Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Sep. 19, 2023 | Dec. 31, 2022 | |
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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2023 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
Document Financial Statement Error Correction [Flag] | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 50,460,000 | ||
Entity Common Stock, Shares Outstanding | 6,088,813 | ||
Auditor Name | HASKELL & WHITE LLP | ||
Auditor Firm ID | 200 | ||
Auditor Location | Irvine, California |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 13,604 | $ 21,833 |
Accounts receivable – less allowance for doubtful accounts of $23 at June 30, 2023 and $3,383 at June 30, 2022 | 7,022 | 17,422 |
Inventories, net | 29,694 | 32,475 |
Income tax receivable | 305 | 67 |
Forward contracts | 390 | 3,144 |
Prepaids and other current assets | 5,995 | 1,805 |
Total current assets | 57,010 | 76,746 |
Property and equipment, net | 53,841 | 44,573 |
Operating lease right-of-use assets | 20,369 | 21,701 |
Deferred tax asset – noncurrent | 355 | 0 |
Other noncurrent assets, net | 2,577 | 2,983 |
Total assets | 134,152 | 146,003 |
Current liabilities: | ||
Accounts payable | 7,778 | 16,185 |
Accrued liabilities | 2,409 | 2,787 |
Accrued compensation and employee benefits | 2,246 | 3,673 |
Customer deposits | 317 | 140 |
Short-term liability – operating leases | 2,448 | 634 |
Income taxes payable | 374 | 174 |
Mortgage note payable, current portion | 312 | 302 |
Total current liabilities | 15,884 | 23,895 |
Long-term liability – operating leases | 18,965 | 21,413 |
Long-term pension liability | 339 | 344 |
Deferred tax liability | 0 | 1,220 |
Mortgage note payable, net of current portion | 9,205 | 9,493 |
Income taxes payable, noncurrent | 987 | 1,118 |
Total liabilities | 45,380 | 57,483 |
Commitments and contingencies (Notes D, F, H, J and M) | ||
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, 2023 and June 30, 2022, issued and outstanding (net of treasury shares) 6,073,813 at June 30, 2023 and 6,129,611 at June 30, 2022 | 91 | 89 |
Additional paid-in capital | 31,436 | 30,423 |
Retained earnings | 80,183 | 77,661 |
Treasury stock, at cost, 3,240,593 shares at June 30, 2023 and 3,061,795 at June 30, 2022 | (22,855) | (21,352) |
Accumulated other comprehensive income | (83) | 1,699 |
Total stockholders’ equity | 88,772 | 88,520 |
Total liabilities and stockholders’ equity | $ 134,152 | $ 146,003 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Accounts receivable, allowance for doubtful accounts | $ 23 | $ 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 issued (in shares) | 6,073,813 | 6,129,611 |
Common stock, shares outstanding (in shares) | 6,073,813 | 6,129,611 |
Treasury stock, shares (in shares) | 3,240,593 | 3,061,795 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Net sales | $ 154,015 | $ 170,966 |
Cost of goods sold | 135,857 | 140,457 |
Gross profit | 18,158 | 30,509 |
Other selling, general and administrative expenses | 14,869 | 16,950 |
Recoveries of uncollectible accounts receivable | (1,424) | (120) |
Income from operations | 4,713 | 13,679 |
Other income (expense): | ||
Interest income | 33 | 0 |
Interest expense | (451) | (83) |
Foreign exchange (loss) gain | (658) | 118 |
Other, net | (82) | (55) |
Total other expense | (1,158) | (20) |
Income before income taxes | 3,555 | 13,659 |
Provision for income taxes | 1,033 | 2,947 |
Net income | 2,522 | 10,712 |
Change in minimum pension liability, net of tax | 64 | 94 |
Unrealized (loss) gain resulting from change in fair value of derivative instruments, net of tax | (1,846) | 2,166 |
Comprehensive income | $ 740 | $ 12,972 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.43 | $ 1.75 |
Diluted (in dollars per share) | $ 0.43 | $ 1.74 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 5,863,083 | 6,117,044 |
Diluted (in shares) | 5,877,559 | 6,155,118 |
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, Common [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 |
Issuance of common stock for restricted stock grants (in shares) | 135,850 | 0 | ||||
Issuance of common stock for restricted stock grants | $ 1 | (1) | 0 | $ 0 | 0 | 0 |
Compensation expense related to stock compensation plans | $ 0 | 968 | 0 | $ 0 | 0 | $ 968 |
Treasury Stock Acquired, Shares (in shares) | 0 | 435,080 | 435,080 | |||
Repurchase of common stock | $ 0 | 0 | 0 | $ (5,503) | 0 | $ (5,503) |
Forfeiture of restricted stock (in shares) | 0 | 19,832 | ||||
Forfeiture of restricted stock | $ 0 | 0 | 0 | $ 0 | 0 | 0 |
Share correction | 0 | 0 | 0 | 0 | 0 | 0 |
Change in minimum pension liability, net of tax | 0 | 0 | 0 | 0 | 94 | 94 |
Unrealized gain (loss) resulting from change in fair value of derivative instruments, net of tax | 0 | 0 | 0 | 0 | 2,166 | 2,166 |
Net income (loss) | $ 0 | 0 | 10,712 | $ 0 | 0 | 10,712 |
Repurchase of common stock | $ (5,503) | |||||
Balance (in shares) at Jun. 30, 2022 | 9,191,406 | 3,061,795 | 6,129,611 | |||
Balance at Jun. 30, 2022 | $ 89 | 30,423 | 77,661 | $ (21,352) | 1,699 | $ 88,520 |
Share correction (in shares) | 51,191 | 39,086 | ||||
Issuance of common stock for restricted stock grants (in shares) | 123,000 | 0 | ||||
Issuance of common stock for restricted stock grants | $ 2 | (2) | 0 | $ 0 | 0 | 0 |
Compensation expense related to stock compensation plans | $ 0 | 1,015 | 0 | $ 0 | 0 | $ 1,015 |
Treasury Stock Acquired, Shares (in shares) | 0 | 164,399 | 164,399 | |||
Forfeiture of restricted stock (in shares) | 0 | 14,399 | ||||
Forfeiture of restricted stock | $ 0 | 0 | 0 | $ 0 | 0 | $ 0 |
Change in minimum pension liability, net of tax | 0 | 0 | 0 | 0 | 64 | 64 |
Unrealized gain (loss) resulting from change in fair value of derivative instruments, net of tax | 0 | 0 | 0 | 0 | (1,846) | (1,846) |
Net income (loss) | 0 | 0 | 2,522 | 0 | 0 | 2,522 |
Repurchase of common stock | $ 0 | 0 | 0 | $ (1,503) | 0 | $ (1,503) |
Balance (in shares) at Jun. 30, 2023 | 9,314,406 | 3,240,593 | 6,073,813 | |||
Balance at Jun. 30, 2023 | $ 91 | $ 31,436 | $ 80,183 | $ (22,855) | $ (83) | $ 88,772 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities | ||
Net income | $ 2,522 | $ 10,712 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Recoveries of uncollectible accounts receivable | (1,424) | (120) |
Depreciation and amortization | 4,250 | 4,165 |
Deferred income taxes | (974) | 751 |
Non-cash lease expenses | 2,831 | 2,749 |
Non-cash compensation | 1,015 | 968 |
Pension expense | 81 | 83 |
Gain on disposal of assets | (51) | (9) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 11,823 | 644 |
Inventories | 2,781 | (5,469) |
Operating lease liabilities | (2,134) | (3,007) |
Prepaids and other assets | (4,362) | 75 |
Accounts payable and accrued liabilities | (8,606) | 3,057 |
Forward contracts | 863 | (2,273) |
Income taxes | (169) | 451 |
Accrued compensation and employee benefits | (1,427) | (911) |
Net cash provided by operating activities | 7,019 | 11,866 |
Cash flows from investing activities | ||
Purchases of property and equipment | (13,524) | (26,488) |
Proceeds from sale of property and equipment | 57 | 30 |
Net cash used in investing activities | (13,467) | (26,458) |
Cash flows from financing activities | ||
Repurchase of common stock | (1,503) | (5,503) |
Borrowings on long-term debt | 0 | 10,000 |
Payments on long-term debt | (278) | (205) |
Net cash (used in) provided by financing activities | (1,781) | 4,292 |
Net decrease in cash and cash equivalents | (8,229) | (10,300) |
Cash and cash equivalents at beginning of year | 21,833 | 32,133 |
Cash and cash equivalents at end of year | 13,604 | 21,833 |
Supplemental disclosures of cash flow information | ||
Taxes | 1,842 | 2,608 |
Interest | $ 802 | $ 206 |
Note A - Organization and Summa
Note A - Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
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, September 1999, 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. Certain accounts 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 As of June 30, 2023, no Recently Issued Accounting and Regulatory Pronouncements In June 2016, 2016 13 326 no 2016 13 not July 1, 2023 Reclassifications Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications had no Employee Retention Tax Credit In March 2020, 2020 2021 2023 first three 2021 2024, 2023 450 Cash and Cash Equivalents We consider all highly liquid investments with a maturity of three 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, as of June 30, 2023 June 30, 2022 not 1. 2 Fair value of derivative instruments classified as Level 2 June 30, June 30, 2023 2022 Euro Forward Contract– Current Assets $ 250 $ 3,144 Swiss Franc Forward Contract – Current Assets 140 109 Total Derivative Contracts – Current Assets 390 3,253 Interest Swap – Other noncurrent Assets 532 453 Euro Forward Contract– Other noncurrent Assets 15 561 Total Derivative Contracts – Other noncurrent Assets 547 1,014 Fair Value Net Asset – all Derivative Contracts $ 937 $ 4,267 We also classify any outstanding line of credit and term loan balance as a Level 2 June 30, 2023 June 30, 2022 not 3. not 2022 2023 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 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. In December 2022, March 2020. June 30, 2023, no 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 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 2023 2022 Derivative Financial Instruments We may may not not. We recognize any unrealized gains and losses associated with derivative instruments accounted for as cash flow hedges 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, 2023 June 30, 2023 As of June 30, 2023 not June 30, 2023 not first 2024. Defined Benefit Pension Plan We formerly sponsored a defined benefit pension plan. Effective June 21, 1999, third 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 contracts fulfillment as a contract liability and 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 June 30, 2023 Contract Liabilities (Customer Deposits) $ 140 $ 317 $ (137 ) $ (3 ) $ 317 June 30, 2021 Additions Revenue Recognized Customer Refunds June 30, 2022 Contract Liabilities (Customer Deposits) $ 1,721 $ 140 $ (1,721 ) $ — $ 140 Except for product defects, no June 30, 2023 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 $8.7 million during fiscal 2023 2022 2023 2022 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 not not Research and development costs are expensed when incurred. Our research and development expenses for the last two June 30 2023 2022 Advertising Costs We expense the production costs of advertising the first June 30, 2023 2022 Income Taxes 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. We record valuation allowances to reduce our deferred tax assets to an amount that we believe is more likely than not not June 30, 2023 no 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, 2023 June 30, 2022 not Stock-Based Compensation We had an omnibus equity incentive plan that was approved by our Board of Directors effective October 15, 2009, November 30, 2009 "2009 2009 October 15, 2019. January 1, 2021 ( “2020 December 4, 2020. 2020 may We estimate the fair value of stock option awards at the date of grant using the Black-Scholes option valuation model. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no not We recognize forfeitures as they occur. 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 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, 2023 2022 Numerator Net income $ 2,522 $ 10,712 Denominator Basic weighted average common shares outstanding 5,863 6,117 Dilutive effect of stock options and restricted stock shares 14 38 Diluted weighted average common shares outstanding 5,878 6,155 Basic net income per common share $ 0.43 $ 1.75 Diluted net income per common share $ 0.43 $ 1.74 During the year ended June 30, 2023 June 30, 2022 no June 30, 2023 June 30, 2022 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 June 30, 2023 June 30, 2022 Additionally, amounts due related to our beta-alanine raw material sales were 21.4% of gross accounts receivable at June 30, 2023 June 30, 2022 |
Note B - Inventories
Note B - Inventories | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | B. Inventories Inventories, net, consisted of the following at June 30 2023 2022 Raw materials $ 20,946 $ 28,196 Work in progress 4,504 1,948 Finished goods 4,928 2,842 Reserves (684 ) (511 ) $ 29,694 $ 32,475 |
Note C - Property and Equipment
Note C - Property and Equipment | 12 Months Ended |
Jun. 30, 2023 | |
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 2023 2022 Land NA $ 8,940 $ 7,645 Building and building improvements 7 – 39 24,712 17,415 Machinery and equipment 3 – 12 41,460 40,131 Office equipment and furniture 3 – 5 6,522 5,970 Vehicles 3 227 211 Leasehold improvements 1 – 20 22,641 21,626 Total property and equipment 104,502 92,998 Less: accumulated depreciation and amortization (50,661 ) (48,425 ) Property and equipment, net $ 53,841 $ 44,573 Depreciation expense was approximately $4.3 million in fiscal 2023 2022 |
Note D - Leases
Note D - Leases | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | D. Leases We currently lease our Vista, California and Lugano, Switzerland product manufacturing and support facilities. At the inception of a contract, we assess whether the contract is, or contains, a lease. Our assessment is based on: ( 1 2 3 Leases are classified as either finance leases or operating leases. A lease must be classified as a finance lease if any of the following criteria are met: the lease transfers ownership of the asset by the end of the lease term, the lease contains an option to purchase the asset that is reasonably certain to be exercised, the lease term is for a major part of the remaining useful life of the asset or the present value of the lease payments equals or exceeds substantially all of the fair value of the asset. A lease is classified as an operating lease if it does not no June 30, 2023 June 30, 2022 For all leases at the lease commencement date, a right-of-use asset and a lease liability are recognized. The right-of-use asset represents the right to use the leased asset for the lease term. The lease liability represents the present value of the lease payments under the lease. The right-of-use asset is initially measured at cost, which primarily comprises the initial amount of the lease liability, plus any initial direct costs incurred, consisting mainly of brokerage commissions, less any lease incentives received. All right-of-use assets are reviewed for impairment. The lease liability is initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, our secured incremental borrowing rate for the same term as the underlying lease. For our real estate and other operating leases, we use our secured incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise the following: the fixed noncancelable lease payments, payments for optional renewal periods where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not not Some of our manufacturing leases contain variable lease payments, including payments based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease commencement and separated into lease and non-lease components based on the initial amount stated in the lease or standalone selling prices. Lease components are included in the measurement of the initial lease liability. Additional payments based on the change in an index or rate, or payments based on a change in our portion of the operating expenses, including real estate taxes and insurance, are recorded as a period expense when incurred. Lease modifications result in remeasurement of the lease liability. Lease expense for operating leases consists of the lease payments plus any initial direct costs, primarily brokerage commissions, and is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not We have elected not 12 June 30, 2023 2022 not Other information related to leases was as follows (in thousands) for the year ended June 30, Supplemental Cash Flows Information 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,291 $ 3,289 Increase in operating lease liabilities and right-of-use assets due to lease remeasurement 906 8,513 |
Note E - Other Comprehensive In
Note E - Other Comprehensive Income | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | E. Other Comprehensive Income Other comprehensive (loss) income (“OCL” and “OCI”) consisted of the following at June 30 Year Ended June 30, 2023 Unrealized Unrealized Gains Gains (Losses) (Losses) Defined on on Benefit Cash Flow Swap Pension Plan Hedges Derivative Total Balance as of June 30, 2022 $ (444 ) $ 1,795 $ 348 $ 1,699 OCI/OCL before reclassifications 8 538 79 625 Amounts reclassified from OCI 78 (3,086 ) — (3,008 ) Tax effect of OCI activity (22 ) 643 (20 ) 601 Net current period OCI/OCL 64 (1,905 ) 59 (1,782 ) Balance as of June 30, 2023 $ (380 ) $ (110 ) $ 407 $ (83 ) Year Ended June 30, 2022 Unrealized Unrealized Gains Gains (Losses) (Losses) Defined on on Benefit Cash Flow Swap Pension Plan Hedges Derivative Total Balance as of June 30, 2021 $ (538 ) $ (23 ) $ — $ (561 ) OCI/OCL before reclassifications 17 5,370 454 5,841 Amounts reclassified from OCI 113 (3,011 ) — (2,898 ) Tax effect of OCI activity (36 ) (541 ) (106 ) (683 ) Net current period OCI/OCL 94 1,818 348 2,260 Balance as of June 30, 2022 $ (444 ) $ 1,795 $ 348 $ 1,699 |
Note F - Debt
Note F - Debt | 12 Months Ended |
Jun. 30, 2023 | |
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 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, N.A. which allows us to hedge foreign currency exposures up to 30 24 During fiscal year 2023, June 30, 2022, As of June 30, 2023 August 2021. 2024 2025 2026 2027 2028 Thereafter Total Future Debt Payments $ 312 $ 296 $ 305 $ 315 $ 325 $ 7,964 $ 9,517 On June 30, 2023 not second 2024. no may As of June 30, 2023 |
Note G - Income Taxes
Note G - Income Taxes | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | G. Income Taxes During fiscal 2023 2022 The following is a geographical breakdown of income before income taxes (in thousands): 2023 2022 United States $ 2,588 $ 9,152 Foreign 967 4,507 Total income before income taxes $ 3,555 $ 13,659 The provision for income taxes for the years ended June 30 2023 2022 Current: Federal $ 843 $ 1,297 State 211 (1 ) Foreign 221 900 1,275 2,196 Deferred: Federal (246 ) 501 State 4 250 Foreign — — (242 ) 751 Total provision for income taxes $ 1,033 $ 2,947 Net deferred tax assets and deferred tax liabilities as of June 30 2023 2022 Deferred tax assets: Inventory capitalization $ 220 $ 373 Inventory reserves 164 113 Lease liability 2,018 2,139 Net operating loss carry forward 433 242 Accrued compensation 166 458 Capitalized research and experimentation 412 — Accrued contingent fee 219 — Stock-based compensation 81 66 Forward contracts 56 — Tax credit carry forward 229 43 Allowance for bad debt 1 795 Interest expense 103 — Other, net 87 — Total gross deferred tax assets 4,189 4,229 Deferred tax liabilities: Withholding taxes (401 ) (1,133 ) Fixed assets (1,451 ) (1,523 ) Forward contracts — (541 ) Lease asset (1,951 ) (2,073 ) Other, net (31 ) (179 ) Deferred tax liabilities (3,834 ) (5,449 ) Net deferred tax assets (liabilities) $ 355 $ (1,220 ) At June 30, 2023 85, June 29, 2020, 2019, 2020, 2021 not 113, February 9, 2022, 2022. 2031, Pursuant to Section 382 1986, 50% three not June 30, 2023 June 30, 2022 We are subject to taxation in the U.S., Switzerland and various state jurisdictions. Our tax years for the fiscal year ended June 30, 2015 June 30, 2018 June 30, 2022 NAIE’s effective tax rate for the fiscal year ended June 30, 2023 As part of the Tax Cuts and Jobs Act of 2017 one June 30, 2018 1986 no December 31, 2017 December 31, 2017 For tax years commencing on or after January 1, 2022, 2017, five 15 174. may no 2023, one 2018 not 2023. 2018. A reconciliation of our income tax provision computed by applying the statutory federal income tax rate of 21% for fiscal 2023 2022 June 30 2023 2022 Income taxes computed at statutory federal income tax rate $ 749 $ 2,868 State income taxes, net of federal income tax expense 90 174 Permanent differences 8 85 Foreign tax rate differential 18 (47 ) Tax credits (347 ) (124 ) FDII export sales incentive — (46 ) Stock based compensation 61 37 Global intangible low-taxed income (GILTI) 355 — Return to provision - differences 99 Income tax provision as reported $ 1,033 $ 2,947 Effective tax rate 29.1 % 21.6 % We expect our U.S. federal statutory rate to be 21% for fiscal years going forward. |
Note H - Employee Benefit Plans
Note H - Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | H. Employee Benefit Plans 401 We have a profit-sharing plan pursuant to Section 401 may not January 1, 2022, first 30 January 1, 2022, first 401 2023 2022 Additionally, we have a discretionary profit-sharing plan pursuant to Section 401 may not not 2023. 2022, We have a “Cafeteria Plan” pursuant to Section 125 June 30, 2023 June 30, 2022 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 During the year ended June 30, 2023 June 30, 2022 three one two three no Defined Benefit Pension Plan 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 2023 2022 Change in Benefit Obligation: Benefit obligation at beginning of year $ 1,438 $ 1,820 Interest cost 46 39 Actuarial loss (29 ) (276 ) Benefits paid (91 ) (145 ) Benefit obligation at end of year $ 1,364 $ 1,438 Change in Plan Assets: Fair value of plan assets at beginning of year $ 1,094 $ 1,429 Actual return on plan assets 22 (190 ) Employer contributions — — Benefits paid (91 ) (145 ) Plan expenses — — Fair value of plan assets at end of year $ 1,025 $ 1,094 Reconciliation of Funded Status: Difference between benefit obligation and fair value of plan assets $ (339 ) $ (344 ) Unrecognized net actuarial loss in accumulated other comprehensive income 409 495 Net amount recognized $ 70 $ 151 Projected benefit obligation $ 1,364 $ 1,438 Accumulated benefit obligation $ 1,364 $ 1,438 Fair value of plan assets $ 1,025 $ 1,094 The weighted-average discount rate used for determining the projected benefit obligations for the defined benefit pension plan was 4.89% for the year ended June 30, 2023 June 30, 2022 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 2023 2022 Interest cost $ 46 $ 39 Expected return on plan assets (42 ) (69 ) Recognized actuarial loss 50 63 Settlement loss 27 50 Net periodic benefit expense $ 81 $ 83 In the fiscal years ended June 30, 2023 June 30, 2022 not The following is a summary of changes in plan assets and benefit obligations recognized in other comprehensive income (loss) (in thousands): 2023 2022 Net loss $ (8 ) $ (17 ) Settlement loss (28 ) (50 ) Amortization of net loss (50 ) (63 ) Plan expenses — — Total recognized in other comprehensive loss $ (86 ) $ (130 ) Total recognized in net periodic benefit cost and other comprehensive loss $ (5 ) $ (47 ) The estimated net loss 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 approximately $40,000. We do not The following benefit payments are expected to be paid (in thousands): 2024 $ 739 2025 264 2026 13 2027 106 2028 30 2029-2033 105 Total benefit payments expected to be paid $ 1,257 The weighted-average rates used for the years ended June 30 2023 2022 Discount rate 4.89 % 4.39 % Expected long-term rate of return 6.24 % 6.10 % 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 Target 2023 2022 Allocation Equity securities 64 % 49 % 53 % Debt securities 14 % 20 % 41 % Commodities 12 % 0 % 0 % Other 10 % 31 % 6 % 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, 2023 Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Equity securities(1) $ 653 $ 653 $ — $ — Debt securities(2) $ 141 $ 141 $ — $ — Other(3) $ 231 $ 231 $ — $ — Total $ 1,025 $ 1,025 $ — $ — ( 1 This category is comprised of publicly traded funds, of which 50% are large-cap funds, 26% are developed and emerging market funds, 18% are mid-cap funds, and 6% are small-cap funds. ( 2 This category is comprised of publicly traded funds, of which 34% are U.S. fixed income funds and 66% are corporate and foreign market fixed income funds. ( 3 This category is comprised of commodities and cash alternatives. |
Note I - Stockholders' Equity
Note I - Stockholders' Equity | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | I. Stockholders Equity Treasury Stock On September 18, 2020, March 12, 2021, January 14, 2022, may, Treasury Stock repurchases for the year ended June 30, 2023 Shares Average Cost Total Cost (in thousands) Shares purchased under Repurchase Plan 140,812 $ 9.19 $ 1,294 Shares acquired from employees for restricted stock vesting 23,587 8.86 209 Total 164,399 $ 1,503 Treasury Stock repurchases for the year ended June 30, 2022 Shares Average Cost Total Cost (in thousands) Shares purchased under Repurchase Plan 406,817 $ 12.76 $ 5,190 Shares acquired from employees for restricted stock vesting 28,263 11.08 313 Total 435,080 $ 5,503 Treasury stock repurchase costs include commissions and fees. Shares acquired from employees for restricted stock vesting and stock options exercises 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. Stock Incentive Plans For the years ended June 30, 2023 June 30, 2022 no Restricted stock activity for the year ended June 30, 2023 Weighted Number of Average Grant Shares – Date Fair 2009 Plan Value Nonvested at June 30, 2022 1,666 $ 8.50 Granted — $ — Vested 1,666 $ 8.50 Forfeited — $ — Nonvested at June 30, 2023 — $ — Available for grant at June 30, 2023 — Weighted Number of Average Grant Shares – Date Fair 2020 Plan Value Nonvested at June 30, 2022 186,227 $ 12.56 Granted 123,000 $ 8.79 Vested (71,146 ) $ 13.04 Forfeited (14,399 ) $ 11.69 Nonvested at June 30, 2023 223,682 $ 10.39 Available for grant at June 30, 2023 349,377 Restricted stock activity for the year ended June 30, 2022 Weighted Number of Average Grant Shares Date Fair 2009 Plan Value Nonvested at June 30, 2021 61,324 $ 11.47 Granted — $ — Vested (51,326 ) $ 11.52 Forfeited (8,332 ) $ 10.88 Nonvested at June 30, 2022 1,666 $ 8.50 Available for grant at June 30, 2022 — Weighted Number of Average Grant Shares – Date Fair 2020 Plan Value Nonvested at June 30, 2021 87,773 $ 16.81 Granted 135,850 $ 10.99 Vested (25,896 ) $ 16.81 Forfeited (11,500 ) $ 16.81 Nonvested at June 30, 2022 186,227 $ 12.56 Available for grant at June 30, 2022 472,377 Restricted stock grants, granted to members of our Board of Directors and certain key members of our management team, vest over a period of years from the date of grant and the unvested shares cannot be sold or otherwise transferred and the right to receive dividends, if declared by our Board of Directors, is forfeitable until the shares become vested. The total remaining unrecognized compensation cost related to unvested restricted stock shares amounted to $2.0 million at June 30, 2023 |
Note J - Commitments
Note J - Commitments | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments Disclosure [Text Block] | J. Commitments We lease a total of approximately 162,000 square feet at our manufacturing facility in Vista, California from an unaffiliated third July 31, 2013, third March 2024. NAIE leases facility space in Manno, Switzerland from two third . July 1, 2019, five June 30, 2024. May 4, 2022, ten January 1, 2023 December 31, 2032, one On November 5, 2018, five January 1, 2019 12 June 30th December 31st 12 December 31, 2023 June 30, 2023, not December 31, 2024. 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, 2023 There- 2024 2025 2026 2027 2028 after Total Gross minimum rental commitments $ 2,868 $ 1,369 $ 1,369 $ 1,369 $ 1,369 $ 6,162 $ 14,506 Rental expense totaled $3.3 million for the fiscal year ended June 30, 2023 June 30, 2022 |
Note K - Economic Dependency
Note K - Economic Dependency | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | K. Economic Dependency We had substantial net sales to certain customers during the fiscal years ended June 30 one 10% Fiscal 2023 Fiscal 2022 Customer 1 $ 61,646 $ 37,218 Customer 2 48,066 54,599 Customer 3 (a) 31,552 $ 109,712 $ 123,369 (a) Sales were less than 10% Accounts receivable from these customers totaled $1.8 million at June 30, 2023 June 30, 2022 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, 2023 2022 % of Total % of Total Raw Material Raw Raw Material Raw Purchases by Material Purchases by Material Supplier Purchases Supplier Purchases Supplier 1 $ 11,487 13 % $ 14,065 17 % $ 11,487 13 % $ 14,065 17 % |
Note L - Derivatives and Hedgin
Note L - Derivatives and Hedging | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | L. 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 During the year ended June 30, 2023 September 2024. 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 as well as ensuring the assumptions we made at hedge inception have not No June 30, 2023 June 30, 2022 We monitor the probability of forecasted transactions as part of the hedge effectiveness testing on a quarterly basis. As of June 30, 2023 June 30, 2023 June 30, 2022 June 30, 2023 12 During the year ended June 30, 2023 June 30, 2022 For foreign currency contracts not June 30, 2023 June 30, 2023 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 M - Contingencies
Note M - Contingencies | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | M. 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 COVID- 19 The Company continues to monitor and evaluate the risks to public health and the impact on overall global business activity related to the COVID- 19 may |
Note N - Segment Information
Note N - Segment Information | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | N. Segment Information Our business consists of two segments for financial reporting purposes. The 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 2023 2022 Net Sales Private-label contract manufacturing $ 145,294 $ 154,798 Patent and trademark licensing 8,721 16,168 $ 154,015 $ 170,966 2023 2022 Income from Operations Private-label contract manufacturing $ 9,488 $ 15,667 Patent and trademark licensing 3,021 6,780 Income from operations of reportable segments 12,509 22,447 Corporate expenses not allocated to segments (7,796 ) (8,768 ) $ 4,713 $ 13,679 2023 2022 Assets Private-label contract manufacturing $ 102,495 $ 115,649 Patent and trademark licensing 31,657 30,354 $ 134,152 $ 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, for the two June 30 2023 2022 United States $ 109,277 $ 115,255 Markets outside the United States 44,738 55,711 Total net sales $ 154,015 $ 170,966 Products manufactured by NAIE accounted for 79% of consolidated net sales in markets outside the U.S. in fiscal 2023 2022 June 30, 2023 2022 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 2023 2022 United States $ 53,536 $ 43,769 Europe 20,674 22,505 Total Long-Lived Assets $ 74,210 $ 66,274 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 2023 2022 United States $ 89,167 $ 83,443 Europe 44,985 62,560 Total Assets $ 134,152 $ 146,003 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 2023 2022 United States $ 13,210 $ 25,383 Europe 314 1,105 Total Capital Expenditures $ 13,524 $ 26,488 |
Note O - Subsequent Events
Note O - Subsequent Events | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | O. Subsequent Events On July 18, 2023, ten five April 1, 2024. five not On August 16, 2023, one third 2024, no first 2024, second 2024. not 2024. On September 15, 2023, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
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. Certain accounts 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 As of June 30, 2023, no Recently Issued Accounting and Regulatory Pronouncements In June 2016, 2016 13 326 no 2016 13 not July 1, 2023 |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain amounts in the prior period consolidated financial statements have been reclassified to conform to the current period presentation. These reclassifications had no |
Employee Retention Tax Credit [Policy Text Block] | Employee Retention Tax Credit In March 2020, 2020 2021 2023 first three 2021 2024, 2023 450 |
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, as of June 30, 2023 June 30, 2022 not 1. 2 Fair value of derivative instruments classified as Level 2 June 30, June 30, 2023 2022 Euro Forward Contract– Current Assets $ 250 $ 3,144 Swiss Franc Forward Contract – Current Assets 140 109 Total Derivative Contracts – Current Assets 390 3,253 Interest Swap – Other noncurrent Assets 532 453 Euro Forward Contract– Other noncurrent Assets 15 561 Total Derivative Contracts – Other noncurrent Assets 547 1,014 Fair Value Net Asset – all Derivative Contracts $ 937 $ 4,267 We also classify any outstanding line of credit and term loan balance as a Level 2 June 30, 2023 June 30, 2022 not 3. not 2022 2023 |
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 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. In December 2022, March 2020. June 30, 2023, no |
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 |
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 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 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 2023 2022 |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments We may may not not. We recognize any unrealized gains and losses associated with derivative instruments accounted for as cash flow hedges 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, 2023 June 30, 2023 As of June 30, 2023 not June 30, 2023 not first 2024. |
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 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 contracts fulfillment as a contract liability and 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 June 30, 2023 Contract Liabilities (Customer Deposits) $ 140 $ 317 $ (137 ) $ (3 ) $ 317 June 30, 2021 Additions Revenue Recognized Customer Refunds June 30, 2022 Contract Liabilities (Customer Deposits) $ 1,721 $ 140 $ (1,721 ) $ — $ 140 Except for product defects, no June 30, 2023 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 $8.7 million during fiscal 2023 2022 2023 2022 |
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 2023 2022 |
Advertising Cost [Policy Text Block] | Advertising Costs We expense the production costs of advertising the first June 30, 2023 2022 |
Income Tax, Policy [Policy Text Block] | Income Taxes 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. We record valuation allowances to reduce our deferred tax assets to an amount that we believe is more likely than not not June 30, 2023 no 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, 2023 June 30, 2022 not |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation We had an omnibus equity incentive plan that was approved by our Board of Directors effective October 15, 2009, November 30, 2009 "2009 2009 October 15, 2019. January 1, 2021 ( “2020 December 4, 2020. 2020 may We estimate the fair value of stock option awards at the date of grant using the Black-Scholes option valuation model. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options that have no not We recognize forfeitures as they occur. |
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, 2023 2022 Numerator Net income $ 2,522 $ 10,712 Denominator Basic weighted average common shares outstanding 5,863 6,117 Dilutive effect of stock options and restricted stock shares 14 38 Diluted weighted average common shares outstanding 5,878 6,155 Basic net income per common share $ 0.43 $ 1.75 Diluted net income per common share $ 0.43 $ 1.74 During the year ended June 30, 2023 June 30, 2022 no June 30, 2023 June 30, 2022 |
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 June 30, 2023 June 30, 2022 Additionally, amounts due related to our beta-alanine raw material sales were 21.4% of gross accounts receivable at June 30, 2023 June 30, 2022 |
Note A - Organization and Sum_2
Note A - Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | June 30, June 30, 2023 2022 Euro Forward Contract– Current Assets $ 250 $ 3,144 Swiss Franc Forward Contract – Current Assets 140 109 Total Derivative Contracts – Current Assets 390 3,253 Interest Swap – Other noncurrent Assets 532 453 Euro Forward Contract– Other noncurrent Assets 15 561 Total Derivative Contracts – Other noncurrent Assets 547 1,014 Fair Value Net Asset – all Derivative Contracts $ 937 $ 4,267 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | June 30, 2022 Additions Revenue Recognized Customer Refunds June 30, 2023 Contract Liabilities (Customer Deposits) $ 140 $ 317 $ (137 ) $ (3 ) $ 317 June 30, 2021 Additions Revenue Recognized Customer Refunds June 30, 2022 Contract Liabilities (Customer Deposits) $ 1,721 $ 140 $ (1,721 ) $ — $ 140 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the Years Ended June 30, 2023 2022 Numerator Net income $ 2,522 $ 10,712 Denominator Basic weighted average common shares outstanding 5,863 6,117 Dilutive effect of stock options and restricted stock shares 14 38 Diluted weighted average common shares outstanding 5,878 6,155 Basic net income per common share $ 0.43 $ 1.75 Diluted net income per common share $ 0.43 $ 1.74 |
Note B - Inventories (Tables)
Note B - Inventories (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | 2023 2022 Raw materials $ 20,946 $ 28,196 Work in progress 4,504 1,948 Finished goods 4,928 2,842 Reserves (684 ) (511 ) $ 29,694 $ 32,475 |
Note C - Property and Equipme_2
Note C - Property and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Depreciable Life In Years 2023 2022 Land NA $ 8,940 $ 7,645 Building and building improvements 7 – 39 24,712 17,415 Machinery and equipment 3 – 12 41,460 40,131 Office equipment and furniture 3 – 5 6,522 5,970 Vehicles 3 227 211 Leasehold improvements 1 – 20 22,641 21,626 Total property and equipment 104,502 92,998 Less: accumulated depreciation and amortization (50,661 ) (48,425 ) Property and equipment, net $ 53,841 $ 44,573 |
Note D - Leases (Tables)
Note D - Leases (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Supplemental Cash Flows Information 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,291 $ 3,289 Increase in operating lease liabilities and right-of-use assets due to lease remeasurement 906 8,513 |
Note E - Other Comprehensive _2
Note E - Other Comprehensive Income (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Year Ended June 30, 2023 Unrealized Unrealized Gains Gains (Losses) (Losses) Defined on on Benefit Cash Flow Swap Pension Plan Hedges Derivative Total Balance as of June 30, 2022 $ (444 ) $ 1,795 $ 348 $ 1,699 OCI/OCL before reclassifications 8 538 79 625 Amounts reclassified from OCI 78 (3,086 ) — (3,008 ) Tax effect of OCI activity (22 ) 643 (20 ) 601 Net current period OCI/OCL 64 (1,905 ) 59 (1,782 ) Balance as of June 30, 2023 $ (380 ) $ (110 ) $ 407 $ (83 ) Year Ended June 30, 2022 Unrealized Unrealized Gains Gains (Losses) (Losses) Defined on on Benefit Cash Flow Swap Pension Plan Hedges Derivative Total Balance as of June 30, 2021 $ (538 ) $ (23 ) $ — $ (561 ) OCI/OCL before reclassifications 17 5,370 454 5,841 Amounts reclassified from OCI 113 (3,011 ) — (2,898 ) Tax effect of OCI activity (36 ) (541 ) (106 ) (683 ) Net current period OCI/OCL 94 1,818 348 2,260 Balance as of June 30, 2022 $ (444 ) $ 1,795 $ 348 $ 1,699 |
Note F - Debt (Tables)
Note F - Debt (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Maturities of Long-Term Debt [Table Text Block] | 2024 2025 2026 2027 2028 Thereafter Total Future Debt Payments $ 312 $ 296 $ 305 $ 315 $ 325 $ 7,964 $ 9,517 |
Note G - Income Taxes (Tables)
Note G - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2023 2022 United States $ 2,588 $ 9,152 Foreign 967 4,507 Total income before income taxes $ 3,555 $ 13,659 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2023 2022 Current: Federal $ 843 $ 1,297 State 211 (1 ) Foreign 221 900 1,275 2,196 Deferred: Federal (246 ) 501 State 4 250 Foreign — — (242 ) 751 Total provision for income taxes $ 1,033 $ 2,947 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2023 2022 Deferred tax assets: Inventory capitalization $ 220 $ 373 Inventory reserves 164 113 Lease liability 2,018 2,139 Net operating loss carry forward 433 242 Accrued compensation 166 458 Capitalized research and experimentation 412 — Accrued contingent fee 219 — Stock-based compensation 81 66 Forward contracts 56 — Tax credit carry forward 229 43 Allowance for bad debt 1 795 Interest expense 103 — Other, net 87 — Total gross deferred tax assets 4,189 4,229 Deferred tax liabilities: Withholding taxes (401 ) (1,133 ) Fixed assets (1,451 ) (1,523 ) Forward contracts — (541 ) Lease asset (1,951 ) (2,073 ) Other, net (31 ) (179 ) Deferred tax liabilities (3,834 ) (5,449 ) Net deferred tax assets (liabilities) $ 355 $ (1,220 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2023 2022 Income taxes computed at statutory federal income tax rate $ 749 $ 2,868 State income taxes, net of federal income tax expense 90 174 Permanent differences 8 85 Foreign tax rate differential 18 (47 ) Tax credits (347 ) (124 ) FDII export sales incentive — (46 ) Stock based compensation 61 37 Global intangible low-taxed income (GILTI) 355 — Return to provision - differences 99 Income tax provision as reported $ 1,033 $ 2,947 Effective tax rate 29.1 % 21.6 % |
Note H - Employee Benefit Pla_2
Note H - Employee Benefit Plans (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | 2023 2022 Change in Benefit Obligation: Benefit obligation at beginning of year $ 1,438 $ 1,820 Interest cost 46 39 Actuarial loss (29 ) (276 ) Benefits paid (91 ) (145 ) Benefit obligation at end of year $ 1,364 $ 1,438 Change in Plan Assets: Fair value of plan assets at beginning of year $ 1,094 $ 1,429 Actual return on plan assets 22 (190 ) Employer contributions — — Benefits paid (91 ) (145 ) Plan expenses — — Fair value of plan assets at end of year $ 1,025 $ 1,094 Reconciliation of Funded Status: Difference between benefit obligation and fair value of plan assets $ (339 ) $ (344 ) Unrecognized net actuarial loss in accumulated other comprehensive income 409 495 Net amount recognized $ 70 $ 151 Projected benefit obligation $ 1,364 $ 1,438 Accumulated benefit obligation $ 1,364 $ 1,438 Fair value of plan assets $ 1,025 $ 1,094 |
Schedule of Net Benefit Costs [Table Text Block] | 2023 2022 Interest cost $ 46 $ 39 Expected return on plan assets (42 ) (69 ) Recognized actuarial loss 50 63 Settlement loss 27 50 Net periodic benefit expense $ 81 $ 83 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | 2023 2022 Net loss $ (8 ) $ (17 ) Settlement loss (28 ) (50 ) Amortization of net loss (50 ) (63 ) Plan expenses — — Total recognized in other comprehensive loss $ (86 ) $ (130 ) Total recognized in net periodic benefit cost and other comprehensive loss $ (5 ) $ (47 ) |
Schedule of Expected Benefit Payments [Table Text Block] | 2024 $ 739 2025 264 2026 13 2027 106 2028 30 2029-2033 105 Total benefit payments expected to be paid $ 1,257 |
Defined Benefit Plan, Assumptions [Table Text Block] | 2023 2022 Discount rate 4.89 % 4.39 % Expected long-term rate of return 6.24 % 6.10 % Compensation increase rate N/A N/A |
Schedule of Weighted Average Allocation of Assets Related to Defined Benefit Plans Disclosure [Table Text Block] | Target 2023 2022 Allocation Equity securities 64 % 49 % 53 % Debt securities 14 % 20 % 41 % Commodities 12 % 0 % 0 % Other 10 % 31 % 6 % 100 % 100 % 100 % |
Schedule of Allocation of Plan Assets [Table Text Block] | Quoted Prices in Active Markets for Significant Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Equity securities(1) $ 653 $ 653 $ — $ — Debt securities(2) $ 141 $ 141 $ — $ — Other(3) $ 231 $ 231 $ — $ — Total $ 1,025 $ 1,025 $ — $ — |
Note I - Stockholders' Equity (
Note I - Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Class of Treasury Stock [Table Text Block] | Shares Average Cost Total Cost (in thousands) Shares purchased under Repurchase Plan 140,812 $ 9.19 $ 1,294 Shares acquired from employees for restricted stock vesting 23,587 8.86 209 Total 164,399 $ 1,503 Shares Average Cost Total Cost (in thousands) Shares purchased under Repurchase Plan 406,817 $ 12.76 $ 5,190 Shares acquired from employees for restricted stock vesting 28,263 11.08 313 Total 435,080 $ 5,503 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Number of Average Grant Shares – Date Fair 2009 Plan Value Nonvested at June 30, 2022 1,666 $ 8.50 Granted — $ — Vested 1,666 $ 8.50 Forfeited — $ — Nonvested at June 30, 2023 — $ — Available for grant at June 30, 2023 — Weighted Number of Average Grant Shares – Date Fair 2020 Plan Value Nonvested at June 30, 2022 186,227 $ 12.56 Granted 123,000 $ 8.79 Vested (71,146 ) $ 13.04 Forfeited (14,399 ) $ 11.69 Nonvested at June 30, 2023 223,682 $ 10.39 Available for grant at June 30, 2023 349,377 Weighted Number of Average Grant Shares Date Fair 2009 Plan Value Nonvested at June 30, 2021 61,324 $ 11.47 Granted — $ — Vested (51,326 ) $ 11.52 Forfeited (8,332 ) $ 10.88 Nonvested at June 30, 2022 1,666 $ 8.50 Available for grant at June 30, 2022 — Weighted Number of Average Grant Shares – Date Fair 2020 Plan Value Nonvested at June 30, 2021 87,773 $ 16.81 Granted 135,850 $ 10.99 Vested (25,896 ) $ 16.81 Forfeited (11,500 ) $ 16.81 Nonvested at June 30, 2022 186,227 $ 12.56 Available for grant at June 30, 2022 472,377 |
Note J - Commitments (Tables)
Note J - Commitments (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | There- 2024 2025 2026 2027 2028 after Total Gross minimum rental commitments $ 2,868 $ 1,369 $ 1,369 $ 1,369 $ 1,369 $ 6,162 $ 14,506 |
Note K - Economic Dependency (T
Note K - Economic Dependency (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Supplier Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year ended June 30, 2023 2022 % of Total % of Total Raw Material Raw Raw Material Raw Purchases by Material Purchases by Material Supplier Purchases Supplier Purchases Supplier 1 $ 11,487 13 % $ 14,065 17 % $ 11,487 13 % $ 14,065 17 % |
Customer Concentration Risk [Member] | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Fiscal 2023 Fiscal 2022 Customer 1 $ 61,646 $ 37,218 Customer 2 48,066 54,599 Customer 3 (a) 31,552 $ 109,712 $ 123,369 |
Note N - Segment Information (T
Note N - Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | 2023 2022 Net Sales Private-label contract manufacturing $ 145,294 $ 154,798 Patent and trademark licensing 8,721 16,168 $ 154,015 $ 170,966 2023 2022 Income from Operations Private-label contract manufacturing $ 9,488 $ 15,667 Patent and trademark licensing 3,021 6,780 Income from operations of reportable segments 12,509 22,447 Corporate expenses not allocated to segments (7,796 ) (8,768 ) $ 4,713 $ 13,679 |
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | 2023 2022 Assets Private-label contract manufacturing $ 102,495 $ 115,649 Patent and trademark licensing 31,657 30,354 $ 134,152 $ 146,003 |
Revenue from External Customers by Geographic Areas [Table Text Block] | 2023 2022 United States $ 109,277 $ 115,255 Markets outside the United States 44,738 55,711 Total net sales $ 154,015 $ 170,966 |
Long-Lived Assets by Geographic Areas [Table Text Block] | 2023 2022 United States $ 53,536 $ 43,769 Europe 20,674 22,505 Total Long-Lived Assets $ 74,210 $ 66,274 |
Assets by Geographic Areas [Table Text Block] | 2023 2022 United States $ 89,167 $ 83,443 Europe 44,985 62,560 Total Assets $ 134,152 $ 146,003 |
Capital Expenditures by Geographic Areas [Table Text Block] | 2023 2022 United States $ 13,210 $ 25,383 Europe 314 1,105 Total Capital Expenditures $ 13,524 $ 26,488 |
Note A - Organization and Sum_3
Note A - Organization and Summary of Significant Accounting Policies (Details Textual) € in Millions, SFr in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 USD ($) shares | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 CHF (SFr) | |
Income Tax Return Receivable | $ 3,500,000 | $ 3,500,000 | ||||
Accounts Receivable, Original Amount of Settled Receivable | $ 3,400,000 | |||||
Accounts Receivable, Amount Settled | $ 1,400,000 | |||||
Accounts Receivable, Increase (Decrease) in Amount | 850,000 | |||||
Asset Impairment Charges, Total | 0 | |||||
Contract with Customer, Refund Liability | 0 | 0 | ||||
Sales, Royalty and Licensing Revenue | 8,700,000 | $ 16,200,000 | ||||
Royalty Expense | 300,000 | 700,000 | ||||
Research and Development Expense | 2,100,000 | 2,500,000 | ||||
Advertising Expense | $ 700,000 | $ 1,100,000 | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||
Number of Major Customers | 3 | |||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Beta-alanine Raw Material [Member] | ||||||
Concentration Risk, Percentage | 21.40% | 5.40% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Three Customers [Member] | ||||||
Concentration Risk, Percentage | 47.40% | 52.40% | ||||
Restricted Stock [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | shares | 60,497 | 93,114 | ||||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative, Notional Amount | 12,300,000 | $ 12,300,000 | SFr 11.1 | |||
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||||||
Derivative, Notional Amount | $ 31,700,000 | $ 31,700,000 | € 28.4 | |||
Maximum Remaining Maturity of Foreign Currency Derivatives (Year) | 15 years | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 1 year | 1 year | 1 year | 1 year | ||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 39 years | 39 years | 39 years | 39 years | ||
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 | |||
Cost of Sales [Member] | ||||||
Income Tax Recovery | 2,200,000 | |||||
Selling, General and Administrative Expenses [Member] | ||||||
Income Tax Recovery | $ 1,300,000 |
Note A - Organization and Sum_4
Note A - Organization and Summary of Significant Accounting Policies - Fair Value of Derivative Instruments Classified As Level 2 Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Forward contracts | $ 390 | $ 3,144 |
Fair Value, Inputs, Level 2 [Member] | ||
Forward contracts | 390 | 3,253 |
Derivative assets, noncurrent asset | 547 | 1,014 |
Fair Value Net Asset – all Derivative Contracts | 937 | 4,267 |
Fair Value, Inputs, Level 2 [Member] | Euro Forward Contract [Member] | ||
Forward contracts | 250 | 3,144 |
Derivative assets, noncurrent asset | 15 | 561 |
Fair Value, Inputs, Level 2 [Member] | Swiss Franc Forward Contract [Member] | ||
Forward contracts | 140 | 109 |
Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative assets, noncurrent asset | $ 532 | $ 453 |
Note A - Organization and Sum_5
Note A - Organization and Summary of Significant Accounting Policies - Contract Liabilities and Revenue Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Contract Liabilities (Customer Deposits), balance | $ 140 | $ 1,721 |
Contract Liabilities (Customer Deposits), addition | 317 | 140 |
Contract Liabilities (Customer Deposits), revenue recognized | (137) | (1,721) |
Contract Liabilities (Customer Deposits), customer refunds | (3) | 0 |
Contract Liabilities (Customer Deposits), balance | $ 317 | $ 140 |
Note A - Organization and Sum_6
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, 2023 | Jun. 30, 2022 | |
Numerator | ||
Net income | $ 2,522 | $ 10,712 |
Denominator | ||
Basic weighted average common shares outstanding (in shares) | 5,863,083 | 6,117,044 |
Dilutive effect of stock options and restricted stock shares (in shares) | 14,000 | 38,000 |
Diluted weighted average common shares outstanding (in shares) | 5,877,559 | 6,155,118 |
Basic net income per common share (in dollars per share) | $ 0.43 | $ 1.75 |
Diluted net income per common share (in dollars per share) | $ 0.43 | $ 1.74 |
Note B - Inventories - Summary
Note B - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Raw materials | $ 20,946 | $ 28,196 |
Work in progress | 4,504 | 1,948 |
Finished goods | 4,928 | 2,842 |
Reserves | (684) | (511) |
Inventories, net | $ 29,694 | $ 32,475 |
Note C - Property and Equipme_3
Note C - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Depreciation | $ 4.3 | $ 4.2 |
Note C - Property and Equipme_4
Note C - Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Property and equipment, gross | $ 104,502 | $ 92,998 |
Less: accumulated depreciation and amortization | (50,661) | (48,425) |
Property and equipment, net | $ 53,841 | 44,573 |
Minimum [Member] | ||
Depreciable Life In Years (Year) | 1 year | |
Maximum [Member] | ||
Depreciable Life In Years (Year) | 39 years | |
Land [Member] | ||
Property and equipment, gross | $ 8,940 | 7,645 |
Building and Building Improvements [Member] | ||
Property and equipment, gross | $ 24,712 | 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 | $ 41,460 | 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 | $ 6,522 | 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 | $ 227 | 211 |
Depreciable Life In Years (Year) | 3 years | |
Leasehold Improvements [Member] | ||
Property and equipment, gross | $ 22,641 | $ 21,626 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Depreciable Life In Years (Year) | 1 year | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Depreciable Life In Years (Year) | 20 years |
Note D - Leases (Details Textua
Note D - Leases (Details Textual) | Jun. 30, 2023 | Jun. 30, 2022 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 3 months 18 days | 6 years 3 months 18 days |
Operating Lease, Weighted Average Discount Rate, Percent | 4.12% | 4.12% |
Note D - Leases - Lease Cash Fl
Note D - Leases - Lease Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 3,291 | $ 3,289 |
Increase in operating lease liabilities and right-of-use assets due to lease remeasurement | $ 906 | $ 8,513 |
Note E - Other Comprehensive _3
Note E - Other Comprehensive Income - Other Comprehensive (Loss) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Balance | $ 88,520 | $ 80,083 |
Balance | 88,772 | 88,520 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | (444) | (538) |
OCI/OCL before reclassifications | 8 | 17 |
Amounts reclassified from OCI | 78 | 113 |
Tax effect of OCI activity | (22) | (36) |
Net current period OCI/OCL | 64 | 94 |
Balance | (380) | (444) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | 1,795 | (23) |
OCI/OCL before reclassifications | 538 | 5,370 |
Amounts reclassified from OCI | (3,086) | (3,011) |
Tax effect of OCI activity | 643 | (541) |
Net current period OCI/OCL | (1,905) | 1,818 |
Balance | (110) | 1,795 |
Accumulated Gain (Loss), Net, Swap Derivative, Parent [Member] | ||
Balance | 348 | 0 |
OCI/OCL before reclassifications | 79 | 454 |
Amounts reclassified from OCI | 0 | 0 |
Tax effect of OCI activity | (20) | (106) |
Net current period OCI/OCL | 59 | 348 |
Balance | 407 | 348 |
AOCI Attributable to Parent [Member] | ||
Balance | 1,699 | (561) |
OCI/OCL before reclassifications | 625 | 5,841 |
Amounts reclassified from OCI | (3,008) | (2,898) |
Tax effect of OCI activity | 601 | (683) |
Net current period OCI/OCL | (1,782) | 2,260 |
Balance | $ (83) | $ 1,699 |
Note F - Debt (Details Textual)
Note F - Debt (Details Textual) | 12 Months Ended | ||||||||
Aug. 20, 2021 USD ($) | Aug. 18, 2021 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Aug. 23, 2021 | Jun. 30, 2021 USD ($) | May 24, 2021 USD ($) | Jan. 31, 2021 USD ($) | |
Payments to Acquire Property, Plant, and Equipment, Total | $ 13,524,000 | $ 26,488,000 | |||||||
Interest Costs Capitalized | 198,000 | 171,000 | |||||||
Interest Rate Swap [Member] | |||||||||
Derivative, Fixed Interest Rate | 2.40% | 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 | 15,000,000 | $ 10,000,000 | |||||||
Debt Instrument Covenant Capital Expenditures Limitation, Amount, After Twelve Years | $ 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 | ||||||||
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% | ||||||||
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 | $ 9,517,000 | ||||||||
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 F - Debt - Future Debt Pay
Note F - Debt - Future Debt Payments (Details) - Wells Fargo Bank, N.A. [Member] - Credit Agreement [Member] - Term Loan [Member] $ in Thousands | Jun. 30, 2023 USD ($) |
Future Debt Payments, 2024 | $ 312 |
Future Debt Payments, 2025 | 296 |
Future Debt Payments, 2026 | 305 |
Future Debt Payments, 2027 | 315 |
Future Debt Payments, 2028 | 325 |
Future Debt Payments, thereafter | 7,964 |
Future Debt Payments, total | $ 9,517 |
Note G - Income Taxes (Details
Note G - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Federal, State and Local Income Tax Expense (Benefit), Gross, Continuing Operations | $ 800 | $ 2,000 |
Foreign Income Tax Expense (Benefit), Continuing Operations | 200 | $ 900 |
Operating Loss Carryforwards | $ 5,600 | |
Effective Income Tax Rate Reconciliation, Percent | 29.10% | 21.60% |
Dividends and Interest Paid | $ 14,700 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 0 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |
Fiscal Years After June 30, 2021 [Member] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | |
Foreign Tax Authority [Member] | Swiss Federal Tax Administration (FTA) [Member] | ||
Effective Income Tax Rate Reconciliation, Percent | 23% | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 5% | |
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 700 |
Note G - Income Taxes - Geograp
Note G - Income Taxes - Geographical Breakdown of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Total income before income taxes | $ 3,555 | $ 13,659 |
Domestic Tax Authority [Member] | ||
United States | 2,588 | 9,152 |
Foreign Tax Authority [Member] | ||
United States | $ 967 | $ 4,507 |
Note G - Income Taxes - Provisi
Note G - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Current: | ||
Federal | $ 843 | $ 1,297 |
State | 211 | (1) |
Foreign | 221 | 900 |
Total Current | 1,275 | 2,196 |
Deferred: | ||
Federal | (246) | 501 |
State | 4 | 250 |
Foreign | 0 | 0 |
Total deferred | (242) | 751 |
Total provision for income taxes | $ 1,033 | $ 2,947 |
Note G - Income Taxes - Net Def
Note G - Income Taxes - Net Deferred Tax Assets and Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Deferred tax assets: | ||
Inventory capitalization | $ 220 | $ 373 |
Inventory reserves | 164 | 113 |
Lease liability | 2,018 | 2,139 |
Net operating loss carry forward | 433 | 242 |
Accrued compensation | 166 | 458 |
Capitalized research and experimentation | 412 | 0 |
Accrued contingent fee | 219 | 0 |
Stock-based compensation | 81 | 66 |
Deferred Tax Assets, Derivative Instruments | 56 | 0 |
Tax credit carry forward | 229 | 43 |
Allowance for bad debt | 1 | 795 |
Interest expense | 103 | 0 |
Other, net | 87 | 0 |
Total gross deferred tax assets | 4,189 | 4,229 |
Deferred tax liabilities: | ||
Withholding taxes | (401) | (1,133) |
Fixed assets | (1,451) | (1,523) |
Forward contracts | 0 | (541) |
Lease asset | (1,951) | (2,073) |
Other, net | (31) | (179) |
Deferred tax liabilities | (3,834) | (5,449) |
Net deferred tax assets (liabilities) | 355 | 1,220 |
Net deferred tax assets (liabilities) | $ (355) | $ (1,220) |
Note G - Income Taxes - Reconci
Note G - Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income taxes computed at statutory federal income tax rate | $ 749 | $ 2,868 |
State income taxes, net of federal income tax expense | 90 | 174 |
Permanent differences | 8 | 85 |
Foreign tax rate differential | 18 | (47) |
Tax credits | (347) | (124) |
FDII export sales incentive | 0 | (46) |
Stock based compensation | 61 | 37 |
Global intangible low-taxed income (GILTI) | 355 | 0 |
Return to provision - differences | 99 | |
Total provision for income taxes | $ 1,033 | $ 2,947 |
Effective Income Tax Rate Reconciliation, Percent | 29.10% | 21.60% |
Note H - Employee Benefit Pla_3
Note H - Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Jan. 01, 2004 | Jun. 30, 2023 | Jun. 30, 2022 | |
Health Insurance Plan Premium Expense | $ 1,700,000 | $ 1,400,000 | |
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount | $ 600,000 | $ 300,000 | |
Number of Years Compensation Used for Benefit Obligation Assumptions (Year) | 5 years | ||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.89% | 4.39% | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 0 | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year | $ 40,000 | ||
Large-cap Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 50% | ||
Developed Market Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 26% | ||
Mid-cap Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 18% | ||
Small Cap Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 6% | ||
Fixed Income Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 34% | ||
Developed Market Fixed Income Funds [Member] | |||
Defined Benefit Plan Equity Securities by Type, Percentage | 66% | ||
First Contributions [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5% | ||
Profit-sharing Plan [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 700,000 | 500,000 | |
Discretionary Profit-sharing Plan [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 300,000 |
Note H - Employee Benefit Pla_4
Note H - Employee Benefit Plans - Defined Benefit Pension Plan's Funded Status and Amount Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Change in Benefit Obligation: | ||
Benefit obligation at beginning of year | $ 1,438 | $ 1,820 |
Interest cost | 46 | 39 |
Actuarial loss | (29) | (276) |
Benefits paid | (91) | (145) |
Benefit obligation at end of year | 1,364 | 1,438 |
Change in Plan Assets: | ||
Fair value of plan assets at beginning of year | 1,094 | 1,429 |
Actual return on plan assets | 22 | (190) |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | 0 |
Benefits paid | (91) | (145) |
Plan expenses | 0 | 0 |
Fair value of plan assets at end of year | 1,025 | 1,094 |
Reconciliation of Funded Status: | ||
Difference between benefit obligation and fair value of plan assets | (339) | (344) |
Unrecognized net actuarial loss in accumulated other comprehensive income | 409 | 495 |
Net amount recognized | 70 | 151 |
Projected benefit obligation | 1,364 | 1,438 |
Accumulated benefit obligation | 1,364 | 1,438 |
Fair value of plan assets | $ 1,025 | $ 1,094 |
Note H - Employee Benefit Pla_5
Note H - Employee Benefit Plans - Components Included in Defined Benefit Pension Plan's Net Periodic Benefit Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Interest cost | $ 46 | $ 39 |
Expected return on plan assets | (42) | (69) |
Recognized actuarial loss | 50 | 63 |
Settlement loss | 27 | 50 |
Net periodic benefit expense | $ 81 | $ 83 |
Note H - Employee Benefit Pla_6
Note H - Employee Benefit Plans - Summary of Changes in Plan Assets and Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Net loss | $ (8) | $ (17) |
Settlement loss | (28) | (50) |
Amortization of net loss | (50) | (63) |
Plan expenses | 0 | 0 |
Total recognized in other comprehensive loss | (86) | (130) |
Total recognized in net periodic benefit cost and other comprehensive loss | $ (5) | $ (47) |
Note H - Employee Benefit Pla_7
Note H - Employee Benefit Plans - Benefit Payments Expected to be Paid (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
2024 | $ 739 |
2025 | 264 |
2026 | 13 |
2027 | 106 |
2028 | 30 |
2029-2033 | 105 |
Total benefit payments expected to be paid | $ 1,257 |
Note H - Employee Benefit Pla_8
Note H - Employee Benefit Plans - Weighted-average Rates Used In Determining Defined Benefit Pension Plan's Net Pension Costs (Details) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Discount rate | 4.89% | 4.39% |
Expected long-term rate of return | 6.24% | 6.10% |
Note H - Employee Benefit Pla_9
Note H - Employee Benefit Plans - Defined Benefit Pension Plan's Weighted Average Asset Association and Weighted Average Target Allocation (Details) | Jun. 30, 2023 | Jun. 30, 2022 |
Weighted-average asset allocation | 100% | 100% |
Target allocation | 100% | |
Equity Securities [Member] | ||
Weighted-average asset allocation | 64% | 49% |
Target allocation | 53% | |
Debt Securities [Member] | ||
Weighted-average asset allocation | 14% | 20% |
Target allocation | 41% | |
Commodity Contract [Member] | ||
Weighted-average asset allocation | 12% | 0% |
Target allocation | 0% | |
Other Contract [Member] | ||
Weighted-average asset allocation | 10% | 31% |
Target allocation | 6% |
Note H - Employee Benefit Pl_10
Note H - Employee Benefit Plans - Fair Values by Asset Category of Defined Benefit Pension Plan (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Fair value by asset category | $ 1,025 | $ 1,094 | $ 1,429 | |
Fair Value, Inputs, Level 1 [Member] | ||||
Fair value by asset category | 1,025 | |||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair value by asset category | 0 | |||
Fair Value, Inputs, Level 3 [Member] | ||||
Fair value by asset category | 0 | |||
Equity Securities [Member] | ||||
Fair value by asset category | [1] | 653 | ||
Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value by asset category | [1] | 653 | ||
Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value by asset category | [1] | 0 | ||
Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value by asset category | [1] | 0 | ||
Debt Securities [Member] | ||||
Fair value by asset category | [2] | 141 | ||
Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value by asset category | [2] | 141 | ||
Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value by asset category | [2] | 0 | ||
Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value by asset category | [2] | 0 | ||
Other Contract [Member] | ||||
Fair value by asset category | [3] | 231 | ||
Other Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair value by asset category | [3] | 231 | ||
Other Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair value by asset category | [3] | 0 | ||
Other Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value by asset category | [3] | $ 0 | ||
[1]This category is comprised of publicly traded funds, of which 50% are large-cap funds, 26% are developed and emerging market funds, 18% are mid-cap funds, and 6% are small-cap funds.[2]This category is comprised of publicly traded funds, of which 34% are U.S. fixed income funds and 66% are corporate and foreign market fixed income funds.[3]This category is comprised of commodities and cash alternatives. |
Note I - Stockholders' Equity_2
Note I - Stockholders' Equity (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 14, 2022 | Mar. 12, 2021 | Sep. 18, 2020 | Jun. 30, 2023 | |
Stock Repurchase Program, Additional Authorized Amount | $ 3 | $ 3 | $ 2 | |
Stock Repurchase Program, Authorized Amount | $ 18 | $ 15 | $ 12 | |
Restricted Stock [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2 | |||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 days |
Note I - Stockholders' Equity -
Note I - Stockholders' Equity - Treasury Stock Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Treasury Stock Acquired, Shares (in shares) | 164,399 | 435,080 |
Treasury Stock Acquired, Average Cost (in dollars per share) | ||
Treasury Stock Acquired, Total Cost | $ 1,503 | $ 5,503 |
Stock Repurchase Plan [Member] | ||
Treasury Stock Acquired, Shares (in shares) | 140,812 | 406,817 |
Treasury Stock Acquired, Average Cost (in dollars per share) | $ 9.19 | $ 12.76 |
Treasury Stock Acquired, Total Cost | $ 1,294 | $ 5,190 |
Stock Repurchased from Employee for Restricted Stock Vesting [Member] | ||
Treasury Stock Acquired, Shares (in shares) | 23,587 | 28,263 |
Treasury Stock Acquired, Average Cost (in dollars per share) | $ 8.86 | $ 11.08 |
Treasury Stock Acquired, Total Cost | $ 209 | $ 313 |
Note I - Stockholders' Equity_3
Note I - Stockholders' Equity - Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
The 2009 Omnibus Stock Incentive Plan [Member] | ||
Nonvested, Shares (in shares) | 1,666 | 61,324 |
Nonvested, weighted-average grant date fair value (in dollars per share) | $ 8.50 | $ 11.47 |
Granted, Shares (in shares) | 0 | 0 |
Granted, weighted-average grant date fair value (in dollars per share) | $ 0 | $ 0 |
Vested, Shares (in shares) | 1,666 | 51,326 |
Granted, weighted-average grant date fair value (in dollars per share) | $ 8.50 | $ 11.52 |
Forfeited, Shares (in shares) | 0 | (8,332) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 0 | $ 10.88 |
Nonvested, Shares (in shares) | 0 | 1,666 |
Nonvested, weighted-average grant date fair value (in dollars per share) | $ 0 | $ 8.50 |
Available for grant, Shares (in shares) | 0 | 0 |
Vested, Shares (in shares) | (1,666) | (51,326) |
The 2020 Omnibus Stock Incentive Plan [Member] | ||
Nonvested, Shares (in shares) | 186,227 | 87,773 |
Nonvested, weighted-average grant date fair value (in dollars per share) | $ 12.56 | $ 16.81 |
Granted, Shares (in shares) | 123,000 | 135,850 |
Granted, weighted-average grant date fair value (in dollars per share) | $ 8.79 | $ 10.99 |
Vested, Shares (in shares) | 71,146 | 25,896 |
Granted, weighted-average grant date fair value (in dollars per share) | $ 13.04 | $ 16.81 |
Forfeited, Shares (in shares) | (14,399) | (11,500) |
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 11.69 | $ 16.81 |
Nonvested, Shares (in shares) | 223,682 | 186,227 |
Nonvested, weighted-average grant date fair value (in dollars per share) | $ 10.39 | $ 12.56 |
Available for grant, Shares (in shares) | 349,377 | 472,377 |
Vested, Shares (in shares) | (71,146) | (25,896) |
Note J - Commitments (Details T
Note J - Commitments (Details Textual) $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 USD ($) ft² | Jun. 30, 2022 USD ($) | Nov. 05, 2018 m² | |
Operating Lease, Expense | $ | $ 3.3 | $ 3.4 | |
California 1 [Member] | |||
Operating Lease Facility Area (Square Foot) | 162,000 | ||
SWITZERLAND | Natural Alternatives International Europe SA [Member] | |||
Operating Lease Facility Area (Square Foot) | 125,000 | ||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||
SWITZERLAND | Natural Alternatives International Europe SA [Member] | Sofinol SA [Member] | |||
Operating Lease Facility Area (Square Foot) | m² | 2,870 | ||
Lessee, Operating Lease, Term of Contract (Year) | 5 years |
Note J - Commitments - Minimum
Note J - Commitments - Minimum Rental Commitments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
2024 | $ 2,868 |
2025 | 1,369 |
2026 | 1,369 |
2027 | 1,369 |
There-after | 6,162 |
Total | $ 14,506 |
Note K - Economic Dependency (D
Note K - Economic Dependency (Details Textual) - USD ($) $ in Millions | Jun. 30, 2023 | Jun. 30, 2022 |
Three Customers [Member] | ||
Accounts Receivable, after Allowance for Credit Loss | $ 1.8 | $ 10.7 |
Note K - Economic Dependency -
Note K - Economic Dependency - Substantial Net Sales to Certain Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Net sales | $ 154,015 | $ 170,966 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | |||
Net sales | 109,712 | 123,369 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 1 [Member] | |||
Net sales | 61,646 | 37,218 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 2 [Member] | |||
Net sales | [1] | $ 48,066 | 54,599 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer 3 [Member] | |||
Net sales | $ 31,552 | ||
[1]Sales were less than 10% of the respective period’s consolidated net sales. |
Note K - Economic Dependency _2
Note K - 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, 2023 | Jun. 30, 2022 | |
Raw Material Purchases by Supplier | $ 11,487 | $ 14,065 |
% of Total Raw Material Purchases | 13% | 17% |
Supplier 1 [Member] | ||
Raw Material Purchases by Supplier | $ 11,487 | $ 14,065 |
% of Total Raw Material Purchases | 13% | 17% |
Note L - Derivatives and Hedg_2
Note L - Derivatives and Hedging (Details Textual) $ in Thousands, € in Millions, SFr in Millions | 12 Months Ended | |||||
Aug. 18, 2021 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 CHF (SFr) | Aug. 23, 2021 | |
Deferred Tax Assets, Derivative Instruments | $ 56 | $ 0 | ||||
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 | $ 10,000 | |||||
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% | |||||
Cash Flow Hedging [Member] | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 500 | 5,400 | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Interest Income, Effective Portion, Net | 3,100 | 3,000 | ||||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | ||||||
Derivative, Notional Amount | 12,300 | SFr 11.1 | ||||
Foreign Exchange Contract [Member] | Cash Flow Hedging [Member] | ||||||
Derivative, Notional Amount | 31,700 | € 28.4 | ||||
Accumulated Other Comprehensive Income (Loss) Cumulative Cash Flow Hedges, Gain (Loss) | 200 | (2,300) | ||||
Deferred Tax Assets, Derivative Instruments | 100 | $ 500 | ||||
Foreign Currency Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months | $ 200 | |||||
Interest Rate Swap [Member] | ||||||
Derivative, Fixed Interest Rate | 2.40% | 2.40% |
Note N - Segment Information (D
Note N - Segment Information (Details Textual) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | |
Number of Reportable Segments | 2 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 154,015 | $ 170,966 |
Non-US [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 44,738 | 55,711 |
UNITED STATES | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 109,277 | $ 115,255 |
Products Manufactured by NAIE [Member] | Non-US [Member] | Product Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Concentration Risk, Percentage | 79% | 84% |
Products Manufactured by NAIE [Member] | UNITED STATES | ||
Revenue from Contract with Customer, Including Assessed Tax | $ 0 | $ 0 |
Note N - Segment Information -
Note N - Segment Information - Operating Results by Business Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 154,015 | $ 170,966 |
Income from operations | 4,713 | 13,679 |
Operating Segments [Member] | ||
Income from operations | 12,509 | 22,447 |
Corporate, Non-Segment [Member] | ||
Income from operations | (7,796) | (8,768) |
Private Label Contract Manufacturing [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 145,294 | 154,798 |
Private Label Contract Manufacturing [Member] | Operating Segments [Member] | ||
Income from operations | 9,488 | 15,667 |
Patent and Trademark Licensing [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 8,721 | 16,168 |
Patent and Trademark Licensing [Member] | Operating Segments [Member] | ||
Income from operations | $ 3,021 | $ 6,780 |
Note N - Segment Information _2
Note N - Segment Information - Assets by Business Segment (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Total Assets | $ 134,152 | $ 146,003 |
Private Label Contract Manufacturing [Member] | ||
Total Assets | 102,495 | 115,649 |
Patent and Trademark Licensing [Member] | ||
Total Assets | $ 31,657 | $ 30,354 |
Note N - Segment Information _3
Note N - Segment Information - Net Sales by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Net sales | $ 154,015 | $ 170,966 |
UNITED STATES | ||
Net sales | 109,277 | 115,255 |
Non-US [Member] | ||
Net sales | $ 44,738 | $ 55,711 |
Note N - Segment Information _4
Note N - Segment Information - Long-lived Assets by Geographical Region (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Long-Lived Assets | $ 74,210 | $ 66,274 |
UNITED STATES | ||
Long-Lived Assets | 53,536 | 43,769 |
Europe [Member] | ||
Long-Lived Assets | $ 20,674 | $ 22,505 |
Note N - Segment Information _5
Note N - Segment Information - Total Assets by Geographical Region (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Total Assets | $ 134,152 | $ 146,003 |
UNITED STATES | ||
Total Assets | 89,167 | 83,443 |
Europe [Member] | ||
Total Assets | $ 44,985 | $ 62,560 |
Note N - Segment Information _6
Note N - Segment Information - Capital Expenditures by Geographical Region (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Payments to Acquire Property, Plant, and Equipment, Total | $ 13,524 | $ 26,488 |
UNITED STATES | ||
Payments to Acquire Property, Plant, and Equipment, Total | 13,210 | 25,383 |
Europe [Member] | ||
Payments to Acquire Property, Plant, and Equipment, Total | $ 314 | $ 1,105 |
Note O - Subsequent Events (Det
Note O - Subsequent Events (Details Textual) - Subsequent Event [Member] - California 1 [Member] | Jul. 18, 2023 USD ($) ft² |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract (Year) | 10 years 4 months 24 days |
Number of Real Estate Properties | 2 |
Area of Real Estate Property (Square Foot) | ft² | 162,000 |
Operating Lease, Base Rent Per Square Foot | $ 1.50 |
Tenant Improvements | 2,300,000 |
Reimbursements For Tenant Improvements [Member] | |
Tenant Improvements | $ 1,100,000 |