Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2018 | May 03, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,018 | |
Entity Registrant Name | PERCEPTRON INC/MI | |
Entity Central Index Key | 887,226 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | prcp | |
Entity Common Stock, Shares Outstanding | 9,552,065 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 5,365 | $ 3,704 |
Short-term investments | 2,437 | 1,572 |
Receivables: | ||
Billed receivables, net of allowance for doubtful accounts of $374 and $253, respectively | 29,487 | 31,776 |
Other receivables | 336 | 167 |
Inventories, net of reserves of $1,808 and $1,918, respectively | 15,224 | 11,466 |
Short-term deferred income tax asset | 438 | |
Other current assets | 1,604 | 1,515 |
Total current assets | 54,453 | 50,638 |
Property and Equipment, Net | 6,726 | 7,377 |
Goodwill | 8,505 | 7,793 |
Intangible Assets, Net | 4,188 | 4,073 |
Long-Term Investments | 725 | 725 |
Long-Term Deferred Income Tax Asset | 853 | 9 |
Total Assets | 75,450 | 70,615 |
Current Liabilities | ||
Line of credit and short-term notes payable | 1,747 | 1,705 |
Accounts payable | 7,641 | 8,280 |
Accrued liabilities and expenses | 4,102 | 3,952 |
Accrued compensation | 2,677 | 2,600 |
Current portion of taxes payable | 597 | 791 |
Short-term deferred income tax liability | 752 | |
Income taxes payable | 350 | 477 |
Reserves for restructuring and other charges | 926 | 1,113 |
Deferred revenue | 8,312 | 8,485 |
Total current liabilities | 26,352 | 28,155 |
Long-Term Taxes Payable | 608 | 969 |
Long-Term Deferred Income Tax Liability | 1,530 | 871 |
Other Long-Term Liabilities | 649 | 785 |
Total Liabilities | 29,139 | 30,780 |
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 9,552 and 9,438, respectively | 96 | 94 |
Accumulated other comprehensive loss | (431) | (2,721) |
Additional paid-in capital | 47,928 | 46,688 |
Retained deficit | (1,282) | (4,226) |
Total Shareholders’ Equity | 46,311 | 39,835 |
Total Liabilities and Shareholders’ Equity | $ 75,450 | $ 70,615 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Consolidated Balance Sheets [Abstract] | ||
Billed receivables, allowance for doubtful accounts | $ 374 | $ 253 |
Inventories, reserves | $ 1,808 | $ 1,918 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 19,000,000 | 19,000,000 |
Common stock, issued | 9,552,000 | 9,438,000 |
Common stock, outstanding | 9,552,000 | 9,438,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated Statements Of Operations [Abstract] | ||||
Net Sales | $ 21,397 | $ 16,325 | $ 61,099 | $ 55,596 |
Cost of Sales | 13,475 | 11,135 | 38,120 | 36,388 |
Gross Profit | 7,922 | 5,190 | 22,979 | 19,208 |
Operating Expenses | ||||
Selling, general and administrative | 4,700 | 4,039 | 13,621 | 12,795 |
Engineering, research and development | 2,132 | 1,650 | 5,662 | 4,917 |
Severance, impairment and other charges | (3) | 3 | 603 | 720 |
Total operating expenses | 6,829 | 5,692 | 19,886 | 18,432 |
Operating Income (Loss) | 1,093 | (502) | 3,093 | 776 |
Other Income and (Expenses) | ||||
Interest expense, net | (53) | (94) | (137) | (212) |
Foreign currency gain (loss), net | 63 | 118 | (16) | (226) |
Other income (expenses), net | 24 | 4 | 49 | 28 |
Total other income and (expenses) | 34 | 28 | (104) | (410) |
Income (Loss) Before Income Taxes | 1,127 | (474) | 2,989 | 366 |
Income Tax Expense | (107) | (124) | (45) | (795) |
Net Income (Loss) | $ 1,020 | $ (598) | $ 2,944 | $ (429) |
Income (Loss) Per Common Share | ||||
Basic | $ 0.11 | $ (0.06) | $ 0.31 | $ (0.05) |
Diluted | $ 0.11 | $ (0.06) | $ 0.31 | $ (0.05) |
Weighted Average Common Shares Outstanding | ||||
Basic | 9,539 | 9,400 | 9,468 | 9,384 |
Dilutive effect of stock options | 152 | 74 | ||
Diluted | 9,691 | 9,400 | 9,542 | 9,384 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||||
Net Income (Loss) | $ 1,020 | $ (598) | $ 2,944 | $ (429) |
Other Comprehensive Income (Loss): | ||||
Foreign currency translation adjustments | 884 | 312 | 2,290 | (855) |
Comprehensive Income (Loss) | $ 1,904 | $ (286) | $ 5,234 | $ (1,284) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flow - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 2,944 | $ (429) |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ||
Depreciation and amortization | 1,701 | 1,660 |
Stock compensation expense | 791 | 421 |
Asset impairment and related inventory write-down | (59) | 440 |
Deferred income taxes | (593) | 338 |
Loss (Gain) on disposal of assets | 14 | (2) |
Allowance for doubtful accounts | 121 | (112) |
Changes in assets and liabilities | ||
Receivables | 3,594 | (2,773) |
Inventories | (3,237) | (413) |
Accounts payable | (1,010) | (969) |
Accrued liabilities and expenses | (105) | (316) |
Deferred revenue | (431) | 10 |
Other assets and liabilities | (1,136) | (1,197) |
Net cash provided by (used for) operating activities | 2,594 | (3,342) |
Cash Flows from Investing Activities | ||
Purchases of short-term investments | (4,402) | (2,030) |
Sales of short-term investments | 3,686 | 3,272 |
Capital expenditures | (481) | (397) |
Capital expenditures-intangibles | (322) | |
Net cash (used for) provided by investing activities | (1,519) | 845 |
Cash Flows from Financing Activities | ||
(Payments to) proceeds from line of credit and short-term borrowings, net | (137) | 667 |
Proceeds from stock plans | 471 | 154 |
Shares surrendered upon restricted stock units and awards to cover taxes | (19) | |
Net cash provided by financing activities | 315 | 821 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 271 | (217) |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,661 | (1,893) |
Cash and Cash Equivalents, July 1 | 3,704 | 6,787 |
Cash and Cash Equivalents, March 31 | 5,365 | 4,894 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the year for interest | 211 | 207 |
Cash paid during the year for income taxes | $ 605 | $ 265 |
Accounting Policies
Accounting Policies | 9 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Accounting Policies | 1. Accounting Policies Perceptron, Inc. (“Perceptron” “we”, “us” or “our”) develops, produces and sells a comprehensive range of automated industrial metrology products and solution s to manufacturers for dimensional gauging, dimensio nal inspection and 3D scanning . Our products provide solutions for manufacturing process control as well as sensor and software technologies for non-contact measurement, scanning and inspection applications. We also offer v alue a dded s ervices such as traini ng and customer support . Basis of Presentation and Principles of Consolidation The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and within the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Our Consolidated Financial Statements include the accounts of Perceptron and our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. In our opinion, these statements include all normal recurring adjustments necessary for a fair presentation of the financial statements for the periods presented. The results of operations for any interim period are not necessarily indicative of the results of operations for a full fiscal year. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for the fiscal year ended June 30, 2017. Use of Estimates Management is required to make certain estimates and assumptions under U.S. GAAP during the preparation of these Consolidated Financial Statements. These estimates and assumptions may affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassification Certain prior period amounts have been reclassified in the Consolidated Statements of Cash Flow to conform to the current period presentation. |
New Accounting Pronouncements
New Accounting Pronouncements | 9 Months Ended |
Mar. 31, 2018 | |
New Accounting Pronouncements [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“ 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. In March 2016, the FASB issued the final guidance to clarify the principal versus agent guidance (i.e., whether an entity should report revenue gross or net). In April 2016, the FASB issued final guidance to clarify identifying performance obligation and the licensing implementation guidance. In May 2016, FASB updated the guidance in ASU No. 2014-09, which updated implementation of certain narrow topics within ASU 2014-09. Finally, in December 2016, the FASB issued several technical corrections and improvements, which clarify the previously issued standards and corrected unintended application of previous guidance. These standards (collectively “ASC 606”) will be effective for annual periods beginning after December 15, 2017 (as amended in August 2015, by ASU 2015-14, Deferral of the Effective Date ), 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 have commenced a detailed analysis of our contracts under ASC 606. Based on our preliminary analyses, we have decided to utilize the cumulative effect method for transition. Furthermore, we expect changes in timing of revenue recognition related to several of our performance obligations; in general, we believe we will be recognizing revenue more quickly than under current revenue re cognition guidance. Finally , we believe that our Consolidated Balance Sheet will be impacted as we identify Contract Assets as allowed under ASC 606 . We do not expect a change to the level of disaggregation for our disclosures, although we do expect to provide additional detail about the timing of revenue recognition for several of our performance obligations and about our Contract Assets and Contract Liabilities. In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01), which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments. In February 2018, the FASB issued Accounting Standards Update No. 2018-03 —Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2018-03) , which contains technical corrections and improvements related to ASU 2016-01. Both ASU 2016-01 and ASU 2018-03 are effective for Perceptron on July 1, 2018 and are not expected to have a significant impact on our consolidated financial statements or disclosures. In February 2016, the FASB issued Accounting Standards Update No. 2016-02 Leases (ASU 2016-2), which establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. A modified retrospective transition approach is required for lessees with capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. In January 2018, the FASB issued Accounting Standards Update No. 2018-01, Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 , which permits an entity to elect an optional transition practical expedient to not evaluate land easements under Topic 842 . We are currently evaluating the impact of the adoption of ASU 2016-02 on our consolidated financial statements. In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326) (ASU 2016-13), which requires the measurement of all expected credit losses for financial assets held at the reporting date to be based on historical experience, current conditions as well as reasonable and supportable forecasts. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (ASU 2016-15), which will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for Perceptron beginning on July 1, 2018 and requires us to utilize a retrospective adoption unless it is impracticable for us to apply, in which case, we would be required to apply the amendment prospectively as of the earliest date practicable. ASU 2016-15 is not expected to have a significant impact on our consolidated financial statements or disclosures . In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (ASU 2016-16), which requires that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU 2016-16 is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued or made available for issuance. ASU 201 6-16 is effective for Perceptron on July 1, 2018 and is not expected to have a significant impact on our consolidated financial statements. In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (ASU 2016-18), which requires a company to present their Statement of Cash Flows including amounts generally described as restricted cash or restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual reporting periods beginning after December 15, 2017, with early adoption permitted. We hold restricted cash in short-term bank guarantees to provide financial assurance that we will fulfill certain customer obligations in China. These balances are currently part of ‘Short-term investments’ on our Consolidated Balance Sheet and the movement is part of ‘Purchases of short-term investments’ and ‘Sales of short-term investments’ in the investing activities section of our Consolidated Statement of Cash Flow. This balance will be reclassified into “Cash and cash equivalents” on our Consolidated Balance Sheet as of July 1, 2018 and will no longer be considered an investing activity on our Consolidated Statement of Cash Flow. In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (ASU 2017-01), which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 is effective for Perceptron on July 1, 2018 and is not expected to have a significant impact on our consolidated financial statements or disclosures. In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles—Goodwill and Other (Topic 350) (ASU 2017-04), which simplifies the Test for Goodwill Impairment. ASU 2017-04 is effective for annual reporting periods beginning after December 15, 2019 with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. We are currently evaluating the impact of the adoption of ASU 2017-04 on our consolidated financial statements and disclosures. In February 2017, the FASB issued Accounting Standards Update No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (ASU 2017-05), which clarifies the scope of Subtopic 610-20 and adds guidance for partial sales of nonfinancial assets. Subtopic 610-20, which was issued in May 2014 as a part of Accounting Standards Update No. 2014-09, provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. ASU 2017-05 is effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period with early application permitted only as of annual reporting periods beginning after December 15, 2016. We do not expect ASU 2017-05 to have a significant impact on our consolidated financial statements or disclosures. In May 2017, the FASB issued Accounting Standards Update No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting (ASU 2017-09), which provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation—Stock Compensation , to a change to the terms or conditions of a share-based payment award. ASU 2017-09 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. We do not expect ASU 2017-09 to have a significant impact on our consolidated financial statements or disclosures. In February 2018, the FASB issued A ccounting Standards Update 2018-02 —Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (ASU 2018-02) , which allow s for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. AS U 2018-02 is effective for Perceptron on July 1, 2019 and is not expected to have a significant impact on our consolidated financial statements or disclosures. Recently Adopted Accounting Pronouncements In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory (ASU 2015-11), which requires an entity to measure inventory at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. We adopted this standard on July 1, 2017. Adoption of this guidance did not have a material impact on our consolidated financial statements. I n November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes (ASU 2015-17), which requires all deferred tax assets and liabilities, including related valuation allowances, be classified as non-current on our consolidated balance sheets. We adopted this standard on July 1, 2017, and as a result, reclassified $438,000 of previously “Short-term deferred income tax assets” to “Long-Term Deferred Income Tax Asset ” and reclassified $752,000 of previously “Short-term deferred income tax liability ” to “Long-Term Deferred Income Tax Liability ” on our consolidated balance sheet. Our Consolidated Balance Sheet as of June 30, 2017 was not retrospectively adjusted. In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718) (ASU 2016-09), which simplifies several aspects of accounting for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. Certain of these changes are required to be applied retrospectively, while other changes are required to be applied prospectively. We adopted this standard on July 1, 2017. ASU 2016-09 requires prospective recognition of excess tax benefits and deficiencies in the income statement. Due to the fact that our U.S. Federal Deferred Taxes have a full valuation allowance, there was no net impact to our consolidated financial statements related to our adoption of ASU 2016-09. We elected to continue to estimate forfeiture rates at the time of grant, instead of accounting for them as they occur. Finally, as excess tax benefits are no longer recognized in additional paid-in capital , we excluded the excess tax benefits from the assumed proceeds available to repurchase shares in the computation of diluted earnings per share for the nine months ended March 31, 2018. |
Goodwill
Goodwill | 9 Months Ended |
Mar. 31, 2018 | |
Goodwill [Abstract] | |
Goodwill | 3. 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 our acquisitions. Under ASC Topic 805 “ Business Combinations” , we are 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. Companies have the option under ASC Topic 350 “Intangibles – Goodwill and Other” to evaluate goodwill based upon these qualitative factors, and if it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, then no further goodwill impairment tests are necessary. If the qualitative review indicates it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or if we choose not to perform a qualitative assessment, 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. In fiscal year 2017, we elected the two-step quantitative goodwill impairment test. 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 judgment in developing assumptions, such as estimating future cash flows, which is dependent on internal forecasts, estimating the long-term rate of growth for our business, estimating the useful life over which cash flows will occur and calculating 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 our results of operations for the period and financial position. During the fourth quarter of fiscal year 2017, we completed Step 1 of our goodwill impairment testing. Based on the results of this test, the fair value of our tested reporting unit exceeded our carrying value by 26% . Furthermore, through March 31, 2018, there are no indicators of impairment; therefore we did not complete a quantitative assessment this quarter. Goodwill is recorded on the local books of Coord3 and NMS and foreign currency effects will impact the balance of goodwill in future periods. Our goodwill balance was $8,505,000 and $7,793,000 as of March 31, 2018, and June 30, 2017, respectively, with the increase due to the differences in foreign currency rates at March 31, 2018 compared to June 30, 2017. |
Intangibles
Intangibles | 9 Months Ended |
Mar. 31, 2018 | |
Intangibles [Abstract] | |
Intangibles | 4. Intangibles We acquired intangible assets in addition to goodwill in connection with the acquisitions of Coord3 and NMS in the third quarter of fiscal 2015. Furthermore, we continue to develop intangibles, primarily software. 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. We evaluate the potential impairment of these intangible assets whenever events or circumstances indicate their carrying 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 our business strategy or our 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, we assess 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 life. If the carrying value exceeds the sum of the undiscounted future cash flows, we compare the fair value of the intangible asset to the carrying value and record an impairment loss for the difference. We generally estimate the fair value of our intangible assets us ing the income approach based on 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 intangible assets could differ from those used in assessing the recoverability of these assets and could result in an impairment of intangible assets in future periods. Through March 31, 2018, there are no indications of potential impairment of these intangible assets. O ur intangible assets are as follows (in thousands): March 31, March 31, June 30, June 30, 2018 2018 2017 2017 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer/Distributor Relationships $ 3,523 $ (2,173) $ 1,350 $ 3,263 $ (1,524) $ 1,739 Trade Name 2,735 (843) 1,892 2,533 (591) 1,942 Software 1,393 (447) 946 677 (312) 365 Other 131 (131) - 121 (94) 27 Total $ 7,782 $ (3,594) $ 4,188 $ 6,594 $ (2,521) $ 4,073 Amortization expense was $312,000 and $261,000 for the three month periods ended March 31 , 2018 and 2017 , respectively. Amortization expense was $874,000 and $803,000 for the nine month periods ended March 31, 2018 and 201 7 , respecti vely. The estimated amortization of the remaining intangible assets by year is as follows (in thousands): Years Ending June 30, Amount 2018 (excluding the nine months ended March 31, 2018) 328 2019 1,256 2020 886 2021 417 2022 417 after 2022 884 $ 4,188 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 5. 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. We also have multiple element arrangements in our Measurement Solutions product line , which 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, we allocate 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, we attempt to establish the selling price of each element based on relevant third-party evidence. Our products contain a significant level of proprietary technology, c ustomization or differentiation; therefore, comparable pricing of products with similar functionality cannot be obtained. In these cases, we utilize our best estimate of selling price (“BESP”). We determine 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, we defer 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, we limit 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 completion of all elements in the arrangement or when the customer’s final acceptance is received. We recognize 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 we rigorously test equipment prior to shipment to ensure it will function in our 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. Our Measurement Solutions 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. We do not have price protection agreements or requirements to buy back inventory. Our history demonstrates that sales returns have been insignificant. |
Short-Term And Long-Term Invest
Short-Term And Long-Term Investments | 9 Months Ended |
Mar. 31, 2018 | |
Short-Term And Long-Term Investments [Abstract] | |
Short-Term And Long-Term Investments | 6 . Short-Term and Long-Term Investments We account for our investments in accordance with ASC 320, “Investments – Debt and Equity Securities ”. Investments with a term to maturity between three months to one year are considered short-term investments and are classified as available-for-sale investments. Investments with a term to maturity beyond one year may be classified as available for sale if we reasonably expect the investment to be realized in cash or sold or consumed during the normal operating cycle of the business. Investments are classified as held-to-maturity if the term to maturity is greater than one year and we have the intent and ability to hold such investments to maturity. All investments are initially recognized at fair value. Subsequent measurement for available-for-sale investments is recorded at fair value. Unrealized gains and losses on available-for-sale investments are recorded in other comprehensive income. Held-to-maturity investments are subsequently measured at amortized cost. At each balance sheet date, we evaluate all investments for possible other-than-temporary impairment , which involves significant judgment. In making this judgment, we review 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 our ability and intent to hold the investment for a period of time which may be sufficient for recovery of the cost basis. Any losses determined to be other-than-temporary are charged as an impairment loss and recorded in earnings. If market, industry, and/or investee conditions deteriorate, future impairments may be incurred. As of March 31 , 2018 and June 30, 2017, we held restricted cash in short-term bank guarantees . The restricted cash provides financial assurance that we will fulfill certain customer obligations in China. The cash is restricted as to withdrawal or use while the related bank guarantee is outstanding. Interest is earned on the restricted cash and recorded as interest income. At March 31 , 2018 and June 30, 201 7 , we had short-term bank guarantees of $72,000 and $239,000 respectively . At March 31 , 2 018 , we held a long-term investment in preferred stock that is not registered under the Sec urities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The preferred stock investment is currently recorded at $725,000 after consideration of impairment charges recorded in fiscal years 2008 and 2009. We estimated that the fair market value of this investment at March 31 , 2018 exceeded $725,000 based on an internal valuation model , which included the use of a discounted cash flow model. The fair market analysis cons idered 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 and Disclosures ” (“ASC 820”) such valuation assumptions are defined as Level 3 inputs. The foll owing table presents our Short-Term and Long-T erm Investments by category at March 31 , 2018 and June 30, 2017 (in thousands): March 31, 2018 Cost Fair Value or Carrying Value Short-Term Investments Bank Guarantees $ 72 $ 72 Mutual Funds 39 39 Time/Fixed Deposits 2,326 2,326 Total Short-Term Investments $ 2,437 $ 2,437 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments 3,700 725 Total Investments $ 6,137 $ 3,162 June 30, 2017 Cost Fair Value or Carrying Value Short-Term Investments Bank Guarantees $ 239 $ 239 Time/Fixed Deposits 1,333 1,333 Total Short-Term Investments $ 1,572 $ 1,572 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments $ 3,700 $ 725 Total Investments $ 5,272 $ 2,297 |
Financial Instruments
Financial Instruments | 9 Months Ended |
Mar. 31, 2018 | |
Financial Instruments [Abstract] | |
Financial Instruments | 7 . Financial Instruments For a discussion on our fair value measurement policies for Financial I nstruments, refer to Note 1 in our Consolidated Financial Statements, “Summary of Significant Accounting Policies – Financial Instruments”, of our An nual Report on Form 10-K for fiscal year ended June 30, 201 7 . We have not changed our valuation techniques in measuring the fair value of any financial assets and liabilities during the period. The following table presents our investments at March 31 , 2018 and June 30, 201 7 that are measured and recorded at fair value on a recurring basis consistent with the fair value hierarchy provisions of ASC 820 (in thousands). The fair value of our short-term investments approximates their cost basis. Description March 31, 2018 Level 1 Level 2 Level 3 Mutual Funds $ 39 $ 39 $ - $ - Time/Fixed Deposits and Bank Guarantees 2,398 - 2,398 - Preferred Stock 725 - - 725 Total $ 3,162 $ 39 $ 2,398 $ 725 Description June 30, 2017 Level 1 Level 2 Level 3 Time/Fixed Deposits and Bank Guarantees $ 1,572 $ - $ 1,572 $ - Preferred Stock 725 - - 725 Total $ 2,297 $ - $ 1,572 $ 725 Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. |
Inventory
Inventory | 9 Months Ended |
Mar. 31, 2018 | |
Inventory [Abstract] | |
Inventory | 8 . Inventory Inventory is stated at the lower of cost or net realizable value using the first-in, first-out (“FIFO”) method. We provide 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 $1,808,000 and $1,918,000 at March 31 , 2018 and June 30, 2017 , respectively, is comprised of the following (in thousands): At March 31, At June 30, 2018 2017 Component Parts $ 5,584 $ 4,445 Work in Process 4,696 3,864 Finished Goods 4,944 3,157 Total $ 15,224 $ 11,466 |
Property And Equipent
Property And Equipent | 9 Months Ended |
Mar. 31, 2018 | |
Property And Equipment [Abstract] | |
Property And Equipment | 9. Property and Equipment Our property and equipment consisted of the following as of March 31, 2018 and June 30, 2017 (in thousands): At March 31, At June 30, 2018 2017 Building and Land $ 7,945 $ 7,788 Machinery and Equipment 14,842 16,414 Furniture and Fixtures 1,062 1,054 23,849 25,256 Less: Accumulated Depreciation (17,123) (17,879) $ 6,726 $ 7,377 Depreciation expense was $250,000 and $257,000 for the three month periods ended March 31, 2018 and 2017, respectively. Depreciation expense was $827,000 and $857,000 for the nine month periods ended March 31, 201 8 and 201 7 , respectively. |
Warranty
Warranty | 9 Months Ended |
Mar. 31, 2018 | |
Warranty [Abstract] | |
Warranty | 10. Warranty Our In-Line and Near-Line Measurement Solutions 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. We provide a reserve for warranty based on our experience and knowledge. Our Off-Line Measurement Solutions generally carry a twelve -month warranty after the machine passes the acceptance test or a fifteen -month warranty from the date of shipment, whichever date comes first, on parts only. Factors affecting our warranty reserve include the number of units sold or in service as well as historical and anticipated rates of claims and cost per claim. We periodically assess the adequacy of our warranty reserve based on changes in these factors. If a special circumstance arises which requires a higher level of warranty, we make a special warranty provision commensurate with the facts. Changes to our warranty reserve are as follows (in thousands): Nine Months Ended March 31, 2018 2017 Beginning Balance at July 1, $ 548 $ 370 Accruals - Current Year 712 553 Settlements/Claims (in cash or in kind) (863) (425) Effects of Foreign Currency 7 (1) Ending Balance at March 31, $ 404 $ 497 |
Credit Facilities
Credit Facilities | 9 Months Ended |
Mar. 31, 2018 | |
Credit Facilities [Abstract] | |
Credit Facilities | 11 . Credit Facilities We had approximately $1,747,000 and $1,705,000 outstanding under our line s of credit and short-term notes payable at March 31 , 2018 and June 30, 201 7 , respectively. In addition, we had approximately $18,000 and $171,000 in long-term d ebt outstanding included in ‘Other Long-Term Liabilities’ at March 31 , 201 8 and June 30, 2017 , respectively on our Consolidated Balance Sheet. On December 4, 2017 , we entered into a Loan Agreement (the “Loan Agreement”) with Chemical Bank (“Chemical”), and related documents, including a Promissory Note . The Loan Agreement is an on-demand line of credit and is cancelable at any time by either Perceptron or Chemical and any amounts outstanding would be immediately due and payable. The Loan Agreement is guaranteed by our U.S. subsidiaries. The Loan Agreement allows for maximum permitted borrowings of $8.0 million. The borrowing base is calculated at the lesser of (i) $8.0 million or (ii) the sum of 80% of eligible accounts receivable balances of U.S. customers and subject to limitations, certain foreign customers , plus the lesser of 50% of eligible inventory or $3.0 million. At March 31, 2018 , our additional available borrowing under this facility was approximately $4.9 million . Security for the Loan Agreement is substantially all of our assets in the U.S . Interest is calculated at 2.65% above the 30 day LIBOR rate. We are not allowed to pay cash dividends under the Loan Agreement. We had $1,525,000 in borrowings outstanding under the Loan Agreement at March 31 , 2018. Prior to December 4, 2017, we were party to an Amended and Restated Credit Agreement with Comerica Bank. We had $1,500,000 outstanding at June 30, 2017 under this agreement . On December 4, 2017, in connection with entering into the Loan Agreement, we repaid in full and terminated our Amended and Restated Credit Agreement with Comerica Bank and related documents. There were no prepayment fees payable in connection with the repayment of the loan. During the third quarter of fiscal 2016, our Italian subsidiary, Coord3, exercised an option to purchase their current manufacturing facility. The total remaining principal payments of €195,000 (equivalent to approximately $240,000 ) payable over the following 13 months at a 7.0% annual interest rate are recorded in ‘Short-term notes payable’ and ‘Other Long-Term Liabilities’ on our Consolidated Balance Sheet at March 31 , 201 8 . Our Brazilian subsidiary (“Brazil”) has several credit lines and overdraft facilities with their current local bank. Br azil can borrow a total of B$401,000 ( equivalent to approximately $121,000 ). The Brazil facilities are cancelable at any time by either Brazil or the bank and any amounts then outstanding would become immediately due and payable. The monthly interest rates for these facilities range from 2.53% to 12.30% . We had no borrowings under t hese facilities at March 31 , 2018 and June 30, 201 7 , respectively. |
Severance, Impairment And Other
Severance, Impairment And Other Charges | 9 Months Ended |
Mar. 31, 2018 | |
Severance, Impairment And Other Charges [Abstract] | |
Severence, Impairment And Other Charges | 12. Severance, Impairment and Other Charges During the third quarter of fiscal 2016, we announced a financial improvement plan that resulted in a reduction in global headcount of approximately 11% . This plan was implemented to re-align our fixed costs with our near-term to mid-term expectations for our business. In addition, during the first quarter of fiscal 2017, we decided to terminate production and marketing of a specific product line due to limitations in its design. Since this decision was made, we have written off $290,000 , net related to inventory and impaired certain customer receivable balances in the amount of $127,000 . By the second quarter of fiscal 2018, we had substantially completed the plan that was announced; as of March 31 , 2018, we have incurred total pre-tax cash and non-cash charges relating to the original restructuring plan, as well as the additional charges from the terminated product line, of $3,531,000 . In July 2017, we announced that we had entered into an agreement to settle the civil suit that was filed by 3CEMS, a Cayman Island and People’s Republic of China corporati on, in January 2015 (see Note 17, “ Commitments and Co ntingencies – Legal Proceedings” for further discussion) . The settlement of $1,000,000 was recorded as a liability in fiscal 2017. In January 2018 , a judge in a trade secrets case brought by Perceptron granted the defendants’ motions for recovery of their attorney fees ( see Note 17, “Commitments and Contingencies” for further discussion relating to this matter ). A charge in the amount of $675,000 was recorded as a liability in the second quarter of fiscal 2018. We have appealed the court’s decision to grant summary disposition and the award of the attorney fees. The charges recorded as Severance, Impairment and Other Charges are as follows (in thousands): Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Severance and Related Costs $ - $ 105 $ (13) $ 280 Court Award - - 675 - Impairment - - (42) 145 Inventory Write-Off (3) (102) (17) 295 Total $ (3) $ 3 $ 603 $ 720 For the three months ended March 31, 2018, t he decrease of the inventory write-off was due to finding other uses for some of the inventory originally designated as impaired. Severance expense (income) for the three months ended March 31, 2017 was associated with an adjustmen t at our U.S. location (expense of $121,000 ) partially offset by an adjustment at our German location (income of $16,000 ). The decrease of the inventory write-off was due to settling outstanding purchase orders as well as finding other uses for some of the inventory originally designated as impaired. Severance expense (income) for the nine months ended March 31 , 2018 was associated with adjustments at our China (income of $15,000 ) and U.S. (expense of $2,000 ) locations as we reached final settlements related to several individuals impacted by the reduction in force. The decrease in the impairment for the nine months ended March 31, 2018 was due to a collection of an accounts receivable balance that was previously written off. The decrease of the inventory write-off was due to finding other uses for some of the inventory originally designated as impaired. Severa nce expense (income) for the nine months ended March 31, 2017 was associated with adjustments at our U.S. (expense of $292,000 ), Chinese (expense of $82,000 ) and German (income of $94,000 ) locations, as we reached final settlements related to several individuals impacted by the reduction in force. The following table reconciles the activity for the Reserves for Restructuring and Other Charges (in thousands): Nine Months Ended March 31, 2018 2017 Beginning Balance at July 1, $ 1,113 $ 814 Accruals - Severance Related (13) 280 Accruals - Court Award 675 - Payments (849) (880) Ending Balance at March 31, $ 926 $ 214 The remaining accrued balance at March 31 , 2018 includes the final payment of $250,000 to be made related to our legal settlement with 3CEMS , which is expected to be paid out in May 2018 , as well as the accrual for the judgment related to the trade secrets case . Due to our appeal of the court decisions in the trade secrets case, the timing of any payments related to this matter is unknown to us at this time. |
Current And Long-Term Taxes Pay
Current And Long-Term Taxes Payable | 9 Months Ended |
Mar. 31, 2018 | |
Current And Long-Term Taxes Payable [Abstract] | |
Current And Long-Term Taxes Payable | 1 3 . Current and Long-Term Taxes Payable We 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 Liabilities
Other Long-Term Liabilities | 9 Months Ended |
Mar. 31, 2018 | |
Other Long-Term Liabilities [Abstract] | |
Other Long-Term Liabilities | 14 . Other Long-Term Liabilities Other long-term liabilities at March 31 , 2018 and June 30, 201 7 include $631,000 and $614,000 , respectively for long-term contractual and statutory severance liabilities acquired as part of the purchase of Coord3 that represent amounts that will be payable to employees upon termination of employment. See Note 11, “Credit Facilities”, for the description of long-term debt included in ‘Other Long-Term Liabilities’ at March 31 , 2018. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Mar. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Stock-Based Compensation | 1 5 . Stock-Based Compensation We maintain a 2004 Stock Incentive Plan (“2004 Plan”) covering substantially all company employees, non-employee directors and certain other key persons. The 2004 Plan is administered by a committee of our Board of Directors: The Management Development, Compensation and Stock Option Committee. 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 are 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 33.3% per year beginning one year after the date of grant and expire ten years after the date of grant. Option prices from options granted under these plans must not be less than the fair market value of our stock on the date of grant. We use 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 our stock price. These factors could change in the future, which would affect the stock-based compensation expense in future periods. We recognized operating expense for non-cash stock-based compensation costs related to stock options in the amount of $78,000 and $275,000 in the three and nine month periods ended March 31 , 201 8 , respectively. We recognized operating expense for non-cash stock-based compensation costs related to stock options in the amount of $78,000 and $298,000 in the three and nine month periods ended March 31 , 2017, respectively. A s of March 31 , 201 8 , the total remaining unrecognized compensation cost related to non-vested stock options amounted to approximately $348,000 . We expect to recognize this cost over a weighted average vesting period of 2.0 years . W e granted zero and 100,000 stock options in the three and nine month periods ended March 31 , 201 8, respectively. We granted 35,000 and 166,500 stock options in the three and nine month periods ended March 31 , 201 7, respectively. The estimated fair value as of the date options were granted during the periods presented, using the Black-Scholes option-pricing model, is shown in the table below. Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Weighted average estimated fair value per share of options granted during the period $ N/A $ 3.10 $ 3.96 $ 3.02 Assumptions: Dividend Yield N/A - - - Common Stock Price Volatility N/A 49.01% 49.01% 48.25% Risk Free Rate of Return N/A 1.98% 1.81% 1.81% Expected Option Term (In Years) N/A 5.4 5.4 5.5 We received $441,000 cash from option exercises under our share -based payment arrangements for the three and ninth mont h periods ended March 31 , 2018 , respectively. We received approximately $83,000 and $139,000 in cash from option exercises under our share-based payment arrangeme nts for the three and nine month periods ended March 31, 201 7 , respectively. Restricted Stock and Restricted Stock Units Our restricted stock and restricted stock units under the 2004 Plan generally have been awarded by four methods as follows: (1) 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 anniversaries of the issuance, provided the individual’s employment has not terminated prior to the vesting date and are freely transferable after vesting; (2) Awards that are earned based on achieving certain revenue and operating income results with a subsequent one-third vesting requirement on the first , second and third anniversaries of the issuance provided the individual’s employment has not terminated prior to the vesting date and are freely transferable after vesting; (3 ) Awards to non-management members of our Board of Directors with a subsequent one-third vesting requirement on the first , second and third anniversaries of the issuance provided the service of the non-management member of our Board of Directors has not terminated prior to the vesting date and are freely transferable after vesting , and (4) Awards that are granted with a one-third vesting requirement on the first , second and third anniversaries of the issuance provided the individual’s employment has not terminated prior to the vesting date and are freely transferable after vesting, including restricted stock units granted as part of the Fiscal Year 2018 Long-Term Incentive Compensation Plan. The grant date fair value associated with granted 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 our Common Stock on the grant date authorized by our Management Development, Compensation and Stock Option Committee , multiplied by the number of restricted stock and restricted stock unit 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 and restricted stock unit awar ds for the three and nine month periods ended March 31 , 201 8 was $27,00 0 and $159,000 , respectively. The non-cash stock-based compensation expense recorded for restricted stock and restricted stock unit awar ds for the three and nine month periods ended March 31 , 201 7 was $20,00 0 and $123,000 , respectively. As of March 31 , 201 8 , the total remaining unrecognized compensation cost related to the restricted stock and restricted stock unit awards is approximately $265,000 . We expect to recognize this cost over a weighted average vesting period of 2.5 years . A summary of the status of restricted stock and restricted stock unit awards issued at March 31 , 201 8 is presented in the table below. Weighted Average Nonvested Grant Date Shares Fair Value Non-vested at June 30, 2017 11,776 $ 8.08 Granted 85,112 7.67 Vested (21,518) 7.75 Forfeited or Expired (500) 7.95 Non-vested at March 31, 2018 74,870 $ 7.71 Performance Stock Units During the second quarter of fiscal 2018, our Management Development, Compensation and Stock Option Committee granted certain employees 40,150 shares of Performance S hare Units (“PSUs”) as part of the Fiscal Year 2018 Long-Term Incentive Compensation Plan. The Performance Measures were defined by the Committee as a specific Target level of Revenue and Operating Income for each of the following: fiscal year 2018, fiscal year 2019 and fiscal year 2020 . Up to one third of the PSUs can be earned each year based upon actual performance levels achieved in that fiscal year. One half of the award earned each fiscal year is based upon the achievement of the two Performance Targets in that fiscal year, provided that a minimum level of Operating Income is achieved for that fiscal year. T he actual award level for each fiscal year can range from 50% to 150% (for Revenue Target) or 75% to 200% (for Operating Income Target) of the target awards depending on actual performance levels achieved in each fiscal year co mpared to that year’s target . The non-cash stock-based compensation expense recorded for performance s hare unit a wards for the three and nine month periods ended March 31, 201 8 was $33,000 and $100,000, respectively . As of March 31, 201 8 , the total remaining unrecognized compensation cost related to performance s hare unit awards is approximately $246,000 . We expect to recognize this cost over a weighted average vesting period of 1.6 years . Board of Directors Fees Our Board of Directors’ fees are typically payable in cash on September 1, December 1, March 1, and June 1 of each fiscal year; however, under our 2004 Plan each director can elect to receive our stock in lieu of cash on a calendar year election. Each of our Directors has elected to receive stock in lieu of cash for calendar year 2017; however all Board members have elected cash for calendar year 2018 . We issued 29,527 shares and re corded expense of $257,000 to our Directors related to the portion of our fiscal year that fell in calendar year 201 7 . |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 1 6 . 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. Furthermore, we exclude all outstanding options to purchase common stock from the computation of diluted EPS in periods of net losses because the effect is anti-dilutive. Options to purchase 20,910 and 106,601 shares of common stock outstanding in the three months ended March 31 , 2018 and 2017, respectively, were not included in the computation of diluted EPS because the effect would have been anti-dilutive. Options to purchase 63,365 and 128,879 shares of common stock outstandin g in the nine months ended March 31 , 2018 and 2017, respectively, were not included in the computation of diluted EPS because the effect would have been anti-dilutive. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 1 7 . C ommitments and Contingencies We may, from time to time, be subject to litigation and other claims in the ordinary course of our business. We accrue 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, we evaluate, 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 our evaluation could materially impact our financial position or results of operations. We are currently unaware of any significant pending litigation affecting us other than the matters set forth below. We were 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 us on or about Ja nuary 7, 2015. The suit alleged that we breached our contractual obligations by failing to pay for component parts to be used to manufacture optical video scopes for our discontinued Commercial Products Business Unit. 3CEMS alleged that it purchased the component parts in advanc e of the receipt of orders based upon instructions they claimed to have received from us . The suit alleged damages of not less than $4.0 million. In July 2017, we entered into an agreement with 3CEMS to settle this suit and recorded the expense in the fourth quarter of fiscal 2017 . As part of the settlement, we agreed to pay 3CEMS $1,000,000 in four equal payments of $250,000 each over a period of ten m onths beginning in August 2017 (s ee Note 1 2, “ Severanc e, Impairment and Other Charges” for further discussion) . In May 2017, a judge in a trade secrets case brought by Perceptron , granted the defendants’ motions for summary disposition . Furthermore, in January 2018 the judge granted their motions for recovery of their attorney fees in the amount of $675,000 , plus interest. We are appealing the court’s decisi on to grant summary disposition and the award of the attorney fees. In the second quarter of fiscal 2018, we recorded a charge in the amount of $675,000 relating to this matter (see Note 12 “Severance, Impairment and Other Charges” for further discussion). Due to our appeal of the court decisions in the trade secrets case, the timing of any payments related to this matter is unknown to us at this time . As part of our routine evaluation procedures, we identified a potential concern regarding the employment status and withholding for several individuals in one of our foreign jurisdictions. During fiscal 2015, we estimated a range of the potential financial liability related to this matter of €486,000 to €1 million . We were not able to reasonably estimate the amount within this range that we would be required to pay for this matter. As a result, in fiscal 2015, we recorded a reserve of €486,000 (equivalent to approximately $582,000 ) representing the minimum amount we estimated would be paid. In the fourth quarter of fiscal 2016, we received the final notice regarding this issue, and as a result, we recorded an additional expense of €227,000 (equivalent to approximately $272,000 ). To date, we have paid a total of €677,000 (equivalent to approximately $810,000 ). We believe that the Slovakian authorities have closed this issue and therefore, in the second quarter of fiscal 2018, we reversed the remaining accrual. In the third quarter of fiscal 2018, the Canadian Revenue Agency (CRA) completed a Goods and Services Tax/Harmonized Sales Tax Returns (GST/HST) audit. Based on this audit, the CRA has preliminarily proposed to assess us approximately C$1,266,000 (equivalent to approximately $982,000 ) in taxes related to sales from 2013 through 2018. CRA has indicated that we are entitled to invoice our customers to recover this amount and our customers are required to remit payment. In addition, we will be charged interest and penalties if this preliminary finding is finalized. Our response to the CRA was delivered in April 2018. We did not record an accrual related to this preliminary audit finding because we are disputing several of the CRA’s conclusions, as well as due to the fact that we expect to ultimately receive the funds from our customers (excluding any interest or penalties), although there may be a timing difference between when we must pay the CRA and when we collect the funds from our customers. |
Income Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | 1 8. Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted by the U.S. The Act implements comprehensive tax legislation which, among other changes, reduce s the federal statutory corporate tax rate from 35% to 21% and implements a territorial tax system that eliminates the ability to credit certain foreign taxes. Additionally, i n December 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) , which addresses how a company recognizes provisional amounts when a company does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the effect of the changes in the Tax Act. The measurement period , as defined in SAB 118, ends when a company has obtained, prepared and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year. As we have a June 30 fiscal year end, the lower income tax rates will be phased in, resulting in a blended rate for fiscal 2018 and a 21% rate for years thereafter . Based on the provisions of the Act, we re -measured our U.S. deferred tax assets and related valuation allowance and adjusted our estimated annual federal income tax rate to incorporate the lower corporate tax rate into our tax provision for the current quarter as the change represents a discrete item for purposes of income tax accounting. The re - measurement of U.S. deferred tax assets and related valuation allowance at the lower enacted corporate tax rate resulted in a net change of zero. Furthermore, t he new Act repeals the Alternative Minimum Tax (“ AMT ”) on corporations. A ny AMT credit carryforwards can be used to offset regular tax for any tax year and is refundable , subject to limitation in 2018 - 2021. With this change , we expect to be able to use or monetize the AMT credit in the next four years , and therefore , the valuation allowance recorded against the credit was removed. As a result, we recorded a tax benefit in the amount of $279,000 in the second quarter of fiscal 2018. The Act imposes a tax on the untaxed foreign earnings of foreign subsidiaries of U.S. companies by deeming those earnings to be repatriated (the “Transition Tax”) . Generally, f oreign earnings held in the form of cash and cash equivalents are taxed by the U.S. at a 15.5% rate and the remai ning earnings are taxed at an 8% rate. The Transition T ax generally may be paid in installments over an eight -year period. While we currently have foreign earnings held in the form of cash and cash equivalents, we may be able to use our net operating loss carry forwards included in our existing deferred tax assets to offset the taxable income resulting from the Transition Tax. In calculating the Transition Tax, we must calculate the cumulative earnings and profits and related tax pools of each of our non-U.S. subsidiaries back to 1987. We are in the process of evaluating the effect of the Transition Tax on us, and at this time, we cannot make a reasonable estimate of a liability. As a result, as allowed to us under SAB 118, we have not recorded a liability at March 31, 2018. We expect to complete this evaluation and related calculations and record any tax due by the end of our fiscal year 2018, although it is possible that it could take us longer to complete this process. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Mar. 31, 2018 | |
Subsequent Event [Abstract] | |
Subsequent Event | 19. Subsequent Event We perform review procedures for subsequent events and determine any necessary disclosures that arise from such evaluations, up to the date of issuance of our annual and interim reports. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis Of Presentation And Principles Of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and within the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Our Consolidated Financial Statements include the accounts of Perceptron and our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. In our opinion, these statements include all normal recurring adjustments necessary for a fair presentation of the financial statements for the periods presented. The results of operations for any interim period are not necessarily indicative of the results of operations for a full fiscal year. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our 2017 Annual Report on Form 10-K for the fiscal year ended June 30, 2017. |
Use Of Estimates | Use of Estimates Management is required to make certain estimates and assumptions under U.S. GAAP during the preparation of these Consolidated Financial Statements. These estimates and assumptions may affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassification | Reclassification Certain prior period amounts have been reclassified in the Consolidated Statements of Cash Flow to conform to the current period presentation. |
Intangibles (Tables)
Intangibles (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Intangibles [Abstract] | |
Summary Of Change In Intangible Assets | March 31, March 31, June 30, June 30, 2018 2018 2017 2017 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer/Distributor Relationships $ 3,523 $ (2,173) $ 1,350 $ 3,263 $ (1,524) $ 1,739 Trade Name 2,735 (843) 1,892 2,533 (591) 1,942 Software 1,393 (447) 946 677 (312) 365 Other 131 (131) - 121 (94) 27 Total $ 7,782 $ (3,594) $ 4,188 $ 6,594 $ (2,521) $ 4,073 |
Summary Of Estimated Amortization | Years Ending June 30, Amount 2018 (excluding the nine months ended March 31, 2018) 328 2019 1,256 2020 886 2021 417 2022 417 after 2022 884 $ 4,188 |
Short-Term And Long-Term Inve28
Short-Term And Long-Term Investments (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Short-Term And Long-Term Investments [Abstract] | |
Schedule Of Short-Term And Long-Term Investments | March 31, 2018 Cost Fair Value or Carrying Value Short-Term Investments Bank Guarantees $ 72 $ 72 Mutual Funds 39 39 Time/Fixed Deposits 2,326 2,326 Total Short-Term Investments $ 2,437 $ 2,437 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments 3,700 725 Total Investments $ 6,137 $ 3,162 June 30, 2017 Cost Fair Value or Carrying Value Short-Term Investments Bank Guarantees $ 239 $ 239 Time/Fixed Deposits 1,333 1,333 Total Short-Term Investments $ 1,572 $ 1,572 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments $ 3,700 $ 725 Total Investments $ 5,272 $ 2,297 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Financial Instruments [Abstract] | |
Summary Of Investments Measured And Recorded At Fair Value On A Recurring Basis | Description March 31, 2018 Level 1 Level 2 Level 3 Mutual Funds $ 39 $ 39 $ - $ - Time/Fixed Deposits and Bank Guarantees 2,398 - 2,398 - Preferred Stock 725 - - 725 Total $ 3,162 $ 39 $ 2,398 $ 725 Description June 30, 2017 Level 1 Level 2 Level 3 Time/Fixed Deposits and Bank Guarantees $ 1,572 $ - $ 1,572 $ - Preferred Stock 725 - - 725 Total $ 2,297 $ - $ 1,572 $ 725 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Inventory [Abstract] | |
Schedule Of Components Of Inventory | At March 31, At June 30, 2018 2017 Component Parts $ 5,584 $ 4,445 Work in Process 4,696 3,864 Finished Goods 4,944 3,157 Total $ 15,224 $ 11,466 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Property And Equipment [Abstract] | |
Summary Of Property And Equipment | At March 31, At June 30, 2018 2017 Building and Land $ 7,945 $ 7,788 Machinery and Equipment 14,842 16,414 Furniture and Fixtures 1,062 1,054 23,849 25,256 Less: Accumulated Depreciation (17,123) (17,879) $ 6,726 $ 7,377 |
Warranty (Tables)
Warranty (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Warranty [Abstract] | |
Schedule Of Warranty Reserve | Nine Months Ended March 31, 2018 2017 Beginning Balance at July 1, $ 548 $ 370 Accruals - Current Year 712 553 Settlements/Claims (in cash or in kind) (863) (425) Effects of Foreign Currency 7 (1) Ending Balance at March 31, $ 404 $ 497 |
Severance, Impairment And Oth33
Severance, Impairment And Other Charges (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Severance, Impairment And Other Charges [Abstract] | |
Summary Of Severance, Impairment And Other Charges | Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Severance and Related Costs $ - $ 105 $ (13) $ 280 Court Award - - 675 - Impairment - - (42) 145 Inventory Write-Off (3) (102) (17) 295 Total $ (3) $ 3 $ 603 $ 720 |
Schedule Of Restructuring Reserve Reconciliation | Nine Months Ended March 31, 2018 2017 Beginning Balance at July 1, $ 1,113 $ 814 Accruals - Severance Related (13) 280 Accruals - Court Award 675 - Payments (849) (880) Ending Balance at March 31, $ 926 $ 214 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Mar. 31, 2018 | |
Stock-Based Compensation [Abstract] | |
Schedule Of Stock Option Valuation Assumptions | Three Months Ended March 31, Nine Months Ended March 31, 2018 2017 2018 2017 Weighted average estimated fair value per share of options granted during the period $ N/A $ 3.10 $ 3.96 $ 3.02 Assumptions: Dividend Yield N/A - - - Common Stock Price Volatility N/A 49.01% 49.01% 48.25% Risk Free Rate of Return N/A 1.98% 1.81% 1.81% Expected Option Term (In Years) N/A 5.4 5.4 5.5 |
Summary Of Restricted Stock And Restricted Stock Unit Awards Issued | Weighted Average Nonvested Grant Date Shares Fair Value Non-vested at June 30, 2017 11,776 $ 8.08 Granted 85,112 7.67 Vested (21,518) 7.75 Forfeited or Expired (500) 7.95 Non-vested at March 31, 2018 74,870 $ 7.71 |
New Accounting Pronouncements (
New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jul. 01, 2017 | Jun. 30, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Short-term deferred income tax asset | $ 438 | ||
Long-Term Deferred Income Tax Asset | $ 853 | 9 | |
Short-term deferred income tax liability | 752 | ||
Long-Term Deferred Income Tax Liability | $ 1,530 | $ 871 | |
Accounting Standards Update 2015-17 [Member] | Scenario, Adjustment [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Short-term deferred income tax asset | $ (438) | ||
Long-Term Deferred Income Tax Asset | 438 | ||
Short-term deferred income tax liability | (752) | ||
Long-Term Deferred Income Tax Liability | $ 752 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Goodwill [Abstract] | ||
Percentage by which fair value of goodwill exceeds carrying value | 26.00% | |
Goodwill | $ 8,505 | $ 7,793 |
Intangibles (Narrative) (Detail
Intangibles (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Intangibles [Abstract] | ||||
Amortization expense | $ 312 | $ 261 | $ 874 | $ 803 |
Intangibles (Summary Of Change
Intangibles (Summary Of Change In Intangible Assets) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,782 | $ 6,594 |
Accumulated Amortization | (3,594) | (2,521) |
Total intangibles | 4,188 | 4,073 |
Customer/Distributor Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,523 | 3,263 |
Accumulated Amortization | (2,173) | (1,524) |
Total intangibles | 1,350 | 1,739 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,735 | 2,533 |
Accumulated Amortization | (843) | (591) |
Total intangibles | 1,892 | 1,942 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,393 | 677 |
Accumulated Amortization | (447) | (312) |
Total intangibles | 946 | 365 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 131 | 121 |
Accumulated Amortization | $ (131) | (94) |
Total intangibles | $ 27 |
Intangibles (Summary Of Estimat
Intangibles (Summary Of Estimated Amortization) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Intangibles [Abstract] | ||
2018 (excluding the nine months ended March 31, 2018) | $ 328 | |
2,019 | 1,256 | |
2,020 | 886 | |
2,021 | 417 | |
2,022 | 417 | |
after 2,022 | 884 | |
Total intangibles | $ 4,188 | $ 4,073 |
Revenue Recognition (Narrative)
Revenue Recognition (Narrative) (Details) | 9 Months Ended |
Mar. 31, 2018 | |
Minimum [Member] | |
Revenue Recognition [Line Items] | |
Delivery time of multi-element order | 3 months |
Maximum [Member] | |
Revenue Recognition [Line Items] | |
Delivery time of multi-element order | 15 months |
Short-Term And Long-Term Inve41
Short-Term And Long-Term Investments (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Short-Term Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Restricted cash | $ 72 | $ 239 |
Short-Term And Long-Term Inve42
Short-Term And Long-Term Investments (Schedule Of Short-Term And Long-Term Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | $ 2,437 | $ 1,572 |
Long-term investments | 725 | 725 |
Total Investments | 3,162 | 2,297 |
Cost [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 2,437 | 1,572 |
Long-term investments | 3,700 | 3,700 |
Total Investments | 6,137 | 5,272 |
Fair Value Or Carrying Value [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 2,437 | 1,572 |
Long-term investments | 725 | 725 |
Total Investments | 3,162 | 2,297 |
Bank Guarantees [Member] | Cost [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 72 | 239 |
Bank Guarantees [Member] | Fair Value Or Carrying Value [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 72 | 239 |
Mutual Funds [Member] | Cost [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 39 | |
Mutual Funds [Member] | Fair Value Or Carrying Value [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 39 | |
Time/Fixed Deposits [Member] | Cost [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 2,326 | 1,333 |
Time/Fixed Deposits [Member] | Fair Value Or Carrying Value [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 2,326 | 1,333 |
Preferred Stock [Member] | Cost [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Long-term investments | 3,700 | 3,700 |
Preferred Stock [Member] | Fair Value Or Carrying Value [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Long-term investments | $ 725 | $ 725 |
Financial Instruments (Summary
Financial Instruments (Summary Of Investments Measured And Recorded At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | $ 3,162 | $ 2,297 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 39 | |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 2,398 | 1,572 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 725 | 725 |
Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 39 | |
Mutual Funds [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 39 | |
Mutual Funds [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | ||
Mutual Funds [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | ||
Time/Fixed Deposits And Bank Guarantees [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 2,398 | 1,572 |
Time/Fixed Deposits And Bank Guarantees [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | ||
Time/Fixed Deposits And Bank Guarantees [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 2,398 | 1,572 |
Time/Fixed Deposits And Bank Guarantees [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | ||
Preferred Stock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 725 | 725 |
Preferred Stock [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | ||
Preferred Stock [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | ||
Preferred Stock [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | $ 725 | $ 725 |
Inventory (Schedule Of Componen
Inventory (Schedule Of Components Of Inventory) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Inventory [Abstract] | ||
Component Parts | $ 5,584 | $ 4,445 |
Work in Process | 4,696 | 3,864 |
Finished Goods | 4,944 | 3,157 |
Total | 15,224 | 11,466 |
Inventory, net of reserves | $ 1,808 | $ 1,918 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Property And Equipment [Abstract] | ||||
Depreciation | $ 250 | $ 257 | $ 827 | $ 857 |
Property And Equipment (Summary
Property And Equipment (Summary Of Property And Equipment) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | $ 23,849 | $ 25,256 |
Less - Accumulated depreciation | (17,123) | (17,879) |
Property and Equipment, Net | 6,726 | 7,377 |
Building and Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | 7,945 | 7,788 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | 14,842 | 16,414 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | $ 1,062 | $ 1,054 |
Warranty (Narrative) (Details)
Warranty (Narrative) (Details) | 9 Months Ended |
Mar. 31, 2018 | |
Labor And Travel Related [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 1 year |
ScanWorks [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 1 year |
WheelWorks [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 2 years |
Minimum [Member] | In-Line And Near-Line Measurement Solutions [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 1 year |
Minimum [Member] | TriCam Sensors [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 3 years |
Minimum [Member] | Off-Line Measurement Solutions [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 12 months |
Maximum [Member] | In-Line And Near-Line Measurement Solutions [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 3 years |
Maximum [Member] | Off-Line Measurement Solutions [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 15 months |
Warranty (Schedule Of Warranty
Warranty (Schedule Of Warranty Reserve) (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Warranty [Abstract] | ||
Beginning Balance | $ 548 | $ 370 |
Accruals - Current Year | 712 | 553 |
Settlements/Claims (in cash or in kind) | (863) | (425) |
Effects of Foreign Currency | 7 | (1) |
Ending Balance | $ 404 | $ 497 |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) € in Thousands, R$ in Thousands | 9 Months Ended | |||
Mar. 31, 2018EUR (€) | Mar. 31, 2018BRL (R$) | Mar. 31, 2018USD ($) | Jun. 30, 2017USD ($) | |
Line of Credit Facility [Line Items] | ||||
Short-term notes payable | $ 1,747,000 | $ 1,705,000 | ||
Credit facility, long-term amount outstanding | 18,000 | 171,000 | ||
Coord3 [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Manufacturing facility, remaining payments | € 195 | $ 240,000 | ||
Manufacturing facility, borrowing term | 13 months | |||
Interest rate on borrowings | 7.00% | 7.00% | 7.00% | |
Restated Credit Agreement [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 8,000,000 | |||
Credit facility, maximum borrowing capacity as a percentage of eligible inventory | 50.00% | |||
Credit facility, maximum borrowing capacity, inventory based amount | $ 3,000,000 | |||
Credit facility, maximum borrowing capacity as a percentage of eligible accounts receivable | 80.00% | 80.00% | 80.00% | |
Credit facility, current borrowing capacity | $ 4,900,000 | |||
Interest on LIBOR-based advances, basis spread | 2.65% | |||
Credit facility, amount outstanding | 1,525,000 | |||
Foreign Credit Lines And Overdraft Facilities [Member] | Brazilian Subsidiary [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Credit facility, maximum borrowing capacity | R$ 401 | 121,000 | ||
Credit facility, amount outstanding | $ 0 | $ 0 | ||
Foreign Credit Lines And Overdraft Facilities [Member] | Minimum [Member] | Brazilian Subsidiary [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate on borrowings | 2.53% | 2.53% | 2.53% | |
Foreign Credit Lines And Overdraft Facilities [Member] | Maximum [Member] | Brazilian Subsidiary [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Interest rate on borrowings | 12.30% | 12.30% | 12.30% |
Severance, Impairment And Oth50
Severance, Impairment And Other Charges (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 15 Months Ended | |||||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Jul. 31, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Headcount reduction | 11.00% | |||||||
Inventory write-off | $ (3,000) | $ (102,000) | $ (17,000) | $ 295,000 | $ 290,000 | |||
Impairment | (42,000) | 145,000 | $ 127,000 | |||||
Restructuring costs incurred to date | 3,531,000 | 3,531,000 | ||||||
Accruals - Severance Related | 105,000 | (13,000) | 280,000 | |||||
U.S. [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Accruals - Severance Related | 121,000 | 2,000 | 292,000 | |||||
China [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Accruals - Severance Related | (15,000) | 82,000 | ||||||
Germany [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Accruals - Severance Related | $ (16,000) | $ (94,000) | ||||||
3CEMS [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Accrual for judgment/settlement | $ 250,000 | $ 250,000 | ||||||
3CEMS [Member] | Loss on Purchase Commitment [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Accrual for judgment/settlement | $ 1,000,000 | |||||||
Trade Secrets Case [Member] | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Accrual for judgment/settlement | $ 675,000 |
Severance, Impairment And Oth51
Severance, Impairment And Other Charges (Summary Of Severance, Impairment And Other Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 15 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Sep. 30, 2017 | |
Severance, Impairment And Other Charges [Abstract] | |||||
Severance and Related Costs | $ 105 | $ (13) | $ 280 | ||
Court Award | 675 | ||||
Impairment | (42) | 145 | $ 127 | ||
Inventory Write-Off | (3) | (102) | (17) | 295 | $ 290 |
Total | $ (3) | $ 3 | $ 603 | $ 720 |
Severance, Impairment And Oth52
Severance, Impairment And Other Charges (Schedule Of Restructuring Reserve Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Severance, Impairment And Other Charges [Abstract] | ||||
Beginning Balance | $ 1,113 | $ 814 | ||
Accruals - Severance Related | $ 105 | (13) | 280 | |
Accruals - Court Award | 675 | |||
Payments | (849) | (880) | ||
Ending Balance | $ 926 | $ 214 | $ 926 | $ 214 |
Other Long-Term Liabilities (Na
Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Jun. 30, 2017 |
Other Long-Term Liabilities [Abstract] | ||
Contractual and statutory severance liabilities | $ 631 | $ 614 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proceeds from stock plans | $ 441,000 | $ 83,000 | $ 139,000 | ||
Shares granted | 85,112 | ||||
Board Of Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued to directors | 29,527 | ||||
Shares issued to directors, value | $ 257,000 | ||||
Employee Stock Option [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | 78,000 | $ 78,000 | 275,000 | $ 298,000 | |
Unrecognized compensation cost | $ 348,000 | $ 348,000 | |||
Expected weighted average vesting period to recognize compensation | 2 years | ||||
Options issued | 0 | 35,000 | 100,000 | 166,500 | |
Employee Stock Option [Member] | Minimum [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Period before vesting begins | 1 year | ||||
Employee Stock Option [Member] | Minimum [Member] | Tranche 1 Through 4 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 25.00% | ||||
Employee Stock Option [Member] | Maximum [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
Employee Stock Option [Member] | Maximum [Member] | Tranche 1 Through 3 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.30% | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 27,000 | $ 20,000 | $ 159,000 | $ 123,000 | |
Total unrecognized compensation related to restricted stock awards | 265,000 | $ 265,000 | |||
Expected weighted average vesting period to recognize compensation | 2 years 6 months | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | 33,000 | ||||
Total unrecognized compensation related to restricted stock awards | $ 246,000 | $ 246,000 | |||
Expected weighted average vesting period to recognize compensation | 1 year 7 months 6 days | ||||
Shares granted | 40,150 | ||||
Performance Shares [Member] | Tranche 1 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.33% | ||||
Vesting period | 1 year | ||||
Performance Shares [Member] | Tranche 2 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.33% | ||||
Performance Shares [Member] | Tranche 3 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.33% | ||||
Performance Shares [Member] | Tranche 1 Through 3 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.33% | ||||
Restricted Stock Units (RSUs) [Member] | Tranche 1 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.33% | ||||
Restricted Stock Units (RSUs) [Member] | Tranche 2 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.33% | ||||
Restricted Stock Units (RSUs) [Member] | Tranche 3 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.33% | ||||
Revenue-Based Performance Shares [Member] | Minimum [Member] | Tranche 1 Through 3 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 50.00% | ||||
Revenue-Based Performance Shares [Member] | Maximum [Member] | Tranche 1 Through 3 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 150.00% | ||||
Operating Income-Based Performance Shares [Member] | Tranche 1 Through 3 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 50.00% | ||||
Operating Income-Based Performance Shares [Member] | Minimum [Member] | Tranche 1 Through 3 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 75.00% | ||||
Operating Income-Based Performance Shares [Member] | Maximum [Member] | Tranche 1 Through 3 [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 200.00% | ||||
Restricted Company Performance Shares [Member] | Tranche 1 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.33% | ||||
Restricted Company Performance Shares [Member] | Tranche 2 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.33% | ||||
Restricted Company Performance Shares [Member] | Tranche 3 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.33% | ||||
Restricted Non-Management Board Of Director Members Shares [Member] | Tranche 1 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.33% | ||||
Restricted Non-Management Board Of Director Members Shares [Member] | Tranche 2 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.33% | ||||
Restricted Non-Management Board Of Director Members Shares [Member] | Tranche 3 [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 33.33% |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Valuation Assumptions) (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Stock-Based Compensation [Abstract] | ||||
Weighted average estimated fair value per share of options granted during the period | $ 3.10 | $ 3.96 | $ 3.02 | |
Dividend Yield | ||||
Common Stock Price Volatility | 49.01% | 49.01% | 48.25% | |
Risk Free Rate of Return | 1.98% | 1.81% | 1.81% | |
Expected Option Term (In Years) | 0 years | 5 years 4 months 24 days | 5 years 4 months 24 days | 5 years 6 months |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Restricted Stock And Restricted Stock Unit Awards Issued) (Details) | 9 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Stock-Based Compensation [Abstract] | |
Beginning Balance, Nonvested Shares/Units | shares | 11,776 |
Granted, Non-vested Shares/Units | shares | 85,112 |
Vested, Non-vested Shares/Units | shares | (21,518) |
Forfeited or expired, Non-vested Shares/Units | shares | (500) |
Ending Balance, Non-vested Shares/Units | shares | 74,870 |
Beginning Balance Non-vested, Weighted Average Grant Date Fair Value | $ / shares | $ 8.08 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 7.67 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 7.75 |
Forfeited or expired, Weighted Average Grant Date Fair Value | $ / shares | 7.95 |
Ending Balance Non-vested, Weighted Average Grant Date Fair Value | $ / shares | $ 7.71 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 20,910 | 106,601 | 63,365 | 128,879 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 45 Months Ended | ||||||||
Jan. 31, 2018USD ($) | Jul. 31, 2017USD ($)item | Mar. 31, 2018CAD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2016EUR (€) | Jun. 30, 2016USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018EUR (€) | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2015EUR (€) | Jun. 30, 2015USD ($) | |
Loss Contingencies [Line Items] | ||||||||||||
Damages paid | € 677 | $ 810,000 | ||||||||||
Preliminary tax assessment | $ 1,266 | $ 982,000 | ||||||||||
Employment And Withholding Concerns [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrual related to settlement | € 486 | $ 582,000 | ||||||||||
Increase in settlement expense | € 227 | $ 272,000 | ||||||||||
3CEMS [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrual related to settlement | $ 250,000 | $ 250,000 | $ 250,000 | |||||||||
3CEMS [Member] | Loss on Purchase Commitment [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrual related to settlement | $ 1,000,000 | |||||||||||
Number of payments | item | 4 | |||||||||||
Installment amount | $ 250,000 | |||||||||||
Payment period | 10 months | |||||||||||
Trade Secrets Case [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Accrual related to settlement | $ 675,000 | |||||||||||
Judgment awarded | $ 675,000 | |||||||||||
Minimum [Member] | Employment And Withholding Concerns [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Potential financial liability | € | 486 | |||||||||||
Minimum [Member] | 3CEMS [Member] | Loss on Purchase Commitment [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Damages sought | $ 4,000,000 | |||||||||||
Maximum [Member] | Employment And Withholding Concerns [Member] | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Potential financial liability | € | € 1,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | Dec. 22, 2017 | Dec. 31, 2017 | Mar. 31, 2018 |
Income Tax Disclosure [Line Items] | |||
Alternative minimum tax carryforward, recognition period | 4 years | ||
Alternative minimum tax repeal, benefit | $ 279,000 | ||
Transition tax rate, cash and cash equivalents | 15.50% | ||
Transition tax rate, other than cash and cash equivalents | 8.00% | ||
Transition tax payment period | 8 years | ||
Tax Year 2017 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax rate | 35.00% | ||
Tax Year 2018 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax rate | 21.00% | ||
Tax Years After 2018 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax rate | 21.00% |