Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Sep. 08, 2015 | Dec. 31, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Registrant Name | PERCEPTRON INC/MI | ||
Entity Central Index Key | 887,226 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 9,350,210 | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 88,000,000 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Trading Symbol | prcp |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 11,502,000 | $ 23,070,000 |
Short-term investments | 4,134,000 | 10,822,000 |
Receivables: | ||
Billed receivables, net of allowance for doubtful accounts of $214 and $146, respectively | 29,182,000 | 19,185,000 |
Other receivables | 904,000 | 276,000 |
Inventories, net of reserves of $1,436 and $1,185, respectively | 11,898,000 | 7,049,000 |
Deferred income taxes | 2,067,000 | 1,687,000 |
Other current assets | 1,732,000 | 1,651,000 |
Total current assets | 61,419,000 | 63,740,000 |
Property and Equipment | ||
Building and land | 6,529,000 | 6,438,000 |
Machinery and equipment | 15,078,000 | 13,916,000 |
Furniture and fixtures | 1,123,000 | 1,156,000 |
Total property and equipment | 22,730,000 | 21,510,000 |
Less - Accumulated depreciation and amortization | (15,890,000) | (15,970,000) |
Net property and equipment | 6,840,000 | 5,540,000 |
Goodwill | 7,499,000 | |
Intangible Assets, Net | 6,685,000 | |
Long-term Investments | 827,000 | 725,000 |
Deferred Income Taxes | 11,668,000 | 10,061,000 |
Total Assets | 94,938,000 | 80,066,000 |
Current Liabilities | ||
Accounts payable | 7,723,000 | 2,081,000 |
Accrued liabilities and expenses | 5,761,000 | 4,287,000 |
Accrued compensation | 3,001,000 | 1,630,000 |
Current portion of taxes payable | 1,450,000 | |
Deferred income taxes | 289,000 | |
Income taxes payable | 1,251,000 | 1,717,000 |
Deferred revenue | 8,966,000 | 7,571,000 |
Total current liabilities | 28,441,000 | 17,286,000 |
Long Term Taxes Payable | 3,056,000 | |
Deferred Income Taxes | 1,509,000 | |
Other Long-Term Liabilities | 1,140,000 | |
Total Liabilities | $ 34,146,000 | $ 17,286,000 |
Shareholders' Equity | ||
Preferred stock, no par value, authorized 1,000 shares, issued none | ||
Common stock, $0.01 par value, authorized 19,000 shares, issued and outstanding 9,348 and 9,149 respectively | $ 93,000 | $ 91,000 |
Accumulated other comprehensive income (loss) | (2,371,000) | 573,000 |
Additional paid-in capital | 45,015,000 | 43,600,000 |
Retained earnings | 18,055,000 | 18,516,000 |
Total shareholders’ equity | 60,792,000 | 62,780,000 |
Total Liabilities and Shareholders’ Equity | $ 94,938,000 | $ 80,066,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Consolidated Balance Sheets [Abstract] | ||
Billed receivables, allowance for doubtful accounts | $ 214 | $ 146 |
Inventories, reserves | $ 1,436 | $ 1,185 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, authorized | 1,000 | 1,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 19,000 | 19,000 |
Common stock, issued | 9,348 | 9,149 |
Common stock, outstanding | 9,348 | 9,149 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net Sales | $ 74,405 | $ 59,612 | $ 60,886 |
Cost of Sales | 46,134 | 34,763 | 32,766 |
Gross Profit | 28,271 | 24,849 | 28,120 |
Operating Expenses | |||
Selling, general and administrative | 20,397 | 15,216 | 14,473 |
Engineering, research and development | 7,911 | 6,691 | 6,781 |
Total operating expenses | 28,308 | 21,907 | 21,254 |
Operating Income (Loss) | (37) | 2,942 | 6,866 |
Other Income and (Expenses) | |||
Interest income, net | 138 | 188 | 173 |
Foreign currency loss | (1,186) | (127) | (647) |
Gain on redemption of investment | 1,134 | ||
Other | 250 | (1) | 5 |
Total other income (expense) | (798) | 60 | 665 |
Income (Loss) from Continuing Operations Before Income Taxes | (835) | 3,002 | 7,531 |
Income Tax Benefit (Expense) | 374 | (575) | (1,401) |
Income (Loss) from Continuing Operations | (461) | 2,427 | 6,130 |
Discontinued Operations | |||
Total discontinued operations (Note 12) | 80 | ||
Net Income (Loss) | $ (461) | $ 2,427 | $ 6,210 |
Basic Earnings (Loss) Per Common Share | |||
Continuing operations | $ (0.05) | $ 0.27 | $ 0.72 |
Discontinued operations | 0.01 | ||
Net Income (Loss) | (0.05) | 0.27 | 0.73 |
Diluted Earnings (Loss) Per Common Share | |||
Continuing operations | (0.05) | 0.26 | 0.71 |
Discontinued operations | 0.01 | ||
Net Income (Loss) | $ (0.05) | $ 0.26 | $ 0.72 |
Weighted Average Common Shares Outstanding | |||
Basic | 9,252 | 8,983 | 8,512 |
Dilutive effect of stock options | 227 | 76 | |
Diluted | 9,252 | 9,210 | 8,588 |
Commercial Products Business Unit [Member] | |||
Discontinued Operations | |||
Total discontinued operations (Note 12) | $ 80 |
Consolidated Statements Of Inco
Consolidated Statements Of Income (Parenthetical) $ in Thousands | 12 Months Ended |
Jun. 30, 2013USD ($) | |
Commercial Products Business Unit [Member] | |
Tax (benefit) from discontinued operations | $ 41 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ (461) | $ 2,427 | $ 6,210 |
Other Comprehensive Income (Loss): | |||
Foreign currency translation adjustments | (2,944) | 667 | 799 |
Comprehensive Income (Loss) | $ (3,405) | $ 3,094 | $ 7,009 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flow - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ (461) | $ 2,427 | $ 6,210 |
(Income) loss from discontinued operations | (80) | ||
Adjustments to reconcile net income (loss) to net cash provided from (used for) operating activities: | |||
Depreciation and amortization | 1,098 | 726 | 660 |
Stock compensation expense | 507 | 515 | 201 |
Deferred income taxes | (2,272) | (1,117) | 277 |
Disposal of assets and other | 652 | (165) | 83 |
Allowance for doubtful accounts | 3 | (33) | (92) |
Changes in assets and liabilities, net of businesses acquired | |||
Receivables, net | (7,814) | 2,881 | (6,082) |
Inventories | (2,268) | (147) | (1,340) |
Accounts payable | 205 | (558) | 1,702 |
Other current assets and liabilities | 5,424 | 532 | 2,609 |
Net cash provided from (used for) operating activities-continuing operations | (4,926) | 5,061 | 4,148 |
Net cash used for operating activities-discontinued operations | (835) | ||
Net cash provided from (used for) operating activities | (4,926) | 5,061 | 3,313 |
Cash Flows from Financing Activities | |||
Payment of short-term debt | (4,414) | ||
Proceeds from stock plans | 910 | 3,648 | 842 |
Payment of cash dividend | (1,372) | (3,416) | |
Net cash provided from (used for) financing activities | (3,504) | 2,276 | (2,574) |
Cash Flows from Investing Activities | |||
Acquisition of businesses | (4,205) | ||
Purchases of short-term investments | (5,787) | (23,748) | (21,080) |
Sales of short-term investments | 11,621 | 26,661 | 20,698 |
Capital expenditures | (1,789) | (678) | (731) |
Acquisition of long-term assets | (861) | ||
Proceeds from sale of Commercial Products Business Unit assets (Note 12) | 838 | ||
Net cash provided from (used for) investing activities | (1,021) | 2,235 | (275) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (2,117) | 134 | (84) |
Net Increase (Decrease) in Cash and Cash Equivalents | (11,568) | 9,706 | 380 |
Cash and Cash Equivalents, July 1 | 23,070 | 13,364 | 12,984 |
Cash and Cash Equivalents, June 30 | 11,502 | 23,070 | 13,364 |
Non-Cash Investing Activity: | |||
Deferred Purchase Price | 555 | ||
Supplemental Disclosure of Cash Flow Information | |||
Cash paid during the year for interest | 91 | 8 | |
Cash paid during the year for income taxes | $ 915 | $ 1,072 | $ 1,002 |
Consolidated Statemens Of Share
Consolidated Statemens Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning Balance at Jun. 30, 2012 | $ 84 | $ (893) | $ 38,401 | $ 14,667 | $ 52,259 |
Beginning Balance, Shares at Jun. 30, 2012 | 8,402 | ||||
Net income (loss) | 6,210 | 6,210 | |||
Other comprehensive income | 799 | 799 | |||
Dividend | (3,416) | (3,416) | |||
Stock—based compensation | 201 | 201 | |||
Stock plans | $ 2 | 840 | 842 | ||
Stock plans, shares | 217 | ||||
Ending Balance at Jun. 30, 2013 | $ 86 | (94) | 39,442 | 17,461 | 56,895 |
Ending Balance, Shares at Jun. 30, 2013 | 8,619 | ||||
Net income (loss) | 2,427 | 2,427 | |||
Other comprehensive income | 667 | 667 | |||
Dividend | (1,372) | (1,372) | |||
Stock—based compensation | 515 | 515 | |||
Stock plans | $ 5 | 3,643 | 3,648 | ||
Stock plans, shares | 530 | ||||
Ending Balance at Jun. 30, 2014 | $ 91 | 573 | 43,600 | 18,516 | $ 62,780 |
Ending Balance, Shares at Jun. 30, 2014 | 9,149 | 9,149 | |||
Net income (loss) | (461) | $ (461) | |||
Other comprehensive income | (2,944) | (2,944) | |||
Stock—based compensation | 507 | 507 | |||
Stock plans | $ 2 | 908 | 910 | ||
Stock plans, shares | 199 | ||||
Ending Balance at Jun. 30, 2015 | $ 93 | $ (2,371) | $ 45,015 | $ 18,055 | $ 60,792 |
Ending Balance, Shares at Jun. 30, 2015 | 9,348 | 9,348 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Operations Perceptron, Inc. (“Perceptron” or the “Company”) develops, produces and sells a comprehensive range of automated industrial dimensional inspection and 3D scanning products. The Company’s products provide solutions for manufacturing process control as well as sensor and software technologies for non-contact measurement, scanning and inspection applications. The Company also offers Value Added Services such as training and customer support services. Basis of Presentation and Principles of Consolidation The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements of the Company include the results of the Company’s acquisitions of Next Metrology Software s.r.o. (“NMS”), which was consummated on January 29, 2015, and Coord3 s.r.l. (“Coord3”), which was consummated on February 27, 2015, from thei r acquisition dates. See Note 2 , “Acquisitions”, below. On August 30, 2012, the Company sold substantially all of the assets of its Commercial Products Business Unit (“CBU”). See also Note 12, “Discontinued Operations”. Accordingly, this Form 10-K presents CBU financial information for fiscal year 2013 and prior periods as a discontinued operation. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition Revenue related to products and services is recognized upon shipment when title and risk of loss has passed to the customer or upon completion of the service, there is persuasive evidence of an arrangement, the sales price is fixed or determinable, collection of the related receivable is reasonably assured and customer acceptance criteria, if any, have been successfully demonstrated. The Company also has multiple element arrangements in its Measurement Solutions product line that may include elements such as, equipment, installation, labor support and/or training. Each element has value on a stand-alone basis and the delivered elements do not include general rights of return. Accordingly, each element is considered a separate unit of accounting. When available, the Company allocates arrangement consideration to each element in a multiple element arrangement based upon vendor specific objective evidence (“VSOE”) of fair value of the respective elements. When VSOE cannot be established, the Company attempts to establish the selling price of each element based on relevant third-party evidence. Because the Company’s products contain a significant level of proprietary technology, customization or differentiation such that comparable pricing of products with similar functionality cannot be obtained, the Company uses, in these cases, its best estimate of selling price (“BESP”). The Company determines the BESP for a product or service by considering multiple factors including, but not limited to, pricing practices, internal costs, geographies and gross margin. For multiple element arrangements, the Company defers from revenue recognition the greater of the relative fair value of any undelivered elements of the contract or the portion of the sales price of the contract that is not payable until the undelivered elements are completed. As part of this evaluation, the Company limits the amount of revenue recognized for delivered elements to the amount that is not contingent on the future delivery of products or services, including a consideration of payment terms that delay payment until those future deliveries are completed. Some multiple element arrangements contain installment payment terms with a final payment (“final buy-off”) due upon the Company’s completion of all elements in the arrangement or when the customer’s final acceptance is received. The Company recognizes revenue for each completed element of a contract when it is both earned and realizable. A provision for final customer acceptance generally does not preclude revenue recognition for the delivered equipment element because the Company rigorously tests equipment prior to shipment to ensure it will function in the customer’s environment. The final acceptance amount is assigned to specific element(s) identified in the contract, or if not specified in the contract, to the last element or elements to be delivered that represent an amount at least equal to the final payment amount. The Company’s Measurement Solutions products are designed and configured to meet each customer’s specific requirements. Timing for the delivery of each element in the arrangement is primarily determined by the customer’s requirements and the number of elements ordered. Delivery of all of the multiple elements in an order will typically occur over a three to 15 month period after the order is received. The Company does not have price protection agreements or requirements to buy back inventory. The Company’s history demonstrates that sales returns have been insignificant. Research and Development Beginning in fiscal year 2015, in connection with the NMS acquisition, costs incurred after technological feasibility for certain new products were capitalized. These costs will continue to be capitalized until shortly before these products are released to manufacturing and once released, capitalized costs will be amortized to cost of goods sold over the estimated lives of these products. All other research and development costs, including software development costs, were expensed as incurred. Such costs represent the substantial majority of our research and development efforts. Foreign Currency The financial statements of the Company’s wholly-owned foreign subsidiaries have been translated in accordance with ASC 830, “Foreign Currency Translation Matters” where the functional currency is the local currency in the foreign country. Under this standard, translation adjustments are accumulated in a separate component of shareholders’ equity until disposal of the subsidiary. Gains and losses on foreign currency transactions are included in the consolidated statement of operations under “Other Income and Expenses”. Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Other obligations, such as stock options and restricted stock awards, are considered to be potentially dilutive common shares. Diluted EPS assumes the issuance of potential dilutive common shares outstanding during the period and adjusts for any changes in income and the repurchase of common shares that would have occurred from the assumed issuance, unless such effect is anti-dilutive. The calculation of diluted shares also takes into effect the average unrecognized non-cash stock-based compensation expense and additional adjustments for tax benefits related to non-cash stock-based compensation expense. The Company excludes all options to purchase common stock from the computation of diluted EPS in periods of net losses because the effect is anti-dilutive. I n fiscal years 2014 and 2013, o ptions to purchase 196,000 and 988,000 shares of common stock outstanding , respectively, were not included in the computation of diluted EPS because the effect would have been anti-dilutive. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with maturities of three months or less to be cash equivalents. Fair value approximates carrying value because of the short maturity of the cash equivalents. At June 30, 2015, the Company had $11.5 million in cash and cash equivalents of which $ 8 million was held in foreign bank accounts. The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. Accounts Receivable and Concentration of Credit Risk The Company markets and sells its products principally to automotive manufacturers, line builders, system integrators, original equipment manufacturers and value-added resellers. The Company’s accounts receivable are principally from a small number of large customers. The Company performs ongoing credit evaluations of its customers. Accounts receivable are generally due within 30 to 60 days and are stated at amounts due from customers net of an allowance for doubtful accounts. Accounts receivable outstanding longer than the contractual payment terms are considered past due. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time trade accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole. The Company writes-off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. Changes in the Company’s allowance for doubtful accounts are as follows (in thousands): Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2015 $ $ $ $ Fiscal year ended June 30, 2014 $ $ $ $ Fiscal year ended June 30, 2013 $ $ $ $ Short-Term and Long-Term Investments The Company accounts for its investments in accordance with ASC 320, “Investments – Debt and Equity Securities.” Investments with a maturity of greater than three months to one year are classified as short-term investments. Investments with maturities beyond one year may be classified as short-term if the Company reasonably expects the investment to be realized in cash or sold or consumed during the normal operating cycle of the business. Investments available for sale are recorded at market value using the specific identification method. Investments expected to be held to maturity or until market conditions improve are measured at amortized cost in the statement of financial position if it is the Company’s intent and ability to hold those securities long-term. Each balance sheet date, the Company evaluates its investments for possible other-than-temporary impairment which involves significant judgment. In making this judgment, management reviews factors such as the length of time and extent to which fair value has been below the cost basis, the anticipated recovery period, the financial condition of the issuer, the credit rating of the instrument and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for recovery of the cost basis. Any unrealized gains and losses on securities are reported as other comprehensive income as a separate component of shareholders’ equity until realized or until a decline in fair value is determined to be other than temporary. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded in the income statement. If market, industry, and/or investee conditions deteriorate, future impairments may be incurred. At June 30, 2015, the Company had $4.1 million of short-term investments in time deposits or certificates of deposit and $34 ,000 in mutual funds. Included in short-term investments is cash on deposit that serves as collateral for bank guarantees that provide financial assurance that the Company will fulfill certain customer obligations in China for fiscal year 2015 and China and India for fiscal year 2014. The cash earns interest while on deposit but the Company is restricted from withdrawing the cash while the related bank guarantees are outstanding. At June 30, 2015 and June 30, 2014, restricted cash was $238,000 and $520,000 respectively. At June 30, 2015, the Company holds a long-term investment in preferred stock that is not registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The investment is currently recorded at $725,000 after consideration of impairment charges recorded in fiscal 2008 and 2009. The Company estimated that the fair market value of this investment at June 30, 2015 exceeded $725,000 based on observable market activity and an internal valuation model which included the use of a discounted cash flow model. The fair market analysis considered the following key inputs, (i) the underlying structure of the security; (ii) the present value of the future principal discounted at rates considered to reflect current market conditions; and (iii) the time horizon that the market value of the security could return to its cost and be sold. Under ASC 820, “Fair Value Measurements”, such valuation assumptions are defined as Level 3 inputs. Unrealized Gains Long-term Investments Cost (Losses) Book Value (in thousands) June 30, 2015 and 2014 Preferred Stock $ $ $ During fiscal 2013, a long-term investment in preferred stock was redeemed, at par, for $2.6 million. Previously the Company had recorded an impairment charge on the carrying value of this investment in fiscal 2009. As a result of the redemption, the Company recorded a gain of $1.1 million in fiscal 2013. Inventory Inventory is stated at the lower of cost or market. The cost of inventory is determined by the first-in, first-out (“FIFO”) method. The Company provides a reserve for obsolescence to recognize inventory impairment for the effects of engineering change orders, age and use of inventory that affect the value of the inventory. The reserve for obsolescence creates a new cost basis for the impaired inventory. When inventory that has previously been impaired is sold or disposed of, the related obsolescence reserve is reduced resulting in the reduced cost basis being reflected in cost of goods sold. A detailed review of the inventory is performed annually with quarterly updates for known changes that have occurred since the annual review. Inventory, net of reserves of $ 1,436,000 and $ 1,185,000 at June 30, 2015 and June 30, 2014, respectively, is comprised of the following (in thousands): At June 30, 2015 2014 Component parts $ $ Work in process Finished goods Total $ $ Changes in the Company’s reserves for obsolescence are as follows (in thousands): Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2015 $ $ $ $ Fiscal year ended June 30, 2014 $ $ $ $ Fiscal year ended June 30, 2013 $ $ $ $ Financial Instruments The carrying amounts of the Company’s financial instruments, which include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and amounts due to banks or other lenders, approximate their fair values at June 30, 2015 and 2014. See “Short-Term and Long-Term Investments” for a discussion of long-term investments. Fair values have been determined through information obtained from market sources and management estimates. The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. ASC 820, defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Financial instruments held by the Company at June 30, 2015 include investments classified as held for sale, mutual funds, fixed deposits and certificate of deposits. ASC 820 establishes a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs), or reflect the Company’s own assumptions of market participant valuation (unobservable inputs). These two types of inputs create the following fair value hierarchy: · Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities. · Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly. · Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable and reflect management’s estimates and assumptions. ASC 820 requires the use of observable market data if such data is available without undue cost and effort. The following table presents the Company’s investments at June 30, 2015 and June 30, 2014 that are measured and recorded at fair value on a recurring basis consistent with the fair value hierarchy provisions of ASC 820, “Fair Value Measurements and Disclosures” (in thousands). Description June 30, 2015 Level 1 Level 2 Level 3 Mutual funds $ $ $ - $ - Fixed deposits and certificates of deposit - - Total $ $ $ $ - Description June 30, 2014 Level 1 Level 2 Level 3 Mutual funds $ $ $ - $ - Fixed deposits and certificates of deposit - - Variable rate demand notes - - Repurchase agreements - - Total $ $ $ $ - During fiscal years 2015 and 2014, the Company did not record any other-than-temporary impairments on the financial assets required to be measured on a nonrecurring basis. Property and Equipment Property and equipment are recorded at cost. Depreciation related to machinery and equipment and furniture and fixtures is primarily computed on a straight-line basis over estimated useful lives ranging from 3 to 15 years. Depreciation on buildings is computed on a straight-line basis over 40 years. The Company’s depreciation expense for the years ended June 30, 2015, 2014, and 2013 was $770,000 , $726,000 , and $660,000 , respectively. When assets are retired, the costs of such assets and related accumulated depreciation or amortization are eliminated from the respective accounts, and the resulting gain or loss is reflected in the consolidated statement of operations . Goodwill Goodwill represents the excess purchase price over the fair value of the net amounts assigned to assets acquired and liabilities assumed in connection with the Company’s acquisitions. Under FASB Accounting Standards Codification, or ASC Topic 805 “ Business Combinations” , the Company is required to test goodwill for impairment annually or more frequently, whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit with goodwill below its carrying amount. Application of the goodwill impairment test requires judgment, including assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The qualitative events or circumstances that could affect the fair value of a reporting unit could include economic conditions; industry and market considerations, including competition; increases in raw materials, labor, or other costs; overall financial performance such as negative or declining cash flows; relevant entity-specific events such as changes in management, key personnel, strategy, or customers; sale or disposition of a significant portion of a reporting unit and regulatory or political developments. If based upon these qualitative factors, it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then the first and second steps of the goodwill impairment tests are not necessary. If the qualitative review indicates it is more likely that the fair value of the reporting unit is less than its carrying amount, a two-step quantitative impairment test is performed to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized, if any. Step 1 is to identify potential impairment by comparing fair value of a reporting unit with its carrying value, including goodwill. If the fair value is lower than the carrying value, this is an indication of goodwill impairment and Step 2 must be performed. Under Step 2, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results, market conditions, foreign currency fluctuations and other factors. Changes in these estimates and assumptions could materially affect the determination of fair value and could result in goodwill impairment for a reporting unit, negatively impacting the Company’s results of operations for the period and financial position. The valuation of assets and assumed liabilities, including goodwill, resulting from the acquisition of Coord3 and NMS, is reflective of the reporting unit values based on the long-term financial forecast for the business. It is possible that the Company may not realize its forecasts. Given the value assigned to goodwill during the purchase price allocation, the Company will closely monitor the performance of the business versus the long-term forecast to determine if any impairments arise. The goodwill related to the acquisitions originally reported in the third quarter of fiscal year 2015 was $11,658,000 . As a result of the updated valuation analysis, $5,849,000 of goodwill was reclassified as identified intangible assets. There was a decrease in goodwill due to a foreign currency impact of $144,000 . There was also an increase in goodwill for related deferred income taxes of $1,834,000 . The resulting balance of goodwill as of June 30, 2015 was $7,499,000 . Goodwill is recorded on the local books of Coord3 and NMS and foreign currency effects will continue to impact the balance of goodwill in future periods. Intangible Assets The Company has acquired intangible assets in addition to goodwill in connection with the acquisition of Coord3 and NMS . These assets are susceptible to shortened estimated useful lives and changes in fair value due to changes in their use, market or economic changes, or other events or circumstances. The Company evaluates the potential impairment of these intangible assets, whenever events or circumstances indicate their carryin g value may not be recoverable. Factors that could trigger an impairment review include historical or projected results that are less than the assumptions used in the original valuation of an intangible asset, a change in the Company’s business strategy or its use of an intangible asset, or negative economic or industry trends. If an event or circumstance indicates that the carrying value of an intangible asset may not be recoverable, the Company assesses the recoverability of the asset by comparing the carrying value of the asset to the sum of the undiscounted future cash flows that the asset is expected to generate over its remaining economic li fe . If the carrying value exceeds the sum of the undiscounted future cash flows, the Company compares the fai r value of the intangible asset to the carrying value and records an impairm ent loss for the difference. The Company generally estimates the fair value of its intangible assets using the income approach based upon a discounted cash flow model. The income approach requires the use of many assumptions and estimates including future revenues and expenses, discount factors, income tax rates, the identification of groups of assets with highly independent cash flows, and assets’ economic lives. Volatility in the global economy makes these assumptions and estimates more judgmental. Actual future operating results and the remaining economic lives of our other intangible assets could differ from those used in assessing the recoverability of these assets and could result in an impairment of other intangible assets in future periods. The amortization periods for customer/distributor relationships, trade name and software are five years, ten years and five years, respectively. Collectively, the weighted average amortization period of intangible assets subject to amortization is approximately 6.5 years. The intangible assets are amortized over the period of economic benefit or on a straight line basis. The Company’s intangible assets as of June 30, 2015 are as follows (in thousands): At June 30, 2015 Customer/Distributor Relationships $ Trade Name Software Other Less: Accumulated Amortization Total $ The estimated amortization by year is as follows (in thousands): Years Ending June 30, Amount 2016 2017 2018 2019 2020 after 2020 $ Deferred Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and the effects of operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize their benefit, or future deductibility is uncertain. Warranty Measurement Solutions products generally carry a one to three year warranty for parts and a one -year warranty for labor and travel related to warranty. Product sales to the forest products industry carry a three -year warranty for TriCam ® sensors. Sales of ScanWorks ® have a one -year warranty for parts. Sales of WheelWorks ® products have a two -year warranty for parts. The Company provides a reserve for warranty based on its experience and knowledge. Factors affecting the Company’s warranty liability include the number of units sold or in service and historical and anticipated rates of claims and cost per claim. The Company periodically assesses the adequacy of its warranty liability based on changes in these factors. If a special circumstance arises requiring a higher level of warranty, the Company would make a special warranty provision commensurate with the facts . Changes to the Company’s warranty liability are as follows (in thousands): Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2015 $ $ $ $ Fiscal year ended June 30, 2014 $ $ $ $ Fiscal year ended June 30, 2013 $ $ $ $ Advertising Expense The Company charges advertising expense in the period incurred. As of June 30, 2015, 2014, and 2013, advertising expense was $ 158,000 , $ 35,000 , and $ 53,000 , respectively. Self–Insurance The Company is self-insured for health, vision and short-term disability costs up to a certain stop-loss level per claim and on an aggregate basis of a percentage of estimated annual costs. The estimated liability is based upon review by management and an independent insurance consultant of claims filed and claims incurred but not yet reported. New Accounting Pronouncements In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08), which provides guidance regarding the definition of a discontinued operation and the required disclosures. The new guidance defines a discontinued operation as a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. A strategic shift could include a disposal of (1) a major geographical area of operations, (2) a major line of business, (3) a major equity method investment, or (4) other major parts of an entity. In addition, having significant continuing involvement with a component after a disposal or failing to eliminate the operations or cash flows of a disposed component from an entity’s ongoing operations will no longer preclude presentation as a discontinued operation. There will be new disclosures required related to discontinued operations and to disposals of individually significant components that do not qualify as discontinued operations. ASU 2014-08 is effective for the Company beginning July 1, 2015 and applies prospectively to new disposals of components and new classifications as held for sale and is not expected to have a significant impact on the presentation of the Company’s financial statements or disclosures. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09) , which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard will be effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the applications of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in fiscal year 2019. In August 2014, the FASB issued Accounting Standards Update No. 2015-15, Presentation of Financial Statements – Going Concern, (ASU 2014-15), requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements. The entity must provide certain disclosures if “conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” The disclosure requires identifying the principal conditions and events contributing to the “doubt” to continue as a going concern, as well as management’s evaluations and plans to try to alleviate these uncertainties. ASU 2014-15 is effective for the Company beginning July 1, 2015 and is not expected to have a significant impact on the Company’s disclosures. In April 2015, the FASB issued Accounting Standards Update No. 2015-05, Intangibles-Goodwill and Other – Internal Use- Software, (ASU 2015-05), to provide specific guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer’s accounting for service contracts. Early adoption is permitted. T his standard will be effective for annual periods, including interim periods, beginning after December 15, 2015. Adopti |
Acquisitions
Acquisitions | 12 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | 2. Acquisitions In accordance with ASC Topic 805, “Business Combinations”, the Company accounts for acquisitions by applying the acquisition method of accounting. The acquisition method of accounting requires, among other things, that the assets acquired and liabilities assumed in a business combination be measured at their fair values as of the closing date of the acquisition. The acquisitions of NMS and Coord3 have been accounted for as business combinations. During the fourth quarter, the Company had a valuation analysis performed and the resulting fair values at the date of acquisition are presented. The Company has up to one year from the dates of a cquisition to a djust the fair values of the assets and liabilities acquired. Accordingly, the purchase price allocation is preliminary and subject to change. The accompanying Consolidated Statements of Operations for the fiscal year ended June 30, 2015 include revenue of $5.6 million and a net loss of $532,000 related to the operations of the acquisitions from the dates of closing. Next Metrology Software On January 29, 2015, the Company acquired 100% of the outstanding share capital of NMS. NMS is a developer of coordinate measuring machines (“CMM”) operating software, based in Prague, Czech Republic. The primary reason for the acquisition was to expand and diversify the Company’s offerings in the industrial metrology market, particularly in the scanning CMM market. The total consideration payable in the acquisition of NMS is 2,250,000 euros (equivalent to approximately $2,560,425 ) . The Company paid 1,800,000 euros (equivalent to approximately $2,050,560 ) on January 29, 2015, 250,000 euros (equivalent to approximately $282,025 ) on February 27, 2015 and 200,000 euros (equivalent to approximately $227,840 ) is payable 12 months following the closing of the NMS purchase to the extent not used to cover indemnification obligations. The following table summarizes the acquisition date fair values of the assets and liabilities acquired. Cash $ Receivables and other current assets Intangible asset Goodwill Accounts payable and other current liabilities Total identifiable net assets $ The goodwill of $2,2 09 , 006 arising from the acquisition of NMS consists largely of the synergies expected from combining the existing research and development operations of the Company and NMS’s technical knowledge in developing CMM operating software. The goodwill is expected to be deductible for tax purposes. Coord3 On February 27, 2015, the Company acquired 100% of the outsta nding share capital of Coord3 , a subsidi ary of Coord3 Industries s.r.l. Coord3 is an Italian-based supplier of a full range of CMMs with a global customer base. By combining the full range of Coord3's CMMs with the Company’s laser scanners and NMS’s CMM operating software, the Company is able to offer price competitive, fully integrated scanning CMM solutions worldwide. The total consideration payable in the acquisition of Coord3 is 1,959,000 euros (equivalent to approximately $2,210,174 ) . The Company paid 1,659,200 euros (equivalent to approximately $1,871,744 ) on February 27, 2015 and 300,000 euros (equivalent to approximately $338,430 ) is payable 18 months following the closing of the Coord3 purchase to the extent not used to cover indemnification obligations. The following table summarizes the acquisition date fair values of the assets and liabilities acquired. Cash $ Accounts receivable Inventories Other assets Goodwill Other intangibles Accounts payable and other current liabilities Taxes payable Loans payable Deferred taxes Other long term liabilities Total identifiable net assets $ The goodwill of $ 5 , 375,048 arising from the acquisition consists largely of the synergies expected from combining the operations of the Company and Coord3. None of the goodwill is expected to be deductible for tax purposes. The Company acquired current and long-term taxes payable as part of the purchase of Coord3. The tax liabilities represent income and payroll related taxes that are payable in accordance with government authorized installment payment plans. These installment plans require varying monthly payments through January 2021. Other long-term li abilities include $785,000 of long-term contractual and statutory severance liabilities acquired as pa rt of the purchase of Coord3 that represent amounts that will be payable to employees upon termination of employment . Proforma Information The following pro forma information for fiscal 2015 and 2014 is based on the assumption that the acquisitions of NMS and Coord3 occurred on July 1, 2014 and July 1, 2013, respectively (in thousands, except per share amounts): 2015 2014 Revenue $ $ Net Income (Loss) $ $ Income (Loss) Per Common Share Basic $ $ Diluted $ $ As a result of the acquisitions, as of June 30, 2015, the Company has incurred acquisition related costs of approximately $1.6 million for legal, accounting, and valuation consulting fees which are included in Selling, General and Administrative expenses. These pro forma results of operations have been prepared for comparative purposes only, and they do not purport to be indicative of the results of operations that actually would have resulted had the acquisitions occurred on the date indicated or that may result in the future. |
Leases
Leases | 12 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Leases | 3. Leases The Company leases building space, office equipment and motor vehicles under operating leases. Lease terms generally cover periods from two to five years and may contain renewal options. The following is a summary, as of June 30, 2015, of the future minimum annual lease payments required under the Company’s operating leases having initial or remaining non-cancelable terms in excess of one year: Year Minimum Rentals 2016 $ 2017 2018 2019 2020 and beyond Total minimum lease payments $ Rental expenses for operating leases in the fiscal years ended June 30, 2015, 2014 and 2013 were $ 1,007,000 , $ 1,018,000 and $ 9 5 5,000 , respectively. |
Credit Facilities
Credit Facilities | 12 Months Ended |
Jun. 30, 2015 | |
Credit Facilities [Abstract] | |
Credit Facilities | 4 . Credit Facilities The Company had no bank debt outstanding at June 30, 2015 and June 30, 2014. The Company acquired bank debt of $2.1 million as part of the purchase of Coord3 . The Company paid $1.7 million of this debt in March 2015 and the remaining balance was paid in June 2015. The Company has a $6.0 million secured credit agreement with Comerica Bank (“Credit Agreement”) which expires on November 2, 2015 . Proceeds under the Credit Agreement may be used for working capital and capital expenditures. Security for the Credit Agreement is substantially all non-real estate assets of the Company held in the United States. Borrowings are designated as a Libor-based Advance or as a Prime-based Advance if the Libor-based Advance is not available. Interest on Libor-based Advances is calculated at 2.35% above the Libor Rate offered at the time for the period chosen, and is payable on the last day of the applicable period. Quarterly, the Company pays a commitment fee of 0.15 % per annum on the average daily unused portion of the revolving credit commitment. The Company is required to maintain a minimum Tangible Net Worth of $31.0 million . The Company was in compliance with the Tangible Net Worth financial covenant at June 30, 2015. The Credit Agreement limits borrowings to the lesser of $6.0 million or 80% of eligible accounts receivable, which was $4.7 million at June 30, 2015. The Company is permitted to declare dividends of up to $2.5 million in any fiscal year provided the Company maintains the required minimum Tangible Net Worth. The Company is also required to have no advances outstanding under the Credit Agreement for 30 days (which need not be consecutive) during each calendar year. At June 30, 2015, the Company's German subsidiary (“GmbH”) had an unsecured credit facility totaling 350,000 Euros (equivalent to approximately $388,395) . The facility allows 100,000 Euros to be used to finance working capital needs and equipment purchases or capital leases. The facility allows up to 250,000 Euros to be used for providing bank guarantees. Any borrowings for working capital needs will bear interest at 4.25% . Amounts exceeding the limit of 100,000 Euros will bear interest at 7.15% . Any outstanding bank guarantees will bear interest at 2.0% . The G mbH credit facility is cancelable at any time by either GmbH or the bank and any amounts then outstanding would become immediately due and payable. At June 30, 201 5 and 2014 , GmbH had no borrowings or bank guarantees outstanding. |
Information About Major Custome
Information About Major Customers | 12 Months Ended |
Jun. 30, 2015 | |
Information About Major Customers [Abstract] | |
Information About Major Customers | 5. Information About Major Customers The Company’s sales efforts are led by account managers who develop a close consultative selling relationship with the Company’s customers. The Company’s principal customers have historically been automotive manufacturing companies that the Company either sells to directly or through manufacturing line builders, system integrators or original equipment manufacturers. The Company’s products are typically purchased for installation in connection with retooling programs undertaken by these companies. Because sales are dependent on the timing of customers’ retooling programs, sales by customer vary significantly from year to year, as do the Company’s largest customers. For the fiscal years 2015, 2014 and 2013, approximately 40% , 43 % and 46 %, respectively, of net sales were derived from the Company’s four largest automotive end user customers. The Company also sells to manufacturing line builders, system integrators or assembly equipment manufacturers, who in turn sell to the Company’s automotive customers. For the fiscal years 2015, 2014 and 2013, approximately 10 %, 16 % and 7 %, respectively, of net sales were to manufacturing line builders, system integrators and original equipment manufacturers for the benefit of the same four largest automotive end user customers in each respective year. During the fiscal year ended June 30, 2015, direct sales to Volkswagen Group accounted for approximately 20% of the Company’s total net sales and General Motors Company accounted for approximately 12% of the Company’s total net sales. At June 30, 2015, accounts receivable from Volkswagen Group totaled approximately $6.5 million and accounts receivable from General Motors Company totaled approximately $2.2 million. |
Contingencies
Contingencies | 12 Months Ended |
Jun. 30, 2015 | |
Contingencies [Abstract] | |
Contingencies | 6. Contingencies The Company may, from time to time, be subject to litigation and other claims in the ordinary course of its business. The Company accrues for estimated losses arising from such litigation or claims if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. To estimate whether a loss contingency should be accrued by a charge to income, the Company evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of the loss. Since the outcome of litigation and claims is subject to significant uncertainty, changes in the factors used in the Company’s evaluation could materially impact the Company’s financial position or results of operations. Management is currently unaware of any significant pending litigation affecting the Company other than the matter set forth below . The Company is a party to a civil suit filed by 3CEMS, a Cayman Islands and People’s Republic of China corporation, in the U.S. District Court for the Eastern District of Michigan and served on the Company on or about January 7, 2015. The suit alleges that the Company breached its contractual obligations by failing to pay for component parts to be used to manufacture optical video scopes for the Company’s discontinued Commercial Products Business Unit. 3CEMS alleged that it purchased the component parts in advance of the receipt of orders from the Company based upon instructions they claimed to have received from the Company. The suit alleged damages of not less than $4.0 million. The Company intends to vigorously defend against 3CEMS’ claims. Because of the inherent uncertainty of litigation and claims such as the 3CEMS m atter, the Company is unable to reasonably estimate a possible loss or range of loss relating to the 3CEMS m atter. As part of routine evaluation procedures, the Company identified a potential concern regarding the employment status and withholding for several individuals in one of the Company’s foreign jurisdictions. During fiscal 2015, the Company estimated a range of the potential financial liability related to this matter of 486,000 euros to 1 million euros. The Company is not able to reasonably estimate the amount within this range that it will be required to pay for this matter. As a result, the Company recorded a reserve of 486,000 euros (equivalent to approximately $536,000) representing the minimum amount the Company estimates will be paid. The Company expects final resolution of this matter in the next few months. The Company does not expect that the resolution of this matter will have a detrimental effect on the conduct of the Company’s business in this foreign jurisdiction . |
401(k) Plan
401(k) Plan | 12 Months Ended |
Jun. 30, 2015 | |
401(k) Plan [Abstract] | |
401(k) Plan | 7. 401(k) Plan The Company has a 401(k) tax deferred savings plan that covers all eligible employees. The Company may make discretionary contributions to the plan. The Company’s contribution during fiscal years 2015, 2014 and 2013 were $640,000 , $577,000 and $ 522,000 , respectively. |
Employee Stock Puchase Plan
Employee Stock Puchase Plan | 12 Months Ended |
Jun. 30, 2015 | |
Employee Stock Puchase Plan [Abstract] | |
Employee Stock Purchase Plan | 8. Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan for all employees meeting certain eligibility criteria. Under the Plan, eligible employees may purchase shares of the Company's common stock at 85 % of its market value at the beginning of the six-month election period. Purchases are limited to 10 % of an employee's eligible compensation and the shares purchased are restricted from being sold for one year from the purchase date. At June 30, 2015 , 133,697 shares remained available under the Plan. Activity under this Plan is shown in the following table: Purchase Period Ended June 30, 2015 2014 2013 Non-cash stock-based compensation expense $ $ $ Common shares purchased Average purchase price per share $ $ $ |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 9. Stock Based Compensation The Company maintains a 2004 Stock Incentive Plan (“2004 Plan”) covering substantially all company employees, non-employee directors and certain other key persons. Options previously granted under a 1998 Global Team Member Stock Option Plan (“1998 Plan”) will continue to be maintained until all options are exercised, cancelled or expire. No further grants are permitted to be made under the terms of the 1998 P lan. The 2004 Plan is administered by a committee of the Board of Directors, the Management Development, Compensation and Stock Option Committee. The 1998 Plan is administered by the President of the Company. Awards under the 2004 Plan may be in the form of stock options, stock appreciation rights, restricted stock or restricted stock units, performance share awards, director stock purchase rights and deferred stock units; or any combination thereof. The terms of the awards will be determined by the Management Development, Compensation and Stock Option Committee, except as otherwise specified in the 2004 Plan. Stock Options Options outstanding under the 2004 Plan generally become exercisable at 25% or 33 1/3 % per year beginning one year after the date of grant and expire ten years after the date of grant. All options outstanding under the 1998 Plan are ves ted and expire ten years from the date of grant. Option prices from options granted under these plans must not be less than fair market value of the Company’s stock on the date of grant. The Company uses the Black-Scholes model for determining stock option valuations. The Black-Scholes model requires subjective assumptions, including future stock price volatility and expected time to exercise, which affect the calculated values. The expected term of option exercises is derived from historical data regarding employee exercises and post-vesting employment termination behavior. The risk-free rate of return is based on published U.S. Treasury rates in effect for the corresponding expected term. The expected volatility is based on historical volatility of the Company’s stock price. These factors could change in the future, which would affect the stock-based compensation expense in future periods. The Company recognized operating expense for non-cash stock-based compensation costs related to stock options in the amo unt of $ 2 98 ,000 , $ 255,000 and $ 166,000 for the fiscal years ended June 30, 2015, 2014 and 2013, respectively. As of June 30, 2015, the total remaining unrecognized compensation c ost related to non-vested stock- based compensation amounted to $ 674,000 . The Company expects to recognize this cost over a weighted average vesting period of 2.7 years. The Company received $ 853,000 in cash from option exercises under all stock option payment arrangements for the twelve months ended June 30, 2015. The actual tax benefit realized related to tax deductions for non-qualified options exercised and disqualifying dispositions under all stock option payment arrangements totaled approximately $ 208,000 for fiscal 2015. Activity under these Plans is shown in the following tables: Fiscal Year 2015 Fiscal Year 2014 Weighted Aggregate Weighted Aggregate Average Intrinsic Average Intrinsic Exercise Value (1) Exercise Value (1) Shares subject to option Shares Price ($000) Shares Price ($000) Outstanding at beginning of period $ $ New Grants (based on fair value of common stock at dates of grant) $ $ Exercised $ $ Expired $ $ Forfeited $ $ Outstanding at end of period $ $ $ $ Exercisable at end of period $ $ $ $ Fiscal Year 2013 Weighted Aggregate Average Intrinsic Exercise Value (1) Shares subject to option Shares Price ($000) Outstanding at beginning of period $ New Grants (based on fair value of common stock at dates of grant) $ Exercised $ Expired $ Forfeited $ Outstanding at end of period $ $ Exercisable at end of period $ $ (1) The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of stock options exercised during the fiscal years ended June 30, 2015, 2014 and 2013, were $ 641,000 , $ 2,034,000 and $ 466,000 , respectively. The total fair value of shares vested during the fiscal years ended June 30, 2015, 2014 and 2013, were $ 295,000 , $ 182,000 and $ 148,000 , respectively. The estimated fair value as of the date options were granted during the periods presented using the Black-Scholes option-pricing model, was as follows: 2015 2014 2013 Weighted average estimated fair value per share of options granted during the period $ $ $ Assumptions: Dividend yield - - Common stock price volatility Risk free rate of return Expected option term (in years) The following table summarizes information about stock options at June 30, 2015: Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Remaining Exercise Exercise Range of Exercise Prices Shares Contractual Life Price Shares Price $ to $ $ $ to $ $ to $ $ to $ $ $ to $ $ $ Restricted Shares The Company’s restricted stock and restricted stock units under the 2004 Plan have been awarded by three methods as follows: One, awards that are earned based on an individual’s achievement of performance goals during the initial fiscal year with either a subsequent one year service vesting period or with a one -third vesting requirement on the first, second and third anniversary of the issuance , provided the individual’s employment has not terminated prior to the vesting date and are freely transferable after vesting; two, awards that are earned based on the Company achieving certain revenue and operating income results with a subsequent one-third vesting requirement on the first, second and third anniversary of the issuance provided the individual’s employment has not terminated prior to the vesting date and are freely transferable after vesting; and three, awards to non-management members of the Board of Directors with a subsequent one-third vesting requirement on the first, second and third anniversary of the issuance provided the service of the non-management member of the Board of Directors has not terminated prior to the vesting date and are freely transferable after vesting. The grant date fair value associated with the restricted stock is calculated in accordance with ASC 718 “Compensation – Stock Compensation”. Compensation expense related to restricted stock awards is based on the closing price of the Company’s Common Stock on the grant date authorized by the Company’s Board of Directors, multiplied by the number of restricted stock awards expected to be issued and vested and is amortized over the combined performance and service periods. The non-cash stock - based compensation expense recorded for restricted stock awards for the fiscal years ended June 30, 2015, 2014 and 2013 was $209,000 , $161,000 and $68,000 , respectively . As of June 30, 2015, the total remaining unrecognized compensation cost related to restricted stock awards amounted to $357,000 . A summary of the status of restricted shares issued at June 30, 2015 is presented in the table below : Weighted Average Nonvested Grant Date Shares Fair Value Nonvested at June 30, 2014 $ Granted Vested Forfeited or expired Nonvested at June 30, 2015 $ Available Shares At June 30, 2015, the 2004 Plan had 717,636 shares available for future grants, including restricted stock or stock options that could be issued in the first quarter of fiscal 2016. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 10 . Income Taxes Income (loss) from continuing operations before income taxes for U.S. and foreign operations was as follows (in thousands): 2015 2014 2013 U.S. $ $ $ Foreign Total $ $ $ The income tax (provision) benefit reflected in the statement of income consists of the following (in thousands): 2015 2014 2013 Current (provision) benefit: U.S. Federal & State $ $ $ Foreign Deferred taxes U.S. Foreign Total (provision) benefit $ $ $ The components of deferred tax es were as follows (in thousands): 2015 2014 2013 Benefit of net operating losses $ $ $ Tax credit carry-forwards Other, principally reserves Deferred tax asset Valuation allowance Total deferred tax assets Deferred tax liabilities - basis difference and amortization - - Net deferred taxes $ $ $ Rate Reconciliation: Provision at U.S. statutory rate Net effect of taxes on foreign activities (4.2)% (10.0)% (7.7)% Tax effect of U.S. permanent differences (0.4)% State taxes and other, net (0.4)% (0.7)% (1.9)% Adjustment of federal/foreign income taxes related to prior years (5.9)% Valuation allowance (4.0)% (6.2)% Effective tax rate The amount of earnings retained for use by the Company’s foreign subsidiaries for which no tax provision has been made amounted to approximately $20.7 million as of June 30, 2015. The Company may be subject to United States income taxes and foreign withholding taxes if these earnings are distributed in the future. It is not practicable to estimate the amount of unrecognized deferred tax liability for the undistributed foreign earnings. At June 30, 2015, the Company had net operating loss carry-forwards for U.S. federal income tax purposes of $ 24.3 million that expire in the years 2022 through 2035 and tax credit carry-forwards of $ 5.0 million of which $ 4.8 million expire in the years 2018 through 2034 . Included in the U.S. federal net operating loss carry-forward is $ 8.8 million from the exercise of employee stock options, the tax benefit of which, when recognized, will be accounted for as an increase to additional paid-in-capital rather than a reduction of the income tax provision. The Company’s deferred tax assets are substantially represented by the tax benefit of net operating losses “(NOL’s”) , tax credit carry-forwards and the tax benefit of future deductions represented by timing differences for deferred revenue, inventory obsolescence, allowances for bad debts, warranty expenses, and unrealized losses on investments. The Company assesses the realizability of the NOL’s and tax credit carry-forwards based on a number of factors including the Company’s net operating history, the volatility of the Company’s earnings, the accuracy of forecasted earnings for future periods and the general business climate at the end of fiscal 2015. The Company concluded that the positive evidence outweighed the negative evidence for recognizing the benefit of the NOL’s and a portion of the tax credit carry-forwards based in part on the extended period of time available for utilization. The Company has a valuation allowance for tax credit carry-forwards in the United States that it expects will more likely than not expire prior to the tax benefit being realized. The net change in the total valuation allowance for the fiscal years ended June 30, 2015, 2014 and 2013 was $0, $ 121,000 , and $467,000 , respectively. The Company also has a deferred tax liability related to the basis difference in the Coord3 intangible assets acquired. On June 30, 2015 and 2014, the Company had $1.3 million and $1.3 million of unrecognized tax benefits that would affect the effective tax rate if recognized. The Company’s policy is to classify interest and penalties related to unrecognized tax benefits as interest expense and income tax expense, respectively. As of June 30, 2015 there was no accrued interest or penalties related to uncertain tax positions recorded on the Company’s financial statements . For U.S. federal income tax purposes, the tax years 2012 through 2015 remain open to examination by government tax authorities. For German income tax purposes, tax years 2011 through 2015 remain open to examination by government tax authorities. At June 30, 201 5 , China has no tax years open to examination. The aggregate changes in the balance of unrecognized tax benefits were as follows (in thousands): Year End June 30 2015 Balance, beginning of year $ Increases for tax positions related to the current year Balance, year end $ |
Dividends
Dividends | 12 Months Ended |
Jun. 30, 2015 | |
Dividends [Abstract] | |
Dividends | 11. Dividends In fiscal year 2014, the Company’s Board of Directors declared the following dividend. Dividend Declaration date Per Share Record Date Total Amount Payment Date (in thousands) May 21, 2014 $ June 5, 2014 $ June 26, 2014 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | 12. Discontinued Operations On August 30, 2012, the Company completed the sale of substantially all of the assets of its Commercial Products Business Unit (“ CBU ”) . The sale price was approximately $838,000 in cash. In addition, Perceptron retained CBU’s accounts receivable balance of approximately $608,000 that existed at the time of sale. The purchaser acquired the inventory, tooling, customer contracts, patents, trademarks, and other assets associated with CBU’s business operations. Under the agreement, the purchaser also assumed all of CBU’s service parts and warranty obligations and vendor commitments. Based on the foregoing, and in conformity with applicable accounting guidance, the CBU segment qualifies as a discontinued operation. Accordingly, financial results of CBU have been reported as discontinued operations in the accompanying consolidated statements of operations for all periods presented. Information regarding revenue and operating results of CBU included in discontinued operations is as follows (in thousands): Fiscal Year ended June 30, 2015 2014 2013 Net Sales $ - $ - $ Operating Income $ - $ - $ The operating income reported for CBU above does not include corporate costs previously allocated between the Company’s operating segments, which remain with the Company. At June 30, 201 5 , the Company’s balance sheets did not have any assets or liabilities related to CBU. |
Dividends (Imported)
Dividends (Imported) | 12 Months Ended |
Jun. 30, 2015 | |
Dividends [Abstract] | |
Dividends | 11. Dividends In fiscal year 2014, the Company’s Board of Directors declared the following dividend. Dividend Declaration date Per Share Record Date Total Amount Payment Date (in thousands) May 21, 2014 $ June 5, 2014 $ June 26, 2014 |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Jun. 30, 2015 | |
Segment and Geographic Information [Abstract] | |
Segment and Geographic Information | 13. Segment and Geographic Information The Company’s business is substantially all in the global automotive market and its business segment is the automotive industry. In the f irst quarter of fiscal year 201 3 , the Company s old its Commercial Products Business Unit (“CBU”). For fiscal year 2013 the Company’s financial statements have been restated to present the CBU as a discontinued operation. The Company primarily accounts for geographic sales based on the country from which the sale is invoiced rather than the country to which the product is shipped. The Company operates in three primary geographic areas: The Americas (substantially all of which is the United States, with less than 10% from net sales in Brazil), Europe, and Asia. Geographical Regions ($000) Americas Europe (1) Asia (2) Consolidated Twelve months ended June 30, 2015 Net sales $ $ $ $ Long-lived assets, net Twelve months ended June 30, 2014 Net sales $ $ $ $ Long-lived assets, net Twelve months ended June 30, 2013 Net sales $ $ $ $ Long-lived assets, net (1) The Company’s German subsidiary had net external sales of $ 24 million, $ 27.8 million and $ 26.1 million in the fiscal years ended June 30, 2015, 2014 and 2013, respectively. Long-lived assets of the Company’s German subsidiary were $ 320,000 , $ 385,000 and $ 418,000 as of June 30, 2015, 2014 and 2013, respectively. (2) The Company’s Chinese subsidiary had net external sales of $12.3 million, $10.0 million and $9.1 million in the fiscal years ended June 30, 2015, 2014 and 2013, respectively. Long-lived assets of the Company’s Chinese subsidiary were $195,000 , $110,000 and $117,000 as of June 30, 2015, 2014 and 2013, respectively. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | 14. Selected Quarterly Financial Data (Unaudited) Selected unaudited quarterly financial data for the fiscal years ended June 30, 2015 and 2014 are as follows (in thousands, except per share amounts): Quarter Ended Fiscal Year 2015 9/30/2014 12/31/2014 3/31/2015 (1) 6/30/2015 Net sales $ $ $ $ Gross profit Net income (loss) Earnings (loss) per share Basic Diluted Fiscal Year 2014 9/30/2013 12/31/2013 3/31/2014 6/30/2014 Net sales $ $ $ $ Gross profit Net income (loss) Earnings (loss) per share Basic Diluted (1) In the third quarter of fiscal 2015, the Company acquired NMS and Coord3 (see Note 2) . |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The consolidated financial statements of the Company include the results of the Company’s acquisitions of Next Metrology Software s.r.o. (“NMS”), which was consummated on January 29, 2015, and Coord3 s.r.l. (“Coord3”), which was consummated on February 27, 2015, from thei r acquisition dates. See Note 2 , “Acquisitions”, below. On August 30, 2012, the Company sold substantially all of the assets of its Commercial Products Business Unit (“CBU”). See also Note 12, “Discontinued Operations”. Accordingly, this Form 10-K presents CBU financial information for fiscal year 2013 and prior periods as a discontinued operation. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition Revenue related to products and services is recognized upon shipment when title and risk of loss has passed to the customer or upon completion of the service, there is persuasive evidence of an arrangement, the sales price is fixed or determinable, collection of the related receivable is reasonably assured and customer acceptance criteria, if any, have been successfully demonstrated. The Company also has multiple element arrangements in its Measurement Solutions product line that may include elements such as, equipment, installation, labor support and/or training. Each element has value on a stand-alone basis and the delivered elements do not include general rights of return. Accordingly, each element is considered a separate unit of accounting. When available, the Company allocates arrangement consideration to each element in a multiple element arrangement based upon vendor specific objective evidence (“VSOE”) of fair value of the respective elements. When VSOE cannot be established, the Company attempts to establish the selling price of each element based on relevant third-party evidence. Because the Company’s products contain a significant level of proprietary technology, customization or differentiation such that comparable pricing of products with similar functionality cannot be obtained, the Company uses, in these cases, its best estimate of selling price (“BESP”). The Company determines the BESP for a product or service by considering multiple factors including, but not limited to, pricing practices, internal costs, geographies and gross margin. For multiple element arrangements, the Company defers from revenue recognition the greater of the relative fair value of any undelivered elements of the contract or the portion of the sales price of the contract that is not payable until the undelivered elements are completed. As part of this evaluation, the Company limits the amount of revenue recognized for delivered elements to the amount that is not contingent on the future delivery of products or services, including a consideration of payment terms that delay payment until those future deliveries are completed. Some multiple element arrangements contain installment payment terms with a final payment (“final buy-off”) due upon the Company’s completion of all elements in the arrangement or when the customer’s final acceptance is received. The Company recognizes revenue for each completed element of a contract when it is both earned and realizable. A provision for final customer acceptance generally does not preclude revenue recognition for the delivered equipment element because the Company rigorously tests equipment prior to shipment to ensure it will function in the customer’s environment. The final acceptance amount is assigned to specific element(s) identified in the contract, or if not specified in the contract, to the last element or elements to be delivered that represent an amount at least equal to the final payment amount. The Company’s Measurement Solutions products are designed and configured to meet each customer’s specific requirements. Timing for the delivery of each element in the arrangement is primarily determined by the customer’s requirements and the number of elements ordered. Delivery of all of the multiple elements in an order will typically occur over a three to 15 month period after the order is received. The Company does not have price protection agreements or requirements to buy back inventory. The Company’s history demonstrates that sales returns have been insignificant. |
Research and Development | Research and Development Beginning in fiscal year 2015, in connection with the NMS acquisition, costs incurred after technological feasibility for certain new products were capitalized. These costs will continue to be capitalized until shortly before these products are released to manufacturing and once released, capitalized costs will be amortized to cost of goods sold over the estimated lives of these products. All other research and development costs, including software development costs, were expensed as incurred. Such costs represent the substantial majority of our research and development efforts. |
Foreign Currency | Foreign Currency The financial statements of the Company’s wholly-owned foreign subsidiaries have been translated in accordance with ASC 830, “Foreign Currency Translation Matters” where the functional currency is the local currency in the foreign country. Under this standard, translation adjustments are accumulated in a separate component of shareholders’ equity until disposal of the subsidiary. Gains and losses on foreign currency transactions are included in the consolidated statement of operations under “Other Income and Expenses”. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Other obligations, such as stock options and restricted stock awards, are considered to be potentially dilutive common shares. Diluted EPS assumes the issuance of potential dilutive common shares outstanding during the period and adjusts for any changes in income and the repurchase of common shares that would have occurred from the assumed issuance, unless such effect is anti-dilutive. The calculation of diluted shares also takes into effect the average unrecognized non-cash stock-based compensation expense and additional adjustments for tax benefits related to non-cash stock-based compensation expense. The Company excludes all options to purchase common stock from the computation of diluted EPS in periods of net losses because the effect is anti-dilutive. I n fiscal years 2014 and 2013, o ptions to purchase 196,000 and 988,000 shares of common stock outstanding , respectively, were not included in the computation of diluted EPS because the effect would have been anti-dilutive. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with maturities of three months or less to be cash equivalents. Fair value approximates carrying value because of the short maturity of the cash equivalents. At June 30, 2015, the Company had $11.5 million in cash and cash equivalents of which $ 8 million was held in foreign bank accounts. The Company maintains its cash in bank deposit accounts, which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. |
Accounts Receivable And Concentration Of Credit Risk | Accounts Receivable and Concentration of Credit Risk The Company markets and sells its products principally to automotive manufacturers, line builders, system integrators, original equipment manufacturers and value-added resellers. The Company’s accounts receivable are principally from a small number of large customers. The Company performs ongoing credit evaluations of its customers. Accounts receivable are generally due within 30 to 60 days and are stated at amounts due from customers net of an allowance for doubtful accounts. Accounts receivable outstanding longer than the contractual payment terms are considered past due. The Company determines its allowance for doubtful accounts by considering a number of factors, including the length of time trade accounts receivable are past due, the Company’s previous loss history, the customer’s current ability to pay its obligation to the Company, and the condition of the general economy and the industry as a whole. The Company writes-off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. Changes in the Company’s allowance for doubtful accounts are as follows (in thousands): Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2015 $ $ $ $ Fiscal year ended June 30, 2014 $ $ $ $ Fiscal year ended June 30, 2013 $ $ $ $ |
Short-Term and Long-Term Investments | Short-Term and Long-Term Investments The Company accounts for its investments in accordance with ASC 320, “Investments – Debt and Equity Securities.” Investments with a maturity of greater than three months to one year are classified as short-term investments. Investments with maturities beyond one year may be classified as short-term if the Company reasonably expects the investment to be realized in cash or sold or consumed during the normal operating cycle of the business. Investments available for sale are recorded at market value using the specific identification method. Investments expected to be held to maturity or until market conditions improve are measured at amortized cost in the statement of financial position if it is the Company’s intent and ability to hold those securities long-term. Each balance sheet date, the Company evaluates its investments for possible other-than-temporary impairment which involves significant judgment. In making this judgment, management reviews factors such as the length of time and extent to which fair value has been below the cost basis, the anticipated recovery period, the financial condition of the issuer, the credit rating of the instrument and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for recovery of the cost basis. Any unrealized gains and losses on securities are reported as other comprehensive income as a separate component of shareholders’ equity until realized or until a decline in fair value is determined to be other than temporary. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded in the income statement. If market, industry, and/or investee conditions deteriorate, future impairments may be incurred. At June 30, 2015, the Company had $4.1 million of short-term investments in time deposits or certificates of deposit and $34 ,000 in mutual funds. Included in short-term investments is cash on deposit that serves as collateral for bank guarantees that provide financial assurance that the Company will fulfill certain customer obligations in China for fiscal year 2015 and China and India for fiscal year 2014. The cash earns interest while on deposit but the Company is restricted from withdrawing the cash while the related bank guarantees are outstanding. At June 30, 2015 and June 30, 2014, restricted cash was $238,000 and $520,000 respectively. At June 30, 2015, the Company holds a long-term investment in preferred stock that is not registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The investment is currently recorded at $725,000 after consideration of impairment charges recorded in fiscal 2008 and 2009. The Company estimated that the fair market value of this investment at June 30, 2015 exceeded $725,000 based on observable market activity and an internal valuation model which included the use of a discounted cash flow model. The fair market analysis considered the following key inputs, (i) the underlying structure of the security; (ii) the present value of the future principal discounted at rates considered to reflect current market conditions; and (iii) the time horizon that the market value of the security could return to its cost and be sold. Under ASC 820, “Fair Value Measurements”, such valuation assumptions are defined as Level 3 inputs. Unrealized Gains Long-term Investments Cost (Losses) Book Value (in thousands) June 30, 2015 and 2014 Preferred Stock $ $ $ During fiscal 2013, a long-term investment in preferred stock was redeemed, at par, for $2.6 million. Previously the Company had recorded an impairment charge on the carrying value of this investment in fiscal 2009. As a result of the redemption, the Company recorded a gain of $1.1 million in fiscal 2013. |
Inventory | Inventory Inventory is stated at the lower of cost or market. The cost of inventory is determined by the first-in, first-out (“FIFO”) method. The Company provides a reserve for obsolescence to recognize inventory impairment for the effects of engineering change orders, age and use of inventory that affect the value of the inventory. The reserve for obsolescence creates a new cost basis for the impaired inventory. When inventory that has previously been impaired is sold or disposed of, the related obsolescence reserve is reduced resulting in the reduced cost basis being reflected in cost of goods sold. A detailed review of the inventory is performed annually with quarterly updates for known changes that have occurred since the annual review. Inventory, net of reserves of $ 1,436,000 and $ 1,185,000 at June 30, 2015 and June 30, 2014, respectively, is comprised of the following (in thousands): At June 30, 2015 2014 Component parts $ $ Work in process Finished goods Total $ $ Changes in the Company’s reserves for obsolescence are as follows (in thousands): Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2015 $ $ $ $ Fiscal year ended June 30, 2014 $ $ $ $ Fiscal year ended June 30, 2013 $ $ $ $ |
Financial Instruments | Financial Instruments The carrying amounts of the Company’s financial instruments, which include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and amounts due to banks or other lenders, approximate their fair values at June 30, 2015 and 2014. See “Short-Term and Long-Term Investments” for a discussion of long-term investments. Fair values have been determined through information obtained from market sources and management estimates. The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. ASC 820, defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Financial instruments held by the Company at June 30, 2015 include investments classified as held for sale, mutual funds, fixed deposits and certificate of deposits. ASC 820 establishes a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs), or reflect the Company’s own assumptions of market participant valuation (unobservable inputs). These two types of inputs create the following fair value hierarchy: · Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities. · Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly. · Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable and reflect management’s estimates and assumptions. ASC 820 requires the use of observable market data if such data is available without undue cost and effort. The following table presents the Company’s investments at June 30, 2015 and June 30, 2014 that are measured and recorded at fair value on a recurring basis consistent with the fair value hierarchy provisions of ASC 820, “Fair Value Measurements and Disclosures” (in thousands). Description June 30, 2015 Level 1 Level 2 Level 3 Mutual funds $ $ $ - $ - Fixed deposits and certificates of deposit - - Total $ $ $ $ - Description June 30, 2014 Level 1 Level 2 Level 3 Mutual funds $ $ $ - $ - Fixed deposits and certificates of deposit - - Variable rate demand notes - - Repurchase agreements - - Total $ $ $ $ - During fiscal years 2015 and 2014, the Company did not record any other-than-temporary impairments on the financial assets required to be measured on a nonrecurring basis. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Depreciation related to machinery and equipment and furniture and fixtures is primarily computed on a straight-line basis over estimated useful lives ranging from 3 to 15 years. Depreciation on buildings is computed on a straight-line basis over 40 years. The Company’s depreciation expense for the years ended June 30, 2015, 2014, and 2013 was $770,000 , $726,000 , and $660,000 , respectively. When assets are retired, the costs of such assets and related accumulated depreciation or amortization are eliminated from the respective accounts, and the resulting gain or loss is reflected in the consolidated statement of operations . |
Goodwill | Goodwill Goodwill represents the excess purchase price over the fair value of the net amounts assigned to assets acquired and liabilities assumed in connection with the Company’s acquisitions. Under FASB Accounting Standards Codification, or ASC Topic 805 “ Business Combinations” , the Company is required to test goodwill for impairment annually or more frequently, whenever events occur or circumstances change that would more likely than not reduce the fair value of a reporting unit with goodwill below its carrying amount. Application of the goodwill impairment test requires judgment, including assignment of assets and liabilities to reporting units, assignment of goodwill to reporting units, and determination of the fair value of each reporting unit. The qualitative events or circumstances that could affect the fair value of a reporting unit could include economic conditions; industry and market considerations, including competition; increases in raw materials, labor, or other costs; overall financial performance such as negative or declining cash flows; relevant entity-specific events such as changes in management, key personnel, strategy, or customers; sale or disposition of a significant portion of a reporting unit and regulatory or political developments. If based upon these qualitative factors, it is not more likely than not that the fair value of the reporting unit is less than its carrying amount, then the first and second steps of the goodwill impairment tests are not necessary. If the qualitative review indicates it is more likely that the fair value of the reporting unit is less than its carrying amount, a two-step quantitative impairment test is performed to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized, if any. Step 1 is to identify potential impairment by comparing fair value of a reporting unit with its carrying value, including goodwill. If the fair value is lower than the carrying value, this is an indication of goodwill impairment and Step 2 must be performed. Under Step 2, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. This analysis requires significant judgments, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term rate of growth for our business, estimation of the useful life over which cash flows will occur, and determination of our weighted average cost of capital. The estimates used to calculate the fair value of a reporting unit change from year to year based on operating results, market conditions, foreign currency fluctuations and other factors. Changes in these estimates and assumptions could materially affect the determination of fair value and could result in goodwill impairment for a reporting unit, negatively impacting the Company’s results of operations for the period and financial position. The valuation of assets and assumed liabilities, including goodwill, resulting from the acquisition of Coord3 and NMS, is reflective of the reporting unit values based on the long-term financial forecast for the business. It is possible that the Company may not realize its forecasts. Given the value assigned to goodwill during the purchase price allocation, the Company will closely monitor the performance of the business versus the long-term forecast to determine if any impairments arise. The goodwill related to the acquisitions originally reported in the third quarter of fiscal year 2015 was $11,658,000 . As a result of the updated valuation analysis, $5,849,000 of goodwill was reclassified as identified intangible assets. There was a decrease in goodwill due to a foreign currency impact of $144,000 . There was also an increase in goodwill for related deferred income taxes of $1,834,000 . The resulting balance of goodwill as of June 30, 2015 was $7,499,000 . Goodwill is recorded on the local books of Coord3 and NMS and foreign currency effects will continue to impact the balance of goodwill in future periods. |
Intangible Assets | Intangible Assets The Company has acquired intangible assets in addition to goodwill in connection with the acquisition of Coord3 and NMS . These assets are susceptible to shortened estimated useful lives and changes in fair value due to changes in their use, market or economic changes, or other events or circumstances. The Company evaluates the potential impairment of these intangible assets, whenever events or circumstances indicate their carryin g value may not be recoverable. Factors that could trigger an impairment review include historical or projected results that are less than the assumptions used in the original valuation of an intangible asset, a change in the Company’s business strategy or its use of an intangible asset, or negative economic or industry trends. If an event or circumstance indicates that the carrying value of an intangible asset may not be recoverable, the Company assesses the recoverability of the asset by comparing the carrying value of the asset to the sum of the undiscounted future cash flows that the asset is expected to generate over its remaining economic li fe . If the carrying value exceeds the sum of the undiscounted future cash flows, the Company compares the fai r value of the intangible asset to the carrying value and records an impairm ent loss for the difference. The Company generally estimates the fair value of its intangible assets using the income approach based upon a discounted cash flow model. The income approach requires the use of many assumptions and estimates including future revenues and expenses, discount factors, income tax rates, the identification of groups of assets with highly independent cash flows, and assets’ economic lives. Volatility in the global economy makes these assumptions and estimates more judgmental. Actual future operating results and the remaining economic lives of our other intangible assets could differ from those used in assessing the recoverability of these assets and could result in an impairment of other intangible assets in future periods. The amortization periods for customer/distributor relationships, trade name and software are five years, ten years and five years, respectively. Collectively, the weighted average amortization period of intangible assets subject to amortization is approximately 6.5 years. The intangible assets are amortized over the period of economic benefit or on a straight line basis. The Company’s intangible assets as of June 30, 2015 are as follows (in thousands): At June 30, 2015 Customer/Distributor Relationships $ Trade Name Software Other Less: Accumulated Amortization Total $ The estimated amortization by year is as follows (in thousands): Years Ending June 30, Amount 2016 2017 2018 2019 2020 after 2020 $ |
Deferred Income Taxes | Deferred Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis, and the effects of operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize their benefit, or future deductibility is uncertain. |
Warranty | Warranty Measurement Solutions products generally carry a one to three year warranty for parts and a one -year warranty for labor and travel related to warranty. Product sales to the forest products industry carry a three -year warranty for TriCam ® sensors. Sales of ScanWorks ® have a one -year warranty for parts. Sales of WheelWorks ® products have a two -year warranty for parts. The Company provides a reserve for warranty based on its experience and knowledge. Factors affecting the Company’s warranty liability include the number of units sold or in service and historical and anticipated rates of claims and cost per claim. The Company periodically assesses the adequacy of its warranty liability based on changes in these factors. If a special circumstance arises requiring a higher level of warranty, the Company would make a special warranty provision commensurate with the facts . Changes to the Company’s warranty liability are as follows (in thousands): Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2015 $ $ $ $ Fiscal year ended June 30, 2014 $ $ $ $ Fiscal year ended June 30, 2013 $ $ $ $ |
Advertising Expense | Advertising Expense The Company charges advertising expense in the period incurred. As of June 30, 2015, 2014, and 2013, advertising expense was $ 158,000 , $ 35,000 , and $ 53,000 , respectively. |
Self Insurance | Self–Insurance The Company is self-insured for health, vision and short-term disability costs up to a certain stop-loss level per claim and on an aggregate basis of a percentage of estimated annual costs. The estimated liability is based upon review by management and an independent insurance consultant of claims filed and claims incurred but not yet reported. |
New Accounting Pronouncements | New Accounting Pronouncements In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08), which provides guidance regarding the definition of a discontinued operation and the required disclosures. The new guidance defines a discontinued operation as a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. A strategic shift could include a disposal of (1) a major geographical area of operations, (2) a major line of business, (3) a major equity method investment, or (4) other major parts of an entity. In addition, having significant continuing involvement with a component after a disposal or failing to eliminate the operations or cash flows of a disposed component from an entity’s ongoing operations will no longer preclude presentation as a discontinued operation. There will be new disclosures required related to discontinued operations and to disposals of individually significant components that do not qualify as discontinued operations. ASU 2014-08 is effective for the Company beginning July 1, 2015 and applies prospectively to new disposals of components and new classifications as held for sale and is not expected to have a significant impact on the presentation of the Company’s financial statements or disclosures. In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09) , which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard will be effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the applications of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in fiscal year 2019. In August 2014, the FASB issued Accounting Standards Update No. 2015-15, Presentation of Financial Statements – Going Concern, (ASU 2014-15), requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements. The entity must provide certain disclosures if “conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.” The disclosure requires identifying the principal conditions and events contributing to the “doubt” to continue as a going concern, as well as management’s evaluations and plans to try to alleviate these uncertainties. ASU 2014-15 is effective for the Company beginning July 1, 2015 and is not expected to have a significant impact on the Company’s disclosures. In April 2015, the FASB issued Accounting Standards Update No. 2015-05, Intangibles-Goodwill and Other – Internal Use- Software, (ASU 2015-05), to provide specific guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The guidance will not change GAAP for a customer’s accounting for service contracts. Early adoption is permitted. T his standard will be effective for annual periods, including interim periods, beginning after December 15, 2015. Adoption of ASU 2015-05 is not anticipated to have a material effect on the Company’s financial statements or disclosures. |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule Of Doubtful Accounts | Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2015 $ $ $ $ Fiscal year ended June 30, 2014 $ $ $ $ Fiscal year ended June 30, 2013 $ $ $ $ |
Schedule Of Long-Term Investments | Unrealized Gains Long-term Investments Cost (Losses) Book Value (in thousands) June 30, 2015 and 2014 Preferred Stock $ $ $ |
Schedule Of Components Of Inventory | At June 30, 2015 2014 Component parts $ $ Work in process Finished goods Total $ $ |
Schedule Of Reserves For Obsolescence | Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2015 $ $ $ $ Fiscal year ended June 30, 2014 $ $ $ $ Fiscal year ended June 30, 2013 $ $ $ $ |
Investments At Fair Value On A Recurring Basis | Description June 30, 2015 Level 1 Level 2 Level 3 Mutual funds $ $ $ - $ - Fixed deposits and certificates of deposit - - Total $ $ $ $ - Description June 30, 2014 Level 1 Level 2 Level 3 Mutual funds $ $ $ - $ - Fixed deposits and certificates of deposit - - Variable rate demand notes - - Repurchase agreements - - Total $ $ $ $ - |
Schedule Of Intangible Assets | At June 30, 2015 Customer/Distributor Relationships $ Trade Name Software Other Less: Accumulated Amortization Total $ |
Schedule Of Expected Amortization | Years Ending June 30, Amount 2016 2017 2018 2019 2020 after 2020 $ |
Schedule of Product Warranty Liability | Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2015 $ $ $ $ Fiscal year ended June 30, 2014 $ $ $ $ Fiscal year ended June 30, 2013 $ $ $ $ |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Business Acquisition [Line Items] | |
Pro Forma Information | 2015 2014 Revenue $ $ Net Income (Loss) $ $ Income (Loss) Per Common Share Basic $ $ Diluted $ $ |
Next Metrology Software [Member] | |
Business Acquisition [Line Items] | |
Acquisition Date Fair Value Of Assets Acquired And Liabilities Assumed | Cash $ Receivables and other current assets Intangible asset Goodwill Accounts payable and other current liabilities Total identifiable net assets $ |
Coord3 [Member] | |
Business Acquisition [Line Items] | |
Acquisition Date Fair Value Of Assets Acquired And Liabilities Assumed | Cash $ Accounts receivable Inventories Other assets Goodwill Other intangibles Accounts payable and other current liabilities Taxes payable Loans payable Deferred taxes Other long term liabilities Total identifiable net assets $ |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | Year Minimum Rentals 2016 $ 2017 2018 2019 2020 and beyond Total minimum lease payments $ |
Employee Stock Puchase Plan (Ta
Employee Stock Puchase Plan (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Employee Stock Puchase Plan [Abstract] | |
Schedule of Employee Stock Purchase Plan | Purchase Period Ended June 30, 2015 2014 2013 Non-cash stock-based compensation expense $ $ $ Common shares purchased Average purchase price per share $ $ $ |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Stock-Based Compensation [Abstract] | |
Stock Option Activity | Fiscal Year 2015 Fiscal Year 2014 Weighted Aggregate Weighted Aggregate Average Intrinsic Average Intrinsic Exercise Value (1) Exercise Value (1) Shares subject to option Shares Price ($000) Shares Price ($000) Outstanding at beginning of period $ $ New Grants (based on fair value of common stock at dates of grant) $ $ Exercised $ $ Expired $ $ Forfeited $ $ Outstanding at end of period $ $ $ $ Exercisable at end of period $ $ $ $ Fiscal Year 2013 Weighted Aggregate Average Intrinsic Exercise Value (1) Shares subject to option Shares Price ($000) Outstanding at beginning of period $ New Grants (based on fair value of common stock at dates of grant) $ Exercised $ Expired $ Forfeited $ Outstanding at end of period $ $ Exercisable at end of period $ $ (1) The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of stock options exercised during the fiscal years ended June 30, 2015, 2014 and 2013, were $ 641,000 , $ 2,034,000 and $ 466,000 , respectively. The total fair value of shares vested during the fiscal years ended June 30, 2015, 2014 and 2013, were $ 295,000 , $ 182,000 and $ 148,000 , respectively. |
Valuation Assumptions | 2015 2014 2013 Weighted average estimated fair value per share of options granted during the period $ $ $ Assumptions: Dividend yield - - Common stock price volatility Risk free rate of return Expected option term (in years) |
Shares Authorized under Stock Option Plans, by Exercise Price Range | Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Remaining Exercise Exercise Range of Exercise Prices Shares Contractual Life Price Shares Price $ to $ $ $ to $ $ to $ $ to $ $ $ to $ $ $ |
Summary of Restricted Shares Issued | Weighted Average Nonvested Grant Date Shares Fair Value Nonvested at June 30, 2014 $ Granted Vested Forfeited or expired Nonvested at June 30, 2015 $ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Income Taxes [Abstract] | |
Schedule Of Income (Loss) From Continuing Operations Before Income Taxes | 2015 2014 2013 U.S. $ $ $ Foreign Total $ $ $ |
Schedule of Components of Income Tax Expense (Benefit) | 2015 2014 2013 Current (provision) benefit: U.S. Federal & State $ $ $ Foreign Deferred taxes U.S. Foreign Total (provision) benefit $ $ $ |
Schedule of Deferred Tax Assets and Liabilities And Effective Income Tax Rate Reconciliation | 2015 2014 2013 Benefit of net operating losses $ $ $ Tax credit carry-forwards Other, principally reserves Deferred tax asset Valuation allowance Total deferred tax assets Deferred tax liabilities - basis difference and amortization - - Net deferred taxes $ $ $ Rate Reconciliation: Provision at U.S. statutory rate Net effect of taxes on foreign activities (4.2)% (10.0)% (7.7)% Tax effect of U.S. permanent differences (0.4)% State taxes and other, net (0.4)% (0.7)% (1.9)% Adjustment of federal/foreign income taxes related to prior years (5.9)% Valuation allowance (4.0)% (6.2)% Effective tax rate |
Schedule of Unrecognized Tax Benefits | Year End June 30 2015 Balance, beginning of year $ Increases for tax positions related to the current year Balance, year end $ |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Dividends [Abstract] | |
Dividends Declared | Dividend Declaration date Per Share Record Date Total Amount Payment Date (in thousands) May 21, 2014 $ June 5, 2014 $ June 26, 2014 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement and Balance Sheet | Fiscal Year ended June 30, 2015 2014 2013 Net Sales $ - $ - $ Operating Income $ - $ - $ |
Segment and Geographic Inform33
Segment and Geographic Information (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Segment and Geographic Information [Abstract] | |
Schedule of Revenue and Long-Lived Assets by Geographic Location | Geographical Regions ($000) Americas Europe (1) Asia (2) Consolidated Twelve months ended June 30, 2015 Net sales $ $ $ $ Long-lived assets, net Twelve months ended June 30, 2014 Net sales $ $ $ $ Long-lived assets, net Twelve months ended June 30, 2013 Net sales $ $ $ $ Long-lived assets, net (1) The Company’s German subsidiary had net external sales of $ 24 million, $ 27.8 million and $ 26.1 million in the fiscal years ended June 30, 2015, 2014 and 2013, respectively. Long-lived assets of the Company’s German subsidiary were $ 320,000 , $ 385,000 and $ 418,000 as of June 30, 2015, 2014 and 2013, respectively. (2) The Company’s Chinese subsidiary had net external sales of $12.3 million, $10.0 million and $9.1 million in the fiscal years ended June 30, 2015, 2014 and 2013, respectively. Long-lived assets of the Company’s Chinese subsidiary were $195,000 , $110,000 and $117,000 as of June 30, 2015, 2014 and 2013, respectively. |
Selected Quarterly Financial 34
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Ended Fiscal Year 2015 9/30/2014 12/31/2014 3/31/2015 (1) 6/30/2015 Net sales $ $ $ $ Gross profit Net income (loss) Earnings (loss) per share Basic Diluted Fiscal Year 2014 9/30/2013 12/31/2013 3/31/2014 6/30/2014 Net sales $ $ $ $ Gross profit Net income (loss) Earnings (loss) per share Basic Diluted (1) In the third quarter of fiscal 2015, the Company acquired NMS and Coord3 (see Note 2) |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2015 | Jun. 30, 2012 | |
Summary of Significant Accounting Policies [Line Items] | ||||||
Shares excluded from the computation of diluted EPS | 196,000 | 988,000 | ||||
Cash and cash equivalents | $ 11,502,000 | $ 11,502,000 | $ 23,070,000 | $ 13,364,000 | $ 12,984,000 | |
Short-term investments | 4,134,000 | 4,134,000 | 10,822,000 | |||
Depreciation expense | 770,000 | 726,000 | 660,000 | |||
Goodwill | 7,499,000 | 7,499,000 | $ 11,658,000 | |||
Goodwill transfered to intangible assets | 5,849,000 | |||||
Goodwill foreign currency adjustment | (144,000) | |||||
Goodwill increase related to deferred income taxes | 1,834,000 | |||||
Advertising expense | 158,000 | 35,000 | $ 53,000 | |||
Restricted Cash | 238,000 | $ 238,000 | 520,000 | |||
Measurement Solutions Labor And Related Travel [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Standard product warranty period | 1 year | |||||
TriCam Sensors [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Standard product warranty period | 3 years | |||||
ScanWorks [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Standard product warranty period | 1 year | |||||
WheelWorks [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Standard product warranty period | 2 years | |||||
Foreign Bank Accounts [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Cash and cash equivalents | 8,000,000 | $ 8,000,000 | ||||
Minimum [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Delivery time of multi-element order, months | 3 months | |||||
Accounts receivable maturity period | 30 days | |||||
Maximum [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Delivery time of multi-element order, months | 15 months | |||||
Accounts receivable maturity period | 60 days | |||||
Weighted Average [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Amortization period | 6 years 6 months | |||||
Building [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 40 years | |||||
Machinery and Equipment [Member] | Minimum [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 3 years | |||||
Machinery and Equipment [Member] | Maximum [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 15 years | |||||
Furniture and Fixtures [Member] | Minimum [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 3 years | |||||
Furniture and Fixtures [Member] | Maximum [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 15 years | |||||
Mutual Funds [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Short-term investments | 34,000 | $ 34,000 | 96,000 | |||
Bank Time Deposits [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Short-term investments | $ 4,100,000 | $ 4,100,000 | 9,165,000 | |||
Variable Rate Demand Obligation [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Short-term investments | 1,325,000 | |||||
Repurchase Agreements [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Short-term investments | $ 236,000 | |||||
Customer/Distributor Relationships [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Amortization period | 5 years | |||||
Trade Name [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Amortization period | 10 years | |||||
Software [Member] | ||||||
Summary of Significant Accounting Policies [Line Items] | ||||||
Amortization period | 5 years |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Schedule Of Doubtful Accounts) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |||
Allowance for Doubtful Accounts Receivable, Beginning Balance | $ 146 | $ 174 | $ 263 |
Allowance For Doubtful Accounts Receivable, Costs And Expenses | 36 | (34) | 69 |
Allowance for Doubtful Accounts Receivable, Charge-offs | 32 | 6 | (158) |
Allowance for Doubtful Accounts Receivable, Ending Balance | $ 214 | $ 146 | $ 174 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies (Schedule Of Long-Term Investments) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2013 | Jun. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Book Value | $ 725 | |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 3,700 | |
Unrealized Gains (Losses) | (2,975) | |
Book Value | $ 725 | |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | $ 2,600 | |
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 1,100 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Schedule Of Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Summary of Significant Accounting Policies [Abstract] | ||||
Inventory, Component parts, net | $ 4,694 | $ 2,813 | ||
Inventory, Work in Process, net | 1,989 | 562 | ||
Inventory, Finished Goods, net | 5,215 | 3,674 | ||
Inventory, Net, Total | 11,898 | 7,049 | ||
Inventory reserves | $ 1,436 | $ 1,185 | $ 1,124 | $ 1,200 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Schedule Of Reserves For Obsolescence) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |||
Inventory Valuation Reserves, Beginning Balance | $ 1,185 | $ 1,124 | $ 1,200 |
Reserve For Obsolescence Costs And Expenses | 44 | 342 | 96 |
Reserve For Obsolescence Less Charge Offs | 207 | (281) | (172) |
Inventory Valuation Reserves, Ending Balance | $ 1,436 | $ 1,185 | $ 1,124 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Investments At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term Investments | $ 4,134 | $ 10,822 |
Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term Investments | 34 | 96 |
Bank Time Deposits [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term Investments | 4,100 | 9,165 |
Variable Rate Demand Obligation [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term Investments | 1,325 | |
Repurchase Agreements [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term Investments | 236 | |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term Investments | 34 | 96 |
Level 1 [Member] | Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term Investments | 34 | 96 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term Investments | 4,100 | 10,726 |
Level 2 [Member] | Bank Time Deposits [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term Investments | $ 4,100 | 9,165 |
Level 2 [Member] | Variable Rate Demand Obligation [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term Investments | 1,325 | |
Level 2 [Member] | Repurchase Agreements [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term Investments | $ 236 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Schedule Of Intangible Assets) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Less: Accumulated Depreciation | $ (320) |
Total estimated amortization | 6,685 |
Customer/Distributor Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired and other intangible assets, gross | 3,172 |
Trade Name [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired and other intangible assets, gross | 2,464 |
Software [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired and other intangible assets, gross | 1,251 |
Other [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Acquired and other intangible assets, gross | $ 118 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies (Schedule Of Expected Amortization) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Summary of Significant Accounting Policies [Abstract] | |
2,016 | $ 1,155 |
2,017 | 1,214 |
2,018 | 1,151 |
2,019 | 1,167 |
2,020 | 846 |
after 2,020 | 1,152 |
Total estimated amortization | $ 6,685 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Schedule Of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Summary of Significant Accounting Policies [Abstract] | |||
Standard Product Warranty Accrual, Beginning Balance | $ 87 | $ 63 | $ 63 |
Standard Product Warranty, Costs And Expenses | 268 | 305 | 123 |
Standard Product Warranty, Charge Offs | (185) | (281) | (123) |
Standard Product Warranty Accrual, Ending Balance | $ 170 | $ 87 | $ 63 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) | Feb. 27, 2015EUR (€) | Feb. 27, 2015USD ($) | Jan. 29, 2015EUR (€) | Jan. 29, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2013USD ($) | Jun. 30, 2015EUR (€) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Feb. 27, 2015USD ($) | Jan. 29, 2015USD ($) | |
Business Acquisition [Line Items] | |||||||||||||||||||
Revenue | $ 23,440,000 | $ 16,182,000 | [1] | $ 23,566,000 | $ 11,217,000 | $ 17,393,000 | $ 17,328,000 | $ 12,519,000 | $ 12,372,000 | $ 74,405,000 | $ 59,612,000 | $ 60,886,000 | |||||||
Operating Loss | 389,000 | (1,589,000) | [1] | $ 2,779,000 | $ (2,040,000) | $ 941,000 | $ 2,481,000 | $ (407,000) | $ (588,000) | (461,000) | $ 2,427,000 | $ 6,210,000 | |||||||
Goodwill | 7,499,000 | $ 11,658,000 | 7,499,000 | ||||||||||||||||
Acquisition related costs | 1,600,000 | 1,600,000 | |||||||||||||||||
Next Metrology Software And Coord3 [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Revenue | 5,600,000 | ||||||||||||||||||
Operating Loss | 532,000 | ||||||||||||||||||
Next Metrology Software [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Interest acquired | 100.00% | 100.00% | |||||||||||||||||
Total consideration | € 2,250,000 | 2,560,425,000 | 2,560,425,000 | $ 2,560,425 | |||||||||||||||
Cash consideration | € 250,000 | $ 282,025 | € 1,800,000 | $ 2,050,560 | |||||||||||||||
Consideration payable | € 200,000 | 227,840 | |||||||||||||||||
Goodwill | 2,209,006,000 | 2,209,006,000 | |||||||||||||||||
Coord3 [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Interest acquired | 100.00% | 100.00% | |||||||||||||||||
Total consideration | € 1,959,000 | 2,210,174 | 2,210,174 | $ 2,210,174 | |||||||||||||||
Cash consideration | € 1,659,200 | $ 1,871,744 | |||||||||||||||||
Consideration payable | € 300,000 | 338,430 | |||||||||||||||||
Goodwill | 5,375,048 | 5,375,048 | |||||||||||||||||
Goodwill expected to be deductible for tax purposes | 0 | 0 | |||||||||||||||||
Severence liabilities | $ 785,000 | $ 785,000 | |||||||||||||||||
[1] | In the third quarter of fiscal 2015, the Company acquired NMS and Coord3 (see Note 2). |
Acquisitions (Acquisition Date
Acquisitions (Acquisition Date Fair Value Of Assets Acquired And Liabilities Assumed) (Details) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Feb. 27, 2015EUR (€) | Feb. 27, 2015USD ($) | Jan. 29, 2015EUR (€) | Jan. 29, 2015USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 7,499,000 | $ 11,658,000 | ||||
Next Metrology Software [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash | 129,000 | |||||
Receivables and other current assets | 77,007,000 | |||||
Intangible asset | 391,296,000 | |||||
Goodwill | 2,209,006,000 | |||||
Accounts payable and other current liabilities | (117,013,000) | |||||
Total identifiable net assets | 2,560,425,000 | € 2,250,000 | $ 2,560,425 | |||
Coord3 [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Cash | 9,521 | |||||
Accounts receivable | 4,343,621 | |||||
Intangible asset | 5,850,000 | |||||
Inventories | 3,092,826 | |||||
Other assets | 1,055,542 | |||||
Goodwill | 5,375,048 | |||||
Accounts payable and other current liabilities | (5,225,261) | |||||
Taxes payable | (7,530,866) | |||||
Loans payable | (2,108,658) | |||||
Deferred taxes | (1,836,271) | |||||
Other long-term liabilities | (815,328) | |||||
Total identifiable net assets | $ 2,210,174 | € 1,959,000 | $ 2,210,174 |
Acquisitions (Pro Forma Informa
Acquisitions (Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Acquisitions [Abstract] | ||
Revenue | $ 84,091 | $ 76,513 |
Net Income (Loss) | $ (470) | $ 1,895 |
Income (Loss) Per Common Share, Basic | $ (0.05) | $ 0.21 |
Income (Loss) Per Common Share, Diluted | $ (0.05) | $ 0.21 |
Leases (Details)
Leases (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Leases [Abstract] | |||
Operating Leases, 2016 | $ 1,115,766 | ||
Operating Leases, 2017 | 574,301 | ||
Operating Leases, 2018 | 185,717 | ||
Operating Leases, 2019 | 31,830 | ||
Operating Leases, 2020 and beyond | 32,360 | ||
Operating Leases, Future Minimum Payments Due, Total | 1,939,974 | ||
Operating leases, Rent expense | $ 1,007,000,000 | $ 1,018,000 | $ 955,000 |
Credit Facilities (Details)
Credit Facilities (Details) € in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2015USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2015EUR (€) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||||
Payment of short-term debt | $ 1,700,000 | $ 4,414,000 | |||
Domestic Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, amount outstanding | $ 0 | $ 0 | |||
Amount available under the credit facility | $ 6,000,000 | ||||
Line of credit, expiration date | Nov. 2, 2015 | ||||
Interest on Libor-based Advances, basis spread | 2.35% | ||||
Commitment fee percentage | 0.15% | ||||
Period required to have no outstanding advances | 30 days | ||||
Minimum tangible net worth | $ 31,000,000 | ||||
Maximum borrowing capacity as percentage of eligible accounts receivable | 80.00% | 80.00% | |||
Eligible accounts receivable | 4,700,000 | ||||
Line of Credit Facility, Dividend Restrictions, After Current Fiscal Year | $ 2,500,000 | ||||
Foreign Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, amount outstanding | $ 0 | $ 0 | |||
Amount available under the credit facility | € 350 | $ 388,395 | |||
Interest rate on borrowings | 4.25% | 4.25% | |||
Line of Credit Facility, Capacity Available for Trade Purchases | € | € 100 | ||||
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases | € | € 250 | ||||
Working Capital Line Of Credit [Member] | Amount In Excess Of Limit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate on borrowings | 7.15% | 7.15% | |||
Letter of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate on borrowings | 2.00% | 2.00% | |||
Coord3 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Loans payable | $ 2,108,658 |
Information About Major Custo49
Information About Major Customers (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015USD ($)customer | Jun. 30, 2014USD ($) | Jun. 30, 2013 | |
Concentration Risk [Line Items] | |||
Accounts Receivable, Net, Current | $ 29,182 | $ 19,185 | |
Automotive [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 40.00% | 43.00% | 46.00% |
Number Of Major Customers | customer | 4 | ||
Manufacturing Line Builders, System Integrators and OEMs [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 16.00% | 7.00% |
Volkswagen Group [Member] | |||
Concentration Risk [Line Items] | |||
Accounts Receivable, Net, Current | $ 6,500 | ||
Volkswagen Group [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 20.00% | ||
General Motors [Member] | |||
Concentration Risk [Line Items] | |||
Accounts Receivable, Net, Current | $ 2,200 | ||
General Motors [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration Risk, Percentage | 12.00% |
Contingencies (Details)
Contingencies (Details) - Jun. 30, 2015 | USD ($) | EUR (€) | USD ($) |
Employment And Withholding Concerns [Member] | |||
Loss Contingencies [Line Items] | |||
Potential liability, minimum | € 486,000 | ||
Potential liability, maximum | 1,000,000 | ||
Reserve accrual | € 486,000 | $ 536,000 | |
Minimum [Member] | 3CEMS [Member] | |||
Loss Contingencies [Line Items] | |||
Damages sought | $ | $ 4,000,000 |
401(k) Plan (Details)
401(k) Plan (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
401(k) Plan [Abstract] | |||
Employer discretionary contribution amount | $ 640,000 | $ 577,000 | $ 522,000 |
Employee Stock Puchase Plan (De
Employee Stock Puchase Plan (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Employee Stock Puchase Plan [Abstract] | |||
Purchase price of common stock - percentage of its fair market value | 85.00% | ||
Maximum Employee Subscription Rate | 10.00% | ||
Period shares purchased must be held before selling | 1 year | ||
Shares reserved for future issuance | 133,697 | ||
Non-cash stock based compensation expense | $ 14,075 | $ 30,571 | $ 34,829 |
Common shares purchased | 3,271 | 14,672 | 8,876 |
Average purchase price per share | $ 10.67 | $ 5.74 | $ 4.35 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 507,000 | $ 515,000 | $ 201,000 |
Cash received from exercise of stock options | 853,000 | ||
Tax benefit realized related to tax deductions for non-qualified options and disqualifying dispositions under all share-based payment arrangements | $ 208,000 | ||
Shares available for future grant | 717,636 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 298,000 | 255,000 | 166,000 |
Unrecognized compensation cost related to non-vested awards | $ 674,000 | ||
Expected weighted average vesting period to recognize compensation cost, years | 2 years 8 months 12 days | ||
Expiration period | 10 years | ||
Employee Stock Option [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 25.00% | ||
Employee Stock Option [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 209,000 | $ 161,000 | $ 68,000 |
Unrecognized compensation cost related to non-vested awards | $ 357,000 | ||
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Restricted Stock [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage | 33.33% |
Stock-Based Compensation (Stock
Stock-Based Compensation (Stock Option Activity) (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Share-based Compensation [Abstract] | ||||
Outstanding at beginning of period, shares | 765,486 | 1,122,675 | 1,162,996 | |
New Grants (based on fair value of common stock at dates of grant), shares | 114,000 | 214,000 | 164,000 | |
Exercised, shares | (135,635) | (497,446) | (171,066) | |
Expired, shares | (21,260) | (18,743) | (30,705) | |
Forfeited, shares | (63,950) | (55,000) | (2,550) | |
Outstanding at end of period, shares | 658,641 | 765,486 | 1,122,675 | |
Exercisable at end of period, shares | 356,966 | 407,236 | 846,175 | |
Weighted average exercise price, Beginning of period | $ 8.09 | $ 7.07 | $ 6.81 | |
New Grants (based on fair value of common stock at dates of grant), weighted average exercise price | 10.01 | 10.80 | 5.76 | |
Exercised, weighted average exercise price | 6.29 | 7.16 | 3.79 | |
Expired, weighted average exercise price | 11.48 | 9.14 | 8.79 | |
Forfeited, weighted average exercise price | 9.70 | 5.89 | 2.93 | |
Weighted average exercise price, End of period | 8.53 | 8.09 | 7.07 | |
Exercisable at end of period, weighted average | $ 7.94 | $ 7.47 | $ 7.47 | |
Outstanding at end of period, aggregate intrinsic value | [1] | $ 1,438,000 | $ 3,614,000 | $ 1,502,000 |
Exercisable at end of period, aggregate intrinsic value | [1] | 1,015,000 | 2,148,000 | 940,000 |
Total intrinsic value of stock options exercised during fiscal year | 641,000 | 2,034,000 | 466,000 | |
Total fair value of shares vested during the fiscal years | $ 295,000 | $ 182,000 | $ 148,000 | |
[1] | The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of stock options exercised during the fiscal years ended June 30, 2015, 2014 and 2013, were $641,000, $2,034,000 and $466,000, respectively. The total fair value of shares vested during the fiscal years ended June 30, 2015, 2014 and 2013, were $295,000, $182,000 and $148,000, respectively. |
Stock-Based Compensation (Valua
Stock-Based Compensation (Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock-Based Compensation [Abstract] | |||
Weighted Average Estimated Fair Value Per Share of Options Granted During the Period | $ 4.04 | $ 3.18 | $ 2.27 |
Dividend Yield | 2.10% | ||
Common Stock Price Volatility | 46.85% | 38.88% | 44.86% |
Risk Free Rate of Return | 1.62% | 1.53% | 0.62% |
Expected Option Term (in years) | 6 years | 5 years | 5 years |
Stock-Based Compensation (Share
Stock-Based Compensation (Shares Authorized under Stock Option Plans, by Exercise Price Range) (Details) - $ / shares | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options outstanding, shares | 658,641 | 765,486 | 1,122,675 | 1,162,996 |
Options outstanding, weighted average remaining contractual life | 5 years 11 months 19 days | |||
Options outstanding, weighted average exercise price | $ 8.53 | $ 8.09 | $ 7.07 | $ 6.81 |
Options exercisable, shares | 356,966 | 407,236 | 846,175 | |
Options exerciable, Weighted average exercise price | $ 7.94 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 2.80 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 14.33 | |||
Exercise Price Range One [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options outstanding, shares | 88,400 | |||
Options outstanding, weighted average remaining contractual life | 5 years 7 months 2 days | |||
Options outstanding, weighted average exercise price | $ 4.59 | |||
Options exercisable, shares | 58,900 | |||
Options exerciable, Weighted average exercise price | $ 4.03 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 2.80 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 5.70 | |||
Exercise Price Range Two [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options outstanding, shares | 237,091 | |||
Options outstanding, weighted average remaining contractual life | 3 years 9 months 18 days | |||
Options outstanding, weighted average exercise price | $ 7.31 | |||
Options exercisable, shares | 200,341 | |||
Options exerciable, Weighted average exercise price | $ 7.54 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 5.83 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 8.81 | |||
Exercise Price Range Three [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options outstanding, shares | 326,900 | |||
Options outstanding, weighted average remaining contractual life | 7 years 9 months 7 days | |||
Options outstanding, weighted average exercise price | $ 10.38 | |||
Options exercisable, shares | 91,475 | |||
Options exerciable, Weighted average exercise price | $ 10.89 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 8.94 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 14.01 | |||
Exercise Price Range Four [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options outstanding, shares | 6,250 | |||
Options outstanding, weighted average remaining contractual life | 1 month 10 days | |||
Options outstanding, weighted average exercise price | $ 14.33 | |||
Options exercisable, shares | 6,250 | |||
Options exerciable, Weighted average exercise price | $ 14.33 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 14.33 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 14.33 |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary of Restricted Shares Issued) (Details) - 12 months ended Jun. 30, 2015 - Restricted Stock [Member] - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Nonvested, Beginning Balance | 17,950 |
Shares Granted | 81,114 |
Shares Vested | (20,950) |
Shares Forfeited or Expired | (16,100) |
Shares Nonvested, Ending Balance | 62,014 |
Weighted Average Grant Date Fair Value, Nonvested, Beginning Balance | $ 5.39 |
Weighted Average Grant Date Fair Value, Granted | 10.74 |
Weighted Average Grant Date Fair Value, Vested | 6.51 |
Weighted Average Grant Date Fair Value, Forfeited or Expired | 10.07 |
Weighted Average Grant Date Fair Value, Nonvested, Ending Balance | $ 10.80 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Line Items] | |||
Tax credit carry-forwards | $ 5,006,000 | $ 4,928,000 | $ 4,866,000 |
Undistributed Earnings of Foreign Subsidiaries | 20,700,000 | ||
Tax Credit Carryforward, Amount | 4,800,000 | ||
Operating Loss Carryforward Related To Exercise Of Employee Stock | 8,800,000 | ||
Increase (decrease) in valuation allowance | (121,000) | $ 467,000 | |
Unrecognized Tax Benefits | 1,315,000 | 1,268,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,300,000 | $ 1,300,000 | |
Internal Revenue Service (IRS) [Member] | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards | $ 24,300,000 | ||
Minimum [Member] | |||
Income Taxes [Line Items] | |||
Expiration Dates For Tax Credit Carryforward | 2,018 | ||
Minimum [Member] | Internal Revenue Service (IRS) [Member] | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2022 | ||
Open Tax Year | 2,012 | ||
Minimum [Member] | German Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Open Tax Year | 2,011 | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
Expiration Dates For Tax Credit Carryforward | 2,034 | ||
Maximum [Member] | Internal Revenue Service (IRS) [Member] | |||
Income Taxes [Line Items] | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2035 | ||
Open Tax Year | 2,015 | ||
Maximum [Member] | German Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
Open Tax Year | 2,015 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income (Loss) From Continuing Operations Before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Abstract] | |||
U.S. | $ (2,668) | $ (2,124) | $ 1,272 |
Foreign | 1,833 | 5,126 | 6,259 |
Income (Loss) from Continuing Operations Before Income Taxes | $ (835) | $ 3,002 | $ 7,531 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Abstract] | |||
Current (provision) benefit - Federal and State | $ (19) | $ (102) | $ 39 |
Current (provision) benefit - Foreign | 204 | (1,581) | (977) |
Deferred taxes (provision) benefit - US | 1,051 | 969 | (48) |
Deferred taxes (provision) benefit - Foreign | (862) | 139 | (415) |
Total (provision) benefit | $ 374 | $ (575) | $ (1,401) |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Taxes [Abstract] | |||
Benefit of net operating losses | $ 8,582 | $ 7,149 | $ 6,617 |
Tax credit carry-forwards | 5,006 | 4,928 | 4,866 |
Other, principally reserves | 3,251 | 2,774 | 2,381 |
Deferred tax asset | 16,839 | 14,851 | 13,864 |
Valuation allowance | (3,104) | (3,103) | (3,224) |
Total deferred tax assets | 13,735 | 11,748 | 10,640 |
Deferred tax liabilities - basis difference and amortization | (1,798) | ||
Net deferred tax asset | $ 11,937 | $ 11,748 | $ 10,640 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Taxes [Abstract] | |||
Provision at U.S. statutory rate | 34.00% | 34.00% | 34.00% |
Net effect of taxes on foreign activities | (4.20%) | (10.00%) | (7.70%) |
Tax effect of U.S. permanent differences | 21.20% | (0.40%) | 0.20% |
State taxes and other, net | (0.40%) | (0.70%) | (1.90%) |
Adjustment of federal/foreign income taxes related to prior years | (5.90%) | 0.30% | 0.20% |
Valuation allowance | 0.00% | (4.00%) | (6.20%) |
Effective tax rate | 44.70% | 19.20% | 18.60% |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2015USD ($) | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Unrecognized Tax Benefits, Beginning Balance | $ 1,268 |
Increases for tax positions related to the current year | 47 |
Unrecognized Tax Benefits, Ending Balance | $ 1,315 |
Dividends (Dividends Declared)
Dividends (Dividends Declared) (Details) - 12 months ended Jun. 30, 2014 - Dividend Declared May 21, 2014 [Member] - USD ($) $ / shares in Units, $ in Thousands | Total |
Dividends [Line Items] | |
Declaration date | May 21, 2014 |
Dividends per share | $ 0.15 |
Record date | Jun. 5, 2014 |
Total Amount | $ 1,372 |
Payment date | Jun. 26, 2014 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - Jun. 30, 2013 - USD ($) $ in Thousands | Total |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Cash received from sale of CBU | $ 838 |
Commercial Products Business Unit [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
CBU's accounts receivables which the Company retained | $ 608 |
Discontinued Operations (Income
Discontinued Operations (Income Statement Components of Discontinued Operations) (Details) - Commercial Products Business Unit [Member] $ in Thousands | 12 Months Ended |
Jun. 30, 2013USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net Sales | $ 595 |
Operating loss | $ 28 |
Segment and Georaphic Informati
Segment and Georaphic Information (Schedule Of Revenue By Geographic Location) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | [1] | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Net Sales | $ 23,440,000 | $ 16,182,000 | $ 23,566,000 | $ 11,217,000 | $ 17,393,000 | $ 17,328,000 | $ 12,519,000 | $ 12,372,000 | $ 74,405,000 | $ 59,612,000 | $ 60,886,000 | ||
Long-lived assets, net | 7,668,000 | 6,265,000 | 7,668,000 | 6,265,000 | 6,303,000 | ||||||||
Americas [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Net Sales | 28,434,000 | 18,278,000 | 22,170,000 | ||||||||||
Long-lived assets, net | 6,533,000 | 5,662,000 | 6,533,000 | 5,662,000 | 5,710,000 | ||||||||
Europe [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Net Sales | [2] | 29,636,000 | 27,807,000 | 26,118,000 | |||||||||
Long-lived assets, net | [2] | 797,000 | 396,000 | 797,000 | 396,000 | 434,000 | |||||||
Asia [Member] | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Net Sales | [3] | 16,335,000 | 13,527,000 | 12,598,000 | |||||||||
Long-lived assets, net | [3] | 338,000 | 207,000 | 338,000 | 207,000 | 159,000 | |||||||
GERMANY | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Net Sales | 24,000,000 | 27,800,000 | 26,100,000 | ||||||||||
Long-lived assets, net | 320,000 | 385,000 | 320,000 | 385,000 | 418,000 | ||||||||
CHINA | |||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||||
Net Sales | 12,300,000 | 10,000,000 | 9,100,000 | ||||||||||
Long-lived assets, net | $ 195,000 | $ 110,000 | $ 195,000 | $ 110,000 | $ 117,000 | ||||||||
[1] | In the third quarter of fiscal 2015, the Company acquired NMS and Coord3 (see Note 2). | ||||||||||||
[2] | The Company's German subsidiary had net external sales of $24 million, $27.8 million and $26.1 million in the fiscal years ended June 30, 2015, 2014 and 2013, respectively. Long-lived assets of the Company's German subsidiary were $320,000, $385,000 and $418,000 as of June 30, 2015, 2014 and 2013, respectively. | ||||||||||||
[3] | The Company's Chinese subsidiary had net external sales of $12.3 million, $10.0 million and $9.1 million in the fiscal years ended June 30, 2015, 2014 and 2013, respectively. Long-lived assets of the Company's Chinese subsidiary were $195,000, $110,000 and $117,000 as of June 30, 2015, 2014 and 2013, respectively. |
Selected Quarterly Financial 68
Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2015 | Mar. 31, 2015 | [1] | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||
Net sales | $ 23,440 | $ 16,182 | $ 23,566 | $ 11,217 | $ 17,393 | $ 17,328 | $ 12,519 | $ 12,372 | $ 74,405 | $ 59,612 | $ 60,886 | |
Gross Profit | 9,283 | 4,568 | 11,313 | 3,107 | 7,424 | 8,162 | 4,976 | 4,287 | 28,271 | 24,849 | 28,120 | |
Income from Continuing Operations | (461) | 2,427 | 6,130 | |||||||||
Net Income (Loss) | $ 389 | $ (1,589) | $ 2,779 | $ (2,040) | $ 941 | $ 2,481 | $ (407) | $ (588) | $ (461) | $ 2,427 | $ 6,210 | |
Earnings (Loss) Per Share, Basic | $ 0.04 | $ (0.17) | $ 0.30 | $ (0.22) | $ 0.10 | $ 0.27 | $ (0.05) | $ (0.07) | $ (0.05) | $ 0.27 | $ 0.73 | |
Earnings (Loss) Per Share, Diluted | $ 0.04 | $ (0.17) | $ 0.30 | $ (0.22) | $ 0.10 | $ 0.26 | $ (0.05) | $ (0.07) | (0.05) | 0.26 | 0.72 | |
Earnings per share from continuing operations, Basic | (0.05) | 0.27 | 0.72 | |||||||||
Earnings per share from continuing operations, Diluted | $ (0.05) | $ 0.26 | $ 0.71 | |||||||||
[1] | In the third quarter of fiscal 2015, the Company acquired NMS and Coord3 (see Note 2). |