - USD ($) | Jul. 01, 2019 | Jun. 30, 2019 |
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | |
Long-term Line of Credit, Total | $ 0 | |
Subsequent Event [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000,000 | |
Line of Credit Facility, Commitment Fee Amount | 0 | |
Long-term Line of Credit, Total | $ 0 |