Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2014 | Oct. 30, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'LFVN | ' |
Entity Registrant Name | 'Lifevantage Corp | ' |
Entity Central Index Key | '0000849146 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 99,286,525 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $22,135 | $20,387 |
Accounts receivable | 1,657 | 1,317 |
Income tax receivable | 2,815 | 4,681 |
Inventory | 11,009 | 8,826 |
Current deferred income tax asset | 158 | 158 |
Prepaid expenses and deposits | 6,016 | 4,604 |
Total current assets | 43,790 | 39,973 |
Long-term assets | ' | ' |
Property and equipment, net | 6,540 | 6,941 |
Intangible assets, net | 1,980 | 2,014 |
Deferred debt offering costs, net | 1,291 | 1,353 |
Long-term deferred income tax asset | 1,285 | 1,285 |
Other long-term assets | 1,798 | 2,433 |
TOTAL ASSETS | 56,684 | 53,999 |
Current liabilities | ' | ' |
Accounts payable | 4,217 | 2,854 |
Commissions payable | 7,517 | 7,594 |
Other accrued expenses | 6,939 | 7,554 |
Current portion of long-term debt | 4,700 | 4,700 |
Total current liabilities | 23,373 | 22,702 |
Long-term liabilities | ' | ' |
Principle amount | 24,950 | 26,125 |
Less: unamortized discount | -1,004 | -1,052 |
Long-term debt, net of unamortized discount | 23,946 | 25,073 |
Other long-term liabilities | 2,169 | 2,234 |
Total liabilities | 49,488 | 50,009 |
Commitments and contingencies - Note 6 | ' | ' |
Stockholders’ equity | ' | ' |
Preferred stock — par value $0.001 per share, 50,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock — par value $0.001 per share, 250,000 shares authorized and 100,812 and 102,173 issued and outstanding as of September 30, 2014 and June 30, 2014, respectively | 101 | 102 |
Additional paid-in capital | 115,677 | 115,244 |
Accumulated deficit | -108,523 | -111,240 |
Accumulated other comprehensive loss | -59 | -116 |
Total stockholders’ equity | 7,196 | 3,990 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $56,684 | $53,999 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 100,812,000 | 102,173,000 |
Common stock, shares outstanding (in shares) | 100,812,000 | 102,173,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Other Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Income Statement [Abstract] | ' | ' |
Revenue, net | $51,633 | $51,328 |
Cost of sales | 5,679 | 7,809 |
Gross profit | 45,954 | 43,519 |
Operating expenses: | ' | ' |
Commission and incentives | 24,574 | 25,399 |
Selling, general and administrative | 13,615 | 13,050 |
Total operating expenses | 38,189 | 38,449 |
Operating income | 7,765 | 5,070 |
Other income (expense): | ' | ' |
Interest expense | -808 | -3 |
Other income, net | 203 | 41 |
Total other income (expense) | -605 | 38 |
Income before income taxes | 7,160 | 5,108 |
Income tax expense | -2,444 | -1,852 |
Net income | 4,716 | 3,256 |
Net income per share: | ' | ' |
Basic (dollars per shares) | $0.05 | $0.03 |
Diluted (dollars per shares) | $0.05 | $0.03 |
Weighted-average shares outstanding: | ' | ' |
Basic (in shares) | 99,597 | 114,666 |
Diluted (in shares) | 103,860 | 123,542 |
Other comprehensive income (loss), net of tax: | ' | ' |
Foreign currency translation adjustment | 57 | -274 |
Other comprehensive income (loss), net of tax: | 57 | -274 |
Comprehensive income | $4,773 | $2,982 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
In Thousands, unless otherwise specified | |||||
Beginning Balance at Jun. 30, 2014 | $3,990 | $102 | $115,244 | ($111,240) | ($116) |
Beginning Balance (in shares) at Jun. 30, 2014 | ' | 102,173 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Stock-based compensation | 398 | ' | 398 | ' | ' |
Exercise of options and warrants (in shares) | ' | 107 | ' | ' | ' |
Exercise of options and warrants | 35 | 0 | 35 | ' | ' |
Issuance of shares related to restricted stock (in shares) | ' | 50 | ' | ' | ' |
Issuance of shares related to restricted stock | ' | 0 | ' | ' | ' |
Shares canceled or surrendered as payment of tax withholding (in shares) | ' | -69 | ' | ' | ' |
Shares canceled or surrendered as payment of tax withholding | ' | 0 | ' | ' | ' |
Repurchase of company stock (in shares) | ' | -1,449 | ' | ' | ' |
Repurchase of company stock | -2,000 | -1 | ' | -1,999 | ' |
Currency translation adjustment | 57 | ' | ' | ' | 57 |
Net income | 4,716 | ' | ' | 4,716 | ' |
Ending Balance at Sep. 30, 2014 | $7,196 | $101 | $115,677 | ($108,523) | ($59) |
Ending Balance (in shares) at Sep. 30, 2014 | ' | 100,812 | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $4,716 | $3,256 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 585 | 499 |
Stock-based compensation | 474 | 768 |
Amortization of deferred financing fees | 61 | 0 |
Amortization of debt discount | 48 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Decrease in receivables | 1,469 | 2,725 |
Increase in inventory | -2,379 | -77 |
Decrease / (increase) in prepaid expenses and deposits | -1,467 | 91 |
Decrease / (increase) in long-term assets | 563 | -205 |
Increase / (decrease) in accounts payable | 1,392 | -2,174 |
Increase / (decrease) in accrued expenses | -379 | 3 |
Decrease in other long-term liabilities | -21 | -33 |
Net Cash Provided by Operating Activities | 5,062 | 4,853 |
Cash Flows from Investing Activities: | ' | ' |
Purchase of equipment | -236 | -295 |
Net Cash Used in Investing Activities | -236 | -295 |
Cash Flows from Financing Activities: | ' | ' |
Repurchase of company stock | -2,000 | -2,865 |
Payment on term loan | -1,175 | 0 |
Exercise of options and warrants | 35 | 253 |
Net Cash Used in Financing Activities | -3,140 | -2,612 |
Foreign Currency Effect on Cash | 62 | -288 |
Increase in Cash and Cash Equivalents: | 1,748 | 1,658 |
Cash and Cash Equivalents — beginning of period | 20,387 | 26,299 |
Cash and Cash Equivalents — end of period | 22,135 | 27,957 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' |
Cash paid for interest | 699 | 3 |
Cash paid for income taxes | $372 | $85 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation | 3 Months Ended |
Sep. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Basis of Presentation | ' |
Organization and Basis of Presentation | |
LifeVantage Corporation is a company dedicated to helping people achieve their health, wellness and financial independence goals. We provide quality, scientifically-validated products and a financially rewarding network marketing business opportunity to customers and independent distributors who seek a healthy lifestyle and financial freedom. We sell our products to independent distributors and preferred customers located in the United States, Japan, Hong Kong, Australia, Canada, Philippines, and Mexico. | |
We engage in the identification, research, development and distribution of advanced nutraceutical dietary supplements and skin care products, including Protandim®, our scientifically-validated dietary supplement, LifeVantage TrueScience®, our line of anti-aging skin care products launched in fiscal 2014, Canine Health®, our companion pet supplement formulated to combat oxidative stress in dogs, and Axio®, our new energy drink mixes. | |
The condensed consolidated financial statements included herein have been prepared by the Company’s management, without audit, pursuant to the rules and regulations of the SEC. In the opinion of the Company’s management, these interim Financial Statements include all adjustments, consisting of normal recurring adjustments, that are considered necessary for a fair presentation of its financial position as of September 30, 2014, and the results of operations for the three months ended September 30, 2014 and 2013 and the cash flows for the three months ended September 30, 2014 and 2013. Interim results are not necessarily indicative of results for a full year or for any future period. | |
The condensed consolidated financial statements and notes included herein are presented as required by Form 10-Q, and do not contain certain information included in the Company’s audited financial statements and notes for the fiscal year ended June 30, 2014 pursuant to the rules and regulations of the SEC. For further information, refer to the financial statements and notes thereto as of and for the year ended June 30, 2014, and included in the Annual Report on Form 10-K on file with the SEC. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of Significant Accounting Policies | ' | ||||||||
Summary of Significant Accounting Policies | |||||||||
Consolidation | |||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. | |||||||||
Use of Estimates | |||||||||
We prepare our consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America ("GAAP"). In preparing these statements, we are required to use estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates and assumptions. On an ongoing basis, we review our estimates, including those related to inventory obsolescence, sales returns, income taxes and tax valuation reserves, share-based compensation, and loss contingencies. | |||||||||
Translation of Foreign Currency Statements | |||||||||
A portion of the Company’s business operations occurs outside the United States. The local currency of each of the Company’s subsidiaries is generally its functional currency. All assets and liabilities are translated into U.S. dollars at exchange rates existing at the balance sheet dates, revenue and expenses are translated at weighted-average exchange rates and stockholders’ equity is recorded at historical exchange rates. The resulting foreign currency translation adjustments are recorded as a separate component of stockholders’ equity in the condensed consolidated balance sheets. Transaction gains and losses and currency translation gains and losses on intercompany balances denominated in a foreign currency are included in other income, net, in the condensed consolidated statements of operations. A net foreign currency loss of $0.1 million is recorded in other income, net for the three months ended September 30, 2014. | |||||||||
Derivative Instruments and Hedging Activities | |||||||||
The Company's subsidiaries enter into transactions with each other which may not be denominated in the respective subsidiaries' functional currencies. The Company seeks to reduce its exposure to fluctuations in foreign exchange rates through the use of derivatives. The Company does not use such derivative financial instruments for trading or speculative purposes. | |||||||||
To hedge risks associated with the foreign-currency-denominated intercompany transactions, the Company entered into forward foreign exchange contracts which were settled in September 2014 and were not designated for hedge accounting. For the three months ended September 30, 2014, a realized gain of $0.3 million, related to forward contracts, is recorded in other income, net. The Company did not hold any derivative instruments at September 30, 2014. | |||||||||
Cash and Cash Equivalents | |||||||||
The Company considers only its monetary liquid assets with original maturities of three months or less as cash and cash equivalents. | |||||||||
Concentration of Credit Risk | |||||||||
Accounting guidance for financial instruments requires disclosure of significant concentrations of credit risk regardless of the degree of such risk. Financial instruments with significant credit risk include cash and investments. At September 30, 2014, the Company had $18.9 million in cash accounts that were held primarily at one financial institution and $3.2 million in accounts at other financial institutions. As of September 30, 2014 and June 30, 2014, and during the periods then ended, the Company’s cash balances exceeded federally insured limits. | |||||||||
Accounts Receivable | |||||||||
The Company’s accounts receivable as of September 30, 2014 and June 30, 2014 consist primarily of credit card receivables. Based on the Company’s verification process for customer credit cards and historical information available, management has determined that an allowance for doubtful accounts on credit card sales related to its customer sales as of September 30, 2014 is not necessary. No bad debt expense has been recorded for the periods ended September 30, 2014 and September 30, 2013. | |||||||||
Inventory | |||||||||
As of September 30, 2014 and June 30, 2014, inventory consisted of (in thousands): | |||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Finished goods | $ | 6,968 | $ | 4,749 | |||||
Raw materials | 4,041 | 4,077 | |||||||
Total inventory | $ | 11,009 | $ | 8,826 | |||||
Inventories are carried and depicted above at the lower of cost or market, using the first-in, first-out method, which includes a reduction in inventory values of $0.7 million at September 30, 2014 and June 30, 2014, related to obsolete and slow-moving inventory. | |||||||||
Revenue Recognition | |||||||||
The Company ships the majority of its product directly to the consumer and receives substantially all payment for these sales in the form of credit card receipts. Revenue from direct product sales to customers is recognized upon passage of title and risk of loss. Estimated returns are recorded when product is shipped. The Company’s return policy is to provide a full refund for product returned within 30 days if the returned product is unopened or defective. After 30 days, the Company generally does not issue refunds to direct sales customers for returned product. The Company allows terminating distributors to return up to 30% of unopened, unexpired product that they have purchased within the prior twelve months for a full refund, less a 10% restocking fee. The Company establishes the returns reserve based on historical experience. The returns reserve is evaluated on a quarterly basis. As of September 30, 2014 and June 30, 2014, the Company’s reserve balance for returns and allowances was approximately $0.1 million and $0.6 million, respectively. | |||||||||
Shipping and Handling | |||||||||
Shipping and handling costs associated with inbound freight and freight out to customers, including independent distributors, are included in cost of sales. Shipping and handling fees charged to customers are included in sales. | |||||||||
Research and Development Costs | |||||||||
The Company expenses all costs related to research and development activities as incurred. Research and development expenses for the three months ended September 30, 2014 and 2013 were approximately $0.5 million and $0.3 million, respectively. | |||||||||
Stock-Based Compensation | |||||||||
The Company recognizes stock-based compensation by measuring the cost of services to be rendered based on the grant date fair value of the equity award. The Company recognizes stock-based compensation, net of any estimated forfeitures, over the period an employee is required to provide service in exchange for the award, generally referred to as the requisite service period. | |||||||||
The Black-Scholes option pricing model is used to estimate the fair value of stock options. The determination of the fair value of stock options is affected by the Company's stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. The Company uses historical volatility as the expected volatility assumption required in the Black-Scholes model. The Company utilizes a simplified method for estimating the expected life of the options. The Company uses this method because it believes that it provides a better estimate than the Company’s historical data as post vesting exercises have been limited. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected terms of the stock options. | |||||||||
The fair value of restricted stock grants is based on the closing market price of the Company's stock on the date of grant less the Company's expected dividend yield. The fair value of performance-based awards to be paid in cash, accounted for as liabilities, is remeasured at the end of each reporting period and is based on the closing market price of the Company’s stock on the last day of the reporting period. The Company recognizes compensation costs for awards with performance conditions when it concludes it is probable that the performance conditions will be achieved. The Company reassesses the probability of vesting at each balance sheet date and adjusts compensation as needed. | |||||||||
Income Taxes | |||||||||
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using statutory 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 from a change in tax rates is recognized in income in the period that includes the effective date of the change. | |||||||||
For the three months ended September 30, 2014 and 2013 the Company has recognized income tax expense of $2.4 million and $1.9 million, respectively, which is the Company’s estimated federal, state and foreign income tax liability. Realization of deferred tax assets is dependent upon future earnings in specific tax jurisdictions, the timing and amount of which are uncertain. The Company continues to evaluate the realizability of the deferred tax asset based upon achieved and estimated future results. The difference between the three months ended September 30, 2014 effective rate of 34.1% and the Federal statutory rate of 35.0% is due to state income taxes (net of federal benefit) and certain permanent differences between taxable and book income. | |||||||||
Income Per Share | |||||||||
Basic income per common share is computed by dividing the net income or loss by the weighted-average number of common shares outstanding during the period, less unvested restricted stock awards. Diluted income per common share is computed by dividing net income by the weighted-average number of common shares and potentially dilutive common share equivalents using the treasury stock method. | |||||||||
For the three months ended September 30, 2014 the effects of approximately 0.6 million common shares, issuable upon exercise of options and non-vested shares of restricted stock granted pursuant to the Company’s 2007 and 2010 Long-Term Incentive Plans are not included in computations because their effect was anti-dilutive. For the three months ended September 30, 2013 the effects of approximately 0.7 million common shares, issuable upon exercise of options granted pursuant to the Company’s 2007 and 2010 Long-Term Incentive Plans are not included in computations because their effect was anti-dilutive. | |||||||||
The following is a reconciliation of net income per share and the weighted-average common shares outstanding for purposes of computing basic and diluted net income per share (in thousands except per share amounts): | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net income | $ | 4,716 | $ | 3,256 | |||||
Denominator: | |||||||||
Basic weighted-average common shares outstanding | 99,597 | 114,666 | |||||||
Effect of dilutive securities: | |||||||||
Stock awards and options | 1,594 | 3,649 | |||||||
Warrants | 2,669 | 5,227 | |||||||
Diluted weighted-average common shares outstanding | 103,860 | 123,542 | |||||||
Net income per share, basic | $ | 0.05 | $ | 0.03 | |||||
Net income per share, diluted | $ | 0.05 | $ | 0.03 | |||||
Segment Information | |||||||||
The Company operates in a single operating segment by selling products to a global network of independent distributors that operates in an integrated manner from market to market. Commission and incentive expenses are the Company’s largest expense comprised of the commissions paid to its worldwide independent distributors. The Company manages its business primarily by managing its global network of independent distributors. The Company reports revenue in two geographic regions: Americas and Asia/Pacific. Revenues by geographic area are as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Americas | $ | 36,456 | $ | 34,498 | |||||
Asia/Pacific | 15,177 | 16,830 | |||||||
Total revenues | $ | 51,633 | $ | 51,328 | |||||
Additional information as to the Company’s revenue from operations in the most significant geographical areas is set forth below (in thousands): | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
United States | $ | 35,009 | $ | 33,479 | |||||
Japan | $ | 12,194 | $ | 14,581 | |||||
As of September 30, 2014 long-lived assets were $8.8 million in the U.S. and $2.0 million in Japan. As of June 30, 2014 long-lived assets were $9.8 million in the U.S. and $2.3 million in Japan. | |||||||||
Effect of New Accounting Pronouncements | |||||||||
In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Preparation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial Statements-Liquidation Basis of Accounting. Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will evaluate the going concern considerations in this ASU, but has not elected early application. However, as of and for the current period, management does not believe that conditions exist or events have occurred that would require additional disclosure under the amendments in this update. |
LongTerm_Debt
Long-Term Debt | 3 Months Ended | |||
Sep. 30, 2014 | ||||
Debt Disclosure [Abstract] | ' | |||
Long-Term Debt | ' | |||
Long-Term Debt | ||||
On October 18, 2013 the Company entered into a Financing Agreement providing for a term loan facility in an aggregate principal amount of $47 million (the “Term Loan”) and a delayed draw term loan facility in an aggregate principal amount not to exceed $20 million (the “Delayed Draw Term Loan” and collectively with the Term Loan, the “Credit Facility”). The Delayed Draw Term Loan was available for borrowing in specified minimum amounts from time to time beginning after the effective date (as defined in the Financing Agreement) until October 18, 2014. As of September 30, 2014 the Company had not borrowed any amounts under the Delayed Draw Term Loan. | ||||
The principal amount of the Term Loan is payable in consecutive quarterly installments beginning with the calendar quarter ended March 31, 2014 and matures on the earlier of October 18, 2018 or such date as the outstanding loans become payable in accordance with the terms of the Financing Agreement (the “Final Maturity Date”). In the event the Company had borrowed under the Delayed Draw Term Loan, the outstanding principal would have been payable in consecutive quarterly installments beginning with the calendar quarter ending December 31, 2014 through the Final Maturity Date. Each of the loans will bear interest at a rate equal to 7.5% per annum plus the greater of (i) 1.25% or (ii) LIBOR, or at the Company’s option, a reference rate (as defined in the Financing Agreement) plus 6.5% per annum, with such interest payable monthly. For the three months ended September 30, 2014 the average interest rate was 8.75%. | ||||
The Company’s obligations under the Credit Facility are secured by a security interest in substantially all of the Company’s assets. Loans outstanding under the Credit Facility (1) must be prepaid based on certain cash flow metrics and with any net proceeds of certain permitted asset sales and (2) may be prepaid in whole or in part at any time, with any prepayments made prior to the first anniversary of the effective date subject to a prepayment premium. Any principal amount of the loans which is prepaid or repaid may not be re-borrowed. | ||||
The Credit Facility contains customary negative covenants that, among other things, restrict the Company from undertaking specified corporate actions such as, creation of liens, incurrence of additional indebtedness, making certain investments with affiliates, changes of control, having excess foreign cash, issuance of equity, repurchasing the Company's equity securities, and making certain restricted payments, including dividends, without prior approval from the lender. The Credit Facility also contains various financial covenants that require the Company to maintain a certain consolidated EBITDA, certain leverage and fixed charges ratios as well as a minimum level of liquidity. Additionally, the Credit Facility contains cross-default provisions, whereby a default pursuant to the terms and conditions of certain indebtedness will cause a default on the remaining indebtedness under the Credit Facility. At September 30, 2014, the Company was in compliance with the applicable covenants under the Credit Facility. | ||||
During the three months ended September 30, 2014 the Company recorded interest expense of $0.1 million related to transaction costs associated with the 2013 Credit Facility. At September 30, 2014 the Company had unamortized transaction costs totaling $2.3 million included in the consolidated balance sheet. The remaining balance is amortized to interest expense using the interest method. | ||||
The Company’s book value for the Credit Facility approximates the fair value. Aggregate future principal payments required in accordance with the terms of the Credit Facility are as follows (in thousands): | ||||
Year Ending June 30, | Amount | |||
2015 (remaining nine months ending June 30, 2015) | $ | 3,525 | ||
2016 | 4,700 | |||
2017 | 4,700 | |||
2018 | 4,700 | |||
2019 | 12,025 | |||
Thereafter | — | |||
$ | 29,650 | |||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
Stockholders' Equity | ' |
Stockholders’ Equity | |
During the three months ended September 30, 2014 the Company issued 50,000 shares of restricted stock and 107,000 shares of common stock upon the exercise of warrants and options. During the three months ended September 30, 2014, 69,000 shares of restricted stock were canceled or surrendered as payment of tax withholding upon vesting. | |
On June 3, 2014 the Company announced a share repurchase program authorizing it to repurchase up to $4 million in shares of the Company's common stock. As part of that repurchase program, the Company entered into a pre-arranged stock repurchase plan that operated in accordance with guidelines specified under Rule 10b5-1 of the Securities Exchange Act. As of September 30, 2014, the Company had purchased 1.4 million shares of its common stock at an aggregate purchase price of $2.0 million under this repurchase program. At September 30, 2014 there is $2.0 million remaining under this program for repurchases. | |
The Company’s Articles of Incorporation authorize the issuance of preferred shares. However, as of September 30, 2014, none have been issued nor have any rights or preferences been assigned to the preferred shares by the Company’s Board of Directors. |
Sharebased_Compensation
Share-based Compensation | 3 Months Ended |
Sep. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Share-based Compensation | ' |
Share-based Compensation | |
Long-Term Incentive Plans | |
The Company adopted and the shareholders approved the 2007 Long-Term Incentive Plan (the “2007 Plan”), effective November 21, 2006, to provide incentives to certain eligible employees, directors and consultants. A maximum of 10.0 million shares of the Company's common stock can be issued under the 2007 Plan in connection with the grant of awards. Awards to purchase common stock have been granted pursuant to the 2007 Plan and are outstanding to various employees, officers, directors, Scientific Advisory Board members and independent distributors at prices between $0.21 and $1.50 per share, with initial vesting periods of one to three years. Awards expire in accordance with the terms of each award and the shares subject to the award are added back to the 2007 Plan upon expiration of the award. The contractual term of stock options granted is generally ten years. As of September 30, 2014 there were awards outstanding, net of awards expired, for the purchase in aggregate of 2.1 million shares of the Company's common stock. | |
The Company adopted and the shareholders approved the 2010 Long-Term Incentive Plan (the “2010 Plan”), effective September 27, 2010, as amended on January 10, 2012, to provide incentives to eligible employees, directors and consultants who contribute to the strategic and long-term performance objectives and growth of the Company. A maximum of 6.9 million shares of the Company’s common stock can be issued under the 2010 Plan in connection with the grant of awards. Awards to purchase common stock have been granted pursuant to the 2010 Plan and are outstanding to various employees, officers and directors. Outstanding stock options awarded under the 2010 Plan have exercise prices between $0.63 and $3.53 per share, and vest over one to four year vesting periods. Awards expire in accordance with the terms of each award and the shares subject to the award are added back to the 2010 Plan upon expiration of the award. The contractual term of stock options granted is generally ten years. As of September 30, 2014 there were awards outstanding, net of awards expired, for an aggregate of 2.9 million shares of the Company’s common stock. | |
The Company adopted a Performance Incentive Plan effective July 1, 2013 (the "Fiscal 2014 Performance Plan"). The Fiscal 2014 Performance Plan is intended to provide selected employees an opportunity to earn performance-based cash bonuses whose value is based upon the Company’s stock value and to encourage such employees to provide services to the Company and to attract new individuals with outstanding qualifications. The Fiscal 2014 Performance Plan seeks to achieve this purpose by providing for awards in the form of performance share units (the “Units”). No shares will be issued under the Fiscal 2014 Performance Plan. Awards may be settled only with cash and will be paid subsequent to award vesting. The fair value of share-based compensation awards, that include performance shares, are accounted for as liabilities. Vesting for the Units is subject to achievement of both service-based and performance-based vesting requirements. Performance-based vesting occurs in three installments if the Company meets certain performance criteria generally set for each year of a three-year performance period. The service-based vesting criteria occurs in three annual installments which are achieved at the end of a given fiscal year only if the participant has continuously remained in service from the date of award through the end of that fiscal year. The fair value of these awards is based on the trading price of our common stock and is remeasured at each reporting period date until settlement. The Company adopted a separate Performance Incentive Plan effective July 1, 2014 (the "Fiscal 2015 Performance Plan"). The Fiscal 2015 Performance Plan is substantially similar to the Fiscal 2014 Performance Plan except that the service-based vesting criteria occurs in a single installment and is achieved at the end of the third fiscal year after the award is granted if the participant has continuously remained in service from the date of the award through the end of the third fiscal year. | |
Stock-Based Compensation | |
In accordance with accounting guidance for stock-based compensation, payments in equity instruments for goods or services are accounted for under the fair value method. For the three months ended September 30, 2014, stock-based compensation of $0.4 million was reflected as an increase to additional paid-in capital and $0.1 million was reflected as an increase to other accrued expenses, all of which was employee related. For the three months ended September 30, 2013, stock-based compensation of $0.8 million was reflected as an increase to additional paid-in capital, all of which was employee related. |
Contingencies
Contingencies | 3 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies | ' |
Contingencies | |
From time to time, the Company is involved in lawsuits and disputes arising in the normal course of business. In the opinion of management, based upon advice of counsel, the likelihood of an adverse outcome in any litigation currently pending against the Company is remote. As such, management currently believes that the ultimate outcome of these lawsuits will not have a material impact on the Company's financial position or results of operations. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
As of October 23, 2014, the Company had purchased 1.6 million shares of its common stock at an aggregate purchase price of $2.0 million under the repurchase program announced on June 3, 2014 (see Note 4). |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Consolidation | ' |
Consolidation | |
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. | |
Use of Estimates | ' |
Use of Estimates | |
We prepare our consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America ("GAAP"). In preparing these statements, we are required to use estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates and assumptions. On an ongoing basis, we review our estimates, including those related to inventory obsolescence, sales returns, income taxes and tax valuation reserves, share-based compensation, and loss contingencies. | |
Translation of Foreign Currency Statements | ' |
Translation of Foreign Currency Statements | |
A portion of the Company’s business operations occurs outside the United States. The local currency of each of the Company’s subsidiaries is generally its functional currency. All assets and liabilities are translated into U.S. dollars at exchange rates existing at the balance sheet dates, revenue and expenses are translated at weighted-average exchange rates and stockholders’ equity is recorded at historical exchange rates. The resulting foreign currency translation adjustments are recorded as a separate component of stockholders’ equity in the condensed consolidated balance sheets. Transaction gains and losses and currency translation gains and losses on intercompany balances denominated in a foreign currency are included in other income, net, in the condensed consolidated statements of operations. | |
Derivative Instruments and Hedging Activities | ' |
Derivative Instruments and Hedging Activities | |
The Company's subsidiaries enter into transactions with each other which may not be denominated in the respective subsidiaries' functional currencies. The Company seeks to reduce its exposure to fluctuations in foreign exchange rates through the use of derivatives. The Company does not use such derivative financial instruments for trading or speculative purposes. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The Company considers only its monetary liquid assets with original maturities of three months or less as cash and cash equivalents. | |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
Accounting guidance for financial instruments requires disclosure of significant concentrations of credit risk regardless of the degree of such risk. Financial instruments with significant credit risk include cash and investments. At September 30, 2014, the Company had $18.9 million in cash accounts that were held primarily at one financial institution and $3.2 million in accounts at other financial institutions. | |
Accounts Receivable | ' |
Accounts Receivable | |
The Company’s accounts receivable as of September 30, 2014 and June 30, 2014 consist primarily of credit card receivables. Based on the Company’s verification process for customer credit cards and historical information available, management has determined that an allowance for doubtful accounts on credit card sales related to its customer sales as of September 30, 2014 is not necessary. | |
Inventory | ' |
Inventories are carried and depicted above at the lower of cost or market, using the first-in, first-out method | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company ships the majority of its product directly to the consumer and receives substantially all payment for these sales in the form of credit card receipts. Revenue from direct product sales to customers is recognized upon passage of title and risk of loss. Estimated returns are recorded when product is shipped. The Company’s return policy is to provide a full refund for product returned within 30 days if the returned product is unopened or defective. After 30 days, the Company generally does not issue refunds to direct sales customers for returned product. The Company allows terminating distributors to return up to 30% of unopened, unexpired product that they have purchased within the prior twelve months for a full refund, less a 10% restocking fee. The Company establishes the returns reserve based on historical experience. The returns reserve is evaluated on a quarterly basis. | |
Shipping and Handling | ' |
Shipping and Handling | |
Shipping and handling costs associated with inbound freight and freight out to customers, including independent distributors, are included in cost of sales. Shipping and handling fees charged to customers are included in sales. | |
Research and Development Costs | ' |
Research and Development Costs | |
The Company expenses all costs related to research and development activities as incurred. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
The Company recognizes stock-based compensation by measuring the cost of services to be rendered based on the grant date fair value of the equity award. The Company recognizes stock-based compensation, net of any estimated forfeitures, over the period an employee is required to provide service in exchange for the award, generally referred to as the requisite service period. | |
The Black-Scholes option pricing model is used to estimate the fair value of stock options. The determination of the fair value of stock options is affected by the Company's stock price and a number of assumptions, including expected volatility, expected life, risk-free interest rate and expected dividends. The Company uses historical volatility as the expected volatility assumption required in the Black-Scholes model. The Company utilizes a simplified method for estimating the expected life of the options. The Company uses this method because it believes that it provides a better estimate than the Company’s historical data as post vesting exercises have been limited. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected terms of the stock options. | |
The fair value of restricted stock grants is based on the closing market price of the Company's stock on the date of grant less the Company's expected dividend yield. The fair value of performance-based awards to be paid in cash, accounted for as liabilities, is remeasured at the end of each reporting period and is based on the closing market price of the Company’s stock on the last day of the reporting period. The Company recognizes compensation costs for awards with performance conditions when it concludes it is probable that the performance conditions will be achieved. The Company reassesses the probability of vesting at each balance sheet date and adjusts compensation as needed. | |
Income Taxes | ' |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using statutory 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 from a change in tax rates is recognized in income in the period that includes the effective date of the change. | |
Income Per Share | ' |
Income Per Share | |
Basic income per common share is computed by dividing the net income or loss by the weighted-average number of common shares outstanding during the period, less unvested restricted stock awards. Diluted income per common share is computed by dividing net income by the weighted-average number of common shares and potentially dilutive common share equivalents using the treasury stock method. | |
Segment Information | ' |
Segment Information | |
The Company operates in a single operating segment by selling products to a global network of independent distributors that operates in an integrated manner from market to market. Commission and incentive expenses are the Company’s largest expense comprised of the commissions paid to its worldwide independent distributors. The Company manages its business primarily by managing its global network of independent distributors. The Company reports revenue in two geographic regions: Americas and Asia/Pacific. | |
Effect of New Accounting Pronouncements | ' |
Effect of New Accounting Pronouncements | |
In August 2014, FASB issued Accounting Standards Update (ASU) No. 2014-15 Preparation of Financial Statements - Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Preparation of financial statements under this presumption is commonly referred to as the going concern basis of accounting. If and when an entity’s liquidation becomes imminent, financial statements should be prepared under the liquidation basis of accounting in accordance with Subtopic 205-30, Presentation of Financial Statements-Liquidation Basis of Accounting. Even when an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In those situations, financial statements should continue to be prepared under the going concern basis of accounting, but the amendments in this Update should be followed to determine whether to disclose information about the relevant conditions and events. The amendments in this Update are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The Company will evaluate the going concern considerations in this ASU, but has not elected early application. However, as of and for the current period, management does not believe that conditions exist or events have occurred that would require additional disclosure under the amendments in this update. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Components of Inventory | ' | ||||||||
As of September 30, 2014 and June 30, 2014, inventory consisted of (in thousands): | |||||||||
September 30, | June 30, | ||||||||
2014 | 2014 | ||||||||
Finished goods | $ | 6,968 | $ | 4,749 | |||||
Raw materials | 4,041 | 4,077 | |||||||
Total inventory | $ | 11,009 | $ | 8,826 | |||||
Summary of Computation of Net Income Per Share | ' | ||||||||
The following is a reconciliation of net income per share and the weighted-average common shares outstanding for purposes of computing basic and diluted net income per share (in thousands except per share amounts): | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Numerator: | |||||||||
Net income | $ | 4,716 | $ | 3,256 | |||||
Denominator: | |||||||||
Basic weighted-average common shares outstanding | 99,597 | 114,666 | |||||||
Effect of dilutive securities: | |||||||||
Stock awards and options | 1,594 | 3,649 | |||||||
Warrants | 2,669 | 5,227 | |||||||
Diluted weighted-average common shares outstanding | 103,860 | 123,542 | |||||||
Net income per share, basic | $ | 0.05 | $ | 0.03 | |||||
Net income per share, diluted | $ | 0.05 | $ | 0.03 | |||||
Revenues from Unaffiliated Customers by Geographic Regions and Significant Geographic Area | ' | ||||||||
Revenues by geographic area are as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
Americas | $ | 36,456 | $ | 34,498 | |||||
Asia/Pacific | 15,177 | 16,830 | |||||||
Total revenues | $ | 51,633 | $ | 51,328 | |||||
Additional Information as to Company's Revenue from Operations in most Significant Geographical Areas | ' | ||||||||
Additional information as to the Company’s revenue from operations in the most significant geographical areas is set forth below (in thousands): | |||||||||
Three Months Ended | |||||||||
September 30, | |||||||||
2014 | 2013 | ||||||||
United States | $ | 35,009 | $ | 33,479 | |||||
Japan | $ | 12,194 | $ | 14,581 | |||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 3 Months Ended | |||
Sep. 30, 2014 | ||||
Debt Disclosure [Abstract] | ' | |||
Future Principal Payments of the Credit Facility | ' | |||
Aggregate future principal payments required in accordance with the terms of the Credit Facility are as follows (in thousands): | ||||
Year Ending June 30, | Amount | |||
2015 (remaining nine months ending June 30, 2015) | $ | 3,525 | ||
2016 | 4,700 | |||
2017 | 4,700 | |||
2018 | 4,700 | |||
2019 | 12,025 | |||
Thereafter | — | |||
$ | 29,650 | |||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | ||
Share data in Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
Segment | |||
Summary Of Significant Accounting Policies | ' | ' | ' |
Foreign currency transaction gain (loss), realized | ($100,000) | ' | ' |
Derivative instruments, gain (loss) realized in income, net | 300,000 | ' | ' |
Bad debt expenses | 0 | 0 | ' |
Inventory valuation reserves | 700,000 | ' | 700,000 |
Money back guarantee period | '30 days | ' | ' |
Percentage of products can be returned for a full refund by terminated distributors | 30.00% | ' | ' |
Percent of restocking fee | 10.00% | ' | ' |
Reserve for sales returns | 100,000 | ' | 600,000 |
Research and development | 500,000 | 300,000 | ' |
Income tax expenses | 2,444,000 | 1,852,000 | ' |
Effective tax rate | 34.10% | ' | ' |
Statutory tax rate | 35.00% | ' | ' |
Common shares issuable upon exercise of warrants or rights | 0.6 | 0.7 | ' |
Number of geographic segments | 2 | ' | ' |
JAPAN | ' | ' | ' |
Summary Of Significant Accounting Policies | ' | ' | ' |
Long-lived assets | 2,000,000 | ' | 2,300,000 |
UNITED STATES | ' | ' | ' |
Summary Of Significant Accounting Policies | ' | ' | ' |
Long-lived assets | 8,800,000 | ' | 9,800,000 |
Cash Accounts Held Primarily At Financial Institution | ' | ' | ' |
Summary Of Significant Accounting Policies | ' | ' | ' |
Concentration of credit risk | 18,900,000 | ' | ' |
Cash Accounts Held at Other Financial Institutions | ' | ' | ' |
Summary Of Significant Accounting Policies | ' | ' | ' |
Concentration of credit risk | $3,200,000 | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Components of Inventory (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $6,968 | $4,749 |
Raw materials | 4,041 | 4,077 |
Total inventory | $11,009 | $8,826 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Summary of Computation of Net Income Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' |
Net income | $4,716 | $3,256 |
Denominator: | ' | ' |
Basic weighted-average common shares outstanding (in shares) | 99,597 | 114,666 |
Effect of dilutive securities: | ' | ' |
Stock awards and options (in shares) | 1,594 | 3,649 |
Warrants (in shares) | 2,669 | 5,227 |
Diluted weighted-average common shares outstanding (in shares) | 103,860 | 123,542 |
Net income per share, basic | $0.05 | $0.03 |
Net income per share, diluted | $0.05 | $0.03 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Revenue from Unaffiliated Customers by Geographic Regions and Significant Geographic Area (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Segment Reporting Information | ' | ' |
Total revenues | $51,633 | $51,328 |
Americas | ' | ' |
Segment Reporting Information | ' | ' |
Total revenues | 36,456 | 34,498 |
Asia Pacific | ' | ' |
Segment Reporting Information | ' | ' |
Total revenues | 15,177 | 16,830 |
UNITED STATES | ' | ' |
Segment Reporting Information | ' | ' |
Total revenues | 35,009 | 33,479 |
JAPAN | ' | ' |
Segment Reporting Information | ' | ' |
Total revenues | $12,194 | $14,581 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | 3 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2014 | Oct. 18, 2013 | Oct. 18, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | |
Secured Debt | October 2013 Term Loan | October 2013 Delayed Draw Term Loan | Greater of 1.25% or LIBOR | Reference Rate at the Company's Option | ||
Secured Debt | Secured Debt | Secured Debt | Secured Debt | |||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' |
Maximum capacity on draw | ' | ' | $47,000,000 | $20,000,000 | ' | ' |
Interest rate per annum over the variable basis | ' | ' | ' | ' | 7.50% | 6.50% |
Minimum rate or LIBOR added to stated interest rate | ' | ' | ' | ' | 1.25% | ' |
Interest rate during period | ' | 8.75% | ' | ' | ' | ' |
Interest expenses related to Credit Facility | 100,000 | ' | ' | ' | ' | ' |
Unamortized deferred debt offering costs and debt discount | $2,300,000 | ' | ' | ' | ' | ' |
LongTerm_Debt_Future_Principal
Long-Term Debt - Future Principal Payments (Details) (USD $) | Sep. 30, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2015 (remaining nine months ending June 30, 2015) | $3,525 |
2016 | 4,700 |
2017 | 4,700 |
2018 | 4,700 |
2019 | 12,025 |
Thereafter | 0 |
Long-term debt, net of unamortized discount | $29,650 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 3 Months Ended | 3 Months Ended | 4 Months Ended | |||
Share data in Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 03, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Pre-Arranged Stock Repurchase Plan | Pre-Arranged Stock Repurchase Plan | Common Stock | Common Stock | |||
Pre-Arranged Stock Repurchase Plan | ||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Issuance of shares related to restricted stock (in shares) | ' | ' | ' | ' | 50 | ' |
Stock issued upon exercise of warrants (in shares) | ' | ' | ' | ' | 107 | ' |
Shares canceled or surrendered as payment of tax withholding (in shares) | ' | ' | ' | ' | 69 | ' |
Stock repurchased amount authorized | ' | ' | ' | $4,000,000 | ' | ' |
Repurchase of company stock (in shares) | ' | ' | ' | ' | 1,449 | 1,400 |
Repurchase of company stock | 2,000,000 | 2,865,000 | ' | ' | ' | 2,000,000 |
Remaining authorized amount under repurchase program | ' | ' | $2,000,000 | ' | ' | ' |
Sharebased_Compensation_Detail
Share-based Compensation (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Nov. 21, 2006 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
2007 Long-Term Incentive Plan | 2007 Long-Term Incentive Plan | 2007 Long-Term Incentive Plan | 2007 Long-Term Incentive Plan | 2010 Long-Term Incentive Plan | 2010 Long-Term Incentive Plan | 2010 Long-Term Incentive Plan | 2014 Performance Incentive Plan | ||||
Minimum | Maximum | Minimum | Maximum | Performance Shares | |||||||
Vesting_Installlment | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued | ' | ' | ' | ' | 10,000,000 | ' | ' | 6,900,000 | ' | ' | ' |
Right to purchase common stock, minimum price per share | ' | ' | ' | $0.21 | ' | ' | ' | $0.63 | ' | ' | ' |
Right to purchase common stock, maximum price per share | ' | ' | ' | $1.50 | ' | ' | ' | $3.53 | ' | ' | ' |
Share based payment award, vesting period (in years) | ' | ' | ' | ' | ' | '1 year | '3 years | ' | '1 year | '4 years | '3 years |
Contractual term of stock options granted (in years) | ' | ' | ' | '10 years | ' | ' | ' | '10 years | ' | ' | ' |
Common stock shares outstanding | 100,812,000 | ' | 102,173,000 | 2,100,000 | ' | ' | ' | ' | ' | ' | ' |
Aggregate number of shares outstanding | ' | ' | ' | ' | ' | ' | ' | 2,900,000 | ' | ' | ' |
Number of vesting installments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Stock based compensation reflect in additional paid in capital | $0.40 | $0.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation awards classified as a liability settled in cash | $0.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 4 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 23, 2014 |
Common Stock | Pre-Arranged Stock Repurchase Plan | Pre-Arranged Stock Repurchase Plan | |||
Common Stock | Common Stock | ||||
Subsequent Event | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Repurchase of company stock (in shares) | ' | ' | 1,449 | 1,400 | 1,600 |
Repurchase of company stock | $2,000 | $2,865 | ' | $2,000 | $2,000 |