Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Dec. 31, 2022 | Feb. 08, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000787253 | |
Entity Registrant Name | NATURAL ALTERNATIVES INTERNATIONAL INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-15701 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 84-1007839 | |
Entity Address, Address Line One | 1535 Faraday Ave | |
Entity Address, City or Town | Carlsbad | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92008 | |
City Area Code | 760 | |
Local Phone Number | 736-7700 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | NAII | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,039,693 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 12,773 | $ 21,833 |
Accounts receivable – less allowance for doubtful accounts of $1,024 at December 31, 2022 and $3,383 at June 30, 2022 | 10,281 | 17,422 |
Inventories, net | 36,036 | 32,475 |
Income tax receivable | 0 | 67 |
Derivative assets, current asset | 1,745 | 3,144 |
Prepaids and other current assets | 2,216 | 1,805 |
Total current assets | 63,051 | 76,746 |
Property and equipment, net | 54,169 | 44,573 |
Operating lease right-of-use assets | 20,549 | 21,701 |
Other noncurrent assets, net | 2,809 | 2,983 |
Total assets | 140,578 | 146,003 |
Current liabilities: | ||
Accounts payable | 13,179 | 16,185 |
Accrued liabilities | 2,387 | 2,787 |
Accrued compensation and employee benefits | 1,829 | 3,673 |
Customer deposits | 425 | 140 |
Income taxes payable | 421 | 174 |
Mortgage note payable, current portion | 307 | 302 |
Total current liabilities | 18,548 | 23,261 |
Long-term liability – operating leases | 21,285 | 22,047 |
Long-term pension liability | 394 | 344 |
Deferred tax liability | 484 | 1,220 |
Mortgage note payable, net of current portion | 9,350 | 9,493 |
Income taxes payable, noncurrent | 987 | 1,118 |
Total liabilities | 51,048 | 57,483 |
Commitments and contingencies (Notes E, F, 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 December 31, 2022 and June 30, 2022, issued and outstanding (net of treasury shares) 6,014,246 at December 31, 2022 and 6,129,611 at June 30, 2022 | 89 | 89 |
Additional paid-in capital | 30,890 | 30,423 |
Retained earnings | 80,527 | 77,661 |
Treasury stock, at cost, 3,177,160 shares at December 31, 2022 and 3,061,795 at June 30, 2022 | (22,411) | (21,352) |
Accumulated other comprehensive income | 435 | 1,699 |
Total stockholders’ equity | 89,530 | 88,520 |
Total liabilities and stockholders’ equity | $ 140,578 | $ 146,003 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Accounts receivable, allowance for doubtful accounts | $ 1,024 | $ 3,383 |
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) | 6,014,246 | 6,129,611 |
Treasury stock, shares (in shares) | 3,177,160 | 3,061,795 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 42,295 | $ 37,727 | $ 85,422 | $ 76,067 |
Cost of goods sold | 36,081 | 31,181 | 73,837 | 61,240 |
Gross profit | 6,214 | 6,546 | 11,585 | 14,827 |
Selling, general and administrative | 3,729 | 4,145 | 7,558 | 8,198 |
Income from operations | 2,485 | 2,401 | 4,027 | 6,629 |
Other (expense) income: | ||||
Interest income | 9 | 0 | 13 | 0 |
Interest expense | (55) | (13) | (130) | (26) |
Foreign exchange (loss) gain | (143) | 11 | (290) | 5 |
Other, net | (10) | (7) | (16) | (14) |
Total other (expense) income | (199) | (9) | (423) | (35) |
Income before income taxes | 2,286 | 2,392 | 3,604 | 6,594 |
Provision for income taxes | 473 | 545 | 738 | 1,491 |
Net income | 1,813 | 1,847 | 2,866 | 5,103 |
Unrealized gain resulting from change in fair value of derivative instruments, net of tax | (1,809) | 331 | (1,264) | 1,285 |
Comprehensive income | $ 4 | $ 2,178 | $ 1,602 | $ 6,388 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.31 | $ 0.30 | $ 0.49 | $ 0.82 |
Diluted (in dollars per share) | $ 0.31 | $ 0.30 | $ 0.49 | $ 0.81 |
Weighted average common shares outstanding | ||||
Basic (in shares) | 5,866,494 | 6,211,954 | 5,893,071 | 6,249,791 |
Diluted (in shares) | 5,873,129 | 6,256,498 | 5,908,287 | 6,303,921 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 2021 | 9,004,365 | 2,567,797 | ||||
Balance at Jun. 30, 2021 | $ 88 | $ 29,456 | $ 66,949 | $ (15,849) | $ (561) | $ 80,083 |
Compensation expense related to stock compensation plans | $ 0 | 467 | 0 | $ 0 | 0 | $ 467 |
Treasury Stock Acquired, Shares (in shares) | 0 | 190,394 | 190,394 | |||
Unrealized loss resulting from change in fair value of derivative instruments, net of tax | $ 0 | 0 | 0 | $ 0 | 1,285 | $ 1,285 |
Net income (loss) | 0 | 0 | 5,103 | 0 | 0 | 5,103 |
Repurchase of common stock | $ 0 | 0 | 0 | $ (2,537) | 0 | (2,537) |
Forfeiture of restricted stock (in shares) | 0 | 18,432 | ||||
Forfeiture of restricted stock | $ 0 | 0 | 0 | $ 0 | 0 | 0 |
Balance (in shares) at Dec. 31, 2021 | 9,004,365 | 2,776,623 | ||||
Balance at Dec. 31, 2021 | $ 88 | 29,923 | 72,052 | $ (18,386) | 724 | 84,401 |
Balance (in shares) at Sep. 30, 2021 | 9,004,365 | 2,584,821 | ||||
Balance at Sep. 30, 2021 | $ 88 | 29,678 | 70,205 | $ (15,859) | 393 | 84,505 |
Compensation expense related to stock compensation plans | $ 0 | 245 | 0 | $ 0 | 0 | $ 245 |
Treasury Stock Acquired, Shares (in shares) | 0 | 189,702 | 189,702 | |||
Unrealized loss resulting from change in fair value of derivative instruments, net of tax | $ 0 | 0 | 0 | $ 0 | 331 | $ 331 |
Net income (loss) | 0 | 0 | 1,847 | 0 | 0 | 1,847 |
Repurchase of common stock | $ 0 | 0 | 0 | $ (2,527) | 0 | (2,527) |
Forfeiture of restricted stock (in shares) | 0 | 2,100 | ||||
Forfeiture of restricted stock | $ 0 | 0 | 0 | $ 0 | 0 | 0 |
Balance (in shares) at Dec. 31, 2021 | 9,004,365 | 2,776,623 | ||||
Balance at Dec. 31, 2021 | $ 88 | 29,923 | 72,052 | $ (18,386) | 724 | 84,401 |
Balance (in shares) at Jun. 30, 2022 | 9,191,406 | 3,061,795 | ||||
Balance at Jun. 30, 2022 | $ 89 | 30,423 | 77,661 | $ (21,352) | 1,699 | 88,520 |
Compensation expense related to stock compensation plans | $ 0 | 467 | 0 | $ 0 | 0 | $ 467 |
Treasury Stock Acquired, Shares (in shares) | 0 | 115,365 | 115,365 | |||
Repurchase of common stock | $ 0 | 0 | 0 | $ (1,059) | 0 | $ (1,059) |
Unrealized loss resulting from change in fair value of derivative instruments, net of tax | 0 | 0 | 0 | 0 | (1,264) | (1,264) |
Net income (loss) | $ 0 | 0 | 2,866 | $ 0 | 0 | 2,866 |
Repurchase of common stock | (1,059) | |||||
Balance (in shares) at Dec. 31, 2022 | 9,191,406 | 3,177,160 | ||||
Balance at Dec. 31, 2022 | $ 89 | 30,890 | 80,527 | $ (22,411) | 435 | 89,530 |
Balance (in shares) at Sep. 30, 2022 | 9,191,406 | 3,108,590 | ||||
Balance at Sep. 30, 2022 | $ 89 | 30,658 | 78,714 | $ (21,849) | 2,244 | 89,856 |
Compensation expense related to stock compensation plans | $ 0 | 232 | 0 | $ 0 | 0 | $ 232 |
Treasury Stock Acquired, Shares (in shares) | 0 | 68,570 | 68,570 | |||
Repurchase of common stock | $ 0 | 0 | 0 | $ (562) | 0 | $ (562) |
Unrealized loss resulting from change in fair value of derivative instruments, net of tax | 0 | 0 | 0 | 0 | (1,809) | (1,809) |
Net income (loss) | $ 0 | 0 | 1,813 | $ 0 | 0 | 1,813 |
Repurchase of common stock | (562) | |||||
Balance (in shares) at Dec. 31, 2022 | 9,191,406 | 3,177,160 | ||||
Balance at Dec. 31, 2022 | $ 89 | $ 30,890 | $ 80,527 | $ (22,411) | $ 435 | $ 89,530 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | ||
Net income | $ 2,866 | $ 5,103 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
(Recovery) provision for uncollectible accounts receivable, net | (57) | 116 |
Depreciation and amortization | 2,039 | 2,155 |
Non-cash compensation | 467 | 467 |
Non-cash lease expenses | 2,013 | 1,621 |
Pension expense, net of contributions | 50 | 17 |
Gain on disposal of assets | (37) | (6) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 7,198 | 2,765 |
Inventories, net | (3,561) | (4,822) |
Prepaids and other assets | (619) | (691) |
Accounts payable and accrued liabilities | (3,121) | (3,775) |
Forward contracts | 152 | (1,562) |
Accrued compensation and employee benefits | (1,844) | (1,951) |
Operating lease liabilities | (1,624) | (1,616) |
Income taxes | (187) | 1,622 |
Net cash provided by (used in) operating activities | 3,735 | (557) |
Cash flows from investing activities | ||
Proceeds from sale of property and equipment | 42 | 25 |
Purchases of property and equipment | (11,640) | (19,644) |
Net cash used in investing activities | (11,598) | (19,619) |
Cash flows from financing activities | ||
Borrowings on long-term debt | 0 | 10,000 |
Payments on long-term debt | (138) | (68) |
Repurchase of common stock | (1,059) | (2,537) |
Net cash (used in) provided by financing activities | (1,197) | 7,395 |
Net decrease in cash and cash equivalents | (9,060) | (12,781) |
Cash and cash equivalents at beginning of period | 21,833 | 32,133 |
Cash and cash equivalents at end of period | 12,773 | 19,352 |
Supplemental disclosures of cash flow information | ||
Interest | 131 | 94 |
Taxes | $ 877 | $ 953 |
Note A - Basis of Presentation
Note A - Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | A. Basis of Presentation and Summary of Significant Accounting Policies The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10 three six December 31, 2022 not You should read the financial statements and these notes, which notes are an integral part of the financial statements, together with our audited financial statements included in our Annual Report on Form 10 June 30, 2022 ( “2022 2022 Recently Adopted Accounting Pronouncements We did not three six December 31, 2022. Recently Issued Accounting and Regulatory Pronouncements Other recently issued accounting pronouncements are not not not Net Income per Common Share We compute net income per common share using the weighted average number of common shares outstanding during the period, and diluted net income per common share using the additional dilutive effect of all dilutive securities. The dilutive impact of stock options and unvested 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): Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Numerator Net income $ 1,813 $ 1,847 $ 2,866 $ 5,103 Denominator Basic weighted average common shares outstanding 5,866 6,212 5,893 6,250 Dilutive effect of stock options and restricted stock 7 44 15 54 Diluted weighted average common shares outstanding 5,873 6,256 5,908 6,304 Basic net income per common share $ 0.31 $ 0.30 $ 0.49 $ 0.82 Diluted net income per common share $ 0.31 $ 0.30 $ 0.49 $ 0.81 We excluded 50,377 shares of restricted stock and no shares related to stock options for the three six December 31, 2022, not three six December 31, 2021, none 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 obligations 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 recognize revenue in certain circumstances before delivery to the customer has occurred (commonly referred to as bill-and-hold transactions). Products sold under bill-and-hold arrangements are recorded as revenue when risk of ownership has been transferred to the customer, but the product has not 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. We require prepayment from certain customers. We record any payments received in advance of contract fulfillment as a contract liability and they are classified as customer deposits on the consolidated balance sheet. Contract liabilities and revenue recognized were as follows (in thousands): June 30, 2022 Additions Revenue Recognized Customer Refunds December 31, 2022 Contract Liabilities (Customer Deposits) $ 140 425 $ (137 ) (3 ) 425 June 30, 2021 Additions Revenue Recognized Customer Refunds December 31, 2021 Contract Liabilities (Customer Deposits) $ 1,721 622 $ (1,721 ) — 622 Except for product defects, no December 31, 2022, 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 our 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 $1.5 million during the three December 31, 2022, six December 31, 2022. three December 31, 2021, six December 31, 2021. three December 31, 2022, six December 31, 2022. three December 31, 2021, six December 31, 2021. Stock-Based Compensation The Board of Directors approved our current omnibus equity incentive plan that became effective January 1, 2021 ( “2020 December 4, 2020. 2020 may We did not three six December 31, 2022 December 31, 2021. We did not three six December 31, 2022 December 31, 2021. three six December 31, 2022. three December 31, 2021, six December 31, 2021, three December 31, 2022 six December 31, 2022. three December 31, 2021 six December 31, 2021. Deferred Compensation Plan Effective July 16, 2020, may The Incentive Plan authorizes the Human Resources Committee or the Board of Directors to grant to, and administer, unsecured and deferred cash Awards to Participants and to subject each Award to whatever conditions are determined appropriate by the Human Resources Committee or the Board of Directors. The terms of each Award, including the amount and any conditions that must be met to be entitled to payment of the Award are set forth in an Award Agreement between each Participant and NAI. The Incentive Plan provides the Board of Directors with the discretion to set aside assets to fund the Incentive Plan although that has not No deferred cash awards were granted during the three six December 31, 2022 three six December 31, 2021. three six December 31, 2022. three December 31, 2021. six December 31, 2021. Fair Value of Financial Instruments Except for cash and cash equivalents, as of December 31, 2022, June 30, 2022, not 1. 2 third Fair value of derivative instruments classified as Level 2 December 31, 2022 June 30, 2022 Euro Forward Contract– Current Assets $ 1,448 $ 3,144 Swiss Franc Forward Contract – Current Assets 297 109 Total Derivative Contracts – Current Assets 1,745 3,253 Interest Swap – Other noncurrent Assets 632 453 Euro Forward Contract– Other noncurrent Assets — 561 Total Derivative Contracts – Other noncurrent Assets 632 1,014 Fair Value Net Asset – all Derivative Contracts $ 2,377 $ 4,267 We also classify any outstanding line of credit and term loan balance as a Level 2 December 31, 2022, June 30, 2022, not 3. not 2022 three six December 31, 2022. |
Note B - Inventories, Net
Note B - Inventories, Net | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | B. Inventories, net Inventories, net consisted of the following (in thousands): December 31, 2022 June 30, 2022 Raw materials $ 23,780 $ 28,196 Work in progress 6,408 1,948 Finished goods 6,338 2,842 Reserve (490 ) (511 ) $ 36,036 $ 32,475 |
Note C - Property and Equipment
Note C - Property and Equipment | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | C. Property and Equipment Property and equipment consisted of the following (in thousands): Depreciable Life In Years December 31, 2022 June 30, 2022 Land NA $ 7,645 $ 7,645 Building and building improvements 7 – 39 25,424 17,415 Machinery and equipment 3 – 12 41,443 40,131 Office equipment and furniture 3 – 5 6,161 5,970 Vehicles 3 254 211 Leasehold improvements 1 – 15 22,346 21,626 Total property and equipment 103,273 92,998 Less: accumulated depreciation and amortization (49,104 ) (48,425 ) Property and equipment, net $ 54,169 $ 44,573 Depreciation expense was approximately $1.1 million and $2.0 million for the three six December 31, 2022, three six December 31, 2021, |
Note D - Other Comprehensive In
Note D - Other Comprehensive Income (Loss) | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | D. Other Comprehensive Income (Loss) Other comprehensive (loss) income (“OCL” and “OCI”) consisted of the following during the three six December 31, 2022 December 31, 2021 ( Three Months Ended December 31, 2022 Defined Unrealized Gains Unrealized Gains Benefit (Losses) on (Losses) on Pension Cash Flow Swap Plan Hedges Derivative Total Beginning Balance $ (444 ) $ 2,203 $ 485 $ 2,244 OCI/OCL before reclassifications — (1,173 ) 4 (1,169 ) Amounts reclassified from OCI to Sales — (1,162 ) — (1,162 ) Tax effect of OCI activity — 523 (1 ) 522 Net current period OCI/OCL — (1,812 ) 3 (1,809 ) Ending Balance $ (444 ) $ 391 $ 488 $ 435 Six Months Ended December 31, 2022 Defined Unrealized Gains Unrealized Gains Benefit (Losses) on (Losses) on Pension Cash Flow Swap Plan Hedges Derivative Total Beginning Balance $ (444 ) $ 1,795 $ 348 $ 1,699 OCI/OCL before reclassifications — 615 178 793 Amounts reclassified from OCI to Sales — (2,423 ) — (2,423 ) Tax effect of OCI activity — 404 (38 ) 366 Net current period OCI/OCL — (1,404 ) 140 (1,264 ) Ending Balance $ (444 ) $ 391 $ 488 $ 435 Three Months Ended December 31, 2021 Defined Unrealized Gains Unrealized Gains Benefit (Losses) on (Losses) on Pension Cash Flow Swap Plan Hedges Derivative Total Beginning Balance $ (538 ) $ 931 — $ 393 OCI/OCL before reclassifications — 855 62 917 Amounts reclassified from OCI to Sales — (504 ) — (504 ) Tax effect of OCI activity — (82 ) — (82 ) Net current period OCI/OCL — 269 62 331 Ending Balance $ (538 ) $ 1,200 $ 62 $ 724 Six Months Ended December 31, 2021 Defined Unrealized Gains Unrealized Gains Benefit (Losses) on (Losses) on Pension Cash Flow Swap Plan Hedges Derivative Total Beginning Balance $ (538 ) $ (23 ) — $ (561 ) OCI/OCL before reclassifications — 2,244 62 2,306 Amounts reclassified from OCI to Sales — (650 ) — (650 ) Tax effect of OCI activity — (371 ) — (371 ) Net current period OCI/OCL — 1,223 62 1,285 Ending Balance $ (538 ) $ 1,200 $ 62 $ 724 |
Note E - Leases
Note E - Leases | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | E. Leases We currently lease our Vista, CA and Lugano, Switzerland product manufacturing and support facilities. Leases are classified as operating leases. Substantially all our operating leases are comprised of payments for the use of manufacturing and office space. We have no December 31, 2022, June 30, 2022, Other information related to leases as of December 31, 2022 December 31, 2021 Supplemental Cash Flows Information Six Months Ended December 31, 2022 Six Months Ended December 31, 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,634 $ 1,620 Operating lease liabilities arising from obtaining Right of Use Assets for new leases — — |
Note F - Debt
Note F - Debt | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | F. Debt On May 24, 2021, November 1, 2022 May 24, 2024. August 18, 2021, $10.0 2022 second February 8, 2022 January 31, 2022 September 19, 2022, third third May 24, 2024 May 23, 2025 June 30, 2023. 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 1.0 not 1.0 not four no two 4 not 1.0 June 30, 2023 30 first may may The Term Note used as part of the purchase consideration of our new manufacturing and warehouse property in Carlsbad, California referenced above, is for the original principal amount of $10.0 million, and is a seven twenty five October 1, 2021 August 1, 2028 September 1, 2028. 30 first three 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, which allows us to hedge foreign currency exposures up to 30 24 On December 31, 2022, As of December 31, 2022, December 31, 2022, As of December 31, 2022, August 2021. |
Note G - Economic Dependency
Note G - Economic Dependency | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | G. Economic Dependency We had substantial net sales to certain customers during the periods shown in the following table. The loss of any of these customers, or a significant decline in (i) sales to these customers, (ii) the growth rate of sales to these customers, or (iii) these customers’ ability to make payments when due, each individually could have a material adverse impact on our net sales and net income. Net sales to any one 10% Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 Customer 1 $ 15,982 $ 4,773 $ 30,987 $ 9,121 Customer 2 14,112 12,966 29,265 26,264 Customer 3 4,503 8,595 10,831 15,988 $ 34,597 $ 26,334 $ 71,083 $ 51,373 Accounts receivable from these customers totaled $7.0 million at December 31, 2022 June 30, 2022. We buy certain products, including beta-alanine, from a limited number of raw material suppliers who meet our quality standards. The loss of any of these suppliers could have a material adverse impact on our net sales and net income. Raw material purchases from any one 10% Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 Supplier 1 $ 3,961 $ 4,485 $ 6,793 $ 7,854 |
Note H - Segment Information
Note H - Segment Information | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | H. Segment Information Our business consists of two segments for financial reporting purposes. The two We evaluate performance of these segments based on a number of factors. The primary performance measures for each segment are net sales and income or loss from operations before the allocation of certain corporate level expenses. Operating income or loss for each segment does not not not 2022 Our operating results by business segment were as follows (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 Net Sales Private label contract manufacturing $ 40,839 $ 33,677 $ 82,615 $ 67,271 Patent and trademark licensing 1,456 4,050 2,807 8,796 Total Net Sales $ 42,295 $ 37,727 $ 85,422 $ 76,067 Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 Income from Operations Private label contract manufacturing $ 4,266 $ 2,761 $ 7,510 $ 6,461 Patent and trademark licensing 347 1,757 694 4,393 Income from operations of reportable segments 4,613 4,518 8,204 10,854 Corporate expenses not allocated to segments (2,128 ) (2,117 ) (4,177 ) (4,225 ) Total Income from Operations $ 2,485 $ 2,401 $ 4,027 $ 6,629 December 31, 2022 June 30, 2022 Total Assets Private-label contract manufacturing $ 111,151 $ 115,649 Patent and trademark licensing 29,427 30,354 $ 140,578 $ 146,003 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, Mexico, 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, were as follows (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 United States $ 28,908 $ 25,402 $ 58,740 $ 48,897 Markets outside of the United States 13,387 12,325 26,682 27,170 Total $ 42,295 $ 37,727 $ 85,422 $ 76,067 Products manufactured by our Swiss subsidiary ("NAIE") accounted for 73% of net sales in markets outside the U.S. for the three December 31, 2022 six December 31, 2022. three December 31, 2021 six December 31, 2021. Long-lived assets by geographic region, based on the location of the company or subsidiary at which they were located or made, were as follows (in thousands): December 31, 2022 June 30, 2022 United States $ 53,613 $ 43,769 Europe 21,105 22,505 Total Long-Lived Assets $ 74,718 $ 66,274 Total assets by geographic region, based on the location of the company or subsidiary at which they were located or made, were as follows (in thousands): December 31, 2022 June 30, 2022 United States $ 87,466 $ 83,443 Europe 53,112 62,560 Total Assets $ 140,578 $ 146,003 Capital expenditures by geographic region, based on the location of the company or subsidiary at which they were located or made, were as follows (in thousands): Six Months Ended December 31, 2022 2021 United States $ 11,486 $ 19,250 Europe 154 394 Total Capital Expenditures $ 11,640 $ 19,644 |
Note I - Income Taxes
Note I - Income Taxes | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | I. Income Taxes To determine our quarterly provision for income taxes, we use an estimated annual effective tax rate, which is based on expected annual income, statutory tax rates and tax planning opportunities available in the various jurisdictions to which we are subject. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rate from quarter to quarter. We recognize interest and penalties related to uncertain tax positions, if any, as an income tax expense. Our effective tax rate for the three December 31, 2022 three December 31, 2021 six December 31, 2022 six December 31, 2021 three six December 31, 2021 2022 We record valuation allowances to reduce our deferred tax assets to an amount we believe is more likely than not not three six December 31, 2022, no |
Note J - Treasury Stock
Note J - Treasury Stock | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | J. Treasury Stock We purchase shares under a stock repurchase plan (“Repurchase Plan”) authorized by the Board of Directors. On December 2, 2022, may, Stock repurchases for the three December 31, 2022 Shares Average Cost Total Cost (in thousands) Shares purchased under Repurchase Plan 68,570 $ 8.19 $ 562 Shares acquired from employees for restricted stock vesting — — — Total 68,570 $ 562 Stock repurchases for the six December 31, 2022 Shares Average Cost Total Cost (in thousands) Shares purchased under Repurchase Plan 115,365 $ 9.18 $ 1,059 Shares acquired from employees for restricted stock vesting — — — Total 115,365 $ 1,059 Stock repurchases for the three December 31, 2021 Shares Average Cost Total Cost (in thousands) Shares purchased under Repurchase Plan 189,702 $ 13.32 $ 2,527 Shares acquired from employees for restricted stock vesting — — — Total 189,702 $ 2,527 Stock repurchases for the six December 31, 2021 Shares Average Cost Total Cost (in thousands) Shares purchased under Repurchase Plan 189,702 $ 13.32 $ 2,527 Shares acquired from employees for restricted stock vesting 692 14.20 10 Total 190,394 $ 2,537 Stock repurchase costs include commissions and fees. Shares acquired from employees for restricted stock vesting were returned to us by the related employees and in return we paid each employee’s required tax withholding resulting from the vesting of restricted shares. The valuation of the shares acquired and thereby the number of shares returned to us was calculated based on the closing share price on the date the shares vested. |
Note K - Derivatives and Hedgin
Note K - Derivatives and Hedging | 6 Months Ended |
Dec. 31, 2022 | |
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 to other 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 As of December 31, 2022, September 2023. 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 revenue. We measure effectiveness by comparing the cumulative change in the hedge contract with the cumulative change in the hedged item. No three six December 31, 2022 December 31, 2021. We monitor the probability of forecasted transactions as part of the hedge effectiveness testing on a quarterly basis. During the three six December 31, 2022 December 31, 2021, not As of December 31, 2022, December 31, 2022, 12 For foreign currency contracts not three six December 31, 2022 December 31, 2022, not We are exposed to interest rate fluctuations related to our $10.0 million Term Note with Wells Fargo, which carries a variable interest rate of 1.80% above the SOFR rolling 30 August 23, 2021, first three 2.4%. |
Note L - Contingencies
Note L - Contingencies | 6 Months Ended |
Dec. 31, 2022 | |
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 may not not COVID- 19 We continue to monitor and evaluate the risks to public health and the impact on overall global business activity related to the COVID- 19 may |
Note M - Subsequent Event
Note M - Subsequent Event | 6 Months Ended |
Dec. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | M. Subsequent Event On January 12, 2023, four four December 2023 September 2024. €6.9 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements We did not three six December 31, 2022. Recently Issued Accounting and Regulatory Pronouncements Other recently issued accounting pronouncements are not not not |
Earnings Per Share, Policy [Policy Text Block] | Net Income per Common Share We compute net income per common share using the weighted average number of common shares outstanding during the period, and diluted net income per common share using the additional dilutive effect of all dilutive securities. The dilutive impact of stock options and unvested 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): Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Numerator Net income $ 1,813 $ 1,847 $ 2,866 $ 5,103 Denominator Basic weighted average common shares outstanding 5,866 6,212 5,893 6,250 Dilutive effect of stock options and restricted stock 7 44 15 54 Diluted weighted average common shares outstanding 5,873 6,256 5,908 6,304 Basic net income per common share $ 0.31 $ 0.30 $ 0.49 $ 0.82 Diluted net income per common share $ 0.31 $ 0.30 $ 0.49 $ 0.81 We excluded 50,377 shares of restricted stock and no shares related to stock options for the three six December 31, 2022, not three six December 31, 2021, none |
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 obligations 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 recognize revenue in certain circumstances before delivery to the customer has occurred (commonly referred to as bill-and-hold transactions). Products sold under bill-and-hold arrangements are recorded as revenue when risk of ownership has been transferred to the customer, but the product has not 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. We require prepayment from certain customers. We record any payments received in advance of contract fulfillment as a contract liability and they are classified as customer deposits on the consolidated balance sheet. Contract liabilities and revenue recognized were as follows (in thousands): June 30, 2022 Additions Revenue Recognized Customer Refunds December 31, 2022 Contract Liabilities (Customer Deposits) $ 140 425 $ (137 ) (3 ) 425 June 30, 2021 Additions Revenue Recognized Customer Refunds December 31, 2021 Contract Liabilities (Customer Deposits) $ 1,721 622 $ (1,721 ) — 622 Except for product defects, no December 31, 2022, 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 our 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 $1.5 million during the three December 31, 2022, six December 31, 2022. three December 31, 2021, six December 31, 2021. three December 31, 2022, six December 31, 2022. three December 31, 2021, six December 31, 2021. |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Board of Directors approved our current omnibus equity incentive plan that became effective January 1, 2021 ( “2020 December 4, 2020. 2020 may We did not three six December 31, 2022 December 31, 2021. We did not three six December 31, 2022 December 31, 2021. three six December 31, 2022. three December 31, 2021, six December 31, 2021, three December 31, 2022 six December 31, 2022. three December 31, 2021 six December 31, 2021. |
Compensation Related Costs, Policy [Policy Text Block] | Deferred Compensation Plan Effective July 16, 2020, may The Incentive Plan authorizes the Human Resources Committee or the Board of Directors to grant to, and administer, unsecured and deferred cash Awards to Participants and to subject each Award to whatever conditions are determined appropriate by the Human Resources Committee or the Board of Directors. The terms of each Award, including the amount and any conditions that must be met to be entitled to payment of the Award are set forth in an Award Agreement between each Participant and NAI. The Incentive Plan provides the Board of Directors with the discretion to set aside assets to fund the Incentive Plan although that has not No deferred cash awards were granted during the three six December 31, 2022 three six December 31, 2021. three six December 31, 2022. three December 31, 2021. six December 31, 2021. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments Except for cash and cash equivalents, as of December 31, 2022, June 30, 2022, not 1. 2 third Fair value of derivative instruments classified as Level 2 December 31, 2022 June 30, 2022 Euro Forward Contract– Current Assets $ 1,448 $ 3,144 Swiss Franc Forward Contract – Current Assets 297 109 Total Derivative Contracts – Current Assets 1,745 3,253 Interest Swap – Other noncurrent Assets 632 453 Euro Forward Contract– Other noncurrent Assets — 561 Total Derivative Contracts – Other noncurrent Assets 632 1,014 Fair Value Net Asset – all Derivative Contracts $ 2,377 $ 4,267 We also classify any outstanding line of credit and term loan balance as a Level 2 December 31, 2022, June 30, 2022, not 3. not 2022 three six December 31, 2022. |
Note A - Basis of Presentatio_2
Note A - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended December 31, December 31, 2022 2021 2022 2021 Numerator Net income $ 1,813 $ 1,847 $ 2,866 $ 5,103 Denominator Basic weighted average common shares outstanding 5,866 6,212 5,893 6,250 Dilutive effect of stock options and restricted stock 7 44 15 54 Diluted weighted average common shares outstanding 5,873 6,256 5,908 6,304 Basic net income per common share $ 0.31 $ 0.30 $ 0.49 $ 0.82 Diluted net income per common share $ 0.31 $ 0.30 $ 0.49 $ 0.81 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | June 30, 2022 Additions Revenue Recognized Customer Refunds December 31, 2022 Contract Liabilities (Customer Deposits) $ 140 425 $ (137 ) (3 ) 425 June 30, 2021 Additions Revenue Recognized Customer Refunds December 31, 2021 Contract Liabilities (Customer Deposits) $ 1,721 622 $ (1,721 ) — 622 |
Fair Value, by Balance Sheet Grouping [Table Text Block] | December 31, 2022 June 30, 2022 Euro Forward Contract– Current Assets $ 1,448 $ 3,144 Swiss Franc Forward Contract – Current Assets 297 109 Total Derivative Contracts – Current Assets 1,745 3,253 Interest Swap – Other noncurrent Assets 632 453 Euro Forward Contract– Other noncurrent Assets — 561 Total Derivative Contracts – Other noncurrent Assets 632 1,014 Fair Value Net Asset – all Derivative Contracts $ 2,377 $ 4,267 |
Note B - Inventories, Net (Tabl
Note B - Inventories, Net (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2022 June 30, 2022 Raw materials $ 23,780 $ 28,196 Work in progress 6,408 1,948 Finished goods 6,338 2,842 Reserve (490 ) (511 ) $ 36,036 $ 32,475 |
Note C - Property and Equipme_2
Note C - Property and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Depreciable Life In Years December 31, 2022 June 30, 2022 Land NA $ 7,645 $ 7,645 Building and building improvements 7 – 39 25,424 17,415 Machinery and equipment 3 – 12 41,443 40,131 Office equipment and furniture 3 – 5 6,161 5,970 Vehicles 3 254 211 Leasehold improvements 1 – 15 22,346 21,626 Total property and equipment 103,273 92,998 Less: accumulated depreciation and amortization (49,104 ) (48,425 ) Property and equipment, net $ 54,169 $ 44,573 |
Note D - Other Comprehensive _2
Note D - Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended December 31, 2022 Defined Unrealized Gains Unrealized Gains Benefit (Losses) on (Losses) on Pension Cash Flow Swap Plan Hedges Derivative Total Beginning Balance $ (444 ) $ 2,203 $ 485 $ 2,244 OCI/OCL before reclassifications — (1,173 ) 4 (1,169 ) Amounts reclassified from OCI to Sales — (1,162 ) — (1,162 ) Tax effect of OCI activity — 523 (1 ) 522 Net current period OCI/OCL — (1,812 ) 3 (1,809 ) Ending Balance $ (444 ) $ 391 $ 488 $ 435 Six Months Ended December 31, 2022 Defined Unrealized Gains Unrealized Gains Benefit (Losses) on (Losses) on Pension Cash Flow Swap Plan Hedges Derivative Total Beginning Balance $ (444 ) $ 1,795 $ 348 $ 1,699 OCI/OCL before reclassifications — 615 178 793 Amounts reclassified from OCI to Sales — (2,423 ) — (2,423 ) Tax effect of OCI activity — 404 (38 ) 366 Net current period OCI/OCL — (1,404 ) 140 (1,264 ) Ending Balance $ (444 ) $ 391 $ 488 $ 435 Three Months Ended December 31, 2021 Defined Unrealized Gains Unrealized Gains Benefit (Losses) on (Losses) on Pension Cash Flow Swap Plan Hedges Derivative Total Beginning Balance $ (538 ) $ 931 — $ 393 OCI/OCL before reclassifications — 855 62 917 Amounts reclassified from OCI to Sales — (504 ) — (504 ) Tax effect of OCI activity — (82 ) — (82 ) Net current period OCI/OCL — 269 62 331 Ending Balance $ (538 ) $ 1,200 $ 62 $ 724 Six Months Ended December 31, 2021 Defined Unrealized Gains Unrealized Gains Benefit (Losses) on (Losses) on Pension Cash Flow Swap Plan Hedges Derivative Total Beginning Balance $ (538 ) $ (23 ) — $ (561 ) OCI/OCL before reclassifications — 2,244 62 2,306 Amounts reclassified from OCI to Sales — (650 ) — (650 ) Tax effect of OCI activity — (371 ) — (371 ) Net current period OCI/OCL — 1,223 62 1,285 Ending Balance $ (538 ) $ 1,200 $ 62 $ 724 |
Note E - Leases (Tables)
Note E - Leases (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Supplemental Cash Flows Information Six Months Ended December 31, 2022 Six Months Ended December 31, 2021 Cash paid for amounts included in the measurement of operating lease liabilities $ 1,634 $ 1,620 Operating lease liabilities arising from obtaining Right of Use Assets for new leases — — |
Note G - Economic Dependency (T
Note G - Economic Dependency (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Supplier Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 Supplier 1 $ 3,961 $ 4,485 $ 6,793 $ 7,854 |
Customer Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 Customer 1 $ 15,982 $ 4,773 $ 30,987 $ 9,121 Customer 2 14,112 12,966 29,265 26,264 Customer 3 4,503 8,595 10,831 15,988 $ 34,597 $ 26,334 $ 71,083 $ 51,373 |
Note H - Segment Information (T
Note H - Segment Information (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 Net Sales Private label contract manufacturing $ 40,839 $ 33,677 $ 82,615 $ 67,271 Patent and trademark licensing 1,456 4,050 2,807 8,796 Total Net Sales $ 42,295 $ 37,727 $ 85,422 $ 76,067 Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 Income from Operations Private label contract manufacturing $ 4,266 $ 2,761 $ 7,510 $ 6,461 Patent and trademark licensing 347 1,757 694 4,393 Income from operations of reportable segments 4,613 4,518 8,204 10,854 Corporate expenses not allocated to segments (2,128 ) (2,117 ) (4,177 ) (4,225 ) Total Income from Operations $ 2,485 $ 2,401 $ 4,027 $ 6,629 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | December 31, 2022 June 30, 2022 Total Assets Private-label contract manufacturing $ 111,151 $ 115,649 Patent and trademark licensing 29,427 30,354 $ 140,578 $ 146,003 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended December 31, Six Months Ended December 31, 2022 2021 2022 2021 United States $ 28,908 $ 25,402 $ 58,740 $ 48,897 Markets outside of the United States 13,387 12,325 26,682 27,170 Total $ 42,295 $ 37,727 $ 85,422 $ 76,067 |
Long-Lived Assets by Geographic Areas [Table Text Block] | December 31, 2022 June 30, 2022 United States $ 53,613 $ 43,769 Europe 21,105 22,505 Total Long-Lived Assets $ 74,718 $ 66,274 |
Assets by Geographic Areas [Table Text Block] | December 31, 2022 June 30, 2022 United States $ 87,466 $ 83,443 Europe 53,112 62,560 Total Assets $ 140,578 $ 146,003 |
Capital Expenditures by Geographic Areas [Table Text Block] | Six Months Ended December 31, 2022 2021 United States $ 11,486 $ 19,250 Europe 154 394 Total Capital Expenditures $ 11,640 $ 19,644 |
Note J - Treasury Stock (Tables
Note J - Treasury Stock (Tables) | 6 Months Ended |
Dec. 31, 2022 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Shares Average Cost Total Cost (in thousands) Shares purchased under Repurchase Plan 68,570 $ 8.19 $ 562 Shares acquired from employees for restricted stock vesting — — — Total 68,570 $ 562 Shares Average Cost Total Cost (in thousands) Shares purchased under Repurchase Plan 115,365 $ 9.18 $ 1,059 Shares acquired from employees for restricted stock vesting — — — Total 115,365 $ 1,059 Shares Average Cost Total Cost (in thousands) Shares purchased under Repurchase Plan 189,702 $ 13.32 $ 2,527 Shares acquired from employees for restricted stock vesting — — — Total 189,702 $ 2,527 Shares Average Cost Total Cost (in thousands) Shares purchased under Repurchase Plan 189,702 $ 13.32 $ 2,527 Shares acquired from employees for restricted stock vesting 692 14.20 10 Total 190,394 $ 2,537 |
Note A - Basis of Presentatio_3
Note A - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | |
Contract with Customer, Refund Liability, Total | $ 0 | $ 0 | |||
Sales, Royalty and Licensing Revenue | 1,500,000 | $ 4,100,000 | 2,800,000 | $ 8,800,000 | |
Royalty Expense | $ 78,000 | $ 163,000 | $ 105,000 | $ 399,000 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | 0 | 0 | |
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 0 | $ 0 | $ 0 | $ 0 | |
Deferred Compensation Arrangement with Individual, Cash Award Forfeited, Amount | 0 | $ 0 | $ 191,000 | ||
Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Net Asset (Liability), Total | 0 | 0 | $ 0 | ||
Fair Value, Inputs, Level 3 [Member] | |||||
Fair Value, Net Asset (Liability), Total | $ 0 | $ 0 | $ 0 | ||
Restricted Stock [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 0 | 0 | 0 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 0 | 2,100 | 0 | 18,432 | |
Share-Based Payment Arrangement, Expense | $ 200,000 | $ 200,000 | $ 500,000 | $ 500,000 | |
Restricted Stock 1 [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 50,377 | 0 | 50,377 | 0 | |
Share-Based Payment Arrangement, Option [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 0 | 0 | 0 |
Note A - Basis of Presentatio_4
Note A - Basis of Presentation and Summary of Significant Accounting Policies - Calculation of Basic and Diluted Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator | ||||
Net income | $ 1,813 | $ 1,847 | $ 2,866 | $ 5,103 |
Denominator | ||||
Basic weighted average common shares outstanding (in shares) | 5,866,494 | 6,211,954 | 5,893,071 | 6,249,791 |
Dilutive effect of stock options and restricted stock (in shares) | 7,000 | 44,000 | 15,000 | 54,000 |
Diluted weighted average common shares outstanding (in shares) | 5,873,129 | 6,256,498 | 5,908,287 | 6,303,921 |
Basic net income per common share (in dollars per share) | $ 0.31 | $ 0.30 | $ 0.49 | $ 0.82 |
Diluted net income per common share (in dollars per share) | $ 0.31 | $ 0.30 | $ 0.49 | $ 0.81 |
Note A - Basis of Presentatio_5
Note A - Basis of Presentation and Summary of Significant Accounting Policies - Contract Liabilities and Revenue Recognized (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Contract Liabilities (Customer Deposits), balance | $ 140 | $ 1,721 |
Contract Liabilities (Customer Deposits), addition | 425 | 622 |
Contract Liabilities (Customer Deposits), revenue recognized | (137) | (1,721) |
Contract Liabilities (Customer Deposits) | (3) | 0 |
Contract Liabilities (Customer Deposits), balance | $ 425 | $ 622 |
Note A - Basis of Presentatio_6
Note A - Basis of Presentation and Summary of Significant Accounting Policies - Fair Value of Derivative Instruments Classified As Level 2 Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Derivative assets, current asset | $ 1,745 | $ 3,144 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets, current asset | 1,745 | 3,253 |
Derivative assets, noncurrent asset | 632 | 1,014 |
Fair Value Net Asset – all Derivative Contracts | 2,377 | 4,267 |
Fair Value, Inputs, Level 2 [Member] | Euro Forward Contract [Member] | ||
Derivative assets, current asset | 1,448 | 3,144 |
Derivative assets, noncurrent asset | 0 | 561 |
Fair Value, Inputs, Level 2 [Member] | Swiss Franc Forward Contract [Member] | ||
Derivative assets, current asset | 297 | 109 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative assets, noncurrent asset | $ 632 | $ 453 |
Note B - Inventories, Net - Sum
Note B - Inventories, Net - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Raw materials | $ 23,780 | $ 28,196 |
Work in progress | 6,408 | 1,948 |
Finished goods | 6,338 | 2,842 |
Reserve | (490) | (511) |
Inventories, net | $ 36,036 | $ 32,475 |
Note C - Property and Equipme_3
Note C - Property and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation, Total | $ 1.1 | $ 1.1 | $ 2 | $ 2.2 |
Note C - Property and Equipme_4
Note C - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2022 | Jun. 30, 2022 | |
Property and equipment, gross | $ 103,273 | $ 92,998 |
Less: accumulated depreciation and amortization | (49,104) | (48,425) |
Property and equipment, net | 54,169 | 44,573 |
Land [Member] | ||
Property and equipment, gross | 7,645 | 7,645 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 25,424 | 17,415 |
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 | $ 41,443 | 40,131 |
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 | $ 6,161 | 5,970 |
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 | $ 254 | 211 |
Depreciable Life In Years (Year) | 3 years | |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 22,346 | $ 21,626 |
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 Income (Loss) - Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance | $ 89,856 | $ 84,505 | $ 88,520 | $ 80,083 |
Balance | 89,530 | 84,401 | 89,530 | 84,401 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance | (444) | (538) | (444) | (538) |
OCI/OCL before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from OCI to Sales | 0 | 0 | 0 | 0 |
Tax effect of OCI activity | 0 | 0 | 0 | 0 |
Net current period OCI/OCL | 0 | 0 | 0 | 0 |
Balance | (444) | (538) | (444) | (538) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
Balance | 2,203 | 931 | 1,795 | (23) |
OCI/OCL before reclassifications | (1,173) | 855 | 615 | 2,244 |
Amounts reclassified from OCI to Sales | (1,162) | (504) | (2,423) | (650) |
Tax effect of OCI activity | 523 | (82) | 404 | (371) |
Net current period OCI/OCL | (1,812) | 269 | (1,404) | 1,223 |
Balance | 391 | 1,200 | 391 | 1,200 |
Accumulated Gain (Loss), Net, Swap Derivative, Parent [Member] | ||||
Balance | 485 | 0 | 348 | 0 |
OCI/OCL before reclassifications | 4 | 62 | 178 | 62 |
Amounts reclassified from OCI to Sales | 0 | 0 | 0 | 0 |
Tax effect of OCI activity | (1) | 0 | (38) | 0 |
Net current period OCI/OCL | 3 | 62 | 140 | 62 |
Balance | 488 | 62 | 488 | 62 |
AOCI Attributable to Parent [Member] | ||||
Balance | 2,244 | 393 | 1,699 | (561) |
OCI/OCL before reclassifications | (1,169) | 917 | 793 | 2,306 |
Amounts reclassified from OCI to Sales | (1,162) | (504) | (2,423) | (650) |
Tax effect of OCI activity | 522 | (82) | 366 | (371) |
Net current period OCI/OCL | (1,809) | 331 | (1,264) | 1,285 |
Balance | $ 435 | $ 724 | $ 435 | $ 724 |
Note E - Leases (Details Textua
Note E - Leases (Details Textual) | Dec. 31, 2022 | Jun. 30, 2022 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 10 months 24 days | 6 years 3 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.14% | 4.12% |
Note E - Leases - Lease Cash Fl
Note E - Leases - Lease Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 1,634 | $ 1,620 |
Operating lease liabilities arising from obtaining Right of Use Assets for new leases | $ 0 | $ 0 |
Note F - Debt (Details Textual)
Note F - Debt (Details Textual) | 3 Months Ended | 6 Months Ended | |||||||
Aug. 20, 2021 USD ($) | Aug. 18, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | May 24, 2021 USD ($) | Jan. 31, 2021 USD ($) | |
Payments to Acquire Property, Plant, and Equipment, Total | $ 11,640,000 | $ 19,644,000 | |||||||
Interest Rate Swap [Member] | |||||||||
Derivative, Fixed Interest Rate | 2.40% | ||||||||
Manufacturing Facility and Warehouse [Member] | Carlsbad, California [Member] | |||||||||
Payments to Acquire Property, Plant, and Equipment, Total | $ 17,500,000 | ||||||||
Wells Fargo Bank, N.A. [Member] | |||||||||
Debt Instrument, Covenant, Annual Limit To Repurchase Stock or Issue Dividends | $ 5,000,000 | $ 7,000,000 | |||||||
Wells Fargo Bank, N.A. [Member] | Credit Agreement [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | ||||||||
Debt Instrument Covenant Capital Expenditures Limitation, Amount, Next Twelve Years | $ 25,000,000 | 25,000,000 | $ 15,000,000 | $ 10,000,000 | |||||
Debt Instrument Covenant Capital Expenditures Limitation, Amount, After Twelve Years | 25,000,000 | 25,000,000 | $ 7,500,000 | ||||||
Debt Instrument Covenant Minimum, Net Income Required | $ 1 | ||||||||
Debt Instrument Covenant, Fixed Charge Coverage Ratio | 1.25 | ||||||||
Long-term Debt, Percentage Bearing Fluctuating Interest, Threshold Amount | 100,000 | ||||||||
Minimum Prepayment Amount Under Line of Credit | $ 100,000 | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.125% | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 20,000,000 | $ 20,000,000 | |||||||
Wells Fargo Bank, N.A. [Member] | Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.29% | ||||||||
Debt Instrument Basis Spread on Elected Fixed Rate Borrowing | 1.29% | 1.29% | |||||||
Wells Fargo Bank, N.A. [Member] | Credit Agreement [Member] | Maximum [Member] | |||||||||
Ratio of Indebtedness to Net Capital | 1.50 | ||||||||
Ratio of Total Current Assets to Total Current Liabilities | 1.75 | ||||||||
Wells Fargo Bank, N.A. [Member] | Credit Agreement [Member] | Term Loan [Member] | |||||||||
Debt Instrument, Face Amount | $ 10,000,000 | ||||||||
Debt Instrument, Term (Year) | 7 years | ||||||||
Debt Instrument, Amortization Period (Year) | 25 years | ||||||||
Long-Term Debt, Total | $ 9,700,000 | $ 9,700,000 | |||||||
Wells Fargo Bank, N.A. [Member] | Credit Agreement [Member] | Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% |
Note G - Economic Dependency (D
Note G - Economic Dependency (Details Textual) - USD ($) $ in Millions | Dec. 31, 2022 | Jun. 30, 2022 |
Three Customers [Member] | ||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 7 | $ 10.7 |
Note G - Economic Dependency -
Note G - Economic Dependency - Substantial Net Sales to Certain Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 42,295 | $ 37,727 | $ 85,422 | $ 76,067 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Net sales | 34,597 | 26,334 | 71,083 | 51,373 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 1 [Member] | ||||
Net sales | 15,982 | 4,773 | 30,987 | 9,121 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 2 [Member] | ||||
Net sales | 14,112 | 12,966 | 29,265 | 26,264 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 3 [Member] | ||||
Net sales | $ 4,503 | $ 8,595 | $ 10,831 | $ 15,988 |
Note G - Economic Dependency _2
Note G - Economic Dependency - Substantial Net Purchase From Certain Suppliers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplier Concentration Risk [Member] | Raw Material Purchases [Member] | Supplier 1 [Member] | ||||
Raw Material Purchases by Supplier | $ 3,961 | $ 4,485 | $ 6,793 | $ 7,854 |
Note H - Segment Information (D
Note H - Segment Information (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Reportable Segments | 2 | |||
Products Manufactured by NAIE [Member] | Product Concentration Risk [Member] | Revenue Benchmark [Member] | Non-US [Member] | ||||
Concentration Risk, Percentage | 73% | 89% | 75% | 84% |
Note H - Segment Information -
Note H - Segment Information - Operating Results by Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 42,295 | $ 37,727 | $ 85,422 | $ 76,067 |
Income from operations | 2,485 | 2,401 | 4,027 | 6,629 |
Operating Segments [Member] | ||||
Income from operations | 4,613 | 4,518 | 8,204 | 10,854 |
Corporate, Non-Segment [Member] | ||||
Income from operations | (2,128) | (2,117) | (4,177) | (4,225) |
Private Label Contract Manufacturing [Member] | ||||
Net sales | 40,839 | 33,677 | 82,615 | 67,271 |
Private Label Contract Manufacturing [Member] | Operating Segments [Member] | ||||
Income from operations | 4,266 | 2,761 | 7,510 | 6,461 |
Patent and Trademark Licensing [Member] | ||||
Net sales | 1,456 | 4,050 | 2,807 | 8,796 |
Patent and Trademark Licensing [Member] | Operating Segments [Member] | ||||
Income from operations | $ 347 | $ 1,757 | $ 694 | $ 4,393 |
Note H - Segment Information _2
Note H - Segment Information - Assets by Business Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Assets | $ 140,578 | $ 146,003 |
Private Label Contract Manufacturing [Member] | ||
Assets | 111,151 | 115,649 |
Patent and Trademark Licensing [Member] | ||
Assets | $ 29,427 | $ 30,354 |
Note H - Segment Information _3
Note H - Segment Information - Net Sales by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Net sales | $ 42,295 | $ 37,727 | $ 85,422 | $ 76,067 |
UNITED STATES | ||||
Net sales | 28,908 | 25,402 | 58,740 | 48,897 |
Non-US [Member] | ||||
Net sales | $ 13,387 | $ 12,325 | $ 26,682 | $ 27,170 |
Note N - Segment Information -
Note N - Segment Information - Long-lived Assets by Geographical Region (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Long-Lived Assets | $ 74,718 | $ 66,274 |
UNITED STATES | ||
Long-Lived Assets | 53,613 | 43,769 |
Europe [Member] | ||
Long-Lived Assets | $ 21,105 | $ 22,505 |
Note H - Segment Information _4
Note H - Segment Information - Total Assets by Geographical Region (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Jun. 30, 2022 |
Total Assets | $ 140,578 | $ 146,003 |
UNITED STATES | ||
Total Assets | 87,466 | 83,443 |
Europe [Member] | ||
Total Assets | $ 53,112 | $ 62,560 |
Note H - Segment Information _5
Note H - Segment Information - Capital Expenditures by Geographical Region (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Payments to Acquire Property, Plant, and Equipment, Total | $ 11,640 | $ 19,644 |
UNITED STATES | ||
Payments to Acquire Property, Plant, and Equipment, Total | 11,486 | 19,250 |
Europe [Member] | ||
Payments to Acquire Property, Plant, and Equipment, Total | $ 154 | $ 394 |
Note I - Income Taxes (Details
Note I - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.70% | 22.80% | 20.50% | 22.60% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% |
Note J - Treasury Stock (Detail
Note J - Treasury Stock (Details Textual) $ in Millions | Dec. 02, 2022 USD ($) |
Stock Repurchase Program, Additional Authorized Amount | $ 1 |
Stock Repurchase Program, Authorized Amount | $ 19 |
Note J - Treasury Stock - Treas
Note J - Treasury Stock - Treasury Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Treasury Stock Acquired, Shares (in shares) | 68,570 | 189,702 | 115,365 | 190,394 |
Treasury Stock Acquired, Average Cost (in dollars per share) | ||||
Treasury Stock Acquired, Total Cost | $ 562 | $ 2,527 | $ 1,059 | $ 2,537 |
Stock Repurchase Plan [Member] | ||||
Treasury Stock Acquired, Shares (in shares) | 68,570 | 189,702 | 115,365 | 189,702 |
Treasury Stock Acquired, Average Cost (in dollars per share) | $ 8.19 | $ 13.32 | $ 9.18 | $ 13.32 |
Treasury Stock Acquired, Total Cost | $ 562 | $ 2,527 | $ 1,059 | $ 2,527 |
Stock Repurchased from Employee for Restricted Stock Vesting [Member] | ||||
Treasury Stock Acquired, Shares (in shares) | 0 | 0 | 0 | 692 |
Treasury Stock Acquired, Average Cost (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 14.20 |
Treasury Stock Acquired, Total Cost | $ 0 | $ 0 | $ 0 | $ 10 |
Note K - Derivatives and Hedg_2
Note K - Derivatives and Hedging (Details Textual) € in Millions, SFr in Millions, $ in Millions | 3 Months Ended | |||
Aug. 18, 2021 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 EUR (€) | Dec. 31, 2022 CHF (SFr) | |
Accumulated Other Comprehensive Income (Loss) Cumulative Cash Flow Hedges, Gain (Loss) | $ 0.5 | |||
Deferred Tax Assets, Derivative Instruments | $ 0.1 | |||
Wells Fargo Bank, N.A. [Member] | Credit Agreement [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.29% | |||
Wells Fargo Bank, N.A. [Member] | Credit Agreement [Member] | Term Loan [Member] | ||||
Debt Instrument, Face Amount | $ 10 | |||
Wells Fargo Bank, N.A. [Member] | Credit Agreement [Member] | Term Loan [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative, Notional Amount | $ 12.5 | SFr 11.7 | ||
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||||
Derivative, Notional Amount | $ 23.3 | € 20.2 | ||
Interest Rate Swap [Member] | ||||
Derivative, Fixed Interest Rate | 2.40% |
Note M - Subsequent Event (Deta
Note M - Subsequent Event (Details Textual) - Foreign Exchange Contract [Member] - Designated as Hedging Instrument [Member] - Subsequent Event [Member] € in Millions | Jan. 12, 2023 EUR (€) |
Derivative, Notional Amount | € 6.9 |
Derivative, Average Forward Exchange Rate | 1.10 |