Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Sparton Corp. | ' |
Entity Central Index Key | '0000092679 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 10,102,461 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $2,719 | $6,085 |
Accounts receivable, net of allowance for doubtful accounts of $113 and $61, respectively | 51,093 | 49,572 |
Inventories and cost of contracts in progress, net | 55,658 | 46,334 |
Deferred income taxes | 3,332 | 2,951 |
Prepaid expenses and other current assets | 1,765 | 1,731 |
Total current assets | 114,567 | 106,673 |
Property, plant and equipment, net | 28,593 | 28,904 |
Goodwill | 18,767 | 14,767 |
Other intangible assets, net | 10,115 | 10,713 |
Deferred income taxes — non-current | 3,800 | 4,075 |
Other non-current assets | 753 | 790 |
Total assets | 176,595 | 165,922 |
Current Liabilities: | ' | ' |
Current portion of long-term debt | 139 | 136 |
Accounts payable | 16,051 | 19,596 |
Accrued salaries and wages | 6,741 | 6,329 |
Accrued health benefits | 1,835 | 1,793 |
Performance based payments on customer contracts | 13,366 | 20,902 |
Other accrued expenses | 8,195 | 6,733 |
Total current liabilities | 46,327 | 55,489 |
Pension liability — non-current portion | 200 | 274 |
Long-term debt — non-current portion | 29,867 | 11,403 |
Environmental remediation — non-current portion | 2,615 | 2,684 |
Total liabilities | 79,009 | 69,850 |
Commitments and contingencies | ' | ' |
Shareholders’ Equity: | ' | ' |
Preferred stock, no par value; 200,000 shares authorized, none issued | 0 | 0 |
Common stock, $1.25 par value; 15,000,000 shares authorized, 10,097,211 and 10,095,716 shares issued and outstanding, respectively | 12,621 | 12,619 |
Capital in excess of par value | 17,947 | 18,751 |
Retained earnings | 68,243 | 65,957 |
Accumulated other comprehensive loss | -1,225 | -1,255 |
Total shareholders’ equity | 97,586 | 96,072 |
Total liabilities and shareholders’ equity | $176,595 | $165,922 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Accounts receivable, allowance for doubtful accounts | $113 | $61 |
Preferred stock, shares authorized | 200,000 | 200,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (usd per share) | $1.25 | $1.25 |
Common stock, shares authorized | 15,000,000 | 15,000,000 |
Common stock, shares issued | 10,097,211 | 10,095,716 |
Common stock, shares outstanding | 10,097,211 | 10,095,716 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net sales | $74,198 | $50,801 |
Cost of goods sold | 62,004 | 42,801 |
Gross profit | 12,194 | 8,000 |
Operating Expense: | ' | ' |
Selling and administrative expenses | 7,645 | 5,472 |
Internal research and development expenses | 389 | 305 |
Amortization of intangible assets | 598 | 102 |
Restructuring charges | 188 | 0 |
Other operating expenses | -3 | -10 |
Total operating expense, net | 8,817 | 5,869 |
Operating income | 3,377 | 2,131 |
Interest expense | ' | ' |
Interest expense | -158 | -81 |
Interest income | 2 | 28 |
Other, net | 172 | 110 |
Total other income, net | 16 | 57 |
Income before provision for income taxes | 3,393 | 2,188 |
Provision for income taxes | 1,107 | 731 |
Net income | $2,286 | $1,457 |
Income per share of common stock: | ' | ' |
Basic (in dollars per share) | $0.23 | $0.14 |
Diluted (in dollars per share) | $0.23 | $0.14 |
Weighted average shares of common stock outstanding: | ' | ' |
Basic (in shares) | 10,072,694 | 10,141,612 |
Diluted (in shares) | 10,104,089 | 10,163,151 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net income | $2,286 | $1,457 |
Amortization of unrecognized net actuarial loss, net of tax benefit of $16 and $4 for the three months ended September 30, 2013 and 2012, respectively | 30 | 7 |
Pro rata recognition of lump-sum settlements, net of tax benefit of $10 for the three months ended September 30, 2012 | 0 | 15 |
Other comprehensive income, net of tax | 30 | 22 |
Comprehensive income | $2,316 | $1,479 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Amortization of unrecognized net actuarial loss, tax benefit (provision) | $16 | $4 |
Pro rata recognition of lump-sum settlements, tax provision | $10 | $0 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flows from Operating Activities: | ' | ' |
Net income | $2,286 | $1,457 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 1,721 | 479 |
Deferred income tax expense | -122 | 339 |
Stock-based compensation expense | 297 | 264 |
Excess tax benefit of stock-based compensation | -460 | 0 |
Other | 36 | 31 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 2,715 | 3,846 |
Inventories and cost of contracts in progress | -1,299 | -3,365 |
Prepaid expenses and other assets | 165 | 14 |
Performance based payments on customer contracts | -7,536 | -3,285 |
Accounts payable and accrued expenses | -3,098 | -2,392 |
Net cash used in operating activities | -5,295 | -2,612 |
Cash Flows from Investing Activities: | ' | ' |
Purchase of certain assets and liabilities of Aydin Displays, Inc. | -15,000 | 0 |
Purchases of property, plant and equipment | -474 | -1,058 |
Proceeds from sale of property, plant and equipment | 37 | 0 |
Net cash used in investing activities | -15,437 | -1,058 |
Cash Flows from Financing Activities: | ' | ' |
Borrowings of long-term debt | 25,500 | 0 |
Repayment of long-term debt | -7,035 | -35 |
Repurchase of stock | -1,559 | -234 |
Proceeds from the exercise of stock options | 0 | 85 |
Excess tax benefit from stock-based compensation | 460 | 0 |
Net cash provided by (used in) financing activities | 17,366 | -184 |
Net decrease in cash and cash equivalents | -3,366 | -3,854 |
Cash and cash equivalents at beginning of period | 6,085 | 46,950 |
Cash and cash equivalents at end of period | 2,719 | 43,096 |
Supplemental disclosure of cash flow information: | ' | ' |
Cash paid for interest | 153 | 86 |
Cash paid for income taxes | 338 | 49 |
Supplemental disclosure of non-cash investing activities: | ' | ' |
Accounts receivable recognized in relation to Creonix purchase consideration adjustment | 105 | 0 |
Accounts payable recognized in relation to Aydin Displays, Inc. purchase consideration adjustment | $357 | $0 |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Capital In Excess of Par Value [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at Jun. 30, 2012 (As Originally Reported [Member]) | $82,488 | $12,632 | $19,579 | $51,995 | ($1,718) |
Balance at Jun. 30, 2012 | 82,980 | 12,632 | 19,579 | 52,487 | -1,718 |
Balance (in shares) at Jun. 30, 2012 (As Originally Reported [Member]) | ' | 10,105,759 | ' | ' | ' |
Balance (in shares) at Jun. 30, 2012 | ' | 10,105,759 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Cumulative impact of change in accounting principle | 492 | ' | ' | 492 | ' |
Issuance of stock | ' | 164 | -164 | ' | ' |
Issuance of stock, (in shares) | ' | 131,108 | ' | ' | ' |
Repurchase of stock | -234 | -25 | -209 | ' | ' |
Repurchase of stock, (in shares) | ' | -20,564 | ' | ' | ' |
Exercise of stock options | 85 | 21 | 64 | ' | ' |
Exercise of stock options, (in shares) | ' | 16,967 | ' | ' | ' |
Stock-based compensation | 264 | ' | 264 | ' | ' |
Comprehensive income, net of tax | 1,479 | ' | ' | 1,457 | 22 |
Balance at Sep. 30, 2012 | 84,574 | 12,792 | 19,534 | 53,944 | -1,696 |
Balance (in shares) at Sep. 30, 2012 | ' | 10,233,270 | ' | ' | ' |
Balance at Jun. 30, 2013 | 96,072 | 12,619 | 18,751 | 65,957 | -1,255 |
Balance (in shares) at Jun. 30, 2013 | 10,095,716 | 10,095,716 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Issuance of stock | ' | 102 | -102 | ' | ' |
Issuance of stock, (in shares) | ' | 81,719 | ' | ' | ' |
Forfeiture of restricted stock | ' | -4 | 4 | ' | ' |
Forfeiture of restricted stock, (in shares) | ' | -3,344 | ' | ' | ' |
Repurchase of stock | -1,559 | -96 | -1,463 | ' | ' |
Repurchase of stock, (in shares) | ' | -76,880 | ' | ' | ' |
Exercise of stock options, (in shares) | 0 | ' | ' | ' | ' |
Stock-based compensation | 297 | ' | 297 | ' | ' |
Excess tax benefit from stock-based compensation | 460 | ' | 460 | ' | ' |
Comprehensive income, net of tax | 2,316 | ' | ' | 2,286 | 30 |
Balance at Sep. 30, 2013 | $97,586 | $12,621 | $17,947 | $68,243 | ($1,225) |
Balance (in shares) at Sep. 30, 2013 | 10,097,211 | 10,097,211 | ' | ' | ' |
Business_and_Basis_of_Presenta
Business and Basis of Presentation | 3 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Business and Basis of Presentation | ' |
Business and Basis of Presentation | |
Sparton Corporation and subsidiaries (the “Company” or “Sparton”) has been in continuous existence since 1900. It was last reorganized in 1919 as an Ohio corporation. The Company is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, design and manufacturing engineering, production, distribution, and field service. The Company serves the Medical & Biotechnology, Military & Aerospace and Industrial & Commercial markets through three reportable business segments; Medical Device (“Medical”), Complex Systems (“CS”) and Defense & Security Systems (“DSS”). Financial information by segment is presented in Note 16. All of the Company's facilities are registered to ISO standards, including 9001 or 13485, with most having additional certifications. The Company's products and services include products for Original Equipment Manufacturers (“OEM”) and Emerging Technology (“ET”) customers that are microprocessor-based systems that include transducers, printed circuit boards and assemblies, sensors, and electromechanical components, as well as development and design engineering services relating to these product sales. Sparton also develops and manufactures sonobuoys, anti-submarine warfare (“ASW”) devices used by the United States Navy and other free-world countries. Many of the physical and technical attributes in the production of sonobuoys are similar to those required in the production of the Company's other electrical and electromechanical products and assemblies. | |
The unaudited condensed financial statements and related footnotes have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The financial information presented herein should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013, which includes information and disclosures not presented herein. All significant intercompany accounts and transactions have been eliminated in consolidation. Certain reclassifications of prior period amounts have been made to conform to the current year presentation. Subsequent events have been evaluated through the date these financial statements were issued. In the opinion of management, the unaudited condensed consolidated financial statements contain all of the adjustments, consisting of normal recurring adjustments, necessary to present fairly, in summarized form, the consolidated financial position, results of operations and cash flows of the Company. The results of operations for the three months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the full fiscal year 2014. |
Change_in_Accounting_Principle
Change in Accounting Principle | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||||||
Change in Accounting Principle | ' | ||||||||||||
Change in Accounting Principle | |||||||||||||
In the first quarter of fiscal 2014, the Company voluntarily changed its revenue recognition policy related to DSS sonobuoy sales to the U.S. Navy and foreign government customers under long-term contracts that require lot acceptance testing. The new policy continues to recognize revenue under the percentage of completion method, but changes the measurement of progress under these contracts from a completed units accepted basis (whereby revenue was recognized for each lot of sonobuoys produced when that lot was formally accepted by the customer) to a units-of-production basis (whereby revenue is recognized when production and internal testing of each lot of sonobuoys is completed). The Company now has significant experience in producing sonobuoys to customer specifications and internal testing to assess compliance with those specifications and, as such, now has an adequate history of continuous customer acceptance of all sonobuoys produced. Accordingly, the Company believes the new method is preferable primarily because it eliminates delays in revenue and related cost of goods sold recognition due to timing of customer testing and acceptance delays. Such delays commonly occur due to customer circumstances that are unrelated to the product produced. Under the new policy, the revenue and related costs of goods sold of these manufactured sonobuoy lots will more closely match the period in which the product was produced and the related revenue earned, thereby better reflecting the economic activity of the DSS segment. Additionally, this new method provides better matching of periodic operating expenses incurred during production. | |||||||||||||
For the three months ended September 30, 2013, this change in accounting policy increased DSS and consolidated net sales and gross profit by $2.2 million and $1.0 million, respectively, and basic and diluted income per share each by $0.07. The following tables present the effects of the retrospective application of this voluntary change in accounting principle (Dollars in thousands, except share amounts): | |||||||||||||
Consolidated Statement of Income Data: | |||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||
As Originally Reported | Adjustment | As Restated | |||||||||||
Net Sales | $ | 49,020 | $ | 1,781 | $ | 50,801 | |||||||
Cost of goods sold | 41,807 | 994 | 42,801 | ||||||||||
Gross profit | 7,213 | 787 | 8,000 | ||||||||||
Income before provision for income taxes | 1,401 | 787 | 2,188 | ||||||||||
Provision for income taxes | 448 | 283 | 731 | ||||||||||
Net income | 953 | 504 | 1,457 | ||||||||||
Income per share of common stock - Basic | 0.09 | 0.05 | 0.14 | ||||||||||
Income per share of common stock - Diluted | 0.09 | 0.05 | 0.14 | ||||||||||
Weighted average shares outstanding - Basic | 10,141,612 | 10,141,612 | |||||||||||
Weighted average shares outstanding - Diluted | 10,163,151 | 10,163,151 | |||||||||||
Consolidated Balance Sheet Data: | |||||||||||||
As of June 30, 2013 | |||||||||||||
As Originally Reported | Adjustment | As Restated | |||||||||||
Inventory | $ | 46,334 | $ | — | $ | 46,334 | |||||||
Deferred income taxes | 3,167 | (216 | ) | 2,951 | |||||||||
Performance based payments on customer contracts | 21,504 | (602 | ) | 20,902 | |||||||||
Retained earnings | 65,571 | 386 | 65,957 | ||||||||||
New Accounting Standards | |||||||||||||
In July 2013, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance under Accounting Standards Update No. 2013-11 ("ASU 2013-11"), which provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss (“NOL”) carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 requires entities to present an unrecognized tax benefit as a reduction of a deferred tax asset for a NOL or tax credit carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. This accounting standard update requires entities to assess whether to net the unrecognized tax benefit with a deferred tax asset as of the reporting date. ASU 2013-11 will be effective for the Company’s first quarter of fiscal 2015. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended | |||
Sep. 30, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Acquisitions | ' | |||
Acquisitions | ||||
Aydin Displays, Inc. — On August 30, 2013, the Company completed the acquisition of certain assets and liabilities related to the contract manufacturing business of Aydin Displays, Inc. ("Aydin Displays" or “Aydin”) in a $15.0 million all-cash transaction, subject to certain post-closing adjustments and financed through the use of borrowings under the Company's Credit Facility. At September 30, 2013, the Company has recorded additional estimated contingent consideration of accounts receivable of $0.4 million in relation to a post-closing working capital adjustment, which is expected to be settled in the second quarter of the Company's fiscal 2014 year. Additional acquisition consideration of up to $6.6 million is contingent upon Aydin attaining certain performance thresholds during the twelve month period following the transaction. The transaction includes an approximate $1.2 million escrowed holdback which is available to fund the working capital adjustment and potential seller indemnification obligations in relation to the acquisition agreement. | ||||
The acquired business, which will be part of the Company's DSS segment and which is expected to add $18 million (unaudited) in annualized revenue, develops enhanced flat panel display and touch-screen solutions with application-critical performance criteria including ruggedization, high resolution, color accuracy, response/refresh times, sunlight readability and other criteria such as magnetic interference and emanations security for the Military & Aerospace and Civil Marine markets. These products are currently specified in the U.S. Navy P8A Poseidon ASW aircraft behind-the-cockpit control center, the command and control centers of many U.S. Navy ships, Federal Aviation Administration air traffic control systems, and cockpit command centers for various civil marine applications. The acquired business will continue to operate as Aydin Displays. | ||||
The Company is in the process of obtaining valuations of certain tangible and intangible assets and liabilities and expects to complete the purchase price allocation in fiscal year 2014 after these valuations are finalized. The following table represents the preliminary allocation of the total consideration to assets acquired and liabilities assumed in the acquisition of Aydin based on Sparton’s preliminary estimate of their respective fair values (in thousands): | ||||
Total purchase consideration: | ||||
Cash | $ | 15,000 | ||
Estimated additional consideration payable for post-closing working capital adjustment | 357 | |||
Total purchase consideration | $ | 15,357 | ||
Assets acquired and liabilities assumed: | ||||
Accounts receivable, net | $ | 4,237 | ||
Inventory | 8,025 | |||
Other current assets | 192 | |||
Property, plant and equipment | 374 | |||
Goodwill | 4,000 | |||
Other long-term assets | 1 | |||
Accounts payable | (1,215 | ) | ||
Other current liabilities | (257 | ) | ||
Total assets acquired and liabilities assumed | $ | 15,357 | ||
Total purchase consideration has been preliminarily allocated to the tangible assets acquired and liabilities assumed based on their provisionally estimated fair values at the acquisition date. Additional acquisition consideration of up to $6.6 million is contingent upon Aydin attaining certain performance thresholds. The Company has provisionally assigned no fair value to this contingent liability. It is possible that acquired assets may additionally include customer relationships, the Aydin Displays trade name, unpatented technology and a favorable lease acquired in the transaction. The Company was unable at September 30, 2013 to assign provisionally estimated fair values to these potential assets. The Aydin acquisition has preliminarily resulted in approximately $4 million of goodwill, which will be adjusted downward or upward based on the final values assigned to all acquired assets and liabilities. The Company believes that any goodwill remaining after the valuations are finalized will primarily relate to strategic fit, resulting synergies and the acquired workforce that this business brings to existing operations. Goodwill associated with this acquisition is expected to be deductible for tax purposes and has been assigned entirely to the Company’s DSS segment. | ||||
Included in the Company’s Condensed Consolidated Statements of Operations for the three months ended September 30, 2013 are net sales of approximately $1.2 million and loss before benefit from income taxes of less than $0.1 million, resulting from the acquisition of Aydin since August 30, 2013. | ||||
The Company incurred legal, professional and other costs related to this acquisition aggregating approximately $0.2 million. These costs were recognized as selling and administrative expenses in the three months ended September 30, 2013. | ||||
A portion of Aydin's revenue is derived from contracts to manufacture video displays and other related products to a buyer’s specification under long-term contracts. Revenue and profit is recognized under these contracts using the percentage of completion method based on the ratio of costs incurred to estimated total costs at completion. | ||||
Creonix, LLC — On June 6, 2013, the Company completed the acquisition of certain assets related to the contract manufacturing business of Creonix, LLC (“Creonix”) in a $2.1 million all-cash transaction, subject to certain post-closing adjustments and financed through the use of borrowings under the Company's credit facility. At September 30, 2013, the Company has recognized accounts receivable of $0.1 million as consideration to be returned in relation to a post-closing working capital adjustment, which will be settled in the second quarter of the Company's fiscal 2014 year. The transaction includes an approximate $0.3 million escrowed holdback which is available to fund the working capital adjustment and potential seller indemnification obligations in relation to the acquisition agreement. | ||||
The acquired business, which is reported in the Company's Complex Systems segment, provides the Company with the capability of cable and wire harness engineering and assembly. Additionally, the acquisition provides further expansion into the Industrial and Military & Aerospace markets, diversifies Sparton's customer base and increases utilization of the Company's existing assets through the expected consolidation of this business into Complex Systems's Brooksville, Florida plant during the first six months of fiscal 2014. Creonix primarily manufactures products and components for battery monitoring, high speed optical imaging, neuromuscular incapacitation, imaging and wiring assemblies for military applications, and electrical grid transformer protection systems. | ||||
During the three months ended September 30, 2013, the Company finalized the inventory adjustment under the Creonix asset purchase agreement resulting in a decrease in the previously recorded related receivable from the seller. This measurement period increase in total purchase consideration resulted in the retrospective elimination of the previously recognized gain on acquisition recorded in the fourth quarter of fiscal 2013 of less than $0.1 million and resulting in the recognition of approximately $0.1 million of goodwill. The Company's June 30, 2013 balance sheet has been restated to reflect this adjustment. The following table presents the final allocation of the total consideration to assets acquired and liabilities assumed from Creonix based on Sparton’s estimate of their respective fair values (in thousands): | ||||
Total purchase consideration: | ||||
Cash | $ | 2,100 | ||
Accounts receivable recognized in relation to inventory adjustment | (105 | ) | ||
Total purchase consideration | $ | 1,995 | ||
Assets acquired and liabilities assumed: | ||||
Inventory | $ | 1,321 | ||
Equipment | 304 | |||
Intangible assets — customer relationships | 270 | |||
Goodwill | 100 | |||
Total assets acquired and liabilities assumed | $ | 1,995 | ||
Inventories_and_Cost_of_Contra
Inventories and Cost of Contracts in Progress | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories and Cost of Contracts in Progress | ' | |||||||
Inventories and Cost of Contracts in Progress | ||||||||
The following are the major classifications of inventory, net of interim billings, at September 30, 2013 and June 30, 2013 (in thousands): | ||||||||
September 30, | June 30, | |||||||
2013 | 2013 | |||||||
Raw materials | $ | 45,529 | $ | 43,550 | ||||
Work in process | 17,155 | 10,170 | ||||||
Finished goods | 6,935 | 7,793 | ||||||
Total inventory and cost of contracts in progress, gross | 69,619 | 61,513 | ||||||
Inventory to which the U.S. government has title due to interim billings | (13,961 | ) | (15,179 | ) | ||||
Total inventory and cost of contracts in progress, net | $ | 55,658 | $ | 46,334 | ||||
The Company recorded inventory write-downs totaling less than $0.1 million for each of the three months ended September 30, 2013 and 2012. These charges are included in cost of goods sold for the periods presented. |
Property_Plant_and_Equipment_N
Property, Plant and Equipment, Net | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment, Net | ' | |||||||
Property, Plant and Equipment, Net | ||||||||
Property, plant and equipment, net consists of the following at September 30, 2013 and June 30, 2013 (in thousands): | ||||||||
September 30, | June 30, | |||||||
2013 | 2013 | |||||||
Land and land improvements | $ | 1,405 | $ | 1,405 | ||||
Buildings and building improvements | 25,530 | 24,920 | ||||||
Machinery and equipment | 27,757 | 27,183 | ||||||
Construction in progress | 394 | 767 | ||||||
Total property, plant and equipment | 55,086 | 54,275 | ||||||
Less accumulated depreciation | (26,493 | ) | (25,371 | ) | ||||
Total property, plant and equipment, net | $ | 28,593 | $ | 28,904 | ||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||
Goodwill represents the excess of purchase price over the fair value of the net assets acquired in conjunction with the Company’s purchases of Astro Instrumentation, LLC (“Astro”) in May 2006, Byers Peak, Incorporated (“Byers Peak”) in March 2011, Onyx EMS, LLC ("Onyx") in November 2012, Creonix in June 2013 and Aydin in August 2013. Goodwill related to Astro, Byers Peak and Onyx is reflected within the Company’s Medical operating segment. Goodwill related to Creonix is reflected within the Company's Complex Systems operating segment. Goodwill related to Aydin Displays is reflected within the Company's DSS operating segment. Changes in the carrying value of goodwill for the three months ended September 30, 2013 and year ended June 30, 2013 and the ending composition of goodwill as of September 30, 2013 and June 30, 2013 are as follows (in thousands): | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Medical | CS | DSS | Total | ||||||||||||||||
Goodwill, beginning of period | $ | 14,667 | $ | 100 | $ | — | $ | 14,767 | |||||||||||
Additions to goodwill during the period | — | — | 4,000 | 4,000 | |||||||||||||||
Goodwill, end of period | $ | 14,667 | $ | 100 | $ | 4,000 | $ | 18,767 | |||||||||||
30-Jun-13 | |||||||||||||||||||
Medical | CS | DSS | Total | ||||||||||||||||
Goodwill, beginning of period | $ | 7,472 | $ | — | $ | — | $ | 7,472 | |||||||||||
Additions to goodwill during the period | 7,195 | 100 | — | 7,295 | |||||||||||||||
Goodwill, end of period | $ | 14,667 | $ | 100 | $ | — | $ | 14,767 | |||||||||||
30-Sep-13 | |||||||||||||||||||
Medical | CS | DSS | Total | ||||||||||||||||
Acquired Goodwill | $ | 27,820 | $ | 100 | $ | 4,000 | $ | 31,920 | |||||||||||
Accumulated impairment | (13,153 | ) | — | — | (13,153 | ) | |||||||||||||
Goodwill | $ | 14,667 | $ | 100 | $ | 4,000 | $ | 18,767 | |||||||||||
30-Jun-13 | |||||||||||||||||||
Medical | CS | DSS | Total | ||||||||||||||||
Acquired Goodwill | $ | 27,820 | $ | 100 | $ | — | $ | 27,920 | |||||||||||
Accumulated impairment | (13,153 | ) | — | — | (13,153 | ) | |||||||||||||
Goodwill | $ | 14,667 | $ | 100 | $ | — | $ | 14,767 | |||||||||||
Intangible assets represent the values assigned to customer relationships acquired in conjunction with the Company’s purchases of Astro, Byers Peak, Onyx and Creonix as well as the values assigned to non-compete agreements acquired in conjunction with the Company’s purchase of Onyx. The amortization periods, gross carrying amounts, accumulated amortization, accumulated impairments and net carrying values of intangible assets at September 30, 2013 and June 30, 2013 are as follows (in thousands): | |||||||||||||||||||
Amortization | Gross | Accumulated | Accumulated | Net | |||||||||||||||
Period | Carrying | Amortization | Impairments | Carrying | |||||||||||||||
in Months | Amount | Value | |||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||
Non-compete agreements | 12 | $ | 200 | $ | (167 | ) | $ | — | $ | 33 | |||||||||
Customer relationships | 120 | -180 | 18,370 | (4,625 | ) | (3,663 | ) | 10,082 | |||||||||||
$ | 18,570 | $ | (4,792 | ) | $ | (3,663 | ) | $ | 10,115 | ||||||||||
June 30, 2013 | |||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||
Non-compete agreements | 12 | $ | 358 | $ | (274 | ) | $ | — | $ | 84 | |||||||||
Customer relationships | 120 | -180 | 18,370 | (4,078 | ) | (3,663 | ) | 10,629 | |||||||||||
$ | 18,728 | $ | (4,352 | ) | $ | (3,663 | ) | $ | 10,713 | ||||||||||
Sparton did not incur any significant costs to renew or alter the term of its intangible assets during the three months ended September 30, 2013. Amortization expense for the three months ended September 30, 2013 and 2012 was approximately $0.6 million and $0.1 million, respectively. Aggregate amortization expense relative to existing intangible assets for the periods shown is currently estimated to be as follows (in thousands): | |||||||||||||||||||
Fiscal Year Ending June 30, | |||||||||||||||||||
2014 | $ | 2,161 | |||||||||||||||||
2015 | 1,851 | ||||||||||||||||||
2016 | 1,625 | ||||||||||||||||||
2017 | 1,398 | ||||||||||||||||||
2018 | 1,171 | ||||||||||||||||||
Thereafter | 2,507 | ||||||||||||||||||
Total | $ | 10,713 | |||||||||||||||||
Debt
Debt | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
Debt | ||||||||
Debt consists of the following at September 30, 2013 and June 30, 2013 (in thousands): | ||||||||
September 30, | June 30, | |||||||
2013 | 2013 | |||||||
Industrial revenue bonds, face value | $ | 1,588 | $ | 1,623 | ||||
Less unamortized purchase discount | (82 | ) | (84 | ) | ||||
Industrial revenue bonds, carrying value | 1,506 | 1,539 | ||||||
Borrowings under revolving credit facilities | 28,500 | 10,000 | ||||||
Total debt | 30,006 | 11,539 | ||||||
Less: current portion | (139 | ) | (136 | ) | ||||
Long-term debt, net of current portion | $ | 29,867 | $ | 11,403 | ||||
Industrial Revenue Bonds | ||||||||
In connection with its acquisition of Astro in May 2006, the Company assumed repayment of principal and interest on bonds originally issued to Astro by the State of Ohio. These bonds are Ohio State Economic Development Revenue Bonds, series 2002-4. Astro originally entered into the loan agreement with the State of Ohio for the issuance of these bonds to finance the construction of the Company’s Ohio operating facility. The principal amount, including premium, was issued in 2002 and totaled approximately $2.9 million. These bonds have interest rates which vary, dependent on the maturity date of the bonds ranging from 5.00% to 5.45%. Due to an increase in interest rates since the original issuance of the bonds, a discount amounting to approximately $0.2 million on the date of assumption by Sparton was recorded. | ||||||||
The bonds carry certain sinking fund requirements generally obligating the Company to make monthly deposits of one twelfth of the annual obligation plus accrued interest. The purchase discount is being amortized ratably over the remaining term of the bonds. The Company also has an irrevocable letter of credit in the amount of approximately $0.3 million, which is renewable annually, to secure repayment of a portion of the bonds. | ||||||||
Short-term debt at September 30, 2013 and June 30, 2013 reflects the current portion of the Company’s industrial revenue bonds. | ||||||||
Revolving Credit Facility | ||||||||
On November 15, 2012, the Company replaced its previous revolving line-of-credit facility with a new $65 million credit facility with BMO Harris Bank N.A., consisting of a $35 million revolving line-of-credit facility (the “Revolving Credit”) to support the Company’s working capital needs and other general corporate purposes, and a $30 million acquisition loan commitment (the “Acquisition Facility” and together with the Revolving Credit, the “Credit Facility”) to finance permitted acquisitions. | ||||||||
The Credit Facility expires on November 15, 2017, is secured by substantially all assets of the Company and provides for up to an additional $35 million in uncommitted loans available for additional Revolving Credit loans or Acquisition loans. | ||||||||
Advances under the Acquisition Facility are available until November 15, 2014. Loans under the Acquisition Facility amortize in two tranches, such that loans outstanding on November 15, 2013 begin amortizing in quarterly installments equal to 2.5% of the principal amount outstanding on such date, and advances made after November 15, 2013 and outstanding on November 15, 2014 begin amortizing on the same basis. | ||||||||
Outstanding borrowings under the Credit Facility bear interest, at the Company’s option, at either LIBOR, fixed for interest periods of one, two, three or six month periods, plus 1.25% to 2.00%, or at the bank’s base rate, as defined, plus 0.25% to 1.00%, based upon the Company’s Total Funded Debt/EBITDA Ratio, as defined. The Company is also required to pay commitment fees on unused portions of the Credit Facility ranging from 0.25% to 0.375%, based on the Company’s Total Funded Debt/EBITDA Ratio, as defined. The effective interest rate on outstanding borrowings under the Credit Facility was 1.45% at September 30, 2013. | ||||||||
As a condition of the Credit Facility, the Company is subject to certain customary covenants, which it was in compliance with at September 30, 2013. The Company had $28.5 million of borrowings drawn against the Credit Facility at September 30, 2013 and additionally had certain letters of credit outstanding totaling $0.5 million. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 30, 2013 | |
Fair Value Disclosures [Abstract] | ' |
Fair Value Measurements | ' |
Fair Value Measurements | |
The Company’s long-term debt instruments, consisting of industrial revenue bonds, are carried at historical cost. As of September 30, 2013 and June 30, 2013, the fair value of the industrial revenue bonds was approximately $1.9 million and $2.0 million, respectively, compared to carrying values of approximately $1.5 million and $1.5 million, respectively. These fair values, which were derived from discounted cash flow analyses based on the terms of the contracts and observable market data, and adjustment for nonperformance risk, are classified as Level 3 in the fair value hierarchy. The fair value of the Company's Credit Facility debt at September 30, 2013 and June 30, 2013 approximated its carrying value of $28.5 million and $10.0 million, respectively, as the rates on these borrowings are variable in nature. In relation to the acquisition of Creonix and Aydin, the Company estimated the fair value of the assets acquired and liabilities assumed at acquisition date. See Note 3 for a further discussion of these estimated fair values. The fair value of accounts receivable and accounts payable approximated their carrying values at both September 30, 2013 and June 30, 2013. |
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company recognized income tax provisions of approximately $1.1 million and $0.7 million, or approximately 32.6% and 33.4% of income before provision for income taxes, for the three months ended September 30, 2013 and 2012, respectively. The Company’s effective income tax rate for the interim periods presented is based on management’s estimate of the Company’s effective tax rate for the applicable year and differs from the Federal statutory income tax rate primarily due to applicable permanent differences, foreign income taxes and state income taxes. |
Defined_Benefit_Pension_Plan
Defined Benefit Pension Plan | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Defined Benefit Pension Plan | ' | |||||||
Defined Benefit Pension Plan | ||||||||
Approximately 400 employees and retirees of the Company are covered by a defined benefit pension plan. Effective April 1, 2009, participation and the accrual of benefits in this pension plan were frozen, at which time all participants became fully vested and all prior service costs were recognized. The components of net periodic pension expense are as follows for the three months ended September 30, 2013 and 2012 (in thousands): | ||||||||
For the Three Months Ended | ||||||||
30-Sep-13 | 30-Sep-12 | |||||||
Service cost | $ | — | $ | — | ||||
Interest cost | 86 | 104 | ||||||
Expected return on plan assets | (129 | ) | (140 | ) | ||||
Amortization of prior service cost | — | — | ||||||
Amortization of unrecognized net actuarial loss | 46 | 11 | ||||||
Net pension expense (income) | 3 | (25 | ) | |||||
Pro rata recognition of lump-sum settlements | — | 25 | ||||||
Total pension expense | $ | 3 | $ | — | ||||
The Company’s policy is to fund the plan based upon legal requirements and tax regulations. During the each of three months ended September 30, 2013 and 2012, less than $0.1 million was contributed to the pension plan. For further information on future funding projections and other pension disclosures see Part II, Item 8, Note 9 “Employee Retirement Benefit Plans” of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Environmental Remediation — Sparton has been involved with ongoing environmental remediation since the early 1980’s related to one of its former manufacturing facilities, located in Albuquerque, New Mexico (“Coors Road”). Although the Company entered into a long-term lease of the Coors Road property that was accounted for as a sale of property during fiscal 2010, it remains responsible for the remediation obligations related to its past operation of this facility. At September 30, 2013, Sparton had accrued approximately $3.1 million as its estimate of the remaining minimum future undiscounted financial liability with respect to this matter, of which approximately $0.5 million is classified as a current liability and included on the balance sheet in other accrued expenses. The Company’s minimum cost estimate is based upon existing technology and excludes certain legal costs, which are expensed as incurred. The Company’s estimate includes equipment and operating and maintenance costs for onsite and offsite pump and treat containment systems, as well as continued onsite and offsite monitoring. It also includes periodic reporting requirements. | |
In fiscal 2003, Sparton reached an agreement with the United States Department of Energy (“DOE”) and others to recover certain remediation costs. Under the settlement terms, Sparton received cash and obtained some degree of risk protection as the DOE agreed to reimburse Sparton for 37.5% of certain future environmental expenses in excess of $8.4 million incurred from the date of settlement, if any, of which approximately $4.7 million has been expended as of September 30, 2013 toward the $8.4 million threshold. Uncertainties associated with environmental remediation contingencies are pervasive and often result in wide ranges of reasonably possible outcomes. Estimates developed in the early stages of remediation can vary significantly. Normally a finite estimate of cost does not become fixed and determinable at a specific point in time. Rather, the costs associated with environmental remediation become estimable over a continuum of events and activities that help to frame and define a liability. Factors which cause uncertainties for the Company include, but are not limited to, the effectiveness of the current work plans in achieving targeted results and proposals of regulatory agencies for desired methods and outcomes. It is possible that cash flows and results of operations could be materially affected by the impact of changes associated with the ultimate resolution of this contingency. At September 30, 2013, the Company estimates that it is reasonably possible, but not probable, that future environmental remediation costs associated with the Company’s past operations at the Coors Road property, in excess of amounts already recorded and net of DOE reimbursement, could be up to $2.4 million before income taxes over the next seventeen years. | |
The Company and its subsidiaries are also involved in certain existing compliance issues with the EPA and various state agencies, including being named as a potentially responsible party at several sites. Potentially responsible parties (“PRP“s) can be held jointly and severally liable for the clean-up costs at any specific site. The Company’s past experience, however, has indicated that when it has contributed relatively small amounts of materials or waste to a specific site relative to other PRPs, its ultimate share of any clean-up costs has been minor. Based upon available information, the Company believes it has contributed only small amounts to those sites in which it is currently viewed as a PRP and that reasonably possible losses related to these compliance issues are immaterial. | |
Litigation — On September 24, 2013, L-3 Communications Corporation, doing business as L-3 Linkabit (“Linkabit”) filed a complaint in the United States District Court for the Middle District of Florida, Orlando Division, alleging, among other things, that the Company failed to follow Linkabit drawings for the manufacture and assembly of certain products and that the Company changed its manufacturing process resulting in shipment of defective products to Linkabit. Linkabit seeks damages for breach of contract, breach of covenants, breach of warranties and negligence. The Company believes that its defenses to the claims are very strong and it intends to defend this action vigorously. Given the stage of the litigation and the unresolved questions of fact, the Company cannot estimate any loss, or range of loss, with confidence at this time. | |
U.S. Government Audits — Federal government agencies, including the Defense Contract Audit Agency (“DCAA”) and the Defense Contract Management Agency (“DCMA”), routinely audit and evaluate government contracts and government contractors’ administrative processes and systems. These agencies review the Company’s performance on contracts, pricing practices, cost structure, financial capability and compliance with applicable laws, regulations and standards. They also review the adequacy of the Company’s internal control systems and policies, including the Company’s purchasing, accounting, estimating, compensation and management information processes and systems. | |
The Company implemented a new enterprise resource planning system in November 2012 and currently remains eligible to receive cost reimbursable contracts from the U.S. Government. The Company responded in June 2013 to DCAA review comments received in the fourth quarter of fiscal 2013 regarding corrective actions to improve the reliability for accumulating costs under government contracts. While the Company’s corrective actions remain open for further review, the Company remains confident formal resolution of DCAA cost accounting practices findings will not have a material adverse impact on the Company’s financial results. | |
Other — In addition to the foregoing, from time to time, the Company is involved in various legal proceedings relating to claims arising in the ordinary course of business. The Company is not currently a party to any other such legal proceedings, the adverse outcome of which, individually or in the aggregate, is expected to have a material adverse effect on our business, financial condition or results of operations. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation | |||||||||||||
The Company has two long-term incentive plans. The Sparton Corporation Stock Incentive Plan, as amended and restated (the “2001 Plan”) was approved by the Company’s shareholders on October 24, 2001. The Sparton Corporation 2010 Long-Term Incentive Plan (the “2010 Plan”) was approved by the Company’s shareholders on October 28, 2009. | |||||||||||||
2001 Plan. Under the 2001 Plan, the Company may grant to employees and non-employee directors incentive and non-qualified stock options, stock appreciation rights, restricted stock and other stock-based awards. All of the stock options issued to date under the 2001 Plan have either three, five or ten-year lives with either immediate vesting or vesting on an annual basis over four years beginning one year after grant date. Restricted stock awards granted to date to employees under the 2001 Plan vest annually over periods ranging from approximately 2.5 to 4.0 years, in some cases subject to achievement of certain financial performance metrics in addition to the service requirements. Unrestricted stock awards granted to date under the 2001 Plan represent annual stock grants to directors as a component of their overall compensation. The 2001 Plan’s termination date with respect to the granting of new awards was October 24, 2011. The total number of shares authorized to be granted under the 2001 Plan was 970,161 shares of the Company’s common stock, which equals the number of underlying awards previously made under the 2001 Plan. | |||||||||||||
2010 Plan. Under the 2010 Plan, the Company may grant to employees, officers and directors of the Company or its subsidiaries incentive and non-qualified stock options, stock appreciation rights, restricted stock or restricted stock units, performance awards and other stock-based awards, including grants of shares. Restricted stock awards granted to date to employees under the 2010 Plan vest annually over four years, subject to achievement of certain financial performance metrics in addition to the service requirements. Unrestricted stock awards granted to date under the 2010 Plan represent annual stock grants to directors as a component of their overall compensation. The 2010 Plan has a term of ten years. The total number of shares that may be awarded under the 2010 Plan is 1,000,000 shares of common stock, of which amount, 514,044 shares remain available for awards as of September 30, 2013. | |||||||||||||
The following table shows stock-based compensation expense by type of share-based award for the three months ended September 30, 2013 and 2012 included in the condensed consolidated statements of operations (in thousands): | |||||||||||||
For the Three Months Ended | |||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||
Fair value expense of stock option awards | $ | — | $ | — | |||||||||
Restricted and unrestricted stock | 297 | 264 | |||||||||||
Total stock-based compensation | $ | 297 | $ | 264 | |||||||||
The following table shows the total remaining unrecognized compensation cost related to restricted stock grants and the fair value expense of stock option awards, as well as the weighted average remaining required service period over which such costs will be recognized as of September 30, 2013: | |||||||||||||
Total Remaining | Weighted Average | ||||||||||||
Unrecognized | Remaining Required | ||||||||||||
Compensation Cost | Service Period | ||||||||||||
(in thousands) | (in years) | ||||||||||||
Fair value expense of stock option awards | $ | — | 0 | ||||||||||
Restricted stock | 2,358 | 2.2 | |||||||||||
$ | 2,358 | 2.2 | |||||||||||
The following is a summary of options outstanding and exercisable at September 30, 2013: | |||||||||||||
Number of Shares | Weighted Average | Weighted | Aggregate | ||||||||||
Exercise Price | Average | Intrinsic Value | |||||||||||
Remaining | |||||||||||||
Contractual Life | |||||||||||||
(in years) | (in thousands) | ||||||||||||
Outstanding at June 30, 2013 | 55,418 | $ | 8.56 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Expired | — | — | |||||||||||
Outstanding and exercisable at September 30, 2013 | 55,418 | $ | 8.56 | 1.71 | $ | 939 | |||||||
No options were exercised during the three months ended September 30, 2013. The intrinsic value of options exercised during the three months ended September 30, 2012 was $0.1 million. | |||||||||||||
The following is a summary of activity for the three months ended September 30, 2013 related to shares granted under the Company’s long-term incentive plans: | |||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Restricted shares at June 30, 2013 | 311,253 | $ | 8.34 | ||||||||||
Granted | 81,719 | 21.31 | |||||||||||
Vested | (76,870 | ) | 6.28 | ||||||||||
Forfeited | (3,344 | ) | 14.39 | ||||||||||
Restricted shares at September 30, 2013 | 312,758 | $ | 12.17 | ||||||||||
The total fair value of restricted stock vested in the three months ended September 30, 2013 and 2012 was approximately $1.6 million and $1.0 million, respectively. |
Earnings_Per_Share_Data
Earnings Per Share Data | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share Data | ' | |||||||
Earnings Per Share Data | ||||||||
Basic earnings per share is based on the weighted average number of common shares and participating securities outstanding during the period. Diluted earnings per share include the dilutive effect of additional potential common shares issuable under our stock-based compensation plan and are determined using the treasury stock method. Unvested restricted stock awards, which contain non-forfeitable rights to dividends whether paid or unpaid, are included in the number of shares outstanding for both basic and diluted earnings per share calculations. In the event of a net loss, unvested restricted stock awards are excluded from the calculation of both basic and diluted loss per share. | ||||||||
Earnings per share calculations, including weighted average number of shares of common stock outstanding used in calculating basic and diluted income per share, for the three months ended September 30, 2013 and 2012 are as follows: | ||||||||
For the Three Months Ended | ||||||||
30-Sep-13 | 30-Sep-12 | |||||||
Net income (in thousands) | $ | 2,286 | $ | 1,457 | ||||
Weighted average shares outstanding – Basic | 10,072,694 | 10,141,612 | ||||||
Net effect of dilutive stock options | 31,395 | 21,539 | ||||||
Weighted average shares outstanding – Diluted | 10,104,089 | 10,163,151 | ||||||
Net income per share: | ||||||||
Basic | $ | 0.23 | $ | 0.14 | ||||
Diluted | $ | 0.23 | $ | 0.14 | ||||
For the three months ended September 30, 2013 and 2012, 312,758 and 346,783, respectively, unvested restricted shares were included in determining both basic and diluted earnings per share. No potential shares of common stock were excluded from diluted income per share computations for either of the three months ended September 30, 2013 or 2012. |
Stock_Repurchase_Plan
Stock Repurchase Plan | 3 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Stock Repurchase Plan | ' |
Stock Repurchase Plan | |
On May 1, 2013, the Company’s Board of Directors approved a repurchase by the Company of up to $3.0 million of shares of its common stock over a 12-month period. The Company has been authorized to purchase shares from time to time in open market, block transactions and privately negotiated transactions at prices deemed appropriate by management, depending on market conditions, applicable laws and other factors. The stock repurchase program does not require the Company to repurchase any specific number of shares and can be modified, extended or terminated by the Board of Directors at any time. | |
Pursuant to this stock repurchase program, during the three months ended September 30, 2013, the Company purchased 47,119 shares of its common stock at an average price of $18.51 per share for approximately $0.9 million. Previously, during the year ended June 30, 2013, the Company purchased 128,158 shares of its common stock at an average price of $16.55 per share for approximately $2.1 million. Total shares purchased pursuant to this stock repurchase program total 175,277 at an average price of $17.08. Shares purchased under the plan were cancelled upon repurchase. As of September 30, 2013, all authorized funds under the stock repurchase program have been expended. |
Restructuring_Activities
Restructuring Activities | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Restructuring Activities | ' | |||||||||||||||
Restructuring Activities | ||||||||||||||||
Creonix Acquisition Related Restructuring | ||||||||||||||||
In conjunction with the Creonix acquisition, the Company consolidated the Creonix operations into the Company’s Brooksville, Florida facility. These restructuring activities consisted primarily of approximately $0.2 million of workforce severance and retention costs, less than $0.1 million of production transfer costs and less than $0.1 million of facility closing costs. Inception to date restructuring charges recognized within the Complex Systems segment of approximately $0.2 million have been incurred as of September 30, 2013 related to these acquisition related restructuring activities.The Company does not expect to recognize any additional costs related to these restructuring activities. All cash expenditures related to these activities have been made as of September 30, 2013. | ||||||||||||||||
Summary of Restructuring Charges | ||||||||||||||||
The table below summarizes the nature and amount of all restructuring actions for the three months ended September 30, 2013 (in thousands): | ||||||||||||||||
Workforce | Production | Facility | Total | |||||||||||||
Reduction | Transfer | Closing | ||||||||||||||
(principally | ||||||||||||||||
severance and | ||||||||||||||||
retention | ||||||||||||||||
bonuses) | ||||||||||||||||
Accrual balance at June 30, 2013 | 44 | — | — | 44 | ||||||||||||
Restructuring charges | 111 | 68 | 9 | 188 | ||||||||||||
Less: cash payments | (155 | ) | (68 | ) | (9 | ) | (232 | ) | ||||||||
Restructuring reversals | — | — | — | — | ||||||||||||
Accrual balance at September 30, 2013 | $ | — | $ | — | $ | — | $ | — | ||||||||
Business_Segments
Business Segments | 3 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Business Segments | ' | |||||||||||||||||||||||
Business Segments | ||||||||||||||||||||||||
The Company is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, design and manufacturing engineering, production, distribution, and field service. Reportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company serves the Medical & Biotechnology, Military & Aerospace and Industrial & Commercial markets through three reportable business segments; Medical Device (“Medical”), Complex Systems (“CS”) and Defense & Security Systems (“DSS”). | ||||||||||||||||||||||||
The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company's resources on a segment basis. Net sales are attributed to the segment in which the product is manufactured or service is performed. A segment's performance is evaluated based upon its operating income (loss). A segment's operating income (loss) includes its gross profit on sales less its selling and administrative expenses, including allocations of certain corporate operating expenses. Certain corporate operating expenses are allocated to segment results based on the nature of the service provided. Other corporate operating expenses, including certain administrative, financial and human resource activities as well as items such as interest expense, interest income, other income (expense) and income tax expense (benefit), are not allocated to operations and are excluded from segment profit. These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally accounted for at amounts that approximate arm's length transactions. Identifiable assets by segments are those assets that are used in each segment's operations. The accounting policies for each of the segments are the same as for the Company taken as a whole. | ||||||||||||||||||||||||
Medical segment operations are comprised of contract design, manufacturing, and aftermarket repair and refurbishment of sophisticated medical and biotechnology devices and sub-assemblies. Customers include industry leaders, emerging technologies companies and start-ups. In manufacturing devices for its customers, this business unit follows specific design and manufacturing processes to assure product reliability and safety in accordance with Food and Drug Administration (“FDA”) guidelines and approvals. This group specializes in technologies, systems and processes required by medical OEM and ET customers primarily in the diagnostic, therapeutic, surgical and laboratory device segments of the medical and biotechnology marketplaces. The Medical segment also includes environmental monitoring and industrial systems and controls customers. | ||||||||||||||||||||||||
Complex Systems segment operations are comprised of manufacturing and aftermarket repair and refurbishment of sophisticated printed circuit card assemblies, sub-assemblies, full product assemblies, and cable/wire harnesses. Customers include military and aerospace, as well as industrial and commercial OEM's. In manufacturing for its customers, this segment adheres to very strict military and aerospace specifications in addition to product and process certifications. Customers are primarily engaged in applications that include: flight controls, cockpit displays, fuel system controls, secure communications, early warning detection, security systems, satellite communications, and audio. | ||||||||||||||||||||||||
Defense & Security Systems segment operations are comprised of design, development and production of products for both domestic and foreign defense as well as commercial needs. Sparton designs and manufactures anti-submarine warfare ("ASW") devices known as sonobuoys for the U.S. Navy and foreign governments that meet Department of State licensing requirements. This segment also performs an engineering development function for the United States military and prime defense contractors for advanced technologies ultimately leading to future defense products as well as replacements for existing products. The sonobuoy product line is built to stringent military specifications. These products are restricted by International Tariff and Arms Regulations (“ITAR”) and qualified by the U.S. Navy, which limits opportunities for competition. Sparton is also a provider of ruggedized flat panel display systems for military panel PC workstations, air traffic control and industrial applications. Ruggedized displays are manufactured for prime contractors to specific military grade specifications. Additionally, this business unit internally develops and markets commercial products for underwater acoustics and microelectromechanical (“MEMS”)-based inertial measurement. | ||||||||||||||||||||||||
Operating results and certain other financial information about the Company’s three reportable segments for the three months ended September 30, 2013 and 2012 and as of September 30, 2013 and June 30, 2013 were as follows (in thousands): | ||||||||||||||||||||||||
For the Nine Months Ended For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Medical | CS | DSS | Other | Eliminations | Total | |||||||||||||||||||
Unallocated | ||||||||||||||||||||||||
Sales | $ | 42,008 | $ | 18,265 | $ | 17,893 | $ | — | $ | (3,968 | ) | $ | 74,198 | |||||||||||
Gross profit | $ | 6,978 | $ | 1,868 | $ | 3,348 | $ | — | $ | — | $ | 12,194 | ||||||||||||
Operating income (loss) | $ | 3,941 | $ | 885 | $ | 1,284 | $ | (2,733 | ) | $ | — | $ | 3,377 | |||||||||||
Selling and administrative expenses | $ | 2,451 | $ | 783 | $ | 1,675 | $ | 2,736 | $ | — | $ | 7,645 | ||||||||||||
Internal research and development expenses | $ | — | $ | — | $ | 389 | $ | — | $ | — | $ | 389 | ||||||||||||
Restructuring charges | $ | — | $ | 188 | $ | — | $ | — | $ | — | $ | 188 | ||||||||||||
Depreciation/amortization | $ | 1,237 | $ | 218 | $ | 174 | $ | 92 | $ | — | $ | 1,721 | ||||||||||||
Capital expenditures, net | $ | 68 | $ | — | $ | 295 | $ | 111 | $ | — | $ | 474 | ||||||||||||
For the Nine Months Ended For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Medical | CS | DSS | Other | Eliminations | Total | |||||||||||||||||||
Unallocated | ||||||||||||||||||||||||
Sales | $ | 28,059 | $ | 12,347 | $ | 14,987 | $ | — | $ | (4,592 | ) | $ | 50,801 | |||||||||||
Gross profit | $ | 4,194 | $ | 1,096 | $ | 2,710 | $ | — | $ | — | $ | 8,000 | ||||||||||||
Operating income (loss) | $ | 2,622 | $ | 386 | $ | 1,325 | $ | (2,202 | ) | $ | — | $ | 2,131 | |||||||||||
Selling and administrative expenses | $ | 1,470 | $ | 710 | $ | 1,080 | $ | 2,212 | $ | — | $ | 5,472 | ||||||||||||
Internal research and development expenses | $ | — | $ | — | $ | 305 | $ | — | $ | — | $ | 305 | ||||||||||||
Depreciation/amortization | $ | 173 | $ | 143 | $ | 144 | $ | 19 | $ | — | $ | 479 | ||||||||||||
Capital expenditures | $ | 9 | $ | 706 | $ | 124 | $ | 219 | $ | — | $ | 1,058 | ||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||
Medical | CS | DSS | Other | Eliminations | Total | |||||||||||||||||||
Unallocated | ||||||||||||||||||||||||
Total assets | $ | 98,285 | $ | 32,670 | $ | 31,519 | $ | 14,121 | $ | — | $ | 176,595 | ||||||||||||
As of June 30, 2013 | ||||||||||||||||||||||||
Medical | CS | DSS | Other | Eliminations | Total | |||||||||||||||||||
Unallocated | ||||||||||||||||||||||||
Total assets | $ | 95,776 | $ | 36,039 | $ | 16,952 | $ | 17,155 | $ | — | $ | 165,922 | ||||||||||||
New_Accounting_Standards
New Accounting Standards | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||||||
New Accounting Standards | ' | ||||||||||||
Change in Accounting Principle | |||||||||||||
In the first quarter of fiscal 2014, the Company voluntarily changed its revenue recognition policy related to DSS sonobuoy sales to the U.S. Navy and foreign government customers under long-term contracts that require lot acceptance testing. The new policy continues to recognize revenue under the percentage of completion method, but changes the measurement of progress under these contracts from a completed units accepted basis (whereby revenue was recognized for each lot of sonobuoys produced when that lot was formally accepted by the customer) to a units-of-production basis (whereby revenue is recognized when production and internal testing of each lot of sonobuoys is completed). The Company now has significant experience in producing sonobuoys to customer specifications and internal testing to assess compliance with those specifications and, as such, now has an adequate history of continuous customer acceptance of all sonobuoys produced. Accordingly, the Company believes the new method is preferable primarily because it eliminates delays in revenue and related cost of goods sold recognition due to timing of customer testing and acceptance delays. Such delays commonly occur due to customer circumstances that are unrelated to the product produced. Under the new policy, the revenue and related costs of goods sold of these manufactured sonobuoy lots will more closely match the period in which the product was produced and the related revenue earned, thereby better reflecting the economic activity of the DSS segment. Additionally, this new method provides better matching of periodic operating expenses incurred during production. | |||||||||||||
For the three months ended September 30, 2013, this change in accounting policy increased DSS and consolidated net sales and gross profit by $2.2 million and $1.0 million, respectively, and basic and diluted income per share each by $0.07. The following tables present the effects of the retrospective application of this voluntary change in accounting principle (Dollars in thousands, except share amounts): | |||||||||||||
Consolidated Statement of Income Data: | |||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||
As Originally Reported | Adjustment | As Restated | |||||||||||
Net Sales | $ | 49,020 | $ | 1,781 | $ | 50,801 | |||||||
Cost of goods sold | 41,807 | 994 | 42,801 | ||||||||||
Gross profit | 7,213 | 787 | 8,000 | ||||||||||
Income before provision for income taxes | 1,401 | 787 | 2,188 | ||||||||||
Provision for income taxes | 448 | 283 | 731 | ||||||||||
Net income | 953 | 504 | 1,457 | ||||||||||
Income per share of common stock - Basic | 0.09 | 0.05 | 0.14 | ||||||||||
Income per share of common stock - Diluted | 0.09 | 0.05 | 0.14 | ||||||||||
Weighted average shares outstanding - Basic | 10,141,612 | 10,141,612 | |||||||||||
Weighted average shares outstanding - Diluted | 10,163,151 | 10,163,151 | |||||||||||
Consolidated Balance Sheet Data: | |||||||||||||
As of June 30, 2013 | |||||||||||||
As Originally Reported | Adjustment | As Restated | |||||||||||
Inventory | $ | 46,334 | $ | — | $ | 46,334 | |||||||
Deferred income taxes | 3,167 | (216 | ) | 2,951 | |||||||||
Performance based payments on customer contracts | 21,504 | (602 | ) | 20,902 | |||||||||
Retained earnings | 65,571 | 386 | 65,957 | ||||||||||
New Accounting Standards | |||||||||||||
In July 2013, the Financial Accounting Standards Board (the "FASB") issued authoritative guidance under Accounting Standards Update No. 2013-11 ("ASU 2013-11"), which provides guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss (“NOL”) carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 requires entities to present an unrecognized tax benefit as a reduction of a deferred tax asset for a NOL or tax credit carryforward whenever the NOL or tax credit carryforward would be available to reduce the additional taxable income or tax due if the tax position is disallowed. This accounting standard update requires entities to assess whether to net the unrecognized tax benefit with a deferred tax asset as of the reporting date. ASU 2013-11 will be effective for the Company’s first quarter of fiscal 2015. The Company is currently evaluating the impact of this accounting standard update on its consolidated financial statements. |
Change_in_Accounting_Principle1
Change in Accounting Principle (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accounting Changes and Error Corrections [Abstract] | ' | ||||||||||||
Schedule of the Effects of Changes in Accounting Principle | ' | ||||||||||||
The following tables present the effects of the retrospective application of this voluntary change in accounting principle (Dollars in thousands, except share amounts): | |||||||||||||
Consolidated Statement of Income Data: | |||||||||||||
For the Three Months Ended September 30, 2012 | |||||||||||||
As Originally Reported | Adjustment | As Restated | |||||||||||
Net Sales | $ | 49,020 | $ | 1,781 | $ | 50,801 | |||||||
Cost of goods sold | 41,807 | 994 | 42,801 | ||||||||||
Gross profit | 7,213 | 787 | 8,000 | ||||||||||
Income before provision for income taxes | 1,401 | 787 | 2,188 | ||||||||||
Provision for income taxes | 448 | 283 | 731 | ||||||||||
Net income | 953 | 504 | 1,457 | ||||||||||
Income per share of common stock - Basic | 0.09 | 0.05 | 0.14 | ||||||||||
Income per share of common stock - Diluted | 0.09 | 0.05 | 0.14 | ||||||||||
Weighted average shares outstanding - Basic | 10,141,612 | 10,141,612 | |||||||||||
Weighted average shares outstanding - Diluted | 10,163,151 | 10,163,151 | |||||||||||
Consolidated Balance Sheet Data: | |||||||||||||
As of June 30, 2013 | |||||||||||||
As Originally Reported | Adjustment | As Restated | |||||||||||
Inventory | $ | 46,334 | $ | — | $ | 46,334 | |||||||
Deferred income taxes | 3,167 | (216 | ) | 2,951 | |||||||||
Performance based payments on customer contracts | 21,504 | (602 | ) | 20,902 | |||||||||
Retained earnings | 65,571 | 386 | 65,957 | ||||||||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | |||
Sep. 30, 2013 | ||||
Business Combinations [Abstract] | ' | |||
Allocation of Total Consideration to Assets Acquired and Liabilities Assumed | ' | |||
The following table presents the final allocation of the total consideration to assets acquired and liabilities assumed from Creonix based on Sparton’s estimate of their respective fair values (in thousands): | ||||
Total purchase consideration: | ||||
Cash | $ | 2,100 | ||
Accounts receivable recognized in relation to inventory adjustment | (105 | ) | ||
Total purchase consideration | $ | 1,995 | ||
Assets acquired and liabilities assumed: | ||||
Inventory | $ | 1,321 | ||
Equipment | 304 | |||
Intangible assets — customer relationships | 270 | |||
Goodwill | 100 | |||
Total assets acquired and liabilities assumed | $ | 1,995 | ||
The following table represents the preliminary allocation of the total consideration to assets acquired and liabilities assumed in the acquisition of Aydin based on Sparton’s preliminary estimate of their respective fair values (in thousands): | ||||
Total purchase consideration: | ||||
Cash | $ | 15,000 | ||
Estimated additional consideration payable for post-closing working capital adjustment | 357 | |||
Total purchase consideration | $ | 15,357 | ||
Assets acquired and liabilities assumed: | ||||
Accounts receivable, net | $ | 4,237 | ||
Inventory | 8,025 | |||
Other current assets | 192 | |||
Property, plant and equipment | 374 | |||
Goodwill | 4,000 | |||
Other long-term assets | 1 | |||
Accounts payable | (1,215 | ) | ||
Other current liabilities | (257 | ) | ||
Total assets acquired and liabilities assumed | $ | 15,357 | ||
Inventories_and_Cost_of_Contra1
Inventories and Cost of Contracts in Progress (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Classifications of Inventory, Net of Interim Billings | ' | |||||||
The following are the major classifications of inventory, net of interim billings, at September 30, 2013 and June 30, 2013 (in thousands): | ||||||||
September 30, | June 30, | |||||||
2013 | 2013 | |||||||
Raw materials | $ | 45,529 | $ | 43,550 | ||||
Work in process | 17,155 | 10,170 | ||||||
Finished goods | 6,935 | 7,793 | ||||||
Total inventory and cost of contracts in progress, gross | 69,619 | 61,513 | ||||||
Inventory to which the U.S. government has title due to interim billings | (13,961 | ) | (15,179 | ) | ||||
Total inventory and cost of contracts in progress, net | $ | 55,658 | $ | 46,334 | ||||
Property_Plant_and_Equipment_N1
Property, Plant and Equipment, Net (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment, Net | ' | |||||||
Property, plant and equipment, net consists of the following at September 30, 2013 and June 30, 2013 (in thousands): | ||||||||
September 30, | June 30, | |||||||
2013 | 2013 | |||||||
Land and land improvements | $ | 1,405 | $ | 1,405 | ||||
Buildings and building improvements | 25,530 | 24,920 | ||||||
Machinery and equipment | 27,757 | 27,183 | ||||||
Construction in progress | 394 | 767 | ||||||
Total property, plant and equipment | 55,086 | 54,275 | ||||||
Less accumulated depreciation | (26,493 | ) | (25,371 | ) | ||||
Total property, plant and equipment, net | $ | 28,593 | $ | 28,904 | ||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Summary of Changes in Carrying Amount of Goodwill | ' | ||||||||||||||||||
Changes in the carrying value of goodwill for the three months ended September 30, 2013 and year ended June 30, 2013 and the ending composition of goodwill as of September 30, 2013 and June 30, 2013 are as follows (in thousands): | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Medical | CS | DSS | Total | ||||||||||||||||
Goodwill, beginning of period | $ | 14,667 | $ | 100 | $ | — | $ | 14,767 | |||||||||||
Additions to goodwill during the period | — | — | 4,000 | 4,000 | |||||||||||||||
Goodwill, end of period | $ | 14,667 | $ | 100 | $ | 4,000 | $ | 18,767 | |||||||||||
30-Jun-13 | |||||||||||||||||||
Medical | CS | DSS | Total | ||||||||||||||||
Goodwill, beginning of period | $ | 7,472 | $ | — | $ | — | $ | 7,472 | |||||||||||
Additions to goodwill during the period | 7,195 | 100 | — | 7,295 | |||||||||||||||
Goodwill, end of period | $ | 14,667 | $ | 100 | $ | — | $ | 14,767 | |||||||||||
30-Sep-13 | |||||||||||||||||||
Medical | CS | DSS | Total | ||||||||||||||||
Acquired Goodwill | $ | 27,820 | $ | 100 | $ | 4,000 | $ | 31,920 | |||||||||||
Accumulated impairment | (13,153 | ) | — | — | (13,153 | ) | |||||||||||||
Goodwill | $ | 14,667 | $ | 100 | $ | 4,000 | $ | 18,767 | |||||||||||
30-Jun-13 | |||||||||||||||||||
Medical | CS | DSS | Total | ||||||||||||||||
Acquired Goodwill | $ | 27,820 | $ | 100 | $ | — | $ | 27,920 | |||||||||||
Accumulated impairment | (13,153 | ) | — | — | (13,153 | ) | |||||||||||||
Goodwill | $ | 14,667 | $ | 100 | $ | — | $ | 14,767 | |||||||||||
Summary of Intangible Assets, Net | ' | ||||||||||||||||||
The amortization periods, gross carrying amounts, accumulated amortization, accumulated impairments and net carrying values of intangible assets at September 30, 2013 and June 30, 2013 are as follows (in thousands): | |||||||||||||||||||
Amortization | Gross | Accumulated | Accumulated | Net | |||||||||||||||
Period | Carrying | Amortization | Impairments | Carrying | |||||||||||||||
in Months | Amount | Value | |||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||
Non-compete agreements | 12 | $ | 200 | $ | (167 | ) | $ | — | $ | 33 | |||||||||
Customer relationships | 120 | -180 | 18,370 | (4,625 | ) | (3,663 | ) | 10,082 | |||||||||||
$ | 18,570 | $ | (4,792 | ) | $ | (3,663 | ) | $ | 10,115 | ||||||||||
June 30, 2013 | |||||||||||||||||||
Amortized intangible assets: | |||||||||||||||||||
Non-compete agreements | 12 | $ | 358 | $ | (274 | ) | $ | — | $ | 84 | |||||||||
Customer relationships | 120 | -180 | 18,370 | (4,078 | ) | (3,663 | ) | 10,629 | |||||||||||
$ | 18,728 | $ | (4,352 | ) | $ | (3,663 | ) | $ | 10,713 | ||||||||||
Aggregate Amortization Expense Relative to Existing Intangible Assets | ' | ||||||||||||||||||
Aggregate amortization expense relative to existing intangible assets for the periods shown is currently estimated to be as follows (in thousands): | |||||||||||||||||||
Fiscal Year Ending June 30, | |||||||||||||||||||
2014 | $ | 2,161 | |||||||||||||||||
2015 | 1,851 | ||||||||||||||||||
2016 | 1,625 | ||||||||||||||||||
2017 | 1,398 | ||||||||||||||||||
2018 | 1,171 | ||||||||||||||||||
Thereafter | 2,507 | ||||||||||||||||||
Total | $ | 10,713 | |||||||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Summary of Long-term Debt | ' | |||||||
Debt consists of the following at September 30, 2013 and June 30, 2013 (in thousands): | ||||||||
September 30, | June 30, | |||||||
2013 | 2013 | |||||||
Industrial revenue bonds, face value | $ | 1,588 | $ | 1,623 | ||||
Less unamortized purchase discount | (82 | ) | (84 | ) | ||||
Industrial revenue bonds, carrying value | 1,506 | 1,539 | ||||||
Borrowings under revolving credit facilities | 28,500 | 10,000 | ||||||
Total debt | 30,006 | 11,539 | ||||||
Less: current portion | (139 | ) | (136 | ) | ||||
Long-term debt, net of current portion | $ | 29,867 | $ | 11,403 | ||||
Defined_Benefit_Pension_Plan_T
Defined Benefit Pension Plan (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ' | |||||||
Components of Net Periodic Pension Expense | ' | |||||||
The components of net periodic pension expense are as follows for the three months ended September 30, 2013 and 2012 (in thousands): | ||||||||
For the Three Months Ended | ||||||||
30-Sep-13 | 30-Sep-12 | |||||||
Service cost | $ | — | $ | — | ||||
Interest cost | 86 | 104 | ||||||
Expected return on plan assets | (129 | ) | (140 | ) | ||||
Amortization of prior service cost | — | — | ||||||
Amortization of unrecognized net actuarial loss | 46 | 11 | ||||||
Net pension expense (income) | 3 | (25 | ) | |||||
Pro rata recognition of lump-sum settlements | — | 25 | ||||||
Total pension expense | $ | 3 | $ | — | ||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation Expense by Type of Share-Based Award | ' | ||||||||||||
he following table shows stock-based compensation expense by type of share-based award for the three months ended September 30, 2013 and 2012 included in the condensed consolidated statements of operations (in thousands): | |||||||||||||
For the Three Months Ended | |||||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||||
Fair value expense of stock option awards | $ | — | $ | — | |||||||||
Restricted and unrestricted stock | 297 | 264 | |||||||||||
Total stock-based compensation | $ | 297 | $ | 264 | |||||||||
Unrecognized Compensation Cost Related to Restricted Stock Grants and Fair Value Expense of Stock Option Awards | ' | ||||||||||||
The following table shows the total remaining unrecognized compensation cost related to restricted stock grants and the fair value expense of stock option awards, as well as the weighted average remaining required service period over which such costs will be recognized as of September 30, 2013: | |||||||||||||
Total Remaining | Weighted Average | ||||||||||||
Unrecognized | Remaining Required | ||||||||||||
Compensation Cost | Service Period | ||||||||||||
(in thousands) | (in years) | ||||||||||||
Fair value expense of stock option awards | $ | — | 0 | ||||||||||
Restricted stock | 2,358 | 2.2 | |||||||||||
$ | 2,358 | 2.2 | |||||||||||
Summary of Options Outstanding and Exercisable | ' | ||||||||||||
The following is a summary of options outstanding and exercisable at September 30, 2013: | |||||||||||||
Number of Shares | Weighted Average | Weighted | Aggregate | ||||||||||
Exercise Price | Average | Intrinsic Value | |||||||||||
Remaining | |||||||||||||
Contractual Life | |||||||||||||
(in years) | (in thousands) | ||||||||||||
Outstanding at June 30, 2013 | 55,418 | $ | 8.56 | ||||||||||
Granted | — | — | |||||||||||
Exercised | — | — | |||||||||||
Forfeited | — | — | |||||||||||
Expired | — | — | |||||||||||
Outstanding and exercisable at September 30, 2013 | 55,418 | $ | 8.56 | 1.71 | $ | 939 | |||||||
Shares Granted Under Long-Term Incentive Plans | ' | ||||||||||||
The following is a summary of activity for the three months ended September 30, 2013 related to shares granted under the Company’s long-term incentive plans: | |||||||||||||
Shares | Weighted Average | ||||||||||||
Grant Date | |||||||||||||
Fair Value | |||||||||||||
Restricted shares at June 30, 2013 | 311,253 | $ | 8.34 | ||||||||||
Granted | 81,719 | 21.31 | |||||||||||
Vested | (76,870 | ) | 6.28 | ||||||||||
Forfeited | (3,344 | ) | 14.39 | ||||||||||
Restricted shares at September 30, 2013 | 312,758 | $ | 12.17 | ||||||||||
Earnings_Per_Share_Data_Tables
Earnings Per Share Data (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Share | ' | |||||||
Earnings per share calculations, including weighted average number of shares of common stock outstanding used in calculating basic and diluted income per share, for the three months ended September 30, 2013 and 2012 are as follows: | ||||||||
For the Three Months Ended | ||||||||
30-Sep-13 | 30-Sep-12 | |||||||
Net income (in thousands) | $ | 2,286 | $ | 1,457 | ||||
Weighted average shares outstanding – Basic | 10,072,694 | 10,141,612 | ||||||
Net effect of dilutive stock options | 31,395 | 21,539 | ||||||
Weighted average shares outstanding – Diluted | 10,104,089 | 10,163,151 | ||||||
Net income per share: | ||||||||
Basic | $ | 0.23 | $ | 0.14 | ||||
Diluted | $ | 0.23 | $ | 0.14 | ||||
Restructuring_Activities_Table
Restructuring Activities (Tables) | 3 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | |||||||||||||||
Schedule of the Nature and Amount of all Restructuring | ' | |||||||||||||||
The table below summarizes the nature and amount of all restructuring actions for the three months ended September 30, 2013 (in thousands): | ||||||||||||||||
Workforce | Production | Facility | Total | |||||||||||||
Reduction | Transfer | Closing | ||||||||||||||
(principally | ||||||||||||||||
severance and | ||||||||||||||||
retention | ||||||||||||||||
bonuses) | ||||||||||||||||
Accrual balance at June 30, 2013 | 44 | — | — | 44 | ||||||||||||
Restructuring charges | 111 | 68 | 9 | 188 | ||||||||||||
Less: cash payments | (155 | ) | (68 | ) | (9 | ) | (232 | ) | ||||||||
Restructuring reversals | — | — | — | — | ||||||||||||
Accrual balance at September 30, 2013 | $ | — | $ | — | $ | — | $ | — | ||||||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||||||||||
Operating Results and Other Financial Information by Segment | ' | |||||||||||||||||||||||
Operating results and certain other financial information about the Company’s three reportable segments for the three months ended September 30, 2013 and 2012 and as of September 30, 2013 and June 30, 2013 were as follows (in thousands): | ||||||||||||||||||||||||
For the Nine Months Ended For the Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Medical | CS | DSS | Other | Eliminations | Total | |||||||||||||||||||
Unallocated | ||||||||||||||||||||||||
Sales | $ | 42,008 | $ | 18,265 | $ | 17,893 | $ | — | $ | (3,968 | ) | $ | 74,198 | |||||||||||
Gross profit | $ | 6,978 | $ | 1,868 | $ | 3,348 | $ | — | $ | — | $ | 12,194 | ||||||||||||
Operating income (loss) | $ | 3,941 | $ | 885 | $ | 1,284 | $ | (2,733 | ) | $ | — | $ | 3,377 | |||||||||||
Selling and administrative expenses | $ | 2,451 | $ | 783 | $ | 1,675 | $ | 2,736 | $ | — | $ | 7,645 | ||||||||||||
Internal research and development expenses | $ | — | $ | — | $ | 389 | $ | — | $ | — | $ | 389 | ||||||||||||
Restructuring charges | $ | — | $ | 188 | $ | — | $ | — | $ | — | $ | 188 | ||||||||||||
Depreciation/amortization | $ | 1,237 | $ | 218 | $ | 174 | $ | 92 | $ | — | $ | 1,721 | ||||||||||||
Capital expenditures, net | $ | 68 | $ | — | $ | 295 | $ | 111 | $ | — | $ | 474 | ||||||||||||
For the Nine Months Ended For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Medical | CS | DSS | Other | Eliminations | Total | |||||||||||||||||||
Unallocated | ||||||||||||||||||||||||
Sales | $ | 28,059 | $ | 12,347 | $ | 14,987 | $ | — | $ | (4,592 | ) | $ | 50,801 | |||||||||||
Gross profit | $ | 4,194 | $ | 1,096 | $ | 2,710 | $ | — | $ | — | $ | 8,000 | ||||||||||||
Operating income (loss) | $ | 2,622 | $ | 386 | $ | 1,325 | $ | (2,202 | ) | $ | — | $ | 2,131 | |||||||||||
Selling and administrative expenses | $ | 1,470 | $ | 710 | $ | 1,080 | $ | 2,212 | $ | — | $ | 5,472 | ||||||||||||
Internal research and development expenses | $ | — | $ | — | $ | 305 | $ | — | $ | — | $ | 305 | ||||||||||||
Depreciation/amortization | $ | 173 | $ | 143 | $ | 144 | $ | 19 | $ | — | $ | 479 | ||||||||||||
Capital expenditures | $ | 9 | $ | 706 | $ | 124 | $ | 219 | $ | — | $ | 1,058 | ||||||||||||
As of September 30, 2013 | ||||||||||||||||||||||||
Medical | CS | DSS | Other | Eliminations | Total | |||||||||||||||||||
Unallocated | ||||||||||||||||||||||||
Total assets | $ | 98,285 | $ | 32,670 | $ | 31,519 | $ | 14,121 | $ | — | $ | 176,595 | ||||||||||||
As of June 30, 2013 | ||||||||||||||||||||||||
Medical | CS | DSS | Other | Eliminations | Total | |||||||||||||||||||
Unallocated | ||||||||||||||||||||||||
Total assets | $ | 95,776 | $ | 36,039 | $ | 16,952 | $ | 17,155 | $ | — | $ | 165,922 | ||||||||||||
Change_in_Accounting_Principle2
Change in Accounting Principle (Details Textual) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' |
Net sales | $74,198 | $50,801 |
Gross profit | 12,194 | 8,000 |
Adjustments for New Accounting Pronouncement [Member] | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' |
Net sales | ' | 50,801 |
Gross profit | ' | 8,000 |
Adjustments for New Accounting Pronouncement [Member] | Adjustment [Member] | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' |
Net sales | ' | 1,781 |
Gross profit | ' | 787 |
Adjustments for New Accounting Pronouncement [Member] | DSS [Member] | Adjustment [Member] | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' |
Net sales | ' | 2,200 |
Net income per share: Diluted (in dollars per share) | ' | $0.07 |
Gross profit | ' | $1,000 |
Change_in_Accounting_Principle3
Change in Accounting Principle (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Net sales | $74,198 | $50,801 | ' |
Cost of goods sold | 62,004 | 42,801 | ' |
Gross profit | 12,194 | 8,000 | ' |
Income before provision for income taxes | 3,393 | 2,188 | ' |
Provision for income taxes | 1,107 | 731 | ' |
Net income | 2,286 | 1,457 | ' |
Net income per share: Basic (in dollars per share) | $0.23 | $0.14 | ' |
Net income per share: Diluted (in dollars per share) | $0.23 | $0.14 | ' |
Weighted average shares outstanding - Basic (in shares) | 10,072,694 | 10,141,612 | ' |
Weighted average shares outstanding - Diluted (in shares) | 10,104,089 | 10,163,151 | ' |
Inventory | 55,658 | ' | 46,334 |
Deferred income taxes | 3,332 | ' | 2,951 |
Performance based payments on customer contracts | 13,366 | ' | 20,902 |
Retained earnings | 68,243 | ' | 65,957 |
Adjustments for New Accounting Pronouncement [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Net sales | ' | 50,801 | ' |
Cost of goods sold | ' | 42,801 | ' |
Gross profit | ' | 8,000 | ' |
Income before provision for income taxes | ' | 2,188 | ' |
Provision for income taxes | ' | 731 | ' |
Net income | ' | 1,457 | ' |
Net income per share: Basic (in dollars per share) | ' | $0.14 | ' |
Net income per share: Diluted (in dollars per share) | ' | $0.14 | ' |
Weighted average shares outstanding - Basic (in shares) | ' | 10,141,612 | ' |
Weighted average shares outstanding - Diluted (in shares) | ' | 10,163,151 | ' |
Inventory | ' | ' | 46,334 |
Deferred income taxes | ' | ' | 2,951 |
Performance based payments on customer contracts | ' | ' | 20,902 |
Retained earnings | ' | ' | 65,957 |
Adjustments for New Accounting Pronouncement [Member] | As Originally Reported [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Net sales | ' | 49,020 | ' |
Cost of goods sold | ' | 41,807 | ' |
Gross profit | ' | 7,213 | ' |
Income before provision for income taxes | ' | 1,401 | ' |
Provision for income taxes | ' | 448 | ' |
Net income | ' | 953 | ' |
Net income per share: Basic (in dollars per share) | ' | $0.09 | ' |
Net income per share: Diluted (in dollars per share) | ' | $0.09 | ' |
Weighted average shares outstanding - Basic (in shares) | ' | 10,141,612 | ' |
Weighted average shares outstanding - Diluted (in shares) | ' | 10,163,151 | ' |
Inventory | ' | ' | 46,334 |
Deferred income taxes | ' | ' | 3,167 |
Performance based payments on customer contracts | ' | ' | 21,504 |
Retained earnings | ' | ' | 65,571 |
Adjustments for New Accounting Pronouncement [Member] | Adjustment [Member] | ' | ' | ' |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ' | ' | ' |
Net sales | ' | 1,781 | ' |
Cost of goods sold | ' | 994 | ' |
Gross profit | ' | 787 | ' |
Income before provision for income taxes | ' | 787 | ' |
Provision for income taxes | ' | 283 | ' |
Net income | ' | 504 | ' |
Net income per share: Basic (in dollars per share) | ' | $0.05 | ' |
Net income per share: Diluted (in dollars per share) | ' | $0.05 | ' |
Inventory | ' | ' | 0 |
Deferred income taxes | ' | ' | -216 |
Performance based payments on customer contracts | ' | ' | -602 |
Retained earnings | ' | ' | $386 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Aug. 30, 2013 | Sep. 30, 2013 | Aug. 30, 2013 | Jun. 06, 2013 | Sep. 30, 2013 | |
Aydin Displays, LLC [Member] | Aydin Displays, LLC [Member] | Aydin Displays, LLC [Member] | Creonix LLC [Member] | Creonix LLC [Member] | |||||
Accounts Receivable [Member] | |||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | ' | $15,000,000 | ' | ' | $2,100,000 | ' |
Accounts receivable, net | ' | ' | ' | ' | 4,237,000 | ' | 400,000 | 100,000 | ' |
Estimated additional consideration payable for post-closing working capital adjustment | ' | ' | ' | ' | 357,000 | 6,600,000 | ' | -105,000 | ' |
Business Acquisition, Cost of Acquired Entity, Escrow Cash | ' | ' | ' | ' | ' | 1,200,000 | ' | 300,000 | ' |
Business Acquisition, Pro Forma Revenue | ' | ' | ' | ' | ' | 18,000,000 | ' | ' | ' |
Goodwill | 18,767,000 | ' | 14,767,000 | 7,472,000 | 4,000,000 | ' | ' | 100,000 | 100,000 |
Net sales | 74,198,000 | 50,801,000 | ' | ' | ' | 1,200,000 | ' | ' | ' |
Income (loss) before provision for income taxes | 3,393,000 | 2,188,000 | ' | ' | ' | 100,000 | ' | ' | ' |
Acquisition related selling and administrative expenses | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' |
Pre-acquisition fee | ' | ' | ' | ' | ' | ' | ' | ' | $100,000 |
Acquisitions_Acquisitions_Aydi
Acquisitions Acquisitions - Aydin Displays LLC (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Aug. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Aydin Displays, LLC [Member] | Aydin Displays, LLC [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | $15,000 | ' |
Estimated additional consideration payable for post-closing working capital adjustment | ' | ' | ' | 357 | 6,600 |
Total purchase consideration | ' | ' | ' | 15,357 | ' |
Assets acquired and liabilities assumed: | ' | ' | ' | ' | ' |
Accounts receivable, net | ' | ' | ' | 4,237 | ' |
Inventory | ' | ' | ' | 8,025 | ' |
Other current assets | ' | ' | ' | 192 | ' |
Property, plant and equipment | ' | ' | ' | 374 | ' |
Goodwill | 18,767 | 14,767 | 7,472 | 4,000 | ' |
Other long-term assets | ' | ' | ' | 1 | ' |
Accounts payable | ' | ' | ' | -1,215 | ' |
Other current liabilities | ' | ' | ' | -257 | ' |
Total assets acquired and liabilities assumed | ' | ' | ' | $15,357 | ' |
Acquisitions_Creonix_LLC_Detai
Acquisitions - Creonix, LLC (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 06, 2013 | Sep. 30, 2013 | Jun. 06, 2013 |
In Thousands, unless otherwise specified | Creonix LLC [Member] | Creonix LLC [Member] | Customer relationships [Member] | |||
Creonix LLC [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Cash | ' | ' | ' | $2,100 | ' | ' |
Accounts receivable recognized in relation to inventory adjustment | ' | ' | ' | -105 | ' | ' |
Total purchase consideration | ' | ' | ' | 1,995 | ' | ' |
Assets acquired and liabilities assumed: | ' | ' | ' | ' | ' | ' |
Inventory | ' | ' | ' | 1,321 | ' | ' |
Property, plant and equipment | ' | ' | ' | 304 | ' | ' |
Intangible assets — customer relationships | ' | ' | ' | ' | ' | 270 |
Goodwill | 18,767 | 14,767 | 7,472 | 100 | 100 | ' |
Total assets acquired and liabilities assumed | ' | ' | ' | $1,995 | ' | ' |
Inventories_and_Cost_of_Contra2
Inventories and Cost of Contracts in Progress - Classifications of Inventory, Net of Interim Billings (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $45,529 | $43,550 |
Work in process | 17,155 | 10,170 |
Finished goods | 6,935 | 7,793 |
Total inventory and cost of contracts in progress, gross | 69,619 | 61,513 |
Inventory to which the U.S. government has title due to interim billings | -13,961 | -15,179 |
Total inventory and cost of contracts in progress, net | $55,658 | $46,334 |
Inventories_and_Cost_of_Contra3
Inventories and Cost of Contracts in Progress - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Inventory Disclosure [Abstract] | ' | ' |
Inventory write-downs | $0.10 | $0.10 |
Property_Plant_and_Equipment_N2
Property, Plant and Equipment, Net - Property Plant and Equipment, Net (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | $55,086 | $54,275 |
Less accumulated depreciation | -26,493 | -25,371 |
Total property, plant and equipment, net | 28,593 | 28,904 |
Land and land improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | 1,405 | 1,405 |
Buildings and building improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | 25,530 | 24,920 |
Machinery and equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | 27,757 | 27,183 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Total property, plant and equipment | $394 | $767 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | $14,767 | $7,472 |
Additions to goodwill during the period | 4,000 | 7,295 |
Goodwill, end of period | 18,767 | 14,767 |
Acquired Goodwill | 31,920 | 27,920 |
Accumulated impairment | -13,153 | -13,153 |
Medical [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | 14,667 | 7,472 |
Additions to goodwill during the period | 0 | 7,195 |
Goodwill, end of period | 14,667 | 14,667 |
Acquired Goodwill | 27,820 | 27,820 |
Accumulated impairment | -13,153 | -13,153 |
CS [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | 100 | 0 |
Additions to goodwill during the period | 0 | 100 |
Goodwill, end of period | 100 | 100 |
Acquired Goodwill | 100 | 100 |
Accumulated impairment | 0 | 0 |
DSS [Member] | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill, beginning of period | 0 | 0 |
Additions to goodwill during the period | 4,000 | 0 |
Goodwill, end of period | 4,000 | 0 |
Acquired Goodwill | 4,000 | 0 |
Accumulated impairment | $0 | $0 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Summary of Intangible Assets, Net (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 |
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 18,570 | 18,728 |
Accumulated Amortization | -4,792 | -4,352 |
Accumulated Impairments | -3,663 | -3,663 |
Total | 10,115 | 10,713 |
Non-compete agreements [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 200 | 358 |
Accumulated Amortization | -167 | -274 |
Total | 33 | 84 |
Customer relationships [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Gross Carrying Amount | 18,370 | 18,370 |
Accumulated Amortization | -4,625 | -4,078 |
Accumulated Impairments | -3,663 | -3,663 |
Total | 10,082 | 10,629 |
Minimum [Member] | Customer relationships [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Amortization Period in Months | '120 months | '120 months |
Maximum [Member] | Non-compete agreements [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Amortization Period in Months | '12 months | '12 months |
Maximum [Member] | Customer relationships [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Amortization Period in Months | '180 months | '180 months |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Aggregate Amortization Expense Relative to Existing Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
2014 | ' | $2,161 |
2015 | ' | 1,851 |
2016 | ' | 1,625 |
2017 | ' | 1,398 |
2018 | ' | 1,171 |
Thereafter | ' | 2,507 |
Total | $10,115 | $10,713 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization of intangible assets | $598 | $102 |
Debt_Summary_of_Long_Term_Debt
Debt - Summary of Long Term Debt (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Industrial revenue bonds, face value | $1,588 | $1,623 |
Less unamortized purchase discount | -82 | -84 |
Industrial revenue bonds, carrying value | 1,506 | 1,539 |
Borrowings under revolving credit facilities | 28,500 | 10,000 |
Total debt | 30,006 | 11,539 |
Less: current portion | -139 | -136 |
Long-term debt, net of current portion | $29,867 | $11,403 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Nov. 15, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Nov. 15, 2012 | Nov. 15, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2002 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Acquisition Facility [Member] | Letter of Credit [Member] | Ohio State Economic Development Revenue Bonds, series 2002-4 [Member] | Ohio State Economic Development Revenue Bonds, series 2002-4 [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||||
Libor Rate [Member] | Bank Base Rate [Member] | Libor Rate [Member] | Bank Base Rate [Member] | |||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount, including premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,900,000 | ' | ' | ' | ' | ' | ' |
Bonds issued, Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' |
Bonds issued, Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 5.45% | ' | ' | ' | ' | ' | ' | ' |
Discount on bonds issued | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' |
Irrevocable letter of credit | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line-of-credit facility | ' | ' | 65,000,000 | ' | ' | 35,000,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
The Credit Facility expiry Date | ' | ' | ' | 15-Nov-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional revolving credit loan | 35,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization percentage | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate on outstanding borrowings under the Credit Facility | 1.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 0.25% | ' | 2.00% | 1.00% |
Unused commitment fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | 0.38% | ' | ' |
Current borrowings drawn against credit facility | $28,500,000 | $10,000,000 | ' | $28,500,000 | $10,000,000 | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Fair Value Of Financial Instruments [Line Items] | ' | ' |
Carrying values of the industrial revenue bonds | $1,506,000 | $1,539,000 |
Borrowings under revolving credit facilities | 28,500,000 | 10,000,000 |
Fair Value, Inputs, Level 3 [Member] | Industrial revenue bonds [Member] | ' | ' |
Fair Value Of Financial Instruments [Line Items] | ' | ' |
Fair value of the industrial revenue bonds | 1,900,000 | 2,000,000 |
Carrying values of the industrial revenue bonds | 1,500,000 | 1,500,000 |
Revolving Credit Facility [Member] | ' | ' |
Fair Value Of Financial Instruments [Line Items] | ' | ' |
Borrowings under revolving credit facilities | $28,500,000 | $10,000,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Provision for income taxes | $1.10 | $0.70 |
Effective income tax rates before provision for income taxes | 32.60% | 33.40% |
Defined_Benefit_Pension_Plan_A
Defined Benefit Pension Plan - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
employee | ||
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Number of employees and retirees covered by a defined benefit pension plan | 400 | ' |
Employer Contribution | $0.10 | $0.10 |
Defined_Benefit_Pension_Plan_C
Defined Benefit Pension Plan - Components of Net Periodic Pension Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Compensation and Retirement Disclosure [Abstract] | ' | ' |
Service cost | $0 | $0 |
Interest cost | 86 | 104 |
Expected return on plan assets | -129 | -140 |
Amortization of prior service cost | 0 | 0 |
Amortization of unrecognized net actuarial loss | 46 | 11 |
Net pension expense (income) | 3 | -25 |
Pro rata recognition of lump-sum settlements | 0 | 25 |
Total pension expense | $3 | $0 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Commitments and Contingencies Disclosure [Abstract] | ' |
Accrual amount of minimum future undiscounted financial liabilities related to Coors Road Property | $3.10 |
Amount of financial liability included in other accrued expenses of current liability | 0.5 |
Percentage of certain future environmental expenses over the threshold reimbursed | 37.50% |
Certain future environmental expenses threshold amount whose excess in percentage reimbursed | 8.4 |
Environmental expenses subject to reimbursement over the threshold incurred from the date of settlement | 4.7 |
Period for reimbursement before income taxes | '17 years |
Estimated Additional Possible Future Environmental Remediation Costs | $2.40 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Maximum [Member] | ' | ' |
Stock Based Compensation [Line Items] | ' | ' |
Intrinsic value of options exercised | $0 | $0.10 |
2001 Plan [Member] | ' | ' |
Stock Based Compensation [Line Items] | ' | ' |
Share-based compensation, description | 'Under the 2001 Plan, the Company may grant to employees and non-employee directors incentive and non-qualified stock options, stock appreciation rights, restricted stock and other stock-based awards. | ' |
Contractual term | 'under the 2001 Plan have either three, five or ten-year lives with either immediate vesting or vesting on an annual basis over four years beginning one year after grant date. | ' |
Shares authorized (in shares) | 970,161 | ' |
Vesting period | '4 years | ' |
Expiration date | 24-Oct-11 | ' |
2001 Plan [Member] | Minimum [Member] | ' | ' |
Stock Based Compensation [Line Items] | ' | ' |
Vesting period | '2 years 6 months | ' |
2001 Plan [Member] | Maximum [Member] | ' | ' |
Stock Based Compensation [Line Items] | ' | ' |
Vesting period | '4 years | ' |
2010 Plan [Member] | ' | ' |
Stock Based Compensation [Line Items] | ' | ' |
Share-based compensation, description | 'Under the 2010 Plan, the Company may grant to employees, officers and directors of the Company or its subsidiaries incentive and non-qualified stock options, stock appreciation rights, restricted stock or restricted stock units, performance awards and other stock-based awards, including grants of shares. | ' |
Contractual term | '2010 Plan vest annually over four years, subject to achievement of certain financial performance metrics in addition to the service requirements. | ' |
Shares authorized (in shares) | 1,000,000 | ' |
Vesting period | '4 years | ' |
Term of 2010 plan | '10 years | ' |
Shares available for award (in shares) | 514,044 | ' |
Total fair value of restricted stock vested | $1.60 | $1 |
Expiration Period One [Member] | 2001 Plan [Member] | ' | ' |
Stock Based Compensation [Line Items] | ' | ' |
Contractual term | 'P3Y | ' |
Expiration Period Two [Member] | 2001 Plan [Member] | ' | ' |
Stock Based Compensation [Line Items] | ' | ' |
Contractual term | 'P5Y | ' |
Expiration Period Three [Member] | 2001 Plan [Member] | ' | ' |
Stock Based Compensation [Line Items] | ' | ' |
Contractual term | 'P10Y | ' |
StockBased_Compensation_StockB
Stock-Based Compensation - Stock-Based Compensation Expense by Type of Share-Based Award (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Stock Based Compensation [Line Items] | ' | ' |
Total stock-based compensation | $297 | $264 |
Fair value expense of stock option awards [Member] | ' | ' |
Stock Based Compensation [Line Items] | ' | ' |
Total stock-based compensation | 0 | 0 |
Restricted and unrestricted stock [Member] | ' | ' |
Stock Based Compensation [Line Items] | ' | ' |
Total stock-based compensation | $297 | $264 |
StockBased_Compensation_Unreco
Stock-Based Compensation - Unrecognized Compensation Cost Related to Restricted Stock Grants and Fair Value Expense of Stock Option Awards (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Stock Based Compensation [Line Items] | ' |
Remaining unrecognized compensation cost, Total | $2,358 |
Weighted average remaining required service period | '2 years 2 months 12 days |
Fair value expense of stock option awards [Member] | ' |
Stock Based Compensation [Line Items] | ' |
Remaining unrecognized compensation cost, Total | 0 |
Weighted average remaining required service period | '0 years |
Restricted stock [Member] | ' |
Stock Based Compensation [Line Items] | ' |
Remaining unrecognized compensation cost, Total | $2,358 |
Weighted average remaining required service period | '2 years 2 months 12 days |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Options Outstanding and Exercisable (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Number of Shares, Outstanding, beginning balance | 55,418 |
Granted, Number of Shares | 0 |
Exercised, Number of Shares | 0 |
Forfeited, Number of Shares | 0 |
Expired, Number of Shares | 0 |
Number of Shares, Outstanding And Exercisable, ending balance | 55,418 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Weighted Average Exercise Price, Outstanding , beginning balance (in dollars per share) | $8.56 |
Weighted Average Exercise Price, Granted (in dollars per share) | $0 |
Weighted Average Exercise Price, Exercised (in dollars per share) | $0 |
Weighted Average Exercise Price Forfeited (in dollars per share) | $0 |
Weighted Average Exercise Price, Expired (in dollars per share) | $0 |
Weighted Average Exercise Price, Outstanding and Exercisable, ending balance (in dollars per share) | $8.56 |
Weighted Average Remaining Contractual Life, Outstanding and Exercisable ending balance | '1 year 8 months 16 days |
Aggregate Intrinsic Value, Outstanding and Exercisable, ending balance | $939 |
StockBased_Compensation_Shares
Stock-Based Compensation - Shares Granted Under Long-Term Incentive Plans (Detail) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Restricted shares, beginning balance | 311,253 |
Restricted shares, granted | 81,719 |
Restricted shares, vested | -76,870 |
Restricted shares, forfeited | -3,344 |
Restricted shares, ending balance | 312,758 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Restricted shares, Weighted average grant date fair value, beginning balance (in dollars per share) | $8.34 |
Restricted shares, granted, Weighted average grant date fair value (in dollars per share) | $21.31 |
Restricted shares, vested, Weighted average grant date fair value (in dollars per share) | $6.28 |
Restricted shares, forfeited, Weighted average grant date fair value (in dollars per share) | $14.39 |
Restricted shares, Weighted average grant date fair value, ending balance (in dollars per share) | $12.17 |
Earnings_Per_Share_Data_Detail
Earnings Per Share Data (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' |
Net income | $2,286 | $1,457 |
Weighted average shares outstanding - Basic (in shares) | 10,072,694 | 10,141,612 |
Net effect of dilutive stock options (in shares) | 31,395 | 21,539 |
Weighted average shares outstanding - Diluted (in shares) | 10,104,089 | 10,163,151 |
Net income per share: | ' | ' |
Net income per share: Basic (in dollars per share) | $0.23 | $0.14 |
Net income per share: Diluted (in dollars per share) | $0.23 | $0.14 |
Earnings_Per_Share_Data_Additi
Earnings Per Share Data - Additional Information (Detail) | 3 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Earnings Per Share [Abstract] | ' | ' |
Unvested restricted shares included in determining both basic and diluted earnings per share | 312,758 | 346,783 |
Potential shares | 0 | 0 |
Stock_Repurchase_Plan_Details_
Stock Repurchase Plan (Details Textual) (Share Repurchase Program [Member], Common Stock [Member], USD $) | 3 Months Ended | 5 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | |
Share Repurchase Program [Member] | Common Stock [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares authorized for repurchase (in shares) | ' | ' | $3,000,000 |
Period beginning on the date of authorization | ' | ' | '12 months |
Share repurchased during the period (in shares) | 47,119 | 175,277 | 128,158 |
Average price of common stock per share (in dollars per share) | $18.51 | $17.08 | $16.55 |
Shares repurchased during the period | $900,000 | ' | $2,100,000 |
Restructuring_Activities_Detai
Restructuring Activities (Details Textual) (Creonix Acquistion Related Restructuring [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Employee Severance [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring or impairment charges related acquisition related restructuring activities | $0.20 |
Production Transfer [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring or impairment charges related acquisition related restructuring activities | 0.1 |
Facility Closing [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring or impairment charges related acquisition related restructuring activities | 0.1 |
CS [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring charges | $0.20 |
Restructuring_Activities_Detai1
Restructuring Activities (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Restructuring Reserve [Roll Forward] | ' |
Beginning Balance | $44 |
Restructuring charges | 188 |
Less: cash payments | -232 |
Restructuring reversals | 0 |
Ending Balance | 0 |
Production Transfer [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Beginning Balance | 0 |
Restructuring charges | 68 |
Less: cash payments | -68 |
Restructuring reversals | 0 |
Ending Balance | 0 |
Facility Closing [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Beginning Balance | 0 |
Restructuring charges | 9 |
Less: cash payments | -9 |
Restructuring reversals | 0 |
Ending Balance | 0 |
Employee Severance [Member] | ' |
Restructuring Reserve [Roll Forward] | ' |
Beginning Balance | 44 |
Restructuring charges | 111 |
Less: cash payments | -155 |
Restructuring reversals | 0 |
Ending Balance | $0 |
Business_Segments_Operating_Re
Business Segments - Operating Results and Other Financial Information by Segment (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales | $74,198 | $50,801 | ' |
Gross profit | 12,194 | 8,000 | ' |
Operating income (loss) | 3,377 | 2,131 | ' |
Selling and administrative expenses | 7,645 | 5,472 | ' |
Internal research and development expenses | 389 | 305 | ' |
Restructuring charges | 188 | 0 | ' |
Depreciation/amortization | 1,721 | 479 | ' |
Capital expenditures | 474 | 1,058 | ' |
Total assets | 176,595 | ' | 165,922 |
Medical [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales | 42,008 | 28,059 | ' |
Gross profit | 6,978 | 4,194 | ' |
Operating income (loss) | 3,941 | 2,622 | ' |
Selling and administrative expenses | 2,451 | 1,470 | ' |
Internal research and development expenses | 0 | 0 | ' |
Restructuring charges | 0 | ' | ' |
Depreciation/amortization | 1,237 | 173 | ' |
Capital expenditures | 68 | 9 | ' |
Total assets | 98,285 | ' | 95,776 |
CS [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales | 18,265 | 12,347 | ' |
Gross profit | 1,868 | 1,096 | ' |
Operating income (loss) | 885 | 386 | ' |
Selling and administrative expenses | 783 | 710 | ' |
Internal research and development expenses | 0 | 0 | ' |
Restructuring charges | 188 | ' | ' |
Depreciation/amortization | 218 | 143 | ' |
Capital expenditures | 0 | 706 | ' |
Total assets | 32,670 | ' | 36,039 |
DSS [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales | 17,893 | 14,987 | ' |
Gross profit | 3,348 | 2,710 | ' |
Operating income (loss) | 1,284 | 1,325 | ' |
Selling and administrative expenses | 1,675 | 1,080 | ' |
Internal research and development expenses | 389 | 305 | ' |
Restructuring charges | 0 | ' | ' |
Depreciation/amortization | 174 | 144 | ' |
Capital expenditures | 295 | 124 | ' |
Total assets | 31,519 | ' | 16,952 |
Other Unallocated [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales | 0 | 0 | ' |
Gross profit | 0 | 0 | ' |
Operating income (loss) | -2,733 | -2,202 | ' |
Selling and administrative expenses | 2,736 | 2,212 | ' |
Internal research and development expenses | 0 | 0 | ' |
Restructuring charges | 0 | ' | ' |
Depreciation/amortization | 92 | 19 | ' |
Capital expenditures | 111 | 219 | ' |
Total assets | 14,121 | ' | 17,155 |
Eliminations [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Sales | -3,968 | -4,592 | ' |
Gross profit | 0 | 0 | ' |
Operating income (loss) | 0 | 0 | ' |
Selling and administrative expenses | 0 | 0 | ' |
Internal research and development expenses | 0 | 0 | ' |
Restructuring charges | 0 | ' | ' |
Depreciation/amortization | 0 | 0 | ' |
Capital expenditures | 0 | 0 | ' |
Total assets | $0 | ' | $0 |