Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2019 | Sep. 10, 2019 | Dec. 31, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Entity Registrant Name | PERCEPTRON INC/MI | ||
Entity Central Index Key | 0000887226 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Accelerated Filer | ||
Trading Symbol | PRCP | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 72,000,000 | ||
Entity Common Stock, Shares Outstanding | 9,667,217 | ||
Entity File Number | 0-20206 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Tax Identification Number | 382381442 | ||
Entity Address, Address Line One | 47827 Halyard Drive | ||
Entity Address, City or Town | Plymouth | ||
Entity Address, State or Province | Michigan | ||
Entity Address, Postal Zip Code | 48170-2461 | ||
City Area Code | 734 | ||
Local Phone Number | 414-6100 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 4,585 | $ 5,830 |
Short-term investments | 1,431 | 877 |
Receivables: | ||
Billed receivables, net of allowance for doubtful accounts of $541 and $404, respectively | 27,449 | 31,797 |
Unbilled receivables, net | 5,394 | |
Other receivables | 200 | 346 |
Inventories, net of reserves of $1,778 and $2,115, respectively | 10,810 | 13,829 |
Other current assets | 1,529 | 1,327 |
Total current assets | 51,398 | 54,006 |
Property and Equipment, Net | 6,538 | 6,613 |
Goodwill | 1,741 | 7,985 |
Intangible Assets, Net | 1,816 | 3,820 |
Long-Term Investment | 725 | 725 |
Long-Term Deferred Income Tax Assets | 620 | 1,055 |
Total Assets | 62,838 | 74,204 |
Current Liabilities | ||
Line of credit and short-term notes payable | 175 | |
Accounts payable | 7,397 | 7,592 |
Accrued liabilities and expenses | 3,609 | 3,517 |
Accrued compensation | 1,646 | 3,155 |
Current portion of taxes payable | 320 | 526 |
Income taxes payable | 536 | 768 |
Reserves for restructuring and other charges | 44 | 675 |
Deferred revenue | 6,649 | 9,430 |
Total current liabilities | 20,201 | 25,838 |
Long-Term Taxes Payable | 114 | 450 |
Long-Term Deferred Income Tax Liability | 41 | 638 |
Other Long-Term Liabilities | 556 | 601 |
Total Liabilities | 20,912 | 27,527 |
Commitments and Contingencies (Note 16) | ||
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 9,656 and 9,554, respectively | 97 | 96 |
Accumulated other comprehensive loss | (3,079) | (2,096) |
Additional paid-in capital | 49,083 | 48,110 |
Retained (deficit) earnings | (4,175) | 567 |
Total shareholders' equity | 41,926 | 46,677 |
Total Liabilities and Shareholders' Equity | $ 62,838 | $ 74,204 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Billed receivables, allowance for doubtful accounts | $ 541 | $ 404 |
Inventories, reserves | $ 1,778 | $ 2,115 |
Preferred stock, par value | $ 0 | $ 0 |
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 19,000,000 | 19,000,000 |
Common stock, issued | 9,656,000 | |
Common stock, outstanding | 9,554,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | |||
Net Sales | $ 76,822 | $ 84,693 | $ 77,947 |
Cost of Sales | 49,630 | 52,693 | 50,178 |
Gross Profit | 27,192 | 32,000 | 27,769 |
Operating Expenses | |||
Selling, general and administrative | 18,980 | 18,469 | |
Engineering, research and development | 8,040 | 7,980 | |
Severance, impairment and other charges | 6,930 | 603 | |
Total operating expenses | 33,950 | 27,052 | 25,950 |
Operating (Loss) Income | (6,758) | 4,948 | 1,819 |
Other Income and (Expense) | |||
Interest expense, net | (252) | (181) | |
Foreign currency loss, net | (90) | (397) | |
Other income (expense), net | 97 | 119 | |
Total other income and (expense) | (245) | (459) | (557) |
(Loss) Income Before Income Taxes | (7,003) | 4,489 | 1,262 |
Income Tax Benefit (Expense) | 212 | (516) | (1,177) |
Net (Loss) Income | $ (6,791) | $ 3,973 | $ 85 |
(Loss) Income Per Common Share | |||
Basic | $ (0.71) | $ 0.42 | $ 0.01 |
Diluted | $ (0.71) | $ 0.41 | $ 0.01 |
Weighted Average Common Shares Outstanding | |||
Basic | 9,612 | 9,469 | 9,382 |
Dilutive effect of stock options | 0 | 110 | |
Diluted | 9,612 | 9,579 | 9,382 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net (Loss) Income | $ (6,791) | $ 3,973 |
Other Comprehensive (Loss) Income: | ||
Foreign currency translation adjustments | (983) | 625 |
Comprehensive (Loss) Income | $ (7,774) | $ 4,598 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flow - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities | |||
Net (loss) income | $ (6,791) | $ 3,973 | $ 85 |
Adjustments to reconcile net (loss) income to net cash provided by (used for) operating activities: | |||
Depreciation and amortization | 2,028 | 2,276 | |
Stock compensation expense | 702 | 954 | |
Receivable and inventory write-off | (59) | ||
Goodwill and intangible assets impairment | 7,404 | ||
Deferred income taxes | (425) | (801) | |
Loss (gain) on disposal of assets | 33 | 28 | |
Allowance for doubtful accounts | 137 | 151 | |
Changes in assets and liabilities | |||
Receivables | 111 | 21 | |
Inventories | 1,497 | (2,286) | |
Accounts payable | (47) | (761) | |
Accrued liabilities and expenses | (1,297) | 588 | |
Deferred revenue | (718) | 333 | |
Other assets and liabilities | (1,733) | (553) | |
Net cash provided by (used for) operating activities | 901 | 3,864 | |
Cash Flows from Investing Activities | |||
Purchases of short-term investments | (3,364) | (4,862) | |
Sales of short-term investments | 2,868 | 5,535 | |
Capital expenditures | (1,078) | (735) | |
Capital expenditures-intangibles | (415) | (418) | |
Net cash (used for) investing activities | (1,989) | (480) | |
Cash Flows from Financing Activities | |||
(Payments on) proceeds from lines of credit and short-term borrowings, net | (171) | (1,715) | |
Proceeds from stock plans | 329 | 489 | |
Cash payments for shares surrendered upon vesting of restricted stock units to cover taxes | (57) | (19) | |
Net cash provided by (used for) financing activities | 101 | (1,245) | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (166) | (86) | |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (1,153) | 2,053 | |
Cash, Cash Equivalents and Restricted Cash, July 1 | 5,996 | 3,943 | |
Cash, Cash Equivalents and Restricted Cash, June 30 | 4,843 | 5,996 | 3,943 |
Supplemental Disclosure of Cash Flow Information | |||
Cash paid during the year for interest | 94 | 260 | |
Cash paid during the year for income taxes | 665 | 847 | |
Cash and cash equivalents | 4,585 | 5,830 | |
Restricted Cash included in Short-term Investments | 258 | 166 | |
Cash, Cash Equivalents and Restricted Cash, June 30 | $ 4,843 | $ 5,996 | $ 3,943 |
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 | $ 40,655 | $ 94 | $ (2,721) | $ 46,688 | $ (3,406) |
Beginning balance, shares at Jun. 30, 2017 | 9,438 | ||||
Net (loss) income | 3,973 | 3,973 | |||
Other comprehensive income (loss) | 625 | 625 | |||
Stock-based compensation | 697 | 697 | |||
Stock plans | 727 | $ 2 | 725 | ||
Stock plans, shares | 116 | ||||
Ending balance at Jun. 30, 2018 | 46,677 | $ 96 | (2,096) | 48,110 | 567 |
Ending balance, shares at Jun. 30, 2018 | 9,554 | ||||
Net (loss) income | (6,791) | (6,791) | |||
Adoption of ASC 606 - modified retrospective transition method | ASC 606 [Member] | 2,049 | 2,049 | |||
Other comprehensive income (loss) | (983) | (983) | |||
Stock-based compensation | 634 | 634 | |||
Stock plans | 340 | $ 1 | 339 | ||
Stock plans, shares | 102 | ||||
Ending balance at Jun. 30, 2019 | $ 41,926 | $ 97 | $ (3,079) | $ 49,083 | $ (4,175) |
Ending balance, shares at Jun. 30, 2019 | 9,554 | 9,656 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Operations 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 Consolidated Financial Statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). 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. 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. Revenue Recognition The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 606, “ Revenue from Contracts with Customers”, Revenue Recognition, We adopted ASC 606 as of July 1, 2018 using the modified retrospective transition method. The cumulative effect of initially applying the new standard was recorded as an adjustment to the opening balance of retained deficit within our Consolidated Balance Sheet. The adjustment to retained deficit was the result of changing the timing of our revenue for several performance obligations and the number of performance obligations in our contracts with multiple performance obligations, as well as ceasing the deferral of revenue on satisfied performance obligations for the portion of the sales price of the contract that is not payable until additional performance obligations are satisfied. The new revenue recognition and related guidance provides for certain practical expedients for companies to follow when implementing this guidance. We have elected to apply certain practical expedients including those that allow us to group certain contracts within each country as a separate portfolio, and those that do not require us to assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. The revenues associated with our Measurement Solutions and Value Added Services that were impacted beginning July 1, 2018 which were included in the modified transition method adjustment aggregated $3.8 million. The net impact on retained deficit associated with these revenues was an increase of $2,049,000. In accordance with the modified retrospective transition method, the historical information within the financial statements has not been restated and continues to be reported under the accounting standard in effect for those periods. As a result, we have disclosed the accounting policies in effect prior to July 1, 2018, as well as the policies applied starting July 1, 2018. 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 of the service, there is persuasive evidence of an arrangement, the sales price is fixed or determinable, collection of the related receivable is reasonably assured and customer acceptance criteria, if any, have been successfully demonstrated. We also have multiple element arrangements in our Measurement Solutions product line which may include elements such as: equipment, installation, labor support and/or training. Each element has value on a stand-alone basis and the delivered elements do not include general rights of return. Accordingly, each element is considered a separate unit of accounting. When available, we allocate arrangement consideration to each element in a multiple element arrangement based upon vendor specific objective evidence (“VSOE”) of fair value of the respective elements. When VSOE cannot be established, we attempt to establish the selling price of each element based on relevant third-party evidence. Our products contain a significant level of proprietary technology, 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 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 toward 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. The timing of revenue recognition, billings and cash collections results in “Billed receivables”, “Unbilled receivables” and “Deferred revenue” on our Consolidated Balance Sheets. 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. In addition, we defer certain costs incurred to obtain a contract, primarily related to sales commissions. We exercise judgment in connection with the determination of the amount of revenue to be recognized in each period. Such judgments include, but are not limited to, allocating consideration to each performance obligation in contracts with multiple performance obligations and determining the estimated selling price for each such performance obligation. Any material changes in these judgments could impact the timing of revenue recognition, which could have a material effect on our financial position and results of operations. Research and Development Costs incurred after technological feasibility for certain products are capitalized and will continue to be amortized to cost of goods sold over the estimated lives of these products. All other internal research and development costs, including future software development costs, are expensed as incurred, however, when we utilize outside resources to develop certain new products, including software development, costs incurred after technological feasibility will be capitalized. Foreign Currency The financial statements of our wholly-owned foreign subsidiaries are translated in accordance with the ASC 830, “Foreign Currency Translation Matters”. 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 122,000 and 23,000 of common stock for the fiscal years ended June 30, 2019 and 2018 respectively, were not included in the computation of diluted EPS because the effect would have been anti-dilutive. Cash and Cash Equivalents We consider all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Fair value approximates carrying value because of the short maturity of the cash equivalents. At June 30, 2019, we had $4,585,000 in cash and cash equivalents of which $3,808,000 was held in foreign bank accounts. We maintain our cash in bank deposit accounts, which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. Receivable and Concentration of Credit Risk We market and sell our products principally to automotive manufacturers, line builders, system integrators, original equipment manufacturers and value-added resellers. Our receivables are principally from a small number of large customers. We perform ongoing credit evaluations of our customers. Billed receivables, net Unbilled receivables 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 June 30, 2019, capitalized commissions of $164,000 were included in “Other current assets” on our Consolidated Balance Sheet. Commission expense recognized during the twelve months ended June 30, 2019 was $969,000, and is included in “Selling, general and administrative expense” in our Consolidated Statement of Operations Short-Term and Long-Term Investments We account for our investments in accordance with ASC 320, “ Investments – Debt and Equity Securities “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01)” For equity securities that do not have readily determinable fair values such as our preferred stock investment, upon the adoption of ASU 2016-01, we measure the investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Inventory Inventory is stated at the lower of cost or net realizable value using the first-in, first-out (“FIFO”) method. We provide a reserve for obsolescence to recognize inventory impairment for the effects of engineering change orders, age and use of inventory that affect the value of the inventory. The reserve for obsolescence creates a new cost basis for the impaired inventory. When inventory that has previously been impaired is sold or disposed of, the related obsolescence reserve is reduced resulting in the reduced cost basis being reflected in cost of goods sold. A detailed review of the inventory is performed annually with quarterly updates for known changes that have occurred since the annual review. Fair Value Measurements The carrying amounts of our financial instruments, which include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and amounts due to banks or other lenders, approximate their fair values at June 30, 2019 and 2018. See “Short-Term and Long-Term Investments” for a discussion of our investments. Fair values have been determined through information obtained from market sources and management estimates. We follow the provisions of ASC 820, “Fair Value Measurements and Disclosures” ASC 820 establishes a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs), or reflect our assumptions of market participant valuation (unobservable inputs). These two types of inputs create the following fair value hierarchy: • Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly. • Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable and reflect management’s estimates and assumptions. ASC 820 requires the use of observable market data if such data is available without undue cost and effort. See Note 9, of the Notes to the Consolidated Financial Statements, “Fair Value Measurements” for further discussion. Property and Equipment Property and equipment are recorded at historical cost. Depreciation related to machinery and equipment and furniture and fixtures is primarily computed on a straight-line basis over estimated useful lives ranging from 3 to 15 years. Depreciation on buildings is computed on a straight-line basis over 40 years. Depreciation on building improvements is computed on a straight-line basis over estimated useful lives ranging from 10 to 15 years. Intangible Assets We acquired intangible assets consisting of a Trade Name, Customer/Distributor Relationships in addition to goodwill in connection with the acquisitions of Coord3 and NMS in the third quarter of fiscal 2015 which is considered our CMM reporting unit. 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. The amortization periods for customer/distributor relationships, trade name and software are five years, ten years and five years, respectively. Impairment of Long-Lived Assets Subject to Amortization Long-lived assets, such as property and equipment and definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In assessing long-lived assets for impairment, assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If circumstances require a long-lived asset or asset group to be tested for possible impairment, we compare the undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying amount exceeds its fair value. Fair values of long-lived assets are determined through various techniques, such as applying expected present value calculations to the estimated future cash flows using assumptions a market participant would utilize, or through the use of a third-party independent appraiser or valuation specialist. During the fourth quarter of fiscal 2019 , due to the impairment indicators discussed in “Goodwill” below, we assessed whether the carrying amounts of our long-lived assets in the CMM reporting unit (the asset group) may not be recoverable and therefore may be impaired. To assess the recoverability, the undiscounted cash flows of the asset group were analyzed over a range of potential remaining useful lives with the customer relationships as the primary asset. The result was that the asset group carrying value exceeded the sum of the undiscounted cash flows. After a fair value analysis, we determined that our trade name and customer relationships were impaired. We recorded a non-cash impairment loss related to these definite-lived intangible assets of $1.4 million. . There were no impairment indicators for other long-lived assets subject to amortization. Goodwill Goodwill is not subject to amortization and is reviewed at least annually in the fourth quarter of each year using data as of March 31 of that year, or earlier if an event occurs or circumstances change and there is an indicator of impairment. The impairment test consists of comparing a reporting unit’s fair value to its carrying value. A reporting unit is defined as an operating segment or one level below an operating segment. Goodwill is recorded in our CMM reporting unit. A significant amount of judgment is involved in determining if an indicator of goodwill impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a significant adverse change in legal factors or in the business climate; unanticipated competition; and the testing for recoverability of a significant asset group. Our goodwill impairment analysis also includes a comparison of the aggregate estimated fair value of all reporting units to our total market capitalization. Therefore, our stock may trade below our book value and a significant and sustained decline in our stock price and market capitalization could result in goodwill impairment charges. Companies have the option to evaluate goodwill impairment based upon qualitative factors similar to the indicators described above. If it is determined that the estimated fair value of the reporting unit is more likely than not less than the carrying amount, including goodwill, a quantitative assessment is required. Otherwise, no further analysis is necessary. In a quantitative assessment, the fair value of a reporting unit is determined and then compared to its carrying value. A reporting unit’s fair value is determined based upon consideration of various valuation methodologies, including the income approach and multiples of current and future earnings. In fiscal 2018, we adopted ASU 2017-04 Intangibles – Goodwill and Other; Simplifying the Test for Goodwill Impairment which removes Step 2 of the Goodwill impairment test. As a result, if the fair value of a reporting unit is less than its carrying value, a goodwill impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit. In the fourth quarter of fiscal 2019, we completed our annual goodwill impairment testing. The impairment test consisted of a quantitative assessment due to a decrease in our stock price in the fourth quarter 2019 and uncertainty with future revenue growth primarily due to companies postponing decisions about purchasing new capital goods such as CMMs. The estimated fair value for the CMM reporting unit was determined using the income approach and the market approach, both of which yielded similar fair values. With the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. We use our internal forecasts to estimate future cash flows and include an estimate of long-term future growth rates based on our most recent views of the long-term outlook for the business. Other significant assumptions and estimates used in the income approach include terminal growth rates, future estimates of capital expenditures, and changes in future working capital requirements. Such projections contain management’s best estimates of economic and market conditions over the projected period. The discount rate is sensitive to changes in interest rates and other market rates in place at the time the assessment is performed. The discount rate used in the annual valuation was 16.0% for CMM. With the market approach, fair value is determined based on applying selected pricing multiples to CMM’s historical and expected earnings. The pricing multiples are derived based on the observed pricing multiples for identified comparable publicly traded companies. Based on the results of the 2019 annual impairment test, the fair value of our CMM reporting unit was less than its carrying value. As a result, we recorded a non-cash goodwill impairment charge of $6.0 million due to the lack of projected growth in the sales of our Off-Line Measurement Solutions. This impairment is not deductible for income tax purposes. The impairment loss is recorded in “Severance, impairment and other charges” on our Consolidated Statements of Operations. compared to $8.0 million as of June 30, 2018. Goodwill is recorded within the CMM reporting unit and foreign currency effects will impact the balance of goodwill in future periods. Future changes in our estimates or assumptions or in interest rates could have a significant impact on the estimated fair value and result in an additional goodwill impairment charge that could be material to our consolidated financial statements. Deferred Revenue Deferred revenue is recognized when billings are issued or deposits received in advance of our satisfaction of specific performance obligations, primarily under our Measurement Solutions. Deferred Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and the effects of operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before we are able to realize their benefit or future deductibility is uncertain (see Note 20, “Income Taxes” for further discussion). 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 ® ® ® 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. Self–Insurance Since January 1, 2017, we have used a fully-insured model for health and vision coverages we offer our U.S employees. We are currently self-insured for any short-term disability claims we may have outstanding. New Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02 Leases Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 Leases (Topic 842): Targeted Improvements, Leases (Topic 842): Codification Improvements In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326) Codification Improvements to Topic 326, Financial Instruments – Credit Losses (ASU 2018-19) Targeted Transition Relief to ASU 2016-13: Financial Instruments – Credit Losses 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 (ASU 2018-13) 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 (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than were required under previous U.S. GAAP. In March 2016, the FASB issued the final guidance to clarify the principal versus agent guidance (i.e., whether an entity should report revenue gross or net). In April 2016, the FASB issued final guidance to clarify identifying performance obligation and the licensing implementation guidance. In May 2016, FASB updated implementation of certain narrow topics within ASU 2014-09. Finally, in December 2016, the FASB issued several technical corrections and improvements, which clarified the previously issued standards and corrected unintended application of previous guidance. These standards (collectively “ASC 606”) were effective for annual periods beginning after December 15, 2017 (as amended in August 2015, by ASU 2015-14, Deferral of the Effective Date), and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the applications of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a modified retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). 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 adjusted, 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. Under ASC 606, certain of our services are recognized over time instead of at a point in time upon completion of those services as recognized under superseded guidance. Additionally, for our contracts with multiple performance obligations in which the payment terms do not correspond with performance, we are no longer required to limit the revenue recognized for satisfied performance obligations to the amount for which payment is not delayed until the satisfaction of additional performance obligations. Instead, we record revenue for each of the performance obligations as control transfers to the customer, which generally accelerates the revenue recognized for such contracts compared to revenue recognized under superseded guidance. We also capitalize amounts related to certain commissions paid which qualify as costs to obtain a contract. The revenues associated with our Measurement Solutions and Value Added Services that were impacted beginning at July 1, 2018, which were included in the modified transition method adjustment, aggregated to $3.8 million. The net impact on retained earnings, as adjusted, associated with these revenues was an increase of $2,049,000. We have also implemented new business processes and internal controls in order to recognize revenue in accordance with the new standard. The following table summarizes the cumulative effect of the changes to our Consolidated Balance Sheet as of July 1, 2018 from the adoption of ASC 606 (in thousands): Opening At June 30, ASC 606 Balance at 2018 Adjustments July 1, 2018 (As Revised) (As Revised) Assets Unbilled receivables $ - $ 1,864 $ 1,864 Inventories 13,829 (1,350 ) 12,479 Other current assets 1,327 49 1,376 Liabilities and Shareholders' Equity Deferred revenue 9,430 (1,976 ) 7,454 Long-Term Deferred Income Tax Liability 638 490 1,128 Retained earnings 567 2,049 2,616 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 3, of the Notes to the Consolidated Financial Statements, “Revenue from Contracts with Customers” for |
Information About Major Custome
Information About Major Customers | 12 Months Ended |
Jun. 30, 2019 | |
Risks And Uncertainties [Abstract] | |
Information About Major Customers | 2 . Information About Major Customers Our sales efforts for in-line and near-line products are led by account teams that focus on automotive Original Equipment Manufacturers. These products are typically purchased for installation in connection with retooling programs undertaken by these companies. Because sales are dependent on the timing of customers’ retooling programs, sales by customer vary significantly from year to year, as do our largest customers. For the fiscal years 2019 and 2018, approximately 32% and 41%, respectively, of our “Net Sales” on our Consolidated Statements of Operations were derived from sales directly to our four largest automotive end-user customers. We also sell to manufacturing line builders, system integrators or assembly equipment manufacturers, who in turn sell to our automotive customers. For the fiscal years 2019 and, 2018, approximately 9% and 7%, respectively, of Net Sales were to manufacturing line builders, system integrators and original equipment manufacturers for the benefit of the same four largest automotive end user customers in each respective year. During the fiscal years ended June 30, 2019 and 2018, direct sales to Volkswagen Group accounted for approximately 13% and 15%, respectively, and direct sales to General Motors Company accounted for approximately 11% and 17%, respectively of our Net Sales. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Jun. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers 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. See Note 21, of the Notes to the Consolidated Financial Statements, “Segment and Geographic Information” for revenue by geography and product line. We have three major product lines: Measurement Solutions, 3D Scanning Solutions and Value Added Services. 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 twelve months ended June 30, 2019 (in thousands): Twelve Months Ended Timing of Revenue Recognition June 30, 2019 Goods transferred at a point of time $ 57,784 Services transferred over time 19,038 Total Net Sales $ 76,822 Remaining Performance Obligations The estimated recognition of our remaining unsatisfied performance obligations beyond one year is as follows (in thousands): Years Ending June 30, Amount 2021 $ 780 2022 114 2023 - 2024 - after 2024 - Total $ 894 Contract Balances Current balances of our contract balances are as follows (in thousands): Balance Sheet Account June 30, 2019 July 1, 2018 Increase / (Decrease) Unbilled receivables $ 5,394 $ 1,864 $ 3,530 Deferred revenue (6,649 ) (7,454 ) 805 Net Unbilled receivables / (Deferred revenue) $ (1,255 ) $ (5,590 ) $ 4,335 The change in our net Unbilled receivables / (Deferred revenue) from July 1, 2018 to June 30, 2019 was primarily due to the amount of revenue recognized as we satisfied performance obligations during the twelve months ended June 30, 2019, partially offset by the amount and timing of invoicing during that same period related to our Measurement Solutions and 3D Scanning Solutions. During the twelve months ended June 30, 2019, we recognized revenue of $5,454,000 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 June 30, 2019 from the adoption of ASC 606 (in thousands, except per share amount): As reported Balances June 30, ASC 606 without adoption 2019 Adjustments of ASC 606 ASSETS Current Assets Cash and cash equivalents $ 4,585 $ - $ 4,585 Short-term investments 1,431 1,431 Receivables: Billed receivables, net 27,449 - 27,449 Unbilled receivables, net 5,394 (5,394 ) - Other receivables 200 - 200 Inventories, net 10,810 3,970 14,780 Other current assets 1,529 (165 ) 1,364 Total current assets 51,398 (1,589 ) 49,809 Property and Equipment, Net 6,538 - 6,538 Goodwill 1,741 - 1,741 Intangible assets, Net 1,816 - 1,816 Long-Term Investment 725 - 725 Long-Term Deferred Income Tax Assets 620 333 953 Total Assets $ 62,838 $ (1,256 ) $ 61,582 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Line of credit and short-term notes payable $ - $ - $ - Accounts payable 7,397 - 7,397 Accrued liabilities and expenses 3,609 - 3,609 Accrued compensation 1,646 - 1,646 Current portion of taxes payable 320 - 320 Income taxes payable 536 - 536 Reserves for restructuring and other charges 44 - 44 Deferred revenue 6,649 2,489 9,138 Total current liabilities 20,201 2,489 22,690 Long-Term Taxes Payable 114 - 114 Long-Term Deferred Income Tax Liability 41 - 41 Other Long-Term Liabilities 556 - 556 Total Liabilities $ 20,912 $ 2,489 $ 23,401 Shareholders' Equity Preferred stock - - - Common stock 97 - 97 Accumulated other comprehensive loss (3,079 ) - (3,079 ) Additional paid-in capital 49,083 - 49,083 Retained deficit (4,175 ) (3,745 ) (7,920 ) Total Shareholders' Equity $ 41,926 $ (3,745 ) $ 38,181 Total Liabilities and Shareholders' Equity $ 62,838 $ (1,256 ) $ 61,582 The following table summarizes the effect on our unaudited Consolidated Statement of Operations for the twelve months ended June 30, 2019 of adopting ASC 606 (in thousands): As reported Twelve Months Ended ASC 606 Balances without June 30, 2019 Adjustments adoption of ASC 606 Net Sales $ 76,822 $ (4,043 ) $ 72,779 Cost of Sales 49,630 (2,506 ) 47,124 Gross Profit 27,192 (1,537 ) 25,655 Operating Expenses Selling, general and administrative 18,980 2 18,982 Engineering, research and development 8,040 - 8,040 Severance, impairment and other charges 6,930 - 6,930 Total operating expenses 33,950 2 33,952 Operating (Loss) Income (6,758 ) (1,539 ) (8,297 ) Other Income and (Expenses) Interest expense, net (252 ) - (252 ) Foreign currency loss, net (90 ) - (90 ) Other income (expenses), net 97 - 97 Total other income and (expenses) (245 ) - (245 ) (Loss) Income Before Income Taxes (7,003 ) (1,539 ) (8,542 ) Income Tax (Expense) Benefit 212 (157 ) 55 Net (Loss) Income $ (6,791 ) $ (1,696 ) $ (8,487 ) |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Jun. 30, 2019 | |
Valuation Allowance [Abstract] | |
Allowance for Doubtful Accounts | 4. Changes in our allowance for doubtful accounts are as follows (in thousands): Beginning Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2019 $ 404 $ 219 $ (82 ) $ 541 Fiscal year ended June 30, 2018 $ 253 $ 195 $ (44 ) $ 404 Fiscal year ended June 30, 2017 $ 269 $ 22 $ (38 ) $ 253 |
Inventory
Inventory | 12 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | 5. Inventory Inventory, net of reserves of $1,778,000 and $2,115,000 at June 30, 2019 and June 30, 2018, respectively, is comprised of the following (in thousands): June 30, 2019 June 30, 2018 Component parts $ 5,229 $ 5,156 Work in process 1,383 3,525 Finished goods 4,198 5,148 Total $ 10,810 $ 13,829 Changes in our reserve for obsolescence is as follows (in thousands): Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2019 $ 2,115 $ 204 (541 ) $ 1,778 Fiscal year ended June 30, 2018 $ 1,918 $ 785 $ (588 ) $ 2,115 Fiscal year ended June 30, 2017 $ 1,608 $ 375 $ (65 ) $ 1,918 |
Goodwill
Goodwill | 12 Months Ended |
Jun. 30, 2019 | |
Business Combination Goodwill [Abstract] | |
Goodwill | 6. Goodwill Our goodwill balance as of June 30, 2019 and 2018 is as follows (in thousands): 2019 2018 Balance at beginning of year $ 7,985 $ 7,793 Impairment (6,020 ) - Impact of foreign currency (224 ) 192 Balance at end of year $ 1,741 $ 7,985 Based on the results of the 2019 annual impairment test, the fair value of our CMM reporting unit was less than its carrying value. As a result, we recorded a non-cash goodwill impairment charge of $6.0 million due to the lack of projected revenue growth in the sales of our Off-Line Measurement Solutions. The lack of growth in the sales of our Off-Line Measurement Solutions is primarily due to companies postponing decisions about purchasing new capital goods such as CMMs. This impairment is not deductible for income tax purposes. The impairment loss is recorded in “Severance, impairment and other charges” on our Consolidated Statements of Operations. was $1.8 million as of June 30, 2019 compared to $8.0 million as of June 30, 2018 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 7. Our other intangible assets as of June 30, 2019 and 2018 are as follows (in thousands): June 30, 2019 June 30, 2018 Gross Impact of Net Gross Net Carrying Impairments foreign Accumulated Carrying Carrying Accumulated Carrying Amount currency Amortization Amount Amount Amortization Amount Customer/Distributor Relationships $ 3,249 $ (589 ) $ (7 ) $ (2,653 ) $ - $ 3,329 $ (2,219 ) $ 1,110 Trade Name 2,523 (795 ) (8 ) (1,059 ) 661 2,586 (862 ) 1,724 Software 1,902 - - (747 ) 1,155 1,490 (504 ) 986 Other - - - - - 124 (124 ) - Total $ 7,674 $ (1,384 ) $ (15 ) $ (4,459 ) $ 1,816 $ 7,529 $ (3,709 ) $ 3,820 In the fourth quarter of fiscal 2019, due to impairment indicators, we assessed whether the carrying amounts of our long-lived assets in the CMM reporting unit (asset group) may not be recoverable and therefore may be impaired. To assess the recoverability, the undiscounted cash flows of the asset group were analyzed over a range of potential remaining useful lives with the customer relationships as the primary asset. The result was that the asset group carrying value exceeded the sum of the undiscounted cash flows. After a fair value analysis, we determined our trade name and customer relationships were not recoverable and were impaired. As a result, we recorded a non-cash definite-lived asset impairment loss of $0.6 million and $0.8 million, respectively, for the Customer/Distributor Relationship and Trade Name intangible assets, which is recorded in “Severance, impairment and other charges” on our Consolidated Statement of Operations. We also reviewed the remaining useful life of our Trade Name and determined that no significant change was necessary. The impairment was determined by comparing the fair value of each of the intangible assets to their respective carrying value. The fair value of the trade name was determined using the relief from royalty method and the fair value of the customer relationships was determined using the income approach. Amortization expense for the fiscal years ended June 30, 2019 and 2018 was $956,000 and $1,168,000, respectively. The estimated amortization of the remaining intangible assets by year is as follows (in thousands): Years Ending June 30, Amount 2020 344 2021 352 2022 388 2023 354 2024 300 after 2024 78 $ 1,816 Collectively, the weighted average amortization period of intangible assets subject to amortization is approximately 5.3 years. The intangible assets, except for software, are amortized over the period of economic benefit or on a straight-line basis. Software is amortized based on forecasted utilization over the economic life of the software program. |
Short-Term And Long-Term Invest
Short-Term And Long-Term Investments | 12 Months Ended |
Jun. 30, 2019 | |
Investments [Abstract] | |
Short-Term And Long-Term Investments | 8. As of June 30, 2019, and 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 June 30, 2019, and June 30, 2018 we had short-term bank guarantees of $258,000 and $166,000, respectively. At June 30, 2019 The following table presents our Short-Term and Long-Term Investments by category at June 30, 2019 2018 June 30, 2019 Short-Term Investments Cost Fair Value or Carrying Value Bank Guarantees $ 258 $ 258 Mutual Funds - - Time/Fixed Deposits 1,173 1,173 Total Short-Term Investments $ 1,431 $ 1,431 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments $ 3,700 $ 725 Total Investments $ 5,131 $ 2,156 June 30, 2018 Short-Term Investments Cost Fair Value or Carrying Value 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 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 9. We follow the provisions of ASC 820, “ Fair Value Measurements and Disclosures ASC 820 establishes a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs) or reflect our assumptions of market participant valuation (unobservable inputs). These two types of inputs create the following fair value hierarchy: (1) Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities. (2) Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly. (3) Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable and reflect management’s estimates and assumptions. ASC 820 requires the use of observable market data if such data is available without undue cost and effort. The following table presents our investments at June 30, 2019 and 2018 that are measured and recorded at fair value on a recurring basis consistent with the fair value hierarchy provisions of ASC 820 (in thousands). The fair value of our short-term investments approximates their cost basis. Description June 30, 2019 Level 1 Level 2 Level 3 Mutual funds $ - $ - $ - $ - Time/Fixed Deposits and Bank Guarantees 1,431 - 1,431 - Total $ 1,431 $ - $ 1,431 $ — Description June 30, 2018 Level 1 Level 2 Level 3 Mutual funds $ 23 $ 23 $ - $ - Time/Fixed Deposits and Bank Guarantees 854 - 854 - Total $ 877 $ 23 $ 854 $ - 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. During fiscal year 2018, we did not record any other-than-temporary impairments on our financial assets required to be measured on a recurring basis. We also measure certain assets and liabilities at fair value on a nonrecurring basis. These assets are tested for impairment when events or circumstances occur which may indicate that the derived fair value is below carrying cost or on an annual basis in accordance with applicable GAAP. For these assets, we do not periodically adjust carrying value fair value except in the event of an impairment. The fair value of assets and liabilities measured on a nonrecurring basis are classified in the fair value hierarchy in the table below (in thousands): Description June 30, 2019 Level 1 Level 2 Level 3 Goodwill $ 1,741 $ - $ - $ 1,741 Trade Name 661 - - 661 Total $ 2,402 $ - $ - $ 2,402 Based on the results of the 2019 annual impairment test, the fair value of our CMM reporting unit was less than its carrying value. As a result we recorded a non-cash goodwill impairment charge of $6.0 million in the CMM reporting unit, primarily due to the lack of growth in the sales of our off-line product line, principally from the on-going trade war as companies are postponing decisions about purchasing new capital goods such as CMMs. This impairment is not deductible for income tax purposes. The impairment loss is recorded in “Severance, impairment and other charges” on our Consolidated Statements of Operations. was $1.8 million as of June 30, 2019 compared to $8.0 million as of June 30, 2018. The fair value of goodwill was determined using a combination of the income approach and the market approach. The fair value of the Trade Name was determined using the relief from royalty method. In addition, as described in Note 7 – “Intangible Assets Subject to Amortization”, the Company also fully impaired its Customer Relationships, the fair value of which was determined using the income approach. There were no assets or liabilities measured at fair value on a non-recurring basis at June 30, 2018. |
Warranties
Warranties | 12 Months Ended |
Jun. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
Warranties | 10. Changes to our warranty reserve, which is part of “Accrued liabilities and expenses” on our Consolidated Balance Sheet, are as follows (in thousands): Beginning Accruals - Settlements/Claims Effect of Foreign Ending Balance Current Year (in cash or in kind) Currency Balance Fiscal year ended June 30, 2019 $ 391 $ 660 $ (709 ) $ (1 ) $ 341 Fiscal year ended June 30, 2018 $ 548 $ 844 $ (1,006 ) $ 5 $ 391 Fiscal year ended June 30, 2017 $ 370 $ 631 $ (453 ) $ - $ 548 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property And Equipment | 11. Our property and equipment consisted of the following as of June 30, 2019 and 2018 (in thousands): June 30, 2019 June 30, 2018 Building and Land $ 7,647 $ 7,844 Machinery and Equipment 11,616 14,578 Furniture and Fixtures 1,286 1,060 Total Property and Equipment, gross 20,549 23,482 Less: Accumulated Depreciation (14,011 ) (16,869 ) Total Property and Equipment, net $ 6,538 $ 6,613 Depreciation expense for the years ended June 30, 2019 and 2018 was $1,072,000 and $1,108,000, respectively. |
Severance, Impairment And Other
Severance, Impairment And Other Charges | 12 Months Ended |
Jun. 30, 2019 | |
Severance Impairment And Other Charges [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-to mid-term expectations for our business. By the end of fiscal 2018, we had completed the plan that was announced. 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 16, of the Notes to the Consolidated Financial Statements, “Commitments and Contingencies – Legal Proceedings” 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 appealed this court decision. In January 2019, we settled with the defendants and ended our appeal in return for a net payment due to them in the amount of $66,000. As a result, in the second quarter of fiscal 2019, we adjusted our accrual. In fiscal 2019, we announced that in reaction to short-term revenue trends, we had implemented a plan to reduce fixed costs, including position eliminations and headcount reductions. Cash pre-tax charges related to the actions are approximately $0.1 million. During the fourth quarter of fiscal 2019, we completed our annual goodwill impairment test (see Note 1, of the Notes to the Consolidated Financial Statements, “Summary of Significant Accounting Policies – Goodwill” and Note 6 – “Goodwill” for further discussion) and as a result, recorded an impairment charge in the amount of $6,020,000. Furthermore, there were indications of impairment of some of our intangible assets (see Note 1, of the Notes to the Consolidated Financial Statements, “Summary of Significant Accounting Policies – Intangible Assets” and Note 7, of the Notes to the Consolidated Financial Statements, “Intangible Assets” for further discussion) and as a result, recorded an impairment charge of $1,384,000. The charges recorded as Severance, Impairment and Other Charges are as follows (in thousands): Fiscal Years Ended June 30, 2019 2018 Severance and Related Costs $ 135 $ (13 ) Court Award / Settlement (609 ) 675 Receivable and Inventory Write-Off - (59 ) Impairments of Goodwill and Intangible Assets 7,404 - Total $ 6,930 $ 603 Severance expense for the fiscal year ended June 30, 2019 was associated with headcount reductions at our U.S. (expense of $125,000) and Germany (expense of $10,000) locations. Severance expense for the fiscal year 2018 2018 The following table reconciles the activity for the Reserve for Restructuring and Other Charges (in thousands): 2019 2018 Balance at beginning of year $ 675 $ 1,113 Accruals - Severance Related 135 (13 ) Accruals / Adjustments - Court Award / Settlement (609 ) 675 Payments (157 ) (1,100 ) Balance at end of year $ 44 $ 675 The remaining balance as of June 30, 2019 is the accrual for the reduction in force in the U.S. and is expected to be paid out within the next fiscal quarter. |
Credit Facilities
Credit Facilities | 12 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Credit Facilities | 13. Credit Facilities We had no borrowings outstanding under our lines of credit and short-term notes payable at June 30, 2019 compared to $175,000 outstanding at June 30, 2018. 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 June 30, 2019, our additional available borrowing under this facility was approximately $4.2 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 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 last principal payment of €15,000 (equivalent to approximately $17,000) was paid during the fourth quarter of fiscal 2019 at a 7.0% annual interest rate. Our Brazilian subsidiary (“Brazil”) has a credit line and overdraft facility with their local bank. Brazil can borrow a total of B$300,000 (equivalent to approximately $78,000). This Brazil facility is cancelable at any time by either Brazil or the bank and any amount then outstanding would become immediately due and payable. The monthly interest rate for the current facility is 12.0%. We had no borrowings under these facilities at June 30, 2019 and 2018, respectively. |
Current And Long-Term Taxes Pay
Current And Long-Term Taxes Payable | 12 Months Ended |
Jun. 30, 2018 | |
Acquired Taxes Payable [Abstract] | |
Current And Long-Term Taxes Payable | 14. 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 | 12 Months Ended |
Jun. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | 15. Other long-term liabilities at June 30, 2019 and 2018 include $556,000 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. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 16. Leases We lease building space, office equipment and motor vehicles under operating leases. Lease terms generally cover periods from two to five years and may contain renewal options. The following is a summary, as of June 30, 2019 Years Ending June 30, Minimum Rentals 2020 $ 834 2021 711 2022 492 2023 398 2024 and beyond 1,888 $ 4,323 Rental expenses for operating leases in the fiscal years ended June 30, 2019 and 2018 were $845,000 and $884,000, respectively. Legal Proceedings 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 the defendants’ motions for recovery of their attorney fees in the amount of $675,000, plus interest. In the second quarter of fiscal 2018, we recorded a charge in the amount of $675,000 relating to this matter. We appealed this court’s decision to grant summary disposition and the award of the attorney fees. In January 2019, we settled with the defendants and ended our appeal in return for a net payment due to them in the amount of $66,000. As a result, in the second quarter of fiscal 2019, we adjusted our accrual and paid the settlement amount in the third quarter of fiscal 2019 (see Note 12, of the Notes to the Consolidated Financial Statements, ‘Severance, Impairment and Other Charges’ for further discussion). Loss Contingencies 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 because, 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. In the fourth quarter of fiscal 2019, we identified a potential concern regarding the residency status of certain U.S. employees as it relates to payroll taxes and withholdings in their country of residency. We estimated the range of correcting this issue, including interest and penalties to range from $0.2 million to $0.3 million. We are not able to reasonably estimate the amount within this range that we would be required to pay for this matter. As a result, we recorded a reserve of $0.2 million representing the minimum amount we estimated would be paid. |
401(k) Plan
401(k) Plan | 12 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
401(k) Plan | 17. 401(k) Plan We have a 401(k) tax deferred savings plan that covers all eligible employees based in the U.S. As part of our financial improvement plan announced in the third quarter of fiscal 2016, we ceased making discretionary contributions at that time. In December 2016, we reinstated discretionary contributions which we expect to continue into our fiscal year 2020. Our contributions during fiscal years 2019 and 2018 were $402,000 and $281,000, respectively. |
Employee Stock Purchase Plan
Employee Stock Purchase Plan | 12 Months Ended |
Jun. 30, 2019 | |
Employee Stock Purchase Plan [Abstract] | |
Employee Stock Purchase Plan | 18. Employee Stock Purchase Plan We have an Employee Stock Purchase Plan for all U.S.-based employees meeting certain eligibility criteria. Under the Plan, eligible employees may purchase shares of our common stock at 85% of the market value at the beginning of a six-month election period. Purchases are limited to 10% of an employee's eligible compensation and the shares purchased are restricted from being sold for one year from the purchase date. At June 30, 2019, 123,040 shares remained available under the Plan. Activity under this Plan is shown in the following table (in thousands, except per share amount): Purchase Period Ended June 30, 2019 2018 Non-cash stock-based compensation expense $ 10 $ 10 Common shares purchased 1 5 Average purchase price per share $ 8.26 $ 5.95 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 19. Stock 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 1/3 % 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 this plan must not be less than 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 $390,000 and $336,000 for the fiscal years ended June 30, 2019 and 2018, respectively. As of , the total remaining unrecognized We received $318,000 in cash from option exercises under all stock option payment arrangements for the twelve months ended June 30, 2019 Activity under these Plans is shown in the following tables: Fiscal Year 2019 Fiscal Year 2018 Weighted Aggregate Weighted Aggregate Average Intrinsic Average Intrinsic Exercise Value (1) Exercise Value (1) Shares subject to option Shares Price ($000) Shares Price ($000) Outstanding at beginning of period 635,036 $ 7.02 622,636 $ 7.26 New Grants (based on fair value of common stock at dates of grant) 8,000 $ 8.28 100,000 $ 7.95 Exercised (55,445 ) $ 5.73 (52,000 ) $ 8.81 Expired (10,900 ) $ 3.63 (34,000 ) $ 9.99 Forfeited (9,570 ) $ 7.78 (1,600 ) $ 10.55 Outstanding at end of period 567,121 $ 7.22 $ - 635,036 $ 7.02 $ 2,269 Exercisable at end of period 436,953 $ 7.16 $ - 384,805 $ 6.87 $ 1,445 (1) The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of stock options exercised during the fiscal years ended June 30, 2019 and 2018 were $160,000 and $87,000, respectively. during the fiscal years ended June 30, 2019 and 2018 were $413,000 and $400,000, respectively The estimated fair value as of the date options were granted during the periods presented using the Black-Scholes option-pricing model, was as follows: 2019 2018 Weighted average estimated fair value per share of options granted during the period $ 3.91 $ 3.96 Assumptions: Dividend yield - - Common stock price volatility 43.50 % 49.01 % Risk free rate of return 2.56 % 1.81 % Expected option term (in years) 6.6 5.4 The following table summarizes information about stock options at June 30, 2019 Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Remaining Exercise Exercise Range of Exercise Prices Shares Contractual Life Price Shares Price $ 2.80 to $ 4.87 20,000 6.88 $ 4.87 20,000 $ 4.87 5.70 to 8.81 508,121 6.83 $ 7.00 377,953 $ 6.86 8.94 to 14.01 39,000 4.26 $ 11.26 39,000 $ 11.26 $ 2.80 to 14.01 567,121 6.65 $ 7.22 436,953 $ 7.16 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 and Fiscal Year 201 9 Long-Term Incentive Compensation Plan. The grant date fair value associated with the restricted stock is calculated in accordance with ASC 718 “Compensation – Stock Compensation” June 30, 2019 2018 June 30, 2019 $286,000. We expect to recognize this cost over a weighted average vesting period of 1.8 years. A summary of the status of restricted stock and restricted stock unit awards issued at June 30, 2019 Weighted Average Nonvested Grant Date Shares Fair Value Nonvested at June 30, 2018 77,570 $ 7.77 Granted 51,650 7.21 Vested (25,857 ) 7.77 Forfeited or expired (9,943 ) 7.44 Nonvested at June 30, 2019 93,420 $ 7.49 Performance Stock Units During the second quarter of fiscal 2019, our MDCSOC granted certain employees Performance Share Units (“PSUs”) as part of the Fiscal Year 2019 Long-Term Incentive Compensation Plan. The Performance Measures were defined by the MDCSOC as a specific Target level of Revenue and Operating Income Before Incentive Compensation for each of the following: plan year 2019 (October 1, 2018 to September 30, 2019), fiscal year 2020 and fiscal year 2021. Up to one-third of the PSUs can be earned each year, determined based upon actual performance levels achieved in that year. One half of the award earned each year is based upon the achievement of the two Performance Targets in that year, provided that a minimum level of Operating Income Before Incentive Compensation is achieved for that year. The actual award level for each year can range from 50% to 150% (for Revenue Target) or 75% to 200% (for Operating Income Target) of the target awards depending on actual performance levels achieved in each year compared to that year’s target. If Operating Income Before Incentive Compensation is less than 75% of the targeted Operating Income Before Incentive Compensation for the year, then no PSU’s will vest for that year and the PSU’s vesting that year will expire. During the second quarter of fiscal 2018, the MDCSOC granted certain employees PSUs as part of the Fiscal Year 2018 Long-Term Incentive Compensation Plan. For fiscal 2018, actual Revenue and Operating Income Before Incentive Compensation exceeded the Fiscal Year 2018 Targets, resulting in 161.5% of the target level of PSU’s vesting. At this time, we estimate that the level of actual performance as measured against the Operating Income Before Incentive Compensation target levels will be less than 75% for the fiscal year and plan year of 2019, the threshold performance level for the vesting of these awards in fiscal 2019. Therefore, no non-cash stock-based compensation expense has been recorded for performance share unit awards for fiscal year 2019. The non-cash stock-based compensation expense recorded for performance share unit awards for the fiscal years ended June 30, 2018 was $165,000. As of June 30, 2019 Board of Directors Fees Our Board of Directors’ fees are typically payable in cash on September 1, December 1, March 1, and June 1 of each fiscal year; however, under our 2004 Plan each director can elect to receive our stock in lieu of cash on a calendar year election. Each of our Directors elected cash for the calendar year of 2018 and a combination of cash and stock for calendar year of 2019. We issued 15,328 shares to our directors and recorded expense of $68,000. Available Shares At June 30, 2019 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 20. Income Taxes (Loss) income from our operations before income taxes for U.S. and foreign operations was as follows (in thousands): 2019 2018 U.S. $ (661 ) $ 2,228 Foreign (6,342 ) 2,261 Total $ (7,003 ) $ 4,489 The income tax (provision) benefit reflected in the statement of income consists of the following (in thousands): 2019 2018 (As Revised) Current (provision) benefit: U.S. Federal, State & Other $ 305 $ (75 ) Foreign (289 ) (1,213 ) Deferred taxes U.S. (274 ) 308 Foreign 470 464 Total (provision) benefit $ 212 $ (516 ) The components of deferred taxes were as follows (in thousands): 2019 2018 (As Revised) Benefit of net operating losses $ 8,749 $ 7,334 Tax credit carry-forwards 6,776 7,475 Deferred revenue 781 1,668 Impaired investment 691 677 Property and intangible assets 436 61 Other 1,390 1,885 Deferred tax asset 18,823 19,100 Valuation allowance (17,976 ) (17,845 ) Total deferred tax assets 847 1,255 Deferred tax liabilities - basis difference and amortization (268 ) (838 ) Net deferred taxes $ 579 $ 417 The reconciliation of income tax rate to effective tax rate was as follows (in thousands): 2019 2018 (As Revised) Provision at U.S. statutory rate 21.0 % 28.1 % Net effect of taxes on foreign activities (7.2 %) 2.7 % Tax effect of U.S. permanent differences (5.8 %) 0.5 % State taxes and other, net (4.1 %) 0.2 % Stock-based compensation 0.1 % 1.3 % Other 0.0 % (6.2 %) Valuation allowance (1.0 %) (15.1 %) Effective tax rate 3.0 % 11.5 % 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. As we have a June 30 fiscal year end, the lower income tax rates were 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 at the date of enactment. 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 within stated limitation period, and therefore, the valuation allowance recorded against the credit was removed in the second quarter of fiscal 2018. The Act also imposed 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. We completed our evaluation and related calculations related to the Transition Tax during the second quarter of fiscal 2019, which confirmed our previous conclusion that our foreign tax credits would completely offset any tax calculated. As a result, we have no t made any cash payments related to the Transition Tax. At June 30, 2019, we had net operating loss carry-forwards for U.S. federal income tax purposes of $29.4 million; $26.8 million that expire in the years 2021 through 2035 and $2.6 million that will carry forward indefinitely. We also had tax credit carry-forwards of $6.8 million of which $4.6 million expire in the years 2020 through 2034. Included in the U.S. federal net operating loss carry-forward is $8.3 million from the exercise of employee stock options, the tax benefit of which was recognized on July 1, 2017 in accordance with ASU 2016-09. A corresponding valuation allowance was also recorded. Our deferred tax assets are substantially represented by the tax benefit of U.S. net operating losses “(NOL’s”), tax credit carry-forwards and the tax benefit of future deductions represented by timing differences for deferred revenue, inventory obsolescence, allowances for bad debts, warranty expenses and unrealized losses on investments. We assess the realizability of the NOL’s and tax credit carry-forwards based on a number of factors including our net operating history, the volatility of our earnings, our accuracy of forecasted earnings for future periods and the general business climate. Our deferred tax liability is substantially represented by the basis difference in the Coord3 intangible assets acquired. As of the end of our fiscal year 2016, we had been in a three-year cumulative loss position in the U.S., therefore, at that time, we determined that it was not more likely than not that any of our U.S. deferred tax assets would be realized as benefits in the future. Accordingly, we established a full valuation allowance against our U.S. net deferred tax assets as of June 30, 2017 and this valuation allowance remains at June 30, 2019. Additionally, during fiscal years 2017 and 2018, we established full valuation allowances against our Germany, Japan, Singapore and Brazil net deferred tax assets for similar reasons. While our U.S. and Germany locations had pre-tax income during fiscal year 2018 and 2019, however, we have determined that it remains more likely than not that of our deferred tax assets, except for the U.S. AMT credit, will not be realized as benefits in the future in these jurisdictions. The net change in the total valuation allowance for the fiscal years ended June 30, 2019 and 2018 was ($131,000) and ($1,254,000), respectively. On June 30, 2019 and 2018, we had $234,000 and $73,000 of unrecognized tax benefits and reserves for uncertain tax positions that would affect the effective tax rate if recognized absent valuation considerations. Our policy is to classify interest and penalties related to uncertain tax positions as interest expense and income tax expense, respectively. As of June 30, 2019, there was $261,000 of accrued interest and penalties related to uncertain tax positions recorded on our Consolidated Balance Sheets and Consolidated Statements of Operations. For U.S. federal income tax purposes, the tax years 2016 through 2019 remain open to examination by government tax authorities. For German income tax purposes, tax years 2015 through 2019 remain open to examination by government tax authorities. For our China income tax purposes, tax years 2016 through 2019 remain open to examination by government tax authorities generally. The aggregate changes in the balance of unrecognized tax benefits and uncertain tax positions were as follows (in thousands): 2019 Balance, at June 30, 2018 $ 73 Increases for tax positions related to the current year - Increases for tax positions related to the prior year 234 Reduction due to lapse in statute of limitation (73 ) Balance, at June 30, 2019 $ 234 |
Segment And Geographic Informat
Segment And Geographic Information | 12 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment And Geographic Information | 21. Segment and Geographic Information 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 the same customers in all of our operating segments. Accordingly, our operating segments are aggregated into one reportable segment. We account for geographic sales based on the country from which the sale is invoiced rather than the country to which the product is shipped. We operate in three geographic areas: The Americas (substantially all of which is the United States, with less than 10% from net sales in Brazil), Europe and Asia. Sales and Long-lived assets, net by our geographical regions are as follows (in thousands): Geographical Regions Americas Europe (1) Asia (2) Consolidated Twelve months ended June 30, 2019 Net sales $ 25,173 $ 34,563 $ 17,086 $ 76,822 Tangible long-lived assets, net 4,773 1,490 275 6,538 Twelve months ended June 30, 2018 Net sales $ 34,720 $ 33,492 $ 16,481 $ 84,693 Tangible long-lived assets, net 4,883 1,541 189 6,613 (1) Our German subsidiary had net external sales of $24.7 million and $23.2 million in the fiscal years ended June 30, 2019 and 2018, respectively. Tangible long-lived assets, net of our German subsidiary were $209,000 and $173,000 as of June 30, 2019 and 2018, respectively. Our Italian subsidiary had net external sales of $9.9 million and $10.3 million in the fiscal years ended June 30, 2019 and 2018, respectively. Tangible long-lived assets, net of our Italian subsidiary were $1,166,000 and $1,263,000 as of June 30, 2019 and 2018, respectively. (2) Our Chinese subsidiary had net external sales of $13.4 million and $14.0 million in the fiscal years ended June 30, 2019 and 2018, respectively. Tangible long-lived assets, net of our Chinese subsidiary were $97,000 and $71,000 as of June 30, 2019 and 2018, respectively. 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): Fiscal Year Ended, June 30, Product Lines 2019 2018 Measurement Solutions $ 70,142 $ 77,235 3D Scanning Solutions 3,075 2,729 Value Added Service 3,605 4,729 Total Net Sales $ 76,822 $ 84,693 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Operations | Operations 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 | Basis of Presentation and Principles of Consolidation The Consolidated Financial Statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). 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. 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. |
Revenue Recognition | Revenue Recognition The Financial Accounting Standards Board (“FASB”) issued Accounting Standards Codification (“ASC”) 606, “ Revenue from Contracts with Customers”, Revenue Recognition, We adopted ASC 606 as of July 1, 2018 using the modified retrospective transition method. The cumulative effect of initially applying the new standard was recorded as an adjustment to the opening balance of retained deficit within our Consolidated Balance Sheet. The adjustment to retained deficit was the result of changing the timing of our revenue for several performance obligations and the number of performance obligations in our contracts with multiple performance obligations, as well as ceasing the deferral of revenue on satisfied performance obligations for the portion of the sales price of the contract that is not payable until additional performance obligations are satisfied. The new revenue recognition and related guidance provides for certain practical expedients for companies to follow when implementing this guidance. We have elected to apply certain practical expedients including those that allow us to group certain contracts within each country as a separate portfolio, and those that do not require us to assess whether promised goods or services are performance obligations if they are immaterial in the context of the contract with the customer. The revenues associated with our Measurement Solutions and Value Added Services that were impacted beginning July 1, 2018 which were included in the modified transition method adjustment aggregated $3.8 million. The net impact on retained deficit associated with these revenues was an increase of $2,049,000. In accordance with the modified retrospective transition method, the historical information within the financial statements has not been restated and continues to be reported under the accounting standard in effect for those periods. As a result, we have disclosed the accounting policies in effect prior to July 1, 2018, as well as the policies applied starting July 1, 2018. 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 of the service, there is persuasive evidence of an arrangement, the sales price is fixed or determinable, collection of the related receivable is reasonably assured and customer acceptance criteria, if any, have been successfully demonstrated. We also have multiple element arrangements in our Measurement Solutions product line which may include elements such as: equipment, installation, labor support and/or training. Each element has value on a stand-alone basis and the delivered elements do not include general rights of return. Accordingly, each element is considered a separate unit of accounting. When available, we allocate arrangement consideration to each element in a multiple element arrangement based upon vendor specific objective evidence (“VSOE”) of fair value of the respective elements. When VSOE cannot be established, we attempt to establish the selling price of each element based on relevant third-party evidence. Our products contain a significant level of proprietary technology, 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 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 toward 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. The timing of revenue recognition, billings and cash collections results in “Billed receivables”, “Unbilled receivables” and “Deferred revenue” on our Consolidated Balance Sheets. 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. In addition, we defer certain costs incurred to obtain a contract, primarily related to sales commissions. We exercise judgment in connection with the determination of the amount of revenue to be recognized in each period. Such judgments include, but are not limited to, allocating consideration to each performance obligation in contracts with multiple performance obligations and determining the estimated selling price for each such performance obligation. Any material changes in these judgments could impact the timing of revenue recognition, which could have a material effect on our financial position and results of operations. |
Research and Development | Research and Development |
Foreign Currency | Foreign Currency The financial statements of our wholly-owned foreign subsidiaries are translated in accordance with the ASC 830, “Foreign Currency Translation Matters”. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Other obligations, such as stock options and restricted stock awards, are considered to be potentially dilutive common shares. Diluted EPS assumes the issuance of potential dilutive common shares outstanding during the period and adjusts for any changes in income and the repurchase of common shares that would have occurred from the assumed issuance, unless such effect is anti-dilutive. The calculation of diluted shares also takes into effect the average unrecognized non-cash stock - based compensation expense and additional adjustments for tax benefits related to non-cash stock - based compensation expense. 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 122,000 and 23,000 of common stock for the fiscal years ended June 30, 2019 and 2018 respectively, were not included in the computation of diluted EPS because the effect would have been anti-dilutive. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Receivable and Concentration of Credit Risk | Receivable and Concentration of Credit Risk We market and sell our products principally to automotive manufacturers, line builders, system integrators, original equipment manufacturers and value-added resellers. Our receivables are principally from a small number of large customers. We perform ongoing credit evaluations of our customers. Billed receivables, net Unbilled receivables |
Deferred Commissions | Deferred Commissions |
Short-Term and Long-Term Investments | Short-Term and Long-Term Investments We account for our investments in accordance with ASC 320, “ Investments – Debt and Equity Securities “Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (ASU 2016-01)” For equity securities that do not have readily determinable fair values such as our preferred stock investment, upon the adoption of ASU 2016-01, we measure the investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. |
Inventory | Inventory Inventory is stated at the lower of cost or net realizable value using the first-in, first-out (“FIFO”) method. We provide a reserve for obsolescence to recognize inventory impairment for the effects of engineering change orders, age and use of inventory that affect the value of the inventory. The reserve for obsolescence creates a new cost basis for the impaired inventory. When inventory that has previously been impaired is sold or disposed of, the related obsolescence reserve is reduced resulting in the reduced cost basis being reflected in cost of goods sold. A detailed review of the inventory is performed annually with quarterly updates for known changes that have occurred since the annual review. |
Fair Value Measurements | Fair Value Measurements The carrying amounts of our financial instruments, which include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and amounts due to banks or other lenders, approximate their fair values at June 30, 2019 and 2018. See “Short-Term and Long-Term Investments” for a discussion of our investments. Fair values have been determined through information obtained from market sources and management estimates. We follow the provisions of ASC 820, “Fair Value Measurements and Disclosures” ASC 820 establishes a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs), or reflect our assumptions of market participant valuation (unobservable inputs). These two types of inputs create the following fair value hierarchy: • Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly. • Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable and reflect management’s estimates and assumptions. ASC 820 requires the use of observable market data if such data is available without undue cost and effort. See Note 9, of the Notes to the Consolidated Financial Statements, “Fair Value Measurements” for further discussion. |
Property and Equipment | Property and Equipment |
Intangible Assets | Intangible Assets We acquired intangible assets consisting of a Trade Name, Customer/Distributor Relationships in addition to goodwill in connection with the acquisitions of Coord3 and NMS in the third quarter of fiscal 2015 which is considered our CMM reporting unit. 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. The amortization periods for customer/distributor relationships, trade name and software are five years, ten years and five years, respectively. |
Impairment of Long-Lived Assets Subject to Amortization | Impairment of Long-Lived Assets Subject to Amortization Long-lived assets, such as property and equipment and definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate that the related carrying amounts may not be recoverable. In assessing long-lived assets for impairment, assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If circumstances require a long-lived asset or asset group to be tested for possible impairment, we compare the undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent that the carrying amount exceeds its fair value. Fair values of long-lived assets are determined through various techniques, such as applying expected present value calculations to the estimated future cash flows using assumptions a market participant would utilize, or through the use of a third-party independent appraiser or valuation specialist. During the fourth quarter of fiscal 2019 , due to the impairment indicators discussed in “Goodwill” below, we assessed whether the carrying amounts of our long-lived assets in the CMM reporting unit (the asset group) may not be recoverable and therefore may be impaired. To assess the recoverability, the undiscounted cash flows of the asset group were analyzed over a range of potential remaining useful lives with the customer relationships as the primary asset. The result was that the asset group carrying value exceeded the sum of the undiscounted cash flows. After a fair value analysis, we determined that our trade name and customer relationships were impaired. We recorded a non-cash impairment loss related to these definite-lived intangible assets of $1.4 million. . There were no impairment indicators for other long-lived assets subject to amortization. |
Goodwill | Goodwill Goodwill is not subject to amortization and is reviewed at least annually in the fourth quarter of each year using data as of March 31 of that year, or earlier if an event occurs or circumstances change and there is an indicator of impairment. The impairment test consists of comparing a reporting unit’s fair value to its carrying value. A reporting unit is defined as an operating segment or one level below an operating segment. Goodwill is recorded in our CMM reporting unit. A significant amount of judgment is involved in determining if an indicator of goodwill impairment has occurred. Such indicators may include, among others: a significant decline in expected future cash flows; a significant adverse change in legal factors or in the business climate; unanticipated competition; and the testing for recoverability of a significant asset group. Our goodwill impairment analysis also includes a comparison of the aggregate estimated fair value of all reporting units to our total market capitalization. Therefore, our stock may trade below our book value and a significant and sustained decline in our stock price and market capitalization could result in goodwill impairment charges. Companies have the option to evaluate goodwill impairment based upon qualitative factors similar to the indicators described above. If it is determined that the estimated fair value of the reporting unit is more likely than not less than the carrying amount, including goodwill, a quantitative assessment is required. Otherwise, no further analysis is necessary. In a quantitative assessment, the fair value of a reporting unit is determined and then compared to its carrying value. A reporting unit’s fair value is determined based upon consideration of various valuation methodologies, including the income approach and multiples of current and future earnings. In fiscal 2018, we adopted ASU 2017-04 Intangibles – Goodwill and Other; Simplifying the Test for Goodwill Impairment which removes Step 2 of the Goodwill impairment test. As a result, if the fair value of a reporting unit is less than its carrying value, a goodwill impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit. In the fourth quarter of fiscal 2019, we completed our annual goodwill impairment testing. The impairment test consisted of a quantitative assessment due to a decrease in our stock price in the fourth quarter 2019 and uncertainty with future revenue growth primarily due to companies postponing decisions about purchasing new capital goods such as CMMs. The estimated fair value for the CMM reporting unit was determined using the income approach and the market approach, both of which yielded similar fair values. With the income approach, fair value is determined based on the present value of estimated future cash flows, discounted at an appropriate risk-adjusted rate. We use our internal forecasts to estimate future cash flows and include an estimate of long-term future growth rates based on our most recent views of the long-term outlook for the business. Other significant assumptions and estimates used in the income approach include terminal growth rates, future estimates of capital expenditures, and changes in future working capital requirements. Such projections contain management’s best estimates of economic and market conditions over the projected period. The discount rate is sensitive to changes in interest rates and other market rates in place at the time the assessment is performed. The discount rate used in the annual valuation was 16.0% for CMM. With the market approach, fair value is determined based on applying selected pricing multiples to CMM’s historical and expected earnings. The pricing multiples are derived based on the observed pricing multiples for identified comparable publicly traded companies. Based on the results of the 2019 annual impairment test, the fair value of our CMM reporting unit was less than its carrying value. As a result, we recorded a non-cash goodwill impairment charge of $6.0 million due to the lack of projected growth in the sales of our Off-Line Measurement Solutions. This impairment is not deductible for income tax purposes. The impairment loss is recorded in “Severance, impairment and other charges” on our Consolidated Statements of Operations. compared to $8.0 million as of June 30, 2018. Goodwill is recorded within the CMM reporting unit and foreign currency effects will impact the balance of goodwill in future periods. Future changes in our estimates or assumptions or in interest rates could have a significant impact on the estimated fair value and result in an additional goodwill impairment charge that could be material to our consolidated financial statements. |
Deferred Revenue | Deferred Revenue Deferred revenue is recognized when billings are issued or deposits received in advance of our satisfaction of specific performance obligations, primarily under our Measurement Solutions. |
Deferred Income Taxes | Deferred Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis and the effects of operating losses and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before we are able to realize their benefit or future deductibility is uncertain (see Note 20, “Income Taxes” for further discussion). |
Warranty | Warranty ® ® ® 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. |
Self–Insurance | Self–Insurance Since January 1, 2017, we have used a fully-insured model for health and vision coverages we offer our U.S employees. We are currently self-insured for any short-term disability claims we may have outstanding. |
New Accounting Pronouncements / Recently Adopted Accounting Pronouncements | New Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update No. 2016-02 Leases Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 Leases (Topic 842): Targeted Improvements, Leases (Topic 842): Codification Improvements In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326) Codification Improvements to Topic 326, Financial Instruments – Credit Losses (ASU 2018-19) Targeted Transition Relief to ASU 2016-13: Financial Instruments – Credit Losses 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 (ASU 2018-13) 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 (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than were required under previous U.S. GAAP. In March 2016, the FASB issued the final guidance to clarify the principal versus agent guidance (i.e., whether an entity should report revenue gross or net). In April 2016, the FASB issued final guidance to clarify identifying performance obligation and the licensing implementation guidance. In May 2016, FASB updated implementation of certain narrow topics within ASU 2014-09. Finally, in December 2016, the FASB issued several technical corrections and improvements, which clarified the previously issued standards and corrected unintended application of previous guidance. These standards (collectively “ASC 606”) were effective for annual periods beginning after December 15, 2017 (as amended in August 2015, by ASU 2015-14, Deferral of the Effective Date), and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the applications of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a modified retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). 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 adjusted, 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. Under ASC 606, certain of our services are recognized over time instead of at a point in time upon completion of those services as recognized under superseded guidance. Additionally, for our contracts with multiple performance obligations in which the payment terms do not correspond with performance, we are no longer required to limit the revenue recognized for satisfied performance obligations to the amount for which payment is not delayed until the satisfaction of additional performance obligations. Instead, we record revenue for each of the performance obligations as control transfers to the customer, which generally accelerates the revenue recognized for such contracts compared to revenue recognized under superseded guidance. We also capitalize amounts related to certain commissions paid which qualify as costs to obtain a contract. The revenues associated with our Measurement Solutions and Value Added Services that were impacted beginning at July 1, 2018, which were included in the modified transition method adjustment, aggregated to $3.8 million. The net impact on retained earnings, as adjusted, associated with these revenues was an increase of $2,049,000. We have also implemented new business processes and internal controls in order to recognize revenue in accordance with the new standard. The following table summarizes the cumulative effect of the changes to our Consolidated Balance Sheet as of July 1, 2018 from the adoption of ASC 606 (in thousands): Opening At June 30, ASC 606 Balance at 2018 Adjustments July 1, 2018 (As Revised) (As Revised) Assets Unbilled receivables $ - $ 1,864 $ 1,864 Inventories 13,829 (1,350 ) 12,479 Other current assets 1,327 49 1,376 Liabilities and Shareholders' Equity Deferred revenue 9,430 (1,976 ) 7,454 Long-Term Deferred Income Tax Liability 638 490 1,128 Retained earnings 567 2,049 2,616 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 3, of the Notes to the Consolidated Financial Statements, “Revenue from Contracts with Customers” for a summary of the impact as of and for the twelve months ended June 30, 2019. 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 Flow 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 |
Revision of Previously Issued Financial Statements | Revision of Previously Issued Financial Statements During the fourth quarter of fiscal 2019, an error was identified related to the accounting for our deferred tax liabilities associated with certain amortizable intangible assets acquired in 2015. The error relates to not appropriately reducing the associated deferred tax liabilities for the tax effect of amortization on the intangible assets since 2016. The error was immaterial to our previously issued financial statements, but the cumulative correction would have had a material effect on the 2019 financial statements. Accordingly, the results for the years ended June 30, 2018 and 2017 have been adjusted to incorporate the revised amounts, where applicable. The following table summarizes the effect of this revision of our Consolidated Balance Sheets as of June 30, 2018 and 2017, (in thousands): Year ended June 30, 2018 Year ended June 30, 2017 In Thousands In Thousands As Previously As As Previously As Reported Adjustment Revised Reported Adjustment Revised ASSETS Total Assets $ 74,204 $ - $ 74,204 $ 70,615 $ - $ 70,615 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities 25,838 - 25,838 28,155 - 28,155 Long-Term Deferred Taxes 1,717 (1,079 ) 638 871 (820 ) 51 Long-Term Taxes Payable and Other Long-Term Liabilities 1,051 1,051 1,754 - 1,754 Total Liabilities 28,606 (1,079 ) 27,527 30,780 (820 ) 29,960 Shareholders' Equity Preferred stock - no par value - - - - - - Common stock, $0.01 par value 96 - 96 94 - 94 Accumulated other comprehensive income (loss) (2,098 ) 2 (2,096 ) (2,721 ) - (2,721 ) Additional paid-in capital 48,110 - 48,110 46,688 - 46,688 Retained (deficit) earnings (510 ) 1,077 567 (4,226 ) 820 (3,406 ) Total shareholders' equity 45,598 1,079 46,677 39,835 820 40,655 Total Liabilities and Shareholders' Equity $ 74,204 $ - $ 74,204 $ 70,615 $ - $ 70,615 The following table summarizes the effect of this revision of our Consolidated Statement of Operations for the twelve months ended June 30, 2018 and 2017, (in thousands): Year ended June 30, 2018 Year ended June 30, 2017 (In Thousands Except Per Share Amounts) (In Thousands Except Per Share Amounts) As Previously As As Previously As Reported Adjustment Revised Reported Adjustment Revised Net Sales $ 84,693 $ - $ 84,693 $ 77,947 $ - $ 77,947 Cost of Sales 52,693 - 52,693 50,178 - 50,178 Gross Profit 32,000 - 32,000 27,769 - 27,769 Operating Expenses 27,052 - 27,052 25,950 - 25,950 Operating Income 4,948 - 4,948 1,819 - 1,819 Other Income and (Expense) (459 ) - (459 ) (557 ) - (557 ) Income Before Income Taxes 4,489 - 4,489 1,262 - 1,262 Income Tax Benefit (Expense) (773 ) 257 (516 ) (1,430 ) 253 (1,177 ) Net Income $ 3,716 $ 257 $ 3,973 $ (168 ) $ 253 $ 85 Income Per Common Share Basic $ 0.39 $ 0.03 $ 0.42 $ (0.02 ) $ 0.03 $ 0.01 Diluted $ 0.39 $ 0.02 $ 0.41 $ (0.02 ) $ 0.03 $ 0.01 Weighted Average Common Shares Outstanding Basic 9,469 - 9,469 9,382 - 9,382 Dilutive effect of stock options 110 - 110 - - - Diluted 9,579 - 9,579 9,382 - 9,382 As a result of the above revisions, Total Comprehensive Income (Loss) was increased from $4,339 to $4,598 for the fiscal year ended June 30, 2018 and from $331 to $584 for the fiscal year ended June 30, 2017. The consolidated statements of cash flows are not presented because there is no impact on total cash flows from operating activities, investing activities and financing activities. Certain components of net cash provided by operating activities changed, as caused by the revision, but the net change amounted to zero for the fiscal year ended June 30, 2018. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Summary of Revision of Previously Issued Financial Statements | The following table summarizes the effect of this revision of our Consolidated Balance Sheets as of June 30, 2018 and 2017, (in thousands): Year ended June 30, 2018 Year ended June 30, 2017 In Thousands In Thousands As Previously As As Previously As Reported Adjustment Revised Reported Adjustment Revised ASSETS Total Assets $ 74,204 $ - $ 74,204 $ 70,615 $ - $ 70,615 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities 25,838 - 25,838 28,155 - 28,155 Long-Term Deferred Taxes 1,717 (1,079 ) 638 871 (820 ) 51 Long-Term Taxes Payable and Other Long-Term Liabilities 1,051 1,051 1,754 - 1,754 Total Liabilities 28,606 (1,079 ) 27,527 30,780 (820 ) 29,960 Shareholders' Equity Preferred stock - no par value - - - - - - Common stock, $0.01 par value 96 - 96 94 - 94 Accumulated other comprehensive income (loss) (2,098 ) 2 (2,096 ) (2,721 ) - (2,721 ) Additional paid-in capital 48,110 - 48,110 46,688 - 46,688 Retained (deficit) earnings (510 ) 1,077 567 (4,226 ) 820 (3,406 ) Total shareholders' equity 45,598 1,079 46,677 39,835 820 40,655 Total Liabilities and Shareholders' Equity $ 74,204 $ - $ 74,204 $ 70,615 $ - $ 70,615 The following table summarizes the effect of this revision of our Consolidated Statement of Operations for the twelve months ended June 30, 2018 and 2017, (in thousands): Year ended June 30, 2018 Year ended June 30, 2017 (In Thousands Except Per Share Amounts) (In Thousands Except Per Share Amounts) As Previously As As Previously As Reported Adjustment Revised Reported Adjustment Revised Net Sales $ 84,693 $ - $ 84,693 $ 77,947 $ - $ 77,947 Cost of Sales 52,693 - 52,693 50,178 - 50,178 Gross Profit 32,000 - 32,000 27,769 - 27,769 Operating Expenses 27,052 - 27,052 25,950 - 25,950 Operating Income 4,948 - 4,948 1,819 - 1,819 Other Income and (Expense) (459 ) - (459 ) (557 ) - (557 ) Income Before Income Taxes 4,489 - 4,489 1,262 - 1,262 Income Tax Benefit (Expense) (773 ) 257 (516 ) (1,430 ) 253 (1,177 ) Net Income $ 3,716 $ 257 $ 3,973 $ (168 ) $ 253 $ 85 Income Per Common Share Basic $ 0.39 $ 0.03 $ 0.42 $ (0.02 ) $ 0.03 $ 0.01 Diluted $ 0.39 $ 0.02 $ 0.41 $ (0.02 ) $ 0.03 $ 0.01 Weighted Average Common Shares Outstanding Basic 9,469 - 9,469 9,382 - 9,382 Dilutive effect of stock options 110 - 110 - - - Diluted 9,579 - 9,579 9,382 - 9,382 |
ASC 606 [Member] | |
Summary of Cumulative Effect of Changes to Financial Statements | The following table summarizes the cumulative effect of the changes to our Consolidated Balance Sheet as of July 1, 2018 from the adoption of ASC 606 (in thousands): Opening At June 30, ASC 606 Balance at 2018 Adjustments July 1, 2018 (As Revised) (As Revised) Assets Unbilled receivables $ - $ 1,864 $ 1,864 Inventories 13,829 (1,350 ) 12,479 Other current assets 1,327 49 1,376 Liabilities and Shareholders' Equity Deferred revenue 9,430 (1,976 ) 7,454 Long-Term Deferred Income Tax Liability 638 490 1,128 Retained earnings 567 2,049 2,616 The following table summarizes the cumulative effect of the changes to our unaudited Consolidated Balance Sheet as of June 30, 2019 from the adoption of ASC 606 (in thousands, except per share amount): As reported Balances June 30, ASC 606 without adoption 2019 Adjustments of ASC 606 ASSETS Current Assets Cash and cash equivalents $ 4,585 $ - $ 4,585 Short-term investments 1,431 1,431 Receivables: Billed receivables, net 27,449 - 27,449 Unbilled receivables, net 5,394 (5,394 ) - Other receivables 200 - 200 Inventories, net 10,810 3,970 14,780 Other current assets 1,529 (165 ) 1,364 Total current assets 51,398 (1,589 ) 49,809 Property and Equipment, Net 6,538 - 6,538 Goodwill 1,741 - 1,741 Intangible assets, Net 1,816 - 1,816 Long-Term Investment 725 - 725 Long-Term Deferred Income Tax Assets 620 333 953 Total Assets $ 62,838 $ (1,256 ) $ 61,582 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Line of credit and short-term notes payable $ - $ - $ - Accounts payable 7,397 - 7,397 Accrued liabilities and expenses 3,609 - 3,609 Accrued compensation 1,646 - 1,646 Current portion of taxes payable 320 - 320 Income taxes payable 536 - 536 Reserves for restructuring and other charges 44 - 44 Deferred revenue 6,649 2,489 9,138 Total current liabilities 20,201 2,489 22,690 Long-Term Taxes Payable 114 - 114 Long-Term Deferred Income Tax Liability 41 - 41 Other Long-Term Liabilities 556 - 556 Total Liabilities $ 20,912 $ 2,489 $ 23,401 Shareholders' Equity Preferred stock - - - Common stock 97 - 97 Accumulated other comprehensive loss (3,079 ) - (3,079 ) Additional paid-in capital 49,083 - 49,083 Retained deficit (4,175 ) (3,745 ) (7,920 ) Total Shareholders' Equity $ 41,926 $ (3,745 ) $ 38,181 Total Liabilities and Shareholders' Equity $ 62,838 $ (1,256 ) $ 61,582 The following table summarizes the effect on our unaudited Consolidated Statement of Operations for the twelve months ended June 30, 2019 of adopting ASC 606 (in thousands): As reported Twelve Months Ended ASC 606 Balances without June 30, 2019 Adjustments adoption of ASC 606 Net Sales $ 76,822 $ (4,043 ) $ 72,779 Cost of Sales 49,630 (2,506 ) 47,124 Gross Profit 27,192 (1,537 ) 25,655 Operating Expenses Selling, general and administrative 18,980 2 18,982 Engineering, research and development 8,040 - 8,040 Severance, impairment and other charges 6,930 - 6,930 Total operating expenses 33,950 2 33,952 Operating (Loss) Income (6,758 ) (1,539 ) (8,297 ) Other Income and (Expenses) Interest expense, net (252 ) - (252 ) Foreign currency loss, net (90 ) - (90 ) Other income (expenses), net 97 - 97 Total other income and (expenses) (245 ) - (245 ) (Loss) Income Before Income Taxes (7,003 ) (1,539 ) (8,542 ) Income Tax (Expense) Benefit 212 (157 ) 55 Net (Loss) Income $ (6,791 ) $ (1,696 ) $ (8,487 ) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | |
Revenue Disaggregated by Timing of Recognition | The following table summarizes these two categories for the twelve months ended June 30, 2019 (in thousands): Twelve Months Ended Timing of Revenue Recognition June 30, 2019 Goods transferred at a point of time $ 57,784 Services transferred over time 19,038 Total Net Sales $ 76,822 |
Summary of Remaining Unsatisfied Performance Obligations | The estimated recognition of our remaining unsatisfied performance obligations beyond one year is as follows (in thousands): Years Ending June 30, Amount 2021 $ 780 2022 114 2023 - 2024 - after 2024 - Total $ 894 |
Summary of Current Balances of Contract Balances | Current balances of our contract balances are as follows (in thousands): Balance Sheet Account June 30, 2019 July 1, 2018 Increase / (Decrease) Unbilled receivables $ 5,394 $ 1,864 $ 3,530 Deferred revenue (6,649 ) (7,454 ) 805 Net Unbilled receivables / (Deferred revenue) $ (1,255 ) $ (5,590 ) $ 4,335 |
ASC 606 [Member] | |
Disaggregation Of Revenue [Line Items] | |
Summary of Cumulative Effect of Changes to Financial Statements | The following table summarizes the cumulative effect of the changes to our Consolidated Balance Sheet as of July 1, 2018 from the adoption of ASC 606 (in thousands): Opening At June 30, ASC 606 Balance at 2018 Adjustments July 1, 2018 (As Revised) (As Revised) Assets Unbilled receivables $ - $ 1,864 $ 1,864 Inventories 13,829 (1,350 ) 12,479 Other current assets 1,327 49 1,376 Liabilities and Shareholders' Equity Deferred revenue 9,430 (1,976 ) 7,454 Long-Term Deferred Income Tax Liability 638 490 1,128 Retained earnings 567 2,049 2,616 The following table summarizes the cumulative effect of the changes to our unaudited Consolidated Balance Sheet as of June 30, 2019 from the adoption of ASC 606 (in thousands, except per share amount): As reported Balances June 30, ASC 606 without adoption 2019 Adjustments of ASC 606 ASSETS Current Assets Cash and cash equivalents $ 4,585 $ - $ 4,585 Short-term investments 1,431 1,431 Receivables: Billed receivables, net 27,449 - 27,449 Unbilled receivables, net 5,394 (5,394 ) - Other receivables 200 - 200 Inventories, net 10,810 3,970 14,780 Other current assets 1,529 (165 ) 1,364 Total current assets 51,398 (1,589 ) 49,809 Property and Equipment, Net 6,538 - 6,538 Goodwill 1,741 - 1,741 Intangible assets, Net 1,816 - 1,816 Long-Term Investment 725 - 725 Long-Term Deferred Income Tax Assets 620 333 953 Total Assets $ 62,838 $ (1,256 ) $ 61,582 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Line of credit and short-term notes payable $ - $ - $ - Accounts payable 7,397 - 7,397 Accrued liabilities and expenses 3,609 - 3,609 Accrued compensation 1,646 - 1,646 Current portion of taxes payable 320 - 320 Income taxes payable 536 - 536 Reserves for restructuring and other charges 44 - 44 Deferred revenue 6,649 2,489 9,138 Total current liabilities 20,201 2,489 22,690 Long-Term Taxes Payable 114 - 114 Long-Term Deferred Income Tax Liability 41 - 41 Other Long-Term Liabilities 556 - 556 Total Liabilities $ 20,912 $ 2,489 $ 23,401 Shareholders' Equity Preferred stock - - - Common stock 97 - 97 Accumulated other comprehensive loss (3,079 ) - (3,079 ) Additional paid-in capital 49,083 - 49,083 Retained deficit (4,175 ) (3,745 ) (7,920 ) Total Shareholders' Equity $ 41,926 $ (3,745 ) $ 38,181 Total Liabilities and Shareholders' Equity $ 62,838 $ (1,256 ) $ 61,582 The following table summarizes the effect on our unaudited Consolidated Statement of Operations for the twelve months ended June 30, 2019 of adopting ASC 606 (in thousands): As reported Twelve Months Ended ASC 606 Balances without June 30, 2019 Adjustments adoption of ASC 606 Net Sales $ 76,822 $ (4,043 ) $ 72,779 Cost of Sales 49,630 (2,506 ) 47,124 Gross Profit 27,192 (1,537 ) 25,655 Operating Expenses Selling, general and administrative 18,980 2 18,982 Engineering, research and development 8,040 - 8,040 Severance, impairment and other charges 6,930 - 6,930 Total operating expenses 33,950 2 33,952 Operating (Loss) Income (6,758 ) (1,539 ) (8,297 ) Other Income and (Expenses) Interest expense, net (252 ) - (252 ) Foreign currency loss, net (90 ) - (90 ) Other income (expenses), net 97 - 97 Total other income and (expenses) (245 ) - (245 ) (Loss) Income Before Income Taxes (7,003 ) (1,539 ) (8,542 ) Income Tax (Expense) Benefit 212 (157 ) 55 Net (Loss) Income $ (6,791 ) $ (1,696 ) $ (8,487 ) |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Valuation Allowance [Abstract] | |
Schedule of Changes in Allowance for Doubtful Accounts | Beginning Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2019 $ 404 $ 219 $ (82 ) $ 541 Fiscal year ended June 30, 2018 $ 253 $ 195 $ (44 ) $ 404 Fiscal year ended June 30, 2017 $ 269 $ 22 $ (38 ) $ 253 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | June 30, 2019 June 30, 2018 Component parts $ 5,229 $ 5,156 Work in process 1,383 3,525 Finished goods 4,198 5,148 Total $ 10,810 $ 13,829 |
Schedule of Reserves for Obsolescence | Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2019 $ 2,115 $ 204 (541 ) $ 1,778 Fiscal year ended June 30, 2018 $ 1,918 $ 785 $ (588 ) $ 2,115 Fiscal year ended June 30, 2017 $ 1,608 $ 375 $ (65 ) $ 1,918 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill Roll Forward | |
Summary of Goodwill | Our goodwill balance as of June 30, 2019 and 2018 is as follows (in thousands): 2019 2018 Balance at beginning of year $ 7,985 $ 7,793 Impairment (6,020 ) - Impact of foreign currency (224 ) 192 Balance at end of year $ 1,741 $ 7,985 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary Of Change In Other Intangible Assets | Our other intangible assets as of June 30, 2019 and 2018 are as follows (in thousands): June 30, 2019 June 30, 2018 Gross Impact of Net Gross Net Carrying Impairments foreign Accumulated Carrying Carrying Accumulated Carrying Amount currency Amortization Amount Amount Amortization Amount Customer/Distributor Relationships $ 3,249 $ (589 ) $ (7 ) $ (2,653 ) $ - $ 3,329 $ (2,219 ) $ 1,110 Trade Name 2,523 (795 ) (8 ) (1,059 ) 661 2,586 (862 ) 1,724 Software 1,902 - - (747 ) 1,155 1,490 (504 ) 986 Other - - - - - 124 (124 ) - Total $ 7,674 $ (1,384 ) $ (15 ) $ (4,459 ) $ 1,816 $ 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 2020 344 2021 352 2022 388 2023 354 2024 300 after 2024 78 $ 1,816 |
Short-Term And Long-Term Inve_2
Short-Term And Long-Term Investments (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Investments [Abstract] | |
Schedule Of Short-Term And Long-Term Investments | June 30, 2019 Short-Term Investments Cost Fair Value or Carrying Value Bank Guarantees $ 258 $ 258 Mutual Funds - - Time/Fixed Deposits 1,173 1,173 Total Short-Term Investments $ 1,431 $ 1,431 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments $ 3,700 $ 725 Total Investments $ 5,131 $ 2,156 June 30, 2018 Short-Term Investments Cost Fair Value or Carrying Value 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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary Of Investments Measured And Recorded At Fair Value On A Recurring Basis | The following table presents our investments at June 30, 2019 and 2018 that are measured and recorded at fair value on a recurring basis consistent with the fair value hierarchy provisions of ASC 820 (in thousands). The fair value of our short-term investments approximates their cost basis. Description June 30, 2019 Level 1 Level 2 Level 3 Mutual funds $ - $ - $ - $ - Time/Fixed Deposits and Bank Guarantees 1,431 - 1,431 - Total $ 1,431 $ - $ 1,431 $ — Description June 30, 2018 Level 1 Level 2 Level 3 Mutual funds $ 23 $ 23 $ - $ - Time/Fixed Deposits and Bank Guarantees 854 - 854 - Total $ 877 $ 23 $ 854 $ - |
Summary of Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis | The fair value of assets and liabilities measured on a nonrecurring basis are classified in the fair value hierarchy in the table below (in thousands): Description June 30, 2019 Level 1 Level 2 Level 3 Goodwill $ 1,741 $ - $ - $ 1,741 Trade Name 661 - - 661 Total $ 2,402 $ - $ - $ 2,402 |
Warranties (Tables)
Warranties (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability | Beginning Accruals - Settlements/Claims Effect of Foreign Ending Balance Current Year (in cash or in kind) Currency Balance Fiscal year ended June 30, 2019 $ 391 $ 660 $ (709 ) $ (1 ) $ 341 Fiscal year ended June 30, 2018 $ 548 $ 844 $ (1,006 ) $ 5 $ 391 Fiscal year ended June 30, 2017 $ 370 $ 631 $ (453 ) $ - $ 548 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary Of Property And Equipment | June 30, 2019 June 30, 2018 Building and Land $ 7,647 $ 7,844 Machinery and Equipment 11,616 14,578 Furniture and Fixtures 1,286 1,060 Total Property and Equipment, gross 20,549 23,482 Less: Accumulated Depreciation (14,011 ) (16,869 ) Total Property and Equipment, net $ 6,538 $ 6,613 |
Severance, Impairment And Oth_2
Severance, Impairment And Other Charges (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Severance Impairment And Other Charges [Abstract] | |
Summary Of Severance, Impairment And Other Charges | The charges recorded as Severance, Impairment and Other Charges are as follows (in thousands): Fiscal Years Ended June 30, 2019 2018 Severance and Related Costs $ 135 $ (13 ) Court Award / Settlement (609 ) 675 Receivable and Inventory Write-Off - (59 ) Impairments of Goodwill and Intangible Assets 7,404 - Total $ 6,930 $ 603 |
Schedule Of Restructuring Reserve Reconciliation | The following table reconciles the activity for the Reserve for Restructuring and Other Charges (in thousands): 2019 2018 Balance at beginning of year $ 675 $ 1,113 Accruals - Severance Related 135 (13 ) Accruals / Adjustments - Court Award / Settlement (609 ) 675 Payments (157 ) (1,100 ) Balance at end of year $ 44 $ 675 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule Of Future Minimum Rental Payments For Operating Leases | The following is a summary, as of June 30, 2019 Years Ending June 30, Minimum Rentals 2020 $ 834 2021 711 2022 492 2023 398 2024 and beyond 1,888 $ 4,323 |
Employee Stock Purchase Plan (T
Employee Stock Purchase Plan (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Employee Stock Purchase Plan [Abstract] | |
Schedule of Employee Stock Purchase Plan Activity | Purchase Period Ended June 30, 2019 2018 Non-cash stock-based compensation expense $ 10 $ 10 Common shares purchased 1 5 Average purchase price per share $ 8.26 $ 5.95 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary Of Stock Option Activity | Activity under these Plans is shown in the following tables: Fiscal Year 2019 Fiscal Year 2018 Weighted Aggregate Weighted Aggregate Average Intrinsic Average Intrinsic Exercise Value (1) Exercise Value (1) Shares subject to option Shares Price ($000) Shares Price ($000) Outstanding at beginning of period 635,036 $ 7.02 622,636 $ 7.26 New Grants (based on fair value of common stock at dates of grant) 8,000 $ 8.28 100,000 $ 7.95 Exercised (55,445 ) $ 5.73 (52,000 ) $ 8.81 Expired (10,900 ) $ 3.63 (34,000 ) $ 9.99 Forfeited (9,570 ) $ 7.78 (1,600 ) $ 10.55 Outstanding at end of period 567,121 $ 7.22 $ - 635,036 $ 7.02 $ 2,269 Exercisable at end of period 436,953 $ 7.16 $ - 384,805 $ 6.87 $ 1,445 (1) The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of stock options exercised during the fiscal years ended June 30, 2019 and 2018 were $160,000 and $87,000, respectively. during the fiscal years ended June 30, 2019 and 2018 were $413,000 and $400,000, respectively |
Schedule Of Stock Option Valuation Assumptions | The estimated fair value as of the date options were granted during the periods presented using the Black-Scholes option-pricing model, was as follows: 2019 2018 Weighted average estimated fair value per share of options granted during the period $ 3.91 $ 3.96 Assumptions: Dividend yield - - Common stock price volatility 43.50 % 49.01 % Risk free rate of return 2.56 % 1.81 % Expected option term (in years) 6.6 5.4 |
Summary Of Shares Authorized Under Stock Option Plans, By Exercise Price Range | The following table summarizes information about stock options at June 30, 2019 Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Remaining Exercise Exercise Range of Exercise Prices Shares Contractual Life Price Shares Price $ 2.80 to $ 4.87 20,000 6.88 $ 4.87 20,000 $ 4.87 5.70 to 8.81 508,121 6.83 $ 7.00 377,953 $ 6.86 8.94 to 14.01 39,000 4.26 $ 11.26 39,000 $ 11.26 $ 2.80 to 14.01 567,121 6.65 $ 7.22 436,953 $ 7.16 |
Summary Of Restricted Stock And Restricted Stock Unit Awards Issued | A summary of the status of restricted stock and restricted stock unit awards issued at June 30, 2019 Weighted Average Nonvested Grant Date Shares Fair Value Nonvested at June 30, 2018 77,570 $ 7.77 Granted 51,650 7.21 Vested (25,857 ) 7.77 Forfeited or expired (9,943 ) 7.44 Nonvested at June 30, 2019 93,420 $ 7.49 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of (Loss) Income from Continuing Operations before Income Taxes | 2019 2018 U.S. $ (661 ) $ 2,228 Foreign (6,342 ) 2,261 Total $ (7,003 ) $ 4,489 |
Schedule of Components of Income Tax Expense (Benefit) | 2019 2018 (As Revised) Current (provision) benefit: U.S. Federal, State & Other $ 305 $ (75 ) Foreign (289 ) (1,213 ) Deferred taxes U.S. (274 ) 308 Foreign 470 464 Total (provision) benefit $ 212 $ (516 ) |
Schedule of Components of Deferred Taxes | 2019 2018 (As Revised) Benefit of net operating losses $ 8,749 $ 7,334 Tax credit carry-forwards 6,776 7,475 Deferred revenue 781 1,668 Impaired investment 691 677 Property and intangible assets 436 61 Other 1,390 1,885 Deferred tax asset 18,823 19,100 Valuation allowance (17,976 ) (17,845 ) Total deferred tax assets 847 1,255 Deferred tax liabilities - basis difference and amortization (268 ) (838 ) Net deferred taxes $ 579 $ 417 |
Schedule of Reconciliation of Income Tax Rate to Effective Tax Rate | 2019 2018 (As Revised) Provision at U.S. statutory rate 21.0 % 28.1 % Net effect of taxes on foreign activities (7.2 %) 2.7 % Tax effect of U.S. permanent differences (5.8 %) 0.5 % State taxes and other, net (4.1 %) 0.2 % Stock-based compensation 0.1 % 1.3 % Other 0.0 % (6.2 %) Valuation allowance (1.0 %) (15.1 %) Effective tax rate 3.0 % 11.5 % |
Schedule of Unrecognized Tax Benefits and Uncertain Tax Positions | 2019 Balance, at June 30, 2018 $ 73 Increases for tax positions related to the current year - Increases for tax positions related to the prior year 234 Reduction due to lapse in statute of limitation (73 ) Balance, at June 30, 2019 $ 234 |
Segment And Geographic Inform_2
Segment And Geographic Information (Tables) | 12 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule Of Sales and Long-Lived Assets, Net By Geographical Regions | Sales and Long-lived assets, net by our geographical regions are as follows (in thousands): Geographical Regions Americas Europe (1) Asia (2) Consolidated Twelve months ended June 30, 2019 Net sales $ 25,173 $ 34,563 $ 17,086 $ 76,822 Tangible long-lived assets, net 4,773 1,490 275 6,538 Twelve months ended June 30, 2018 Net sales $ 34,720 $ 33,492 $ 16,481 $ 84,693 Tangible long-lived assets, net 4,883 1,541 189 6,613 (1) Our German subsidiary had net external sales of $24.7 million and $23.2 million in the fiscal years ended June 30, 2019 and 2018, respectively. Tangible long-lived assets, net of our German subsidiary were $209,000 and $173,000 as of June 30, 2019 and 2018, respectively. Our Italian subsidiary had net external sales of $9.9 million and $10.3 million in the fiscal years ended June 30, 2019 and 2018, respectively. Tangible long-lived assets, net of our Italian subsidiary were $1,166,000 and $1,263,000 as of June 30, 2019 and 2018, respectively. (2) Our Chinese subsidiary had net external sales of $13.4 million and $14.0 million in the fiscal years ended June 30, 2019 and 2018, respectively. Tangible long-lived assets, net of our Chinese subsidiary were $97,000 and $71,000 as of June 30, 2019 and 2018, respectively. |
Schedule Of Sales By Major Product Line | Sales by our product lines are as follows (in thousands): Fiscal Year Ended, June 30, Product Lines 2019 2018 Measurement Solutions $ 70,142 $ 77,235 3D Scanning Solutions 3,075 2,729 Value Added Service 3,605 4,729 Total Net Sales $ 76,822 $ 84,693 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2017USD ($) | Jul. 01, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Revenues impacted included in modified transition method adjustment | $ 76,822,000 | $ 84,693,000 | $ 77,947,000 | |||
Timing for satisfying performance obligation in contract with customer | Delivery of all performance obligations in an order will typically occur over a three to 15-month period after the order is received. | |||||
Shares excluded from the computation of diluted EPS | shares | 122,000 | 23,000 | ||||
Cash and cash equivalents | $ 4,585,000 | $ 5,830,000 | $ 4,585,000 | $ 5,830,000 | ||
Non-cash impairment loss related to definite-lived intangible assets | 1,384,000 | |||||
Non-cash goodwill impairment charge | (6,020,000) | (6,020,000) | ||||
Goodwill | $ 1,800,000 | 8,000,000 | 1,800,000 | 8,000,000 | ||
Total Comprehensive Income (Loss) | $ (7,774,000) | 4,598,000 | 584,000 | |||
Net change in net cash provided by operating activities due to revision | $ 0 | 0 | ||||
As Previously Reported [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Revenues impacted included in modified transition method adjustment | 84,693,000 | 77,947,000 | ||||
Total Comprehensive Income (Loss) | $ 4,339,000 | $ 331,000 | ||||
Measurement Input Discount Rate [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Discount rate used in annual valuation | 0.160 | 0.160 | ||||
Customer/Distributor Relationships [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortization period | 5 years | |||||
Trade Name [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortization period | 10 years | |||||
Software [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Amortization period | 5 years | |||||
Building [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 40 years | |||||
Other Current Assets [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Capitalized commissions | $ 164,000 | $ 164,000 | ||||
Selling, General and Administrative Expenses [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Commission expense recognized | 969,000 | |||||
Foreign Bank Accounts [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cash and cash equivalents | $ 3,808,000 | $ 3,808,000 | ||||
Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Delivery time of multi-element order | 3 months | |||||
Accounts receivable maturity period | 30 days | |||||
Minimum [Member] | Subsequent Event [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
ROU asset | $ 4,000,000 | |||||
Lease liability | 4,000,000 | |||||
Minimum [Member] | Machinery and Equipment [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 3 years | |||||
Minimum [Member] | Furniture and Fixtures [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 3 years | |||||
Minimum [Member] | Building Improvements [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 10 years | |||||
Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Delivery time of multi-element order | 15 months | |||||
Accounts receivable maturity period | 60 days | |||||
Maximum [Member] | Subsequent Event [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
ROU asset | 4,500,000 | |||||
Lease liability | $ 4,500,000 | |||||
Maximum [Member] | Machinery and Equipment [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 15 years | |||||
Maximum [Member] | Furniture and Fixtures [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 15 years | |||||
Maximum [Member] | Building Improvements [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Property, plant and equipment, estimated useful lives | 15 years | |||||
ASC 606 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Net impact on retained earnings (deficit) | $ 2,049,000 | |||||
Measurement Solutions and Value Added Services [Member] | ASC 606 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Revenues impacted included in modified transition method adjustment | $ 3,800,000 | |||||
In-Line And Near-Line Measurement Solutions [Member] | Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Standard product warranty period | 1 year | |||||
In-Line And Near-Line Measurement Solutions [Member] | Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Standard product warranty period | 3 years | |||||
Labor And Travel Related [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Standard product warranty period | 1 year | |||||
TriCam Sensors [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Standard product warranty period | 3 years | |||||
ScanWorks [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Standard product warranty period | 1 year | |||||
WheelWorks [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Standard product warranty period | 2 years | |||||
Off-Line Measurement Solutions [Member] | Minimum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Standard product warranty period | 12 months | |||||
Off-Line Measurement Solutions [Member] | Maximum [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Standard product warranty period | 15 months |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Summary of Cumulative Effect of Changes to Financial Statements) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
ASSETS | ||||
Unbilled receivables | $ 5,394 | $ 1,864 | ||
Inventories | 10,810 | $ 13,829 | ||
Other current assets | 1,529 | 1,327 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Deferred revenue | 6,649 | 7,454 | 9,430 | |
Long-Term Deferred Income Tax Liability | 41 | 638 | $ 51 | |
Retained earnings | (4,175) | 567 | $ (3,406) | |
ASC 606 [Member] | ||||
ASSETS | ||||
Unbilled receivables | 1,864 | |||
Inventories | 12,479 | |||
Other current assets | 1,376 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Deferred revenue | 7,454 | |||
Long-Term Deferred Income Tax Liability | 1,128 | |||
Retained earnings | $ 2,616 | |||
ASC 606 Adjustments [Member] | ASC 606 [Member] | ||||
ASSETS | ||||
Unbilled receivables | (5,394) | 1,864 | ||
Inventories | 3,970 | (1,350) | ||
Other current assets | (165) | 49 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Deferred revenue | 2,489 | (1,976) | ||
Long-Term Deferred Income Tax Liability | 490 | |||
Retained earnings | $ (3,745) | $ 2,049 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Summary of Revision of Previously Issued Financial Statements - Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 |
ASSETS | |||
Total Assets | $ 62,838 | $ 74,204 | $ 70,615 |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current Liabilities | 20,201 | 25,838 | 28,155 |
Long-Term Deferred Taxes | 41 | 638 | 51 |
Long-Term Taxes Payable and Other Long-Term Liabilities | 1,051 | 1,754 | |
Total Liabilities | 20,912 | 27,527 | 29,960 |
Shareholders' Equity | |||
Preferred stock - no par value | 0 | 0 | 0 |
Common stock, $0.01 par value, authorized 19,000 shares, issued and outstanding 9,656 and 9,554, respectively | 97 | 96 | 94 |
Accumulated other comprehensive income (loss) | (3,079) | (2,096) | (2,721) |
Additional paid-in capital | 49,083 | 48,110 | 46,688 |
Retained (deficit) earnings | (4,175) | 567 | (3,406) |
Total shareholders' equity | 41,926 | 46,677 | 40,655 |
Total Liabilities and Shareholders' Equity | $ 62,838 | 74,204 | 70,615 |
As Previously Reported [Member] | |||
ASSETS | |||
Total Assets | 74,204 | 70,615 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current Liabilities | 25,838 | 28,155 | |
Long-Term Deferred Taxes | 1,717 | 871 | |
Long-Term Taxes Payable and Other Long-Term Liabilities | 1,051 | 1,754 | |
Total Liabilities | 28,606 | 30,780 | |
Shareholders' Equity | |||
Preferred stock - no par value | 0 | 0 | |
Common stock, $0.01 par value, authorized 19,000 shares, issued and outstanding 9,656 and 9,554, respectively | 96 | 94 | |
Accumulated other comprehensive income (loss) | (2,098) | (2,721) | |
Additional paid-in capital | 48,110 | 46,688 | |
Retained (deficit) earnings | (510) | (4,226) | |
Total shareholders' equity | 45,598 | 39,835 | |
Total Liabilities and Shareholders' Equity | 74,204 | 70,615 | |
Adjustment [Member] | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Long-Term Deferred Taxes | (1,079) | (820) | |
Total Liabilities | (1,079) | (820) | |
Shareholders' Equity | |||
Preferred stock - no par value | 0 | 0 | |
Accumulated other comprehensive income (loss) | 2 | ||
Retained (deficit) earnings | 1,077 | 820 | |
Total shareholders' equity | $ 1,079 | $ 820 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Summary of Revision of Previously Issued Financial Statements - Balance Sheet) (Parenthetical) (Details) - $ / shares | Jun. 30, 2019 | Jun. 30, 2018 |
Prior Period Adjustment [Abstract] | ||
Preferred stock, par value | $ 0 | $ 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Summary of Revision of Previously Issued Financial Statements - Consolidated Statement of Operations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Net Sales | $ 76,822 | $ 84,693 | $ 77,947 |
Cost of Sales | 49,630 | 52,693 | 50,178 |
Gross Profit | 27,192 | 32,000 | 27,769 |
Operating Expenses | 33,950 | 27,052 | 25,950 |
Operating Income | (6,758) | 4,948 | 1,819 |
Other Income and (Expense) | (245) | (459) | (557) |
Income Before Income Taxes | (7,003) | 4,489 | 1,262 |
Income Tax Benefit (Expense) | 212 | (516) | (1,177) |
Net (Loss) Income | $ (6,791) | $ 3,973 | $ 85 |
(Loss) Income Per Common Share | |||
Basic | $ (0.71) | $ 0.42 | $ 0.01 |
Diluted | $ (0.71) | $ 0.41 | $ 0.01 |
Weighted Average Common Shares Outstanding | |||
Basic | 9,612 | 9,469 | 9,382 |
Dilutive effect of stock options | 0 | 110 | |
Diluted | 9,612 | 9,579 | 9,382 |
As Previously Reported [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Net Sales | $ 84,693 | $ 77,947 | |
Cost of Sales | 52,693 | 50,178 | |
Gross Profit | 32,000 | 27,769 | |
Operating Expenses | 27,052 | 25,950 | |
Operating Income | 4,948 | 1,819 | |
Other Income and (Expense) | (459) | (557) | |
Income Before Income Taxes | 4,489 | 1,262 | |
Income Tax Benefit (Expense) | (773) | (1,430) | |
Net (Loss) Income | $ 3,716 | $ (168) | |
(Loss) Income Per Common Share | |||
Basic | $ 0.39 | $ (0.02) | |
Diluted | $ 0.39 | $ (0.02) | |
Weighted Average Common Shares Outstanding | |||
Basic | 9,469 | 9,382 | |
Dilutive effect of stock options | 110 | ||
Diluted | 9,579 | 9,382 | |
Adjustment [Member] | |||
Error Corrections And Prior Period Adjustments Restatement [Line Items] | |||
Income Tax Benefit (Expense) | $ 257 | $ 253 | |
Net (Loss) Income | $ 257 | $ 253 | |
(Loss) Income Per Common Share | |||
Basic | $ 0.03 | $ 0.03 | |
Diluted | $ 0.02 | $ 0.03 |
Information About Major Custo_2
Information About Major Customers (Narrative) (Details) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member] - Customer | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Automotive [Member] | ||
Concentration Risk [Line Items] | ||
Concentration | 32.00% | 41.00% |
Number of major customers | 4 | |
Manufacturing Line Builders, System Integrators and OEMs [Member] | ||
Concentration Risk [Line Items] | ||
Concentration | 9.00% | 7.00% |
Volkswagen Group [Member] | ||
Concentration Risk [Line Items] | ||
Concentration | 13.00% | 15.00% |
General Motors [Member] | ||
Concentration Risk [Line Items] | ||
Concentration | 11.00% | 17.00% |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Narrative) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2019USD ($)SegmentProductLine | |
Revenue From Contract With Customer [Abstract] | |
Number of operating segments | 3 |
Number of reportable segments | 1 |
Number of product lines | ProductLine | 3 |
Contract with customer, liability, revenue recognized | $ | $ 5,454 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Summary of Revenue Disaggregated by Timing of Recognition) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Disaggregation Of Revenue [Line Items] | |||
Net Sales | $ 76,822 | $ 84,693 | $ 77,947 |
Goods Transferred At a Point of Time [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net Sales | 57,784 | ||
Services Transferred Over Time [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Net Sales | $ 19,038 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers (Summary of Remaining Unsatisfied Performance Obligations) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of remaining performance obligations | $ 894 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of remaining performance obligations | $ 780 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of remaining performance obligations | $ 114 |
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 remaining performance obligations | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of remaining performance obligations | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of remaining performance obligations | $ 0 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue from Contracts with C_6
Revenue from Contracts with Customers (Summary of Remaining Unsatisfied Performance Obligations) (Details 1) $ in Thousands | Jun. 30, 2019USD ($) |
Revenue From Contract With Customer [Abstract] | |
Estimated recognition of remaining performance obligations | $ 894 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers (Summary of Current Balances of Contract Balances) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |||
Unbilled receivables | $ 5,394 | $ 1,864 | |
Deferred revenue | (6,649) | (7,454) | $ (9,430) |
Net Unbilled receivables / (Deferred revenue) | (1,255) | $ (5,590) | |
Unbilled receivables, Increase / (Decrease) | 3,530 | ||
Deferred revenue, Increase / (Decrease) | 805 | ||
Net Increase / (Decrease), Unbilled receivables / (Deferred revenue) | $ 4,335 |
Revenue from Contracts with C_8
Revenue from Contracts with Customers (Summary of Cumulative Effect of Changes to Unaudited Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jul. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Current Assets | ||||
Cash and cash equivalents | $ 4,585 | $ 5,830 | ||
Short-term investments | 1,431 | 877 | ||
Receivables: | ||||
Billed receivables, net | 27,449 | 31,797 | ||
Unbilled receivables, net | 5,394 | $ 1,864 | ||
Other receivables | 200 | 346 | ||
Inventories, net | 10,810 | 13,829 | ||
Other current assets | 1,529 | 1,327 | ||
Total current assets | 51,398 | 54,006 | ||
Property and Equipment, Net | 6,538 | 6,613 | ||
Goodwill | 1,741 | 7,985 | $ 7,793 | |
Intangible assets, Net | 1,816 | 3,820 | ||
Long-Term Investment | 725 | 725 | ||
Long-Term Deferred Income Tax Assets | 620 | 1,055 | ||
Total Assets | 62,838 | 74,204 | 70,615 | |
Current Liabilities | ||||
Line of credit and short-term notes payable | 175 | |||
Accounts payable | 7,397 | 7,592 | ||
Accrued liabilities and expenses | 3,609 | 3,517 | ||
Accrued compensation | 1,646 | 3,155 | ||
Current portion of taxes payable | 320 | 526 | ||
Income taxes payable | 536 | 768 | ||
Reserves for restructuring and other charges | 44 | 675 | ||
Deferred revenue | 6,649 | 7,454 | 9,430 | |
Total current liabilities | 20,201 | 25,838 | 28,155 | |
Long-Term Taxes Payable | 114 | 450 | ||
Long-Term Deferred Income Tax Liability | 41 | 638 | 51 | |
Other Long-Term Liabilities | 556 | 601 | ||
Total Liabilities | 20,912 | 27,527 | 29,960 | |
Shareholders' Equity | ||||
Preferred stock, no par value, authorized 1,000 shares, issued none | 0 | 0 | 0 | |
Common stock | 97 | 96 | 94 | |
Accumulated other comprehensive loss | (3,079) | (2,096) | (2,721) | |
Additional paid-in capital | 49,083 | 48,110 | 46,688 | |
Retained deficit | (4,175) | 567 | (3,406) | |
Total shareholders' equity | 41,926 | 46,677 | 40,655 | |
Total Liabilities and Shareholders' Equity | 62,838 | 74,204 | $ 70,615 | |
ASC 606 [Member] | ||||
Receivables: | ||||
Unbilled receivables, net | 1,864 | |||
Inventories, net | 12,479 | |||
Other current assets | 1,376 | |||
Current Liabilities | ||||
Deferred revenue | 7,454 | |||
Long-Term Deferred Income Tax Liability | 1,128 | |||
Shareholders' Equity | ||||
Retained deficit | $ 2,616 | |||
ASC 606 Adjustments [Member] | ASC 606 [Member] | ||||
Receivables: | ||||
Unbilled receivables, net | (5,394) | 1,864 | ||
Inventories, net | 3,970 | (1,350) | ||
Other current assets | (165) | 49 | ||
Total current assets | (1,589) | |||
Long-Term Deferred Income Tax Assets | 333 | |||
Total Assets | (1,256) | |||
Current Liabilities | ||||
Deferred revenue | 2,489 | (1,976) | ||
Total current liabilities | 2,489 | |||
Long-Term Deferred Income Tax Liability | 490 | |||
Total Liabilities | 2,489 | |||
Shareholders' Equity | ||||
Preferred stock, no par value, authorized 1,000 shares, issued none | 0 | |||
Retained deficit | (3,745) | $ 2,049 | ||
Total shareholders' equity | (3,745) | |||
Total Liabilities and Shareholders' Equity | (1,256) | |||
Balances Without Adoption of ASC 606 [Member] | ASC 606 [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 4,585 | |||
Short-term investments | 1,431 | |||
Receivables: | ||||
Billed receivables, net | 27,449 | |||
Other receivables | 200 | |||
Inventories, net | 14,780 | |||
Other current assets | 1,364 | |||
Total current assets | 49,809 | |||
Property and Equipment, Net | 6,538 | |||
Goodwill | 1,741 | |||
Intangible assets, Net | 1,816 | |||
Long-Term Investment | 725 | |||
Long-Term Deferred Income Tax Assets | 953 | |||
Total Assets | 61,582 | |||
Current Liabilities | ||||
Accounts payable | 7,397 | |||
Accrued liabilities and expenses | 3,609 | |||
Accrued compensation | 1,646 | |||
Current portion of taxes payable | 320 | |||
Income taxes payable | 536 | |||
Reserves for restructuring and other charges | 44 | |||
Deferred revenue | 9,138 | |||
Total current liabilities | 22,690 | |||
Long-Term Taxes Payable | 114 | |||
Long-Term Deferred Income Tax Liability | 41 | |||
Other Long-Term Liabilities | 556 | |||
Total Liabilities | 23,401 | |||
Shareholders' Equity | ||||
Preferred stock, no par value, authorized 1,000 shares, issued none | 0 | |||
Common stock | 97 | |||
Accumulated other comprehensive loss | (3,079) | |||
Additional paid-in capital | 49,083 | |||
Retained deficit | (7,920) | |||
Total shareholders' equity | 38,181 | |||
Total Liabilities and Shareholders' Equity | $ 61,582 |
Revenue from Contracts with C_9
Revenue from Contracts with Customers (Summary of Cumulative Effect of Changes to Unaudited Consolidated Statement of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Sales | $ 76,822 | $ 84,693 | $ 77,947 |
Cost of Sales | 49,630 | 52,693 | 50,178 |
Gross Profit | 27,192 | 32,000 | 27,769 |
Operating Expenses | |||
Selling, general and administrative | 18,980 | 18,469 | |
Engineering, research and development | 8,040 | 7,980 | |
Severance, impairment and other charges | 6,930 | 603 | |
Total operating expenses | 33,950 | 27,052 | 25,950 |
Operating (Loss) Income | (6,758) | 4,948 | 1,819 |
Other Income and (Expenses) | |||
Interest expense, net | (252) | (181) | |
Foreign currency loss, net | (90) | (397) | |
Other income (expense), net | 97 | 119 | |
Total other income and (expense) | (245) | (459) | (557) |
(Loss) Income Before Income Taxes | (7,003) | 4,489 | 1,262 |
Income Tax (Expense) Benefit | 212 | (516) | (1,177) |
Net (Loss) Income | (6,791) | $ 3,973 | $ 85 |
ASC 606 Adjustments [Member] | ASC 606 [Member] | |||
Net Sales | (4,043) | ||
Cost of Sales | (2,506) | ||
Gross Profit | (1,537) | ||
Operating Expenses | |||
Selling, general and administrative | 2 | ||
Total operating expenses | 2 | ||
Operating (Loss) Income | (1,539) | ||
Other Income and (Expenses) | |||
(Loss) Income Before Income Taxes | (1,539) | ||
Income Tax (Expense) Benefit | (157) | ||
Net (Loss) Income | (1,696) | ||
Balances Without Adoption of ASC 606 [Member] | ASC 606 [Member] | |||
Net Sales | 72,779 | ||
Cost of Sales | 47,124 | ||
Gross Profit | 25,655 | ||
Operating Expenses | |||
Selling, general and administrative | 18,982 | ||
Engineering, research and development | 8,040 | ||
Severance, impairment and other charges | 6,930 | ||
Total operating expenses | 33,952 | ||
Operating (Loss) Income | (8,297) | ||
Other Income and (Expenses) | |||
Interest expense, net | (252) | ||
Foreign currency loss, net | (90) | ||
Other income (expense), net | 97 | ||
Total other income and (expense) | (245) | ||
(Loss) Income Before Income Taxes | (8,542) | ||
Income Tax (Expense) Benefit | 55 | ||
Net (Loss) Income | $ (8,487) |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts (Schedule of Changes in Allowance for Doubtful Accounts) (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 404 | $ 253 | $ 269 |
Expenses | 219 | 195 | 22 |
Charge-offs | (82) | (44) | (38) |
Ending Balance | $ 541 | $ 404 | $ 253 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Inventory, net of reserves | $ 1,778 | $ 2,115 |
Inventory (Schedule of Componen
Inventory (Schedule of Components of Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Component parts | $ 5,229 | $ 5,156 |
Work in process | 1,383 | 3,525 |
Finished goods | 4,198 | 5,148 |
Total | $ 10,810 | $ 13,829 |
Inventory (Schedule of Reserves
Inventory (Schedule of Reserves for Obsolescence) (Details) - Inventory Reserve For Obsolescence [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 2,115 | $ 1,918 | $ 1,608 |
Costs and Expenses | 204 | 785 | 375 |
Charge-offs | (541) | (588) | (65) |
Ending Balance | $ 1,778 | $ 2,115 | $ 1,918 |
Goodwill (Summary of Goodwill)
Goodwill (Summary of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Business Combination Goodwill [Abstract] | |||
Balance at beginning of year | $ 7,985 | $ 7,793 | |
Impairment | $ (6,020) | (6,020) | |
Impact of foreign currency | (224) | 192 | |
Balance at end of year | $ 1,741 | $ 1,741 | $ 7,985 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Business Combination Goodwill [Abstract] | |||
Non-cash goodwill impairment charge | $ (6,020) | $ (6,020) | |
Goodwill | $ 1,800 | $ 1,800 | $ 8,000 |
Intangible Assets (Summary Of C
Intangible Assets (Summary Of Change In Other Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,674 | $ 7,529 |
Impairments | (1,384) | |
Impact of foreign currency | (15) | |
Accumulated Amortization | (4,459) | (3,709) |
Total intangibles | 1,816 | 3,820 |
Customer/Distributor Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,249 | 3,329 |
Impairments | (589) | |
Impact of foreign currency | (7) | |
Accumulated Amortization | (2,653) | (2,219) |
Total intangibles | 0 | 1,110 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,523 | 2,586 |
Impairments | (795) | |
Impact of foreign currency | (8) | |
Accumulated Amortization | (1,059) | (862) |
Total intangibles | 661 | 1,724 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,902 | 1,490 |
Accumulated Amortization | (747) | (504) |
Total intangibles | 1,155 | 986 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 124 |
Accumulated Amortization | 0 | (124) |
Total intangibles | $ 0 | $ 0 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 956 | $ 1,168 | |
Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 5 years 3 months 18 days | ||
Customer/Distributor Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Non-cash definite-lived asset impairment loss | $ 600 | ||
Amortization period | 5 years | ||
Trade Name [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Non-cash definite-lived asset impairment loss | $ 800 |
Intangible Assets (Summary Of E
Intangible Assets (Summary Of Estimated Amortization) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2020 | $ 344 | |
2021 | 352 | |
2022 | 388 | |
2023 | 354 | |
2024 | 300 | |
after 2024 | 78 | |
Total intangibles | $ 1,816 | $ 3,820 |
Short-Term And Long-Term Inve_3
Short-Term And Long-Term Investments (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | $ 1,431 | $ 877 |
Long-term investments | 725 | 725 |
Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 258 | $ 166 |
Preferred Stock [Member] | Accounting Standards Update 2016-01 [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Investment | 725 | |
Long-term investments | $ 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 | Jun. 30, 2019 | Jun. 30, 2018 |
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | $ 1,431 | $ 877 |
Long-term investments | 725 | 725 |
Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 258 | 166 |
Cost [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 1,431 | 877 |
Long-term investments | 3,700 | 3,700 |
Total Investments | 5,131 | 4,577 |
Cost [Member] | Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 258 | 166 |
Cost [Member] | Mutual Funds [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 23 | |
Cost [Member] | Time/Fixed Deposits [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 1,173 | 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 | 1,431 | 877 |
Long-term investments | 725 | 725 |
Total Investments | 2,156 | 1,602 |
Fair Value Or Carrying Value [Member] | Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 258 | 166 |
Fair Value Or Carrying Value [Member] | Mutual Funds [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 23 | |
Fair Value Or Carrying Value [Member] | Time/Fixed Deposits [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 1,173 | 688 |
Fair Value Or Carrying Value [Member] | Preferred Stock [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Long-term investments | $ 725 | $ 725 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Investments Measured And Recorded At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Short-term investments | $ 1,431 | $ 877 |
Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Short-term investments | 23 | |
Time/Fixed Deposits And Bank Guarantees [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Short-term investments | 1,431 | 854 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Short-term investments | 23 | |
Level 1 [Member] | Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Short-term investments | 23 | |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Short-term investments | 1,431 | 854 |
Level 2 [Member] | Time/Fixed Deposits And Bank Guarantees [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Short-term investments | $ 1,431 | $ 854 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other-than-temporary impairments | $ 0 | ||
Non-cash goodwill impairment charge | $ (6,020,000) | $ (6,020,000) | |
Goodwill | 1,800,000 | 1,800,000 | 8,000,000 |
Assets measured at fair value | $ 2,402,000 | $ 2,402,000 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Assets measured at fair value | 0 | ||
Liabilities measured at fair value | $ 0 |
Fair Value Measurements (Summ_2
Fair Value Measurements (Summary of Fair Value of Assets and Liabilities Measured on Nonrecurring Basis) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Goodwill | $ 1,741 |
Trade Name | 661 |
Total | 2,402 |
Level 3 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Goodwill | 1,741 |
Trade Name | 661 |
Total | $ 2,402 |
Warranties (Schedule of Product
Warranties (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Product Warranties Disclosures [Abstract] | |||
Beginning Balance | $ 391 | $ 548 | $ 370 |
Accruals - Current Year | 660 | 844 | 631 |
Settlements/Claims (in cash or in kind) | (709) | (1,006) | (453) |
Effect of Foreign Currency | (1) | 5 | |
Ending Balance | $ 341 | $ 391 | $ 548 |
Property And Equipment (Summary
Property And Equipment (Summary Of Property And Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | $ 20,549 | $ 23,482 |
Less: Accumulated Depreciation | (14,011) | (16,869) |
Property and Equipment, Net | 6,538 | 6,613 |
Building and Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | 7,647 | 7,844 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | 11,616 | 14,578 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | $ 1,286 | $ 1,060 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | ||
Depreciation | $ 1,072 | $ 1,108 |
Severance, Impairment And Oth_3
Severance, Impairment And Other Charges (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2016 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | |
Severance, Impairment and Other Charges [Line Items] | ||||||
Headcount reduction | 11.00% | |||||
Impairment | $ (6,020) | $ (6,020) | ||||
Impairment of intangible assets | $ 1,384 | |||||
Accruals - Severance Related | 135 | $ (13) | ||||
U.S. [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Accruals - Severance Related | 125 | 2 | ||||
Germany [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Accruals - Severance Related | 10 | |||||
China [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Accruals - Severance Related | $ (15) | |||||
Cost Reduction Plan [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Cash pre-tax charges | $ 100 | |||||
Trade Secrets Case [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Accrual for judgment/settlement | $ 675 | |||||
Net payments due to settlement with defendants | $ 66 |
Severance, Impairment And Oth_4
Severance, Impairment And Other Charges (Summary Of Severance, Impairment And Other Charges) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Severance Impairment And Other Charges [Abstract] | ||
Severance and Related Costs | $ 135 | $ (13) |
Court Award / Settlement | (609) | 675 |
Receivable and Inventory Write-Off | (59) | |
Impairments of Goodwill and Intangible Assets | 7,404 | |
Total | $ 6,930 | $ 603 |
Severance, Impairment And Oth_5
Severance, Impairment And Other Charges (Schedule Of Restructuring Reserve Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Severance Impairment And Other Charges [Abstract] | ||
Balance at beginning of year | $ 675 | $ 1,113 |
Accruals - Severance Related | 135 | (13) |
Accruals / Adjustments - Court Award / Settlement | (609) | 675 |
Payments | (157) | (1,100) |
Balance at end of year | $ 44 | $ 675 |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) | Dec. 04, 2017USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019EUR (€) | Jun. 30, 2019USD ($) | Jun. 30, 2019BRL (R$) | Jun. 30, 2018USD ($) |
Line of Credit Facility [Line Items] | ||||||
Short-term notes payable | $ 0 | $ 0 | $ 175,000 | |||
Coord3 [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Manufacturing facility, last principal payments | $ 17,000 | € 15,000 | ||||
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 | $ 78,000 | $ 78,000 | R$ 300000 | |||
Credit facility, amount outstanding | $ 0 | $ 0 | $ 0 | |||
Brazilian Subsidiary [Member] | Foreign Credit Lines And Overdraft Facilities [Member] | Minimum [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Monthly 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 | $ 3,000,000 | ||||
Credit facility, additional available borrowing capacity | 4,200,000 | $ 4,200,000 | ||||
Interest on LIBOR-based advances, basis spread | 2.65% | |||||
Credit facility, amount outstanding | $ 0 | $ 0 | ||||
Prepayment fees | $ 0 |
Other Long-Term Liabilities (Na
Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Other Long-Term Liabilities | $ 556 | $ 601 |
Commitments And Contingencies_2
Commitments And Contingencies (Schedule Of Future Minimum Rental Payments For Operating Leases) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Operating Leases, 2020 | $ 834 |
Operating Leases, 2021 | 711 |
Operating Leases, 2022 | 492 |
Operating Leases, 2023 | 398 |
Operating Leases, 2024 and beyond | 1,888 |
Total minimum lease payments | $ 4,323 |
Commitments And Contingencies_3
Commitments And Contingencies (Narrative) (Details) $ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Jan. 31, 2019USD ($) | Jan. 31, 2018USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018CAD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Loss Contingencies [Line Items] | ||||||||
Rental expenses | $ 845 | $ 884 | ||||||
Preliminary tax assessment | $ 923 | $ 1,218 | ||||||
Maximum [Member] | U.S. Employee [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Interest and penalties | $ 300 | |||||||
Minimum [Member] | U.S. Employee [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Accrual related to settlement | 200 | $ 200 | ||||||
Interest and penalties | $ 200 | |||||||
Trade Secrets Case [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Judgment awarded | $ 675 | |||||||
Accrual related to settlement | $ 675 | |||||||
Net payments due to settlement with defendants | $ 66 |
401(k) Plan (Narrative) (Detail
401(k) Plan (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | ||
Employer discretionary contribution amount | $ 402 | $ 281 |
Employee Stock Purchase Plan (N
Employee Stock Purchase Plan (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2019shares | |
Employee Stock Purchase Plan [Abstract] | |
Purchase price of common stock - percentage of its fair market value | 85.00% |
Maximum employee subscription rate | 10.00% |
Period shares purchased must be held before selling | 1 year |
Shares reserved for future issuance | 123,040 |
Employee Stock Purchase Plan (S
Employee Stock Purchase Plan (Schedule Of Employee Stock Purchase Plan) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Employee Stock Purchase Plan [Abstract] | ||
Non-cash stock-based compensation expense | $ 10 | $ 10 |
Common shares purchased | 1 | 5 |
Average purchase price per share | $ 8.26 | $ 5.95 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 12 Months Ended | |
Jun. 30, 2019USD ($)Targetshares | Jun. 30, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from stock plans | $ 318,000 | |
Tax benefit related to tax deductions for non-qualified options and disqualifying dispositions under all share-based payment arrangements | $ 160,000 | |
Shares available for future grants | shares | 793,797 | |
Board Of Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued to directors | shares | 15,328 | |
Shares issued to directors, value | $ 68,000 | |
Employee Stock Option [Member] | 2004 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | 390,000 | $ 336,000 |
Unrecognized compensation cost | $ 129,000 | |
Expected weighted average vesting period to recognize compensation | 1 year 2 months 12 days | |
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 | 33.33% | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock based compensation expense | $ 244,000 | 186,000 |
Expected weighted average vesting period to recognize compensation | 1 year 9 months 18 days | |
Total unrecognized compensation related to restricted stock awards | $ 286,000 | |
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 | $ 0 | $ 165,000 |
Expected weighted average vesting period to recognize compensation | 1 year 4 months 24 days | |
Total unrecognized compensation related to restricted stock awards | $ 355,000 | |
Percentage of operating income targets achieved | 161.50% | |
Performance Shares [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Threshold performance level for vesting award, percentage | 75.00% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Outstanding at beginning of period, shares | 635,036 | 622,636 | |
New Grants (based on fair value of common stock at dates of grant), shares | 8,000 | 100,000 | |
Exercised, shares | (55,445) | (52,000) | |
Expired, shares | (10,900) | (34,000) | |
Forfeited, shares | (9,570) | (1,600) | |
Outstanding at end of period, shares | 567,121 | 635,036 | |
Exercisable at end of period, shares | 436,953 | 384,805 | |
Weighted average exercise price (per share), Beginning of period | $ 7.02 | $ 7.26 | |
New Grants (based on fair value of common stock at dates of grant), weighted average exercise price (per share) | 8.28 | 7.95 | |
Exercised, weighted average exercise price (per share) | 5.73 | 8.81 | |
Expired, weighted average exercise price (per share) | 3.63 | 9.99 | |
Forfeited, weighted average exercise price (per share) | 7.78 | 10.55 | |
Weighted average exercise price (per share), End of period | 7.22 | 7.02 | |
Exercisable at end of period, weighted average exercise price (per share) | $ 7.16 | $ 6.87 | |
Outstanding at end of period, aggregate intrinsic value | [1] | $ 2,269 | |
Exercisable at end of period, aggregate intrinsic value | [1] | $ 1,445 | |
[1] | The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of stock options exercised during the fiscal years ended June 30, 2019 and 2018 were $160,000 and $87,000, respectively. during the fiscal years ended June 30, 2019 and 2018 were $413,000 and $400,000, respectively |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary Of Stock Option Activity) (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Total intrinsic value of stock options exercised during fiscal year | $ 160 | $ 87 |
Total fair value of shares vested during the fiscal years | $ 413 | $ 400 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Weighted average estimated fair value per share of options granted during the period | $ 3.91 | $ 3.96 |
Common stock price volatility | 43.50% | 49.01% |
Risk free rate of return | 2.56% | 1.81% |
Expected option term (in years) | 6 years 7 months 6 days | 5 years 4 months 24 days |
Stock-Based Compensation (Sum_3
Stock-Based Compensation (Summary Of Shares Authorized Under Stock Option Plans, By Exercise Price Range) (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices (per share), Lower Limit | $ 2.80 | ||
Range of Exercise Prices (per share), Upper Limit | $ 14.01 | ||
Options Outstanding, Shares | 567,121 | 635,036 | 622,636 |
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 7 months 24 days | ||
Options outstanding, Weighted Average Exercise Price (per share) | $ 7.22 | $ 7.02 | $ 7.26 |
Options Exercisable, Shares | 436,953 | 384,805 | |
Options Exercisable, Weighted Average Exercise Price (per share) | $ 7.16 | ||
Exercise Price Range One [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices (per share), Lower Limit | 2.80 | ||
Range of Exercise Prices (per share), Upper Limit | $ 4.87 | ||
Options Outstanding, Shares | 20,000 | ||
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 10 months 17 days | ||
Options outstanding, Weighted Average Exercise Price (per share) | $ 4.87 | ||
Options Exercisable, Shares | 20,000 | ||
Options Exercisable, Weighted Average Exercise Price (per share) | $ 4.87 | ||
Exercise Price Range Two [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices (per share), Lower Limit | 5.70 | ||
Range of Exercise Prices (per share), Upper Limit | $ 8.81 | ||
Options Outstanding, Shares | 508,121 | ||
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 9 months 29 days | ||
Options outstanding, Weighted Average Exercise Price (per share) | $ 7 | ||
Options Exercisable, Shares | 377,953 | ||
Options Exercisable, Weighted Average Exercise Price (per share) | $ 6.86 | ||
Exercise Price Range Three [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of Exercise Prices (per share), Lower Limit | 8.94 | ||
Range of Exercise Prices (per share), Upper Limit | $ 14.01 | ||
Options Outstanding, Shares | 39,000 | ||
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 3 months 3 days | ||
Options outstanding, Weighted Average Exercise Price (per share) | $ 11.26 | ||
Options Exercisable, Shares | 39,000 | ||
Options Exercisable, Weighted Average Exercise Price (per share) | $ 11.26 |
Stock-Based Compensation (Sum_4
Stock-Based Compensation (Summary Of Restricted Stock And Restricted Stock Unit Awards Issued) (Details) - Restricted Stock Units (RSUs) | 12 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Nonvested Shares | shares | 77,570 |
Granted, Nonvested Shares | shares | 51,650 |
Vested, Nonvested Shares | shares | (25,857) |
Forfeited or expired, Nonvested Shares | shares | (9,943) |
Ending Balance, Nonvested Shares | shares | 93,420 |
Beginning Balance, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 7.77 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 7.21 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 7.77 |
Forfeited or expired, Weighted Average Grant Date Fair Value | $ / shares | 7.44 |
Ending Balance, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 7.49 |
Income Taxes (Schedule of (Loss
Income Taxes (Schedule of (Loss) Income from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (661) | $ 2,228 | |
Foreign | (6,342) | 2,261 | |
(Loss) Income Before Income Taxes | $ (7,003) | $ 4,489 | $ 1,262 |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |||
Current (provision) benefit - U.S. Federal, State & Other | $ 305 | $ (75) | |
Current (provision) benefit - Foreign | (289) | (1,213) | |
Deferred taxes - U.S. | (274) | 308 | |
Deferred taxes - Foreign | 470 | 464 | |
Total (provision) benefit | $ 212 | $ (516) | $ (1,177) |
Income Taxes (Schedule of Com_2
Income Taxes (Schedule of Components of Deferred Taxes) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Income Tax Disclosure [Abstract] | ||
Benefit of net operating losses | $ 8,749 | $ 7,334 |
Tax credit carry-forwards | 6,776 | 7,475 |
Deferred revenue | 781 | 1,668 |
Impaired investment | 691 | 677 |
Property and intangible assets | 436 | 61 |
Other | 1,390 | 1,885 |
Deferred tax asset | 18,823 | 19,100 |
Valuation allowance | (17,976) | (17,845) |
Total deferred tax assets | 847 | 1,255 |
Deferred tax liabilities - basis difference and amortization | (268) | (838) |
Net deferred tax liabilities | $ 579 | $ 417 |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Income Tax Rate to Effective Tax Rate) (Details) | 12 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Provision at U.S. statutory rate | 21.00% | 28.10% |
Net effect of taxes on foreign activities | (7.20%) | 2.70% |
Tax effect of U.S. permanent differences | (5.80%) | 0.50% |
State taxes and other, net | (4.10%) | 0.20% |
Stock-based compensation | 0.10% | 1.30% |
Other | 0.00% | (6.20%) |
Valuation allowance | (1.00%) | (15.10%) |
Effective tax rate | 3.00% | 11.50% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Line Items] | |||
Federal statutory corporate tax rate | 21.00% | 28.10% | |
Re-measurement of U.S. deferred tax assets and related valuation allowance | $ 0 | ||
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 | ||
Cash payments expected to make related to Transition Tax | $ 0 | ||
Tax credit carry-forwards | $ 6,776,000 | $ 7,475,000 | |
Cumulative loss period | 3 years | ||
Unrecognized tax benefits and reserves for uncertain tax positions that would impact effective tax rate | $ 234,000 | 73,000 | |
Accrued interest or penalties related to uncertain tax positions | $ 261,000 | ||
Earliest Tax Year [Member] | German Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Open tax year | 2015 | ||
Earliest Tax Year [Member] | China Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Open tax year | 2016 | ||
Latest Tax Year [Member] | German Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Open tax year | 2019 | ||
Latest Tax Year [Member] | China Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Open tax year | 2019 | ||
Internal Revenue Service (IRS) [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforward | $ 29,400,000 | ||
Operating loss carryforward related to exercise of employee stock options | 8,300,000 | ||
Increase (decrease) in valuation allowance | (131,000) | $ (1,254,000) | |
Internal Revenue Service (IRS) [Member] | Tax Years 2021 Through 2035 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforward | 26,800,000 | ||
Internal Revenue Service (IRS) [Member] | Indefinite Period [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforward | 2,600,000 | ||
Internal Revenue Service (IRS) [Member] | Tax Years 2020 Through 2034 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carry-forwards | $ 4,600,000 | ||
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Open tax year | 2016 | ||
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |||
Income Tax Disclosure [Line Items] | |||
Open tax year | 2019 | ||
Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Federal statutory corporate tax rate | 35.00% | ||
Maximum [Member] | Internal Revenue Service (IRS) [Member] | Tax Years 2021 Through 2035 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforward, expiration date | Jun. 30, 2035 | ||
Maximum [Member] | Internal Revenue Service (IRS) [Member] | Tax Years 2020 Through 2034 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward, expiration date | Jun. 30, 2034 | ||
Minimum [Member] | Internal Revenue Service (IRS) [Member] | Tax Years 2021 Through 2035 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforward, expiration date | Jun. 30, 2021 | ||
Minimum [Member] | Internal Revenue Service (IRS) [Member] | Tax Years 2020 Through 2034 [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward, expiration date | Jun. 30, 2020 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits and Uncertain Tax Positions) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2019USD ($) | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |
Balance, beginning of year | $ 73 |
Increases for tax positions related to the prior year | 234 |
Reduction due to lapse in statute of limitation | (73) |
Balance, year end | $ 234 |
Segment And Geographic Inform_3
Segment And Geographic Information (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2019Segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 3 |
Number of reportable segments | 1 |
Geographic Concentration Risk [Member] | Maximum [Member] | Net Sales [Member] | Brazil [Member] | |
Segment Reporting Information [Line Items] | |
Concentration | 10.00% |
Segment And Geographic Inform_4
Segment And Geographic Information (Schedule Of Sales and Long-Lived Assets, Net By Geographical Regions) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | $ 76,822 | $ 84,693 | $ 77,947 | |
Tangible long-lived assets, net | 6,538 | 6,613 | ||
Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | 25,173 | 34,720 | ||
Tangible long-lived assets, net | 4,773 | 4,883 | ||
Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | [1] | 34,563 | 33,492 | |
Tangible long-lived assets, net | [1] | 1,490 | 1,541 | |
Asia [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net Sales | [2] | 17,086 | 16,481 | |
Tangible long-lived assets, net | [2] | $ 275 | $ 189 | |
[1] | Our German subsidiary had net external sales of $24.7 million and $23.2 million in the fiscal years ended June 30, 2019 and 2018, respectively. Tangible long-lived assets, net of our German subsidiary were $209,000 and $173,000 as of June 30, 2019 and 2018, respectively. Our Italian subsidiary had net external sales of $9.9 million and $10.3 million in the fiscal years ended June 30, 2019 and 2018, respectively. Tangible long-lived assets, net of our Italian subsidiary were $1,166,000 and $1,263,000 as of June 30, 2019 and 2018, respectively | |||
[2] | Our Chinese subsidiary had net external sales of $13.4 million and $14.0 million in the fiscal years ended June 30, 2019 and 2018, respectively. Tangible long-lived assets, net of our Chinese subsidiary were $97,000 and $71,000 as of June 30, 2019 and 2018, respectively. |
Segment And Geographic Inform_5
Segment And Geographic Information (Schedule Of Sales and Long-Lived Assets, Net By Geographical Regions) (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | $ 76,822 | $ 84,693 | $ 77,947 |
Tangible long-lived assets, net | 6,538 | 6,613 | |
Germany [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 24,700 | 23,200 | |
Tangible long-lived assets, net | 209 | 173 | |
Italy [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 9,900 | 10,300 | |
Tangible long-lived assets, net | 1,166 | 1,263 | |
China [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 13,400 | 14,000 | |
Tangible long-lived assets, net | $ 97 | $ 71 |
Segment And Geographic Inform_6
Segment And Geographic Information (Schedule Of Sales By Product Line) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | $ 76,822 | $ 84,693 | $ 77,947 |
Measurement Solutions [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 70,142 | 77,235 | |
3D Scanning Solutions [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | 3,075 | 2,729 | |
Value Added Service [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Net Sales | $ 3,605 | $ 4,729 |