Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2015 | Apr. 28, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | TUESDAY MORNING CORP/DE | |
Entity Central Index Key | 878726 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | TUES | |
Current Fiscal Year End Date | -24 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,056,542 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $42,886 | $49,686 |
Inventories | 223,421 | 207,663 |
Prepaid expenses | 6,757 | 5,822 |
Deferred income taxes | 42 | 42 |
Other current assets | 424 | 1,094 |
Total Current Assets | 273,530 | 264,307 |
Property and equipment, net | 63,663 | 65,939 |
Deferred financing costs | 996 | 1,416 |
Other assets | 802 | 724 |
Total Assets | 338,991 | 332,386 |
Current liabilities: | ||
Accounts payable | 76,348 | 86,284 |
Accrued liabilities | 36,762 | 39,618 |
Income taxes payable | 414 | 1 |
Total Current Liabilities | 113,524 | 125,903 |
Deferred rent | 2,050 | 2,721 |
Income tax payable — non current | 355 | 410 |
Deferred income taxes | 42 | 42 |
Total Liabilities | 115,971 | 129,076 |
Commitments and contingencies (Note 3) | ||
Stockholders’ equity: | ||
Preferred stock, par value $0.01 per share, authorized 10,000,000 shares; none issued or outstanding | ||
Common stock, par value $0.01 per share, authorized 100,000,000 shares; 45,817,694 shares issued and 44,056,542 shares outstanding at March 31, 2015 and 45,417,397 shares issued and 43,663,091 shares outstanding at June 30, 2014 | 458 | 454 |
Additional paid-in capital | 225,576 | 220,352 |
Retained earnings/(deficit) | 3,647 | -10,978 |
Less: 1,761,152 common shares in treasury, at cost, at March 31, 2015 and 1,754,306 common shares in treasury, at cost, at June 30, 2014 | -6,661 | -6,518 |
Total Stockholders’ Equity | 223,020 | 203,310 |
Total Liabilities and Stockholders’ Equity | $338,991 | $332,386 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
Stockholders’ equity: | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 45,817,694 | 45,417,397 |
Common stock, shares outstanding | 44,056,542 | 43,663,091 |
Treasury stock, shares | 1,761,152 | 1,754,306 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||||
Net sales | $189,726 | $182,765 | $693,335 | $652,214 |
Cost of sales | 117,326 | 114,664 | 439,955 | 421,348 |
Gross profit | 72,400 | 68,101 | 253,380 | 230,866 |
Selling, general and administrative expenses | 74,515 | 75,730 | 237,028 | 232,678 |
Operating income/(loss) | -2,115 | -7,629 | 16,352 | -1,812 |
Other income/(expense): | ||||
Interest expense, net | -348 | -355 | -1,070 | -1,109 |
Other income/(expense), net | -405 | -4 | -387 | 79 |
Other expense, net | -753 | -359 | -1,457 | -1,030 |
Income/(loss) before income taxes | -2,868 | -7,988 | 14,895 | -2,842 |
Income tax provision/(benefit) | -64 | 440 | 270 | -79 |
Net income/(loss) | ($2,804) | ($8,428) | $14,625 | ($2,763) |
Net income/(loss) per common share: | ||||
Basic | ($0.06) | ($0.20) | $0.33 | ($0.06) |
Diluted | ($0.06) | ($0.20) | $0.33 | ($0.06) |
Weighted average number of common shares: | ||||
Basic | 43,554 | 43,072 | 43,431 | 42,863 |
Diluted | 43,554 | 43,072 | 43,750 | 42,863 |
Dividends per common share | $0 | $0 | $0 | $0 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net cash flows from operating activities: | ||
Net income/(loss) | $14,625 | ($2,763) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||
Depreciation | 9,114 | 9,090 |
Amortization of financing fees | 447 | 446 |
Deferred income taxes | 0 | 3,265 |
Loss on disposal of assets | 904 | 361 |
Share-based compensation | 3,906 | 1,829 |
Change in operating assets and liabilities: | ||
Inventories | -15,469 | 6,237 |
Prepaid and other current assets | -343 | 1,262 |
Accounts payable | -9,936 | 383 |
Accrued liabilities | -2,856 | 4,570 |
Other payable - non-current | 0 | -2,289 |
Deferred rent | -671 | -174 |
Income taxes payable | 358 | -450 |
Net cash provided by operating activities | 79 | 21,767 |
Net cash flows from investing activities: | ||
Proceeds from sale of assets | 47 | 34 |
Capital expenditures | -7,789 | -10,713 |
Net cash used in investing activities | -7,742 | -10,679 |
Net cash flows from financing activities: | ||
Repayments under revolving credit facility | -6,000 | -25,100 |
Proceeds under revolving credit facility | 6,000 | 25,100 |
Payments of debt financing costs | -27 | 0 |
Purchase of treasury stock | -143 | -320 |
Proceeds from the exercise of employee stock options | 1,033 | 1,951 |
Net cash provided by financing activities | 863 | 1,631 |
Net increase/(decrease) in cash and cash equivalents | -6,800 | 12,719 |
Cash and cash equivalents, beginning of period | 49,686 | 28,896 |
Cash and cash equivalents, end of period | $42,886 | $41,615 |
Basis_of_presentation
Basis of presentation | 9 Months Ended |
Mar. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of presentation | 1. Basis of presentation — The unaudited interim consolidated financial statements included herein have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. These financial statements include all adjustments, consisting only of those of a normal recurring nature, which, in the opinion of management, are necessary to present fairly the results of the interim periods presented and should be read in conjunction with the audited consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended June 30, 2014. The balance sheet at June 30, 2014 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2014. The results of operations for the three and nine month periods ended March 31, 2015 are not necessarily indicative of the results to be expected for the full fiscal year ending June 30, 2015. |
The Company no longer presents a Consolidated Statement of Comprehensive Income as there are no other comprehensive income items in either the current or prior fiscal periods. | |
The preparation of unaudited interim consolidated financial statements, in conformity with GAAP, requires us to make assumptions and use estimates that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates relate to: inventory valuation under the retail method; and estimation of reserves and valuation allowances specifically related to insurance, income taxes, and litigation. Actual results could differ from these estimates. Our fiscal year ends on June 30 and we operate our business as a single operating segment. | |
Certain reclassifications were made to prior period amounts to conform to the current period presentation. None of the reclassifications affected our net income in any period. |
Sharebased_incentive_plans
Share-based incentive plans | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Share-based incentive plans | 2. Share-based incentive plans — Stock Option Awards. We have established the Tuesday Morning Corporation 1997 Long-Term Equity Incentive Plan, as amended (the “1997 Plan”), the Tuesday Morning Corporation 2004 Long-Term Equity Incentive Plan, as amended (the “2004 Plan”), and the Tuesday Morning Corporation 2008 Long-Term Equity Incentive Plan (the “2008 Plan”), which allow for the granting of stock options to directors, officers and key employees of the Company, and certain other key individuals who perform services for us and our subsidiaries. Equity awards may no longer be granted under the 1997 Plan, the 2004 Plan, or the 2008 Plan, but equity awards granted under the 1997 Plan, the 2004 Plan and the 2008 Plan are still outstanding. | ||||||||||||||||
On September 16, 2014, our Board of Directors adopted the Tuesday Morning Corporation 2014 Long-Term Incentive Plan (the “2014 Plan”), and the 2014 Plan was approved by our stockholders at the 2014 annual meeting of stockholders on November 12, 2014. The 2014 Plan became effective on September 16, 2014, and the maximum number of shares reserved for issuance under the 2014 Plan is 3,600,000 shares plus any awards under the 2008 Plan (i) that were outstanding on September 16, 2014 and, on or after September 16, 2014, are forfeited, expire, or are canceled, and (ii) any shares subject to such awards that, on or after September 16, 2014, are used to satisfy the exercise price or tax withholding obligations with respect to such awards. Our Board of Directors also approved the termination of the 2008 Plan, effective upon the date of stockholder approval of the 2014 Plan, and no new awards will be made under the 2008 Plan. The 2014 Plan provides for the granting of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, dividend equivalent rights, and other awards which may be granted singly, in combination, or in tandem, and which may be paid in cash, shares of common stock, or a combination of cash and shares of common stock. | |||||||||||||||||
Stock options were awarded with a strike price at a fair market value equal to the average of the high and low trading prices of our common stock on the date of grant under the 1997 Plan and the 2004 Plan. Stock options were awarded with a strike price at a fair market value equal to the closing price of our common stock on the date of the grant under the 2008 Plan and the 2014 Plan. | |||||||||||||||||
Options granted under the 1997 Plan and the 2004 Plan typically vest over periods of one to five years and expire ten years from the date of grant, while options granted under the 2008 Plan and the 2014 Plan typically vest over periods of one to four years and expire ten years from the date of grant. Options granted under the 2004 Plan and the 2008 Plan may have certain performance requirements in addition to service terms. If the performance conditions are not satisfied, the options are forfeited. The exercise prices of stock options outstanding on March 31, 2015, range between $1.24 per share and $35.23 per share. The 1997 Plan, the 2004 Plan, and the 2008 Plan terminated pursuant to their terms as of December 29, 2007, May 17, 2014, and September 16, 2014, respectively. There were five million shares available for grant under the 2014 Plan at March 31, 2015. | |||||||||||||||||
Restricted Stock Awards. The 1997 Plan, the 2004 Plan, the 2008 Plan, and the 2014 Plan authorize the grant of restricted stock awards to directors, officers, key employees and certain other key individuals who perform services for us and our subsidiaries. Equity awards may no longer be granted under the 1997 Plan, the 2004 Plan, and the 2008 Plan, but restricted stock awards granted under the 2004 Plan and the 2008 Plan are still outstanding. Restricted stock awards are not transferable, but bear certain rights of common stock ownership including voting and dividend rights. Shares are valued at the fair market value of our common stock at the date of award. Shares may be subject to certain performance requirements. If the performance requirements are not met, the restricted shares are forfeited. At December 31, 2007, all shares under the 1997 Plan had been granted and the 1997 Plan terminated pursuant to its terms as of December 29, 2007. Under the 2004 Plan, the 2008 Plan and the 2014 Plan, as of March 31, 2015, there were 435,283 shares of restricted stock outstanding, both performance-based and other, with award vesting periods of one to four years and a weighted average fair value of $16.99 per share. | |||||||||||||||||
Performance-Based Restricted Stock Awards and Performance-Based Stock Option Awards. As of March 31, 2015 there were 247,480 performance-based restricted stock awards and performance-based stock option awards outstanding under the 2008 Plan and the 2014 Plan. | |||||||||||||||||
Share-based Compensation Costs. Share-based compensation costs were recognized as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Amortization of share-based compensation during the period | $ | 1,508 | $ | 873 | $ | 4,195 | $ | 1,866 | |||||||||
Amounts capitalized in ending inventory | (566 | ) | (222 | ) | (1,313 | ) | (531 | ) | |||||||||
Amounts recognized and charged to cost of sales | 364 | 142 | 1,024 | 494 | |||||||||||||
Amounts charged against income for the period, before tax | $ | 1,306 | $ | 793 | $ | 3,906 | $ | 1,829 | |||||||||
Commitments_and_contingencies
Commitments and contingencies | 9 Months Ended |
Mar. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 3. Commitments and contingencies — From time to time, the Company is involved in litigation which is incidental to its business. In the Company’s opinion, no litigation to which the Company is currently a party is likely to have a material adverse effect on the Company’s consolidated financial condition, results of operations, or cash flows. |
Incomeloss_per_common_share
Income/(loss) per common share | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Income/(loss) per common share | 4. Income/(loss) per common share - The following table sets forth the computation of basic and diluted income/(loss) per common share (in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net income/(loss) | $ | (2,804 | ) | $ | (8,428 | ) | $ | 14,625 | $ | (2,763 | ) | ||||||
Less: Income to participating securities | — | — | (125 | ) | — | ||||||||||||
Net income/(loss) attributable to common shares | $ | (2,804 | ) | $ | (8,428 | ) | $ | 14,500 | $ | (2,763 | ) | ||||||
Weighted average number of common shares outstanding basic | 43,554 | 43,072 | 43,431 | 42,863 | |||||||||||||
Effect of dilutive stock equivalents | — | — | 319 | — | |||||||||||||
Weighted average number of common shares outstanding dilutive | 43,554 | 43,072 | 43,750 | 42,863 | |||||||||||||
Net income/(loss) per common share basic | $ | (0.06 | ) | $ | (0.20 | ) | $ | 0.33 | $ | (0.06 | ) | ||||||
Net income/(loss) per common share diluted | $ | (0.06 | ) | $ | (0.20 | ) | $ | 0.33 | $ | (0.06 | ) | ||||||
For the quarters ended March 31, 2015 and March 31, 2014, and for the nine months ended March 31, 2014, all options representing rights to purchase shares were excluded from the diluted loss per share calculation as the Company had a net loss for those periods and the assumed exercise of such options would have been anti-dilutive. For the nine months ended March 31, 2015, options representing rights to purchase 275,783 weighted average shares were not included in the diluted income per share calculation because the assumed exercise of such options would have been anti-dilutive. |
Revolving_credit_facility
Revolving credit facility | 9 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Revolving credit facility | 5. Revolving credit facility — We have a credit agreement providing for an asset-based, five-year senior secured revolving credit facility in the amount of up to $180.0 million which matures on November 17, 2016 (the “Revolving Credit Facility”). Our indebtedness under the Revolving Credit Facility is secured by a lien on substantially all of our assets. The Revolving Credit Facility contains certain restrictive covenants, which affect, among others, our ability to incur liens or additional indebtedness, change the nature of our business, sell assets or merge or consolidate with any other entity, or make investments or acquisitions unless they meet certain requirements. Our financial covenant requires that we maintain availability of 10% of our calculated borrowing base, but never less than $15 million. Our Revolving Credit Facility may, in some instances, limit payment of cash dividends and repurchases of the Company’s common stock. In order to make a restricted payment, including payment of a dividend or a repurchase of shares, we must maintain availability of 17.5% of our lenders’ aggregate commitments under the Revolving Credit Facility for three months prior to, and on a pro forma basis for the six months immediately following, and after giving effect to, the restricted payment and we must satisfy a fixed charge coverage ratio requirement. As of March 31, 2015, we were in compliance with all required covenants. |
At March 31, 2015, we had no amounts outstanding under the Revolving Credit Facility, $6.4 million of outstanding letters of credit and availability of $109.6 million under the Revolving Credit Facility. Letters of credit under the Revolving Credit Facility are primarily for self-insurance purposes. We incur commitment fees of up to 0.375% on the unused portion of the Revolving Credit Facility. Any borrowing under the Revolving Credit Facility incurs interest at LIBOR or the prime rate, plus an applicable margin, at our election (except with respect to swing loans, which incur interest solely at the prime rate plus the applicable margin). These rates are increased or reduced as our average daily availability changes. Interest expense for the third quarter of both the current fiscal year and prior fiscal year of $0.4 million was due to commitment fees of $0.2 million and the amortization of financing fees of $0.2 million. Interest expense for the nine months ended March 31, 2015 and March 31, 2014 was $1.1 million, due to $0.6 million of commitment fees and $0.5 million of amortized financing fees. | |
Depreciation
Depreciation | 9 Months Ended |
Mar. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Depreciation | 6. Depreciation — Accumulated depreciation of owned equipment and property at March 31, 2015 and June 30, 2014 was $119.9 million and $114.7 million, respectively. |
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 7. Income taxes — Tuesday Morning Corporation or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. With a few exceptions, Tuesday Morning Corporation is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for years before 2009. The U.S. federal income tax statute of limitations has expired for all taxable years ended on or before June 30, 2011. |
The effective tax rates for the quarters ended March 31, 2015 and March 31, 2014 were 2.2% and (5.5%), respectively. The effective tax rates for the nine months ended March 31, 2015 and March 31, 2014 were 1.8% and 2.8%, respectively. A full valuation allowance is currently recorded against the Company’s deferred tax assets as the Company was in a three year cumulative loss position as of June 30, 2013 and June 30, 2014. A deviation from the customary relationship between income tax expense/(benefit) and pretax income/(loss) results from the utilization of the valuation allowance. | |
The Internal Revenue Service issued final regulations T.D. 9636 - Guidance Regarding Deduction and Capitalization of Expenditures Related to Tangible Property in September 2013 which are applicable to tax years beginning on or after January 1, 2014. The Company is currently reviewing the regulations which provide guidance on the application of sections 162(a) and 263(a) of the Internal Revenue Code to amounts paid to acquire, produce, or improve tangible property and anticipates an immaterial impact to our tax return and financial statements. | |
Cash_and_cash_equivalents
Cash and cash equivalents | 9 Months Ended |
Mar. 31, 2015 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 8. Cash and cash equivalents — Cash and cash equivalents are comprised of cash, credit card receivables and all highly liquid instruments with original maturities of three months or less. Cash equivalents are carried at cost, which approximates fair value. At March 31, 2015 and June 30, 2014, credit card receivables from third party consumer credit card providers were $4.3 million and $3.8 million, respectively. Such receivables are generally collected within one week of the balance sheet date. |
Recent_accounting_pronouncemen
Recent accounting pronouncements | 9 Months Ended |
Mar. 31, 2015 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 9. Recent accounting pronouncements — There were no accounting pronouncements issued during the third quarter of fiscal 2015 that affected the Company. |
Sharebased_incentive_plans_Tab
Share-based incentive plans (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Schedule of share-based compensation costs recognized | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Amortization of share-based compensation during the period | $ | 1,508 | $ | 873 | $ | 4,195 | $ | 1,866 | |||||||||
Amounts capitalized in ending inventory | (566 | ) | (222 | ) | (1,313 | ) | (531 | ) | |||||||||
Amounts recognized and charged to cost of sales | 364 | 142 | 1,024 | 494 | |||||||||||||
Amounts charged against income for the period, before tax | $ | 1,306 | $ | 793 | $ | 3,906 | $ | 1,829 | |||||||||
Incomeloss_per_common_share_Ta
Income/(loss) per common share (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Schedule of computation of basic and diluted earnings per common share | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Net income/(loss) | $ | (2,804 | ) | $ | (8,428 | ) | $ | 14,625 | $ | (2,763 | ) | ||||||
Less: Income to participating securities | — | — | (125 | ) | — | ||||||||||||
Net income/(loss) attributable to common shares | $ | (2,804 | ) | $ | (8,428 | ) | $ | 14,500 | $ | (2,763 | ) | ||||||
Weighted average number of common shares outstanding basic | 43,554 | 43,072 | 43,431 | 42,863 | |||||||||||||
Effect of dilutive stock equivalents | — | — | 319 | — | |||||||||||||
Weighted average number of common shares outstanding dilutive | 43,554 | 43,072 | 43,750 | 42,863 | |||||||||||||
Net income/(loss) per common share basic | $ | (0.06 | ) | $ | (0.20 | ) | $ | 0.33 | $ | (0.06 | ) | ||||||
Net income/(loss) per common share diluted | $ | (0.06 | ) | $ | (0.20 | ) | $ | 0.33 | $ | (0.06 | ) | ||||||
Sharebased_incentive_plans_Det
Share-based incentive plans (Details) (USD $) | 9 Months Ended |
Mar. 31, 2015 | |
SHARE-BASED INCENTIVE PLANS | |
Exercise price of stock options outstanding, low end of range (in dollars per share) | $1.24 |
Exercise price of stock option outstanding, high end of range (in dollars per share) | $35.23 |
2014 Plan | |
SHARE-BASED INCENTIVE PLANS | |
Number of shares authorized | 3,600,000 |
2014 Plan | Stock Option Awards | |
SHARE-BASED INCENTIVE PLANS | |
Expiration period (in years) | 10 years |
Shares available for grant | 5,000,000 |
2014 Plan | Stock Option Awards | Minimum | |
SHARE-BASED INCENTIVE PLANS | |
Vesting period (in years) | 1 year |
2014 Plan | Stock Option Awards | Maximum | |
SHARE-BASED INCENTIVE PLANS | |
Vesting period (in years) | 4 years |
1997 Plan | Stock Option Awards | |
SHARE-BASED INCENTIVE PLANS | |
Expiration period (in years) | 10 years |
1997 Plan | Stock Option Awards | Minimum | |
SHARE-BASED INCENTIVE PLANS | |
Vesting period (in years) | 1 year |
1997 Plan | Stock Option Awards | Maximum | |
SHARE-BASED INCENTIVE PLANS | |
Vesting period (in years) | 5 years |
2004 Plan | Stock Option Awards | |
SHARE-BASED INCENTIVE PLANS | |
Expiration period (in years) | 10 years |
2004 Plan | Stock Option Awards | Minimum | |
SHARE-BASED INCENTIVE PLANS | |
Vesting period (in years) | 1 year |
2004 Plan | Stock Option Awards | Maximum | |
SHARE-BASED INCENTIVE PLANS | |
Vesting period (in years) | 5 years |
2008 Plan | Stock Option Awards | |
SHARE-BASED INCENTIVE PLANS | |
Expiration period (in years) | 10 years |
2008 Plan | Stock Option Awards | Minimum | |
SHARE-BASED INCENTIVE PLANS | |
Vesting period (in years) | 1 year |
2008 Plan | Stock Option Awards | Maximum | |
SHARE-BASED INCENTIVE PLANS | |
Vesting period (in years) | 4 years |
2004, 2008, and 2014 Plans | Restricted Stock Awards | |
SHARE-BASED INCENTIVE PLANS | |
Awards outstanding | 435,283 |
Weighted average grant date fair value of awards granted (in dollars per share) | $16.99 |
2004, 2008, and 2014 Plans | Restricted Stock Awards | Minimum | |
SHARE-BASED INCENTIVE PLANS | |
Vesting period (in years) | 1 year |
2004, 2008, and 2014 Plans | Restricted Stock Awards | Maximum | |
SHARE-BASED INCENTIVE PLANS | |
Vesting period (in years) | 4 years |
2008 and 2014 Plan | Performance-Based Restricted Stock Awards and Stock Option Awards | |
SHARE-BASED INCENTIVE PLANS | |
Awards outstanding | 247,480 |
Sharebased_incentive_plans_Det1
Share-based incentive plans (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based incentive plans | ||||
Amortization of share-based compensation during the period | $1,306 | $793 | $3,906 | $1,829 |
Amounts capitalized in ending inventory | -566 | -222 | -1,313 | -531 |
Share Based Compensation Amortization | ||||
Share-based incentive plans | ||||
Amortization of share-based compensation during the period | 1,508 | 873 | 4,195 | 1,866 |
Cost of Sales | ||||
Share-based incentive plans | ||||
Amortization of share-based compensation during the period | $364 | $142 | $1,024 | $494 |
Incomeloss_per_common_share_De
Income/(loss) per common share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||||
Net income/(loss) | ($2,804) | ($8,428) | $14,625 | ($2,763) |
Less: Income to participating securities | -125 | |||
Net income/(loss) attributable to common shares | ($2,804) | ($8,428) | $14,500 | ($2,763) |
Weighted average common shares outstanding - basic | 43,554 | 43,072 | 43,431 | 42,863 |
Effect of dilutive stock equivalents (in shares) | 319 | |||
Weighted average common shares outstanding - dilutive | 43,554 | 43,072 | 43,750 | 42,863 |
Net income per common share - basic (in dollars per share) | ($0.06) | ($0.20) | $0.33 | ($0.06) |
Net income per common share - diluted (in dollars per share) | ($0.06) | ($0.20) | $0.33 | ($0.06) |
Incomeloss_per_common_share_De1
Income/(loss) per common share - (Details 2) (Equity Option) | 9 Months Ended |
Mar. 31, 2015 | |
Equity Option | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Weighted average shares excluded from computation of diluted income per share | 275,783 |
Revolving_credit_facility_Deta
Revolving credit facility (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
DEBT | ||||
Interest expense | $348,000 | $355,000 | $1,070,000 | $1,109,000 |
Amortization of financing fees | 447,000 | 446,000 | ||
Revolving Credit Facility | ||||
DEBT | ||||
Term of credit facility (in years) | 5 years | |||
Maximum borrowing capacity | 180,000,000 | 180,000,000 | ||
Revolving credit facility maturity date | 17-Nov-16 | |||
Availability to be maintained under credit facility, percentage | 10.00% | 10.00% | ||
Availability to be maintained under credit facility before restriction on investments, percentage | 17.50% | 17.50% | ||
Covenant terms | Our financial covenant requires that we maintain availability of 10% of our calculated borrowing base, but never less than $15 million | |||
Revolving credit facility outstanding amount | 0 | 0 | ||
Outstanding letters of credit | 6,400,000 | 6,400,000 | ||
Availability under the credit facility | 109,600,000 | 109,600,000 | ||
Interest expense | 400,000 | 400,000 | 1,100,000 | 1,100,000 |
Commitment fees | 200,000 | 200,000 | 600,000 | 600,000 |
Amortization of financing fees | 200,000 | 200,000 | 500,000 | 500,000 |
Revolving Credit Facility | Minimum | ||||
DEBT | ||||
Availability to be maintained under credit facility | $15,000,000 | $15,000,000 | ||
Revolving Credit Facility | Maximum | ||||
DEBT | ||||
Commitment fees (as a percent) | 0.38% |
Depreciation_Details
Depreciation (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Property Plant And Equipment [Abstract] | ||
Accumulated depreciation | $119.90 | $114.70 |
Income_Taxes_Details
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | |
Subsidiary | Subsidiary | |||
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 2.20% | -5.50% | 1.80% | 2.80% |
Number of subsidiaries filing income tax returns in the U.S. federal jurisdiction, and various state jurisdictions | 1 | 1 |
Cash_and_cash_equivalents_Deta
Cash and cash equivalents (Details) (USD $) | Mar. 31, 2015 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Cash And Cash Equivalents [Abstract] | ||
Credit card receivables from third party consumer credit card providers | $4.30 | $3.80 |