Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2018 | Nov. 02, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,019 | |
Entity Registrant Name | PERCEPTRON INC/MI | |
Entity Central Index Key | 887,226 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Trading Symbol | prcp | |
Entity Common Stock, Shares Outstanding | 9,617,889 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 |
Current Assets | |||||
Cash and cash equivalents | $ 7,416 | $ 5,830 | |||
Short-term investments | 548 | 877 | |||
Receivables: | |||||
Billed receivables, net of allowance for doubtful accounts of $398 and $404, respectively | 28,509 | 31,797 | |||
Unbilled receivables, net | 4,906 | $ 1,864 | |||
Other receivables | 300 | 346 | |||
Inventories, net of reserves of $1,845 and $2,115, respectively | 11,664 | 13,829 | |||
Other current assets | 1,858 | 1,327 | |||
Total current assets | 55,201 | 54,006 | |||
Property and Equipment, Net | 6,827 | 6,613 | |||
Goodwill | 7,970 | 7,985 | |||
Intangible Assets, Net | 3,611 | 3,820 | |||
Long-Term Investments | 725 | 725 | |||
Long-Term Deferred Income Tax Asset | 956 | 1,055 | |||
Total Assets | 75,290 | 74,204 | |||
Current Liabilities | |||||
Line of credit and short-term notes payable | 122 | 175 | |||
Accounts payable | 7,764 | 7,592 | |||
Accrued liabilities and expenses | 4,361 | 4,256 | |||
Accrued compensation | 2,377 | 3,155 | |||
Current portion of taxes payable | 498 | 526 | |||
Income taxes payable | 1,156 | 768 | |||
Reserves for restructuring and other charges | 675 | 675 | |||
Deferred revenue | 7,142 | $ 6,715 | 8,691 | ||
Total current liabilities | 24,095 | 25,838 | |||
Long-Term Taxes Payable | 324 | 450 | |||
Long-Term Deferred Income Tax Liability | 1,728 | 1,717 | |||
Other Long-Term Liabilities | 604 | 601 | |||
Total Liabilities | 26,751 | 28,606 | |||
Shareholders' Equity | |||||
Preferred stock, no par value, authorized 1,000 shares, issued none | 0 | 0 | |||
Common stock, $0.01 par value, authorized 19,000 shares, issued and outstanding 9,593 and 9,554, respectively | 96 | 96 | |||
Accumulated other comprehensive loss | (2,495) | (2,098) | |||
Additional paid-in capital | 48,507 | 48,110 | |||
Retained earnings (deficit) | 2,431 | (510) | |||
Total Shareholders' Equity | 48,539 | 45,598 | $ 42,449 | $ 39,835 | |
Total Liabilities and Shareholders' Equity | $ 75,290 | $ 74,204 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Billed receivables, allowance for doubtful accounts | $ 398 | $ 404 |
Inventories, reserves | $ 1,845 | $ 2,115 |
Preferred stock, par value | ||
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 | 9,593,000 | 9,554,000 |
Common stock, outstanding | 9,593,000 | 9,554,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Income Statement [Abstract] | ||
Net Sales | $ 21,442 | $ 19,269 |
Cost of Sales | 13,150 | 11,619 |
Gross Profit | 8,292 | 7,650 |
Operating Expenses | ||
Selling, general and administrative | 4,635 | 4,424 |
Engineering, research and development | 2,198 | 1,733 |
Severance, impairment and other charges | 0 | (52) |
Total operating expenses | 6,833 | 6,105 |
Operating Income | 1,459 | 1,545 |
Other Income and (Expenses) | ||
Interest expense, net | (27) | (42) |
Foreign currency loss, net | (202) | (22) |
Other income (expenses), net | 0 | 30 |
Total other income and (expenses) | (229) | (34) |
Income Before Income Taxes | 1,230 | 1,511 |
Income Tax (Expense) Benefit | (338) | 47 |
Net Income | $ 892 | $ 1,558 |
Income Per Common Share | ||
Basic | $ 0.09 | $ 0.16 |
Diluted | $ 0.09 | $ 0.16 |
Weighted Average Common Shares Outstanding | ||
Basic | 9,560 | 9,453 |
Dilutive effect of stock options | 212 | 49 |
Diluted | 9,772 | 9,502 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net Income | $ 892 | $ 1,558 |
Other Comprehensive (Loss) Income: | ||
Foreign currency translation adjustments | (397) | 795 |
Comprehensive Income | $ 495 | $ 2,353 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flow - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash Flows from Operating Activities | ||
Net Income | $ 892 | $ 1,558 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 567 | 552 |
Stock compensation expense | 211 | 263 |
Asset impairment and related inventory write-down | (56) | |
Deferred income taxes | (194) | (144) |
(Gain) loss on disposal of assets | (15) | 7 |
Allowance for doubtful accounts | (6) | (4) |
Changes in assets and liabilities: | ||
Receivables | (243) | 6,731 |
Inventories | 700 | (1,526) |
Accounts payable | 229 | (550) |
Accrued liabilities and expenses | (595) | (452) |
Deferred revenue | 498 | (600) |
Other assets and liabilities | (240) | (1,587) |
Net cash provided by operating activities | 1,804 | 4,192 |
Cash Flows from Investing Activities | ||
Purchases of short-term investments | (669) | (2,243) |
Sales of short-term investments | 988 | 737 |
Capital expenditures | (502) | (297) |
Capital expenditures-intangibles | (93) | |
Net cash used for investing activities | (276) | (1,803) |
Cash Flows from Financing Activities | ||
Payments to on lines of credit and short-term borrowings, net | (53) | (1,153) |
Proceeds from stock plans | 201 | 15 |
Cash payment for shares surrendered upon vesting of restricted stock units to cover taxes | (15) | (17) |
Net cash provided by (used for) financing activities | 133 | (1,155) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (54) | 86 |
Net Increase in Cash and Cash Equivalents | 1,607 | 1,320 |
Cash, Cash Equivalents and Restricted Cash, July 1 | 5,996 | 3,943 |
Cash, Cash Equivalents and Restricted Cash, September 30 | 7,603 | 5,263 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest | 29 | 50 |
Cash paid during the period for income taxes | 277 | 375 |
Cash and cash equivalents | 7,416 | |
Restricted cash included in Short-term investments | 187 | |
Cash, Cash Equivalents and Restricted Cash, September 30 | $ 7,603 | $ 5,263 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Deficit) [Member] |
Beginning balance at Jun. 30, 2017 | $ 39,835 | $ 94 | $ (2,721) | $ 46,688 | $ (4,226) |
Beginning balance, shares at Jun. 30, 2017 | 9,438 | ||||
Net Income | 1,558 | 1,558 | |||
Other comprehensive income (loss) | 795 | 795 | |||
Stock-based compensation | 131 | 131 | |||
Stock plans | 130 | $ 1 | 129 | ||
Stock plans, shares | 49 | ||||
Ending balance at Sep. 30, 2017 | 42,449 | $ 95 | (1,926) | 46,948 | (2,668) |
Ending balance, shares at Sep. 30, 2017 | 9,487 | ||||
Beginning balance at Jun. 30, 2018 | $ 45,598 | $ 96 | (2,098) | 48,110 | (510) |
Beginning balance, shares at Jun. 30, 2018 | 9,554 | 9,554 | |||
Net Income | $ 892 | 892 | |||
Adoption of ASC 606 - modified retrospective transition method | ASC 606 [Member] | 2,049 | 2,049 | |||
Other comprehensive income (loss) | (397) | (397) | |||
Stock-based compensation | 211 | 211 | |||
Stock plans | 186 | 186 | |||
Stock plans, shares | 39 | ||||
Ending balance at Sep. 30, 2018 | $ 48,539 | $ 96 | $ (2,495) | $ 48,507 | $ 2,431 |
Ending balance, shares at Sep. 30, 2018 | 9,593 | 9,593 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Accounting Policies | 1. Perceptron, Inc. (“Perceptron” “we”, “us” or “our”) develops, produces and sells a comprehensive range of automated industrial metrology products and solutions to manufacturers for dimensional gauging, dimensional 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 value added services such as training 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 2018 Annual Report on Form 10-K for the fiscal year ended June 30, 2018. 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 due to the adoption of Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash |
New Accounting Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2018 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-02 Leases Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326) In February 2018, the FASB issued Accounting Standards Update 2018-02 —Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In July 2018, the FASB issued Accounting Standards Update No. 2018-09 — Codification Improvements In August 2018, the FASB issued Accounting Standards Update No. 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirement for Fair Value Measurement In August 2018, the FASB issued Accounting Standards Update No. 2018-15 – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (ASU 2018-15) Recently Adopted Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers Deferral of the Effective Date We adopted the new standard effective July 1, 2018 using the modified retrospective transition method only for the contracts that were open as of June 30, 2018 with the cumulative effect recorded to the opening balance of retained earnings as of the date of adoption. Results for reporting periods beginning July 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historic accounting under ASC 605, Revenue Recognition The following table summarizes the cumulative effect of the changes to our unaudited consolidated balance sheet as of July 1, 2018 from the adoption of ASC 606: Opening At June 30, ASC 606 Balance at 2018 Adjustments July 1, 2018 Assets Unbilled receivables $ - $ 1,864 $ 1,864 Inventory 13,829 (1,350 ) 12,479 Other current assets 1,327 49 1,376 Liabilities and Equity Deferred revenue 8,691 (1,976 ) 6,715 Long-Term Deferred Income Tax Liability 1,717 490 2,207 Retained earnings (deficit) (510 ) 2,049 1,539 Under the modified retrospective method of adoption, we are required to disclose in the first year of adoption the hypothetical impact to our financial statements as if we had continued to follow our accounting policies under ASC 605 for the period. See Note 5 “Revenue from Contracts with Customers” for a summary of the impact as of and for the three months ended September 30, 2018. 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 —Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities 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 In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In November 2016, the FASB issued 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. We adopted ASU 2016-18 on July 1, 2018. 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 part of ‘Short-term investments’ on our Consolidated Balance Sheet. The activity in this account is no longer 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 In February 2017, the FASB issued Accounting Standards Update No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets In May 2017, the FASB issued Accounting Standards Update No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting Compensation—Stock Compensation |
Goodwill
Goodwill | 3 Months Ended |
Sep. 30, 2018 | |
Business Combination 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 the FASB’s Accounting Standards Codification (“ASC”) Topic 350, Intangibles – Goodwill and Other Companies have the option 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 quantitative impairment test is performed to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized, if any. During the fourth quarter of fiscal 2018, we elected to complete a quantitative goodwill impairment test which resulted in no impairment. The quantitative goodwill impairment test contains estimates regarding future revenue growth and expense levels. To the extent that actual results do not meet projected results, it could result in a material impairment to goodwill which could negatively impact our results of operations. 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 $7,970,000 and $7,985,000 as of September 30, 2018 and June 30, 2018, respectively, with the decrease due to the differences in foreign currency rates at September 30, 2018 compared to June 30, 2018. |
Intangibles
Intangibles | 3 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [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 using 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 September 30, 2018, there are no indications of potential impairment of these intangible assets. Our intangible assets are as follows (in thousands): September 30, September 30, June 30, June 30, 2018 2018 2018 2018 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer/Distributor Relationships $ 3,316 $ (2,376 ) $ 940 $ 3,329 $ (2,219 ) $ 1,110 Trade Name 2,575 (923 ) 1,652 2,586 (862 ) 1,724 Software 1,583 (564 ) 1,019 1,490 (504 ) 986 Other 124 (124 ) - 124 (124 ) - Total $ 7,598 $ (3,987 ) $ 3,611 $ 7,529 $ (3,709 ) $ 3,820 Amortization expense was $291,000 and $282,000 for the three month periods ended September 30, 2018 and 2017, respectively. The estimated amortization of the remaining intangible assets by year is as follows (in thousands): Years Ending June 30, Amount 2019 (excluding the three months ended September 30, 2018) 935 2020 881 2021 439 2022 439 2023 395 after 2023 522 $ 3,611 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Sep. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | 5. Revenue Accounting Policy The FASB has issued ASC 606, which supersedes the revenue recognition requirements in ASC 605, and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. We adopted ASC ASC Impacts on Financial Statements . Periods prior to July 1, 2018 Revenue is recognized in accordance with ASC 605. Revenue related to products and services is recognized upon shipment when title and risk of loss has passed to the customer or upon completion 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, customization 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. Periods commencing July 1, 2018 Revenue is recognized when or as our customer obtains control of promised goods or services in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To achieve this principle, we analyze our contracts under the following five steps: • Identify the contract with the customer • Identify the performance obligation(s) in the contract • Determine the transaction price • Allocate the transaction price to performance obligation(s) in the contract • Recognize revenue when or as we satisfy a performance obligation We have contracts with multiple performance obligations in our Measurement Solutions product line such as: equipment, installation, labor support and/or training. Each performance obligation is distinct and we do not provide general rights of return for transferred goods and services. Accordingly, each performance obligation is considered a separate unit of accounting. Our Measurement Solutions are designed and configured to meet each customer’s specific requirements. Timing for the delivery of each performance obligation in the arrangement is primarily determined by the customer’s requirements. Delivery of all of performance obligations in an order will typically occur over a three to 15-month period after the order is received. For the equipment performance obligation, we typically recognize revenue when we ship or when the equipment is received by our customer, depending on the specific terms of the contract with our customer. We have elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. For the installation, labor support and training performance obligations, we generally recognize revenue over time as we perform because of the continuous transfer of control to the customer. Because control transfers over time, based on labor hours, revenue is recognized based on the extent of progress towards completion of the performance obligation. We do not have price protection agreements or requirements to buy back inventory. Our history demonstrates that sales returns have been insignificant. Disaggregated Revenue We manage our business under three operating segments: Americas, Europe and Asia. All of our operating segments rely on our core technologies and sell the same products primarily in the global automotive industry. The segments also possess similar economic characteristics, resulting in similar long-term expected financial performance. In addition, we sell to substantially the same customers in all of our operating segments. Accordingly, our operating segments are aggregated into one reportable segment. The following tables summarizes our revenue disaggregated by geography, based on our shipping location (in thousands): Geographic Region: Three Months Ended September 30, 2018 Americas Sales $ 8,379 Europe Sales 8,782 Asia Sales 4,281 Total Net Sales $ 21,442 We have three major product lines: Measurement Solutions, 3D Scanning Solutions and Value Added Services. Sales by our product lines are as follows (in thousands): Product Lines Three Months Ended September 30, 2018 Measurement Solutions $ 19,908 3D Scanning Solutions 730 Value Added Service 804 Total Net Sales $ 21,442 Our revenues can be disaggregated between two categories (1) Goods transferred at a point in time, which typically includes the equipment performance obligation of our Measurement Solutions and contracts that include a single performance obligation and (2) Services transferred over time, which include installation, labor support and training performance obligations. The following table summarizes these two categories for the 3 months ended September 30, 2018 (in thousands): Timing of Revenue Recognition Three Months Ended September 30, 2018 Goods transferred at a point of time $ 15,200 Services transferred over time 6,242 Total Net Sales $ 21,442 Remaining Performance Obligations/Backlog Backlog represents orders or bookings we have received but have not yet been filled, that is our unsatisfied performance obligations as of the reporting date. Although most of the backlog is subject to cancellation by our customers, we expect to fill substantially all of the orders. Our history demonstrates that cancellations have not been significant. The estimated recognition of our Backlog by year is as follows (in thousands): Years Ending June 30, Amount 2019 (excluding the three months ended September 30, 2018) $ 35,878 2020 2,716 2021 335 2022 195 2023 11 after 2023 - Total Backlog $ 39,135 Contract Balances The timing of revenue recognition, billings and cash collections results in ‘Billed receivables’, ‘Unbilled receivables’ and ‘Deferred revenue’ on our Consolidated Balance Sheets. Our collections are typically 45 to 90 days after invoicing, depending on region and individual contracts with our customers, which does not always align with the timing of revenue recognition. In addition, we defer certain costs incurred to obtain a contract, primarily related to sales commissions. Billed receivables, net – Billed receivables, net includes amounts billed and currently due from our customers. The amounts due are stated at their net estimated realizable value. Billed receivables are stated net of an allowance for doubtful accounts. Billed receivables outstanding longer than the contractual payment terms are considered past due. We determine our allowance for doubtful accounts by considering a number of factors, including the length of time trade accounts receivable are past due, our previous loss history, our customers’ current ability to pay their outstanding balance due to us, the condition of the general economy, and the industry as a whole. We write-off billed receivables when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. Unbilled receivables – Our unbilled receivables include unbilled amounts typically resulting from our Measurement Solutions as we recognize revenue when or as performance obligations are satisfied; however, the revenue amount exceeds the amount billed to the customer, and the right to payment is not solely due to the passage of time. Amounts may not exceed their net realizable value. Deferred revenues – We record deferred revenues when billings are issued in advance of our satisfaction of specific performance obligations. Our Unbilled receivables and Deferred revenues are reported in a net position on a contract-by-contract basis at the end of each reporting period. Impairment losses recognized on our Billed and Unbilled receivables were $25,000 in the three months ended September 30, 2018. Deferred commissions – Our incremental direct costs of obtaining a contract, which consist primarily of sales commissions, are deferred and amortized based on the timing of revenue recognition over the period of contract performance. As of September 30, 2018, capitalized commissions of $184,000 were included in ‘Other current assets’ on our Consolidated Balance Sheet. Commission expense recognized during the three-month period ended September 30, 2018 was $253,000 and is included in selling, general and administrative expense in our Consolidated Statement of Operations. Current balances of our contract balances are as follows (in thousands): Balance Sheet Account September 30, 2018 July 1, 2018 Increase / (Decrease) Unbilled receivables $ 4,906 $ 1,864 $ 3,042 Deferred revenue (7,142 ) (6,715 ) (427 ) Net Unbilled receivables / (Deferred revenue) $ (2,236 ) $ (4,851 ) $ 2,615 The change in our net Unbilled receivables / (Deferred revenue) from July 1, 2018 to September 30, 2018 was primarily due to revenue recognized during the three months ended September 30, 2018, partially offset by the timing of invoicing related to our Measurement Solutions and 3D Scanning Solutions. During the three months ended September 30, 2018, we recognized revenue of $3,331,000 that was included in ‘Deferred revenue’ at July 1, 2018. Financial Statement Impact of Adopting ASC 606 The following table summarizes the cumulative effect of the changes to our unaudited Consolidated Balance Sheet as of September 30, 2018 from the adoption of ASC 606 (in thousands): As reported Balances September 30, ASC 606 without adoption (In Thousands, Except Per Share Amount) 2018 Adjustments of ASC 606 (unaudited) ASSETS Current Assets Cash and cash equivalents $ 7,416 $ - $ 7,416 Short-term investments 548 - 548 Receivables: Billed receivables, net 28,509 - 28,509 Unbilled receivables, net 4,906 (4,906 ) - Other receivables 300 - 300 Inventories, net 11,664 1,578 13,242 Other current assets 1,858 (119 ) 1,739 Total current assets 55,201 (3,447 ) 51,754 Property and Equipment, Net 6,827 - 6,827 Goodwill 7,970 - 7,970 Intangible Assets, Net 3,611 - 3,611 Long-Term Investments 725 - 725 Long-Term Deferred Income Tax Asset 956 - 956 Total Assets $ 75,290 $ (3,447 ) $ 71,843 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Line of credit and short-term notes payable $ 122 $ - $ 122 Accounts payable 7,764 - 7,764 Accrued liabilities and expenses 4,361 - 4,361 Accrued compensation 2,377 - 2,377 Current portion of taxes payable 498 - 498 Income taxes payable 1,156 - 1,156 Reserves for restructuring and other charges 675 - 675 Deferred revenue 7,142 808 7,950 Total current liabilities 24,095 808 24,903 Long-Term Taxes Payable 324 - 324 Long-Term Deferred Income Tax Liability 1,728 (277 ) 1,451 Other Long-Term Liabilities 604 - 604 Total Liabilities $ 26,751 $ 531 $ 27,282 Shareholders' Equity Preferred stock - - - Common stock 96 - 96 Accumulated other comprehensive loss (2,495 ) (1 ) (2,496 ) Additional paid-in capital 48,507 - 48,507 Retained earnings (deficit) 2,431 (3,977 ) (1,546 ) Total Shareholders' Equity $ 48,539 $ (3,978 ) $ 44,561 Total Liabilities and Shareholders' Equity $ 75,290 $ (3,447 ) $ 71,843 The following table summarizes the effect of adopting ASC 606 on our unaudited Consolidated Statement of Operations for the three months ended September 30, 2018 (in thousands): As reported ASC 606 Balances without September 30, 2018 Adjustments adoption of ASC 606 Net Sales $ 21,442 $ (2,304 ) $ 19,138 Cost of Sales 13,150 (1,148 ) 12,002 Gross Profit 8,292 (1,156 ) 7,136 Operating Expenses Selling, general and administrative 4,635 184 4,819 Engineering, research and development 2,198 - 2,198 Severance, impairment and other charges - - - Total operating expenses 6,833 184 7,017 Operating Income (Loss) 1,459 (1,340 ) 119 Other Income and (Expenses) Interest expense, net (27 ) - (27 ) Foreign currency loss, net (202 ) - (202 ) Other income (expenses), net - - - Total other income and (expenses) (229 ) - (229 ) Income (Loss) Before Income Taxes 1,230 (1,340 ) (110 ) Income Tax Expense (338 ) 277 (61 ) Net Income (Loss) $ 892 $ (1,063 ) $ (171 ) |
Short-Term And Long-Term Invest
Short-Term And Long-Term Investments | 3 Months Ended |
Sep. 30, 2018 | |
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 As of September 30, 2018 and June 30, 2018, 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. As of September 30, 2018 and June 30, 2018, we had short-term bank guarantees of $187,000 and $166,000, respectively. At September 30 long-term investment in preferred stock that is not registered under the Securities 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 September 30, 2018 exceeded $725,000 based on an internal valuation model, which included the use of a discounted cash flow model. The fair market analysis considered the following key inputs: ( i ) the underlying structure of the security; (ii) the present value of the future principal, discounted at rates considered to reflect current market conditions; and (iii) the time horizon that the market value of the security could return to its cost and be sold. Under ASC 820 “Fair Value Measurements and Disclosures” The following table presents our Short-Term and Long-Term Investments by category at September 30, 2018 and June 30, 2018 (in thousands): September 30, 2018 Cost Fair Value or Carrying Value Short-Term Investments Bank Guarantees $ 187 $ 187 Mutual Funds 64 64 Time/Fixed Deposits 297 297 Total Short-Term Investments $ 548 $ 548 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments 3,700 725 Total Investments $ 4,248 $ 1,273 June 30, 2018 Cost Fair Value or Carrying Value Short-Term Investments Bank Guarantees $ 166 $ 166 Mutual Funds 23 23 Time/Fixed Deposits 688 688 Total Short-Term Investments $ 877 $ 877 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments $ 3,700 $ 725 Total Investments $ 4,577 $ 1,602 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Sep. 30, 2018 | |
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract] | |
Financial Instruments | 7. Financial Instruments For a discussion on our fair value measurement policies for Financial Instruments, refer to Note 1 in our Consolidated Financial Statements, “Summary of Significant Accounting Policies – Financial Instruments”, of our Annual Report on Form 10-K for fiscal year ended June 30, 2018. 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 September 30 Description September 30, 2018 Level 1 Level 2 Level 3 Mutual Funds $ 64 $ 64 $ - $ - Time/Fixed Deposits and Bank Guarantees 484 - 484 - Preferred Stock 725 - - 725 Total $ 1,273 $ 64 $ 484 $ 725 Description June 30, 2018 Level 1 Level 2 Level 3 Mutual Funds $ 23 $ 23 $ - $ - Time/Fixed Deposits and Bank Guarantees 854 - 854 - Preferred Stock 725 - - 725 Total $ 1,602 $ 23 $ 854 $ 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 | 3 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [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, and for 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 $1,845,000 and $2,115,000 at September 30 At September 30, At June 30, 2018 2018 Component Parts $ 5,121 $ 5,156 Work in Process 1,719 3,525 Finished Goods 4,824 5,148 Total $ 11,664 $ 13,829 |
Property And Equipment
Property And Equipment | 3 Months Ended |
Sep. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Property And Equipment | 9. Property and Equipment Our property and equipment consisted of the following as of September 30, 2018 and June 30, 2018 (in thousands): At September 30, At June 30, 2018 2018 Building and Land $ 7,835 $ 7,844 Machinery and Equipment 14,958 14,578 Furniture and Fixtures 1,086 1,060 23,879 23,482 Less: Accumulated Depreciation (17,052 ) (16,869 ) $ 6,827 $ 6,613 Depreciation expense was $276,000 and $270,000 for the three month periods ended September 30, 2018 and 2017, respectively. |
Warranty
Warranty | 3 Months Ended |
Sep. 30, 2018 | |
Product Warranties Disclosures [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 12-month warranty after the machine passes the acceptance test or a 15-month warranty from the date of shipment, whichever date comes first, on parts only. We provide a reserve for warranty based on our experience and knowledge. 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): Three Months Ended September 30, 2018 2017 Beginning Balance at July 1, $ 391 $ 548 Accruals - Current Year 255 190 Settlements/Claims (in cash or in kind) (286 ) (264 ) Effects of Foreign Currency - 4 Ending Balance at September 30, $ 360 $ 478 |
Credit Facilities
Credit Facilities | 3 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Credit Facilities | 11. Credit Facilities We had approximately $122,000 and $175,000 outstanding under our lines of credit and short-term notes payable at September 30 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 September 30, 2018, our additional available borrowing under this facility was approximately $5.0 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 no borrowings outstanding under the Loan Agreement at September 30 Prior to December 4, 2017, we were party to an Amended and Restated Credit Agreement with Comerica Bank. 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 €105,000 (equivalent to approximately $122,000) payable over the following 7 months at a 7.0% annual interest rate are recorded in ‘Line of credit and short-term notes payable’ on our Consolidated Balance Sheet at September 30 Our Brazilian subsidiary (“Brazil”) has a credit line and overdraft facility with their current local bank. Brazil can borrow a total of B$200,000 (equivalent to approximately $49,000). The Brazil facility is cancelable at any time by either Brazil or the bank and any amounts then outstanding would become immediately due and payable. The monthly interest rate for the facility is 12.00%. We had no borrowings under these facilities at September 30 |
Severance, Impairment And Other
Severance, Impairment And Other Charges | 3 Months Ended |
Sep. 30, 2018 | |
Restructuring And Related Activities [Abstract] | |
Severance, 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; we 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 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 September 30, 2018 2017 Severance and Related Costs $ - $ 4 Impairment - (42 ) Inventory Write-Off - (14 ) Total $ - $ (52 ) Severance expense for the three months ended September 30, 2017 was associated with an adjustment at our U.S. location. The decrease in the Impairment is 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. The following table reconciles the activity for the Reserves for Restructuring and Other Charges (in thousands): Three Months Ended September 30, 2018 2017 Beginning Balance at July 1, $ 675 $ 1,113 Accruals - Severance Related - 4 Accruals - Severance Award Payments - (283 ) Ending Balance at September 30, $ 675 $ 834 The remaining accrued balance at September 30, 2018 is the accrual for the judgment related to the trade secrets case. Due to our appeal of the court decisions in this 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 | 3 Months Ended |
Sep. 30, 2018 | |
Acquired Taxes Payable [Abstract] | |
Current And Long-Term Taxes Payable | 13. 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 | 3 Months Ended |
Sep. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | 14. Other Long-Term Liabilities Other long-term liabilities at September 30, 2018 and June 30, 2018 include $604,000 and $601,000, 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. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 15. 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 (“MDCSOC”). 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 MDCSOC, 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 $87,000 and $55,000 in the three-month periods ended September 30 s of September 30, 2018, the total remaining unrecognized compensation cost related to non-vested stock options amounted to approximately $239,000. We expect to recognize this cost over a weighted average vesting period of 1.6 years. We granted no stock options in each of the three-month periods ended September 30 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. We received approximately $191,000 and zero in cash from option exercises under our share-based payment arrangements for the three-month periods ended September 30, 2018 and 2017, 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 achieving certain individual and financial performance goals during the initial fiscal year with either a subsequent one - (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” 0 A summary of the status of restricted stock and restricted stock unit awards outstanding at September 30 Weighted Average Nonvested Grant Date Shares Fair Value Non-vested at June 30, 2018 77,570 $ 7.77 Granted - - Vested (9,741 ) 7.34 Forfeited or Expired - - Non-vested at September 30, 2018 67,829 $ 7.83 Performance Stock Units During the second quarter of fiscal 2018, our Management Development, Compensation and Stock Option Committee granted certain employees The non-cash stock-based compensation expense recorded for performance share unit awards for the three-month period ended September 30, 2018 was $65,000. As of September 30, 2018, the total remaining unrecognized compensation cost related to performance share unit awards is approximately $186,000. We expect to recognize this cost over a weighted average vesting period of 1.3 years. A summary of the status of the PSUs outstanding at September 30, 2018 is presented in the table below. Weighted Average Nonvested Grant Date Shares Fair Value Non-vested at June 30, 2018 39,350 $ 7.95 FY 2018 Performance results 8,054 7.95 Granted - - Vested - - Forfeited or Expired - - Non-vested at September 30, 2018 47,404 $ 7.95 |
Earnings per Share
Earnings per Share | 3 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 16. 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 6,200 and 112,264 shares of common stock outstanding in the three months ended September 30, 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 | 3 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 17. C 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. 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 decision 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. 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 preliminarily proposed to assess us approximately CAD $1,218,000 (equivalent to approximately $923,000) in taxes plus interests and penalties 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. Our response to the CRA preliminary assessment was delivered in April 2018. In June 2018, we received the final assessment, which confirmed the preliminary assessment. In August 2018, we filed a formal appeal request and posted a surety bond as security for this claim. We have not recorded an accrual related to this preliminary audit finding because we are disputing several of the CRA’s conclusions, and, in addition, if our dispute is not resolved to our satisfaction, 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 | 3 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. 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, reduces 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, in December 2017, No. 118 (“SAB 118”), not one 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, the new Act repeals the Alternative Minimum Tax (“AMT”) on corporations. Any 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 also 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, foreign earnings held in the form of cash and cash equivalents are taxed by the U.S. at a 15.5% rate and the remaining earnings are taxed at an 8% rate. The Transition Tax generally may be paid in installments over an eight-year period. At the date of enactment, we were not in a position to present either a final or provisional estimate with respect to the Transition Tax. As of June 30, 2018, we did estimate the impact of the Transition Tax by incorporating assumptions made based upon our then-current interpretation and analysis of the Act and determined that our foreign tax credits would completely offset any Transition Tax calculated, and therefore, we do not expect to make any cash payments related to the Transition Tax. There have been no changes to that assessment as of September 30, 2018. The actual impact of the Act may differ from our estimates, due to, among other things, further refinement of our calculations as allowed under SAB 118, changes in interpretations and assumptions we have made, guidance that may be issued and actions we may take as a result of the Act. We expect to complete this evaluation and related calculations and record any tax due by the end of our second quarter of fiscal year 2019. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 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 2018 Annual Report on Form 10-K for the fiscal year ended June 30, 2018. |
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 due to the adoption of Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash |
New Accounting Pronouncements (
New Accounting Pronouncements (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
ASC 606 [Member] | |
Summary of Cumulative Effect of Changes to Unaudited Financial Statements | The following table summarizes the cumulative effect of the changes to our unaudited consolidated balance sheet as of July 1, 2018 from the adoption of ASC 606: Opening At June 30, ASC 606 Balance at 2018 Adjustments July 1, 2018 Assets Unbilled receivables $ - $ 1,864 $ 1,864 Inventory 13,829 (1,350 ) 12,479 Other current assets 1,327 49 1,376 Liabilities and Equity Deferred revenue 8,691 (1,976 ) 6,715 Long-Term Deferred Income Tax Liability 1,717 490 2,207 Retained earnings (deficit) (510 ) 2,049 1,539 The following table summarizes the cumulative effect of the changes to our unaudited Consolidated Balance Sheet as of September 30, 2018 from the adoption of ASC 606 (in thousands): As reported Balances September 30, ASC 606 without adoption (In Thousands, Except Per Share Amount) 2018 Adjustments of ASC 606 (unaudited) ASSETS Current Assets Cash and cash equivalents $ 7,416 $ - $ 7,416 Short-term investments 548 - 548 Receivables: Billed receivables, net 28,509 - 28,509 Unbilled receivables, net 4,906 (4,906 ) - Other receivables 300 - 300 Inventories, net 11,664 1,578 13,242 Other current assets 1,858 (119 ) 1,739 Total current assets 55,201 (3,447 ) 51,754 Property and Equipment, Net 6,827 - 6,827 Goodwill 7,970 - 7,970 Intangible Assets, Net 3,611 - 3,611 Long-Term Investments 725 - 725 Long-Term Deferred Income Tax Asset 956 - 956 Total Assets $ 75,290 $ (3,447 ) $ 71,843 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Line of credit and short-term notes payable $ 122 $ - $ 122 Accounts payable 7,764 - 7,764 Accrued liabilities and expenses 4,361 - 4,361 Accrued compensation 2,377 - 2,377 Current portion of taxes payable 498 - 498 Income taxes payable 1,156 - 1,156 Reserves for restructuring and other charges 675 - 675 Deferred revenue 7,142 808 7,950 Total current liabilities 24,095 808 24,903 Long-Term Taxes Payable 324 - 324 Long-Term Deferred Income Tax Liability 1,728 (277 ) 1,451 Other Long-Term Liabilities 604 - 604 Total Liabilities $ 26,751 $ 531 $ 27,282 Shareholders' Equity Preferred stock - - - Common stock 96 - 96 Accumulated other comprehensive loss (2,495 ) (1 ) (2,496 ) Additional paid-in capital 48,507 - 48,507 Retained earnings (deficit) 2,431 (3,977 ) (1,546 ) Total Shareholders' Equity $ 48,539 $ (3,978 ) $ 44,561 Total Liabilities and Shareholders' Equity $ 75,290 $ (3,447 ) $ 71,843 The following table summarizes the effect of adopting ASC 606 on our unaudited Consolidated Statement of Operations for the three months ended September 30, 2018 (in thousands): As reported ASC 606 Balances without September 30, 2018 Adjustments adoption of ASC 606 Net Sales $ 21,442 $ (2,304 ) $ 19,138 Cost of Sales 13,150 (1,148 ) 12,002 Gross Profit 8,292 (1,156 ) 7,136 Operating Expenses Selling, general and administrative 4,635 184 4,819 Engineering, research and development 2,198 - 2,198 Severance, impairment and other charges - - - Total operating expenses 6,833 184 7,017 Operating Income (Loss) 1,459 (1,340 ) 119 Other Income and (Expenses) Interest expense, net (27 ) - (27 ) Foreign currency loss, net (202 ) - (202 ) Other income (expenses), net - - - Total other income and (expenses) (229 ) - (229 ) Income (Loss) Before Income Taxes 1,230 (1,340 ) (110 ) Income Tax Expense (338 ) 277 (61 ) Net Income (Loss) $ 892 $ (1,063 ) $ (171 ) |
Intangibles (Tables)
Intangibles (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary Of Change In Intangible Assets | Our intangible assets are as follows (in thousands): September 30, September 30, June 30, June 30, 2018 2018 2018 2018 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer/Distributor Relationships $ 3,316 $ (2,376 ) $ 940 $ 3,329 $ (2,219 ) $ 1,110 Trade Name 2,575 (923 ) 1,652 2,586 (862 ) 1,724 Software 1,583 (564 ) 1,019 1,490 (504 ) 986 Other 124 (124 ) - 124 (124 ) - Total $ 7,598 $ (3,987 ) $ 3,611 $ 7,529 $ (3,709 ) $ 3,820 |
Summary Of Estimated Amortization | The estimated amortization of the remaining intangible assets by year is as follows (in thousands): Years Ending June 30, Amount 2019 (excluding the three months ended September 30, 2018) 935 2020 881 2021 439 2022 439 2023 395 after 2023 522 $ 3,611 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Revenue Disaggregated by Geographic Region, Product Lines, and Timing of Recognition | The following tables summarizes our revenue disaggregated by geography, based on our shipping location (in thousands): Geographic Region: Three Months Ended September 30, 2018 Americas Sales $ 8,379 Europe Sales 8,782 Asia Sales 4,281 Total Net Sales $ 21,442 We have three major product lines: Measurement Solutions, 3D Scanning Solutions and Value Added Services. Sales by our product lines are as follows (in thousands): Product Lines Three Months Ended September 30, 2018 Measurement Solutions $ 19,908 3D Scanning Solutions 730 Value Added Service 804 Total Net Sales $ 21,442 The following table summarizes these two categories for the 3 months ended September 30, 2018 (in thousands): Timing of Revenue Recognition Three Months Ended September 30, 2018 Goods transferred at a point of time $ 15,200 Services transferred over time 6,242 Total Net Sales $ 21,442 |
Summary of Remaining Performance Obligations/Backlog | The estimated recognition of our Backlog by year is as follows (in thousands): Years Ending June 30, Amount 2019 (excluding the three months ended September 30, 2018) $ 35,878 2020 2,716 2021 335 2022 195 2023 11 after 2023 - Total Backlog $ 39,135 |
Summary of Current Balances of Contract Balances | Current balances of our contract balances are as follows (in thousands): Balance Sheet Account September 30, 2018 July 1, 2018 Increase / (Decrease) Unbilled receivables $ 4,906 $ 1,864 $ 3,042 Deferred revenue (7,142 ) (6,715 ) (427 ) Net Unbilled receivables / (Deferred revenue) $ (2,236 ) $ (4,851 ) $ 2,615 |
ASC 606 [Member] | |
Summary of Cumulative Effect of Changes to Unaudited Financial Statements | The following table summarizes the cumulative effect of the changes to our unaudited consolidated balance sheet as of July 1, 2018 from the adoption of ASC 606: Opening At June 30, ASC 606 Balance at 2018 Adjustments July 1, 2018 Assets Unbilled receivables $ - $ 1,864 $ 1,864 Inventory 13,829 (1,350 ) 12,479 Other current assets 1,327 49 1,376 Liabilities and Equity Deferred revenue 8,691 (1,976 ) 6,715 Long-Term Deferred Income Tax Liability 1,717 490 2,207 Retained earnings (deficit) (510 ) 2,049 1,539 The following table summarizes the cumulative effect of the changes to our unaudited Consolidated Balance Sheet as of September 30, 2018 from the adoption of ASC 606 (in thousands): As reported Balances September 30, ASC 606 without adoption (In Thousands, Except Per Share Amount) 2018 Adjustments of ASC 606 (unaudited) ASSETS Current Assets Cash and cash equivalents $ 7,416 $ - $ 7,416 Short-term investments 548 - 548 Receivables: Billed receivables, net 28,509 - 28,509 Unbilled receivables, net 4,906 (4,906 ) - Other receivables 300 - 300 Inventories, net 11,664 1,578 13,242 Other current assets 1,858 (119 ) 1,739 Total current assets 55,201 (3,447 ) 51,754 Property and Equipment, Net 6,827 - 6,827 Goodwill 7,970 - 7,970 Intangible Assets, Net 3,611 - 3,611 Long-Term Investments 725 - 725 Long-Term Deferred Income Tax Asset 956 - 956 Total Assets $ 75,290 $ (3,447 ) $ 71,843 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Line of credit and short-term notes payable $ 122 $ - $ 122 Accounts payable 7,764 - 7,764 Accrued liabilities and expenses 4,361 - 4,361 Accrued compensation 2,377 - 2,377 Current portion of taxes payable 498 - 498 Income taxes payable 1,156 - 1,156 Reserves for restructuring and other charges 675 - 675 Deferred revenue 7,142 808 7,950 Total current liabilities 24,095 808 24,903 Long-Term Taxes Payable 324 - 324 Long-Term Deferred Income Tax Liability 1,728 (277 ) 1,451 Other Long-Term Liabilities 604 - 604 Total Liabilities $ 26,751 $ 531 $ 27,282 Shareholders' Equity Preferred stock - - - Common stock 96 - 96 Accumulated other comprehensive loss (2,495 ) (1 ) (2,496 ) Additional paid-in capital 48,507 - 48,507 Retained earnings (deficit) 2,431 (3,977 ) (1,546 ) Total Shareholders' Equity $ 48,539 $ (3,978 ) $ 44,561 Total Liabilities and Shareholders' Equity $ 75,290 $ (3,447 ) $ 71,843 The following table summarizes the effect of adopting ASC 606 on our unaudited Consolidated Statement of Operations for the three months ended September 30, 2018 (in thousands): As reported ASC 606 Balances without September 30, 2018 Adjustments adoption of ASC 606 Net Sales $ 21,442 $ (2,304 ) $ 19,138 Cost of Sales 13,150 (1,148 ) 12,002 Gross Profit 8,292 (1,156 ) 7,136 Operating Expenses Selling, general and administrative 4,635 184 4,819 Engineering, research and development 2,198 - 2,198 Severance, impairment and other charges - - - Total operating expenses 6,833 184 7,017 Operating Income (Loss) 1,459 (1,340 ) 119 Other Income and (Expenses) Interest expense, net (27 ) - (27 ) Foreign currency loss, net (202 ) - (202 ) Other income (expenses), net - - - Total other income and (expenses) (229 ) - (229 ) Income (Loss) Before Income Taxes 1,230 (1,340 ) (110 ) Income Tax Expense (338 ) 277 (61 ) Net Income (Loss) $ 892 $ (1,063 ) $ (171 ) |
Short-Term And Long-Term Inve_2
Short-Term And Long-Term Investments (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Investments [Abstract] | |
Schedule Of Short-Term And Long-Term Investments | September 30, 2018 Cost Fair Value or Carrying Value Short-Term Investments Bank Guarantees $ 187 $ 187 Mutual Funds 64 64 Time/Fixed Deposits 297 297 Total Short-Term Investments $ 548 $ 548 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments 3,700 725 Total Investments $ 4,248 $ 1,273 June 30, 2018 Cost Fair Value or Carrying Value Short-Term Investments Bank Guarantees $ 166 $ 166 Mutual Funds 23 23 Time/Fixed Deposits 688 688 Total Short-Term Investments $ 877 $ 877 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments $ 3,700 $ 725 Total Investments $ 4,577 $ 1,602 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract] | |
Summary Of Investments Measured And Recorded At Fair Value On A Recurring Basis | The following table presents our investments at September 30 Description September 30, 2018 Level 1 Level 2 Level 3 Mutual Funds $ 64 $ 64 $ - $ - Time/Fixed Deposits and Bank Guarantees 484 - 484 - Preferred Stock 725 - - 725 Total $ 1,273 $ 64 $ 484 $ 725 Description June 30, 2018 Level 1 Level 2 Level 3 Mutual Funds $ 23 $ 23 $ - $ - Time/Fixed Deposits and Bank Guarantees 854 - 854 - Preferred Stock 725 - - 725 Total $ 1,602 $ 23 $ 854 $ 725 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | At September 30, At June 30, 2018 2018 Component Parts $ 5,121 $ 5,156 Work in Process 1,719 3,525 Finished Goods 4,824 5,148 Total $ 11,664 $ 13,829 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary Of Property And Equipment | At September 30, At June 30, 2018 2018 Building and Land $ 7,835 $ 7,844 Machinery and Equipment 14,958 14,578 Furniture and Fixtures 1,086 1,060 23,879 23,482 Less: Accumulated Depreciation (17,052 ) (16,869 ) $ 6,827 $ 6,613 |
Warranty (Tables)
Warranty (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability | Three Months Ended September 30, 2018 2017 Beginning Balance at July 1, $ 391 $ 548 Accruals - Current Year 255 190 Settlements/Claims (in cash or in kind) (286 ) (264 ) Effects of Foreign Currency - 4 Ending Balance at September 30, $ 360 $ 478 |
Severance, Impairment And Oth_2
Severance, Impairment And Other Charges (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Restructuring And Related Activities [Abstract] | |
Summary Of Severance, Impairment And Other Charges | The charges recorded as Severance, Impairment and Other Charges are as follows (in thousands): Three Months Ended September 30, 2018 2017 Severance and Related Costs $ - $ 4 Impairment - (42 ) Inventory Write-Off - (14 ) Total $ - $ (52 ) |
Schedule Of Restructuring Reserve Reconciliation | The following table reconciles the activity for the Reserves for Restructuring and Other Charges (in thousands): Three Months Ended September 30, 2018 2017 Beginning Balance at July 1, $ 675 $ 1,113 Accruals - Severance Related - 4 Accruals - Severance Award Payments - (283 ) Ending Balance at September 30, $ 675 $ 834 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary Of Restricted Stock And Restricted Stock Unit Awards Outstanding | A summary of the status of restricted stock and restricted stock unit awards outstanding at September 30 Weighted Average Nonvested Grant Date Shares Fair Value Non-vested at June 30, 2018 77,570 $ 7.77 Granted - - Vested (9,741 ) 7.34 Forfeited or Expired - - Non-vested at September 30, 2018 67,829 $ 7.83 |
Summary of Status of Performance Share Units Outstanding | A summary of the status of the PSUs outstanding at September 30, 2018 is presented in the table below. Weighted Average Nonvested Grant Date Shares Fair Value Non-vested at June 30, 2018 39,350 $ 7.95 FY 2018 Performance results 8,054 7.95 Granted - - Vested - - Forfeited or Expired - - Non-vested at September 30, 2018 47,404 $ 7.95 |
New Accounting Pronouncements_2
New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Revenues impacted included in modified transition method adjustment | $ 21,442 | $ 19,269 |
ASC 606 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Net impact on retained earnings | 2,049 | |
Measurement Solutions and Value Added Services [Member] | ASC 606 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Revenues impacted included in modified transition method adjustment | $ 3,800 |
New Accounting Pronouncements_3
New Accounting Pronouncements (Summary of Cumulative Effect of Changes to Unaudited Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jul. 01, 2018 | Jun. 30, 2018 |
ASSETS | |||
Unbilled receivables | $ 4,906 | $ 1,864 | |
Inventory | 11,664 | $ 13,829 | |
Other current assets | 1,858 | 1,327 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Deferred revenue | 7,142 | 6,715 | 8,691 |
Long-Term Deferred Income Tax Liability | 1,728 | 1,717 | |
Retained earnings (deficit) | 2,431 | (510) | |
ASC 606 [Member] | |||
ASSETS | |||
Unbilled receivables | 1,864 | ||
Inventory | 12,479 | ||
Other current assets | 1,376 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Deferred revenue | 6,715 | ||
Long-Term Deferred Income Tax Liability | 2,207 | ||
Retained earnings (deficit) | $ 1,539 | ||
ASC 606 Adjustments [Member] | ASC 606 [Member] | |||
ASSETS | |||
Unbilled receivables | (4,906) | 1,864 | |
Inventory | 1,578 | (1,350) | |
Other current assets | (119) | 49 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Deferred revenue | 808 | (1,976) | |
Long-Term Deferred Income Tax Liability | (277) | 490 | |
Retained earnings (deficit) | $ (3,977) | $ 2,049 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Sep. 30, 2018 | |
Business Combination Goodwill [Abstract] | ||
Goodwill, impairment loss | $ 0 | |
Goodwill | $ 7,985,000 | $ 7,970,000 |
Intangibles (Summary Of Change
Intangibles (Summary Of Change In Intangible Assets) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,598 | $ 7,529 |
Accumulated Amortization | (3,987) | (3,709) |
Total intangibles | 3,611 | 3,820 |
Customer/Distributor Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,316 | 3,329 |
Accumulated Amortization | (2,376) | (2,219) |
Total intangibles | 940 | 1,110 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,575 | 2,586 |
Accumulated Amortization | (923) | (862) |
Total intangibles | 1,652 | 1,724 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,583 | 1,490 |
Accumulated Amortization | (564) | (504) |
Total intangibles | 1,019 | 986 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 124 | 124 |
Accumulated Amortization | (124) | (124) |
Total intangibles | $ 0 | $ 0 |
Intangibles (Narrative) (Detail
Intangibles (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 291 | $ 282 |
Intangibles (Summary Of Estimat
Intangibles (Summary Of Estimated Amortization) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2019 (excluding the three months ended September 30, 2018) | $ 935 | |
2,020 | 881 | |
2,021 | 439 | |
2,022 | 439 | |
2,023 | 395 | |
after 2,023 | 522 | |
Total intangibles | $ 3,611 | $ 3,820 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018USD ($)Segment | Sep. 30, 2017USD ($) | |
Revenue From Contracts With Customers [Line Items] | ||
Revenues impacted included in modified transition method adjustment | $ 21,442 | $ 19,269 |
Timing for satisfying performance obligation in contract with customer | Delivery of all of performance obligations in an order will typically occur over a three to 15-month period after the order is received. | |
Number of operating segments | Segment | 3 | |
Number of reportable segments | Segment | 1 | |
Impairment losses on billed and unbilled receivables | $ 25 | |
Contract with customer, liability, revenue recognized | 3,331 | |
Other Current Assets [Member] | ||
Revenue From Contracts With Customers [Line Items] | ||
Capitalized commisions | 184 | |
Selling, General and Administrative Expenses [Member] | ||
Revenue From Contracts With Customers [Line Items] | ||
Commission expense recognized | $ 253 | |
Minimum [Member] | ||
Revenue From Contracts With Customers [Line Items] | ||
Delivery time of multi-element order | 3 months | |
Contract with customer, collection period of receivables | 45 days | |
Maximum [Member] | ||
Revenue From Contracts With Customers [Line Items] | ||
Delivery time of multi-element order | 15 months | |
Contract with customer, collection period of receivables | 90 days | |
ASC 606 [Member] | ||
Revenue From Contracts With Customers [Line Items] | ||
Net impact on retained earnings | $ 2,049 | |
Measurement Solutions and Value Added Services [Member] | ASC 606 [Member] | ||
Revenue From Contracts With Customers [Line Items] | ||
Revenues impacted included in modified transition method adjustment | $ 3,800 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Summary of Revenue Disaggregated by Geographic Region) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 21,442 | $ 19,269 |
Americas Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 8,379 | |
Europe Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 8,782 | |
Asia Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 4,281 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers (Summary of Revenue Disaggregated by Product Lines) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 21,442 | $ 19,269 |
Measurement Solutions [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 19,908 | |
3D Scanning Solutions [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 730 | |
Value Added Service [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 804 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers (Summary of Revenue Disaggregated by Timing of Recognition) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 21,442 | $ 19,269 |
Goods Transferred At a Point of Time [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | 15,200 | |
Services Transferred Over Time [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Sales | $ 6,242 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers (Summary of Remaining Performance Obligations/Backlog) (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 39,135 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2018-10-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 35,878 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 2,716 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 335 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 195 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 11 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue from Contracts with C_8
Revenue from Contracts with Customers (Summary of Remaining Performance Obligations/Backlog) (Details 1) $ in Thousands | Sep. 30, 2018USD ($) |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 39,135 |
Revenue from Contracts with C_9
Revenue from Contracts with Customers (Summary of Current Balances of Contract Balances) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |||
Unbilled receivables | $ 4,906 | $ 1,864 | |
Deferred revenue | (7,142) | (6,715) | $ (8,691) |
Net Unbilled receivables / (Deferred revenue) | (2,236) | $ (4,851) | |
Unbilled receivables, Increase / (Decrease) | 3,042 | ||
Deferred revenue, Increase / (Decrease) | (427) | ||
Net Increase / (Decrease), Unbilled receivables / (Deferred revenue) | $ 2,615 |
Revenue from Contracts with _10
Revenue from Contracts with Customers (Summary of Cumulative Effect of Changes to Unaudited Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 |
Current Assets | |||||
Cash and cash equivalents | $ 7,416 | $ 5,830 | |||
Short-term investments | 548 | 877 | |||
Receivables: | |||||
Billed receivables, net | 28,509 | 31,797 | |||
Unbilled receivables, net | 4,906 | $ 1,864 | |||
Other receivables | 300 | 346 | |||
Inventory | 11,664 | 13,829 | |||
Other current assets | 1,858 | 1,327 | |||
Total current assets | 55,201 | 54,006 | |||
Property and Equipment, Net | 6,827 | 6,613 | |||
Goodwill | 7,970 | 7,985 | |||
Intangible Assets, Net | 3,611 | 3,820 | |||
Long-Term Investments | 725 | 725 | |||
Long-Term Deferred Income Tax Asset | 956 | 1,055 | |||
Total Assets | 75,290 | 74,204 | |||
Current Liabilities | |||||
Line of credit and short-term notes payable | 122 | 175 | |||
Accounts payable | 7,764 | 7,592 | |||
Accrued liabilities and expenses | 4,361 | 4,256 | |||
Accrued compensation | 2,377 | 3,155 | |||
Current portion of taxes payable | 498 | 526 | |||
Income taxes payable | 1,156 | 768 | |||
Reserves for restructuring and other charges | 675 | 675 | |||
Deferred revenue | 7,142 | 6,715 | 8,691 | ||
Total current liabilities | 24,095 | 25,838 | |||
Long-Term Taxes Payable | 324 | 450 | |||
Long-Term Deferred Income Tax Liability | 1,728 | 1,717 | |||
Other Long-Term Liabilities | 604 | 601 | |||
Total Liabilities | 26,751 | 28,606 | |||
Shareholders' Equity | |||||
Preferred stock, no par value, authorized 1,000 shares, issued none | 0 | 0 | |||
Common stock | 96 | 96 | |||
Accumulated other comprehensive loss | (2,495) | (2,098) | |||
Additional paid-in capital | 48,507 | 48,110 | |||
Retained earnings (deficit) | 2,431 | (510) | |||
Total Shareholders' Equity | 48,539 | 45,598 | $ 42,449 | $ 39,835 | |
Total Liabilities and Shareholders' Equity | 75,290 | 74,204 | |||
ASC 606 [Member] | |||||
Receivables: | |||||
Unbilled receivables, net | 1,864 | ||||
Inventory | 12,479 | ||||
Other current assets | 1,376 | ||||
Current Liabilities | |||||
Deferred revenue | 6,715 | ||||
Long-Term Deferred Income Tax Liability | 2,207 | ||||
Shareholders' Equity | |||||
Retained earnings (deficit) | $ 1,539 | ||||
ASC 606 Adjustments [Member] | ASC 606 [Member] | |||||
Receivables: | |||||
Unbilled receivables, net | (4,906) | 1,864 | |||
Inventory | 1,578 | (1,350) | |||
Other current assets | (119) | 49 | |||
Total current assets | (3,447) | ||||
Total Assets | (3,447) | ||||
Current Liabilities | |||||
Deferred revenue | 808 | (1,976) | |||
Total current liabilities | 808 | ||||
Long-Term Deferred Income Tax Liability | (277) | 490 | |||
Total Liabilities | 531 | ||||
Shareholders' Equity | |||||
Preferred stock, no par value, authorized 1,000 shares, issued none | |||||
Accumulated other comprehensive loss | (1) | ||||
Retained earnings (deficit) | (3,977) | $ 2,049 | |||
Total Shareholders' Equity | (3,978) | ||||
Total Liabilities and Shareholders' Equity | (3,447) | ||||
Balances Without Adoption of ASC 606 [Member] | ASC 606 [Member] | |||||
Current Assets | |||||
Cash and cash equivalents | 7,416 | ||||
Short-term investments | 548 | ||||
Receivables: | |||||
Billed receivables, net | 28,509 | ||||
Other receivables | 300 | ||||
Inventory | 13,242 | ||||
Other current assets | 1,739 | ||||
Total current assets | 51,754 | ||||
Property and Equipment, Net | 6,827 | ||||
Goodwill | 7,970 | ||||
Intangible Assets, Net | 3,611 | ||||
Long-Term Investments | 725 | ||||
Long-Term Deferred Income Tax Asset | 956 | ||||
Total Assets | 71,843 | ||||
Current Liabilities | |||||
Line of credit and short-term notes payable | 122 | ||||
Accounts payable | 7,764 | ||||
Accrued liabilities and expenses | 4,361 | ||||
Accrued compensation | 2,377 | ||||
Current portion of taxes payable | 498 | ||||
Income taxes payable | 1,156 | ||||
Reserves for restructuring and other charges | 675 | ||||
Deferred revenue | 7,950 | ||||
Total current liabilities | 24,903 | ||||
Long-Term Taxes Payable | 324 | ||||
Long-Term Deferred Income Tax Liability | 1,451 | ||||
Other Long-Term Liabilities | 604 | ||||
Total Liabilities | 27,282 | ||||
Shareholders' Equity | |||||
Preferred stock, no par value, authorized 1,000 shares, issued none | |||||
Common stock | 96 | ||||
Accumulated other comprehensive loss | (2,496) | ||||
Additional paid-in capital | 48,507 | ||||
Retained earnings (deficit) | (1,546) | ||||
Total Shareholders' Equity | 44,561 | ||||
Total Liabilities and Shareholders' Equity | $ 71,843 |
Revenue from Contracts with _11
Revenue from Contracts with Customers (Summary of Cumulative Effect of Changes to Unaudited Consolidated Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Net Sales | $ 21,442 | $ 19,269 |
Cost of Sales | 13,150 | 11,619 |
Gross Profit | 8,292 | 7,650 |
Operating Expenses | ||
Selling, general and administrative | 4,635 | 4,424 |
Engineering, research and development | 2,198 | 1,733 |
Severance, impairment and other charges | 0 | (52) |
Total operating expenses | 6,833 | 6,105 |
Operating Income | 1,459 | 1,545 |
Other Income and (Expenses) | ||
Interest expense, net | (27) | (42) |
Foreign currency loss, net | (202) | (22) |
Other income (expenses), net | 0 | 30 |
Total other income and (expenses) | (229) | (34) |
Income Before Income Taxes | 1,230 | 1,511 |
Income Tax Expense | (338) | 47 |
Net Income | 892 | $ 1,558 |
ASC 606 Adjustments [Member] | ASC 606 [Member] | ||
Net Sales | (2,304) | |
Cost of Sales | (1,148) | |
Gross Profit | (1,156) | |
Operating Expenses | ||
Selling, general and administrative | 184 | |
Total operating expenses | 184 | |
Operating Income | (1,340) | |
Other Income and (Expenses) | ||
Income Before Income Taxes | (1,340) | |
Income Tax Expense | 277 | |
Net Income | (1,063) | |
Balances Without Adoption of ASC 606 [Member] | ASC 606 [Member] | ||
Net Sales | 19,138 | |
Cost of Sales | 12,002 | |
Gross Profit | 7,136 | |
Operating Expenses | ||
Selling, general and administrative | 4,819 | |
Engineering, research and development | 2,198 | |
Total operating expenses | 7,017 | |
Operating Income | 119 | |
Other Income and (Expenses) | ||
Interest expense, net | (27) | |
Foreign currency loss, net | (202) | |
Total other income and (expenses) | (229) | |
Income Before Income Taxes | (110) | |
Income Tax Expense | (61) | |
Net Income | $ (171) |
Short-Term And Long-Term Inve_3
Short-Term And Long-Term Investments (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | $ 548 | $ 877 |
Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 187 | $ 166 |
Preferred Stock [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Investment | $ 725 |
Short-Term And Long-Term Inve_4
Short-Term And Long-Term Investments (Schedule Of Short-Term And Long-Term Investments) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | $ 548 | $ 877 |
Long-term investments | 725 | 725 |
Total Investments | 1,273 | 1,602 |
Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 187 | 166 |
Cost [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 548 | 877 |
Long-term investments | 3,700 | 3,700 |
Total Investments | 4,248 | 4,577 |
Cost [Member] | Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 187 | 166 |
Cost [Member] | Mutual Funds [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 64 | 23 |
Cost [Member] | Time/Fixed Deposits [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 297 | 688 |
Cost [Member] | Preferred Stock [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Long-term investments | 3,700 | 3,700 |
Fair Value Or Carrying Value [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 548 | 877 |
Long-term investments | 725 | 725 |
Total Investments | 1,273 | 1,602 |
Fair Value Or Carrying Value [Member] | Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 187 | 166 |
Fair Value Or Carrying Value [Member] | Mutual Funds [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 64 | 23 |
Fair Value Or Carrying Value [Member] | Time/Fixed Deposits [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 297 | 688 |
Fair Value Or Carrying Value [Member] | Preferred Stock [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 | Sep. 30, 2018 | Jun. 30, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | $ 1,273 | $ 1,602 |
Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 64 | 23 |
Time/Fixed Deposits And Bank Guarantees [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 484 | 854 |
Preferred Stock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 725 | 725 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 64 | 23 |
Level 1 [Member] | Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 64 | 23 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 484 | 854 |
Level 2 [Member] | Time/Fixed Deposits And Bank Guarantees [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 484 | 854 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 725 | 725 |
Level 3 [Member] | Preferred Stock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | $ 725 | $ 725 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Inventory, net of reserves | $ 1,845 | $ 2,115 |
Inventory (Schedule of Componen
Inventory (Schedule of Components of Inventory) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Component Parts | $ 5,121 | $ 5,156 |
Work in Process | 1,719 | 3,525 |
Finished Goods | 4,824 | 5,148 |
Total | $ 11,664 | $ 13,829 |
Property And Equipment (Summary
Property And Equipment (Summary Of Property And Equipment) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | $ 23,879 | $ 23,482 |
Less: Accumulated Depreciation | (17,052) | (16,869) |
Property and Equipment, Net | 6,827 | 6,613 |
Building and Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | 7,835 | 7,844 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | 14,958 | 14,578 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | $ 1,086 | $ 1,060 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Property Plant And Equipment [Abstract] | ||
Depreciation | $ 276 | $ 270 |
Warranty (Narrative) (Details)
Warranty (Narrative) (Details) | 3 Months Ended |
Sep. 30, 2018 | |
Labor And Travel Related [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 1 year |
TriCam Sensors [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 3 years |
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] | 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 Product W
Warranty (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 391 | $ 548 |
Accruals - Current Year | 255 | 190 |
Settlements/Claims (in cash or in kind) | (286) | (264) |
Effects of Foreign Currency | 4 | |
Ending Balance | $ 360 | $ 478 |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) € in Thousands, R$ in Thousands | Dec. 04, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2018EUR (€) | Sep. 30, 2018BRL (R$) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) |
Line of Credit Facility [Line Items] | ||||||
Short-term notes payable | $ 122,000 | $ 175,000 | ||||
Coord3 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Manufacturing facility, remaining payments | $ 122,000 | € 105 | ||||
Manufacturing facility, borrowing term | 7 months | |||||
Interest rate on borrowings | 7.00% | 7.00% | 7.00% | |||
Brazilian Subsidiary [Member] | Foreign Credit Lines And Overdraft Facilities [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 49,000 | R$ 200 | ||||
Credit facility, amount outstanding | $ 0 | $ 0 | ||||
Brazilian Subsidiary [Member] | Foreign Credit Lines And Overdraft Facilities [Member] | Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate on borrowings | 12.00% | 12.00% | 12.00% | |||
Loan 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 accounts receivable | 80.00% | 80.00% | 80.00% | |||
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, current borrowing capacity | $ 5,000,000 | |||||
Interest on LIBOR-based advances, basis spread | 2.65% | |||||
Credit facility, amount outstanding | $ 0 | |||||
Prepayment fees | $ 0 |
Severance, Impairment And Oth_3
Severance, Impairment And Other Charges (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 27 Months Ended | ||
Sep. 30, 2017 | Mar. 31, 2016 | Sep. 30, 2018 | Dec. 31, 2017 | |
Severance, Impairment and Other Charges [Line Items] | ||||
Headcount reduction | 11.00% | |||
Inventory write-off | $ (14) | $ 290 | ||
Impairment | $ (42) | $ 127 | ||
Restructuring costs incurred to date | $ 3,531 | |||
Trade Secrets Case [Member] | ||||
Severance, Impairment and Other Charges [Line Items] | ||||
Accrual for judgment/settlement | $ 675 |
Severance, Impairment And Oth_4
Severance, Impairment And Other Charges (Summary Of Severance, Impairment And Other Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 27 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | |
Severance Impairment And Other Charges [Abstract] | |||
Severance and Related Costs | $ 0 | $ 4 | |
Impairment | (42) | $ 127 | |
Inventory write-off | (14) | $ 290 | |
Total | $ 0 | $ (52) |
Severance, Impairment And Oth_5
Severance, Impairment And Other Charges (Schedule Of Restructuring Reserve Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Severance Impairment And Other Charges [Abstract] | ||
Beginning Balance | $ 675 | $ 1,113 |
Accruals - Severance Related | 0 | 4 |
Payments | (283) | |
Ending Balance | $ 675 | $ 834 |
Other Long-Term Liabilities (Na
Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Jun. 30, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Other Long-Term Liabilities | $ 604 | $ 601 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2018USD ($)Targetshares | Sep. 30, 2017USD ($)shares | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from stock plans | $ 191,000 | $ 0 | |
Employee Stock Option [Member] | 2004 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | 87,000 | $ 55,000 | |
Unrecognized compensation cost | $ 239,000 | ||
Expected weighted average vesting period to recognize compensation | 1 year 7 months 6 days | ||
Options issued | shares | 0 | 0 | |
Employee Stock Option [Member] | Minimum [Member] | 2004 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
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] | |||
Period before vesting begins | 1 year | ||
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 | $ 55,000 | $ 76,000 | |
Expected weighted average vesting period to recognize compensation | 2 years | ||
Total unrecognized compensation related to restricted stock awards | $ 223,000 | ||
Operating Income-Based Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of performance targets | Target | 2 | ||
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% | ||
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% | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 65,000 | ||
Expected weighted average vesting period to recognize compensation | 1 year 3 months 18 days | ||
Total unrecognized compensation related to restricted stock awards | $ 186,000 | ||
Percentage of operating income targets excessively achieved | 161.50% | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting rate | 75.00% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Restricted Stock And Restricted Stock Unit Awards Outstanding) (Details) - Restricted Stock Units (RSUs) | 3 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Non-vested Shares | shares | 77,570 |
Vested, Non-vested Shares | shares | (9,741) |
Ending Balance, Non-vested Shares | shares | 67,829 |
Beginning Balance Non-vested, Weighted Average Grant Date Fair Value | $ / shares | $ 7.77 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 7.34 |
Ending Balance Non-vested, Weighted Average Grant Date Fair Value | $ / shares | $ 7.83 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of Status of Performance Share Units Outstanding) (Details) - Performance Shares [Member] | 3 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Non-vested Shares | shares | 39,350 |
FY 2018 Performance results, Non-vested Shares | shares | 8,054 |
Ending Balance, Non-vested Shares | shares | 47,404 |
Beginning Balance Non-vested, Weighted Average Grant Date Fair Value | $ / shares | $ 7.95 |
FY 2018 Performance results, Weighted Average Grant Date Fair Value | $ / shares | 7.95 |
Ending Balance Non-vested, Weighted Average Grant Date Fair Value | $ / shares | $ 7.95 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||
Shares excluded from the computation of diluted EPS | 6,200 | 112,264 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Jan. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018CAD ($) | Dec. 31, 2017USD ($) | |
Loss Contingencies [Line Items] | ||||
Preliminary tax assessment | $ 923 | $ 1,218 | ||
Trade Secrets Case [Member] | ||||
Loss Contingencies [Line Items] | ||||
Judgment awarded | $ 675 | |||
Accrual related to settlement | $ 675 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Federal statutory corporate tax rate | 21.00% | ||
Re-measurement of U.S. deferred tax assets and related valuation allowance | $ 0 | ||
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 | ||
Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Federal statutory corporate tax rate | 35.00% |
Uncategorized Items - prcp-2018
Label | Element | Value |
Restricted Cash | us-gaap_RestrictedCash | $ 166,000 |