Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2016 | Apr. 27, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | TUESDAY MORNING CORP/DE | |
Entity Central Index Key | 878,726 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | TUES | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 44,535,645 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Jun. 30, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 15,064 | $ 44,788 |
Inventories | 255,026 | 209,984 |
Prepaid expenses | 7,288 | 6,978 |
Other current assets | 124 | 823 |
Total Current Assets | 277,502 | 262,573 |
Property and equipment, net | 90,652 | 70,447 |
Deferred financing costs | 1,370 | 871 |
Other assets | 2,414 | 984 |
Total Assets | 371,938 | 334,875 |
Current liabilities: | ||
Accounts payable | 89,951 | 74,242 |
Accrued liabilities | 42,566 | 35,751 |
Income taxes payable | 253 | |
Total Current Liabilities | 132,770 | 109,993 |
Deferred rent | 5,332 | 3,072 |
Asset retirement obligation | 2,634 | 1,163 |
Income tax payable — non-current | 345 | 358 |
Other non-current liabilities | 1,015 | |
Total Liabilities | $ 142,096 | $ 114,586 |
Commitments and contingencies | ||
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; 46,314,416 shares issued and 44,542,039 shares outstanding at March 31, 2016 and 45,830,244 shares issued and 44,069,092 shares outstanding at June 30, 2015 | $ 463 | $ 458 |
Additional paid-in capital | 229,145 | 227,085 |
Retained earnings/(deficit) | 6,971 | (593) |
Less: 1,772,377 common shares in treasury, at cost, at March 31, 2016 and 1,761,152 common shares in treasury, at cost, at June 30, 2015 | (6,737) | (6,661) |
Total Stockholders’ Equity | 229,842 | 220,289 |
Total Liabilities and Stockholders’ Equity | $ 371,938 | $ 334,875 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Jun. 30, 2015 |
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 | 46,314,416 | 45,830,244 |
Common stock, shares outstanding | 44,542,039 | 44,069,092 |
Treasury stock, shares | 1,772,377 | 1,761,152 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||||
Net sales | $ 211,380 | $ 189,726 | $ 733,584 | $ 693,335 |
Cost of sales | 133,903 | 117,326 | 470,753 | 439,955 |
Gross profit | 77,477 | 72,400 | 262,831 | 253,380 |
Selling, general and administrative expenses | 83,409 | 74,515 | 254,146 | 237,028 |
Operating income/(loss) | (5,932) | (2,115) | 8,685 | 16,352 |
Other income/(expense): | ||||
Interest expense | (217) | (348) | (866) | (1,070) |
Other income/(expense), net | 252 | (405) | 101 | (387) |
Other income/(expense) total | 35 | (753) | (765) | (1,457) |
Income/(loss) before income taxes | (5,897) | (2,868) | 7,920 | 14,895 |
Income tax provision/(benefit) | (657) | (64) | 356 | 270 |
Net income/(loss) | $ (5,240) | $ (2,804) | $ 7,564 | $ 14,625 |
Net income/(loss) per common share: | ||||
Basic | $ (0.12) | $ (0.06) | $ 0.17 | $ 0.33 |
Diluted | $ (0.12) | $ (0.06) | $ 0.17 | $ 0.33 |
Weighted average number of common shares: | ||||
Basic | 43,731 | 43,554 | 43,678 | 43,431 |
Diluted | 43,731 | 43,554 | 43,709 | 43,750 |
Dividends per common share | $ 0 | $ 0 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net cash flows from operating activities: | ||
Net income | $ 7,564 | $ 14,625 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 11,382 | 9,114 |
Amortization of financing fees | 398 | 447 |
Loss on disposal of assets | 521 | 904 |
Share-based compensation | 1,869 | 3,906 |
Change in operating assets and liabilities: | ||
Inventories | (44,846) | (15,469) |
Prepaid and other current assets | 277 | (343) |
Accounts payable | 15,709 | (9,936) |
Accrued liabilities | 6,165 | (2,856) |
Deferred rent | 2,260 | (671) |
Income taxes payable | 240 | 358 |
Other non-current liabilities | 1,015 | |
Net cash provided by operating activities | 2,554 | 79 |
Net cash flows from investing activities: | ||
Proceeds from sale of assets | 35 | 47 |
Purchase of intellectual property | (1,318) | |
Capital expenditures | (30,036) | (7,789) |
Net cash used in investing activities | (31,319) | (7,742) |
Net cash flows from financing activities: | ||
Repayments under revolving credit facility | (6,000) | |
Proceeds under revolving credit facility | 6,000 | |
Payment of financing fees | (883) | (27) |
Purchase of treasury stock | (76) | (143) |
Proceeds from the exercise of employee stock options | 1,033 | |
Net cash provided by/(used in) financing activities | (959) | 863 |
Net decrease in cash and cash equivalents | (29,724) | (6,800) |
Cash and cash equivalents, beginning of period | 44,788 | 49,686 |
Cash and cash equivalents, end of period | $ 15,064 | $ 42,886 |
Basis of presentation
Basis of presentation | 9 Months Ended |
Mar. 31, 2016 | |
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, 2015. The consolidated balance sheet at June 30, 2015 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, 2015. The results of operations for the three and nine month periods ended March 31, 2016 are not necessarily indicative of the results to be expected for the full fiscal year ending June 30, 2016, which we refer to as fiscal 2016. 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. |
Share-based incentive plans
Share-based incentive plans | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Incentive Plans | 2. Share-based incentive plans — Stock Option Awards. 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. The exercise prices of stock options outstanding on March 31, 2016, range between $1.24 per share and $20.91 per share. The 1997 Plan and the 2004 Plan terminated pursuant to their terms as of December 29, 2007 and May 17, 2014, respectively, and we terminated the 2008 Plan as of November 12, 2014 in connection with the approval of the 2014 Plan. There were approximately 2.8 million shares available for grant under the 2014 Plan at March 31, 2016. 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, 2016, there were 760,613 shares of restricted stock outstanding, both performance-based and other, with award vesting periods of one to four years and a weighted average grant date fair value of $8.72 per share. Performance-Based Restricted Stock Awards and Performance-Based Stock Option Awards. As of March 31, 2016 there were 350,802 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 March 31, Nine Months Ended December 31, 2016 2015 2016 2015 Amortization of share-based compensation during the period $ 1,064 $ 1,508 $ 2,065 $ 4,195 Amounts capitalized in ending inventory (506 ) (566 ) (1,162 ) (1,313 ) Amounts recognized and charged to cost of sales 367 364 966 1,024 Amounts charged against income for the period before tax $ 925 $ 1,306 $ 1,869 $ 3,906 |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Mar. 31, 2016 | |
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. |
Income_(loss) per common share
Income/(loss) per common share | 9 Months Ended |
Mar. 31, 2016 | |
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 March 31, Nine Months Ended March 31, 2016 2015 2016 2015 Net income/(loss) $ (5,240 ) $ (2,804 ) $ 7,564 $ 14,625 Less: Income to participating securities — — — (125 ) Net income/(loss) attributable to common shares $ (5,240 ) $ (2,804 ) $ 7,564 $ 14,500 Weighted average number of common shares outstanding basic 43,731 43,554 43,678 43,431 Effect of dilutive stock equivalents — — 31 319 Weighted average number of common shares outstanding diluted 43,731 43,554 43,709 43,750 Net income/(loss) per common share basic $ (0.12 ) $ (0.06 ) $ 0.17 $ 0.33 Net income/(loss) per common share diluted $ (0.12 ) $ (0.06 ) $ 0.17 $ 0.33 For the quarters ended March 31, 2016 and March 31, 2015, 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, 2016 and March 31, 2015, options representing rights to purchase approximately 2.3 million weighted average shares and 275,783 weighted average shares, respectively, 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, 2016 | |
Debt Disclosure [Abstract] | |
Revolving Credit Facility | 5. Revolving credit facility — New Revolving Credit Facility At March 31, 2016, we had no amounts outstanding under the New Revolving Credit Facility, $8.1 million of outstanding letters of credit and availability of $130.7 million under the New Revolving Credit Facility. Letters of credit under the New Revolving Credit Facility are primarily for self-insurance purposes. We incur commitment fees of up to 0.25% on the unused portion of the New Revolving Credit Facility. Any borrowing under the New 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 the current fiscal year of $0.2 million was comprised of commitment fees of $0.1 million and the amortization of financing fees of $0.1 million. Interest expense under our prior revolving credit facility of $0.4 million for the comparable quarter in 2015 was comprised of commitment fees of $0.2 million and amortization of financing fees of $0.2 million. Interest expense under our prior revolving credit facility and the New Revolving Credit Facility for the nine months ended March 31, 2016 of $0.8 million was comprised of commitment fees of $0.4 million and the amortization of financing fees of $0.4 million. Interest expense under our prior revolving credit facility for the nine months ended March 31, 2015 of $1.1 million was comprised of commitment fees of $0.6 million and the amortization of financing fees of $0.5 million. Prior Revolving Credit Facility . Prior to entering into the New Revolving Credit Facility on August 18, 2015, we were party to a credit agreement providing for an asset based, five year senior secured revolving credit facility in the amount of up to $180.0 million maturing on November 17, 2016. We incurred commitment fees of up to 0.375% on the unused portion of the prior facility. Any borrowing under the prior facility incurred interest at LIBOR or the prime rate, plus an applicable margin, at our election (except with respect to swing loans, which incurred interest solely at the prime rate plus the applicable margin). These rates increased or reduced as our average daily availability changed. |
Depreciation
Depreciation | 9 Months Ended |
Mar. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Depreciation | 6. Depreciation — Accumulated depreciation of owned equipment and property at March 31, 2016 and June 30, 2015 was $126.8 million and $122.1 million, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2016 | |
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, state and local taxing jurisdictions. With a few exceptions, Tuesday Morning Corporation and its subsidiaries are no longer subject to state and local income tax examinations for years on or before June 30, 2010. 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, 2016 and March 31, 2015 were 11.1% and 2.2%, respectively. The effective tax rates for the nine months ended March 31, 2016 and March 31, 2015 were 4.5% and 1.8%, 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, 2015 and June 30, 2014. A deviation from the customary relationship between income tax expense and pretax income results from utilization of the valuation allowance. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 9 Months Ended |
Mar. 31, 2016 | |
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, 2016 and June 30, 2015, credit card receivables from third party consumer credit card providers were $4.7 million and $3.7 million, respectively. Such receivables are generally collected within one week of the balance sheet date. |
Intellectual Property
Intellectual Property | 9 Months Ended |
Mar. 31, 2016 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Intellectual Property | 9. Intellectual Property — During the quarter ended March 31, 2016, the Company acquired $1.3 million of intellectual property including indefinite lived trademarks. The trademarks are subject to annual impairment testing or more frequent testing if changes in circumstances indicate the net book value may be less than the fair value. |
Cease Use Liability
Cease Use Liability | 9 Months Ended |
Mar. 31, 2016 | |
Cease Use Liability [Abstract] | |
Cease Use Liability | 10. Cease use liability — Amounts in “Accrued liabilities” and Other non-current liabilities” in the consolidated balance sheet at March 31, 2016 include the current and long-term portions, respectively, of accruals for the net present value of future minimum lease payments, net of estimated sublease income, attributable to closed stores. The short-term and long-term cease use liabilities were $1.2 and $1.0 million at March 31, 2016, respectively. Expenses related to store closings are included in “Selling, general and administrative expenses” in the consolidated statements of operations. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 11. Recent accounting pronouncements — In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), which is intended to improve financial reporting in connection with leasing transactions. ASU 2016-02 will require entities (“lessees”) that lease assets with lease terms of more than twelve months to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all leases, whether operating or finance, while the income statement will reflect lease expense for operating leases and amortization/interest expense for finance leases. Entities that own the assets leased by lessees (“lessors”) will remain largely unchanged from current GAAP. In addition, ASU 2016-02 requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. A modified retrospective approach is required for all leases existing or entered into after the beginning of the earliest comparative period in the financial statements. While the Company is currently evaluating the provisions of ASU 2016-02 to assess the impact on the Company’s consolidated financial statements, the primary effect of adopting the new standard will be to record assets and obligations for current operating leases. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) to reduce the complexity of certain aspects of the accounting for employee share-based payment transactions. ASU 2016-09 involves changes in several aspects of the accounting for share-based payment transactions, including the accounting for the income tax consequences of share-based awards. For public companies, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating ASU 2016-09 to assess the potential impact on the Company’s consolidated financial statements. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | 12. Subsequent Event – During April 2016, the Company entered into a transaction to sell two buildings utilized in its Dallas distribution center operations, which it does not consider part of its long-term distribution network. Net proceeds from the sale, net of transaction costs, were $8.7 million. Contemporaneous with the sale, the Company entered into a lease of these facilities for approximately two years. The Company is currently evaluating this transaction to assess the impact on the Company’s consolidated financial statements and currently expects a gain to be deferred over the leaseback term. |
Recent Accounting Pronounceme18
Recent Accounting Pronouncements (Policies) | 9 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | 11. Recent accounting pronouncements — In February 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), which is intended to improve financial reporting in connection with leasing transactions. ASU 2016-02 will require entities (“lessees”) that lease assets with lease terms of more than twelve months to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all leases, whether operating or finance, while the income statement will reflect lease expense for operating leases and amortization/interest expense for finance leases. Entities that own the assets leased by lessees (“lessors”) will remain largely unchanged from current GAAP. In addition, ASU 2016-02 requires disclosures to help investors and other financial statement users better understand the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption is permitted. A modified retrospective approach is required for all leases existing or entered into after the beginning of the earliest comparative period in the financial statements. While the Company is currently evaluating the provisions of ASU 2016-02 to assess the impact on the Company’s consolidated financial statements, the primary effect of adopting the new standard will be to record assets and obligations for current operating leases. In March 2016, the FASB issued ASU 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) to reduce the complexity of certain aspects of the accounting for employee share-based payment transactions. ASU 2016-09 involves changes in several aspects of the accounting for share-based payment transactions, including the accounting for the income tax consequences of share-based awards. For public companies, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating ASU 2016-09 to assess the potential impact on the Company’s consolidated financial statements. |
Share-based incentive plans (Ta
Share-based incentive plans (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Share-Based Compensation Costs Recognized | Three Months Ended March 31, Nine Months Ended December 31, 2016 2015 2016 2015 Amortization of share-based compensation during the period $ 1,064 $ 1,508 $ 2,065 $ 4,195 Amounts capitalized in ending inventory (506 ) (566 ) (1,162 ) (1,313 ) Amounts recognized and charged to cost of sales 367 364 966 1,024 Amounts charged against income for the period before tax $ 925 $ 1,306 $ 1,869 $ 3,906 |
Income_(loss) per common share
Income/(loss) per common share (Tables) | 9 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Income/(loss) Per Common Share | Three Months Ended March 31, Nine Months Ended March 31, 2016 2015 2016 2015 Net income/(loss) $ (5,240 ) $ (2,804 ) $ 7,564 $ 14,625 Less: Income to participating securities — — — (125 ) Net income/(loss) attributable to common shares $ (5,240 ) $ (2,804 ) $ 7,564 $ 14,500 Weighted average number of common shares outstanding basic 43,731 43,554 43,678 43,431 Effect of dilutive stock equivalents — — 31 319 Weighted average number of common shares outstanding diluted 43,731 43,554 43,709 43,750 Net income/(loss) per common share basic $ (0.12 ) $ (0.06 ) $ 0.17 $ 0.33 Net income/(loss) per common share diluted $ (0.12 ) $ (0.06 ) $ 0.17 $ 0.33 |
Share-Based Incentive Plans - N
Share-Based Incentive Plans - Narrative (Details) | 9 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise price of stock options outstanding, low end of range (in dollars per share) | $ / shares | $ 1.24 |
Exercise price of stock option outstanding, high end of range (in dollars per share) | $ / shares | $ 20.91 |
Stock Option Awards | 1997 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expiration period (in years) | 10 years |
Stock Option Awards | 2004 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expiration period (in years) | 10 years |
Stock Option Awards | 2008 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expiration period (in years) | 10 years |
Stock Option Awards | 2014 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expiration period (in years) | 10 years |
Shares available for grant | shares | 2,800,000 |
Stock Option Awards | Minimum | 1997 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period (in years) | 1 year |
Stock Option Awards | Minimum | 2004 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period (in years) | 1 year |
Stock Option Awards | Minimum | 2008 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period (in years) | 1 year |
Stock Option Awards | Minimum | 2014 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period (in years) | 1 year |
Stock Option Awards | Maximum | 1997 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period (in years) | 5 years |
Stock Option Awards | Maximum | 2004 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period (in years) | 5 years |
Stock Option Awards | Maximum | 2008 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period (in years) | 4 years |
Stock Option Awards | Maximum | 2014 Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period (in years) | 4 years |
Restricted Stock Awards | 2004, 2008, and 2014 Plans | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Awards outstanding | shares | 760,613 |
Weighted average grant date fair value of awards granted (in dollars per share) | $ / shares | $ 8.72 |
Restricted Stock Awards | Minimum | 2004, 2008, and 2014 Plans | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period (in years) | 1 year |
Restricted Stock Awards | Maximum | 2004, 2008, and 2014 Plans | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Vesting period (in years) | 4 years |
Performance-Based Restricted Stock Awards and Stock Option Awards | 2008 and 2014 Plans | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Awards outstanding | shares | 350,802 |
Share-Based Incentive Plans - S
Share-Based Incentive Plans - Schedule of Share-Based Compensation Costs Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based incentive plans | ||||
Share-based compensation | $ 925 | $ 1,306 | $ 1,869 | $ 3,906 |
Amounts capitalized in ending inventory | (506) | (566) | (1,162) | (1,313) |
Share Based Compensation Amortization | ||||
Share-based incentive plans | ||||
Share-based compensation | 1,064 | 1,508 | 2,065 | 4,195 |
Cost of Sales | ||||
Share-based incentive plans | ||||
Share-based compensation | $ 367 | $ 364 | $ 966 | $ 1,024 |
Income_(loss) Per Common Shar23
Income/(loss) Per Common Share - Computation of Basic and Diluted Income/(loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income/(loss) | $ (5,240) | $ (2,804) | $ 7,564 | $ 14,625 |
Less: Income to participating securities | (125) | |||
Net income/(loss) attributable to common shares | $ (5,240) | $ (2,804) | $ 7,564 | $ 14,500 |
Weighted average number of common shares outstanding basic | 43,731 | 43,554 | 43,678 | 43,431 |
Effect of dilutive stock equivalents (in shares) | 31 | 319 | ||
Weighted average number of common shares outstanding diluted | 43,731 | 43,554 | 43,709 | 43,750 |
Net income/(loss) per common share - basic (in dollars per share) | $ (0.12) | $ (0.06) | $ 0.17 | $ 0.33 |
Net income/(loss) per common share - diluted (in dollars per share) | $ (0.12) | $ (0.06) | $ 0.17 | $ 0.33 |
Income_(loss) Per Common Shar24
Income/(loss) Per Common Share - Narrative (Details) - shares | 9 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,300,000 | 275,783 |
Revolving Credit Facility - Nar
Revolving Credit Facility - Narrative (Details) - USD ($) | Aug. 18, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Line of Credit Facility Line Items | |||||
Amortization of financing fees | $ 398,000 | $ 447,000 | |||
New Revolving Credit Facility | |||||
Line of Credit Facility Line Items | |||||
Term of credit facility (in years) | 5 years | ||||
Maximum borrowing capacity | $ 180,000,000 | ||||
Revolving credit facility maturity date | Aug. 18, 2020 | ||||
Availability to be maintained under credit facility | $ 12,500,000 | ||||
Availability to be maintained under credit facility before restriction on investments, percentage | 20.00% | ||||
Covenant terms | The New Revolving Credit Facility requires that we satisfy a fixed charge coverage ratio at any time that our availability is less than the greater of 10% of our calculated borrowing base or, $12.5 million. | ||||
Revolving credit facility outstanding amount | $ 0 | $ 0 | |||
Outstanding letters of credit | 8,100,000 | 8,100,000 | |||
Availability under the credit facility | 130,700,000 | $ 130,700,000 | |||
Interest expense | 200,000 | ||||
Commitment fees | 100,000 | ||||
Amortization of financing fees | $ 100,000 | ||||
New Revolving Credit Facility | Minimum | |||||
Line of Credit Facility Line Items | |||||
Availability to be maintained under credit facility, percentage | 10.00% | ||||
New Revolving Credit Facility | Maximum | |||||
Line of Credit Facility Line Items | |||||
Commitment fees (as a percent) | 0.25% | ||||
Prior Revolving Credit Facility and the New Revolving Credit Facility | |||||
Line of Credit Facility Line Items | |||||
Interest expense | $ 800,000 | ||||
Commitment fees | 400,000 | ||||
Amortization of financing fees | $ 400,000 | ||||
Prior Revolving Credit Facility | |||||
Line of Credit Facility Line Items | |||||
Term of credit facility (in years) | 5 years | ||||
Maximum borrowing capacity | $ 180,000,000 | ||||
Revolving credit facility maturity date | Nov. 17, 2016 | ||||
Interest expense | $ 400,000 | 1,100,000 | |||
Commitment fees | 200,000 | 600,000 | |||
Amortization of financing fees | $ 200,000 | $ 500,000 | |||
Prior Revolving Credit Facility | Maximum | |||||
Line of Credit Facility Line Items | |||||
Commitment fees (as a percent) | 0.375% |
Depreciation - Narrative (Detai
Depreciation - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Property Plant And Equipment [Abstract] | ||
Accumulated depreciation | $ 126.8 | $ 122.1 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - Subsidiary | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Number of subsidiaries filing income tax returns in the U.S. federal jurisdiction, and various state jurisdictions | 1 | 1 | ||
Effective tax rate | 11.10% | 2.20% | 4.50% | 1.80% |
Cash and Cash Equivalents - Nar
Cash and Cash Equivalents - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Jun. 30, 2015 |
Cash And Cash Equivalents [Abstract] | ||
Credit card receivables from third party consumer credit card providers | $ 4.7 | $ 3.7 |
Intellectual Property - Narrati
Intellectual Property - Narrative (Details) $ in Millions | Mar. 31, 2016USD ($) |
Intellectual Property | |
Finite And Indefinite Lived Intangible Assets [Line Items] | |
Asset acquisition agreements, value | $ 1.3 |
Cease Use Liability - Narrative
Cease Use Liability - Narrative (Details) $ in Millions | Mar. 31, 2016USD ($) |
Cease Use Liability [Abstract] | |
Short-term cease use liabilities | $ 1.2 |
Long-term cease use liabilities | $ 1 |
Subsequent Event - Narrative (D
Subsequent Event - Narrative (Details) - Subsequent Event - Dallas $ in Millions | 1 Months Ended |
Apr. 30, 2016USD ($)Building | |
Subsequent Event [Line Items] | |
Net proceeds from sale, net of transaction costs | $ | $ 8.7 |
Transaction, lease period | 2 years |
Transaction to sell, number of buildings | Building | 2 |