Tuesday Morning (TUEMQ) 10-Q 27 Oct 16 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2016	Oct. 25, 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	Sep. 30, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	TUES
Current Fiscal Year End Date	--06-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		45,088,256

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Jun. 30, 2016
Current assets:
Cash and cash equivalents	$ 6,159	$ 14,150
Inventories	323,579	242,315
Prepaid expenses	6,983	6,620
Other current assets	925	512
Total Current Assets	337,646	263,597
Property and equipment, net	100,930	94,723
Deferred financing costs	1,223	1,312
Other assets	2,295	2,338
Total Assets	442,094	361,970
Current liabilities:
Accounts payable	134,616	80,853
Accrued liabilities	45,219	43,797
Total Current Liabilities	179,835	124,650
Revolving credit facility	32,500
Deferred rent	7,631	6,747
Asset retirement obligation — non-current	2,278	2,561
Other liabilities — non-current	544	730
Total Liabilities	222,788	134,688
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; 46,872,521 shares issued and 45,093,203 shares outstanding at September 30, 2016 and 46,340,214 shares issued and 44,560,896 shares outstanding at June 30, 2016	469	463
Additional paid-in capital	231,361	230,488
Retained earnings/(deficit)	(5,735)	3,120
Less: 1,779,318 common shares in treasury, at cost, at September 30, 2016 and at June 30, 2016	(6,789)	(6,789)
Total Stockholders’ Equity	219,306	227,282
Total Liabilities and Stockholders’ Equity	$ 442,094	$ 361,970

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Jun. 30, 2016
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	46,872,521	46,340,214
Common stock, shares outstanding	45,093,203	44,560,896
Treasury stock, shares	1,779,318	1,779,318

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Net sales	$ 211,885	$ 202,328
Cost of sales	134,546	129,654
Gross profit	77,339	72,674
Selling, general and administrative expenses	86,579	78,630
Operating loss	(9,240)	(5,956)
Other income/(expense):
Interest expense	(272)	(434)
Other income, net	357	185
Other income/(expense) total	85	(249)
Loss before income taxes	(9,155)	(6,205)
Income tax benefit	(300)	(65)
Net loss	$ (8,855)	$ (6,140)
Net loss per common share:
Basic	$ (0.20)	$ (0.14)
Diluted	$ (0.20)	$ (0.14)
Weighted average number of common shares:
Basic	43,822	43,638
Diluted	43,822	43,638
Dividends per common share	$ 0	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Net cash flows from operating activities:
Net Loss	$ (8,855)	$ (6,140)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	4,583	3,652
Amortization of financing fees	89	238
(Gain)/loss on disposal of assets	16	(3)
Gain on sale-leaseback	(185)
Share-based compensation	737	63
Change in operating assets and liabilities:
Inventories	(81,123)	(59,559)
Prepaid and other current assets	(735)	(710)
Accounts payable	43,977	46,270
Accrued liabilities	1,466	4,640
Deferred rent	883	595
Income taxes payable		(19)
Other non-current liabilities	(283)
Net cash used in operating activities	(39,430)	(10,973)
Net cash flows from investing activities:
Proceeds from sale of assets		35
Capital expenditures	(10,847)	(9,840)
Net cash used in investing activities	(10,847)	(9,805)
Net cash flows from financing activities:
Repayments under revolving credit facility	(12,800)
Proceeds under revolving credit facility	45,300
Change in cash overdraft	9,786
Payment of financing fees		(726)
Net cash provided by/(used in) financing activities	42,286	(726)
Net decrease in cash and cash equivalents	(7,991)	(21,504)
Cash and cash equivalents, beginning of period	14,150	44,788
Cash and cash equivalents, end of period	$ 6,159	$ 23,284

Basis of Presentation

Basis of Presentation	3 Months Ended
	Sep. 30, 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, 2016. The consolidated balance sheet at June 30, 2016 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, 2016. The results of operations for the three month period ended September 30, 2016 are not necessarily indicative of the results to be expected for the full fiscal year ending June 30, 2017, which we refer to as fiscal 2017. We no longer present 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.

Share-Based Incentive Plans

Share-Based Incentive Plans	3 Months Ended
	Sep. 30, 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. Options may be subject to certain performance requirements. If the performance requirements are not met, the options are forfeited. The exercise prices of stock options outstanding on September 30, 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 1.5 million shares available for grant under the 2014 Plan at September 30, 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 September 30, 2016, there were 1,204,810 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 $7.72 per share. Performance-Based Restricted Stock Awards and Performance-Based Stock Option Awards. As of September 30, 2016 there were 1,270,749 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 September 30, 2016 2015 Amortization of share-based compensation during the period $ 878 $ 83 Amounts capitalized in ending inventory (401 ) (182 ) Amounts recognized and charged to cost of sales 260 162 Amounts charged against income for the period before tax $ 737 $ 63

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Sep. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	3. Commitments and contingencies — From time to time, we are involved in litigation which is incidental to our business. In our opinion, no litigation to which we are currently a party is likely to have a material adverse effect on our consolidated financial condition, results of operations, or cash flows.

Loss Per Common Share

Loss Per Common Share	3 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Loss Per Common Share	4. Loss per common share — The following table sets forth the computation of basic and diluted loss per common share (in thousands, except per share amounts): Three Months Ended September 30, 2016 2015 Net loss $ (8,855 ) $ (6,140 ) Less: Income to participating securities — — Net loss attributable to common shares $ (8,855 ) $ (6,140 ) Weighted average number of common shares outstanding basic 43,822 43,638 Effect of dilutive stock equivalents — — Weighted average number of common shares outstanding diluted 43,822 43,638 Net loss per common share basic $ (0.20 ) $ (0.14 ) Net loss per common share diluted $ (0.20 ) $ (0.14 ) For the quarters ended September 30, 2016 and September 30, 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.

Revolving Credit Facility

Revolving Credit Facility	3 Months Ended
	Sep. 30, 2016
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 August 18, 2020 (the “Revolving Credit Facility”). The availability of funds under the Revolving Credit Facility is limited to the lesser of a calculated borrowing base and the lenders’ aggregate commitments under 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 incur 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. The 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. Our Revolving Credit Facility may, in some instances, limit our ability to pay cash dividends and repurchase our common stock. In order for the borrower under the Revolving Credit Facility, our subsidiary, to make a restricted payment to us for the payment of a dividend or a repurchase of shares, we must, among other things, maintain availability of 20% of the lesser of our calculated borrowing base or our lenders’ aggregate commitments under the Revolving Credit Facility on a pro forma basis for a specified period prior to and immediately following the restricted payment. As of September 30, 2016, we were in compliance with all of the Revolving Credit Facility covenants. At September 30, 2016, we had $32.5 million outstanding under the Revolving Credit Facility, $5.7 million of outstanding letters of credit and availability of $145.0 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 0.25% on the unused portion of the Revolving Credit Facility, payable quarterly. 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), subject to a floor of the one month LIBOR plus an applicable margin in the case of loans based on the prime rate. These rates are increased or reduced as our average daily availability changes. Interest expense for the first quarter of the current fiscal year of $0.3 million was comprised of commitment fees of $0.1 million, interest expense of $0.1 million, and the amortization of financing fees of $0.1 million. Interest expense of $0.4 million for the first quarter of the prior fiscal year was comprised of commitment fees of $0.2 million and amortization of financing fees of $0.2 million.

Depreciation

Depreciation	3 Months Ended
	Sep. 30, 2016
Property Plant And Equipment [Abstract]
Depreciation	6. Depreciation — Accumulated depreciation of owned equipment and property at September 30, 2016 and June 30, 2016 was $128.8 million and $126.5 million, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	7. Income taxes — The Company or one of its subsidiaries files income tax returns in the U.S. federal, state and local taxing jurisdictions. With a few exceptions, the Company 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 September 30, 2016 and September 30, 2015 were 3.3% and 1.0%, respectively. A full valuation allowance is currently recorded against the Company’s deferred tax assets. A deviation from the customary relationship between income tax benefit and pretax loss results from the valuation allowance.

Cash and Cash Equivalents

Cash and Cash Equivalents	3 Months Ended
	Sep. 30, 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 September 30, 2016 and June 30, 2016, credit card receivables from third party consumer credit card providers were $5.0 million and $4.8 million, respectively. Such receivables are generally collected within one week of the balance sheet date.

Intellectual Property

Intellectual Property	3 Months Ended
	Sep. 30, 2016
Intangible Assets Net Excluding Goodwill [Abstract]
Intellectual Property	9. Intellectual property — Our intellectual property primarily consists of indefinite lived trademarks. We evaluate annually whether the trademarks continue to have an indefinite life. Trademarks and other intellectual property are reviewed for impairment annually in the fourth quarter, and may be reviewed more frequently if indicators of impairment are present. As of September 30, 2016, the carrying value of the intellectual property was $1.3 million and no impairment was identified or recorded.

Cease Use Liability

Cease Use Liability	3 Months Ended
	Sep. 30, 2016
Cease Use Liability [Abstract]
Cease Use Liability	10. Cease use liability — Amounts in “Accrued liabilities” and “Other liabilities – non-current” in the Consolidated Balance Sheet at September 30, 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 with remaining lease obligations. The short-term and long-term cease use liabilities were $1.0 and $0.8 million, respectively, at September 30, 2016. The short-term and long-term cease use liabilities were $1.1 and $0.9 million, respectively, at June 30, 2016. Expenses related to store closings are included in “Selling, general and administrative expenses” in the Consolidated Statements of Operations.

Sale-leaseback

Sale-leaseback	3 Months Ended
	Sep. 30, 2016
Leases [Abstract]
Sale-leaseback	11. Sale-leaseback — During the fourth quarter of 2016, we entered into a sale-leaseback transaction to sell two buildings and land utilized in our Dallas distribution center operations, which we do not consider part of our long-term distribution network, and leased back these facilities through December 2017. We have no continuing involvement with the properties sold other than a normal leaseback. The consideration received for the sale, as reduced by closing and transaction costs, was $8.8 million, and the net book value of properties sold was $5.2 million, resulting in a $3.6 million gain. The gain recognized in fiscal year 2016 was $2.5 million, which included the portion of the gain in excess of the present value of the minimum lease payments for the leaseback, and was included in other income in our Consolidated Statement of Operations. The $1.1 million gain deferred on the Consolidated Balance Sheet at June 30, 2016 was comprised of a short-term portion included in accrued liabilities and a long-term portion included in other liabilities non-current. The $1.1 million total deferred gain will be recognized on a straight-line basis through December 2017. The deferred gain balance at September 30, 2016 was $0.9 million. The leaseback is an operating lease, and we will pay approximately $1.0 million in rent, excluding executory costs, from October 2016 through December 2017.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Sep. 30, 2016
Accounting Changes And Error Corrections [Abstract]
Recent Accounting Pronouncements	12. Recent accounting pronouncements — In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 and disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on eight specific cash flow issues in regard to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, with early adoption permitted. The amendments in ASU 2016-15 should be adopted on a retrospective basis unless it is impracticable to apply, in which case the amendments should be applied prospectively as of the earliest date practicable. The Company is currently evaluating the impact that this standard will have on its consolidated financial statements and disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), an updated standard on revenue recognition, and has since modified the standard with ASU 2015-14, “Deferral of the Effective Date”. The new guidance provides enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies reporting using IFRS and GAAP. The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration, or payment, to which the company expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the effective date of ASU 2014-09. Accordingly, this standard is effective for reporting periods beginning after December 15, 2017, including interim periods within that year, with early adoption permitted for interim and annual periods beginning after December 15, 2016. The Company does not believe the implementation of this standard will result in a material impact on its consolidated financial statements or disclosures. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”), which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value, except for companies using the Retail Inventory Method which will continue to use existing impairment models. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance must be applied on a prospective basis and is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. The Company does not believe the implementation of this standard will result in a material impact on its consolidated financial statements and disclosures.

Recent Accounting Pronounceme18

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Recent Accounting Pronouncements	12. Recent accounting pronouncements — In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (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 and disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which provides guidance on eight specific cash flow issues in regard to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, including interim periods within those years, with early adoption permitted. The amendments in ASU 2016-15 should be adopted on a retrospective basis unless it is impracticable to apply, in which case the amendments should be applied prospectively as of the earliest date practicable. The Company is currently evaluating the impact that this standard will have on its consolidated financial statements and disclosures. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”), an updated standard on revenue recognition, and has since modified the standard with ASU 2015-14, “Deferral of the Effective Date”. The new guidance provides enhancements to the quality and consistency of how revenue is reported while also improving comparability in the financial statements of companies reporting using IFRS and GAAP. The core principle of the new standard is for companies to recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the consideration, or payment, to which the company expects to be entitled in exchange for those goods or services. In July 2015, the FASB deferred the effective date of ASU 2014-09. Accordingly, this standard is effective for reporting periods beginning after December 15, 2017, including interim periods within that year, with early adoption permitted for interim and annual periods beginning after December 15, 2016. The Company does not believe the implementation of this standard will result in a material impact on its consolidated financial statements or disclosures. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”), which changes the measurement principle for inventory from the lower of cost or market to the lower of cost and net realizable value, except for companies using the Retail Inventory Method which will continue to use existing impairment models. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The new guidance must be applied on a prospective basis and is effective for fiscal years beginning after December 15, 2016, and interim periods within those years, with early adoption permitted. The Company does not believe the implementation of this standard will result in a material impact on its consolidated financial statements and disclosures.

Share-Based Incentive Plans (Ta

Share-Based Incentive Plans (Tables)	3 Months Ended
	Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Share-Based Compensation Costs Recognized	Three Months Ended September 30, 2016 2015 Amortization of share-based compensation during the period $ 878 $ 83 Amounts capitalized in ending inventory (401 ) (182 ) Amounts recognized and charged to cost of sales 260 162 Amounts charged against income for the period before tax $ 737 $ 63

Loss Per Common Share (Tables)

Loss Per Common Share (Tables)	3 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Loss Per Common Share	Three Months Ended September 30, 2016 2015 Net loss $ (8,855 ) $ (6,140 ) Less: Income to participating securities — — Net loss attributable to common shares $ (8,855 ) $ (6,140 ) Weighted average number of common shares outstanding basic 43,822 43,638 Effect of dilutive stock equivalents — — Weighted average number of common shares outstanding diluted 43,822 43,638 Net loss per common share basic $ (0.20 ) $ (0.14 ) Net loss per common share diluted $ (0.20 ) $ (0.14 )

Share-Based Incentive Plans - N

Share-Based Incentive Plans - Narrative (Details)	3 Months Ended
	Sep. 30, 2016$ / sharesshares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price of stock options outstanding, low end of range | $ / shares	$ 1.24
Exercise price of stock option outstanding, high end of range | $ / shares	$ 20.91
1997 Plan | Stock Option Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period (in years)	10 years
1997 Plan | Stock Option Awards | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	1 year
1997 Plan | Stock Option Awards | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	5 years
2004 Plan | Stock Option Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period (in years)	10 years
2004 Plan | Stock Option Awards | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	1 year
2004 Plan | Stock Option Awards | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	5 years
2008 Plan | Stock Option Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period (in years)	10 years
2008 Plan | Stock Option Awards | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	1 year
2008 Plan | Stock Option Awards | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	4 years
2014 Plan | Stock Option Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expiration period (in years)	10 years
Shares available for grant | shares	1,500,000
2014 Plan | Stock Option Awards | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	1 year
2014 Plan | Stock Option Awards | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	4 years
2004 and 2008 and 2014 Plan | Restricted Stock Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards outstanding | shares	1,204,810
Weighted average grant date fair value of awards granted | $ / shares	$ 7.72
2004 and 2008 and 2014 Plan | Restricted Stock Awards | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	1 year
2004 and 2008 and 2014 Plan | Restricted Stock Awards | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period (in years)	4 years
2008 and 2014 Plans | Performance-Based Restricted Stock Awards and Stock Option Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Awards outstanding | shares	1,270,749

Share-Based Incentive Plans - S

Share-Based Incentive Plans - Schedule of Share-Based Compensation Costs Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Share-based incentive plans
Share-based compensation	$ 737	$ 63
Amounts capitalized in ending inventory	(401)	(182)
Share Based Compensation Amortization
Share-based incentive plans
Share-based compensation	878	83
Cost of Sales
Share-based incentive plans
Share-based compensation	$ 260	$ 162

Loss Per Common Share - Computa

Loss Per Common Share - Computation of Basic and Diluted Loss Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net loss	$ (8,855)	$ (6,140)
Net loss attributable to common shares	$ (8,855)	$ (6,140)
Weighted average number of common shares outstanding basic	43,822	43,638
Weighted average number of common shares outstanding diluted	43,822	43,638
Net loss per common share basic	$ (0.20)	$ (0.14)
Net loss per common share diluted	$ (0.20)	$ (0.14)

Revolving Credit Facility - Nar

Revolving Credit Facility - Narrative (Details) - USD ($)	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Line of Credit Facility Line Items
Revolving credit facility outstanding amount	$ 32,500,000
Amortization of financing fees	$ 89,000	$ 238,000
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 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	$ 32,500,000
Outstanding letters of credit	5,700,000
Availability under the credit facility	$ 145,000,000
Frequency of commitment fee payment	Payable quarterly
Revolving credit facility, description of variable rate basis	One month LIBOR
Interest expense	$ 300,000	400,000
Commitment fees	100,000	200,000
Interest expense, debt	100,000
Amortization of financing fees	$ 100,000	$ 200,000
Revolving Credit Facility | Minimum
Line of Credit Facility Line Items
Availability to be maintained under credit facility, percentage	10.00%
Revolving Credit Facility | Maximum
Line of Credit Facility Line Items
Commitment fees (as a percent)	0.25%

Depreciation - Narrative (Detai

Depreciation - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2016	Jun. 30, 2016
Property Plant And Equipment [Abstract]
Accumulated depreciation	$ 128.8	$ 126.5

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - Subsidiary	3 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Number of subsidiaries filing income tax returns in the U.S. federal jurisdiction, and various state jurisdictions	1
Effective tax rate	3.30%	1.00%

Cash and Cash Equivalents - Nar

Cash and Cash Equivalents - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2016	Jun. 30, 2016
Cash And Cash Equivalents [Abstract]
Credit card receivables from third party consumer credit card providers	$ 5	$ 4.8

Intellectual Property - Narrati

Intellectual Property - Narrative (Details) - Intellectual Property	3 Months Ended
	Sep. 30, 2016USD ($)
Finite And Indefinite Lived Intangible Assets [Line Items]
Carrying value of intellectual property	$ 1,300,000
Impairment of intellectual property	$ 0

Cease Use Liability - Narrative

Cease Use Liability - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2016	Jun. 30, 2016
Cease Use Liability [Abstract]
Short-term cease use liabilities	$ 1	$ 1.1
Long-term cease use liabilities	$ 0.8	$ 0.9

Sale-leaseback - Narrative (Det

Sale-leaseback - Narrative (Details) - Dallas - Buildings and Land $ in Millions	3 Months Ended
	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)Building
Sale Leaseback Transaction [Line Items]
Sale-leaseback transaction, asset description	Transaction to sell two buildings and land
Transaction to sell, number of buildings | Building		2
Consideration received reduced by closing and transaction costs		$ 8.8
Sale-leaseback transaction, net book value		5.2
Gain on sale-leaseback transaction		3.6
Sale-leaseback transaction, gain recognized in other income		2.5
Sale-leaseback transaction, deferred gain recognized		1.1
Sale-leaseback transaction, deferred gain to be recognized	$ 0.9	$ 1.1
Sale-leaseback transaction, lease terms	The leaseback is an operating lease, and we will pay approximately $1.0 million in rent, excluding executory costs, from October 2016 through December 2017.
Sale-leaseback transaction, future rent payment	$ 1