Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Aug. 25, 2014 | Dec. 31, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'SHARPS COMPLIANCE CORP | ' | ' |
Entity Central Index Key | '0000898770 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Smaller Reporting Company | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 15,290,073 | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Public Float | ' | ' | $60.30 |
Document Period End Date | 30-Jun-14 | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $13,717 | $15,503 |
Restricted cash | 111 | 111 |
Accounts receivable, net of allowance for doubtful accounts of $23 and $26, respectively | 4,728 | 2,595 |
Legal settlement receivable | 1,538 | 0 |
Inventory | 1,320 | 1,632 |
Prepaid and other current assets | 474 | 583 |
TOTAL CURRENT ASSETS | 21,888 | 20,424 |
PROPERTY, PLANT AND EQUIPMENT, net | 3,858 | 4,440 |
INTANGIBLE ASSETS, net of accumulated amortization of $330 and $257, respectively | 715 | 668 |
TOTAL ASSETS | 26,461 | 25,532 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 1,617 | 1,085 |
Accrued liabilities | 1,046 | 1,345 |
Deferred revenue | 1,337 | 1,351 |
TOTAL CURRENT LIABILITIES | 4,000 | 3,781 |
LONG-TERM DEFERRED REVENUE | 524 | 579 |
OTHER LONG-TERM LIABILITIES | 33 | 102 |
TOTAL LIABILITIES | 4,557 | 4,462 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock, $0.01 par value per share; 20,000,000 shares authorized; 15,460,940 and 15,370,320 shares issued and outstanding, respectively | 155 | 154 |
Treasury stock, at cost, 161,801 and 25,360 shares repurchased, respectively | -681 | -74 |
Additional paid-in capital | 23,695 | 23,211 |
Accumulated deficit | -1,265 | -2,221 |
TOTAL STOCKHOLDERS' EQUITY | 21,904 | 21,070 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $26,461 | $25,532 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Accounts receivable, allowance for doubtful accounts | $23 | $26 |
INTANGIBLE ASSETS, accumulated amortization | $330 | $275 |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 15,460,940 | 15,370,320 |
Common stock, shares outstanding (in shares) | 15,460,940 | 15,370,320 |
Treasury stock, shares repurchased (in shares) | 161,801 | 25,360 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' |
REVENUES | $26,570 | $21,530 | $21,787 |
Cost of revenues | 17,581 | 15,183 | 15,246 |
GROSS PROFIT | 8,989 | 6,347 | 6,541 |
Selling, general and administrative | 9,100 | 8,619 | 8,609 |
Legal settlement | -1,538 | 0 | 0 |
Depreciation and amortization | 462 | 437 | 453 |
OPERATING INCOME (LOSS) | 965 | -2,709 | -2,521 |
OTHER INCOME (EXPENSE) | ' | ' | ' |
Interest income | 24 | 27 | 36 |
Other expense | 0 | -15 | -13 |
TOTAL OTHER INCOME | 24 | 12 | 23 |
INCOME (LOSS) BEFORE INCOME TAXES | 989 | -2,697 | -2,498 |
INCOME TAX EXPENSE | ' | ' | ' |
Current | 33 | 15 | 88 |
Deferred | 0 | 0 | 1,035 |
TOTAL INCOME TAX EXPENSE | 33 | 15 | 1,123 |
NET INCOME (LOSS) | $956 | ($2,712) | ($3,621) |
NET INCOME (LOSS) PER COMMON SHARE | ' | ' | ' |
Basic (in dollars per share) | $0.06 | ($0.18) | ($0.24) |
Diluted (in dollars per share) | $0.06 | ($0.18) | ($0.24) |
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME (LOSS) PER COMMON SHARE: | ' | ' | ' |
Basic (in shares) | 15,289,000 | 15,255,000 | 15,109,000 |
Diluted (in shares) | 15,401,000 | 15,255,000 | 15,109,000 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Total |
In Thousands, except Share data | |||||
Balances at Jun. 30, 2011 | $151 | $0 | $21,602 | $4,112 | $25,865 |
Balances (in shares) at Jun. 30, 2011 | 15,053,316 | 0 | ' | ' | ' |
Exercise of stock options (in shares) | 89,443 | 0 | ' | ' | 89,443 |
Exercise of stock options | 0 | 0 | 65 | 0 | 65 |
Stock-based compensation | 0 | 0 | 786 | 0 | 786 |
Issuance of restricted stock (in shares) | 63,368 | 0 | ' | ' | ' |
Issuance of restricted stock | 1 | 0 | -1 | 0 | 0 |
Excess tax benefit from stock-based award activity | 0 | 0 | 85 | 0 | 85 |
Stock Repurchased (in shares) | ' | ' | ' | ' | 0 |
Net income (loss) | 0 | 0 | 0 | -3,621 | -3,621 |
Balances at Jun. 30, 2012 | 152 | 0 | 22,537 | 491 | 23,180 |
Balances (in shares) at Jun. 30, 2012 | 15,206,127 | 0 | ' | ' | ' |
Exercise of stock options (in shares) | 100,445 | 0 | ' | ' | 100,445 |
Exercise of stock options | 1 | 0 | 161 | 0 | 162 |
Stock-based compensation | 0 | 0 | 514 | 0 | 514 |
Issuance of restricted stock (in shares) | 63,748 | 0 | ' | ' | ' |
Issuance of restricted stock | 1 | 0 | -1 | 0 | 0 |
Stock Repurchased (in shares) | ' | -25,360 | ' | ' | -25,360 |
Stock Repurchased | 0 | -74 | 0 | 0 | -74 |
Net income (loss) | 0 | 0 | 0 | -2,712 | -2,712 |
Balances at Jun. 30, 2013 | 154 | -74 | 23,211 | -2,221 | 21,070 |
Balances (in shares) at Jun. 30, 2013 | 15,370,320 | -25,360 | ' | ' | 15,370,320 |
Exercise of stock options (in shares) | 13,125 | 0 | ' | ' | 13,125 |
Exercise of stock options | 0 | 0 | 47 | 0 | 47 |
Stock-based compensation | 0 | 0 | 438 | 0 | 438 |
Issuance of restricted stock (in shares) | 77,495 | 0 | ' | ' | ' |
Issuance of restricted stock | 1 | 0 | -1 | 0 | 0 |
Stock Repurchased (in shares) | ' | -136,441 | ' | ' | -136,441 |
Stock Repurchased | 0 | -607 | 0 | 0 | -607 |
Net income (loss) | 0 | 0 | 0 | 956 | 956 |
Balances at Jun. 30, 2014 | $155 | ($681) | $23,695 | ($1,265) | $21,904 |
Balances (in shares) at Jun. 30, 2014 | 15,460,940 | -161,801 | ' | ' | 15,460,940 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | $956 | ($2,712) | ($3,621) |
Adjustments to reconcile net income (loss) to net cash (used in)provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 1,105 | 1,103 | 1,117 |
Loss on disposal of fixed assets | 0 | 16 | 83 |
Loss on inventory write-down | 156 | 0 | 0 |
Stock-based compensation expense | 438 | 514 | 786 |
Excess tax benefits from stock-based award activity | 0 | 0 | -85 |
Deferred tax expense | 0 | 0 | 1,035 |
Changes in operating assets and liabilities: | ' | ' | ' |
Restricted cash | 0 | -111 | 0 |
Accounts receivable | -2,133 | -380 | 850 |
Legal settlement receivable | -1,538 | 0 | 0 |
Inventory | 156 | 587 | -449 |
Prepaid and other current assets | 109 | 27 | 247 |
Accounts payable and accrued liabilities | 164 | 313 | -388 |
Deferred revenue | -69 | -309 | 114 |
NET CASH USED IN OPERATING ACTIVITIES | -656 | -952 | -311 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Purchase of property, plant and equipment | -468 | -909 | -452 |
Additions to intangible assets | -102 | -222 | -169 |
NET CASH USED IN INVESTING ACTIVITIES | -570 | -1,131 | -621 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Excess tax benefits from stock-based award activity | 0 | 0 | 85 |
Proceeds from exercise of stock options | 47 | 162 | 65 |
Shares repurchased | -607 | -74 | 0 |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | -560 | 88 | 150 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | -1,786 | -1,995 | -782 |
CASH AND CASH EQUIVALENTS, beginning of period | 15,503 | 17,498 | 18,280 |
CASH AND CASH EQUIVALENTS, end of period | 13,717 | 15,503 | 17,498 |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | ' | ' | ' |
Income taxes paid, net of refunds | $22 | $18 | ($445) |
ORGANIZATION_AND_BACKGROUND
ORGANIZATION AND BACKGROUND | 12 Months Ended |
Jun. 30, 2014 | |
ORGANIZATION AND BACKGROUND [Abstract] | ' |
ORGANIZATION AND BACKGROUND | ' |
NOTE 1 - ORGANIZATION AND BACKGROUND | |
Organization: The accompanying consolidated financial statements include the financial transactions and accounts of Sharps Compliance Corp. and its wholly owned subsidiaries, Sharps Compliance, Inc. of Texas (dba Sharps Compliance, Inc.), Sharps e-Tools.com, Inc. (“Sharps e-Tools”), Sharps Manufacturing, Inc., Sharps Environmental Services, Inc. (dba Sharps Environmental Services of Texas, Inc.) and Sharps Safety, Inc. (collectively, “Sharps” or the “Company”). All significant intercompany accounts and transactions have been eliminated upon consolidation. | |
Business: Sharps is a leading full-service provider of cost-effective management solutions for small quantity generators of medical waste, used healthcare materials and unused dispensed medications. These solutions include Sharps® Recovery System™ (formerly Sharps Disposal by Mail System®), TakeAway Recovery System™, Complete Needle Collection and Disposal System™, TakeAway Environmental Return System™, Compliance TRACSM, Sharps Secure® Needle Collection and Containment System™, Pitch-It IV™ Poles, Trip LesSystem®, Sharps® Pump and Asset Return System, and Spill Kit TakeAway Recovery System™. | |
Concentration of Customers and Service Providers: There is an inherent concentration of credit risk associated with accounts receivable arising from sales to its major customers. For the fiscal year ended June 30, 2014, one customer represented approximately 20% of revenues. This customer represented approximately 13%, or $599 thousand, of the total accounts receivable balance as of June 30, 2014. For the fiscal year ended June 30, 2013, one customer represented approximately 22% of revenues. This customer represented approximately 25%, or $638 thousand, of the total accounts receivable balance as of June 30, 2013. For the fiscal year ended June 30, 2012, two customers represented approximately 30% of revenues. One of the customers was a major U.S. government agency which terminated January 31, 2012. The Company may be adversely affected by its dependence on a limited number of high volume customers. | |
Currently, the majority of Sharps transportation is sourced with the United States Postal Service (“USPS”), which consists of delivering the Sharps® Recovery System™ (formerly Sharps Disposal by Mail System®) from the end user to the Company’s facility. The Company also has an arrangement with United Parcel Service Inc. (“UPS”) whereby UPS transports the Company’s TakeAway Recovery System products from the end user to the Company’s facility. Sharps maintains relationships with multiple raw materials suppliers and vendors in order to meet customer demands and assure availability of our products and solutions. With respect to the Sharps Recovery System™ (formerly Sharps Disposal by Mail System®) solutions, the Company owns all proprietary molds and dies and utilize three contract manufacturers for the production of the primary raw materials. Sharps believes that alternative suitable contract manufacturers are readily available to meet the production specifications of our products and solutions. The Company utilizes national suppliers such as Herman Packaging and R & D Molders for the majority of the raw materials used in our other products and solutions and international suppliers such as Ashoka Company for Pitch-It™ IV Poles. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Cash and Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. | |||||||||||||
The Company maintains funds in bank accounts that, at times, may exceed the limit insured by the Federal Deposit Insurance Corporation (“FDIC”). The risk of loss attributable to these uninsured balances is mitigated by depositing funds only in high credit quality financial institutions. The Company has not experienced any losses in such accounts. The Company also maintains funds in a savings account, which is 100% FDIC insured. | |||||||||||||
Accounts Receivable: Accounts receivable consist primarily of amounts due to the Company from normal business activities. Accounts receivable balances are determined to be delinquent when the amount is past due based on the contractual terms with the customer. The Company maintains an allowance for doubtful accounts to reflect the expected uncollectibility of accounts receivable based on past collection history and specific risks identified among uncollected accounts. Accounts receivable are charged to the allowance for doubtful accounts when the Company determines that the receivable will not be collected and/or when the account has been referred to a third party collection agency. The Company has a history of minimal uncollectible accounts. | |||||||||||||
Inventory: Inventory consists primarily of finished goods and supplies held for sale and are stated at the lower of cost or market using the average cost method. The Company periodically reviews the value of items in inventory and provides write-downs or write-offs of inventory based on its assessment of physical deterioration, obsolescence, changes in price levels and other causes. Total write-downs for the fiscal year ended June 30, 2014 were $156 thousand and were included in cost of goods sold. At June 30, 2014, total inventory was $1.3 million of which $0.6 million was finished goods and $0.7 million was raw materials. At June 30, 2013, total inventory was $1.6 million of which $0.7 million was finished goods and $0.9 million was raw materials. | |||||||||||||
Property and Equipment: Property and equipment, including third party software and implementation costs, is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on the estimated useful lives of the assets. Additions, improvements and renewals significantly adding to the asset value or extending the life of the asset are capitalized. Ordinary maintenance and repairs, which do not extend the physical or economic life of the property or equipment, are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in the results of operations for the period. | |||||||||||||
Computer and software development costs, which include costs of computer software developed or obtained for internal use, all programming, implementation, and costs incurred with developing internal-use software, are capitalized during the development project stage. External direct costs of materials and services consumed in developing or obtaining internal-use computer software are capitalized. | |||||||||||||
The Company expenses costs associated with developing or obtaining internal-use software during the preliminary project stage. Training and maintenance costs associated with system changes or internal-use software are expensed as incurred. Additionally, the costs of data cleansing, reconciliation, balancing of old data to the new system, creation of new/additional data and data conversion costs are expensed as incurred. | |||||||||||||
Intangible Assets: Intangible assets consist of (i) permit costs related to the Company’s treatment facility in Carthage, Texas, (ii) eleven patents (two acquired in June 1998, one in November 2003, one in January 2012, two in April 2012, one in August 2012, one in September 2012, one in December 2012, one in November 2013 and one in January 2013), and (iii) defense costs related to certain existing patents. Permit costs related to the facility are amortized over the expected life of the treatment facility. Patent costs are being amortized over seventeen years, the estimated useful life of the patents. During the fiscal years ended June 30, 2014, 2013 and 2012, the Company recorded amortization expense of $55 thousand, $18 thousand and $30 thousand, respectively. | |||||||||||||
As of June 30, 2014, future amortization of intangible assets is as follows (in thousands): | |||||||||||||
Year Ending June 30, | |||||||||||||
2015 | $ | 56 | |||||||||||
2016 | 56 | ||||||||||||
2017 | 54 | ||||||||||||
2018 | 52 | ||||||||||||
2019 | 52 | ||||||||||||
Thereafter | 445 | ||||||||||||
$ | 715 | ||||||||||||
Stock-Based Compensation: The Company accounts for stock-based compensation under guidance which establishes accounting for equity instruments exchanged for employee services. Under this guidance, stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). Total stock-based compensation expense for the fiscal years ended June 30, 2014, 2013 and 2012, was $438 thousand ($18 thousand included in cost of revenues and $420 thousand included in general and administrative expenses in the Company’s consolidated statement of operations), $514 thousand ($21 thousand included in cost of revenues and $493 thousand included in general and administrative expenses in the Company’s consolidated statement of operations) and $786 thousand ($68 thousand included in cost of revenues and $718 thousand included in general and administrative expenses in the Company’s consolidated statement of operations), respectively. The guidance requires any reduction in taxes payable resulting from tax deductions that exceed the recognized tax benefit associated with compensation expense (excess tax benefits) to be classified as financing cash flows and as an increase to additional paid in capital. The Company did not include any excess tax benefits in its cash flows from financing activities for the fiscal years ended June 30, 2014 and 2013 and included approximately $0.1 million as of June 30, 2012, respectively. For the years ended June 30, 2014 and 2013, excess tax benefits were eliminated by the valuation allowance on deferred tax assets. | |||||||||||||
The Company estimates the fair value of stock options using the Black-Scholes valuation model. Key input assumptions used to estimate the fair value of stock options include the exercise price of the award, the expected option term, the expected volatility of the Company’s stock over the option’s expected term, the risk free interest rate over the option’s expected term, and the Company’s expected annual dividend yield. The risk free interest rate is derived using the U.S. Treasury yield curve in effect at date of grant. Volatility, expected life and dividend yield are based on historical experience and activity. The Company believes that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair values of the Company’s stock options granted. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by persons who receive equity awards. | |||||||||||||
The fair value of the Company’s stock options was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average risk-free interest rate | 0.6 | % | 0.5 | % | 0.3 | % | |||||||
Weighted average expected volatility | 52 | % | 58 | % | 66 | % | |||||||
Weighted average expected life (in years) | 4.04 | 4.61 | 3.89 | ||||||||||
Dividend yield | - | - | - | ||||||||||
The Company considers an estimated forfeiture rate for stock options and restricted stock units based on historical experience and the anticipated forfeiture rates during the future contract life. | |||||||||||||
Revenue Recognition: The Company recognizes revenue from product sales when goods are shipped or delivered, and title and risk of loss pass to the customer except for those sales via multiple-deliverable revenue arrangements. Provisions for certain rebates, product returns and discounts to customers are accounted for as reductions in sales in the same period the related sales are recorded. Product discounts granted are based on the terms of arrangements with direct, indirect and other market participants, as well as market conditions, including prices charged by competitors. Rebates are estimated based on contractual terms, historical experience, trend analysis and projected market conditions in the various markets served.Service agreements which include a vendor managed inventory program include terms that meet the “bill and hold” criteria and as such are recognized when the order is completed and segregated in the Company’s warehouse. | |||||||||||||
The Company recognizes revenue in accordance with guidance on revenue recognition of multiple-deliverable arrangements. Under this guidance, certain products offered by the Company have revenue producing components that are recognized over multiple delivery points (Sharps Recovery System™ (formerly the Sharps Disposal by Mail Systems®) and various TakeAway Environmental Return Systems™ referred to as “Mailbacks” and Sharps® Pump and Asset Return Boxes, referred to as “Pump Returns”) and can consist of up to three separate elements, or units of measure, as follows: (1) the sale of the compliance and container system, (2) return transportation and (3) treatment service. | |||||||||||||
In accordance with the relative selling price methodology, an estimated selling price is determined for all deliverables that qualify for separate units of accounting. The actual consideration received in a multiple-deliverable arrangement is then allocated to the units based on their relative sales price. The selling price for the transportation revenue and the treatment revenue utilizes third party evidence. The Company estimates the selling price of the compliance and container system based on the product and services provided including compliance with local, state and Federal laws, adherence to stringent manufacturing and testing requirements, safety to the patient and the community as well as storage and containment capabilities. | |||||||||||||
Revenue for the sale of the compliance and container is recognized upon delivery to the customer, at which time the customer takes title and assumes risk of ownership. Transportation revenue is recognized when the customer returns the compliance and container system and the container has been received at the Company’s owned or contracted facilities. The compliance and container system is mailed or delivered by an alternative logistics provider to the Company’s owned or contracted facilities. Treatment revenue is recognized upon the destruction or conversion and proof of receipt and treatment having been performed on the container. Since the transportation element and the treatment elements are undelivered services at the point of initial sale of the compliance and container, transportation and treatment revenue is deferred until the services are performed. The current and long-term portions of deferred revenues are determined through regression analysis and historical trends. Furthermore, through regression analysis of historical data, the Company has determined that a certain percentage of all compliance and container systems sold may not be returned. Accordingly, a portion of the transportation and treatment elements are recognized at the point of sale. | |||||||||||||
Shipping and Handling Fees and Costs: The Company records amounts billed to customers for shipping and handling as revenue. Costs incurred by the Company for shipping and handling have been classified as cost of revenues. | |||||||||||||
Additional Product Related Costs: The Company records inbound shipping, purchasing and receiving costs, inspection costs, warehousing costs and other product related costs as cost of revenues. | |||||||||||||
Advertising Costs: Advertising costs are charged to expenses when incurred and totaled $457 thousand, $495 thousand and $578 thousand for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. | |||||||||||||
Realization of Long-lived Assets: The Company evaluates the recoverability of property and equipment and intangible or other assets if facts and circumstances indicate that any of those assets might be impaired. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the asset’s carrying amount to determine if a write-down to fair value is necessary. During the years ended June 30, 2013 and 2012, an impairment loss of $129 thousand and $70 thousand, respectively, was recognized related to the leasehold improvements at the Atlanta, Georgia facility. No impairment loss was recognized during the year ended June 30, 2014. | |||||||||||||
Employee Benefit Plans: In addition to group health related benefits, the Company maintains a 401(k) employee savings plan available to all full-time employees. The Company matches a portion of employee contributions with cash (25% of employee contribution up to 6%). Company contributions to the 401(k) plan were $31 thousand, $39 thousand and $38 thousand for the fiscal years ended June 30, 2014, 2013 and 2012, respectively, and are included in selling, general and administrative expenses. For purposes of the group health benefit plan and beginning February 1, 2013, the Company self-insures an amount equal to the excess of the employees’ deductible (range from $2,000 for each individual and family member covered) up to the amount by which the third party insurance coverage begins (ranges from $2,000 for individual up to $14,999 for family coverage). The amount of liability at June 30, 2014 and 2013 was $31 thousand and $28 thousand respectively, and is included in accrued liabilities. | |||||||||||||
Income Taxes: The liability method is used in accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The establishment of valuation allowances and development of projected annual effective tax rates requires significant judgment and is impacted by various estimates. Both positive and negative evidence, as well as the objectivity and verifiability of that evidence, is considered in determining the appropriateness of recording a valuation allowance on deferred tax assets. | |||||||||||||
Uncertain Tax Positions: Under the accounting guidance for the uncertainty of income taxes, the income tax provision reflects the full benefit of all positions that will be taken in the Company’s income tax returns, except to the extent that such positions are uncertain and fall below the recognition requirements of the guidance. In the event that the Company determines that a tax position meets the uncertainty criteria, an additional liability or benefit will result. The Company periodically reassesses the tax positions reflected in tax returns for open years based on the latest information available and determines whether any portion of the tax benefits reflected therein should be treated as an unrecognized tax benefit. The amount of unrecognized tax benefit requires management to make significant assumptions about the expected outcomes of certain tax positions included in filed or yet to be filed tax returns. At June 30, 2014 and 2013, the Company did not have any uncertain tax positions. The Company is subject to income taxes in the United States and in numerous state tax jurisdictions. During the fiscal year ended June 30, 2013, the Company began doing business in a number of additional states throughout the United States and began to file state income tax returns in such jurisdictions. Tax return filings which are subject to review by federal and state tax authorities by jurisdiction are as follows: | |||||||||||||
· United States – fiscal years ended June 30, 2010, 2011, 2012, 2013, and 2014 | |||||||||||||
· State of Texas – fiscal years ended June 30, 2010, 2011, 2012, 2013, and 2014 | |||||||||||||
· State of Georgia – fiscal years ended June 30, 2011, 2012, 2013 and 2014 | |||||||||||||
· State of Pennsylvania – fiscal years ended June 30, 2011, 2012, 2013, and 2014 | |||||||||||||
· Other States – fiscal years ended June 30, 2013 and 2014 | |||||||||||||
None of the Company’s federal or state tax returns are currently under examination. The Company records income tax related interest and penalties, if applicable, as a component of the provision for income tax expense. However, there were no such amounts recognized in the consolidated statements of operations. | |||||||||||||
Net Income (Loss) Per Share: Earnings per share (“EPS”) data for all years presented has been computed under guidance that requires a presentation of basic and diluted EPS. Basic EPS excludes dilution and is determined by dividing income or loss available to common stockholders by the weighted average number of common shares outstanding during the period adjusted for preferred stock dividends, if any. Diluted EPS reflects the potential dilution that could occur if securities and other contracts to issue common stock were exercised or converted into common stock. | |||||||||||||
Fair Value of Financial Instruments: The Company considers the fair value of all financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, not to be materially different from their carrying values at year-end due to their short-term nature. | |||||||||||||
Segment Reporting: The guidance for disclosures about segments of an enterprise requires that a public business enterprise report financial and descriptive information about its operating segments. Generally, financial information is required to be reported on the basis used internally for evaluating segment performance and resource allocation. The Company operates in a single segment, focusing on developing cost-effective management solutions for medical waste and unused dispensed medications generated outside the hospital and large healthcare facility setting. | |||||||||||||
Use of Estimates: The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting period. The Company uses estimates to determine many reported amounts, including but not limited to: allowance for doubtful accounts, recoverability of long-lived assets and intangibles, useful lives used in depreciation and amortization, income taxes and valuation allowances, selling price used in multiple-deliverable arrangements and return rates used to estimate the percentage of container systems sold that will not be returned. Actual results could differ from these estimates. | |||||||||||||
Recently Issued Accounting Standards: In May 2014, guidance for revenue recognition was issued which supersedes the revenue recognition requirements currently followed by the Company. The new guidance provides for a single five-step model to be applied in determining the amount and timing of the recognition of revenue related to contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. There is no option for early adoption. The provisions of the new guidance are effective for annual reporting periods beginning after December 15, 2016 (effective July 1, 2017 for the Company), including interim periods within that reporting period. The Company is currently evaluating the impact of the new guidance on its financial statements. |
PROPERTY_PLANT_AND_EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
PROPERTY, PLANT AND EQUIPMENT [Abstract] | ' | |||||||||
PROPERTY, PLANT AND EQUIPMENT | ' | |||||||||
NOTE 3 – PROPERTY, PLANT AND EQUIPMENT | ||||||||||
At June 30, 2014 and 2013, property, plant and equipment consisted of the following (in thousands): | ||||||||||
June 30, | ||||||||||
Useful Life | 2014 | 2013 | ||||||||
Furniture and fixtures | 3 to 5 years | $ | 192 | $ | 192 | |||||
Plant and equipment | 3 to 17 years | 6,153 | 5,422 | |||||||
Manufacturing | 15 years | 252 | 220 | |||||||
Computers and software | 3 to 5 years | 1,657 | 1,583 | |||||||
Leasehold improvements | 3 to 15 years | 897 | 897 | |||||||
Land | 19 | 19 | ||||||||
Construction-in-progress | 7 | 376 | ||||||||
9,177 | 8,709 | |||||||||
Less: accumulated depreciation | 5,319 | 4,269 | ||||||||
Net property, plant and equipment | $ | 3,858 | $ | 4,440 | ||||||
Total depreciation expense in the fiscal years ended June 30, 2014, 2013 and 2012 is $1.1 million in each of the respective periods. Depreciation expense included in cost of revenues in the fiscal years ended 2014, 2013 and 2012 was $643 thousand, $666 thousand and $664 thousand, respectively. |
NOTES_PAYABLE_AND_LONGTERM_DEB
NOTES PAYABLE AND LONG-TERM DEBT | 12 Months Ended |
Jun. 30, 2014 | |
NOTES PAYABLE AND LONG-TERM DEBT [Abstract] | ' |
NOTES PAYABLE AND LONG-TERM DEBT | ' |
NOTE 4 - NOTES PAYABLE AND LONG-TERM DEBT | |
On January 28, 2014, the Company entered into a credit agreement with a commercial bank (“Credit Agreement”). The Credit Agreement, which replaces the prior credit agreement which was executed effective April 30, 2013 with another commercial bank (“Prior Credit Agreement”), provides for a two-year, $3.0 million line of credit facility, the proceeds of which may be utilized for working capital, letters of credit (up to $500,000) and general corporate purposes. Indebtedness under the Credit Agreement is secured by the Company’s accounts receivable and inventory with advances outstanding at any time limited to a Borrowing Base (as defined in the Credit Agreement) equal to 80% of eligible accounts receivable plus 50% of eligible inventory. Borrowings bear interest at WSJ Prime, which we estimate to be approximately 3.25% as of June 30, 2014. | |
The Company will pay a fee of 0.25% per annum on the unused amount of the line of credit. As of June 30, 2014, the Company had no outstanding borrowings, other than $335 thousand in letters of credit, which leaves $2.7 million of credit available. | |
The Credit Agreement contains affirmative and negative covenants that, among other things, require the Company to maintain a minimum level of tangible net worth of $10.5 million and minimum liquidity of $5.0 million. The Company is in compliance with all the financial covenants as of June 30, 2014. The Credit Agreement, which expires on January 28, 2016, also contains customary events of default which, if uncured, may terminate the Credit Agreement and require immediate repayment of all indebtedness to the lenders. | |
The Prior Credit Agreement, which was effective through January 28, 2014, provided for a cash-collateralized $200,000 line of credit facility with a maturity date of July 15, 2015. No amounts related to the Prior Credit Agreement were outstanding as of June 30, 2014 other than letters of credit of approximately $110 thousand, which are in the process of being released. |
INCOME_TAXES
INCOME TAXES | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||
INCOME TAXES | ' | ||||||||||||
NOTE 5 - INCOME TAXES | |||||||||||||
The components of income tax expense (benefit) are as follows (in thousands): | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | 13 | $ | - | $ | 80 | |||||||
State | 20 | 15 | 8 | ||||||||||
33 | 15 | 88 | |||||||||||
Deferred | |||||||||||||
Federal | - | - | 1,038 | ||||||||||
State | - | - | (3 | ) | |||||||||
- | - | 1,035 | |||||||||||
$ | 33 | $ | 15 | $ | 1,123 | ||||||||
The reconciliation of the statutory income tax rate to the Company’s effective income tax rate for the fiscal years ended June 30, 2014, 2013 and 2012 is as follows: | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory rate | 34 | % | 34 | % | 34 | % | |||||||
State income taxes, net | (6.9 | %) | (0.4 | %) | 0 | % | |||||||
Meals and entertainment | 1.2 | % | (0.5 | %) | (0.5 | %) | |||||||
Prior year adjustments and other | (4.0 | %) | 0.5 | % | 0 | % | |||||||
Effective rate before valuation allowance | 24.3 | % | 33.6 | % | 33.5 | % | |||||||
Change in valuation allowance | (21.0 | %) | (34.2 | %) | (78.5 | %) | |||||||
Effective tax rate | 3.3 | % | (0.6 | %) | (45.0 | %) | |||||||
For fiscal year ended June 30, 2014 and 2013, state income taxes relate to the Texas Franchise Tax and state taxes in other multiple states. For the fiscal year ended June 30, 2012, state income taxes relate to the Texas Franchise Tax and Georgia Income Tax. During the years ended June 30, 2013 and 2012, the Company recorded $0.9 million and $2.0 million, respectively, to establish a deferred tax valuation allowance to fully reserve net deferred tax assets. During the year ended June 30, 2014, the Company recorded $0.2 million release of the deferred tax valuation allowance due to taxable income generated. The establishment of valuation allowances and development of projected annual effective tax rates requires significant judgment and is impacted by various estimates. Both positive and negative evidence including losses over eight of the past twelve quarters, as well as the objectivity and verifiability of that evidence, is considered in determining the appropriateness of recording a valuation allowance on deferred tax assets. Under generally accepted accounting principles, the valuation allowance has been recorded to reduce our deferred tax assets to an amount that is more likely than not to be realized and is based upon the uncertainty of the realization of certain federal and state deferred tax assets related to net operating loss carryforwards and other tax attributes. | |||||||||||||
At June 30, 2014 and 2013, the significant components of deferred tax assets and liabilities are approximated as follows (in thousands): | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets relating to: | |||||||||||||
Stock compensation | $ | 834 | $ | 695 | |||||||||
AMT and research and development credits | 410 | 397 | |||||||||||
Deferred rent | 23 | 106 | |||||||||||
Inventory | 58 | 81 | |||||||||||
Professional fees | 51 | 106 | |||||||||||
Accrued vacation | 23 | 21 | |||||||||||
Accounts receivable allowance | 8 | 9 | |||||||||||
Contribution carryovers | 14 | 4 | |||||||||||
Net operating loss carryforwards | 1,751 | 2,076 | |||||||||||
Total deferred tax assets | 3,172 | 3,495 | |||||||||||
Deferred tax liablities related to depreciation differences | (487 | ) | (611 | ) | |||||||||
Net deferred tax assets before valuation allowance | 2,685 | 2,884 | |||||||||||
Valuation allowance | (2,685 | ) | (2,884 | ) | |||||||||
Net deferred tax assets | $ | - | $ | - | |||||||||
During the year ended June 30, 2014, net deferred tax assets decreased $0.2 million which was fully offset by release of a portion of the valuation allowance. The decrease was primarily due to the use of tax loss carryforwards for the year ended June 30, 2014. | |||||||||||||
During the year ended June 30, 2014, the Company utilized net operating loss carryforwards for income tax purposes of approximately $1.0 million which had previously been fully offset by a deferred tax valuation allowance in the prior year. During the year ended June 30, 2013, the Company did not utilize any net operating loss carryforwards for income tax purposes. | |||||||||||||
At June 30, 2014, the Company had net operating loss carryforwards of $5.0 million which will expire, if unused, between June 30, 2031 and June 30, 2033. At June 30, 2014, the Company had various tax credit carryforwards of $0.4 million, of which $0.2 million will expire by June 30, 2031 and $0.2 million which may be carried forward indefinitely. | |||||||||||||
EQUITY_TRANSACTIONS
EQUITY TRANSACTIONS | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
EQUITY TRANSACTIONS [Abstract] | ' | ||||||||||||
EQUITY TRANSACTIONS | ' | ||||||||||||
NOTE 6 - EQUITY TRANSACTIONS | |||||||||||||
During the years ended June 30, 2014, 2013 and 2012, stock options to purchase shares of the Company’s common stock were exercised as follows: | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Options Exercised | 13,125 | 100,445 | 89,443 | ||||||||||
Proceeds (in thousands) | $ | 47 | $ | 162 | $ | 65 | |||||||
Average exercise price per share | $ | 3.53 | $ | 1.62 | $ | 0.73 | |||||||
On January 7, 2013, the Company announced that its Board of Directors approved a stock repurchase program effective January 3, 2013, authorizing the Company to repurchase in the aggregate up to $3 million of its outstanding common stock over a two-year period.During the years ended June 30, 2014, 2013 and 2012, shares were repurchased as follows: | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares repurchased | 136,441 | 25,360 | - | ||||||||||
Cash paid for shares repurchased (in thousands) | $ | 607 | $ | 74 | $ | - | |||||||
Average price paid per share | $ | 4.45 | $ | 2.93 | $ | - | |||||||
Total shares repurchased under the program are 161,801 shares at a cost of $0.7 million. As of June 30, 2014, approximately $2.3 million remained of the Company’s $3.0 million repurchase program. The Company purchased all shares with cash resources. |
STOCKBASED_COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||||
STOCK-BASED COMPENSATION | ' | ||||||||||||||
NOTE 7 - STOCK BASED COMPENSATION | |||||||||||||||
The Company sponsors the Sharps Compliance Corp. 2010 Stock Plan (the “2010 Plan”) covering employees, consultants and non-employee directors. The 2010 Stock Plan is intended to replace the Sharps Compliance Corp. 1993 Stock Plan (the “1993 Plan”). The 2010 Plan provides for the granting of stock-based compensation (stock options or restricted stock) of up to 1,000,000 shares of the Company’s common stock of which 598,999 shares are outstanding as of June 30, 2014. Options granted generally vest over a period of three to four years and expire seven years after the date of grant. Restricted stock generally vests over one year. | |||||||||||||||
The 1993 Plan, as amended, provides for the granting of stock-based compensation (stock options or restricted stock) of up to 4,000,000 shares of the Company’s common stock of which 364,917 shares are outstanding as of June 30, 2014. Options granted generally vest over a period of three years and expire seven years after the date of grant. Restricted stock generally vested between one to three years. | |||||||||||||||
As of June 30, 2014, 2013 and 2012, options available for grant under the Plans are as follows: | |||||||||||||||
June 30, | 2010 Stock Plan | 1993 Stock Plan | Total | ||||||||||||
2014 | 139,267 | 269,494 | 408,761 | ||||||||||||
2013 | 296,308 | 259,744 | 556,052 | ||||||||||||
2012 | 372,384 | 144,173 | 516,557 | ||||||||||||
The summary of activity for all stock options during the fiscal years ended June 30, 2014, 2013 and 2012 is presented in the table below (in thousands except per share amount): | |||||||||||||||
Options Outstanding | Weighted Average Exercise Price | ||||||||||||||
Balance, June 30, 2011 | 888 | $ | 4.43 | ||||||||||||
Granted | 320 | $ | 3.97 | ||||||||||||
Exercised | (89 | ) | $ | 0.73 | |||||||||||
Forfeited or canceled | (41 | ) | $ | 4.23 | |||||||||||
Balance at June 30, 2012 | 1,078 | $ | 4.6 | ||||||||||||
Granted | 178 | $ | 2.9 | ||||||||||||
Exercised | (100 | ) | $ | 1.62 | |||||||||||
Forfeited or canceled | (280 | ) | $ | 5.82 | |||||||||||
Balance at June 30, 2013 | 876 | $ | 4.21 | ||||||||||||
Granted | 244 | $ | 3.95 | ||||||||||||
Exercised | (13 | ) | $ | 3.53 | |||||||||||
Forfeited or canceled | (157 | ) | $ | 3.5 | |||||||||||
Balance at June 30, 2014 | 950 | $ | 4.27 | ||||||||||||
Exercisable at June 30, 2014 | 578 | $ | 4.56 | ||||||||||||
The summary of activity for all restricted stock during the fiscal years ended June 30, 2014, 2013 and 2012 is presented in the table below (in thousands): | |||||||||||||||
Year Ended June 30, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Unvested at beginning of the year | 15 | 17 | - | ||||||||||||
Granted | 62 | 62 | 81 | ||||||||||||
Vested | (62 | ) | (64 | ) | (64 | ) | |||||||||
Forfeited | - | - | - | ||||||||||||
Unvested at end of the year | 15 | 15 | 17 | ||||||||||||
The weighted average fair value per share of restricted stock granted during the fiscal years ended June 30, 2014, 2013, and 2012 was $4.84, $2.48 and $4.46, respectively. The weighted average fair value per share of restricted stock which vested during the fiscal years ended June 30, 2014, 2013 and 2012 was $4.25, $3.01 and $4.47, respectively. | |||||||||||||||
The following table summarizes information about stock options outstanding as of June 30, 2014 (in thousands except per share amount): | |||||||||||||||
Options Outstanding | |||||||||||||||
Range of Exercise Price | Outstanding as of June 30, 2014 | Weighted Average Remaining Life (in Years) | Weighted Average Exercise Price | ||||||||||||
$ | 0.00 - $2.50 | 99 | 1.35 | $ | 2.1 | ||||||||||
$ | 2.51 - $3.50 | 192 | 5.55 | $ | 2.95 | ||||||||||
$ | 3.51 - $5.50 | 560 | 4.34 | $ | 4.36 | ||||||||||
$ | 5.51 - $7.50 | - | - | $ | - | ||||||||||
$ | 7.51- $9.50 | 99 | 2.12 | $ | 8.5 | ||||||||||
950 | $ | 4.27 | |||||||||||||
The following table summarizes information about stock options exercisable as of June 30, 2014 (in thousands except per share amount): | |||||||||||||||
Options Exercisable | |||||||||||||||
Range of Exercise Price | Exercisable as of June 30, 2014 | Weighted Average Remaining Life (in Years) | Weighted Average Exercise Price | ||||||||||||
$ | 0.00 - $2.50 | 99 | 1.35 | $ | 2.1 | ||||||||||
$ | 2.51 - $3.50 | 34 | 3.26 | $ | 2.87 | ||||||||||
$ | 3.51 - $5.50 | 347 | 3.57 | $ | 4.32 | ||||||||||
$ | 5.51 - $7.50 | - | - | $ | - | ||||||||||
$ | 7.51- $9.50 | 98 | 2.12 | $ | 8.5 | ||||||||||
578 | $ | 4.56 | |||||||||||||
As of June 30, 2014, there was $298 thousand of stock option and restricted stock compensation expense related to non-vested awards. This expense is expected to be recognized over a weighted average period of 2.8 years. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||||||||||||||
NOTE 8 - COMMITMENTS AND CONTINGENCIES | |||||||||||||||||||||||||
Operating Leases: The Company leases 170,489 square feet of space in Houston, Texas and Atlanta, Georgia. The lease for warehouse space in Houston, Texas was extended in June 2014. The Company recognizes escalating rental payments that are quantifiable at the inception of the lease on a straight-line basis over the lease term. The leases expire from January 2015 to August 2020 with options to renew the Company’s leases for warehouses for 5 years and for office space for 10 years. | |||||||||||||||||||||||||
Rent expense for the fiscal years ended June 30, 2014, 2013 and 2012 was $1.3 million, $1.2 million and $1.4 million, respectively. Future minimum lease payments under non-cancelable operating leases as of June 30, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
Twelve Months Ending June 30, | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||||
Operating lease obligations | $ | 735 | $ | 526 | $ | 631 | $ | 644 | $ | 659 | $ | 788 | |||||||||||||
Legal Settlement: On June 30, 2014, the Company entered an agreement to settle its claims against the United States government and various agencies related to the January 2012 termination of the Company’s February 2009 contract with the Centers for Disease Control and Prevention (“CDC”). The settlement agreement resulted in a cash payment of $1.5 million which was received by the Company in July 2014. | |||||||||||||||||||||||||
Other: The Company is also involved in legal proceedings and litigation in the ordinary course of business. In the opinion of management, the outcome of such matters will not have a material adverse effect on the Company’s consolidated financial position or consolidated results of operations. |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
NOTE 9 - EARNINGS PER SHARE | |||||||||||||
Earnings per share are measured at two levels: basic per share and diluted per share. Basic per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted per share is computed by dividing net income by the weighted average number of common shares after considering the additional dilution related to common stock options and restricted stock. In computing diluted earnings per share, the outstanding common stock options are considered dilutive using the treasury stock method. | |||||||||||||
In accordance with guidance related to share-based payment arrangements, the Company’s restricted stock awards are treated as outstanding for earning per share calculations since these shares have full voting rights and are entitled to participate in dividends declared on common shares, if any, and undistributed earnings. As participating securities, the shares of restricted stock are included in the calculation of basic EPS using the two-class method. For the periods presented, the amount of earnings allocated to the participating securities was not material. | |||||||||||||
The following information is necessary to calculate earnings per share for the periods presented (in thousands, except per share amount): | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income (loss), as reported | $ | 956 | $ | (2,712 | ) | $ | (3,621 | ) | |||||
Weighted average common shares outstanding | 15,289 | 15,255 | 15,109 | ||||||||||
Effect of dilutive stock options | 112 | - | - | ||||||||||
Weighted average diluted common shares outstanding | 15,401 | 15,255 | 15,109 | ||||||||||
Net income (loss) per common share | |||||||||||||
Basic | $ | 0.06 | $ | (0.18 | ) | $ | (0.24 | ) | |||||
Diluted | $ | 0.06 | $ | (0.18 | ) | $ | (0.24 | ) | |||||
Employee stock options excluded from computation of diluted income per share amounts because their effect would be anti-dilutive | 655 | 728 | 831 |
SELECTED_QUARTERLY_FINANCIAL_D
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) [Abstract] | ' | ||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) | ' | ||||||||||||||||
NOTE 10 – SELECTED QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||||||||
The following tables show quarterly financial information for the years ended June 30, 2014 and 2013. The Company believes that all necessary adjustments have been included in the amounts below to present fairly the results of such periods (in thousands expect per share amounts). | |||||||||||||||||
Quarter Ended | |||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||
2013 | 2013 | 2014 | 2014 | ||||||||||||||
Total revenues | $ | 6,272 | $ | 7,649 | $ | 5,553 | $ | 7,096 | |||||||||
Cost of revenues | $ | 3,948 | $ | 4,960 | $ | 4,144 | $ | 4,529 | |||||||||
Operating income (loss) | $ | 130 | $ | 120 | $ | (935 | ) | $ | 1,650 | ||||||||
Net income (loss) | $ | 122 | $ | 120 | $ | (935 | ) | $ | 1,649 | ||||||||
Net income (loss) per share - diluted | $ | 0.01 | $ | 0.01 | $ | (0.06 | ) | $ | 0.11 | ||||||||
Weighted average shares-diluted | 15,366 | 15,438 | 15,248 | 15,381 | |||||||||||||
Quarter Ended | |||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||
2012 | 2012 | 2013 | 2013 | ||||||||||||||
Total revenues | $ | 5,153 | $ | 5,717 | $ | 5,410 | $ | 5,250 | |||||||||
Cost of revenues | $ | 3,601 | $ | 4,017 | $ | 3,894 | $ | 3,671 | |||||||||
Operating income (loss) | $ | (641 | ) | $ | (431 | ) | $ | (942 | ) | $ | (695 | ) | |||||
Net income (loss) | $ | (639 | ) | $ | (428 | ) | $ | (955 | ) | $ | (690 | ) | |||||
Net income (loss) per share - diluted | $ | (0.04 | ) | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.05 | ) | |||||
Weighted average shares-diluted | 15,209 | 15,232 | 15,246 | 15,333 |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents: The Company considers all highly liquid investments with a maturity of three months or less at the time of purchase to be cash equivalents. | |||||||||||||
The Company maintains funds in bank accounts that, at times, may exceed the limit insured by the Federal Deposit Insurance Corporation (“FDIC”). The risk of loss attributable to these uninsured balances is mitigated by depositing funds only in high credit quality financial institutions. The Company has not experienced any losses in such accounts. The Company also maintains funds in a savings account, which is 100% FDIC insured. | |||||||||||||
Accounts Receivable | ' | ||||||||||||
Accounts Receivable: Accounts receivable consist primarily of amounts due to the Company from normal business activities. Accounts receivable balances are determined to be delinquent when the amount is past due based on the contractual terms with the customer. The Company maintains an allowance for doubtful accounts to reflect the expected uncollectibility of accounts receivable based on past collection history and specific risks identified among uncollected accounts. Accounts receivable are charged to the allowance for doubtful accounts when the Company determines that the receivable will not be collected and/or when the account has been referred to a third party collection agency. The Company has a history of minimal uncollectible accounts. | |||||||||||||
Inventory | ' | ||||||||||||
Inventory: Inventory consists primarily of finished goods and supplies held for sale and are stated at the lower of cost or market using the average cost method. The Company periodically reviews the value of items in inventory and provides write-downs or write-offs of inventory based on its assessment of physical deterioration, obsolescence, changes in price levels and other causes. Total write-downs for the fiscal year ended June 30, 2014 were $156 thousand and were included in cost of goods sold. At June 30, 2014, total inventory was $1.3 million of which $0.6 million was finished goods and $0.7 million was raw materials. At June 30, 2013, total inventory was $1.6 million of which $0.7 million was finished goods and $0.9 million was raw materials. | |||||||||||||
Property and Equipment | ' | ||||||||||||
Property and Equipment: Property and equipment, including third party software and implementation costs, is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method based on the estimated useful lives of the assets. Additions, improvements and renewals significantly adding to the asset value or extending the life of the asset are capitalized. Ordinary maintenance and repairs, which do not extend the physical or economic life of the property or equipment, are charged to expense as incurred. When assets are retired or otherwise disposed of, the cost and related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in the results of operations for the period. | |||||||||||||
Computer and software development costs, which include costs of computer software developed or obtained for internal use, all programming, implementation, and costs incurred with developing internal-use software, are capitalized during the development project stage. External direct costs of materials and services consumed in developing or obtaining internal-use computer software are capitalized. | |||||||||||||
The Company expenses costs associated with developing or obtaining internal-use software during the preliminary project stage. Training and maintenance costs associated with system changes or internal-use software are expensed as incurred. Additionally, the costs of data cleansing, reconciliation, balancing of old data to the new system, creation of new/additional data and data conversion costs are expensed as incurred. | |||||||||||||
Intangible Assets | ' | ||||||||||||
Intangible Assets: Intangible assets consist of (i) permit costs related to the Company’s treatment facility in Carthage, Texas, (ii) eleven patents (two acquired in June 1998, one in November 2003, one in January 2012, two in April 2012, one in August 2012, one in September 2012, one in December 2012, one in November 2013 and one in January 2013), and (iii) defense costs related to certain existing patents. Permit costs related to the facility are amortized over the expected life of the treatment facility. Patent costs are being amortized over seventeen years, the estimated useful life of the patents. During the fiscal years ended June 30, 2014, 2013 and 2012, the Company recorded amortization expense of $55 thousand, $18 thousand and $30 thousand, respectively. | |||||||||||||
As of June 30, 2014, future amortization of intangible assets is as follows (in thousands): | |||||||||||||
Year Ending June 30, | |||||||||||||
2015 | $ | 56 | |||||||||||
2016 | 56 | ||||||||||||
2017 | 54 | ||||||||||||
2018 | 52 | ||||||||||||
2019 | 52 | ||||||||||||
Thereafter | 445 | ||||||||||||
$ | 715 | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation: The Company accounts for stock-based compensation under guidance which establishes accounting for equity instruments exchanged for employee services. Under this guidance, stock-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the employee’s requisite service period (generally the vesting period of the equity grant). Total stock-based compensation expense for the fiscal years ended June 30, 2014, 2013 and 2012, was $438 thousand ($18 thousand included in cost of revenues and $420 thousand included in general and administrative expenses in the Company’s consolidated statement of operations), $514 thousand ($21 thousand included in cost of revenues and $493 thousand included in general and administrative expenses in the Company’s consolidated statement of operations) and $786 thousand ($68 thousand included in cost of revenues and $718 thousand included in general and administrative expenses in the Company’s consolidated statement of operations), respectively. The guidance requires any reduction in taxes payable resulting from tax deductions that exceed the recognized tax benefit associated with compensation expense (excess tax benefits) to be classified as financing cash flows and as an increase to additional paid in capital. The Company did not include any excess tax benefits in its cash flows from financing activities for the fiscal years ended June 30, 2014 and 2013 and included approximately $0.1 million as of June 30, 2012, respectively. For the years ended June 30, 2014 and 2013, excess tax benefits were eliminated by the valuation allowance on deferred tax assets. | |||||||||||||
The Company estimates the fair value of stock options using the Black-Scholes valuation model. Key input assumptions used to estimate the fair value of stock options include the exercise price of the award, the expected option term, the expected volatility of the Company’s stock over the option’s expected term, the risk free interest rate over the option’s expected term, and the Company’s expected annual dividend yield. The risk free interest rate is derived using the U.S. Treasury yield curve in effect at date of grant. Volatility, expected life and dividend yield are based on historical experience and activity. The Company believes that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in calculating the fair values of the Company’s stock options granted. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by persons who receive equity awards. | |||||||||||||
The fair value of the Company’s stock options was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average risk-free interest rate | 0.6 | % | 0.5 | % | 0.3 | % | |||||||
Weighted average expected volatility | 52 | % | 58 | % | 66 | % | |||||||
Weighted average expected life (in years) | 4.04 | 4.61 | 3.89 | ||||||||||
Dividend yield | - | - | - | ||||||||||
The Company considers an estimated forfeiture rate for stock options and restricted stock units based on historical experience and the anticipated forfeiture rates during the future contract life. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition: The Company recognizes revenue from product sales when goods are shipped or delivered, and title and risk of loss pass to the customer except for those sales via multiple-deliverable revenue arrangements. Provisions for certain rebates, product returns and discounts to customers are accounted for as reductions in sales in the same period the related sales are recorded. Product discounts granted are based on the terms of arrangements with direct, indirect and other market participants, as well as market conditions, including prices charged by competitors. Rebates are estimated based on contractual terms, historical experience, trend analysis and projected market conditions in the various markets served.Service agreements which include a vendor managed inventory program include terms that meet the “bill and hold” criteria and as such are recognized when the order is completed and segregated in the Company’s warehouse. | |||||||||||||
The Company recognizes revenue in accordance with guidance on revenue recognition of multiple-deliverable arrangements. Under this guidance, certain products offered by the Company have revenue producing components that are recognized over multiple delivery points (Sharps Recovery System™ (formerly the Sharps Disposal by Mail Systems®) and various TakeAway Environmental Return Systems™ referred to as “Mailbacks” and Sharps® Pump and Asset Return Boxes, referred to as “Pump Returns”) and can consist of up to three separate elements, or units of measure, as follows: (1) the sale of the compliance and container system, (2) return transportation and (3) treatment service. | |||||||||||||
In accordance with the relative selling price methodology, an estimated selling price is determined for all deliverables that qualify for separate units of accounting. The actual consideration received in a multiple-deliverable arrangement is then allocated to the units based on their relative sales price. The selling price for the transportation revenue and the treatment revenue utilizes third party evidence. The Company estimates the selling price of the compliance and container system based on the product and services provided including compliance with local, state and Federal laws, adherence to stringent manufacturing and testing requirements, safety to the patient and the community as well as storage and containment capabilities. | |||||||||||||
Revenue for the sale of the compliance and container is recognized upon delivery to the customer, at which time the customer takes title and assumes risk of ownership. Transportation revenue is recognized when the customer returns the compliance and container system and the container has been received at the Company’s owned or contracted facilities. The compliance and container system is mailed or delivered by an alternative logistics provider to the Company’s owned or contracted facilities. Treatment revenue is recognized upon the destruction or conversion and proof of receipt and treatment having been performed on the container. Since the transportation element and the treatment elements are undelivered services at the point of initial sale of the compliance and container, transportation and treatment revenue is deferred until the services are performed. The current and long-term portions of deferred revenues are determined through regression analysis and historical trends. Furthermore, through regression analysis of historical data, the Company has determined that a certain percentage of all compliance and container systems sold may not be returned. Accordingly, a portion of the transportation and treatment elements are recognized at the point of sale. | |||||||||||||
Shipping and Handling Fees and Costs | ' | ||||||||||||
Shipping and Handling Fees and Costs: The Company records amounts billed to customers for shipping and handling as revenue. Costs incurred by the Company for shipping and handling have been classified as cost of revenues. | |||||||||||||
Additional Product Related Costs | ' | ||||||||||||
Additional Product Related Costs: The Company records inbound shipping, purchasing and receiving costs, inspection costs, warehousing costs and other product related costs as cost of revenues. | |||||||||||||
Advertising Costs | ' | ||||||||||||
Advertising Costs: Advertising costs are charged to expenses when incurred and totaled $457 thousand, $495 thousand and $578 thousand for the fiscal years ended June 30, 2014, 2013 and 2012, respectively. | |||||||||||||
Realization of Long-lived Assets | ' | ||||||||||||
Realization of Long-lived Assets: The Company evaluates the recoverability of property and equipment and intangible or other assets if facts and circumstances indicate that any of those assets might be impaired. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared to the asset’s carrying amount to determine if a write-down to fair value is necessary. During the years ended June 30, 2013 and 2012, an impairment loss of $129 thousand and $70 thousand, respectively, was recognized related to the leasehold improvements at the Atlanta, Georgia facility. No impairment loss was recognized during the year ended June 30, 2014. | |||||||||||||
Employee Benefit Plans | ' | ||||||||||||
Employee Benefit Plans: In addition to group health related benefits, the Company maintains a 401(k) employee savings plan available to all full-time employees. The Company matches a portion of employee contributions with cash (25% of employee contribution up to 6%). Company contributions to the 401(k) plan were $31 thousand, $39 thousand and $38 thousand for the fiscal years ended June 30, 2014, 2013 and 2012, respectively, and are included in selling, general and administrative expenses. For purposes of the group health benefit plan and beginning February 1, 2013, the Company self-insures an amount equal to the excess of the employees’ deductible (range from $2,000 for each individual and family member covered) up to the amount by which the third party insurance coverage begins (ranges from $2,000 for individual up to $14,999 for family coverage). The amount of liability at June 30, 2014 and 2013 was $31 thousand and $28 thousand respectively, and is included in accrued liabilities. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes: The liability method is used in accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The establishment of valuation allowances and development of projected annual effective tax rates requires significant judgment and is impacted by various estimates. Both positive and negative evidence, as well as the objectivity and verifiability of that evidence, is considered in determining the appropriateness of recording a valuation allowance on deferred tax assets. | |||||||||||||
Uncertain Tax Positions | ' | ||||||||||||
Uncertain Tax Positions: Under the accounting guidance for the uncertainty of income taxes, the income tax provision reflects the full benefit of all positions that will be taken in the Company’s income tax returns, except to the extent that such positions are uncertain and fall below the recognition requirements of the guidance. In the event that the Company determines that a tax position meets the uncertainty criteria, an additional liability or benefit will result. The Company periodically reassesses the tax positions reflected in tax returns for open years based on the latest information available and determines whether any portion of the tax benefits reflected therein should be treated as an unrecognized tax benefit. The amount of unrecognized tax benefit requires management to make significant assumptions about the expected outcomes of certain tax positions included in filed or yet to be filed tax returns. At June 30, 2014 and 2013, the Company did not have any uncertain tax positions. The Company is subject to income taxes in the United States and in numerous state tax jurisdictions. During the fiscal year ended June 30, 2013, the Company began doing business in a number of additional states throughout the United States and began to file state income tax returns in such jurisdictions. Tax return filings which are subject to review by federal and state tax authorities by jurisdiction are as follows: | |||||||||||||
· United States – fiscal years ended June 30, 2010, 2011, 2012, 2013, and 2014 | |||||||||||||
· State of Texas – fiscal years ended June 30, 2010, 2011, 2012, 2013, and 2014 | |||||||||||||
· State of Georgia – fiscal years ended June 30, 2011, 2012, 2013 and 2014 | |||||||||||||
· State of Pennsylvania – fiscal years ended June 30, 2011, 2012, 2013, and 2014 | |||||||||||||
· Other States – fiscal years ended June 30, 2013 and 2014 | |||||||||||||
None of the Company’s federal or state tax returns are currently under examination. The Company records income tax related interest and penalties, if applicable, as a component of the provision for income tax expense. However, there were no such amounts recognized in the consolidated statements of operations. | |||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||
Net Income (Loss) Per Share: Earnings per share (“EPS”) data for all years presented has been computed under guidance that requires a presentation of basic and diluted EPS. Basic EPS excludes dilution and is determined by dividing income or loss available to common stockholders by the weighted average number of common shares outstanding during the period adjusted for preferred stock dividends, if any. Diluted EPS reflects the potential dilution that could occur if securities and other contracts to issue common stock were exercised or converted into common stock. | |||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||
Fair Value of Financial Instruments: The Company considers the fair value of all financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, not to be materially different from their carrying values at year-end due to their short-term nature. | |||||||||||||
Segment Reporting | ' | ||||||||||||
Segment Reporting: The guidance for disclosures about segments of an enterprise requires that a public business enterprise report financial and descriptive information about its operating segments. Generally, financial information is required to be reported on the basis used internally for evaluating segment performance and resource allocation. The Company operates in a single segment, focusing on developing cost-effective management solutions for medical waste and unused dispensed medications generated outside the hospital and large healthcare facility setting. | |||||||||||||
Use of Estimates | ' | ||||||||||||
Use of Estimates: The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting period. The Company uses estimates to determine many reported amounts, including but not limited to: allowance for doubtful accounts, recoverability of long-lived assets and intangibles, useful lives used in depreciation and amortization, income taxes and valuation allowances, selling price used in multiple-deliverable arrangements and return rates used to estimate the percentage of container systems sold that will not be returned. Actual results could differ from these estimates. | |||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||
Recently Issued Accounting Standards: In May 2014, guidance for revenue recognition was issued which supersedes the revenue recognition requirements currently followed by the Company. The new guidance provides for a single five-step model to be applied in determining the amount and timing of the recognition of revenue related to contracts with customers. The new standard also requires additional financial statement disclosures that will enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows relating to customer contracts. Companies have an option to use either a retrospective approach or cumulative effect adjustment approach to implement the standard. There is no option for early adoption. The provisions of the new guidance are effective for annual reporting periods beginning after December 15, 2016 (effective July 1, 2017 for the Company), including interim periods within that reporting period. The Company is currently evaluating the impact of the new guidance on its financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
Schedule of future amortization of intangible assets | ' | ||||||||||||
As of June 30, 2014, future amortization of intangible assets is as follows (in thousands): | |||||||||||||
Year Ending June 30, | |||||||||||||
2015 | $ | 56 | |||||||||||
2016 | 56 | ||||||||||||
2017 | 54 | ||||||||||||
2018 | 52 | ||||||||||||
2019 | 52 | ||||||||||||
Thereafter | 445 | ||||||||||||
$ | 715 | ||||||||||||
Schedule of stock option valuation assumptions | ' | ||||||||||||
The fair value of the Company’s stock options was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Weighted average risk-free interest rate | 0.6 | % | 0.5 | % | 0.3 | % | |||||||
Weighted average expected volatility | 52 | % | 58 | % | 66 | % | |||||||
Weighted average expected life (in years) | 4.04 | 4.61 | 3.89 | ||||||||||
Dividend yield | - | - | - |
PROPERTY_PLANT_AND_EQUIPMENT_T
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
PROPERTY, PLANT AND EQUIPMENT [Abstract] | ' | |||||||||
Property, Plant and Equipment | ' | |||||||||
At June 30, 2014 and 2013, property, plant and equipment consisted of the following (in thousands): | ||||||||||
June 30, | ||||||||||
Useful Life | 2014 | 2013 | ||||||||
Furniture and fixtures | 3 to 5 years | $ | 192 | $ | 192 | |||||
Plant and equipment | 3 to 17 years | 6,153 | 5,422 | |||||||
Manufacturing | 15 years | 252 | 220 | |||||||
Computers and software | 3 to 5 years | 1,657 | 1,583 | |||||||
Leasehold improvements | 3 to 15 years | 897 | 897 | |||||||
Land | 19 | 19 | ||||||||
Construction-in-progress | 7 | 376 | ||||||||
9,177 | 8,709 | |||||||||
Less: accumulated depreciation | 5,319 | 4,269 | ||||||||
Net property, plant and equipment | $ | 3,858 | $ | 4,440 |
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
INCOME TAXES [Abstract] | ' | ||||||||||||
Components of Income Tax Expense (Benefit) | ' | ||||||||||||
The components of income tax expense (benefit) are as follows (in thousands): | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | 13 | $ | - | $ | 80 | |||||||
State | 20 | 15 | 8 | ||||||||||
33 | 15 | 88 | |||||||||||
Deferred | |||||||||||||
Federal | - | - | 1,038 | ||||||||||
State | - | - | (3 | ) | |||||||||
- | - | 1,035 | |||||||||||
$ | 33 | $ | 15 | $ | 1,123 | ||||||||
Effective Income Tax Rate Reconciliation | ' | ||||||||||||
The reconciliation of the statutory income tax rate to the Company’s effective income tax rate for the fiscal years ended June 30, 2014, 2013 and 2012 is as follows: | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory rate | 34 | % | 34 | % | 34 | % | |||||||
State income taxes, net | (6.9 | %) | (0.4 | %) | 0 | % | |||||||
Meals and entertainment | 1.2 | % | (0.5 | %) | (0.5 | %) | |||||||
Prior year adjustments and other | (4.0 | %) | 0.5 | % | 0 | % | |||||||
Effective rate before valuation allowance | 24.3 | % | 33.6 | % | 33.5 | % | |||||||
Change in valuation allowance | (21.0 | %) | (34.2 | %) | (78.5 | %) | |||||||
Effective tax rate | 3.3 | % | (0.6 | %) | (45.0 | %) | |||||||
Deferred Tax Assets and Liabilities | ' | ||||||||||||
At June 30, 2014 and 2013, the significant components of deferred tax assets and liabilities are approximated as follows (in thousands): | |||||||||||||
June 30, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets relating to: | |||||||||||||
Stock compensation | $ | 834 | $ | 695 | |||||||||
AMT and research and development credits | 410 | 397 | |||||||||||
Deferred rent | 23 | 106 | |||||||||||
Inventory | 58 | 81 | |||||||||||
Professional fees | 51 | 106 | |||||||||||
Accrued vacation | 23 | 21 | |||||||||||
Accounts receivable allowance | 8 | 9 | |||||||||||
Contribution carryovers | 14 | 4 | |||||||||||
Net operating loss carryforwards | 1,751 | 2,076 | |||||||||||
Total deferred tax assets | 3,172 | 3,495 | |||||||||||
Deferred tax liablities related to depreciation differences | (487 | ) | (611 | ) | |||||||||
Net deferred tax assets before valuation allowance | 2,685 | 2,884 | |||||||||||
Valuation allowance | (2,685 | ) | (2,884 | ) | |||||||||
Net deferred tax assets | $ | - | $ | - |
EQUITY_TRANSACTIONS_Tables
EQUITY TRANSACTIONS (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
EQUITY TRANSACTIONS [Abstract] | ' | ||||||||||||
Stock options exercised to purchase common stock | ' | ||||||||||||
During the years ended June 30, 2014, 2013 and 2012, stock options to purchase shares of the Company’s common stock were exercised as follows: | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Options Exercised | 13,125 | 100,445 | 89,443 | ||||||||||
Proceeds (in thousands) | $ | 47 | $ | 162 | $ | 65 | |||||||
Average exercise price per share | $ | 3.53 | $ | 1.62 | $ | 0.73 | |||||||
Schedule of share repurchases | ' | ||||||||||||
On January 7, 2013, the Company announced that its Board of Directors approved a stock repurchase program effective January 3, 2013, authorizing the Company to repurchase in the aggregate up to $3 million of its outstanding common stock over a two-year period.During the years ended June 30, 2014, 2013 and 2012, shares were repurchased as follows: | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares repurchased | 136,441 | 25,360 | - | ||||||||||
Cash paid for shares repurchased (in thousands) | $ | 607 | $ | 74 | $ | - | |||||||
Average price paid per share | $ | 4.45 | $ | 2.93 | $ | - |
STOCKBASED_COMPENSATION_Tables
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended | ||||||||||||||
Jun. 30, 2014 | |||||||||||||||
STOCK-BASED COMPENSATION [Abstract] | ' | ||||||||||||||
Schedule of options available for grant under plans | ' | ||||||||||||||
As of June 30, 2014, 2013 and 2012, options available for grant under the Plans are as follows: | |||||||||||||||
June 30, | 2010 Stock Plan | 1993 Stock Plan | Total | ||||||||||||
2014 | 139,267 | 269,494 | 408,761 | ||||||||||||
2013 | 296,308 | 259,744 | 556,052 | ||||||||||||
2012 | 372,384 | 144,173 | 516,557 | ||||||||||||
Schedule of activity for all stock options | ' | ||||||||||||||
The summary of activity for all stock options during the fiscal years ended June 30, 2014, 2013 and 2012 is presented in the table below (in thousands except per share amount): | |||||||||||||||
Options Outstanding | Weighted Average Exercise Price | ||||||||||||||
Balance, June 30, 2011 | 888 | $ | 4.43 | ||||||||||||
Granted | 320 | $ | 3.97 | ||||||||||||
Exercised | (89 | ) | $ | 0.73 | |||||||||||
Forfeited or canceled | (41 | ) | $ | 4.23 | |||||||||||
Balance at June 30, 2012 | 1,078 | $ | 4.6 | ||||||||||||
Granted | 178 | $ | 2.9 | ||||||||||||
Exercised | (100 | ) | $ | 1.62 | |||||||||||
Forfeited or canceled | (280 | ) | $ | 5.82 | |||||||||||
Balance at June 30, 2013 | 876 | $ | 4.21 | ||||||||||||
Granted | 244 | $ | 3.95 | ||||||||||||
Exercised | (13 | ) | $ | 3.53 | |||||||||||
Forfeited or canceled | (157 | ) | $ | 3.5 | |||||||||||
Balance at June 30, 2014 | 950 | $ | 4.27 | ||||||||||||
Exercisable at June 30, 2014 | 578 | $ | 4.56 | ||||||||||||
Schedule of activity for all restricted stock | ' | ||||||||||||||
The summary of activity for all restricted stock during the fiscal years ended June 30, 2014, 2013 and 2012 is presented in the table below (in thousands): | |||||||||||||||
Year Ended June 30, | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Unvested at beginning of the year | 15 | 17 | - | ||||||||||||
Granted | 62 | 62 | 81 | ||||||||||||
Vested | (62 | ) | (64 | ) | (64 | ) | |||||||||
Forfeited | - | - | - | ||||||||||||
Unvested at end of the year | 15 | 15 | 17 | ||||||||||||
Schedule of information about stock options outstanding | ' | ||||||||||||||
The following table summarizes information about stock options outstanding as of June 30, 2014 (in thousands except per share amount): | |||||||||||||||
Options Outstanding | |||||||||||||||
Range of Exercise Price | Outstanding as of June 30, 2014 | Weighted Average Remaining Life (in Years) | Weighted Average Exercise Price | ||||||||||||
$ | 0.00 - $2.50 | 99 | 1.35 | $ | 2.1 | ||||||||||
$ | 2.51 - $3.50 | 192 | 5.55 | $ | 2.95 | ||||||||||
$ | 3.51 - $5.50 | 560 | 4.34 | $ | 4.36 | ||||||||||
$ | 5.51 - $7.50 | - | - | $ | - | ||||||||||
$ | 7.51- $9.50 | 99 | 2.12 | $ | 8.5 | ||||||||||
950 | $ | 4.27 | |||||||||||||
Schedule of information about stock options exercisable | ' | ||||||||||||||
The following table summarizes information about stock options exercisable as of June 30, 2014 (in thousands except per share amount): | |||||||||||||||
Options Exercisable | |||||||||||||||
Range of Exercise Price | Exercisable as of June 30, 2014 | Weighted Average Remaining Life (in Years) | Weighted Average Exercise Price | ||||||||||||
$ | 0.00 - $2.50 | 99 | 1.35 | $ | 2.1 | ||||||||||
$ | 2.51 - $3.50 | 34 | 3.26 | $ | 2.87 | ||||||||||
$ | 3.51 - $5.50 | 347 | 3.57 | $ | 4.32 | ||||||||||
$ | 5.51 - $7.50 | - | - | $ | - | ||||||||||
$ | 7.51- $9.50 | 98 | 2.12 | $ | 8.5 | ||||||||||
578 | $ | 4.56 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||||||||||||||||||||||||
Operating lease obligations | ' | ||||||||||||||||||||||||
Rent expense for the fiscal years ended June 30, 2014, 2013 and 2012 was $1.3 million, $1.2 million and $1.4 million, respectively. Future minimum lease payments under non-cancelable operating leases as of June 30, 2014 are as follows (in thousands): | |||||||||||||||||||||||||
Twelve Months Ending June 30, | |||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | ||||||||||||||||||||
Operating lease obligations | $ | 735 | $ | 526 | $ | 631 | $ | 644 | $ | 659 | $ | 788 |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
EARNINGS PER SHARE [Abstract] | ' | ||||||||||||
Earnings per share | ' | ||||||||||||
The following information is necessary to calculate earnings per share for the periods presented (in thousands, except per share amount): | |||||||||||||
Year Ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net income (loss), as reported | $ | 956 | $ | (2,712 | ) | $ | (3,621 | ) | |||||
Weighted average common shares outstanding | 15,289 | 15,255 | 15,109 | ||||||||||
Effect of dilutive stock options | 112 | - | - | ||||||||||
Weighted average diluted common shares outstanding | 15,401 | 15,255 | 15,109 | ||||||||||
Net income (loss) per common share | |||||||||||||
Basic | $ | 0.06 | $ | (0.18 | ) | $ | (0.24 | ) | |||||
Diluted | $ | 0.06 | $ | (0.18 | ) | $ | (0.24 | ) | |||||
Employee stock options excluded from computation of diluted income per share amounts because their effect would be anti-dilutive | 655 | 728 | 831 |
SELECTED_QUARTERLY_FINANCIAL_D1
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) [Abstract] | ' | ||||||||||||||||
Schedule of quarterly financial information | ' | ||||||||||||||||
The following tables show quarterly financial information for the years ended June 30, 2014 and 2013. The Company believes that all necessary adjustments have been included in the amounts below to present fairly the results of such periods (in thousands expect per share amounts). | |||||||||||||||||
Quarter Ended | |||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||
2013 | 2013 | 2014 | 2014 | ||||||||||||||
Total revenues | $ | 6,272 | $ | 7,649 | $ | 5,553 | $ | 7,096 | |||||||||
Cost of revenues | $ | 3,948 | $ | 4,960 | $ | 4,144 | $ | 4,529 | |||||||||
Operating income (loss) | $ | 130 | $ | 120 | $ | (935 | ) | $ | 1,650 | ||||||||
Net income (loss) | $ | 122 | $ | 120 | $ | (935 | ) | $ | 1,649 | ||||||||
Net income (loss) per share - diluted | $ | 0.01 | $ | 0.01 | $ | (0.06 | ) | $ | 0.11 | ||||||||
Weighted average shares-diluted | 15,366 | 15,438 | 15,248 | 15,381 | |||||||||||||
Quarter Ended | |||||||||||||||||
September 30, | December 31, | March 31, | June 30, | ||||||||||||||
2012 | 2012 | 2013 | 2013 | ||||||||||||||
Total revenues | $ | 5,153 | $ | 5,717 | $ | 5,410 | $ | 5,250 | |||||||||
Cost of revenues | $ | 3,601 | $ | 4,017 | $ | 3,894 | $ | 3,671 | |||||||||
Operating income (loss) | $ | (641 | ) | $ | (431 | ) | $ | (942 | ) | $ | (695 | ) | |||||
Net income (loss) | $ | (639 | ) | $ | (428 | ) | $ | (955 | ) | $ | (690 | ) | |||||
Net income (loss) per share - diluted | $ | (0.04 | ) | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.05 | ) | |||||
Weighted average shares-diluted | 15,209 | 15,232 | 15,246 | 15,333 |
ORGANIZATION_AND_BACKGROUND_De
ORGANIZATION AND BACKGROUND (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Customer | Customer | Customer | |
Concentration Risk [Line Items] | ' | ' | ' |
Accounts receivable | 4,728 | 2,595 | ' |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Number of customers | 1 | 1 | ' |
Concentration Risk, Percentage | 13.00% | 25.00% | ' |
Accounts receivable | 599 | 638 | ' |
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Number of customers | 1 | 1 | 2 |
Concentration Risk, Percentage | 20.00% | 22.00% | 30.00% |
Supplier Concentration Risk [Member] | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' |
Number of contract manufacturers | 3 | ' | ' |
SUMMARY_OF_SIGNIFICANT_ACCOUNT3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 1 Months Ended | 12 Months Ended | 193 Months Ended | |||||||||||
Jan. 30, 2014 | Nov. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Aug. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Nov. 30, 2003 | Jun. 30, 1998 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2014 | |
Patent | Patent | Patent | Patent | Patent | Patent | Patent | Patent | Patent | Patent | |||||
Cash and Cash Equivalents [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of FDIC insured amount in savings account (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Inventory [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss on inventory write-down | ' | ' | ' | ' | ' | ' | ' | ' | ' | $156,000 | $0 | $0 | ' | ' |
Total inventory | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,320,000 | 1,632,000 | ' | ' | 1,320,000 |
Finished goods | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 700,000 | ' | ' | 600,000 |
Raw materials | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | 900,000 | ' | ' | 700,000 |
Intangible Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets description | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Intangible assets consist of (i) permit costs related to the Companybs treatment facility in Carthage, Texas, (ii) eleven patents (two acquired in June 1998, one in November 2003, one in January 2012, two in April 2012, one in August 2012, one in September 2012, one in December 2012, one in November 2013 and one in January 2013), and (iii) defense costs related to certain existing patents. | ' | ' | ' | ' |
Number of patents acquired | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 2 | ' | ' | ' | ' | 11 |
Estimated life of patents | ' | ' | ' | ' | ' | ' | ' | ' | ' | '17 years | ' | ' | ' | ' |
Amortization expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000 | 18,000 | 30,000 | ' | ' |
Future amortization of intangible assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,000 | ' | ' | ' | 56,000 |
2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,000 | ' | ' | ' | 56,000 |
2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54,000 | ' | ' | ' | 54,000 |
2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,000 | ' | ' | ' | 52,000 |
2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,000 | ' | ' | ' | 52,000 |
Thereafter | ' | ' | ' | ' | ' | ' | ' | ' | ' | 445,000 | ' | ' | ' | 445,000 |
Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | 715,000 | ' | ' | ' | 715,000 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 438,000 | 514,000 | 786,000 | ' | ' |
Share-based compensation, excess tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 85,000 | ' | ' |
Valuation assumptions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average risk-free interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.60% | 0.50% | ' | 0.30% | ' |
Weighted average expected volatility (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52.00% | 58.00% | ' | 66.00% | ' |
Weighted average expected life (in years) | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years 0 months 14 days | '4 years 7 months 10 days | ' | '3 years 10 months 20 days | ' |
Dividend yield (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | ' | 0.00% | ' |
Advertising Costs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 457,000 | 495,000 | 578,000 | ' | ' |
Realization of Long-lived Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment losses recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 129,000 | 70,000 | ' | ' |
Employee Benefit Plans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employers match percentage (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' |
Maximum annual percentage contribution per employee (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' |
Company contributions to the 401(k) plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,000 | 39,000 | 38,000 | ' | ' |
Prior Group health benefit plan, individual deductible | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' |
Group health benefit plan, family deductible | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' |
Group health benefit plan, third party insurance company coverage beginning amount, individual | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000 | ' | ' | ' | ' |
Group health benefit plan, third party insurance company coverage beginning amount, family | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14,999 | ' | ' | ' | ' |
Self-insured liability, health insurance | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31,000 | 28,000 | ' | ' | 31,000 |
Uncertain tax positions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liability for uncertain tax positions | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 0 |
Tax adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' |
Internal Revenue Service (IRS) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Open tax years | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Fiscal years ended June 30, 2010, 2011, 2012, 2013 and 2014 | ' | ' | ' | ' |
State of Texas [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Open tax years | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Fiscal years ended June 30, 2010, 2011, 2012, 2013 and 2014 | ' | ' | ' | ' |
State of Georgia [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Open tax years | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Fiscal years ended June 30, 2011, 2012, 2013 and 2014 | ' | ' | ' | ' |
States of Pennsylvania [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Open tax years | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Fiscal years ended June 30, 2011, 2012, 2013 and 2014 | ' | ' | ' | ' |
Other States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Tax Contingency [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Open tax years | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Fiscal years ended June 30, 2013 and 2014 | ' | ' | ' | ' |
Cost of Revenues [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,000 | 21,000 | 68,000 | ' | ' |
General and Administrative Expense [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | $420,000 | $493,000 | $718,000 | ' | ' |
PROPERTY_PLANT_AND_EQUIPMENT_D
PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $9,177,000 | $8,709,000 | ' |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 5,319,000 | 4,269,000 | ' |
Property, Plant and Equipment, Net, Total | 3,858,000 | 4,440,000 | ' |
Depreciation expense | 1,100,000 | 1,100,000 | 1,100,000 |
Depreciation expense included in cost of revenues | 643,000 | 666,000 | 664,000 |
Furniture and Fixtures [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 192,000 | 192,000 | ' |
Furniture and Fixtures [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '3 years | ' | ' |
Furniture and Fixtures [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '5 years | ' | ' |
Plant and equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 6,153,000 | 5,422,000 | ' |
Plant and equipment [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '3 years | ' | ' |
Plant and equipment [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '17 years | ' | ' |
Manufacturing [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '15 years | ' | ' |
Property, Plant and Equipment, Gross | 252,000 | 220,000 | ' |
Computers and software [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 1,657,000 | 1,583,000 | ' |
Computers and software [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '3 years | ' | ' |
Computers and software [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '5 years | ' | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 897,000 | 897,000 | ' |
Leasehold Improvements [Member] | Minimum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '3 years | ' | ' |
Leasehold Improvements [Member] | Maximum [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '15 years | ' | ' |
Land [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | 19,000 | 19,000 | ' |
Construction in Progress [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property, Plant and Equipment, Gross | $7,000 | $376,000 | ' |
NOTES_PAYABLE_AND_LONGTERM_DEB1
NOTES PAYABLE AND LONG-TERM DEBT (Details) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Credit Agreement [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Period of line of credit | '2 years |
Maximum borrowing capacity | $3,000,000 |
Percentage of eligible accounts receivable considered for borrowing base (in hundredths) | 80.00% |
Percentage of eligible inventory considered for borrowing base (in hundredths) | 50.00% |
Interest rate (in hundredths) | 3.25% |
Unused capacity, commitment fee percentage (in hundredths) | 0.25% |
Amount outstanding | 0 |
Remaining borrowing capacity | 2,700,000 |
Minimum amount of tangible net worth to be maintained under financial covenants | 10,500,000 |
Minimum amount of liquidity to be maintained under financial covenants | 5,000,000 |
Maturity date | 28-Jan-16 |
Description of variable rate basis | 'WSJ Prime |
Prior Agreement [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Amount outstanding | 0 |
Letters of Credit [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Maximum borrowing capacity | 500,000 |
Letters of Credit [Member] | Credit Agreement [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Amount outstanding | 335,000 |
Letters of Credit [Member] | Prior Agreement [Member] | ' |
Line of Credit Facility [Line Items] | ' |
Maximum borrowing capacity | 200,000 |
Amount outstanding | $110,000 |
Maturity date | 15-Jul-15 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Current | ' | ' | ' |
Federal | $13,000 | $0 | $80,000 |
State | 20,000 | 15,000 | 8,000 |
Current income tax expense (benefit), total | 33,000 | 15,000 | 88,000 |
Deferred | ' | ' | ' |
Federal | 0 | 0 | 1,038,000 |
State | 0 | 0 | -3,000 |
Deferred income tax expense (benefit), total | 0 | 0 | 1,035,000 |
TOTAL INCOME TAX EXPENSE | 33,000 | 15,000 | 1,123,000 |
Effective income tax rate reconciliation [Abstract] | ' | ' | ' |
Statutory rate (in hundredths) | 34.00% | 34.00% | 34.00% |
State income taxes, net (in hundredths) | -6.90% | -0.40% | 0.00% |
Meals and entertainment (in hundredths) | 1.20% | -0.50% | -0.50% |
Prior year adjustments and other (in hundredths) | -4.00% | 0.50% | 0.00% |
Effective income tax rate before valuation allowance (in hundredths) | 24.30% | 33.60% | 33.50% |
Change in valuation allowance (in hundredths) | -21.00% | -34.20% | -78.50% |
Effective income tax rate (in hundredths) | 3.30% | -0.60% | -45.00% |
Components of Deferred Tax Assets and Liabilities [Abstract] | ' | ' | ' |
Valuation Deferred Tax Asset, Change in Amount | 200,000 | 900,000 | 2,000,000 |
Net operating loss carryforwards utilized | 1,000,000 | ' | ' |
Deferred tax assets relating to: | ' | ' | ' |
Stock compensation | 834,000 | 695,000 | ' |
AMT and research and development credits | 410,000 | 397,000 | ' |
Deferred rent | 23,000 | 106,000 | ' |
Inventory | 58,000 | 81,000 | ' |
Professional fees | 51,000 | 106,000 | ' |
Accrued vacation | 23,000 | 21,000 | ' |
Accounts receivable allowance | 8,000 | 9,000 | ' |
Contribution carryovers | 14,000 | 4,000 | ' |
Net operating loss carryforwards | 1,751,000 | 2,076,000 | ' |
Total deferred tax assets | 3,172,000 | 3,495,000 | ' |
Deferred tax liabilities related to depreciation differences | -487,000 | -611,000 | ' |
Net deferred tax assets before valuation allowance | 2,685,000 | 2,884,000 | ' |
Valuation allowance | -2,685,000 | -2,884,000 | ' |
Net deferred tax assets | 0 | 0 | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Net operating loss | 5,000,000 | ' | ' |
Tax credit carryforward, amount | 400,000 | ' | ' |
Tax credit carryforward, amount expiration on June 30, 2031 | 200,000 | ' | ' |
Tax credit carryforward, amount expiration indefinitely | $200,000 | ' | ' |
Tax credit carryforward, expiration date | 30-Jun-31 | ' | ' |
Tax credit carryforward, expiration date | 'indefinitely | ' | ' |
Minimum [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Operating loss carryforwards, expiration dates | 30-Jun-31 | ' | ' |
Maximum [Member] | ' | ' | ' |
Tax Credit Carryforward [Line Items] | ' | ' | ' |
Operating loss carryforwards, expiration dates | 30-Jun-33 | ' | ' |
EQUITY_TRANSACTIONS_Details
EQUITY TRANSACTIONS (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Stock options exercised [Abstract] | ' | ' | ' |
Options Exercised (in shares) | 13,125 | 100,445 | 89,443 |
Proceeds | $47,000 | $162,000 | $65,000 |
Average exercise price per share (in dollars per share) | $3.53 | $1.62 | $0.73 |
Stock repurchase program, authorized amount | 3,000,000 | ' | ' |
Stock repurchase program, period | '2 years | ' | ' |
Shares repurchased [Abstract] | ' | ' | ' |
Shares repurchased (in shares) | 136,441 | 25,360 | 0 |
Cash paid for shares repurchased | 607,000 | 74,000 | 0 |
Average price paid per share (in dollars per share) | $4.45 | $2.93 | $0 |
Total shares repurchased under the program (in shares) | 161,801 | 25,360 | ' |
Total shares repurchased under the program, at cost | 681,000 | 74,000 | ' |
Amount remaining under repurchase program | $2,300,000 | ' | ' |
STOCKBASED_COMPENSATION_Detail
STOCK-BASED COMPENSATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Options available for grant (in shares) | 408,761 | 556,052 | 516,557 |
Stock Option Activity [Rollforward] | ' | ' | ' |
Exercised (in shares) | -13,125 | -100,445 | -89,443 |
Weighted Average Exercise Price [Abstract] | ' | ' | ' |
Exercised (in dollars per share) | $3.53 | $1.62 | $0.73 |
Non-vested award [Abstract] | ' | ' | ' |
Expense for non-vested awards | $298 | ' | ' |
Weighted average period for expense recognition | '2 years 9 months 18 days | ' | ' |
Stock Options [Member] | ' | ' | ' |
Stock Option Activity [Rollforward] | ' | ' | ' |
Beginning balance (in shares) | 876,000 | 1,078,000 | 888,000 |
Granted (in shares) | 244,000 | 178,000 | 320,000 |
Exercised (in shares) | -13,125 | -100,445 | -89,443 |
Forfeited or canceled (in shares) | -157,000 | -280,000 | -41,000 |
Ending balance (in shares) | 950,000 | 876,000 | 1,078,000 |
Exercisable (in shares) | 578,000 | ' | ' |
Weighted Average Exercise Price [Abstract] | ' | ' | ' |
Beginning balance (in dollars per share) | $4.21 | $4.60 | $4.43 |
Granted (in dollars per share) | $3.95 | $2.90 | $3.97 |
Exercised (in dollars per share) | $3.53 | $1.62 | $0.73 |
Forfeited or canceled (in dollars per share) | $3.50 | $5.82 | $4.23 |
Ending balance (in dollars per share) | $4.27 | $4.21 | $4.60 |
Exercisable (in dollars per share) | $4.56 | ' | ' |
Options Outstanding [Abstract] | ' | ' | ' |
Outstanding (in shares) | 950,000 | ' | ' |
Weighted average exercise price (in dollars per share) | $4.27 | ' | ' |
Options Exercisable [Abstract] | ' | ' | ' |
Exercisable (in shares) | 578,000 | ' | ' |
Exercisable (in dollars per share) | $4.56 | ' | ' |
Stock Options [Member] | $0.00-$2.50 | ' | ' | ' |
Options Outstanding [Abstract] | ' | ' | ' |
Range of exercise price, minimum (in dollars per share) | $0 | ' | ' |
Range of exercise price, maximum (in dollars per share) | $2.50 | ' | ' |
Outstanding (in shares) | 99,000 | ' | ' |
Weighted average remaining life | '1 year 4 months 6 days | ' | ' |
Weighted average exercise price (in dollars per share) | $2.10 | ' | ' |
Options Exercisable [Abstract] | ' | ' | ' |
Exercisable (in shares) | 99,000 | ' | ' |
Weighted average remaining life | '1 year 4 months 6 days | ' | ' |
Exercisable (in dollars per share) | $2.10 | ' | ' |
Stock Options [Member] | $2.51-$3.50 | ' | ' | ' |
Options Outstanding [Abstract] | ' | ' | ' |
Range of exercise price, minimum (in dollars per share) | $2.51 | ' | ' |
Range of exercise price, maximum (in dollars per share) | $3.50 | ' | ' |
Outstanding (in shares) | 192,000 | ' | ' |
Weighted average remaining life | '5 years 6 months 18 days | ' | ' |
Weighted average exercise price (in dollars per share) | $2.95 | ' | ' |
Options Exercisable [Abstract] | ' | ' | ' |
Exercisable (in shares) | 34,000 | ' | ' |
Weighted average remaining life | '3 years 3 months 4 days | ' | ' |
Exercisable (in dollars per share) | $2.87 | ' | ' |
Stock Options [Member] | $3.51-$5.50 | ' | ' | ' |
Options Outstanding [Abstract] | ' | ' | ' |
Range of exercise price, minimum (in dollars per share) | $3.51 | ' | ' |
Range of exercise price, maximum (in dollars per share) | $5.50 | ' | ' |
Outstanding (in shares) | 560,000 | ' | ' |
Weighted average remaining life | '4 years 4 months 2 days | ' | ' |
Weighted average exercise price (in dollars per share) | $4.36 | ' | ' |
Options Exercisable [Abstract] | ' | ' | ' |
Exercisable (in shares) | 347,000 | ' | ' |
Weighted average remaining life | '3 years 6 months 25 days | ' | ' |
Exercisable (in dollars per share) | $4.32 | ' | ' |
Stock Options [Member] | $5.51-$7.50 | ' | ' | ' |
Options Outstanding [Abstract] | ' | ' | ' |
Range of exercise price, minimum (in dollars per share) | $5.51 | ' | ' |
Range of exercise price, maximum (in dollars per share) | $7.50 | ' | ' |
Outstanding (in shares) | 0 | ' | ' |
Weighted average remaining life | '0 years | ' | ' |
Weighted average exercise price (in dollars per share) | $0 | ' | ' |
Options Exercisable [Abstract] | ' | ' | ' |
Exercisable (in shares) | 0 | ' | ' |
Weighted average remaining life | '0 years | ' | ' |
Exercisable (in dollars per share) | $0 | ' | ' |
Stock Options [Member] | $7.51-$9.50 | ' | ' | ' |
Options Outstanding [Abstract] | ' | ' | ' |
Range of exercise price, minimum (in dollars per share) | $7.51 | ' | ' |
Range of exercise price, maximum (in dollars per share) | $9.50 | ' | ' |
Outstanding (in shares) | 99,000 | ' | ' |
Weighted average remaining life | '2 years 1 month 13 days | ' | ' |
Weighted average exercise price (in dollars per share) | $8.50 | ' | ' |
Options Exercisable [Abstract] | ' | ' | ' |
Exercisable (in shares) | 98,000 | ' | ' |
Weighted average remaining life | '2 years 1 month 13 days | ' | ' |
Exercisable (in dollars per share) | $8.50 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Restricted stock activity [Rollforward] | ' | ' | ' |
Unvested at beginning of the year (in shares) (in shares) | 15,000 | 17,000 | 0 |
Granted (in shares) | 62,000 | 62,000 | 81,000 |
Vested (in shares) | -62,000 | -64,000 | -64,000 |
Forfeited (in shares) | 0 | 0 | 0 |
Ending balance (in shares) | 15,000 | 15,000 | 17,000 |
Unvested at end of the year (in shares) | 15,000 | 15,000 | 17,000 |
Weighted Average Fair Value [Abstract] | ' | ' | ' |
Grants (in dollars per share) | $4.84 | $2.48 | $4.46 |
Vested (in dollars per share) | $4.25 | $3.01 | $4.47 |
2010 Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of common shares authorized (in shares) | 1,000,000 | ' | ' |
Shares outstanding (in shares) | 598,999 | ' | ' |
Options available for grant (in shares) | 139,267 | 296,308 | 372,384 |
2010 Stock Plan [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expiration Period | '7 years | ' | ' |
2010 Stock Plan [Member] | Stock Options [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Period | '4 years | ' | ' |
2010 Stock Plan [Member] | Stock Options [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Period | '3 years | ' | ' |
2010 Stock Plan [Member] | Restricted Stock [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Period | '1 year | ' | ' |
1993 Stock Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of common shares authorized (in shares) | 4,000,000 | ' | ' |
Shares outstanding (in shares) | 364,917 | ' | ' |
Options available for grant (in shares) | 269,494 | 259,744 | 144,173 |
1993 Stock Plan [Member] | Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Period | '3 years | ' | ' |
Expiration Period | '7 years | ' | ' |
1993 Stock Plan [Member] | Restricted Stock [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Period | '3 years | ' | ' |
1993 Stock Plan [Member] | Restricted Stock [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Vesting Period | '1 year | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
sqft | |||
Operating Leases [Line Items] | ' | ' | ' |
Area of leased space | 170,489 | ' | ' |
Rent expense | $1,300,000 | $1,200,000 | $1,400,000 |
Future minimum lease payments [Abstract] | ' | ' | ' |
2015 | 735,000 | ' | ' |
2016 | 526,000 | ' | ' |
2017 | 631,000 | ' | ' |
2018 | 644,000 | ' | ' |
2019 | 659,000 | ' | ' |
Thereafter | 788,000 | ' | ' |
Legal Settlement [Abstract] | ' | ' | ' |
Settlement agreement cash paid | $1,500,000 | ' | ' |
Warehouses [Member] | ' | ' | ' |
Operating Leases [Line Items] | ' | ' | ' |
Option to renew lease, term | '5 years | ' | ' |
Office space [Member] | ' | ' | ' |
Operating Leases [Line Items] | ' | ' | ' |
Option to renew lease, term | '10 years | ' | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
EARNINGS PER SHARE [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss), as reported | $1,649 | ($935) | $120 | $122 | ($690) | ($955) | ($428) | ($639) | $956 | ($2,712) | ($3,621) |
Weighted average common shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 15,289,000 | 15,255,000 | 15,109,000 |
Effect of dilutive stock options (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 112,000 | 0 | 0 |
Weighted average diluted common shares outstanding (in shares) | 15,381 | 15,248 | 15,438 | 15,366 | 15,333 | 15,246 | 15,232 | 15,209 | 15,401,000 | 15,255,000 | 15,109,000 |
Net income (loss) per common share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.06 | ($0.18) | ($0.24) |
Diluted (in dollars per share) | $0.11 | ($0.06) | $0.01 | $0.01 | ($0.05) | ($0.06) | ($0.03) | ($0.04) | $0.06 | ($0.18) | ($0.24) |
Employee stock options excluded from computation of diluted income per share amounts because their effect would be anti-dilutive | ' | ' | ' | ' | ' | ' | ' | ' | 655,000 | 728,000 | 831,000 |
SELECTED_QUARTERLY_FINANCIAL_D2
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $7,096 | $5,553 | $7,649 | $6,272 | $5,250 | $5,410 | $5,717 | $5,153 | $26,570 | $21,530 | $21,787 |
Cost of revenues | 4,529 | 4,144 | 4,960 | 3,948 | 3,671 | 3,894 | 4,017 | 3,601 | 17,581 | 15,183 | 15,246 |
Operating income (loss) | 1,650 | -935 | 120 | 130 | -695 | -942 | -431 | -641 | 965 | -2,709 | -2,521 |
Net income (loss) | $1,649 | ($935) | $120 | $122 | ($690) | ($955) | ($428) | ($639) | $956 | ($2,712) | ($3,621) |
Net income (loss) per share - diluted (in dollars per share) | $0.11 | ($0.06) | $0.01 | $0.01 | ($0.05) | ($0.06) | ($0.03) | ($0.04) | $0.06 | ($0.18) | ($0.24) |
Weighted average shares-diluted (in shares) | 15,381 | 15,248 | 15,438 | 15,366 | 15,333 | 15,246 | 15,232 | 15,209 | 15,401,000 | 15,255,000 | 15,109,000 |