Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Aug. 22, 2016 | Dec. 31, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | SHARPS COMPLIANCE CORP | ||
Entity Central Index Key | 898,770 | ||
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 | Accelerated Filer | ||
Entity Public Float | $ 110.4 | ||
Entity Common Stock, Shares Outstanding | 15,901,603 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2016 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 12,435 | $ 15,157 |
Accounts receivable, net of allowance for doubtful accounts of $63 and $34, respectively | 5,814 | 6,647 |
Inventory | 3,919 | 2,738 |
Prepaid and other current assets | 695 | 680 |
TOTAL CURRENT ASSETS | 22,863 | 25,222 |
PROPERTY, PLANT AND EQUIPMENT, net | 5,032 | 3,810 |
OTHER ASSETS | 84 | 53 |
GOODWILL | 1,039 | 0 |
INTANGIBLE ASSETS, net of accumulated amortization of $502 and $385, respectively | 1,129 | 666 |
TOTAL ASSETS | 30,147 | 29,751 |
CURRENT LIABILITIES | ||
Accounts payable | 1,620 | 1,770 |
Accrued liabilities | 1,534 | 1,952 |
Deferred revenue | 2,477 | 1,877 |
TOTAL CURRENT LIABILITIES | 5,631 | 5,599 |
LONG-TERM DEFERRED REVENUE, net of current portion | 483 | 483 |
OTHER LONG-TERM LIABILITIES | 190 | 83 |
TOTAL LIABILITIES | 6,304 | 6,165 |
COMMITMENTS AND CONTINGENCIES (Note 8) | ||
STOCKHOLDERS' EQUITY | ||
Common stock, $0.01 par value per share; 20,000,000 shares authorized; 15,740,458 and 15,575,041 shares issued, respectively and 15,444,843 and 15,383,791 shares outstanding, respectively. | 158 | 156 |
Treasury stock, at cost, 295,615 and 191,250 shares repurchased, respectively. | (1,554) | (809) |
Additional paid-in capital | 25,331 | 24,344 |
Accumulated deficit | (92) | (105) |
TOTAL STOCKHOLDERS' EQUITY | 23,843 | 23,586 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 30,147 | $ 29,751 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
CURRENT ASSETS | ||
Accounts receivable, allowance for doubtful accounts | $ 63 | $ 34 |
INTANGIBLE ASSETS, accumulated amortization | $ 502 | $ 385 |
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) | 15,740,458 | 15,575,041 |
Common stock, shares outstanding (in shares) | 15,444,843 | 15,383,791 |
Treasury stock, shares repurchased (in shares) | 295,615 | 191,250 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
CONSOLIDATED STATEMENTS OF INCOME [Abstract] | |||
REVENUES | $ 33,383 | $ 30,902 | $ 26,570 |
Cost of revenues | 22,272 | 19,907 | 17,581 |
GROSS PROFIT | 11,111 | 10,995 | 8,989 |
Selling, general and administrative | 10,812 | 9,496 | 9,100 |
Legal settlement | 0 | 0 | (1,538) |
Depreciation and amortization | 294 | 263 | 462 |
OPERATING INCOME | 5 | 1,236 | 965 |
INTEREST INCOME | 32 | 36 | 24 |
INCOME BEFORE INCOME TAXES | 37 | 1,272 | 989 |
INCOME TAX EXPENSE | |||
INCOME TAX EXPENSE - Current | 24 | 112 | 33 |
TOTAL INCOME TAX EXPENSE | 24 | 112 | 33 |
NET INCOME | $ 13 | $ 1,160 | $ 956 |
NET INCOME PER COMMON SHARE | |||
Basic (in dollars per share) | $ 0 | $ 0.08 | $ 0.06 |
Diluted (in dollars per share) | $ 0 | $ 0.07 | $ 0.06 |
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON SHARE: | |||
Basic (in shares) | 15,448 | 15,327 | 15,289 |
Diluted (in shares) | 15,838 | 15,564 | 15,401 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total |
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) | |||
Exercise of stock options | $ 0 | $ 0 | 47 | 0 | $ 47 |
Exercise of stock options (in shares) | 13,125 | 0 | (13,125) | ||
Stock-based compensation | $ 0 | $ 0 | 438 | 0 | $ 438 |
Issuance of restricted stock | $ 1 | $ 0 | (1) | 0 | 0 |
Issuance of restricted stock (in shares) | 77,495 | 0 | |||
Shares repurchased | $ 0 | $ (607) | 0 | 0 | $ (607) |
Shares repurchased (in shares) | 0 | (136,441) | (136,441) | ||
Net income | $ 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) | |||
Exercise of stock options | $ 0 | $ 0 | 139 | 0 | $ 139 |
Exercise of stock options (in shares) | 61,109 | 0 | (61,109) | ||
Stock-based compensation | $ 0 | $ 0 | 511 | 0 | $ 511 |
Issuance of restricted stock | $ 1 | $ 0 | (1) | 0 | 0 |
Issuance of restricted stock (in shares) | 52,992 | 0 | |||
Shares repurchased | $ 0 | $ (128) | 0 | 0 | $ (128) |
Shares repurchased (in shares) | 0 | (29,449) | (29,449) | ||
Net income | $ 0 | $ 0 | 0 | 1,160 | $ 1,160 |
Balances at Jun. 30, 2015 | $ 156 | $ (809) | 24,344 | (105) | $ 23,586 |
Balances (in shares) at Jun. 30, 2015 | 15,575,041 | (191,250) | 15,383,791 | ||
Exercise of stock options | $ 1 | $ 0 | 312 | 0 | $ 313 |
Exercise of stock options (in shares) | 112,425 | 0 | (112,425) | ||
Stock-based compensation | $ 0 | $ 0 | 676 | 0 | $ 676 |
Issuance of restricted stock | $ 1 | $ 0 | (1) | 0 | 0 |
Issuance of restricted stock (in shares) | 52,992 | 0 | |||
Shares repurchased | $ 0 | $ (745) | 0 | 0 | $ (745) |
Shares repurchased (in shares) | 0 | (104,365) | (104,365) | ||
Net income | $ 0 | $ 0 | 0 | 13 | $ 13 |
Balances at Jun. 30, 2016 | $ 158 | $ (1,554) | $ 25,331 | $ (92) | $ 23,843 |
Balances (in shares) at Jun. 30, 2016 | 15,740,458 | (295,615) | 15,444,843 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 13 | $ 1,160 | $ 956 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 816 | 830 | 1,105 |
Loss on inventory write-down | 17 | 0 | 156 |
Stock-based compensation expense | 676 | 511 | 438 |
Changes in operating assets and liabilities, net of effects of business acquisitions: | |||
Restricted cash | 0 | 111 | 0 |
Accounts receivable | 926 | (1,919) | (2,133) |
Legal settlement receivable | 0 | 1,538 | (1,538) |
Inventory | (1,055) | (1,418) | 156 |
Prepaids and other assets | (46) | (259) | 109 |
Accounts payable and accrued liabilities | (759) | 1,109 | 164 |
Deferred revenue | 600 | 499 | (69) |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 1,188 | 2,162 | (656) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchase of property, plant and equipment | (1,926) | (727) | (468) |
Additions to intangible assets | 0 | (6) | (102) |
Payments for acquisitions, net of cash acquired | (1,552) | 0 | 0 |
NET CASH USED IN INVESTING ACTIVITIES | (3,478) | (733) | (570) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from exercise of stock options | 313 | 139 | 47 |
Shares repurchased | (745) | (128) | (607) |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (432) | 11 | (560) |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (2,722) | 1,440 | (1,786) |
CASH AND CASH EQUIVALENTS, beginning of year | 15,157 | 13,717 | 15,503 |
CASH AND CASH EQUIVALENTS, end of year | 12,435 | 15,157 | 13,717 |
SUPPLEMENTAL CASH FLOW DISCLOSURES: | |||
Income taxes paid, net of refunds | 152 | 58 | 22 |
NON-CASH INVESTING ACTIVITIES: | |||
Unpaid consideration related to acquisitions | 181 | 0 | 0 |
Transfer of equipment to inventory | $ 143 | $ 0 | $ 0 |
ORGANIZATION AND BACKGROUND
ORGANIZATION AND BACKGROUND | 12 Months Ended |
Jun. 30, 2016 | |
ORGANIZATION AND BACKGROUND [Abstract] | |
ORGANIZATION AND BACKGROUND | NOTE 1 - ORGANIZATION AND BACKGROUND Organization Business ® ® SM ® ® . Concentration of Customers and Service Providers . For the fiscal year ended June 30, 2016, one customer represented approximately 17% of revenues. This customer also represented approximately 17%, or $1.0 million, of the total accounts receivable balance as of June 30, 2016. For the fiscal year ended June 30, 2015, one customer represented approximately 17% of revenues. This customer represented approximately 7%, or $0.5 million, of the total accounts receivable balance as of June 30, 2015. For the fiscal year ended June 30, 2014, one customer represented approximately 20% of revenues. The Company may be adversely affected by its dependence Currently, the majority of Sharps transportation is sourced with the United States Postal Service (“USPS”), which consists of delivering the Sharps Recovery 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 solutions, the Company owns all proprietary molds and dies and utilizes several 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 for the majority of the raw materials used in our other products and solutions and international suppliers for Pitch-It IV Poles. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition The Company recognizes revenue when services are provided and from product sales when (i) goods are shipped or delivered, and title and risk of loss pass to the customer, (ii) the price is substantially fixed or determinable and (iii) collectability is reasonably assured 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, at which point title has transferred, there are no acceptance provisions and amounts are segregated in the Company’s warehouse. During the fiscal years ended June 30, 2016, 2015 and 2014, the Company recorded revenue from inventory builds that are held in vendor managed inventory under these service agreements of $3.2 million, $2.6 million and $1.9 million, respectively. As of June 30, 2016 and 2015, $2.1 million and $1.6 million, respectively, of solutions sold through that date were held in vendor managed inventory pending fulfillment or shipment to patients of pharmaceutical manufacturers who offer these solutions to patients in an ongoing patient support program. Certain products offered by the Company have revenue producing components that are recognized over multiple delivery points (Sharps Recovery System and various other solutions like the TakeAway Medication Recovery Systems referred to as “Mailbacks” and Sharps Pump and Asset Return Systems, 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. Business Combinations Income Taxes The income tax provision reflects the full benefit of all positions that have been taken in the Company’s income tax returns, except to the extent that such positions are uncertain and fall below the recognition requirements. In the event that the Company determines that a tax position meets the uncertainty criteria, an additional liability or benefit will result. 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, 2016 and 2015, 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. 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, 2013 and after · State of Texas – fiscal years ended June 30, 2011 and after · State of Georgia – fiscal years ended June 30, 2013 and after · State of Pennsylvania – fiscal years ended June 30, 2013 and after · Other States – fiscal years ended June 30, 2013 and after 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 income in 2016, 2015 and 2014. Accounts Receivable Allowance for Doubtful Accounts Balance Beginning of Year Charges to Expense Write-offs /Payments Balance End of Year 2016 $ 34 $ 34 $ (5 ) $ 63 2015 $ 23 $ 22 $ (11 ) $ 34 2014 $ 26 $ - $ (3 ) $ 23 Stock-Based Compensation: Year Ended June 30, 2016 2015 2014 Stock-based compensation expense included in: Cost of revenue $ 31 $ 22 $ 18 Selling, general and administrative 645 489 420 Total $ 676 $ 511 $ 438 The Company estimates the fair value of restricted stock awards based on the closing price of the Company’s common stock on the date of the grant. 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 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, 2016 2015 2014 Weighted average risk-free interest rate 1.0 % 0.4 % 0.6 % Weighted average expected volatility 45 % 45 % 52 % Weighted average expected life (in years) 4.56 3.49 4.04 Dividend yield - - - The Company considers an estimated forfeiture rate for stock options based on historical experience and the anticipated forfeiture rates during the future contract life. Cash and Cash Equivalents Inventory Property, Plant and Equipment 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 At June 30, 2016 and 2015, intangible assets consisted of the following (in thousands): June 30, 2016 2015 Estimated Useful Lives Original Amount Accumulated Amortization Net Amount Original Amount Accumulated Amortization Net Amount Customer relationships 7 years $ 580 $ (60 ) $ 520 $ - $ - $ - Permits 6 - 15 years 668 (191 ) 477 668 (150 ) 518 Patents 5 - 17 years 383 (251 ) 132 383 (235 ) 148 Total intangible assets, net $ 1,631 $ (502 ) $ 1,129 $ 1,051 $ (385 ) $ 666 As of June 30, 2016, future amortization of intangible assets is as follows (in thousands): Year Ending June 30, 2017 $ 137 2018 136 2019 136 2020 136 2021 135 Thereafter 449 $ 1,129 Shipping and Handling Fees and Costs Additional Product Related Costs Advertising Costs Research and Development Costs : Research and development costs are charged to expense when incurred. Research activities represent an important part of the Company’s business and include both internal labor costs and payments to third parties related to the processes of discovering, testing and developing new products, improving existing products, as well as demonstrating product efficacy and regulatory compliance prior to launch of new products and services. Research and development expenses paid to third parties totaled less than $0.1 million for the fiscal years ended June 30, 2016, 2015 and 2014, respectively. Realization of Long-lived Assets Employee Benefit Plans 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, 2016 and 2015 was less than $0.1 million and is included in accrued liabilities. The Company has an incentive plan for executives of the Company, which provides for cash and stock-based compensation awards. The aggregate expense recognized during the year ended June 30, 2016, 2015 and 2014 for the cash awards pursuant to the plan was zero, $0.3 million and zero, respectively. Net Income Per Share Fair Value of Financial Instruments Fair Value Measurements · Level 1 – Quoted prices in active markets for identical assets or liabilities. · Level 2 – Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities). · Level 3 – Significant unobservable inputs (including our own assumptions in determining fair value). We use the cost, income or market valuation approaches to estimate the fair value of our assets and liabilities when insufficient market-observable data is available to support our valuation assumptions. The purchase price relating to the acquisitions completed during the fiscal year utilized level 3 inputs. Segment Reporting Use of Estimates Recently Issued Accounting Standards In July 2015, guidance for inventory measurement was issued, which supersedes the policy currently followed by the Company. The new guidance requires the Company to measure inventory at the lower of cost and net realizable value. 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 adoption of this guidance is not expected to have a material effect on the Company’s consolidated financial statements. In September 2015, guidance for business combinations was issued, which simplifies the accounting for measurement-period adjustments. The new guidance eliminates the requirement to restate prior period financial statements for measurement period adjustments following a business combination and requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The provisions of the new guidance are effective for annual reporting periods beginning after December 15, 2015 (effective July 1, 2016 for the Company) including interim periods within the reporting period. The Company does not expect the adoption of this guidance to have a material effect on the Company’s consolidated financial statements or related disclosures; however, it may impact the reporting of future acquisitions if and when they occur. In February 2016, guidance for leases was issued, which requires balance sheet recognition for rights and obligations of all leases with terms in excess of twelve months. The new guidance also requires additional disclosures about the amount, timing and uncertainty of cash flows arising from leases. The provisions of the new guidance are effective for annual periods beginning after December 15, 2018 (effective July 1, 2019 for the Company), including interim periods within the reporting period, and early application is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In March 2016, new guidance for stock-based compensation was issued, which simplifies the accounting for stock-based compensation related to income taxes and balance sheet and cash flow classifications. In addition, an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. 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 the reporting period. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In November 2015, guidance for income taxes was issued which requires that all deferred tax assets and liabilities for each jurisdiction, along with any valuation allowance, be classified as noncurrent on the balance sheet. The Company has early adopted the guidance effective June 30, 2016 and has presented the deferred taxes as long-term. The guidance allows for a prospective application of the new standard; therefore, prior period consolidated financial statements have not been retrospectively adjusted. The adoption of this guidance did not have a material impact on the Company’s financial position. Reclassifications: |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Jun. 30, 2016 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT | NOTE 3 – PROPERTY, PLANT AND EQUIPMENT At June 30, 2016 and 2015, property, plant and equipment consisted of the following (in thousands): June 30, Useful Life 2016 2015 Furniture and fixtures 3 to 5 years $ 247 $ 192 Plant and equipment 3 to 17 years 6,524 6,410 Manufacturing 15 years 220 220 Computers and software 3 to 5 years 2,009 1,832 Leasehold improvements Life of Lease 964 897 Land 19 19 Construction-in-progress 1,372 276 11,355 9,846 Less: accumulated depreciation 6,323 6,036 Net property, plant and equipment $ 5,032 $ 3,810 Total depreciation and amortization expense in the fiscal years ended June 30, 2016, 2015 and 2014 was $0.7 million, $0.8 million and $1.1 million, respectively. Depreciation expense included in cost of revenues in the fiscal years ended 2016, 2015 and 2014 was $0.5 million, $0.6 million and $0.6 million, respectively. |
NOTES PAYABLE AND LONG-TERM DEB
NOTES PAYABLE AND LONG-TERM DEBT | 12 Months Ended |
Jun. 30, 2016 | |
NOTES PAYABLE AND LONG-TERM DEBT [Abstract] | |
NOTES PAYABLE AND LONG-TERM DEBT | NOTE 4 – NOTES PAYABLE AND LONG-TERM DEBT On April 9, 2015, the Company entered into to a credit agreement with a commercial bank which was subsequently amended on June 20, 2016 (“Credit Agreement”). The Credit Agreement, which replaced the Company’s prior credit agreement in its entirety, was executed effective January 28, 2014 with the same commercial bank, and provides for a $9.0 million line of credit facility, the proceeds of which may be utilized as follows: (i) $4.0 million for working capital, letters of credit (up to $1.0 million) and general corporate purposes and (ii) $5.0 million for acquisitions. Indebtedness under the Credit Agreement is secured by the Company’s accounts receivable and inventory with advances outstanding under the working capital portion of the credit facility 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. Advances under the acquisition portion of the credit facility are limited to 75% of the purchase price of an acquired company and convert to a five-year term note. Borrowings bear interest at WSJ Prime (for the working capital line) and WSJ Prime plus 0.25% (for the acquisition line) with a floor of 3.0%. The interest rates as of June 30, 2016 were approximately 3.50% and 3.75%, respectively. The Company pays a fee of 0.25% per annum on the unused amount of the line of credit. As of June 30, 2016, the Company had no outstanding borrowings other than $0.3 million in letters of credit, which left $8.7 million of credit available under the Credit Agreement. 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 $7.0 million, minimum liquidity of $6.0 million and a minimum debt service coverage ratio of not less than 1.15 to 1.00. The Credit Agreement, which expires on April 9, 2018, 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 Company was in compliance with all the financial covenants under the Credit Agreement as of June 30, 2016. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Jun. 30, 2016 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | NOTE 5 – INCOME TAXES The components of income tax expense are as follows (in thousands): Year ended June 30, 2016 2015 2014 Current Federal $ - $ 29 $ 13 State 24 83 20 $ 24 $ 112 $ 33 The reconciliation of the statutory income tax rate to the Company’s effective income tax rate for the fiscal years ended June 30, 2016, 2015 and 2014 is as follows : Year Ended June 30, 2016 2015 2014 Statutory rate 34.0 % 34.0 % 34.0 % State income taxes, net (18.6 %) 5.3 % (6.9 %) Meals and entertainment 38.7 % 1.2 % 1.2 % AMT and research and development credits (218.9 %) 0.0 % 0.0 % Other 1.5 % 0.0 % (4.0 %) Effective rate before valuation allowance (163.3 %) 40.5 % 24.3 % Change in valuation allowance 228.2 % (31.7 %) (21.0 %) Effective tax rate 64.9 % 8.8 % 3.3 % A valuation allowance has been recorded to reduce the Company’s net 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. 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. During the years ended June 30, 2016 and 2015, the Company recorded $0.3 million and $0.4 million, respectively, to release the deferred tax valuation allowance for the taxable income generated during the periods. At June 30, 2016 and 2015, the significant components of deferred tax assets and liabilities are approximated as follows (in thousands): June 30, 2016 2015 Deferred tax assets relating to: Stock compensation $ 627 $ 892 AMT and research and development credits 523 455 Deferred rent 82 44 Inventory 169 92 Professional fees 140 163 Accrued vacation 33 23 Accounts receivable allowance 24 13 Contribution carryovers 8 31 Net operating loss carryforwards 1,044 1,124 Total deferred tax assets 2,650 2,837 Deferred tax liablities related to depreciation differences (621 ) (555 ) Net deferred tax assets before valuation allowance 2,029 2,282 Valuation allowance (2,029 ) (2,282 ) Net deferred tax assets $ - $ - At June 30, 2016, the Company had net operating loss carryforwards of $3.5 million which will expire, if unused, between June 30, 2032 and June 30, 2036. At June 30, 2016, the Company had various tax credit carryforwards of $0.5 million, of which $0.3 million will expire beginning on June 30, 2030 and $0.2 million which may be carried forward indefinitely. As of June 30, 2016, the Company’s estimated net operating losses for tax return filing purposes exceeds the gross amount for financial reporting purposes by $0.6 million related to excess income tax benefits on stock-based compensation. The tax effect of this excess tax expense will be recorded as an increase to additional paid in capital in a future reporting period when the cash benefit is realized. |
EQUITY TRANSACTIONS
EQUITY TRANSACTIONS | 12 Months Ended |
Jun. 30, 2016 | |
EQUITY TRANSACTIONS [Abstract] | |
EQUITY TRANSACTIONS | NOTE 6 - EQUITY TRANSACTIONS During the years ended June 30, 2016, 2015 and 2014, stock options to purchase shares of the Company’s common stock were exercised as follows: Year Ended June 30, 2016 2015 2014 Options Exercised 112,425 61,109 13,125 Proceeds (in thousands) $ 313 $ 139 $ 47 Average exercise price per share $ 2.77 $ 2.30 $ 3.53 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 at their discretion. On March 5, 2015, the Board approved a two-year extension of the stock repurchase program through January 1, 2017. During the years ended June 30, 2016, 2015 and 2014, shares were repurchased as follows: Year Ended June 30, 2016 2015 2014 Shares repurchased 104,365 29,449 136,441 Cash paid for shares repurchased (in thousands) $ 745 $ 128 $ 607 Average price paid per share $ 7.14 $ 4.35 $ 4.45 Total shares repurchased under the program are 295,615 shares at a cost of $1.6 million. As of June 30, 2016, approximately $1.4 million remained of the Company’s $3.0 million repurchase program. The Company purchased all shares with cash resources. |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 12 Months Ended |
Jun. 30, 2016 | |
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 1993 Plan, as amended, provided 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 246,250 shares are outstanding as of June 30, 2016. 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, 2016, there were 1,516,773 options available for grant under the 2010 Plan. The summary of activity for all stock options during the fiscal years ended June 30, 2016, 2015 and 2014 is presented in the table below (in thousands except per share amounts): Options Outstanding Weighted Average Exercise Price Options Outstanding at June 30, 2013 876 $ 4.21 Granted 244 $ 3.95 Exercised (13 ) $ 3.53 Forfeited or canceled (157 ) $ 3.50 Options Outstanding at June 30, 2014 950 $ 4.27 Granted 516 $ 4.63 Exercised (61 ) $ 2.30 Forfeited or canceled (30 ) $ 4.68 Options Outstanding at June 30, 2015 1,375 $ 4.49 Granted 45 $ 6.62 Exercised (112 ) $ 2.77 Forfeited or canceled (18 ) $ 5.99 Options Outstanding at June 30, 2016 1,290 $ 4.69 Options Exercisable at June 30, 2016 751 $ 4.77 The summary of activity for all restricted stock during the fiscal years ended June 30, 2016, 2015 and 2014 Year Ended June 30, 2016 2015 2014 Unvested at beginning of the year 13 15 15 Granted 53 53 62 Vested (53 ) (55 ) (62 ) Unvested at end of the year 13 13 15 The weighted average fair value per share of restricted stock granted during the fiscal years ended June 30, 2016, 2015 and 2014 The following table summarizes information about stock options outstanding as of June 30, 2016 (in thousands except per share amounts): Options Outstanding Range of Exercise Price Outstanding as of June 30, 2016 Weighted Average Remaining Life (in Years) Weighted Average Exercise Price $ 2.51 - $3.50 145 4.01 $ 2.98 $ 3.51 - $5.50 908 3.62 $ 4.35 $ 5.51 - $7.50 140 5.84 $ 6.03 $ 7.51- $9.50 97 0.12 $ 8.50 1,290 $ 4.69 The following table summarizes information about stock options exercisable as of June 30, 2016 (in thousands except per share amounts): Options Exercisable Range of Exercise Price Exercisable as of June 30, 2016 Weighted Average Remaining Life (in Years) Weighted Average Exercise Price $ 2.51 - $3.50 75 3.93 $ 2.98 $ 3.51 - $5.50 555 2.60 $ 4.32 $ 5.51 - $7.50 25 5.72 $ 5.73 $ 7.51- $9.50 96 0.12 $ 8.50 751 $ 4.77 As of June 30, 2016, there was $0.5 million 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 2.2 years. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2016 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8 - COMMITMENTS AND CONTINGENCIES Operating Leases: 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 Company also leases 45,480 square feet of space in Pennsylvania, including 40,000 square feet which the Company plans to utilize as a fully-permitted facility to house a treatment and distribution facility. The Company’s Pennsylvania lease expires in 2021 with an option to renew the lease for ten years. Rent expense for the fiscal years ended June 30, 2016, 2015 and 2014 was $1.5 million, $1.3 million and $1.3 million, respectively. Future minimum lease payments under non-cancelable operating leases as of June 30, 2016 are as follows (in thousands): Year Ended June 30, 2017 2018 2019 2020 2021 Thereafter Operating lease obligations $ 1,137 $ 1,144 $ 1,159 $ 1,104 $ 341 $ 28 Legal Settlement: On June 30, 2014, the Company entered into 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 by the government, 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, 2016 | |
EARNINGS PER SHARE [Abstract] | |
EARNINGS PER SHARE | NOTE 9 - EARNINGS PER SHARE Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings 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. The Company’s restricted stock awards are treated as outstanding for earnings 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 amounts): Year Ended June 30, 2016 2015 2014 Net income, as reported $ 13 $ 1,160 $ 956 Weighted average common shares outstanding 15,448 15,327 15,289 Effect of dilutive stock options 390 237 112 Weighted average diluted common shares outstanding 15,838 15,564 15,401 Net income per common share Basic $ 0.00 $ 0.08 $ 0.06 Diluted $ 0.00 $ 0.07 $ 0.06 Employee stock options excluded from computation of diluted income per share amounts because their effect would be anti-dilutive 137 210 655 |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Jun. 30, 2016 | |
ACQUISITIONS [Abstract] | |
ACQUISITIONS | NOTE 10 – ACQUISITIONS Effective on July 17, 2015, the Company acquired Alpha Bio/Med Services LLC, a route-based pickup service located in Pennsylvania for total cash consideration of $0.7 million of which $0.1 million was withheld for payment of adjusted escrow amounts in July 2016. The following amounts represent the fair value of the assets acquired and liabilities assumed: Accounts receivable $ 51 Fixed assets 70 Intangibles 267 Goodwill 413 Accounts payable and accrued liabilities (101 ) Total purchase price $ 700 Effective on December 14, 2015, the Company acquired Bio-Team Mobile LLC, a route-based pickup service located in Pennsylvania for total cash consideration of $1.0 million of which $0.1 million has been withheld for possible settlement amounts through December 2016. The following amounts represent the fair value of the assets acquired and liabilities assumed: Accounts receivable $ 42 Fixed assets 68 Intangibles 313 Goodwill 626 Accounts payable and accrued liabilities (16 ) Total purchase price $ 1,033 During the year ended June 30, 2016, the Company incurred $0.2 million of acquisition related expenses for investment banking, legal and accounting fees which are included within selling, general and administrative expenses on our condensed consolidated statements of income. The results of operations of the acquired business have been included in the condensed consolidated statements of income from the date of acquisition. The goodwill recorded as of June 30, 2016 will be deductible for income taxes. The results of operations for the acquisitions during the year were not individually or in the aggregate material to the Company’s financial position. Additionally, the acquisitions pro forma results would not have a material impact on the Company’s results had the acquisitions occurred at the beginning of the current or previous year. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2016 | |
SUBSEQUENT EVENTS [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 – SUBSEQUENT EVENTS Effective July 1, 2016, the Company acquired Citiwaste LLC, a route-based pickup service located in New York, which is in the business of medical, pharmaceutical and hazardous waste management primarily in the healthcare industry. The purchase price consists of $7.0 million in cash and 456,760 shares of common stock of the Company (the “Common Stock Consideration”), which constitutes approximately 3.0% of the total outstanding shares of common stock of the Company, for a total consideration of $9.0 million. The issuance of the Common Stock Consideration was not registered under the Securities Act of 1933, as amended, and was issued pursuant to an exemption from the registration requirements thereunder. The Company will hold 182,704 shares of the Common Stock Consideration in escrow for a one-year period to cover the indemnification obligations of the sellers under the agreement. In connection with the acquisition of Citiwaste LLC, the Company borrowed $3.0 million under the acquisition portion of its Credit Agreement. Advances under the acquisition portion of the Credit Agreement, which are limited to 75% of the purchase price of an acquired company, will convert to a five-year term note which bears interest at WSJ Prime plus 0.25% which is currently 3.75%. Principal and interest are payable monthly. Disclosure of the fair value of assets acquired and liabilities assumed and pro forma information is not presented as the purchase price accounting has not been completed. |
SELECTED QUARTERLY FINANCIAL DA
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) | 12 Months Ended |
Jun. 30, 2016 | |
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) [Abstract] | |
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) | NOTE 12 – SELECTED QUARTERLY FINANCIAL DATA (Unaudited) The following tables show quarterly financial information for the years ended June 30, 2016 and 2015. 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, 2015 December 31, 2015 March 31, 2016 June 30, 2016 Total revenues $ 7,869 $ 9,992 $ 6,652 $ 8,870 Gross profit $ 2,879 $ 3,319 $ 1,693 $ 3,220 Operating income (loss) $ 231 $ 664 $ (1,104 ) $ 214 Net income (loss) $ 220 $ 615 $ (1,042 ) $ 220 Net income (loss) per share - basic and diluted $ 0.01 $ 0.04 $ (0.07 ) $ 0.01 Weighted average shares-diluted 15,926 16,062 15,462 15,575 Quarter Ended September 30, 2014 December 31, 2014 March 31, 2015 June 30, 2015 Total revenues $ 7,047 $ 8,693 $ 6,171 $ 8,991 Gross profit $ 2,334 $ 3,228 $ 1,660 $ 3,773 Operating income (loss) $ (74 ) $ 744 $ (808 ) $ 1,374 Net income (loss) $ (74 ) $ 749 $ (812 ) $ 1,297 Net income (loss) per share - basic and diluted $ (0.00 ) $ 0.05 $ (0.05 ) $ 0.08 Weighted average shares-diluted 15,288 15,423 15,360 15,804 |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when services are provided and from product sales when (i) goods are shipped or delivered, and title and risk of loss pass to the customer, (ii) the price is substantially fixed or determinable and (iii) collectability is reasonably assured 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, at which point title has transferred, there are no acceptance provisions and amounts are segregated in the Company’s warehouse. During the fiscal years ended June 30, 2016, 2015 and 2014, the Company recorded revenue from inventory builds that are held in vendor managed inventory under these service agreements of $3.2 million, $2.6 million and $1.9 million, respectively. As of June 30, 2016 and 2015, $2.1 million and $1.6 million, respectively, of solutions sold through that date were held in vendor managed inventory pending fulfillment or shipment to patients of pharmaceutical manufacturers who offer these solutions to patients in an ongoing patient support program. Certain products offered by the Company have revenue producing components that are recognized over multiple delivery points (Sharps Recovery System and various other solutions like the TakeAway Medication Recovery Systems referred to as “Mailbacks” and Sharps Pump and Asset Return Systems, 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. |
Business Combinations | Business Combinations |
Income Taxes | Income Taxes The income tax provision reflects the full benefit of all positions that have been taken in the Company’s income tax returns, except to the extent that such positions are uncertain and fall below the recognition requirements. In the event that the Company determines that a tax position meets the uncertainty criteria, an additional liability or benefit will result. 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, 2016 and 2015, 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. 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, 2013 and after · State of Texas – fiscal years ended June 30, 2011 and after · State of Georgia – fiscal years ended June 30, 2013 and after · State of Pennsylvania – fiscal years ended June 30, 2013 and after · Other States – fiscal years ended June 30, 2013 and after 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 income in 2016, 2015 and 2014. |
Accounts Receivable | Accounts Receivable Allowance for Doubtful Accounts Balance Beginning of Year Charges to Expense Write-offs /Payments Balance End of Year 2016 $ 34 $ 34 $ (5 ) $ 63 2015 $ 23 $ 22 $ (11 ) $ 34 2014 $ 26 $ - $ (3 ) $ 23 |
Stock-Based Compensation | Stock-Based Compensation: Year Ended June 30, 2016 2015 2014 Stock-based compensation expense included in: Cost of revenue $ 31 $ 22 $ 18 Selling, general and administrative 645 489 420 Total $ 676 $ 511 $ 438 The Company estimates the fair value of restricted stock awards based on the closing price of the Company’s common stock on the date of the grant. 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 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, 2016 2015 2014 Weighted average risk-free interest rate 1.0 % 0.4 % 0.6 % Weighted average expected volatility 45 % 45 % 52 % Weighted average expected life (in years) 4.56 3.49 4.04 Dividend yield - - - The Company considers an estimated forfeiture rate for stock options based on historical experience and the anticipated forfeiture rates during the future contract life. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Inventory | Inventory |
Property, Plant and Equipment | Property, Plant and Equipment 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 At June 30, 2016 and 2015, intangible assets consisted of the following (in thousands): June 30, 2016 2015 Estimated Useful Lives Original Amount Accumulated Amortization Net Amount Original Amount Accumulated Amortization Net Amount Customer relationships 7 years $ 580 $ (60 ) $ 520 $ - $ - $ - Permits 6 - 15 years 668 (191 ) 477 668 (150 ) 518 Patents 5 - 17 years 383 (251 ) 132 383 (235 ) 148 Total intangible assets, net $ 1,631 $ (502 ) $ 1,129 $ 1,051 $ (385 ) $ 666 As of June 30, 2016, future amortization of intangible assets is as follows (in thousands): Year Ending June 30, 2017 $ 137 2018 136 2019 136 2020 136 2021 135 Thereafter 449 $ 1,129 |
Shipping and Handling Fees and Costs | Shipping and Handling Fees and Costs |
Additional Product Related Costs | Additional Product Related Costs |
Advertising Costs | Advertising Costs Research and Development Costs : Research and development costs are charged to expense when incurred. Research activities represent an important part of the Company’s business and include both internal labor costs and payments to third parties related to the processes of discovering, testing and developing new products, improving existing products, as well as demonstrating product efficacy and regulatory compliance prior to launch of new products and services. Research and development expenses paid to third parties totaled less than $0.1 million for the fiscal years ended June 30, 2016, 2015 and 2014, respectively. |
Research and Development Costs | Research and Development Costs : Research and development costs are charged to expense when incurred. Research activities represent an important part of the Company’s business and include both internal labor costs and payments to third parties related to the processes of discovering, testing and developing new products, improving existing products, as well as demonstrating product efficacy and regulatory compliance prior to launch of new products and services. Research and development expenses paid to third parties totaled less than $0.1 million for the fiscal years ended June 30, 2016, 2015 and 2014, respectively. |
Realization of Long-lived Assets | Realization of Long-lived Assets |
Employee Benefit Plans | Employee Benefit Plans 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, 2016 and 2015 was less than $0.1 million and is included in accrued liabilities. The Company has an incentive plan for executives of the Company, which provides for cash and stock-based compensation awards. The aggregate expense recognized during the year ended June 30, 2016, 2015 and 2014 for the cash awards pursuant to the plan was zero, $0.3 million and zero, respectively. |
Net Income Per Share | Net Income Per Share |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Fair Value Measurements | Fair Value Measurements · Level 1 – Quoted prices in active markets for identical assets or liabilities. · Level 2 – Other significant observable inputs (including quoted prices in active markets for similar assets or liabilities). · Level 3 – Significant unobservable inputs (including our own assumptions in determining fair value). We use the cost, income or market valuation approaches to estimate the fair value of our assets and liabilities when insufficient market-observable data is available to support our valuation assumptions. The purchase price relating to the acquisitions completed during the fiscal year utilized level 3 inputs. |
Segment Reporting | Segment Reporting |
Use of Estimates | Use of Estimates |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In July 2015, guidance for inventory measurement was issued, which supersedes the policy currently followed by the Company. The new guidance requires the Company to measure inventory at the lower of cost and net realizable value. 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 adoption of this guidance is not expected to have a material effect on the Company’s consolidated financial statements. In September 2015, guidance for business combinations was issued, which simplifies the accounting for measurement-period adjustments. The new guidance eliminates the requirement to restate prior period financial statements for measurement period adjustments following a business combination and requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. The provisions of the new guidance are effective for annual reporting periods beginning after December 15, 2015 (effective July 1, 2016 for the Company) including interim periods within the reporting period. The Company does not expect the adoption of this guidance to have a material effect on the Company’s consolidated financial statements or related disclosures; however, it may impact the reporting of future acquisitions if and when they occur. In February 2016, guidance for leases was issued, which requires balance sheet recognition for rights and obligations of all leases with terms in excess of twelve months. The new guidance also requires additional disclosures about the amount, timing and uncertainty of cash flows arising from leases. The provisions of the new guidance are effective for annual periods beginning after December 15, 2018 (effective July 1, 2019 for the Company), including interim periods within the reporting period, and early application is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In March 2016, new guidance for stock-based compensation was issued, which simplifies the accounting for stock-based compensation related to income taxes and balance sheet and cash flow classifications. In addition, an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. 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 the reporting period. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements. In November 2015, guidance for income taxes was issued which requires that all deferred tax assets and liabilities for each jurisdiction, along with any valuation allowance, be classified as noncurrent on the balance sheet. The Company has early adopted the guidance effective June 30, 2016 and has presented the deferred taxes as long-term. The guidance allows for a prospective application of the new standard; therefore, prior period consolidated financial statements have not been retrospectively adjusted. The adoption of this guidance did not have a material impact on the Company’s financial position. |
Reclassifications | Reclassifications: |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Allowance for doubtful accounts | The Company has a history of minimal uncollectible accounts. See rollforward of allowance activity below: Allowance for Doubtful Accounts Balance Beginning of Year Charges to Expense Write-offs /Payments Balance End of Year 2016 $ 34 $ 34 $ (5 ) $ 63 2015 $ 23 $ 22 $ (11 ) $ 34 2014 $ 26 $ - $ (3 ) $ 23 |
Schedule of stock-based compensation expense | Total stock-based compensation expense for the fiscal years ended June 30, 2016, 2015 and 2014 are as follows: Year Ended June 30, 2016 2015 2014 Stock-based compensation expense included in: Cost of revenue $ 31 $ 22 $ 18 Selling, general and administrative 645 489 420 Total $ 676 $ 511 $ 438 |
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, 2016 2015 2014 Weighted average risk-free interest rate 1.0 % 0.4 % 0.6 % Weighted average expected volatility 45 % 45 % 52 % Weighted average expected life (in years) 4.56 3.49 4.04 Dividend yield - - - |
Schedule of Intangible Assets | At June 30, 2016 and 2015, intangible assets consisted of the following (in thousands): June 30, 2016 2015 Estimated Useful Lives Original Amount Accumulated Amortization Net Amount Original Amount Accumulated Amortization Net Amount Customer relationships 7 years $ 580 $ (60 ) $ 520 $ - $ - $ - Permits 6 - 15 years 668 (191 ) 477 668 (150 ) 518 Patents 5 - 17 years 383 (251 ) 132 383 (235 ) 148 Total intangible assets, net $ 1,631 $ (502 ) $ 1,129 $ 1,051 $ (385 ) $ 666 |
Schedule of future amortization of intangible assets | As of June 30, 2016, future amortization of intangible assets is as follows (in thousands): Year Ending June 30, 2017 $ 137 2018 136 2019 136 2020 136 2021 135 Thereafter 449 $ 1,129 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
PROPERTY, PLANT AND EQUIPMENT [Abstract] | |
Property, plant and equipment | At June 30, 2016 and 2015, property, plant and equipment consisted of the following (in thousands): June 30, Useful Life 2016 2015 Furniture and fixtures 3 to 5 years $ 247 $ 192 Plant and equipment 3 to 17 years 6,524 6,410 Manufacturing 15 years 220 220 Computers and software 3 to 5 years 2,009 1,832 Leasehold improvements Life of Lease 964 897 Land 19 19 Construction-in-progress 1,372 276 11,355 9,846 Less: accumulated depreciation 6,323 6,036 Net property, plant and equipment $ 5,032 $ 3,810 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
INCOME TAXES [Abstract] | |
Components of income tax expense | The components of income tax expense are as follows (in thousands): Year ended June 30, 2016 2015 2014 Current Federal $ - $ 29 $ 13 State 24 83 20 $ 24 $ 112 $ 33 |
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, 2016, 2015 and 2014 is as follows : Year Ended June 30, 2016 2015 2014 Statutory rate 34.0 % 34.0 % 34.0 % State income taxes, net (18.6 %) 5.3 % (6.9 %) Meals and entertainment 38.7 % 1.2 % 1.2 % AMT and research and development credits (218.9 %) 0.0 % 0.0 % Other 1.5 % 0.0 % (4.0 %) Effective rate before valuation allowance (163.3 %) 40.5 % 24.3 % Change in valuation allowance 228.2 % (31.7 %) (21.0 %) Effective tax rate 64.9 % 8.8 % 3.3 % |
Components of deferred tax assets and liabilities | At June 30, 2016 and 2015, the significant components of deferred tax assets and liabilities are approximated as follows (in thousands): June 30, 2016 2015 Deferred tax assets relating to: Stock compensation $ 627 $ 892 AMT and research and development credits 523 455 Deferred rent 82 44 Inventory 169 92 Professional fees 140 163 Accrued vacation 33 23 Accounts receivable allowance 24 13 Contribution carryovers 8 31 Net operating loss carryforwards 1,044 1,124 Total deferred tax assets 2,650 2,837 Deferred tax liablities related to depreciation differences (621 ) (555 ) Net deferred tax assets before valuation allowance 2,029 2,282 Valuation allowance (2,029 ) (2,282 ) Net deferred tax assets $ - $ - |
EQUITY TRANSACTIONS (Tables)
EQUITY TRANSACTIONS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
EQUITY TRANSACTIONS [Abstract] | |
Stock options exercised to purchase common stock | During the years ended June 30, 2016, 2015 and 2014, stock options to purchase shares of the Company’s common stock were exercised as follows: Year Ended June 30, 2016 2015 2014 Options Exercised 112,425 61,109 13,125 Proceeds (in thousands) $ 313 $ 139 $ 47 Average exercise price per share $ 2.77 $ 2.30 $ 3.53 |
Schedule of share repurchases | During the years ended June 30, 2016, 2015 and 2014, shares were repurchased as follows: Year Ended June 30, 2016 2015 2014 Shares repurchased 104,365 29,449 136,441 Cash paid for shares repurchased (in thousands) $ 745 $ 128 $ 607 Average price paid per share $ 7.14 $ 4.35 $ 4.45 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
STOCK BASED COMPENSATION [Abstract] | |
Schedule of activity for all stock options | The summary of activity for all stock options during the fiscal years ended June 30, 2016, 2015 and 2014 is presented in the table below (in thousands except per share amounts): Options Outstanding Weighted Average Exercise Price Options Outstanding at June 30, 2013 876 $ 4.21 Granted 244 $ 3.95 Exercised (13 ) $ 3.53 Forfeited or canceled (157 ) $ 3.50 Options Outstanding at June 30, 2014 950 $ 4.27 Granted 516 $ 4.63 Exercised (61 ) $ 2.30 Forfeited or canceled (30 ) $ 4.68 Options Outstanding at June 30, 2015 1,375 $ 4.49 Granted 45 $ 6.62 Exercised (112 ) $ 2.77 Forfeited or canceled (18 ) $ 5.99 Options Outstanding at June 30, 2016 1,290 $ 4.69 Options Exercisable at June 30, 2016 751 $ 4.77 |
Schedule of activity for all restricted stock | The summary of activity for all restricted stock during the fiscal years ended June 30, 2016, 2015 and 2014 Year Ended June 30, 2016 2015 2014 Unvested at beginning of the year 13 15 15 Granted 53 53 62 Vested (53 ) (55 ) (62 ) Unvested at end of the year 13 13 15 |
Schedule of information about stock options outstanding | The following table summarizes information about stock options outstanding as of June 30, 2016 (in thousands except per share amounts): Options Outstanding Range of Exercise Price Outstanding as of June 30, 2016 Weighted Average Remaining Life (in Years) Weighted Average Exercise Price $ 2.51 - $3.50 145 4.01 $ 2.98 $ 3.51 - $5.50 908 3.62 $ 4.35 $ 5.51 - $7.50 140 5.84 $ 6.03 $ 7.51- $9.50 97 0.12 $ 8.50 1,290 $ 4.69 |
Schedule of information about stock options exercisable | Options Exercisable Range of Exercise Price Exercisable as of June 30, 2016 Weighted Average Remaining Life (in Years) Weighted Average Exercise Price $ 2.51 - $3.50 75 3.93 $ 2.98 $ 3.51 - $5.50 555 2.60 $ 4.32 $ 5.51 - $7.50 25 5.72 $ 5.73 $ 7.51- $9.50 96 0.12 $ 8.50 751 $ 4.77 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Operating lease obligations | Future minimum lease payments under non-cancelable operating leases as of June 30, 2016 are as follows (in thousands): Year Ended June 30, 2017 2018 2019 2020 2021 Thereafter Operating lease obligations $ 1,137 $ 1,144 $ 1,159 $ 1,104 $ 341 $ 28 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
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 amounts): Year Ended June 30, 2016 2015 2014 Net income, as reported $ 13 $ 1,160 $ 956 Weighted average common shares outstanding 15,448 15,327 15,289 Effect of dilutive stock options 390 237 112 Weighted average diluted common shares outstanding 15,838 15,564 15,401 Net income per common share Basic $ 0.00 $ 0.08 $ 0.06 Diluted $ 0.00 $ 0.07 $ 0.06 Employee stock options excluded from computation of diluted income per share amounts because their effect would be anti-dilutive 137 210 655 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Alpha Bio/Med Services LLC [Member] | |
Business Acquisition [Line Items] | |
Preliminary purchase price allocation | The following amounts represent the fair value of the assets acquired and liabilities assumed: Accounts receivable $ 51 Fixed assets 70 Intangibles 267 Goodwill 413 Accounts payable and accrued liabilities (101 ) Total purchase price $ 700 |
Bio-Team Mobile LLC [Member] | |
Business Acquisition [Line Items] | |
Preliminary purchase price allocation | The following amounts represent the fair value of the assets acquired and liabilities assumed: Accounts receivable $ 42 Fixed assets 68 Intangibles 313 Goodwill 626 Accounts payable and accrued liabilities (16 ) Total purchase price $ 1,033 |
SELECTED QUARTERLY FINANCIAL 28
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) [Abstract] | |
Schedule of quarterly financial information | The following tables show quarterly financial information for the years ended June 30, 2016 and 2015. 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, 2015 December 31, 2015 March 31, 2016 June 30, 2016 Total revenues $ 7,869 $ 9,992 $ 6,652 $ 8,870 Gross profit $ 2,879 $ 3,319 $ 1,693 $ 3,220 Operating income (loss) $ 231 $ 664 $ (1,104 ) $ 214 Net income (loss) $ 220 $ 615 $ (1,042 ) $ 220 Net income (loss) per share - basic and diluted $ 0.01 $ 0.04 $ (0.07 ) $ 0.01 Weighted average shares-diluted 15,926 16,062 15,462 15,575 Quarter Ended September 30, 2014 December 31, 2014 March 31, 2015 June 30, 2015 Total revenues $ 7,047 $ 8,693 $ 6,171 $ 8,991 Gross profit $ 2,334 $ 3,228 $ 1,660 $ 3,773 Operating income (loss) $ (74 ) $ 744 $ (808 ) $ 1,374 Net income (loss) $ (74 ) $ 749 $ (812 ) $ 1,297 Net income (loss) per share - basic and diluted $ (0.00 ) $ 0.05 $ (0.05 ) $ 0.08 Weighted average shares-diluted 15,288 15,423 15,360 15,804 |
ORGANIZATION AND BACKGROUND (De
ORGANIZATION AND BACKGROUND (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016USD ($)StateRegionCustomerContractManufacturer | Jun. 30, 2015USD ($)Customer | Jun. 30, 2014Customer | |
Concentration Risk [Line Items] | |||
Number of route-based pick-up service in state region | StateRegion | 11 | ||
Accounts receivable | $ | $ 5,814 | $ 6,647 | |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Number of customers | Customer | 1 | 1 | |
Concentration risk, percentage | 17.00% | 7.00% | |
Accounts receivable | $ | $ 1,000 | $ 500 | |
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||
Concentration Risk [Line Items] | |||
Number of customers | Customer | 1 | 1 | 1 |
Concentration risk, percentage | 17.00% | 17.00% | 20.00% |
Supplier Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Number of contract manufacturers | ContractManufacturer | 4 |
SUMMARY OF SIGNIFICANT ACCOUN30
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 1 Months Ended | 12 Months Ended | ||||||||||
Jan. 30, 2014Patent | Nov. 30, 2013Patent | Dec. 31, 2012Patent | Sep. 30, 2012Patent | Aug. 31, 2012Patent | Apr. 30, 2012Patent | Jan. 31, 2012Patent | Nov. 30, 2003Patent | Jun. 30, 1998Patent | Jun. 30, 2016USD ($)Patent | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Revenue Recognition [Abstract] | ||||||||||||
Revenue recorded from bill and hold inventory | $ 3,200,000 | $ 2,600,000 | $ 1,900,000 | |||||||||
Bill and hold inventory | 2,100,000 | 1,600,000 | ||||||||||
Income Taxes [Abstract] | ||||||||||||
Liability for uncertain tax positions | 0 | 0 | ||||||||||
Allowance for Doubtful Accounts [Roll Forward] | ||||||||||||
Balance beginning of year | 34,000 | 23,000 | 26,000 | |||||||||
Charges to expense | 34,000 | 22,000 | 0 | |||||||||
Write-offs /payments | (5,000) | (11,000) | (3,000) | |||||||||
Balance end of year | 63,000 | 34,000 | 23,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||||||
Stock-based compensation expense | $ 676,000 | $ 511,000 | $ 438,000 | |||||||||
Valuation assumptions [Abstract] | ||||||||||||
Weighted average risk-free interest rate | 1.00% | 0.40% | 0.60% | |||||||||
Weighted average expected volatility | 45.00% | 45.00% | 52.00% | |||||||||
Weighted average expected life | 4 years 6 months 22 days | 3 years 5 months 26 days | 4 years 14 days | |||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | |||||||||
Cash and Cash Equivalents [Abstract] | ||||||||||||
Percentage of FDIC insured amount in savings account | 100.00% | |||||||||||
Inventory [Abstract] | ||||||||||||
Total inventory | $ 3,919,000 | $ 2,738,000 | ||||||||||
Finished goods | 2,500,000 | 1,300,000 | ||||||||||
Raw materials | 1,400,000 | 1,400,000 | ||||||||||
Loss on inventory write-down | $ 17,000 | 0 | $ 156,000 | |||||||||
Intangible Assets [Abstract] | ||||||||||||
Intangible assets description | Intangible assets consist of (i) acquired customer relationships, (ii) permit costs related to the Company’s treatment facility in Carthage, Texas, and (iii) 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 2014), and (iv) defense costs related to certain existing patents. | |||||||||||
Number of patents acquired | Patent | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 2 | 11 | ||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Amortization expense | $ 100,000 | 100,000 | 100,000 | |||||||||
Original Amount | 1,631,000 | 1,051,000 | ||||||||||
Accumulated amortization | (502,000) | (385,000) | ||||||||||
Total | 1,129,000 | 666,000 | ||||||||||
Future amortization of intangible assets [Abstract] | ||||||||||||
2,017 | 137,000 | |||||||||||
2,018 | 136,000 | |||||||||||
2,019 | 136,000 | |||||||||||
2,020 | 136,000 | |||||||||||
2,021 | 135,000 | |||||||||||
Thereafter | 449,000 | |||||||||||
Total | 1,129,000 | 666,000 | ||||||||||
Advertising Costs [Abstract] | ||||||||||||
Advertising costs | 600,000 | 600,000 | 500,000 | |||||||||
Realization of Long-lived Assets [Abstract] | ||||||||||||
Impairment losses recognized | $ 0 | 0 | 0 | |||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||||||
Employers match percentage | 25.00% | |||||||||||
Maximum annual percentage contribution per employee | 6.00% | |||||||||||
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 | |||||||||||
Maximum [Member] | ||||||||||||
Research and Development Expenses [Line Items] | ||||||||||||
Research and development expenses | 100,000 | 100,000 | 100,000 | |||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||||||
Company contributions to the 401(k) plan | 100,000 | 100,000 | 100,000 | |||||||||
Self-insured liability, health insurance | 100,000 | 100,000 | ||||||||||
Executives [Member] | ||||||||||||
Defined Contribution Plan Disclosure [Line Items] | ||||||||||||
Aggregate stock-based compensation expense | $ 0 | 300,000 | 0 | |||||||||
Internal Revenue Service (IRS) [Member] | Minimum [Member] | ||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||
Open tax years | 2,013 | |||||||||||
State of Texas [Member] | Minimum [Member] | ||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||
Open tax years | 2,011 | |||||||||||
State of Georgia [Member] | Minimum [Member] | ||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||
Open tax years | 2,013 | |||||||||||
States of Pennsylvania [Member] | Minimum [Member] | ||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||
Open tax years | 2,013 | |||||||||||
Other States [Member] | Minimum [Member] | ||||||||||||
Income Tax Contingency [Line Items] | ||||||||||||
Open tax years | 2,013 | |||||||||||
Cost of Revenue [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||||||
Stock-based compensation expense | $ 31,000 | 22,000 | 18,000 | |||||||||
Selling, General and Administrative [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||||||||||
Stock-based compensation expense | $ 645,000 | 489,000 | $ 420,000 | |||||||||
Customer Relationships [Member] | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Estimated Useful Lives | 7 years | |||||||||||
Original Amount | $ 580,000 | 0 | ||||||||||
Accumulated amortization | (60,000) | 0 | ||||||||||
Total | 520,000 | 0 | ||||||||||
Future amortization of intangible assets [Abstract] | ||||||||||||
Total | 520,000 | 0 | ||||||||||
Permits [Member] | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Original Amount | 668,000 | 668,000 | ||||||||||
Accumulated amortization | (191,000) | (150,000) | ||||||||||
Total | 477,000 | 518,000 | ||||||||||
Future amortization of intangible assets [Abstract] | ||||||||||||
Total | $ 477,000 | 518,000 | ||||||||||
Permits [Member] | Minimum [Member] | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Estimated Useful Lives | 6 years | |||||||||||
Permits [Member] | Maximum [Member] | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Estimated Useful Lives | 15 years | |||||||||||
Patents [Member] | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Original Amount | $ 383,000 | 383,000 | ||||||||||
Accumulated amortization | (251,000) | (235,000) | ||||||||||
Total | 132,000 | 148,000 | ||||||||||
Future amortization of intangible assets [Abstract] | ||||||||||||
Total | $ 132,000 | $ 148,000 | ||||||||||
Patents [Member] | Minimum [Member] | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Estimated Useful Lives | 5 years | |||||||||||
Patents [Member] | Maximum [Member] | ||||||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||||||
Estimated Useful Lives | 17 years |
PROPERTY, PLANT AND EQUIPMENT31
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 11,355 | $ 9,846 | |
Less: accumulated depreciation | 6,323 | 6,036 | |
Net property, plant and equipment | 5,032 | 3,810 | |
Depreciation and amortization expense | 700 | 800 | $ 1,100 |
Depreciation expense included in cost of revenues | 500 | 600 | $ 600 |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 247 | 192 | |
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] | |||
Gross property, plant and equipment | $ 6,524 | 6,410 | |
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 | ||
Gross property, plant and equipment | $ 220 | 220 | |
Computers and Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 2,009 | 1,832 | |
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] | |||
Gross property, plant and equipment | $ 964 | 897 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | 19 | 19 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross property, plant and equipment | $ 1,372 | $ 276 |
NOTES PAYABLE AND LONG-TERM D32
NOTES PAYABLE AND LONG-TERM DEBT (Details) - Credit Agreement [Member] $ in Millions | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 9 |
Percentage of eligible accounts receivable considered for borrowing base | 80.00% |
Percentage of eligible inventory considered for borrowing base | 50.00% |
Percentage of portion allocated to acquisition purchase price | 75.00% |
Maturity period | 5 years |
Unused capacity, commitment fee percentage | 0.25% |
Amount outstanding | $ 0 |
Debt service coverage ratio | 1.15 |
Remaining borrowing capacity | $ 8.7 |
Maturity date | Apr. 9, 2018 |
Minimum [Member] | |
Line of Credit Facility [Line Items] | |
Interest rate | 3.00% |
Amount of tangible net worth to be maintained under financial covenants | $ 7 |
Amount of liquidity to be maintained under financial covenants | 6 |
Working Capital [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 4 |
Interest rate | 3.50% |
Description of variable rate basis | WSJ Prime |
Letters of Credit [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 1 |
Amount outstanding | 0.3 |
Acquisitions [Member] | |
Line of Credit Facility [Line Items] | |
Maximum borrowing capacity | $ 5 |
Interest rate | 3.75% |
Description of variable rate basis | WSJ Prime |
Basis spread of variable rate | 0.25% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Current [Abstract] | |||
Federal | $ 0 | $ 29 | $ 13 |
State | 24 | 83 | 20 |
Current income tax expense, total | $ 24 | $ 112 | $ 33 |
Effective income tax rate reconciliation [Abstract] | |||
Statutory rate | 34.00% | 34.00% | 34.00% |
State income taxes, net | (18.60%) | 5.30% | (6.90%) |
Meals and entertainment | 38.70% | 1.20% | 1.20% |
AMT and research and development credits | (218.90%) | 0.00% | 0.00% |
Other | 1.50% | 0.00% | (4.00%) |
Effective rate before valuation allowance | (163.30%) | 40.50% | 24.30% |
Change in valuation allowance | 228.20% | (31.70%) | (21.00%) |
Effective tax rate | 64.90% | 8.80% | 3.30% |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Valuation deferred tax asset, change in amount | $ 300 | $ 400 | |
Deferred tax assets relating to: | |||
Stock compensation | 627 | 892 | |
AMT and research and development credits | 523 | 455 | |
Deferred rent | 82 | 44 | |
Inventory | 169 | 92 | |
Professional fees | 140 | 163 | |
Accrued vacation | 33 | 23 | |
Accounts receivable allowance | 24 | 13 | |
Contribution carryovers | 8 | 31 | |
Net operating loss carryforwards | 1,044 | 1,124 | |
Total deferred tax assets | 2,650 | 2,837 | |
Deferred tax liabilities related to depreciation differences | (621) | (555) | |
Net deferred tax assets before valuation allowance | 2,029 | 2,282 | |
Valuation allowance | (2,029) | (2,282) | |
Net deferred tax assets | 0 | $ 0 | |
Tax Credit Carryforward [Line Items] | |||
Net operating loss | 3,500 | ||
Tax credit carryforward, amount | 500 | ||
Tax credit carryforward, amount expiration indefinitely | $ 200 | ||
Tax credit carryforward, expiration date | indefinitely | ||
Estimated net operating losses for tax return exceeds the gross amount | $ 600 | ||
Minimum [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Operating loss carryforwards, expiration dates | Jun. 30, 2032 | ||
Maximum [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Operating loss carryforwards, expiration dates | Jun. 30, 2036 | ||
2030 [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforward, amount | $ 300 | ||
Tax credit carryforward, expiration date | Jun. 30, 2030 |
EQUITY TRANSACTIONS (Details)
EQUITY TRANSACTIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock options exercised [Abstract] | |||
Options Exercised (in shares) | 112,425 | 61,109 | 13,125 |
Proceeds | $ 313 | $ 139 | $ 47 |
Average exercise price per share (in dollars per share) | $ 2.77 | $ 2.30 | $ 3.53 |
Stock repurchase program, authorized amount | $ 3,000 | ||
Stock repurchase program, period | 2 years | ||
Stock repurchase program term extension | 2 years | ||
Shares repurchased [Abstract] | |||
Shares repurchased (in shares) | 104,365 | 29,449 | 136,441 |
Cash paid for shares repurchased | $ 745 | $ 128 | $ 607 |
Average price paid per share (in dollars per share) | $ 7.14 | $ 4.35 | $ 4.45 |
Total shares repurchased under the program (in shares) | 295,615 | 191,250 | |
Total shares repurchased under the program, at cost | $ 1,554 | $ 809 | |
Amount remaining under repurchase program | $ 1,400 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Option Activity [Rollforward] | |||
Exercised (in shares) | 112,425 | 61,109 | 13,125 |
Weighted Average Exercise Price [Abstract] | |||
Exercised (in dollars per share) | $ 2.77 | $ 2.30 | $ 3.53 |
Non-vested award [Abstract] | |||
Expense for non-vested awards | $ 0.5 | ||
Weighted average period for expense recognition | 2 years 2 months 12 days | ||
Options Outstanding [Abstract] | |||
Outstanding (in shares) | 1,290,000 | ||
Weighted average exercise price (in dollars per share) | $ 4.69 | ||
Options Exercisable [Abstract] | |||
Exercisable (in shares) | 751,000 | ||
Exercisable (in dollars per share) | $ 4.77 | ||
Stock Options [Member] | |||
Stock Option Activity [Rollforward] | |||
Options outstanding at beginning of period (in shares) | 1,375,000 | 950,000 | 876,000 |
Granted (in shares) | 45,000 | 516,000 | 244,000 |
Exercised (in shares) | (112,000) | (61,000) | (13,000) |
Forfeited or canceled (in shares) | (18,000) | (30,000) | (157,000) |
Options outstanding at end of period (in shares) | 1,290,000 | 1,375,000 | 950,000 |
Options exercisable (in shares) | 751,000 | ||
Weighted Average Exercise Price [Abstract] | |||
Options outstanding at beginning of period (in dollars per share) | $ 4.49 | $ 4.27 | $ 4.21 |
Granted (in dollars per share) | 6.62 | 4.63 | 3.95 |
Exercised (in dollars per share) | 2.77 | 2.30 | 3.53 |
Forfeited or canceled (in dollars per share) | 5.99 | 4.68 | 3.50 |
Options outstanding at end of period (in dollars per share) | 4.69 | $ 4.49 | $ 4.27 |
Options exercisable (in dollars per share) | $ 4.77 | ||
Restricted Stock [Member] | |||
Restricted stock activity [Rollforward] | |||
Unvested at beginning of the year (in shares) | 13,000 | 15,000 | 15,000 |
Granted (in shares) | 53,000 | 53,000 | 62,000 |
Vested (in shares) | (53,000) | (55,000) | (62,000) |
Unvested at end of the year (in shares) | 13,000 | 13,000 | 15,000 |
Weighted Average Fair Value [Abstract] | |||
Grants (in dollars per share) | $ 8 | $ 4.28 | $ 4.84 |
Vested (in dollars per share) | $ 7.07 | $ 4.44 | $ 4.25 |
2010 Stock Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of common shares authorized (in shares) | 3,000,000 | ||
Shares outstanding (in shares) | 1,056,385 | ||
Options available for grant (in shares) | 1,516,773 | ||
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) | 246,250 | ||
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 | ||
$2.51-$3.50 [Member] | |||
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) | 145,000 | ||
Weighted average remaining life | 4 years 4 days | ||
Weighted average exercise price (in dollars per share) | $ 2.98 | ||
Options Exercisable [Abstract] | |||
Exercisable (in shares) | 75,000 | ||
Weighted average remaining life | 3 years 11 months 5 days | ||
Exercisable (in dollars per share) | $ 2.98 | ||
$3.51-$5.50 [Member] | |||
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) | 908,000 | ||
Weighted average remaining life | 3 years 7 months 13 days | ||
Weighted average exercise price (in dollars per share) | $ 4.35 | ||
Options Exercisable [Abstract] | |||
Exercisable (in shares) | 555,000 | ||
Weighted average remaining life | 2 years 7 months 6 days | ||
Exercisable (in dollars per share) | $ 4.32 | ||
$5.51-$7.50 [Member] | |||
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) | 140,000 | ||
Weighted average remaining life | 5 years 10 months 2 days | ||
Weighted average exercise price (in dollars per share) | $ 6.03 | ||
Options Exercisable [Abstract] | |||
Exercisable (in shares) | 25,000 | ||
Weighted average remaining life | 5 years 8 months 19 days | ||
Exercisable (in dollars per share) | $ 5.73 | ||
$7.51-$9.50 [Member] | |||
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) | 97,000 | ||
Weighted average remaining life | 1 month 13 days | ||
Weighted average exercise price (in dollars per share) | $ 8.50 | ||
Options Exercisable [Abstract] | |||
Exercisable (in shares) | 96,000 | ||
Weighted average remaining life | 1 month 13 days | ||
Exercisable (in dollars per share) | $ 8.50 |
COMMITMENTS AND CONTINGENCIES36
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016USD ($)ft² | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Operating Leases [Line Items] | |||
Rent expense | $ 1,500 | $ 1,300 | $ 1,300 |
Future minimum lease payments [Abstract] | |||
2,017 | 1,137 | ||
2,018 | 1,144 | ||
2,019 | 1,159 | ||
2,020 | 1,104 | ||
2,021 | 341 | ||
Thereafter | 28 | ||
Legal Settlement [Abstract] | |||
Litigation agreement settlement amount | $ 0 | $ 0 | $ 1,538 |
State of Texas [Member] | |||
Operating Leases [Line Items] | |||
Area of leased space | ft² | 128,857 | ||
Office Space [Member] | State of Texas [Member] | |||
Operating Leases [Line Items] | |||
Option to renew lease, term | 10 years | ||
Office Space [Member] | States of Pennsylvania [Member] | |||
Operating Leases [Line Items] | |||
Area of leased space | ft² | 45,480 | ||
Area of fully-permitted facility | ft² | 40,000 | ||
Option to renew lease, term | 10 years | ||
Warehouses [Member] | State of Texas [Member] | |||
Operating Leases [Line Items] | |||
Option to renew lease, term | 5 years |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
EARNINGS PER SHARE [Abstract] | |||||||||||
Net income (loss), as reported | $ 220 | $ (1,042) | $ 615 | $ 220 | $ 1,297 | $ (812) | $ 749 | $ (74) | $ 13 | $ 1,160 | $ 956 |
Weighted average common shares outstanding (in shares) | 15,448 | 15,327 | 15,289 | ||||||||
Effect of dilutive stock options (in shares) | 390 | 237 | 112 | ||||||||
Weighted average diluted common shares outstanding (in shares) | 15,575 | 15,462 | 16,062 | 15,926 | 15,804 | 15,360 | 15,423 | 15,288 | 15,838 | 15,564 | 15,401 |
Net income per common share [Abstract] | |||||||||||
Basic (in dollars per share) | $ 0 | $ 0.08 | $ 0.06 | ||||||||
Diluted (in dollars per share) | $ 0 | $ 0.07 | $ 0.06 | ||||||||
Employee stock options excluded from computation of diluted income per share amounts because their effect would be anti-dilutive (in shares) | 137 | 210 | 655 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2016 | Dec. 14, 2015 | Jul. 17, 2015 | Jun. 30, 2015 | |
Preliminary purchase price allocation [Abstract] | ||||
Goodwill | $ 1,039 | $ 0 | ||
Acquisition related expenses | $ 200 | |||
Alpha Bio/Med Services LLC [Member] | ||||
Preliminary purchase price allocation [Abstract] | ||||
Accounts receivable | $ 51 | |||
Fixed assets | 70 | |||
Intangibles | 267 | |||
Goodwill | 413 | |||
Accounts payable and accrued liabilities | (101) | |||
Total purchase price | 700 | |||
Cash consideration payment of adjusted escrow and withheld for possible settlement amounts through 2016 | $ 100 | |||
Bio-Team Mobile LLC [Member] | ||||
Preliminary purchase price allocation [Abstract] | ||||
Accounts receivable | $ 42 | |||
Fixed assets | 68 | |||
Intangibles | 313 | |||
Goodwill | 626 | |||
Accounts payable and accrued liabilities | (16) | |||
Total purchase price | 1,033 | |||
Cash consideration payment of adjusted escrow and withheld for possible settlement amounts through 2016 | $ 100 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions | Jul. 01, 2016 | Jun. 30, 2016 |
Credit Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Amount outstanding | $ 0 | |
Percentage of portion allocated to acquisition purchase price | 75.00% | |
Maturity period | 5 years | |
Subsequent Event [Member] | Citiwaste LLC [Member] | ||
Subsequent Event [Line Items] | ||
Purchase price of acquisition | $ 7 | |
Number of shares for purchase price of acquisition (in shares) | 456,760 | |
Percentage of total outstanding shares of common stock acquired | 3.00% | |
Total consideration amount | $ 9 | |
Number of shares held for common stock consideration (in shares) | 182,704 | |
Escrow period for common stock consideration | 1 year | |
Subsequent Event [Member] | Citiwaste LLC [Member] | Credit Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Amount outstanding | $ 3 | |
Percentage of portion allocated to acquisition purchase price | 75.00% | |
Maturity period | 5 years | |
Subsequent Event [Member] | Citiwaste LLC [Member] | Credit Agreement [Member] | WSJ Prime Plus [Member] | ||
Subsequent Event [Line Items] | ||
Basis spread of variable rate | 0.25% | |
Interest rate | 3.75% |
SELECTED QUARTERLY FINANCIAL 40
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) [Abstract] | |||||||||||
Total revenues | $ 8,870 | $ 6,652 | $ 9,992 | $ 7,869 | $ 8,991 | $ 6,171 | $ 8,693 | $ 7,047 | $ 33,383 | $ 30,902 | $ 26,570 |
Gross profit | 3,220 | 1,693 | 3,319 | 2,879 | 3,773 | 1,660 | 3,228 | 2,334 | 11,111 | 10,995 | 8,989 |
Operating income (loss) | 214 | (1,104) | 664 | 231 | 1,374 | (808) | 744 | (74) | 5 | 1,236 | 965 |
Net income (loss) | $ 220 | $ (1,042) | $ 615 | $ 220 | $ 1,297 | $ (812) | $ 749 | $ (74) | $ 13 | $ 1,160 | $ 956 |
Net income (loss) per share - basic and diluted (in dollars per share) | $ 0.01 | $ (0.07) | $ 0.04 | $ 0.01 | $ 0.08 | $ (0.05) | $ 0.05 | $ 0 | |||
Weighted average shares-diluted (in shares) | 15,575 | 15,462 | 16,062 | 15,926 | 15,804 | 15,360 | 15,423 | 15,288 | 15,838 | 15,564 | 15,401 |