Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2016 | Nov. 04, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | BIO-TECHNE Corp | |
Entity Central Index Key | 842,023 | |
Trading Symbol | tech | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 37,309,642 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 130,581 | $ 112,381 |
Cost of sales | 46,111 | 36,990 |
Gross margin | 84,470 | 75,391 |
Operating expenses: | ||
Selling, general and administrative | 46,263 | 33,040 |
Research and development | 12,765 | 11,322 |
Total operating expenses | 59,028 | 44,362 |
Operating income | 25,442 | 31,028 |
Other (expense) income | (1,314) | 818 |
Earnings before income taxes | 24,128 | 31,847 |
Income taxes | 7,845 | 9,139 |
Net earnings | 16,281 | 22,707 |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments | (3,234) | (12,896) |
Unrealized gains and losses on available-for-sale investments, net of tax of ($171) and $3,752, respectively | 9,714 | (10,125) |
Other comprehensive (loss) income | 6,480 | (23,021) |
Comprehensive income (loss) | $ 22,761 | $ (314) |
Earnings per share: | ||
Basic (in dollars per share) | $ 0.44 | $ 0.61 |
Diluted (in dollars per share) | 0.43 | 0.61 |
Cash dividends per common share: (in dollars per share) | $ 0.32 | $ 0.32 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 37,281 | 37,169 |
Diluted (in shares) | 37,473 | 37,315 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Unrealized losses on available-for-sale investments, net of tax | $ (171) | $ 3,752 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 69,589,000 | $ 64,237,000 |
Short-term available-for-sale investments | 52,381,000 | 31,598,000 |
Accounts receivable, less allowance for doubtful accounts of $626 and $555, respectively | 109,813,000 | 93,393,000 |
Inventories | 70,519,000 | 57,102,000 |
Prepaid expenses | 7,849,000 | 7,561,000 |
Total current assets | 310,151,000 | 253,891,000 |
Property and equipment, net | 133,805,000 | 132,362,000 |
Intangible assets, net | 503,626,000 | 310,524,000 |
Goodwill | 565,789,000 | 430,882,000 |
Other assets | 4,106,000 | 1,922,000 |
1,517,478,000 | 1,129,581,000 | |
Current liabilities: | ||
Trade accounts payable | 14,178,000 | 20,653,000 |
Salaries, wages and related accruals | 10,110,000 | 14,868,000 |
Accrued expenses | 19,967,000 | 8,371,000 |
Contingent consideration payable | 49,900,000 | 0 |
Income taxes payable | 4,646,000 | 1,779,000 |
Deferred revenue, current | 4,484,000 | 4,717,000 |
Related party note payable, current | 3,733,000 | 3,759,000 |
Total current liabilities | 107,016,000 | 54,147,000 |
Deferred income taxes | 135,512,000 | 62,837,000 |
Long-term debt obligations | 343,500,000 | 130,000,000 |
Fair value contingent consideration | 32,400,000 | 0 |
Other long-term liabilities | 3,654,000 | 3,317,000 |
Shareholders’ equity: | ||
Common stock, par value $.01 per share; authorized 100,000,000; issued and outstanding 37,301,380 and 37, 253,771, respectively | 373,000 | 372,000 |
Additional paid-in capital | 184,213,000 | 178,760,000 |
Retained earnings | 774,734,000 | 770,553,000 |
Accumulated other comprehensive loss | (63,925,000) | (70,405,000) |
Total shareholders’ equity | 895,369,000 | 879,280,000 |
$ 1,517,478,000 | $ 1,129,581,000 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Allowance for doubtful accounts | $ 626 | $ 555 |
Common stock authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock issued (in shares) | 37,301,380 | 37,253,771 |
Common stock outstanding (in shares) | 37,301,380 | 37,253,771 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 16,281,000 | $ 22,707,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 13,644,000 | 10,685,000 |
Costs recognized on sale of acquired inventory | 4,219,000 | 1,113,000 |
Deferred income taxes | (1,170,000) | (1,115,000) |
Stock-based compensation expense | 3,176,000 | 2,038,000 |
Fair value adjustment to contingent consideration payable | 1,900,000 | |
Other | 262,000 | 26,000 |
Change in operating assets and operating liabilities, net of acquisition: | ||
Trade accounts and other receivables | (10,176,000) | (3,763,000) |
Inventories | (2,414,000) | (3,176,000) |
Prepaid expenses | 605,000 | (766,000) |
Trade accounts payable and accrued expenses | 4,132,000 | (416,000) |
Salaries, wages and related accruals | (7,257,000) | (1,704,000) |
Income taxes payable | 2,850,000 | 6,204,000 |
Net cash provided by operating activities | 26,502,000 | 31,833,000 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisitions, net of cash acquired | (259,004,000) | (82,970,000) |
Proceeds from available-for-sale investments | 3,930,000 | |
Purchases of available for sale investments | (6,836,000) | |
Additions to property and equipment | (2,442,000) | (6,121,000) |
Net cash used in investing activities | (268,282,000) | (85,161,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash dividends | (11,932,000) | (11,894,000) |
Proceeds from stock option exercises | 2,026,000 | 1,128,000 |
Excess tax benefit from stock option exercises | 253,000 | 131,000 |
Borrowings under line-of-credit agreement | 343,500,000 | 77,000,000 |
Payments on line-of-credit | (91,513,000) | (24,500,000) |
Net cash provided by financing activities | 242,334,000 | 41,865,000 |
Effect of exchange rate changes on cash and cash equivalents | 5,248,000 | 5,773,000 |
Net increase (decrease) in cash and cash equivalents | 5,352,000 | (5,690,000) |
Cash and cash equivalents at beginning of period | 64,237,000 | 54,532,000 |
Cash and cash equivalents at end of period | $ 69,589,000 | $ 48,842,000 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | Note 1. Basis of Presentation and Summary of Significant Accounting Policies: The interim consolidated financial statements of Bio-Techne Corporation and subsidiaries, (the Company) presented here have been prepared by the Company and are unaudited. They have been prepared in accordance with accounting principles generally accepted in the United States of America and with instructions to Form 10-Q and Article 10 of Regulation S-X. They reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. All such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Consolidated Financial Statements and Notes thereto for the fiscal year ended June 30, 2016, included in the Company’s Annual Report on Form 10-K for fiscal 2016. A summary of significant accounting policies followed by the Company is detailed in the Company’s Annual Report on Form 10-K for fiscal 2016. The Company follows these policies in preparation of the interim unaudited condensed consolidated financial statements. Available-For-Sale Investments: The Company’s available-for-sale securities are carried at fair value using Level 1 inputs. The fair value of the Company’s available-for-sale investments at September 30, 2016 and June 30, 2016 were $52.4 million and $31.6 million, respectively. The increase was caused by the addition of $5.7 million in securities held by Advanced Cell Diagnostics (ACD), and the investment of $5.2 million of available cash in China into certificates of deposit. The remaining $9.9 million is due to the change in the fair value of the Company’s investment in ChemoCentryx, Inc. (CCXI). The amortized cost basis of the Company’s investment is CCXI at September 30, 2016 and June 30, 2016 was $29.5 million. Inventories: Inventories consist of (in thousands): September 30, June 30, 2016 2016 Raw materials $ 19,566 $ 22,963 Finished goods 50,953 34,139 Inventories, net $ 70,519 $ 57,102 The increase from June 30 is primarily due to $12.8 million of additional inventory at ACD, which is adjusted to its fair value as of the date of acquisition. At both September 30, 2016 and June 30, 2016, the Company had approximately $24 million of excess protein, antibody and chemically-based inventory on hand which was not valued. Property and Equipment: Property and equipment consist of (in thousands): September 30, June 30, 2016 2016 Land $ 6,270 $ 6,270 Buildings and improvements 157,675 157,963 Machinery and equipment 93,710 82,018 Property and equipment, cost 251,385 246,251 Accumulated depreciation and amortization (117,580 ) (113,889 ) Property and equipment, net $ 133,805 $ 132,362 Intangible Assets: Intangible assets consist of (in thousands): September 30, June 30, 2016 2016 Developed technology $ 233,699 $ 120,611 Trade names 79,949 63,706 Customer relationships 272,309 191,118 Non-compete agreements 3,451 3,284 Intangible assets 589,409 378,719 Accumulated amortization (85,783 ) (75,595 ) Net amortizable intangible asset 503,626 303,124 In Process Research and Development $ - $ 7,400 Intangible assets, net $ 503,626 $ 310,524 Changes to the carrying amount of net intangible assets for the quarter ended September 30, 2016 consist of (in thousands): Beginning balance $ 310,524 Acquisitions 207,769 Adjustment to Zephyrus purchase accounting 900 Amortization expense (10,188 ) Currency translation (5,379 ) Ending balance $ 503,626 The estimated future amortization expense for intangible assets as of September 30, 2016 is as follows (in thousands): 2017 $ 36,105 2018 46,107 2019 46,493 2020 44,865 2021 44,501 2022 44,501 Thereafter 242,055 $ 503,626 Goodwill: Changes to the carrying amount of goodwill for the quarter ended September 30, 2016 consist of (in thousands): Beginning balance $ 430,882 Acquisitions 140,694 Currency translation (5,787 ) Ending balance $ 565,789 Pronouncements Issued But Not Yet Adopted In May 2014, the FASB issued guidance In February 2016, the FASB issued guidance which requires recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is effective for us beginning July 1, 2019, with early adoption permitted. The provisions of this guidance are to be applied using a modified retrospective approach, which requires application of the guidance for all periods presented. We are currently evaluating the impact that this guidance will have on our consolidated financial statements. In March 2016, the FASB issued guidance which simplifies several aspects of the accounting for share-based payment transactions, including certain income tax consequences, classifications on the statement of cash flows, and accounting for forfeitures. The guidance is effective for us beginning July 1, 2017, and early application is permitted. We are currently evaluating the adoption date and the effects this standard will have on our consolidated financial statements. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | Note 2. Acquisitions: The Company’s acquisitions have historically been made at prices above the fair value of the acquired identifiable assets, resulting in goodwill. The goodwill is due to strategic benefits of growing the Company’s product portfolio, expected revenue growth from the increased market penetration from future products and customers, and expectations of synergies that will be realized by combining the businesses. Acquisitions have been accounted for using the purchase method of accounting and the acquired companies’ results have been included in the accompanying financial statements from their respective dates of acquisition. Acquisition costs are recorded in selling, general and administrative expenses as incurred. Zephyrus Biosciences, Inc. On March 14, 2016, the Company acquired Zephyrus Biosciences, Inc. (Zephyrus) for $8 million in cash and up to $7 million in contingent consideration. Zephyrus provides research tools to enable protein analysis at the single cell level. Addressing the burgeoning single cell analysis market, Zephyrus's first product, Milo™, enables western blotting on individual cells for the first time. In connection with the Zephyrus acquisition, the Company initially recorded $7.4 million of in process research and development which was not amortized. This amount was revalued to $8.3 million and converted to developed technology during the quarter. This reclassification occurred because the sale of product associated with the technology was completed during the quarter. The Company will pay Zephyrus former shareholders an additional $3.5 million if and when 10 instruments are sold prior to the 3 year anniversary of the closing date (March 14, 2019). In addition, the Company will pay Zephyrus former shareholders an additional $3.5 million if and when $3 million in cumulative sales are generated within 4.5 yrs of the closing date (September 14, 2020). We have established an initial estimate of the fair value of these contingent consideration payments to be $6.9 million in total. This fair value was estimated using a Monte Carlo simulation, the significant inputs of which included projected revenues and unit sales, volatility considerations with respect to these projections, and present value discount factors. The goodwill recorded as a result of the Zephyrus acquisition represents the strategic benefits of growing the Company’s product portfolio and the expected revenue growth from increased market penetration from future products and customers. The goodwill is not deductible for income tax purposes. Space Import-Export, Srl On July 1, 2016 Bio-Techne acquired Space Import-Export, Srl (Space) of Milan, Italy for the equivalent of approximately $9 million. Space is a long and trusted partner of Bio-Techne, distributing its products since 1985 and creating a very effective and visible presence in the Italian market. The goodwill recorded as a result of the Space acquisition represents the strategic benefits of the expected revenue growth from increased market penetration from future customers. The goodwill is not deductible for income tax purposes. Advanced Cell Diagnostics On August 1, 2016, Bio-Techne closed on the acquisition of ACD for approximately $250 million, net of cash received, plus contingent consideration of up to $75 million as follows: ● $25 million can be earned if calendar year 2016 revenues equal or exceed $30 million. ● an additional $50 million can be earned if calendar year 2017 revenues equal or exceed $45 million. If the revenue hurdle related to the 2016 calendar year is not met, the $25 million can be earned if the calendar year 2017 revenue hurdle is met. If the 2016 revenue hurdle is met, and calendar year 2017 revenues exceed $40 million but are less than $45 million, a reduced earn-out payment will be made for calendar year 2017, calculated on a sliding scale. Based on specifics above, management estimated the fair value of the contingent consideration payable using a Monte Carlo simulation, the significant inputs of which included projected revenues, volatility considerations with respect to these projections, and present value discount factors. This simulation resulted in a valuation of $38.2 million and $40.1 million as of the August 1, 2016 (the acquisition date) and September 30, 2016, respectively. The change of $1.9 million was recorded as an expense to selling, general, and administrative expenses during the quarter ended September 30, 2016. The goodwill recorded as a result of the ACD acquisition represents the strategic benefits of growing the Company’s product portfolio and the expected revenue growth from increased market penetration from future products and customers. The goodwill is not deductible for income tax purposes. The preliminary estimated fair value of the assets acquired and liabilities assumed in each acquisition, pending final valuation of intangible assets, are as follows (in thousands): ACD Space Zephyrus Current assets, net of cash $ 25,196 $ 2,128 $ 86 Equipment 2,757 159 32 Other long-term assets 3,812 - - Intangible assets: Developed technology 107,000 - 8,300 Trade name 17,000 - - Customer relationships 77,000 6,769 - Non-compete agreement 200 - - Goodwill 137,594 3,100 9,378 Total assets acquired 370,559 12,156 17,796 Liabilities 3,599 1,884 54 Deferred income taxes, net 78,760 1,708 2,812 Net assets acquired $ 288,200 $ 9,004 $ 14,930 Cash paid, net of cash acquired $ 250,000 $ 9,004 $ 8,030 Fair value contingent consideration 38,200 - 6,900 Net assets acquired $ 288,200 $ 9,004 $ 14,930 Tangible assets acquired, net of liabilities assumed, were stated at fair value at the date of acquisition based on management’s assessment. The purchase price allocated to developed technology, trade names, and customer relationships was based on management’s forecasted cash inflows and outflows and using a relief-from-royalty and a multi-period excess earnings method to calculate the fair value of assets purchased. The developed technology is being amortized with the expense reflected in cost of goods sold in the Condensed Consolidated Statement of Earnings and Comprehensive Income. Amortization expense related to trade names, and customer relationships is reflected in selling, general and administrative expenses in the Consolidated Statement of Earnings and Comprehensive Income. The amortization periods for intangible assets acquired in fiscal 2017 are estimated to be 15 years for developed technology, 7.5 years for trade names, 10 years for customer relationships, and 2 years for non-competes. The deferred income tax liability represents the net amount of the estimated future impact of adjustments for costs to be recognized upon the sale of acquired inventory that was written up to fair value and intangible asset amortization, both of which are not deductible for income tax purposes. As previously disclosed, ACD was acquired on August 1, 2016. The unaudited pro forma financial information below summarizes the combined results of operations for Bio-Techne and ACD as though the companies were combined as of the beginning fiscal 2016. The pro forma financial information for all periods presented includes the purchase accounting effects resulting from these acquisitions except for the increase in inventory to fair value and the fair value adjustments to contingent consideration as these are not expected to have a continuing impact on cost of goods sold or selling, general and administrative expense, respectively. The pro forma financial information as presented below is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place at the beginning of fiscal 2016. Quarter Ended September 30, 2016 2015 Net sales $ 131,798 $ 117,690 Net income 23,103 21,840 |
Note 3 - Segment Information
Note 3 - Segment Information | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 3. Segment Information: The Company's management evaluates segment operating performance based on operating income before certain charges to cost of sales and selling, general and administrative expenses, principally associated with acquisition accounting related to inventory, amortization of acquisition-related intangible assets and other acquisition-related expenses. Beginning in the first quarter of fiscal 2017, the Clinical Controls segment has been renamed Diagnostics. Our original business in this segment was focused on controls and calibrators for hematology clinical instruments. With the acquisition of Bionostics in fiscal 2014 and Cliniqa in fiscal 2016, we expanded this segment to include blood chemistry and blood gases quality controls as well as other bulk and custom reagents for the in vitro diagnostic market. We renamed the operating segment to reflect this expanded portfolio of products. The following is financial information relating to the Company's reportable segments (in thousands): Quarter Ended September 30, 2016 2015 Net sales Biotechnology $ 86,787 $ 75,743 Diagnostics 24,233 20,362 Protein Platforms 19,573 16,296 Inter segment (12 ) (20 ) Consolidated net sales $ 130,581 $ 112,381 Segment operating income Biotechnology $ 42,480 $ 39,316 Diagnostics 6,303 4,711 Protein Platforms 209 (1,172 ) Subtotal reportable segments 48,992 42,855 Cost recognized on sale of acquired inventory (4,221 ) (1,112 ) Amortization of acquisition related intangible assets (10,188 ) (7,411 ) Acquisition related expenses (4,369 ) (301 ) Stock-based compensation (3,190 ) (2,038 ) Corporate general and administrative (1,582 ) (965 ) Consolidated operating income $ 25,442 $ 31,028 |
Note 4 - Share-based Compensati
Note 4 - Share-based Compensation | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 4. Share-based Compensation: During the quarters ended September 30, 2016 and 2015, the Company granted 1.0 million and 736,000 stock options at weighted average grant prices of $107.60 and $106.66 and weighted average fair values of $17.98 and $18.48, respectively. During the quarters ended September 30, 2016 and 2015, the Company granted 65,000 and 35,000 restricted stock units at a weighted average fair value of $109.36 and $105.01, respectively. During the quarters ended September 30, 2016 and 2015 the Company granted 17,000 and 12,000 shares of restricted common stock at a fair value of $106.59 and $108.49, respectively. Stock-based compensation expense of $3.2 million and $2.0 million was included in selling, general and administrative expenses for the quarters ended September 30, 2016 and 2015, respectively. As of September 30, 2016, there was $35.2 million of unrecognized compensation cost related to non-vested stock options, non-vested restricted stock units and non-vested restricted stock. The weighted average period over which the compensation cost is expected to be recognized is 2.9 years. Stock options for 22,000 and 12,500 shares of common stock with total intrinsic values of $0.9 million and $0.5 million were exercised during the quarters ended September 30, 2016 and 2015, respectively. |
Note 5 - Other (Expense) Income
Note 5 - Other (Expense) Income | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Other Income and Other Expense Disclosure [Text Block] | Note 5. Other (Expense) / Income: The components of other (expense) income in the accompanying Statement of Earnings and Comprehensive Income are as follows: Quarter Ended September 30, 2016 2015 Interest expense $ (1,343 ) $ (451 ) Interest income 49 61 Other non-operating expense, net (20 ) 1,208 Other (expense) / income $ (1,314 ) $ 818 |
Note 6 - Earnings Per Share
Note 6 - Earnings Per Share | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 6. Earnings Per Share: Shares used in the earnings per share computations are as follows (in thousands): Quarter Ended September 30, 2016 2015 Weighted average common shares outstanding-basic 37,281 37,169 Dilutive effect of stock options 192 146 Weighted average common shares outstanding-diluted 37,473 37,315 The dilutive effect of stock options in the above table excludes all options for which the aggregate exercise proceeds exceeded the average market price for the period. The number of potentially dilutive option shares excluded from the calculation was 1.2 million for the quarters ended September 30, 2016 and 2015, respectively. |
Note 7 - Accumulated Other Comp
Note 7 - Accumulated Other Comprehensive Income | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | Note 7. Accumulated Other Comprehensive Income: Changes in accumulated other comprehensive income (loss), net of tax, for the quarter ended September 30, 2016 consists of (in thousands): Unrealized Foreign Total Beginning balance $ (5,542 ) $ (64,863 ) $ (70,405 ) Other comprehensive income 9,714 (3,234 ) 6,480 Ending balance $ 4,172 $ (68,097 ) $ (63,925 ) |
Note 8 - Debt and Other Financi
Note 8 - Debt and Other Financing Arrangements | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 8. Debt and Other Financing Arrangements: The Company entered into a new revolving line-of-credit facility governed by a Credit Agreement (the Credit Agreement) dated July 28, 2016. The Credit Agreement provides for a revolving credit facility of $400 million, which can be increased by an additional $200 million subject to certain conditions. Borrowings under the Credit Agreement may be used for working capital and expenditures of the Company and its subsidiaries, including financing permitted acquisitions. Borrowings under the Credit Agreement for base rate loans bear interest at a variable rate equal to the greater of (i) the prime commercial rate, (ii) the per annum federal funds rate plus 0.5%, or (iii) LIBOR + 1.00% - 1.75% depending on the existing total leverage ratio of Debt to Earnings Before Interest, Taxes, Depreciation and Amortization (as defined in the Credit Agreement). The annualized fee for any unused portion of the credit facility is currently 15 basis points. The Credit Agreement matures on July 28, 2021 and contains customary restrictive and financial covenants and customary events of default. As of September 30, 2016, the outstanding balance under the Credit Agreement was $343.5 million. |
Note 9 - Subsequent Event
Note 9 - Subsequent Event | 3 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 9. Subsequent Event: None. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Available-For-Sale Investments: The Company’s available-for-sale securities are carried at fair value using Level 1 inputs. The fair value of the Company’s available-for-sale investments at September 30, 2016 and June 30, 2016 were $52.4 million and $31.6 million, respectively. The increase was caused by the addition of $5.7 million in securities held by Advanced Cell Diagnostics (ACD), and the investment of $5.2 million of available cash in China into certificates of deposit. The remaining $9.9 million is due to the change in the fair value of the Company’s investment in ChemoCentryx, Inc. (CCXI). The amortized cost basis of the Company’s investment is CCXI at September 30, 2016 and June 30, 2016 was $29.5 million. |
Inventory, Policy [Policy Text Block] | Inventories: Inventories consist of (in thousands): September 30, June 30, 2016 2016 Raw materials $ 19,566 $ 22,963 Finished goods 50,953 34,139 Inventories, net $ 70,519 $ 57,102 The increase from June 30 is primarily due to $12.8 million of additional inventory at ACD, which is adjusted to its fair value as of the date of acquisition. At both September 30, 2016 and June 30, 2016, the Company had approximately $24 million of excess protein, antibody and chemically-based inventory on hand which was not valued. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment: Property and equipment consist of (in thousands): September 30, June 30, 2016 2016 Land $ 6,270 $ 6,270 Buildings and improvements 157,675 157,963 Machinery and equipment 93,710 82,018 Property and equipment, cost 251,385 246,251 Accumulated depreciation and amortization (117,580 ) (113,889 ) Property and equipment, net $ 133,805 $ 132,362 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets: Intangible assets consist of (in thousands): September 30, June 30, 2016 2016 Developed technology $ 233,699 $ 120,611 Trade names 79,949 63,706 Customer relationships 272,309 191,118 Non-compete agreements 3,451 3,284 Intangible assets 589,409 378,719 Accumulated amortization (85,783 ) (75,595 ) Net amortizable intangible asset 503,626 303,124 In Process Research and Development $ - $ 7,400 Intangible assets, net $ 503,626 $ 310,524 Changes to the carrying amount of net intangible assets for the quarter ended September 30, 2016 consist of (in thousands): Beginning balance $ 310,524 Acquisitions 207,769 Adjustment to Zephyrus purchase accounting 900 Amortization expense (10,188 ) Currency translation (5,379 ) Ending balance $ 503,626 The estimated future amortization expense for intangible assets as of September 30, 2016 is as follows (in thousands): 2017 $ 36,105 2018 46,107 2019 46,493 2020 44,865 2021 44,501 2022 44,501 Thereafter 242,055 $ 503,626 |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill: Changes to the carrying amount of goodwill for the quarter ended September 30, 2016 consist of (in thousands): Beginning balance $ 430,882 Acquisitions 140,694 Currency translation (5,787 ) Ending balance $ 565,789 |
New Accounting Pronouncements, Policy [Policy Text Block] | Pronouncements Issued But Not Yet Adopted In May 2014, the FASB issued guidance In February 2016, the FASB issued guidance which requires recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This guidance is effective for us beginning July 1, 2019, with early adoption permitted. The provisions of this guidance are to be applied using a modified retrospective approach, which requires application of the guidance for all periods presented. We are currently evaluating the impact that this guidance will have on our consolidated financial statements. In March 2016, the FASB issued guidance which simplifies several aspects of the accounting for share-based payment transactions, including certain income tax consequences, classifications on the statement of cash flows, and accounting for forfeitures. The guidance is effective for us beginning July 1, 2017, and early application is permitted. We are currently evaluating the adoption date and the effects this standard will have on our consolidated financial statements. |
Note 1 - Basis of Presentatio17
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, June 30, 2016 2016 Raw materials $ 19,566 $ 22,963 Finished goods 50,953 34,139 Inventories, net $ 70,519 $ 57,102 |
Property, Plant and Equipment [Table Text Block] | September 30, June 30, 2016 2016 Land $ 6,270 $ 6,270 Buildings and improvements 157,675 157,963 Machinery and equipment 93,710 82,018 Property and equipment, cost 251,385 246,251 Accumulated depreciation and amortization (117,580 ) (113,889 ) Property and equipment, net $ 133,805 $ 132,362 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | September 30, June 30, 2016 2016 Developed technology $ 233,699 $ 120,611 Trade names 79,949 63,706 Customer relationships 272,309 191,118 Non-compete agreements 3,451 3,284 Intangible assets 589,409 378,719 Accumulated amortization (85,783 ) (75,595 ) Net amortizable intangible asset 503,626 303,124 In Process Research and Development $ - $ 7,400 Intangible assets, net $ 503,626 $ 310,524 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Beginning balance $ 310,524 Acquisitions 207,769 Adjustment to Zephyrus purchase accounting 900 Amortization expense (10,188 ) Currency translation (5,379 ) Ending balance $ 503,626 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2017 $ 36,105 2018 46,107 2019 46,493 2020 44,865 2021 44,501 2022 44,501 Thereafter 242,055 $ 503,626 |
Schedule of Goodwill [Table Text Block] | Beginning balance $ 430,882 Acquisitions 140,694 Currency translation (5,787 ) Ending balance $ 565,789 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | ACD Space Zephyrus Current assets, net of cash $ 25,196 $ 2,128 $ 86 Equipment 2,757 159 32 Other long-term assets 3,812 - - Intangible assets: Developed technology 107,000 - 8,300 Trade name 17,000 - - Customer relationships 77,000 6,769 - Non-compete agreement 200 - - Goodwill 137,594 3,100 9,378 Total assets acquired 370,559 12,156 17,796 Liabilities 3,599 1,884 54 Deferred income taxes, net 78,760 1,708 2,812 Net assets acquired $ 288,200 $ 9,004 $ 14,930 Cash paid, net of cash acquired $ 250,000 $ 9,004 $ 8,030 Fair value contingent consideration 38,200 - 6,900 Net assets acquired $ 288,200 $ 9,004 $ 14,930 |
Business Acquisition, Pro Forma Information [Table Text Block] | Quarter Ended September 30, 2016 2015 Net sales $ 131,798 $ 117,690 Net income 23,103 21,840 |
Note 3 - Segment Information (T
Note 3 - Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Quarter Ended September 30, 2016 2015 Net sales Biotechnology $ 86,787 $ 75,743 Diagnostics 24,233 20,362 Protein Platforms 19,573 16,296 Inter segment (12 ) (20 ) Consolidated net sales $ 130,581 $ 112,381 Segment operating income Biotechnology $ 42,480 $ 39,316 Diagnostics 6,303 4,711 Protein Platforms 209 (1,172 ) Subtotal reportable segments 48,992 42,855 Cost recognized on sale of acquired inventory (4,221 ) (1,112 ) Amortization of acquisition related intangible assets (10,188 ) (7,411 ) Acquisition related expenses (4,369 ) (301 ) Stock-based compensation (3,190 ) (2,038 ) Corporate general and administrative (1,582 ) (965 ) Consolidated operating income $ 25,442 $ 31,028 |
Note 5 - Other (Expense) Inco20
Note 5 - Other (Expense) Income (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Quarter Ended September 30, 2016 2015 Interest expense $ (1,343 ) $ (451 ) Interest income 49 61 Other non-operating expense, net (20 ) 1,208 Other (expense) / income $ (1,314 ) $ 818 |
Note 6 - Earnings Per Share (Ta
Note 6 - Earnings Per Share (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Quarter Ended September 30, 2016 2015 Weighted average common shares outstanding-basic 37,281 37,169 Dilutive effect of stock options 192 146 Weighted average common shares outstanding-diluted 37,473 37,315 |
Note 7 - Accumulated Other Co22
Note 7 - Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Foreign Total Beginning balance $ (5,542 ) $ (64,863 ) $ (70,405 ) Other comprehensive income 9,714 (3,234 ) 6,480 Ending balance $ 4,172 $ (68,097 ) $ (63,925 ) |
Note 1 - Basis of Presentatio23
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Advanced Cell Diagnostics (ACD) [Member] | Available-for-sale Securities [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 5,700 | ||
Advanced Cell Diagnostics (ACD) [Member] | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | 12,800 | ||
Certificates of Deposit [Member] | CHINA | |||
Payments to Acquire Available-for-sale Securities | 5,200 | ||
ChemoCentryx, Inc (CCXI) [Member] | |||
Available-for-sale Equity Securities, Gross Unrealized Gain | 9,900 | ||
Available-for-sale Equity Securities, Amortized Cost Basis | 29,500 | $ 29,500 | |
Available-for-sale Securities | 52,400 | 31,600 | |
Payments to Acquire Available-for-sale Securities | 6,836 | ||
Inventory Valuation Reserves | $ 24,000 | $ 24,000 |
Note 1 - Basis of Presentatio24
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Inventories (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Raw materials | $ 19,566,000 | $ 22,963,000 |
Finished goods | 50,953,000 | 34,139,000 |
Inventories, net | $ 70,519,000 | $ 57,102,000 |
Note 1 - Basis of Presentatio25
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Property and Equipment (Details) - USD ($) | Sep. 30, 2016 | Jun. 30, 2016 |
Land [Member] | ||
Property and equipment, cost | $ 6,270,000 | $ 6,270,000 |
Building and Building Improvements [Member] | ||
Property and equipment, cost | 157,675,000 | 157,963,000 |
Machinery and Equipment [Member] | ||
Property and equipment, cost | 93,710,000 | 82,018,000 |
Property and equipment, cost | 251,385,000 | 246,251,000 |
Accumulated depreciation and amortization | (117,580,000) | (113,889,000) |
Property and equipment, net | $ 133,805,000 | $ 132,362,000 |
Note 1 - Basis of Presentatio26
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Developed Technology Rights [Member] | ||
Intangible assets | $ 233,699 | $ 120,611 |
Trade Names [Member] | ||
Intangible assets | 79,949 | 63,706 |
Customer Relationships [Member] | ||
Intangible assets | 272,309 | 191,118 |
Noncompete Agreements [Member] | ||
Intangible assets | 3,451 | 3,284 |
In Process Research and Development, Not Amortizable [Member] | ||
In Process Research and Development | 7,400 | |
Intangible assets | 589,409 | 378,719 |
Accumulated amortization | (85,783) | (75,595) |
503,626 | 303,124 | |
Intangible assets, net | $ 503,626 | $ 310,524 |
Note 1 - Basis of Presentatio27
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Changes to Carrying Amount of Net Intangible Assets (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2016USD ($) | |
Beginning balance | $ 310,524 |
Acquisitions | 207,769 |
Adjustment to Zephyrus purchase accounting | 900 |
Amortization expense | (10,188) |
Currency translation | (5,379) |
Ending balance | $ 503,626 |
Note 1 - Basis of Presentatio28
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Estimated Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
2,017 | $ 36,105 | |
2,018 | 46,107 | |
2,019 | 46,493 | |
2,020 | 44,865 | |
2,021 | 44,501 | |
2,022 | 44,501 | |
Thereafter | 242,055 | |
$ 503,626 | $ 303,124 |
Note 1 - Basis of Presentatio29
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies - Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2016USD ($) | |
Beginning balance | $ 430,882 |
Acquisitions | 140,694 |
Currency translation | (5,787) |
Ending balance | $ 565,789 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) $ in Thousands | Aug. 01, 2016USD ($) | Jul. 01, 2016USD ($) | Mar. 14, 2016USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) |
Zephyrus [Member] | In Process Research and Development, Not Amortizable [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 7,400 | ||||
Zephyrus [Member] | Developed Technology Rights, Converted from In Process Research and Development [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 8,300 | ||||
Zephyrus [Member] | Instruments Sales Contingency [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 3,500 | ||||
Business Combination, Contingent Consideration, Liability, Number of Instruments Sold | 10 | ||||
Business Combination, Contingent Consideration, Liability, Anniversary of Closing Date | 3 years | ||||
Business Combination, Contingent Consideration, Liability, Cumulative Sales | $ 3,000 | ||||
Zephyrus [Member] | |||||
Payments to Acquire Businesses, Gross | 8,000 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 7,000 | ||||
Business Combination, Contingent Consideration, Liability | $ 6,900 | ||||
Space [Member] | |||||
Payments to Acquire Businesses, Gross | $ 9,000 | ||||
Advanced Cell Diagnostics (ACD) [Member] | The 2016 Revenue Equal or Exceed $30 Milliom [Member] | |||||
Business Combination, Contingent Consideration, Liability | $ 25,000 | ||||
Business Combination, Contingent Consideration, Liability, Trigger Amount of Revenue | 30,000 | ||||
Advanced Cell Diagnostics (ACD) [Member] | The 2017 Revenues Equal or Exceed $45 Million [Member] | |||||
Business Combination, Contingent Consideration, Liability | 50,000 | ||||
Business Combination, Contingent Consideration, Liability, Trigger Amount of Revenue | 45,000 | ||||
Advanced Cell Diagnostics (ACD) [Member] | The 2016 Revenue Hurdle Not Met and 2017 Revenue Hurdle Met [Member] | |||||
Business Combination, Contingent Consideration, Liability | 25,000 | ||||
Advanced Cell Diagnostics (ACD) [Member] | Trigger a Reduced Earn-Out Payment [Member] | Minimum [Member] | |||||
Business Combination, Contingent Consideration, Liability, Trigger Amount of Revenue | 40,000 | ||||
Advanced Cell Diagnostics (ACD) [Member] | Trigger a Reduced Earn-Out Payment [Member] | Maximum [Member] | |||||
Business Combination, Contingent Consideration, Liability, Trigger Amount of Revenue | 45,000 | ||||
Advanced Cell Diagnostics (ACD) [Member] | Selling, General and Administrative Expenses [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | 1,900 | ||||
Advanced Cell Diagnostics (ACD) [Member] | |||||
Payments to Acquire Businesses, Gross | 250,000 | ||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 75,000 | ||||
Business Combination, Contingent Consideration, Liability | $ 38,200 | $ 40,100 | |||
Developed Technology Rights [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years | ||||
Trade Names [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 7 years 182 days | ||||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||
Noncompete Agreements [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 2 years | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 1,900 |
Note 2 - Acquisitions - Prelimi
Note 2 - Acquisitions - Preliminary Estimated Fair Values of Assets Acquired and Liabilities Assumed Pending Final Valuation of Intangible Assets (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
Advanced Cell Diagnostics (ACD) [Member] | In Process Research and Development [Member] | |||
Intangible assets: | |||
Intangible assets | $ 107,000,000 | ||
Advanced Cell Diagnostics (ACD) [Member] | Developed Technology Rights [Member] | |||
Intangible assets: | |||
Intangible assets | 17,000,000 | ||
Advanced Cell Diagnostics (ACD) [Member] | Customer Relationships [Member] | |||
Intangible assets: | |||
Intangible assets | 77,000,000 | ||
Advanced Cell Diagnostics (ACD) [Member] | Noncompete Agreements [Member] | |||
Intangible assets: | |||
Intangible assets | 200,000 | ||
Advanced Cell Diagnostics (ACD) [Member] | |||
Current assets, net of cash | 25,196,000 | ||
Equipment | 2,757,000 | ||
Other long-term assets | 3,812,000 | ||
Intangible assets: | |||
Goodwill | 137,594,000 | ||
Total assets acquired | 370,559,000 | ||
Liabilities | 3,599,000 | ||
Deferred income taxes, net | 78,760,000 | ||
Net assets acquired | 288,200,000 | ||
Cash paid, net of cash acquired | 250,000,000 | ||
Fair value contingent consideration | 38,200,000 | ||
Space [Member] | In Process Research and Development [Member] | |||
Intangible assets: | |||
Intangible assets | |||
Space [Member] | Developed Technology Rights [Member] | |||
Intangible assets: | |||
Intangible assets | |||
Space [Member] | Customer Relationships [Member] | |||
Intangible assets: | |||
Intangible assets | 6,769,000 | ||
Space [Member] | Noncompete Agreements [Member] | |||
Intangible assets: | |||
Intangible assets | |||
Space [Member] | |||
Current assets, net of cash | 2,128,000 | ||
Equipment | 159,000 | ||
Other long-term assets | |||
Intangible assets: | |||
Goodwill | 3,100,000 | ||
Total assets acquired | 12,156,000 | ||
Liabilities | 1,884,000 | ||
Deferred income taxes, net | 1,708,000 | ||
Net assets acquired | 9,004,000 | ||
Cash paid, net of cash acquired | 9,004,000 | ||
Fair value contingent consideration | |||
Zephyrus [Member] | In Process Research and Development [Member] | |||
Intangible assets: | |||
Intangible assets | 8,300,000 | ||
Zephyrus [Member] | Developed Technology Rights [Member] | |||
Intangible assets: | |||
Intangible assets | |||
Zephyrus [Member] | Customer Relationships [Member] | |||
Intangible assets: | |||
Intangible assets | |||
Zephyrus [Member] | Noncompete Agreements [Member] | |||
Intangible assets: | |||
Intangible assets | |||
Zephyrus [Member] | |||
Current assets, net of cash | 86,000 | ||
Equipment | 32,000 | ||
Other long-term assets | |||
Intangible assets: | |||
Goodwill | 9,378,000 | ||
Total assets acquired | 17,796,000 | ||
Liabilities | 54,000 | ||
Deferred income taxes, net | 2,812,000 | ||
Net assets acquired | 14,930,000 | ||
Cash paid, net of cash acquired | 8,030,000 | ||
Fair value contingent consideration | 6,900,000 | ||
Goodwill | 565,789,000 | $ 430,882,000 | |
Cash paid, net of cash acquired | 259,004,000 | $ 82,970,000 | |
Fair value contingent consideration | $ 32,400,000 | $ 0 |
Note 2 - Acquisitions - Pro For
Note 2 - Acquisitions - Pro Forma Financial Information (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Net sales | $ 131,798 | $ 117,690 |
Net income | $ 23,103 | $ 21,840 |
Note 3 - Segment Information -
Note 3 - Segment Information - Financial Information Relating to Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Biotechnology [Member] | Operating Segments [Member] | ||
Net sales | $ 86,787 | $ 75,743 |
Operating income | 42,480 | 39,316 |
Diagnostics [Member] | Operating Segments [Member] | ||
Net sales | 24,233 | 20,362 |
Operating income | 6,303 | 4,711 |
Protein Platforms [Member] | Operating Segments [Member] | ||
Net sales | 19,573 | 16,296 |
Operating income | 209 | (1,172) |
Operating Segments [Member] | ||
Operating income | 48,992 | 42,855 |
Intersegment Eliminations [Member] | ||
Net sales | (12) | (20) |
Corporate, Non-Segment [Member] | ||
Corporate general and administrative | (1,582) | (965) |
Acquisition Related [Member] | ||
Amortization expense | (10,188) | (7,411) |
Net sales | 130,581 | 112,381 |
Operating income | 25,442 | 31,028 |
Cost recognized on sale of acquired inventory | (4,219) | (1,113) |
Amortization expense | (10,188) | |
Acquisition related expenses | (4,369) | (301) |
Stock-based compensation | (3,176) | (2,038) |
Corporate general and administrative | $ (46,263) | $ (33,040) |
Note 4 - Share-based Compensa34
Note 4 - Share-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 65,000 | 35,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 109.36 | $ 105.01 |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 17,000 | 12,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 106.59 | $ 108.49 |
Selling, General and Administrative Expenses [Member] | ||
Allocated Share-based Compensation Expense | $ 3.2 | $ 2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,000,000 | 736,000 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 107.60 | $ 106.66 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 17.98 | $ 18.48 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 35.2 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 328 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 22,000 | 12,500 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 0.9 | $ 0.5 |
Note 5 - Other (Expense) Inco35
Note 5 - Other (Expense) Income - Schedule of Components of Other (Expense) Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Interest expense | $ (1,343) | $ (451) |
Interest income | 49 | 61 |
Other non-operating expense, net | (20) | 1,208 |
Other (expense) / income | $ (1,314) | $ 818 |
Note 6 - Earnings Per Share (De
Note 6 - Earnings Per Share (Details Textual) - shares shares in Millions | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.2 | 1.2 |
Note 6 - Earnings Per Share - S
Note 6 - Earnings Per Share - Shares Used in the Earnings Per Share Computations (Details) - shares shares in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Basic (in shares) | 37,281 | 37,169 |
Dilutive effect of stock options (in shares) | 192 | 146 |
Weighted average common shares outstanding-diluted (in shares) | 37,473 | 37,315 |
Note 7 - Accumulated Other Co38
Note 7 - Accumulated Other Comprehensive Income - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Beginning balance | $ (5,542) | |
Other comprehensive income | 9,714 | |
Ending balance | 4,172 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||
Beginning balance | (64,863) | |
Other comprehensive income | (3,234) | |
Ending balance | (68,097) | |
Beginning balance | (70,405) | |
Other comprehensive income | 6,480 | $ (23,021) |
Ending balance | $ (63,925) |
Note 8 - Debt and Other Finan39
Note 8 - Debt and Other Financing Arrangements (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Millions | Aug. 01, 2016 | Sep. 30, 2016 |
Federal Funds Effective Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Line of Credit Facility, Current Borrowing Capacity | $ 400 | |
Line of Credit Facility, Additional Borrowing Capacity | $ 200 | |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |
Line of Credit Facility, Expiration Date | Jul. 28, 2021 | |
Long-term Line of Credit | $ 343.5 |