Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2015 | Sep. 14, 2015 | Dec. 31, 2014 | |
Document And Entity Information | |||
Entity Registrant Name | ESPEY MFG & ELECTRONICS CORP | ||
Entity Central Index Key | 33,533 | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --06-30 | ||
Is Entity a Well-known Seasoned Issuer | No | ||
Is Entity a Voluntary Filer | No | ||
Is Entitys Reporting Status Current | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 38,996,597 | ||
Entity Common stock, closing sale price | $ 23.80 | ||
Entity Common Stock, Shares Outstanding | 2,363,487 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 |
Balance Sheets
Balance Sheets - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 8,859,405 | $ 9,556,891 |
Investment securities | 4,159,057 | 4,910,893 |
Trade accounts receivable, net | $ 6,694,401 | 3,194,678 |
Income tax receivable | 943,234 | |
Inventories: | ||
Raw materials | $ 1,481,792 | 1,616,990 |
Work-in-process | 561,682 | 792,618 |
Costs related to contracts in process, net of progress payments of $19,626 and $142,616 as of June 30, 2015 and 2014, respectively | 9,542,423 | 8,201,642 |
Total inventories | 11,585,897 | 10,611,250 |
Deferred tax asset | 334,681 | 324,823 |
Prepaid expenses and other current assets | 211,940 | 177,776 |
Total current assets | 31,845,381 | 29,719,545 |
Property, plant and equipment, net | 2,498,863 | 2,678,901 |
Total assets | 34,344,244 | 32,398,446 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 976,112 | 727,281 |
Accrued expenses: | ||
Salaries and wages | 332,387 | 413,989 |
Vacation | 690,833 | $ 693,286 |
Dividends payable | 590,672 | |
Other | 548,817 | $ 579,953 |
Payroll and other taxes withheld and accrued | 47,082 | $ 53,553 |
Income taxes payable | 2,716 | |
Total current liabilities | 3,188,619 | $ 2,468,062 |
Deferred tax liability | 224,751 | 283,439 |
Total liabilities | 3,413,370 | 2,751,501 |
Common stock, par value $.33-1/3 per share Authorized 10,000,000 shares; Issued 3,029,874 shares as of June 30, 2015 and 2014. Outstanding 2,362,687 and 2,368,110 as of June 30, 2015 and 2014, respectively (includes 79,167 and 97,500 Unearned ESOP Shares, respectively) | 1,009,958 | 1,009,958 |
Capital in excess of par value | 16,785,604 | 16,429,220 |
Accumulated other comprehensive (loss) income | (4,386) | (1,437) |
Retained earnings | 21,865,951 | 20,946,940 |
Total stockholders equity before ESOP and treasury stock | 39,657,127 | 38,384,681 |
Less: Unearned ESOP shares | (1,143,957) | (1,408,872) |
Cost of 667,187 and 661,764 shares of common stock in treasury as of June 30, 2015 and 2014, respectively | (7,582,296) | (7,328,864) |
Total stockholders' equity | 30,930,874 | 29,646,945 |
Total liabilities and stockholders' equity | $ 34,344,244 | $ 32,398,446 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Balance Sheets [Abstract] | ||
Progress payments | $ 19,626 | $ 142,616 |
Common stock, par value | $ 0.3333 | $ 0.3333 |
Common stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, shares issued | 3,029,874 | 3,029,874 |
Common stock, shares outstanding | 2,362,687 | 2,368,110 |
Unearned ESOP, shares | 79,167 | 97,500 |
Treasury stock, shares | 667,187 | 661,764 |
Statements of Comprehensive Inc
Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statements of Comprehensive Income [Abstract] | ||
Net sales | $ 26,831,705 | $ 27,136,919 |
Cost of sales | 19,690,132 | 22,605,673 |
Gross profit | 7,141,573 | 4,531,246 |
Selling, general and administrative expenses | 2,711,807 | 3,214,050 |
Operating income | 4,429,766 | 1,317,196 |
Other income | ||
Interest income | 36,424 | 40,612 |
Other | 31,626 | 108,141 |
Total other income | 68,050 | 148,753 |
Income before income taxes | 4,497,816 | 1,465,949 |
Provision for income taxes | 1,314,689 | 298,064 |
Net income | 3,183,127 | 1,167,885 |
Other comprehensive income, net of tax: | ||
Unrealized loss on investment securities | (2,949) | (1,849) |
Total comprehensive income | $ 3,180,178 | $ 1,166,036 |
Net income per share: | ||
Basic | $ 1.40 | $ 0.52 |
Diluted | $ 1.39 | $ 0.51 |
Weighted average number of shares outstanding: | ||
Basic | 2,271,426 | 2,245,222 |
Diluted | 2,290,542 | 2,285,535 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - USD ($) | Common Stock [Member] | Capital in Excess of Par Value [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Unearned ESOP Shares [Member] | Total |
Balance, beginning at Jun. 30, 2013 | $ 1,009,958 | $ 15,780,009 | $ 412 | $ 24,260,121 | $ (7,522,079) | $ (1,685,827) | $ 31,842,594 |
Balance, beginning, shares at Jun. 30, 2013 | 2,344,690 | 685,184 | |||||
Net income | 1,167,885 | 1,167,885 | |||||
Other comprehensive loss, net of tax | (1,849) | (1,849) | |||||
Total comprehensive income | 1,166,036 | ||||||
Stock options exercised | 247,876 | $ 193,215 | 441,091 | ||||
Stock options exercised, shares | 23,420 | (23,420) | |||||
Stock option expense | 99,050 | 99,050 | |||||
Dividends paid on common stock | (4,481,066) | (4,481,066) | |||||
Tax effect of stock options exercised | 26,242 | 26,242 | |||||
Reduction of unearned ESOP shares | 276,043 | 276,955 | 552,998 | ||||
Balance, ending at Jun. 30, 2014 | $ 1,009,958 | 16,429,220 | (1,437) | 20,946,940 | $ (7,328,864) | (1,408,872) | 29,646,945 |
Balance, ending, common shares at Jun. 30, 2014 | 2,368,110 | 661,764 | |||||
Net income | 3,183,127 | 3,183,127 | |||||
Other comprehensive loss, net of tax | (2,949) | (2,949) | |||||
Total comprehensive income | 3,180,178 | ||||||
Stock options exercised | 74,405 | $ 67,072 | $ 141,477 | ||||
Stock options exercised, shares | 8,130 | (8,130) | 8,130 | ||||
Stock option expense | 62,416 | $ 62,416 | |||||
Dividends paid on common stock | (2,288,978) | (2,288,978) | |||||
Tax effect of stock options exercised | 26,835 | 26,835 | |||||
Tax effect of dividends on unallocated ESOP shares | 24,862 | 24,862 | |||||
Purchase of treasury stock | $ (320,504) | (320,504) | |||||
Purchase of treasury stock, shares | (13,553) | 13,553 | |||||
Reduction of unearned ESOP shares | 192,728 | 264,915 | 457,643 | ||||
Balance, ending at Jun. 30, 2015 | $ 1,009,958 | $ 16,785,604 | $ (4,386) | $ 21,865,951 | $ (7,582,296) | $ (1,143,957) | $ 30,930,874 |
Balance, ending, common shares at Jun. 30, 2015 | 2,362,687 | 667,187 |
Statements of Changes in Stock6
Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statements of Changes in Stockholders Equity [Abstract] | ||
Other comprehensive income, tax portion | $ (1,588) | $ (995) |
Dividends paid per share | $ 1 | $ 2 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities: | ||
Net income | $ 3,183,127 | $ 1,167,885 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Excess tax benefits from share-based compensation | (26,835) | $ (26,242) |
Tax effect of dividends on unallocated ESOP shares | 24,862 | |
Stock-based compensation | 62,416 | $ 99,050 |
Depreciation | 445,687 | 452,390 |
ESOP compensation expense | 457,643 | 552,998 |
Loss on disposal of assets | 380 | 13 |
Deferred income tax (benefit) expense | (66,958) | 183,319 |
Changes in assets and liabilities: | ||
(Increase) decrease in trade receivables, net | (3,499,723) | 4,009,548 |
Decrease (increase) in income tax receivable | 943,234 | (943,234) |
(Increase) decrease in inventories, net | (974,647) | 762,520 |
(Increase) decrease in prepaid expenses and other current assets | (34,164) | 137,960 |
Increase (decrease) in accounts payable | 248,831 | (545,861) |
(Decrease) increase in accrued salaries, wages and commissions | (81,602) | 43,435 |
Decrease in vacation accrual | (2,453) | (54,754) |
Decrease in other accrued expenses | (31,136) | (49,925) |
(Decrease) increase in payroll and other taxes withheld and accrued | (6,471) | 2,662 |
Increase (decrease) in income taxes payable | 29,551 | (404,221) |
Net cash provided by operating activities | 671,742 | 5,387,543 |
Cash Flows from Investing Activities: | ||
Additions to property, plant and equipment | $ (266,029) | (709,972) |
Proceeds from loan receivable | 25,194 | |
Purchase of investment securities | $ (3,921,537) | (3,456,934) |
Proceeds from sale/maturity of investment securities | 4,668,836 | 2,436,165 |
Net cash provided by (used in) investing activities | 481,270 | (1,705,547) |
Cash Flows from Financing Activities: | ||
Dividends on common stock | (1,698,306) | $ (4,481,066) |
Purchase of treasury stock | (320,504) | |
Proceeds from exercise of stock options | 141,477 | $ 441,091 |
Excess tax benefits from share-based compensation | 26,835 | 26,242 |
Net cash used in financing activities | (1,850,498) | (4,013,733) |
Decrease in cash and cash equivalents | (697,486) | (331,737) |
Cash and cash equivalents, beginning of the year | 9,556,891 | 9,888,628 |
Cash and cash equivalents, end of the year | 8,859,405 | 9,556,891 |
Supplemental Schedule of Cash Flow Information: | ||
Income taxes paid | 384,000 | $ 1,462,200 |
Supplemental Schedule of Non-cash Financing Activities: | ||
Accrual of dividends | $ 590,672 |
Nature of operations
Nature of operations | 12 Months Ended |
Jun. 30, 2015 | |
Nature of operations [Abstract] | |
Nature of operations | Note 1. Nature of operations Espey Mfg. & Electronics Corp. (the Company) is a manufacturer of electronic equipment used primarily in military and industrial applications. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Inventory Valuation, Cost Estimation and Revenue Recognition Raw materials are valued at the lower of weighted average cost or market. Inventoried work relating to contracts in process and work in process is valued at actual production cost, including factory overhead incurred to date. Work in process represents spare units; parts and other inventory items acquired or produced to service units previously sold or to meet anticipated future orders. The cost elements of contracts in process and work in process consist of production costs of goods and services currently in process and overhead. Provision for losses on contracts is made when the existence of such losses becomes probable and estimable. The provision for losses on contracts is included in other accrued expenses on the Company's balance sheet. The costs attributed to units delivered under contracts are based on the estimated average cost of all units expected to be produced. Certain contracts are expected to extend beyond twelve months. Revenue is recognized on contracts in the period in which the units are delivered and billed (units-of-delivery method). A significant portion of our business is comprised of development and production contracts. Generally, revenues on long-term fixed-price contracts are recorded on a percentage of completion basis using units of delivery as the measurement basis for progress toward completion. Percentage of completion accounting requires judgment relative to expected sales, estimating costs and making assumptions related to technical issues and delivery schedules. Depreciation Depreciation of plant and equipment is computed on a straight-line basis over the estimated useful lives of the assets. Estimated useful lives of depreciable assets are as follows: Buildings and improvements 10 40 Machinery and equipment 3 20 Furniture and fixtures 7 10 Income Taxes The Company follows the provisions of ASC Topic 740-10, "Accounting for Income Taxes." Under the provisions of ASC 740-10, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. In addition, ASC 740-10 requires that the tax benefit of tax-deductible dividends on unallocated ESOP shares be recorded as a direct addition to retained earnings rather than as a reduction of income tax expense. Cash and Cash Equivalents Cash and cash equivalents consist of cash in banks and money market funds. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. Investment Securities The Company accounts for its investments in accordance with ASC 320-10-25, “Accounting for Certain Investments in Debt and Equity Securities.” Investment securities at June 30, 2015 and June 30, 2014 consist of certificates of deposit and municipal bonds. The Company classifies investment securities as available-for-sale. Unrealized holding gains and losses, net of related tax effect, on available-for-sale securities are excluded from earnings and are reported as a separate component of stockholders' equity until realized. Realized gains and losses for securities classified as available-for-sale are included in earnings and are determined using the specific identification method. Interest income is recognized when earned. Fair values are based on quoted market prices available as of the balance sheet date , and are therefore considered a Level 1 valuation Fair Value of Financial Instruments ASC 820 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. § Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. § Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. § Level 3: Significant unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability. The carrying amounts of financial instruments, including cash and cash equivalents, short term investments, accounts receivable, accounts payable and accrued expenses, approximated fair value as of June 30, 2015 and 2014 because of the immediate or short-term maturity of these financial instruments. Accounts receivable and allowance for doubtful accounts The Company extends credit to its customers in the normal course of business and collateral is generally not required for trade receivables. Exposure to credit risk is controlled through the use of credit approvals, credit limits and monitoring procedures. Accounts receivable are reported net of an allowance for doubtful accounts. The Company estimates the allowance based on its analysis of specific balances. An account is generally considered past due after thirty (30) days from the invoice date. Interest is not charged on past due balances. 3,000 Per Share Amounts ASC 260-10 “Earnings Per Share” requires the Company to calculate net income (loss) per share based on basic and diluted net income (loss) per share, as defined. Basic EPS excludes dilution and is computed by dividing net income (loss) by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effect of outstanding options issued by the Company are reflected in diluted EPS using the treasury stock method. Under the treasury stock method, options will only have a dilutive effect when the average market price of common stock during the period exceeds the exercise price of the options. Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income for fiscal years ended June 30, 2015 and 2014 consists of unrealized holding gains and losses on available-for-sale securities. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Investment Tax Credits Investment tax credits are accounted for as a reduction of income tax expense in the year taxes payable are reduced. Reclassifications Certain reclassifications may have been made to the prior year financial statements to conform to the current year presentation. Recently Issued Accounting Standards In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” ASU 2015-11 requires inventory measured using any method other than last-in, first out or the retail inventory method to be subsequently measured at the lower of cost and net realizable value, rather than at the lower of cost or market. Net realizable value is defined as the estimated selling price, less the estimated costs to complete, dispose, and transport such inventory. ASU No. 2015-11 will be effective for fiscal years and interim periods beginning after December 15, 2016. ASU No. 2015-11 is required to be applied prospectively and early adoption is permitted. The Company's adoption of ASU No. 2015-11 is not expected to have a material impact on the Company's financial position or results of operations. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-01 eliminates the concept of an extraordinary item from U.S. generally accepted accounting principles ("GAAP"). As a result, an entity will no longer be required to segregate extraordinary items from the results of ordinary operations, to separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or to disclose income taxes and earnings-per-share data applicable to an extraordinary item. However, ASU 2015-01 will still retain the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company's adoption of ASU No. 2015-01 is not expected to have a material impact on the Company's financial position or results of operations. In May 2014, the FASB issued ASU Update No. 2014-09, “Revenue from Contracts with Customers,” which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is permitted for annual periods beginning after December 15, 2016 and interim periods therein. Impairment of Long-Lived Assets Long-lived assets, including property, plant, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. There were no impairments of long-lived assets in fiscal 2015 and 2014. Concentrations of Risk The market for our defense electronics products is largely dependent on the availability of new contracts from the United States and foreign governments to prime contractors to which we provide components. Any decline in expenditures by the United States or foreign governments may have an adverse effect on our financial performance. Generally, U.S. Government contracts are subject to procurement laws and regulations. Some of the Company's contracts are governed by the Federal Acquisition Regulation (FAR), which lays out uniform policies and procedures for acquiring goods and services by the U.S. Government, and agency-specific acquisition regulations that implement or supplement the FAR. For example, the Department of Defense implements the FAR through the Defense Federal Acquisition Regulation (DFAR). The FAR also contains guidelines and regulations for managing a contract after award, including conditions under which contracts may be terminated, in whole or in part, at the government's convenience or for default. |
Investments
Investments | 12 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Investments | Note 3. Investments Investment securities at June 30, 2015 and June 30, 2014 consist of certificates of deposit and municipal bonds which are classified as available-for-sale securities and have been determined to be level 1 assets. The cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale securities by major security type at June 30, 2015 and June 30, 2014 are as follows: Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 2015 Certificates of deposit $ 3,272,000 $ — $ — $ 3,272,000 Municipal bonds 893,804 1,288 (8,035 ) 887,057 2015 Total investment securities $ 4,165,804 $ 1,288 $ (8,035 ) $ 4,159,057 2014 Certificates of deposit $ 4,063,000 $ — $ — $ 4,063,000 Municipal bonds 850,103 2,857 (5,067 ) 847,893 2014 Total investment securities $ 4,913,103 $ 2,857 $ (5,067 ) $ 4,910,893 The portfolio is diversified and highly liquid and primarily consists of investment grade fixed income instruments. At June 30, 2015, the Company did not have any investments in individual securities that have been in a continuous loss position to be temporary for more than 12 months. Due to the fact that the decline in market value is attributable to changes in interest rates and not credit quality, and because the severity and duration of the unrealized losses were not significant, the Company considered these unrealized losses to be temporary at June 30, 2015. As of June 30, 2015 and June 30, 2014, the contractual maturities of available-for-sale securities were as follows: Years to Maturity Less than One to One Year Five Years Total 2015 Available-for-sale $ 3,522,728 $ 636,329 $ 4,159,057 2014 Available-for-sale $ 4,434,575 $ 476,318 $ 4,910,893 |
Contracts in Process
Contracts in Process | 12 Months Ended |
Jun. 30, 2015 | |
Contracts in Process [Abstract] | |
Contracts in Process | Note 4. Contracts in Process Contracts in process at June 30, 2015 and 2014 are as follows: 2015 2014 Gross contract value $ 36,424,194 $ 35,663,830 Costs related to contracts in process, net of progress payments of $ 19,626 142,616 9,542,423 8,201,642 Included in costs relating to contracts in process at June 30, 2015 and 2014 are costs of $ 3,515,008 4,391,834 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 5. Property, Plant and Equipment A summary of the original cost of property, plant and equipment at June 30, 2015 and 2014 is as follows: 2015 2014 Land $ 45,000 $ 45,000 Building and improvements 4,252,354 4,256,890 Machinery and equipment 8,506,662 8,340,897 Furniture and fixtures 160,867 160,867 12,964,883 12,803,654 Accumulated depreciation (10,466,020 ) (10,124,753 ) Property, plant and equipment, net $ 2,498,863 $ 2,678,901 Depreciation expense was $ 445,687 452,390 |
Pension Expense
Pension Expense | 12 Months Ended |
Jun. 30, 2015 | |
Pension Expense [Abstract] | |
Pension Expense | Note 6. Pension Expense Under terms of a negotiated union contract which expires on June 30, 2018, the Company is obligated to make contributions to a union-sponsored International Brotherhood of Electrical Workers Local 1799 defined benefit pension plan (Plan identifying number is 14-6065199) covering eligible employees. Such contributions and expenses are based upon hours worked at a specified rate and amounted to $ 89,198 96,776 A Funding Improvement Plan, entered into by the Plan Trustees in fiscal 2013, when the plan was in “critical status,” calls for an increase in contributions starting January 1, 2016 0.04 This increase is not expected to have a material impact on the Company's financial statements. The Company sponsors a 401(k) plan for non-union workers with employee and employer matching contributions. The employer match is 10 37,703 47,847 |
Provision for Income Taxes
Provision for Income Taxes | 12 Months Ended |
Jun. 30, 2015 | |
Provision for Income Taxes [Abstract] | |
Provision for Income Taxes | Note 7. Provision for Income Taxes A summary of the components of the provision for income taxes for the years ended June 30, 2015 and 2014 is as follows: 2015 2014 Current tax expense - federal $ 1,402,033 $ 113,245 Current tax (benefit) expense - state (20,386) 1,500 Deferred tax (benefit) expense (66,958) 183,319 Provision for income taxes $ 1,314,689 $ 298,064 Deferred income taxes reflect the impact of "temporary differences" between the amount of assets and liabilities for financial reporting purposes and such amounts measured by tax laws and regulations. These "temporary differences" are determined in accordance with ASC 740-10. The combined U.S. federal and state effective income tax rates of 29.2 20.3 2015 2014 U.S. federal statutory income tax rate 34.0 % 34.0 % Increase (reduction) in rate resulting from: State franchise tax, net of federal income tax benefit 0.1 0.8 ESOP cost versus Fair Market Value 1.5 6.4 Dividend on allocated ESOP shares (6.7 ) (20.4 ) Qualified production activities (2.7 ) (0.8 ) Stock-based compensation (0.3) 0.1 Other 3.3 0.2 Effective tax rate 29.2 % 20.3 % For the years ended June 30, 2015 and 2014 deferred income tax benefit 66,958 deferred income tax expense 183,319 2015 2014 Deferred tax assets: Accrued expenses $ 295,673 $ 266,255 ESOP 102,355 116,981 Stock-based compensation 23,602 23,854 Inventory - effect on uniform capitalization 12,407 32,749 Unrealized loss on investment securities 2,361 773 Other 638 1,191 Total deferred tax assets $ 437,036 $ 441,803 Deferred tax liability: Property, plant and equipment - principally due to differences in depreciation methods 327,106 400,419 Total deferred tax liability 327,106 400,419 Net deferred tax asset $ 109,930 $ 41,384 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projection for future taxable income over the period in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these temporary differences without consideration of a valuation allowance. As the result of the implementation of the FASB interpretation ASC 740-10, Accounting for Uncertainty in Income Taxes – An Interpretation of ASC 740, the Company recognized no material adjustments to unrecognized tax benefits. As of June 30, 2015 and 2014, the Company has no unrecognized tax benefits. The Company recognizes interest and penalties related to uncertain tax positions, if any, in general and administrative expense. As of June 30, 2015, the Company has not recorded any provision for accrued interest and penalties related to uncertain tax positions. By federal tax statute, tax years ended June 30, 2015, 2014, 2013, and 2012 remain open to examination by the IRS. |
Significant Customers
Significant Customers | 12 Months Ended |
Jun. 30, 2015 | |
Significant Customers [Abstract] | |
Significant Customers | Note 8. Significant Customers A significant portion of the Company's business is the production of military and industrial electronic equipment for use by the U.S. and foreign governments and certain industrial customers. Sales to three accounted for approximately 61 two one approximately 47 12 Export sales in fiscal 2015 and fiscal 2014 were approximately $ 2,384,000 3,030,000 |
Stock Rights Plan
Stock Rights Plan | 12 Months Ended |
Jun. 30, 2015 | |
Stock Rights Plan [Abstract] | |
Stock Rights Plan | Note 9. Stock Rights Plan The Company has a Shareholder Rights Plan that expires on December 31, 2019. Under this plan, common stock purchase rights were distributed as a dividend at the rate of one April 14, 1989 25 15 If a 15% or larger shareholder should engage in certain self-dealing transactions or a merger with the Company in which the Company is the surviving corporation and its shares of common stock are not changed or converted into equity securities of any other person, or if any person were to become the beneficial owner of 15% or more of the Company's common stock, then each right not owned by such shareholder or related parties of such shareholder (all of which will be void) will entitle its holder to purchase, at the right's then current exercise price, shares of the Company's common stock having a value of twice the right's exercise price. In addition, if the Company is involved in any other merger or consolidation with, or sells 50 The Company generally is entitled to redeem the rights at one cent per right at any time until the 15th day (or 25th day if extended by the Company's Board of Directors) following public announcement that a 15% position has been acquired or the commencement of a tender or exchange offer which, if consummated, would result in the offeror, together with all affiliates and associates thereof, being the beneficial owner of 15% or more of the Company's common stock. |
Employee Stock Ownership Plan
Employee Stock Ownership Plan | 12 Months Ended |
Jun. 30, 2015 | |
Employee Stock Ownership Plan [Abstract] | |
Employee Stock Ownership Plan | Note 10. Employee Stock Ownership Plan The Company sponsors a leveraged employee stock ownership plan (the "ESOP") that covers all nonunion employees who work 1,000 457,643 552,998 2015 2014 Allocated shares 459,864 472,192 Unreleased shares 79,167 97,500 Total shares held by the ESOP 539,031 569,692 Fair value of unreleased shares $ 2,058,342 $ 2,449,200 During the twelve months ended June 30, 2015, the Company repurchased 13,553 for $ 320,504 During the twelve months ended June 30, 2014 the Company did not repurchase any shares previously held by the . |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Jun. 30, 2015 | |
Stock-based Compensation [Abstract] | |
Stock-based Compensation | Note 11. Stock-based Compensation The Company follows ASC 718 in establishing standards for the accounting for transactions in which an entity exchanges its equity instruments for goods or services, as well as transactions in which an entity incurs liabilities in exchange for goods or services that are based on the fair value of the entity's equity instruments or that may be settled by the issuance of those equity instruments. ASC 718 requires that the cost resulting from all share-based payment transactions be recognized in the financial statements based on the fair value of the share-based payment. ASC 718 establishes fair value as the measurement objective in accounting for share-based payment transactions with employees, except for equity instruments held by employee share ownership plans. Total stock-based compensation expense recognized in the statement of comprehensive income for the fiscal years ended June 30, 2015 and 2014, was $ 62,416 99,050 5,779 10,862 As of June 30, 2015, there was approximately $ 172,654 two 14,736 The Company has one employee stock option plan under which options may be granted, the 2007 Stock Option and Restricted Stock Plan (the "2007 Plan"). The Board of Directors may grant options to acquire shares of common stock to employees of the Company at the fair market value of the common stock on the date of grant. Generally, options granted have a two-year vesting period based on two years of continuous service and have a ten-year contractual life. Option grants provide for accelerated vesting if there is a change in control. Shares issued upon the exercise of options are from those held in Treasury. The 2007 Plan was approved by the Company's shareholders at the Company's Annual Meeting on November 30, 2007 and supersedes the Company's 2000 Stock Option Plan (the "2000 Plan"). Options covering 400,000 234,150 167,000 20,500 ASC 718 requires the use of a valuation model to calculate the fair value of stock-based awards. The Company has elected to use the Black-Scholes option valuation model, which incorporates various assumptions including those for volatility, expected life and interest rates. The table below outlines the weighted average assumptions that the Company used to calculate the fair value of each option award for the year ended June 30, 2015 and 2014. 2015 2014 Dividend yield 3.85 % 3.67 % Expected stock price volatility 31.27 % 25.31 % Risk-free interest rate 1.34 % 1.23 % Expected option life (in years) 4.1 3.8 Weighted average fair value per share of options granted during the period $ 4.616 $ 3.777 Expected stock price volatility is based on the historical volatility of the Company's stock. The risk-free interest rate is based on the implied yield available on U.S. Treasury issues with an equivalent term approximating the expected life of the options. The expected option life (in years) represents the estimated period of time until exercise and is based on actual historical experience. The following table summarizes stock option activity during the twelve months ended June 30, 2015: Employee Stock Options Plan Weighted Number of Weighted Average Shares Average Remaining Aggregate Subject Exercise Contractual Intrinsic to Option Price Term Value Balance at July 1, 2014 161,555 $ 22.43 6.02 Granted 44,050 $ 26.19 9.88 Exercised (8,130 ) $ 17.40 — Forfeited or expired (9,975 ) $ 25.29 — Outstanding at June 30, 2015 187,500 $ 23.38 6.26 $ 531,211 Vested or expected to vest at June 30, 2015 178,177 $ 23.21 6.10 $ 531,211 Exercisable at June 30, 2015 118,200 $ 21.51 4.51 $ 531,211 The aggregate intrinsic value in the table above represents the total pretax intrinsic value (the difference between the closing sale price of the Company's common stock as reported on the NYSE MKT on June 30, 2015 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders if all option holders had exercised their options on June 30, 2015. This amount changes based on the fair market value of the Company's common stock. The total intrinsic values of the options exercised during the twelve months ended June 30, 2015 and 2014 was $ 53,936 155,671 The following table summarizes changes in non-vested stock options during the twelve months ended June 30, 2015: Weighted Number of Average Shares Grant Date Subject Fair Value to Option (per Option) Non-Vested at July 1, 2014 25,975 $ 3.777 Granted 44,050 4.616 Vested — — Forfeited or expired (725 ) 3.777 Non-Vested at June 30, 2015 69,300 $ 4.310 |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Jun. 30, 2015 | |
Concentration of Credit Risk [Abstract] | |
Concentration of Credit Risk | Note 12. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term investments and accounts receivable. The Company maintains cash and cash equivalents with various financial institutions. At times such investments may be in excess of FDIC insurance limits. As disclosed in note 8, a significant portion of the Company's business is the production of military and industrial electronic equipment for use by the U.S. and foreign governments and certain industrial customers. The related accounts receivable balance, as a percentage of the Company's total trade accounts receivable balance, was 60 three 61 three Although the Company's exposure to credit risk associated with nonpayment of these concentrated balances is affected by the conditions or occurrences within the U.S. and foreign governments, the Company believes that its trade accounts receivable credit risk exposure is limited. The Company performs ongoing credit evaluations of its customer's financial conditions and requires collateral, such as progress payments, in certain circumstances. The Company establishes an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information. |
Related Parties
Related Parties | 12 Months Ended |
Jun. 30, 2015 | |
Related Parties [Abstract] | |
Related Parties | Note 13. Related Parties The administration of the shares of common stock held by the ESOP Trust is subject to the Second Amended and Restated Plan, effective as of July 1, 2002, creating the Trust, and a Trust Agreement dated July 15, 2005. The Trustees' rights with respect to the disposition of shares are governed by the terms of the Plan and the Trust Agreement. As to shares that have been allocated to the accounts of participants in the ESOP Trust, the Plan provides that the Trustees are required to vote such shares in accordance with instructions received from the participants. As to unallocated shares and allocated shares for which voting instructions have not been received from participants, the Plan provides that the Trustees are required to vote such shares in accordance with the direction of a Committee, appointed by the Board of Directors of the Company under the terms of the Plan and Trust Agreement. See note 10 for additional information regarding the ESOP. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | Note 14. Commitments and Contingencies The Company at certain times enters into standby letters of credit agreements with financial institutions primarily relating to the guarantee of future performance on certain contracts. Contingent liabilities on outstanding standby letters of credit agreements aggregated to zero at June 30, 2015 and 2014. The Company, as a U.S. Government contractor, is subject to audits, reviews, and investigations by the U.S. Government related to its negotiation and performance of government contracts and its accounting for such contracts. Failure to comply with applicable U.S. Government standards by a contractor may result in suspension from eligibility for award of any new government contract and a guilty plea or conviction may result in debarment from eligibility for awards. The government may, in certain cases, also terminate existing contracts, recover damages, and impose other sanctions and penalties. As a result of contract audits the Company will determine a range of possible outcomes and in accordance with ASC 450 “Contingencies” the Company will accrue amounts within a range that appears to be its best estimate of a possible outcome. Adjustments are made to accruals, if any, periodically based on current information. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2015 | |
Stockholders Equity [Abstract] | |
Stockholders' Equity | Note 15. Stockholders' Equity Reservation of Shares The Company has reserved common shares for future issuance as follows as of June 30, 2015: Stock options outstanding 187,500 Stock options available for issuance 192,850 Number of common shares reserved 380,350 The following table sets forth the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for continuing operations for the years ended June 30: 2015 2014 Numerator: Net Income $ 3,183,127 $ 1,167,885 Denominator: Basic EPS: Common shares outstanding, beginning of period 2,368,110 2,344,690 Unearned ESOP shares (97,500 ) (116,666 ) Weighted average common shares issued during the period 3,364 9,991 Weighted average common shares purchased during the period (9,442 ) — Weighted average ESOP shares earned during the period 6,894 7,207 Denominator for basic earnings per common shares – Weighted average common shares 2,271,426 2,245,222 Diluted EPS: Common shares outstanding, beginning of period 2,368,110 2,344,690 Unearned ESOP shares (97,500 ) (116,666 ) Weighted average common shares issued during the period 3,364 9,991 Weighted average common shares purchased during the period (9,442 ) — Weighted average ESOP shares earned during the period 6,894 7,207 Weighted average dilutive effect of stock options 19,116 40,313 Denominator for diluted earnings per common shares – Weighted average common shares 2,290,542 2,285,535 Not included in this computation of earnings per share for the year ended June 30, 2015 and 2014 were options to purchase 25,250 25,975 The Company paid cash dividends on common stock of $ 1.00 per share for the fiscal year ended June 30, 2015 (of which $ 0.25 2.00 1.00 .25 October 1, 2015 September 24, 2015 |
Line of Credit
Line of Credit | 12 Months Ended |
Jun. 30, 2015 | |
Line of Credit [Abstract] | |
Line of Credit | Note 16. Line of Credit At June 30, 2015, the Company has an uncommitted and unused Line of Credit with a financial institution. The agreement provides that the Company may borrow up to $ 3,000,000 LIBOR 2.00 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information [Abstract] | |
Quarterly Financial Information (Unaudited) | Note 17. Quarterly Financial Information (Unaudited) First Second Third Fourth 2015 Quarter Quarter Quarter Quarter Net sales $ 5,693,472 $ 5,697,083 $ 6,470,286 $ 8,970,864 Gross profit (loss) 1,810,079 2,258,735 1,437,534 1,635,225 Net income (loss) 911,221 1,219,082 506,369 546,455 Net income (loss) per share - Basic 0.40 0.54 0.22 0.24 Diluted 0.40 0.54 0.22 0.23 2014 Net sales $ 6,920,955 $ 6,569,641 $ 6,549,623 $ 7,096,700 Gross profit 2,195,136 896,014 1,679,125 (239,029 ) Net income 1,048,907 111,152 706,030 (698,204 ) Net income per share - Basic 0.47 0.05 0.31 (0.31 ) Diluted 0.46 0.05 0.31 (0.31 ) |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Inventory Valuation, Cost Estimation and Revenue Recognition | Inventory Valuation, Cost Estimation and Revenue Recognition Raw materials are valued at the lower of weighted average cost or market. Inventoried work relating to contracts in process and work in process is valued at actual production cost, including factory overhead incurred to date. Work in process represents spare units; parts and other inventory items acquired or produced to service units previously sold or to meet anticipated future orders. The cost elements of contracts in process and work in process consist of production costs of goods and services currently in process and overhead. Provision for losses on contracts is made when the existence of such losses becomes probable and estimable. The provision for losses on contracts is included in other accrued expenses on the Company's balance sheet. The costs attributed to units delivered under contracts are based on the estimated average cost of all units expected to be produced. Certain contracts are expected to extend beyond twelve months. Revenue is recognized on contracts in the period in which the units are delivered and billed (units-of-delivery method). A significant portion of our business is comprised of development and production contracts. Generally, revenues on long-term fixed-price contracts are recorded on a percentage of completion basis using units of delivery as the measurement basis for progress toward completion. Percentage of completion accounting requires judgment relative to expected sales, estimating costs and making assumptions related to technical issues and delivery schedules. |
Depreciation | Depreciation Depreciation of plant and equipment is computed on a straight-line basis over the estimated useful lives of the assets. Estimated useful lives of depreciable assets are as follows: Buildings and improvements 10 40 Machinery and equipment 3 20 Furniture and fixtures 7 10 |
Income Taxes | Income Taxes The Company follows the provisions of ASC Topic 740-10, "Accounting for Income Taxes." Under the provisions of ASC 740-10, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred taxes and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. In addition, ASC 740-10 requires that the tax benefit of tax-deductible dividends on unallocated ESOP shares be recorded as a direct addition to retained earnings rather than as a reduction of income tax expense. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash in banks and money market funds. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. |
Investment Securities | Investment Securities The Company accounts for its investments in accordance with ASC 320-10-25, “Accounting for Certain Investments in Debt and Equity Securities.” Investment securities at June 30, 2015 and June 30, 2014 consist of certificates of deposit and municipal bonds. The Company classifies investment securities as available-for-sale. Unrealized holding gains and losses, net of related tax effect, on available-for-sale securities are excluded from earnings and are reported as a separate component of stockholders' equity until realized. Realized gains and losses for securities classified as available-for-sale are included in earnings and are determined using the specific identification method. Interest income is recognized when earned. Fair values are based on quoted market prices available as of the balance sheet date , and are therefore considered a Level 1 valuation |
Fair Value of Financial Instruments | Fair Value of Financial Instruments ASC 820 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. § Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. § Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. § Level 3: Significant unobservable inputs that reflect a reporting entity's own assumptions about the assumptions that market participants would use in pricing an asset or liability. The carrying amounts of financial instruments, including cash and cash equivalents, short term investments, accounts receivable, accounts payable and accrued expenses, approximated fair value as of June 30, 2015 and 2014 because of the immediate or short-term maturity of these financial instruments. |
Accounts receivable and allowance for doubtful accounts | Accounts receivable and allowance for doubtful accounts The Company extends credit to its customers in the normal course of business and collateral is generally not required for trade receivables. Exposure to credit risk is controlled through the use of credit approvals, credit limits and monitoring procedures. Accounts receivable are reported net of an allowance for doubtful accounts. The Company estimates the allowance based on its analysis of specific balances. An account is generally considered past due after thirty (30) days from the invoice date. Interest is not charged on past due balances. 3,000 |
Per Share Amounts | Per Share Amounts ASC 260-10 “Earnings Per Share” requires the Company to calculate net income (loss) per share based on basic and diluted net income (loss) per share, as defined. Basic EPS excludes dilution and is computed by dividing net income (loss) by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. The dilutive effect of outstanding options issued by the Company are reflected in diluted EPS using the treasury stock method. Under the treasury stock method, options will only have a dilutive effect when the average market price of common stock during the period exceeds the exercise price of the options. |
Comprehensive Income | Comprehensive Income Comprehensive income consists of net income and other comprehensive income. Other comprehensive income for fiscal years ended June 30, 2015 and 2014 consists of unrealized holding gains and losses on available-for-sale securities. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Investment Tax Credits | Investment Tax Credits Investment tax credits are accounted for as a reduction of income tax expense in the year taxes payable are reduced. |
Reclassifications | Reclassifications Certain reclassifications may have been made to the prior year financial statements to conform to the current year presentation. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In July 2015, the FASB issued ASU No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” ASU 2015-11 requires inventory measured using any method other than last-in, first out or the retail inventory method to be subsequently measured at the lower of cost and net realizable value, rather than at the lower of cost or market. Net realizable value is defined as the estimated selling price, less the estimated costs to complete, dispose, and transport such inventory. ASU No. 2015-11 will be effective for fiscal years and interim periods beginning after December 15, 2016. ASU No. 2015-11 is required to be applied prospectively and early adoption is permitted. The Company's adoption of ASU No. 2015-11 is not expected to have a material impact on the Company's financial position or results of operations. In January 2015, the FASB issued ASU No. 2015-01, “Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items.” ASU 2015-01 eliminates the concept of an extraordinary item from U.S. generally accepted accounting principles ("GAAP"). As a result, an entity will no longer be required to segregate extraordinary items from the results of ordinary operations, to separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or to disclose income taxes and earnings-per-share data applicable to an extraordinary item. However, ASU 2015-01 will still retain the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. The Company's adoption of ASU No. 2015-01 is not expected to have a material impact on the Company's financial position or results of operations. In May 2014, the FASB issued ASU Update No. 2014-09, “Revenue from Contracts with Customers,” which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is permitted for annual periods beginning after December 15, 2016 and interim periods therein. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, including property, plant, and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. There were no impairments of long-lived assets in fiscal 2015 and 2014. |
Concentrations of Risk | Concentrations of Risk The market for our defense electronics products is largely dependent on the availability of new contracts from the United States and foreign governments to prime contractors to which we provide components. Any decline in expenditures by the United States or foreign governments may have an adverse effect on our financial performance. Generally, U.S. Government contracts are subject to procurement laws and regulations. Some of the Company's contracts are governed by the Federal Acquisition Regulation (FAR), which lays out uniform policies and procedures for acquiring goods and services by the U.S. Government, and agency-specific acquisition regulations that implement or supplement the FAR. For example, the Department of Defense implements the FAR through the Defense Federal Acquisition Regulation (DFAR). The FAR also contains guidelines and regulations for managing a contract after award, including conditions under which contracts may be terminated, in whole or in part, at the government's convenience or for default. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule of Estimated useful lives of depreciable assets | Buildings and improvements 10 40 Machinery and equipment 3 20 Furniture and fixtures 7 10 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Investments [Abstract] | |
Schedule of cost, gross unrealized gains, gross unrealized losses and fair value of available-for-sale securities | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value 2015 Certificates of deposit $ 3,272,000 $ — $ — $ 3,272,000 Municipal bonds 893,804 1,288 (8,035 ) 887,057 2015 Total investment securities $ 4,165,804 $ 1,288 $ (8,035 ) $ 4,159,057 2014 Certificates of deposit $ 4,063,000 $ — $ — $ 4,063,000 Municipal bonds 850,103 2,857 (5,067 ) 847,893 2014 Total investment securities $ 4,913,103 $ 2,857 $ (5,067 ) $ 4,910,893 |
Schedule of contractual maturities of available-for-sale securities | Years to Maturity Less than One to One Year Five Years Total 2015 Available-for-sale $ 3,522,728 $ 636,329 $ 4,159,057 2014 Available-for-sale $ 4,434,575 $ 476,318 $ 4,910,893 |
Contracts in Process (Tables)
Contracts in Process (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Contracts in Process [Abstract] | |
Schedule of contracts in process | 2015 2014 Gross contract value $ 36,424,194 $ 35,663,830 Costs related to contracts in process, net of progress payments of $ 19,626 142,616 9,542,423 8,201,642 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary of the original cost of property, plant and equipment | 2015 2014 Land $ 45,000 $ 45,000 Building and improvements 4,252,354 4,256,890 Machinery and equipment 8,506,662 8,340,897 Furniture and fixtures 160,867 160,867 12,964,883 12,803,654 Accumulated depreciation (10,466,020 ) (10,124,753 ) Property, plant and equipment, net $ 2,498,863 $ 2,678,901 |
Provision for Income Taxes (Tab
Provision for Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Provision for Income Taxes [Abstract] | |
Schedule of components of the provision for income taxes | 2015 2014 Current tax expense - federal $ 1,402,033 $ 113,245 Current tax (benefit) expense - state (20,386) 1,500 Deferred tax (benefit) expense (66,958) 183,319 Provision for income taxes $ 1,314,689 $ 298,064 |
Schedule of effective income tax rates | 2015 2014 U.S. federal statutory income tax rate 34.0 % 34.0 % Increase (reduction) in rate resulting from: State franchise tax, net of federal income tax benefit 0.1 0.8 ESOP cost versus Fair Market Value 1.5 6.4 Dividend on allocated ESOP shares (6.7 ) (20.4 ) Qualified production activities (2.7 ) (0.8 ) Stock-based compensation (0.3) 0.1 Other 3.3 0.2 Effective tax rate 29.2 % 20.3 % |
Schedule of deferred tax assets and liabilities | 2015 2014 Deferred tax assets: Accrued expenses $ 295,673 $ 266,255 ESOP 102,355 116,981 Stock-based compensation 23,602 23,854 Inventory - effect on uniform capitalization 12,407 32,749 Unrealized loss on investment securities 2,361 773 Other 638 1,191 Total deferred tax assets $ 437,036 $ 441,803 Deferred tax liability: Property, plant and equipment - principally due to differences in depreciation methods 327,106 400,419 Total deferred tax liability 327,106 400,419 Net deferred tax asset $ 109,930 $ 41,384 |
Employee Stock Ownership Plan (
Employee Stock Ownership Plan (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Employee Stock Ownership Plan [Abstract] | |
Schedule of ESOP shares | 2015 2014 Allocated shares 459,864 472,192 Unreleased shares 79,167 97,500 Total shares held by the ESOP 539,031 569,692 Fair value of unreleased shares $ 2,058,342 $ 2,449,200 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Stock-based Compensation [Abstract] | |
Schedule of weighted average assumptions for option awards | 2015 2014 Dividend yield 3.85 % 3.67 % Expected stock price volatility 31.27 % 25.31 % Risk-free interest rate 1.34 % 1.23 % Expected option life (in years) 4.1 3.8 Weighted average fair value per share of options granted during the period $ 4.616 $ 3.777 |
Schedule of stock option activity | Employee Stock Options Plan Weighted Number of Weighted Average Shares Average Remaining Aggregate Subject Exercise Contractual Intrinsic to Option Price Term Value Balance at July 1, 2014 161,555 $ 22.43 6.02 Granted 44,050 $ 26.19 9.88 Exercised (8,130 ) $ 17.40 — Forfeited or expired (9,975 ) $ 25.29 — Outstanding at June 30, 2015 187,500 $ 23.38 6.26 $ 531,211 Vested or expected to vest at June 30, 2015 178,177 $ 23.21 6.10 $ 531,211 Exercisable at June 30, 2015 118,200 $ 21.51 4.51 $ 531,211 |
Schedule of changes in non-vested stock options | Weighted Number of Average Shares Grant Date Subject Fair Value to Option (per Option) Non-Vested at July 1, 2014 25,975 $ 3.777 Granted 44,050 4.616 Vested — — Forfeited or expired (725 ) 3.777 Non-Vested at June 30, 2015 69,300 $ 4.310 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Stockholders Equity [Abstract] | |
Schedule of reserved common shares for future issuance | Stock options outstanding 187,500 Stock options available for issuance 192,850 Number of common shares reserved 380,350 |
Schedule of reconciliation of the numerators and denominators of basic and diluted per share computations | 2015 2014 Numerator: Net Income $ 3,183,127 $ 1,167,885 Denominator: Basic EPS: Common shares outstanding, beginning of period 2,368,110 2,344,690 Unearned ESOP shares (97,500 ) (116,666 ) Weighted average common shares issued during the period 3,364 9,991 Weighted average common shares purchased during the period (9,442 ) — Weighted average ESOP shares earned during the period 6,894 7,207 Denominator for basic earnings per common shares – Weighted average common shares 2,271,426 2,245,222 Diluted EPS: Common shares outstanding, beginning of period 2,368,110 2,344,690 Unearned ESOP shares (97,500 ) (116,666 ) Weighted average common shares issued during the period 3,364 9,991 Weighted average common shares purchased during the period (9,442 ) — Weighted average ESOP shares earned during the period 6,894 7,207 Weighted average dilutive effect of stock options 19,116 40,313 Denominator for diluted earnings per common shares – Weighted average common shares 2,290,542 2,285,535 |
Quarterly Financial Informati34
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Jun. 30, 2015 | |
Quarterly Financial Information [Abstract] | |
Schedule of quarterly financial information | First Second Third Fourth 2015 Quarter Quarter Quarter Quarter Net sales $ 5,693,472 $ 5,697,083 $ 6,470,286 $ 8,970,864 Gross profit (loss) 1,810,079 2,258,735 1,437,534 1,635,225 Net income (loss) 911,221 1,219,082 506,369 546,455 Net income (loss) per share - Basic 0.40 0.54 0.22 0.24 Diluted 0.40 0.54 0.22 0.23 2014 Net sales $ 6,920,955 $ 6,569,641 $ 6,549,623 $ 7,096,700 Gross profit 2,195,136 896,014 1,679,125 (239,029 ) Net income 1,048,907 111,152 706,030 (698,204 ) Net income per share - Basic 0.47 0.05 0.31 (0.31 ) Diluted 0.46 0.05 0.31 (0.31 ) |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Allowance for doubtful accounts | $ 3,000 | $ 3,000 |
Impairment of Long-Lived Assets | ||
Impairments of long-lived assets | $ 0 | $ 0 |
Buildings and improvements [Member] | Lower Range [Member] | ||
Estimated useful lives of depreciated assets | 10 years | |
Buildings and improvements [Member] | Upper Range [Member] | ||
Estimated useful lives of depreciated assets | 40 years | |
Machinery and equipment [Member] | Lower Range [Member] | ||
Estimated useful lives of depreciated assets | 3 years | |
Machinery and equipment [Member] | Upper Range [Member] | ||
Estimated useful lives of depreciated assets | 20 years | |
Furniture and fixtures [Member] | Lower Range [Member] | ||
Estimated useful lives of depreciated assets | 7 years | |
Furniture and fixtures [Member] | Upper Range [Member] | ||
Estimated useful lives of depreciated assets | 10 years |
Investments (Schedule of Cost,
Investments (Schedule of Cost, Gross Unrealized Gains, Gross Unrealized Losses and Fair Value of Available-For-Sale Securities) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Amortized Cost | $ 4,165,804 | $ 4,913,103 |
Gross Unrealized Gain | 1,288 | 2,857 |
Gross Unrealized Losses | (8,035) | (5,067) |
Fair Value | 4,159,057 | 4,910,893 |
Certificates of deposit [Member] | ||
Amortized Cost | 3,272,000 | 4,063,000 |
Fair Value | 3,272,000 | 4,063,000 |
Municipal bonds [Member] | ||
Amortized Cost | 893,804 | 850,103 |
Gross Unrealized Gain | 1,288 | 2,857 |
Gross Unrealized Losses | (8,035) | (5,067) |
Fair Value | $ 887,057 | $ 847,893 |
Investments (Schedule of Contra
Investments (Schedule of Contractual Maturities of Available-For-Sale Securities) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Years to maturity of Available-for-sale securities | ||
Less than One Year | $ 3,522,728 | $ 4,434,575 |
One to Five Years | 636,329 | 476,318 |
Total | $ 4,159,057 | $ 4,910,893 |
Contracts in Process (Narrative
Contracts in Process (Narrative) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Contracts in Process [Abstract] | ||
Progress payments | $ 19,626 | $ 142,616 |
Costs relating to contracts that may not be completed within the next year | $ 3,515,008 | $ 4,391,834 |
Contracts in Process (Schedule
Contracts in Process (Schedule of Contracts in Process) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Contracts in Process [Abstract] | ||
Gross contract value | $ 36,424,194 | $ 35,663,830 |
Costs related to contracts in process, net of progress payments of $19,626 in fiscal 2015 and $142,616 in fiscal 2014 | $ 9,542,423 | $ 8,201,642 |
Property, Plant and Equipment40
Property, Plant and Equipment (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 445,687 | $ 452,390 |
Property, Plant and Equipment41
Property, Plant and Equipment (Summary of Original Cost of Property, Plant and Equipment) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Property, plant and equipment, gross | $ 12,964,883 | $ 12,803,654 |
Accumulated depreciation | (10,466,020) | (10,124,753) |
Property, plant and equipment, net | 2,498,863 | 2,678,901 |
Land [Member] | ||
Property, plant and equipment, gross | 45,000 | 45,000 |
Buildings and improvements [Member] | ||
Property, plant and equipment, gross | 4,252,354 | 4,256,890 |
Machinery and equipment [Member] | ||
Property, plant and equipment, gross | 8,506,662 | 8,340,897 |
Furniture and fixtures [Member] | ||
Property, plant and equipment, gross | $ 160,867 | $ 160,867 |
Pension Expense (Narrative) (De
Pension Expense (Narrative) (Details) | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Pension Expense [Abstract] | |||
Defined benefit contributions and expenses | $ 89,198 | $ 96,776 | |
Increase in contribution, hourly rate | 0.04 | ||
Employer matching contibutions of 401(k) plan (percentage) | 10.00% | 10.00% | |
Employer matching contributions to 401(k) plan | $ 37,703 | $ 47,847 |
Provision for Income Taxes (Sch
Provision for Income Taxes (Schedule of Components of Provision for Income Taxes) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Components of the provision for income taxes | ||
Current tax expense - federal | $ 1,402,033 | $ 113,245 |
Current tax (benefit) expense - state | (20,386) | 1,500 |
Deferred tax (benefit) expense | (66,958) | 183,319 |
Provision for income taxes | $ 1,314,689 | $ 298,064 |
Provision for Income Taxes (S44
Provision for Income Taxes (Schedule of Effective Income Tax Rates) (Details) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Income tax rate reconciliation | ||
U.S. federal statutory income tax rate | 34.00% | 34.00% |
Increase (reduction) in rate resulting from: | ||
State franchise tax, net of federal income tax benefit | 0.10% | 0.80% |
ESOP cost versus Fair Market Value | 1.50% | 6.40% |
Dividend on allocated ESOP shares | (6.70%) | (20.40%) |
Qualified production activities | (2.70%) | (0.80%) |
Stock-based compensation | (0.30%) | 0.10% |
Other | 3.30% | 0.20% |
Effective tax rate | 29.20% | 20.30% |
Provision for Income Taxes (S45
Provision for Income Taxes (Schedule of Deferred Tax Assets And Liabilities) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Deferred tax assets: | ||
Accrued expenses | $ 295,673 | $ 266,255 |
ESOP | 102,355 | 116,981 |
Stock-based compensation | 23,602 | 23,854 |
Inventory - effect on uniform capitalization | 12,407 | 32,749 |
Unrealized loss on investment securities | 2,361 | 773 |
Other | 638 | 1,191 |
Total deferred tax assets | 437,036 | 441,803 |
Deferred tax liability: | ||
Property, plant and equipment - principally due to differences in depreciation methods | 327,106 | 400,419 |
Total deferred tax liability | 327,106 | 400,419 |
Net deferred tax asset | $ 109,930 | $ 41,384 |
Significant Customers (Narrativ
Significant Customers (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2013USD ($) | Jun. 30, 2015USD ($)Customers | Jun. 30, 2014USD ($)Customers | |
Net sales | $ | $ 8,970,864 | $ 6,470,286 | $ 5,697,083 | $ 5,693,472 | $ 7,096,700 | $ 6,549,623 | $ 6,569,641 | $ 6,920,955 | $ 26,831,705 | $ 27,136,919 |
Foreign U.K. Customers [Member] | ||||||||||
Net sales | $ | $ 2,384,000 | $ 3,030,000 | ||||||||
Sales Revenue [Member] | Domestic U.S. Customers [Member] | ||||||||||
Concentration Risk percentage | 61.00% | 47.00% | ||||||||
Number of customers | 3 | 2 | ||||||||
Sales Revenue [Member] | Foreign U.K. Customers [Member] | ||||||||||
Concentration Risk percentage | 12.00% | |||||||||
Number of customers | 1 |
Stock Rights Plan (Narrative) (
Stock Rights Plan (Narrative) (Details) - Jun. 30, 2015 - $ / shares | Total |
Stock Rights Plan [Abstract] | |
Expiration date of the plan | Dec. 31, 2019 |
Number of rights distributed as a dividend, per share of common stock | 1 |
Date purchased rights distributed | Apr. 14, 1989 |
Number of shares that can be purchased by exercising each stock right | 0.50 |
Exercise price (per share) | $ 25 |
Beneficial ownership percentage that causes rights to be exercisable | 15.00% |
Percentage sale of assets or earning power to another person where rights become exercisable | 50.00% |
Employee Stock Ownership Plan48
Employee Stock Ownership Plan (Narrative) (Details) | 12 Months Ended | |
Jun. 30, 2015USD ($)hshares | Jun. 30, 2014USD ($) | |
ESOP compensation expense | $ 457,643 | $ 552,998 |
Value of shares repurchased | $ (320,504) | |
Employee Stock Ownership Plan [Member] | ||
Number of hours worked per year to quality for the plan | h | 1,000 | |
Shares repurchased | shares | 13,553 | |
Value of shares repurchased | $ 320,504 |
Employee Stock Ownership Plan49
Employee Stock Ownership Plan (Schedule of ESOP Shares) (Details) - Employee Stock Ownership Plan [Member] - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
ESOP share allocation | ||
Allocated shares | 459,864 | 472,192 |
Unreleased shares | 79,167 | 97,500 |
Total shares held by the ESOP | 539,031 | 569,692 |
Fair value of unreleased shares | $ 2,058,342 | $ 2,449,200 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Stock based compensation expense | $ 62,416 | $ 99,050 |
Deferred tax benefit related to stock based compensation | 5,779 | $ 10,862 |
Unrecognized compensation costs | $ 172,654 | |
Period in which compensation cost will be recognized | 2 years | |
Deferred tax benefit related to unrecognized compensation costs | $ 14,736 | |
Options granted | 44,050 | |
Options outstanding | 187,500 | 161,555 |
Aggregate intrinsic value of options exercised | $ 53,936 | $ 155,671 |
2007 Plan [Member] | Stock Options [Member] | ||
Authorized shares under plan | 400,000 | |
Options granted | 234,150 | |
Options outstanding | 167,000 | |
2000 Plan [Member] | Stock Options [Member] | ||
Options outstanding | 20,500 |
Stock-based Compensation (Sched
Stock-based Compensation (Schedule of Weighted Average Assumptions for Option Awards) (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Weighted average assumptions to calculation option fair value | ||
Dividend yield | 3.85% | 3.67% |
Expected stock price volatility | 31.27% | 25.31% |
Risk-free interest rate | 1.34% | 1.23% |
Expected option life (in years) | 4 years 1 month 6 days | 3 years 9 months 18 days |
Weighted average fair value per share of options granted | $ 4.616 | $ 3.777 |
Stock-based Compensation (Sch52
Stock-based Compensation (Schedule of Stock Option Activity) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Number of Shares Subject to Option | ||
Balance, beginning | 161,555 | |
Granted | 44,050 | |
Exercised | (8,130) | |
Forfeited or expired | (9,975) | |
Outstanding, ending | 187,500 | 161,555 |
Vested or expected to vest, end of period | 178,177 | |
Exercisable, end of period | 118,200 | |
Weight Average Exercise Price | ||
Balance, beginning | $ 22.43 | |
Granted | 26.19 | |
Exercised | 17.40 | |
Forfeited or expired | 25.29 | |
Outstanding, ending | 23.38 | $ 22.43 |
Vested or expected to vest, end of period | 23.21 | |
Exercisable, end of period | $ 21.51 | |
Weighted Average Remaining Contractual Term | ||
Outstanding | 6 years 3 months 4 days | 6 years 7 days |
Granted | 9 years 10 months 17 days | |
Vested or expected to vest, end of period | 6 years 1 month 6 days | |
Exercisable, end of period | 4 years 6 months 4 days | |
Aggregate Intrinsic Value | ||
Outstanding end of period | $ 531,211 | |
Vested or expected to vest, end of period | 531,211 | |
Exercisable, end of period | $ 531,211 |
Stock-based Compensation (Sch53
Stock-based Compensation (Schedule of Changes in Non-Vested Stock Options) (Details) - 12 months ended Jun. 30, 2015 - $ / shares | Total |
Weighted Average Number of Shares Subject to Option | |
Non-vested, beginning balance | 25,975 |
Granted | 44,050 |
Vested | |
Forfeited or expired | (725) |
Non-vested, ending balance | 69,300 |
Average Grant Date Fair Value | |
Balance, beginning | $ 3.777 |
Granted | $ 4.616 |
Vested | |
Forfeited or expired | $ 3.777 |
Outstanding, ending | $ 4.310 |
Concentration of Credit Risk (N
Concentration of Credit Risk (Narrative) (Details) - Accounts receivable [Member] - Customers | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Concentration Risk percentage | 60.00% | 61.00% |
Number of customers | 3 | 3 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) | Jun. 30, 2015 | Jun. 30, 2014 |
Commitments and Contingencies [Abstract] | ||
Contingent liability on outstanding letters of credit | $ 0 | $ 0 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - $ / shares | Jul. 02, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jul. 01, 2015 |
Stockholders Equity [Abstract] | ||||
Anti-dilutive options excluded from calculation of EPS | 25,250 | 25,975 | ||
Dividends Payable [Line Items] | ||||
Cash dividends on common stock (in dollars per share) | $ 1 | $ 2 | ||
Accrued dividend per share | $ 0.25 | |||
Special dividend paid per share | $ 1 | |||
Subsequent event [Member] | ||||
Dividends Payable [Line Items] | ||||
Dividend payable (in dollars per share) | $ 0.25 | |||
Payable date of dividend | Oct. 1, 2015 | |||
Record date for dividend payable | Sep. 24, 2015 |
Stockholders' Equity (Schedule
Stockholders' Equity (Schedule of Reserved Common Shares for Future Issuance) (Details) - shares | Jun. 30, 2015 | Jun. 30, 2014 |
Shares reserved for future issuance | ||
Options outstanding | 187,500 | 161,555 |
Stock options available for issuance | 192,850 | |
Number of common shares reserved | 380,350 |
Stockholders' Equity (Schedul58
Stockholders' Equity (Schedule of Reconciliation of Numerators and Denominators of Basic and Diluted Per Share Computations) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator: | ||||||||||
Net Income | $ 546,455 | $ 506,369 | $ 1,219,082 | $ 911,221 | $ (698,204) | $ 706,030 | $ 111,152 | $ 1,048,907 | $ 3,183,127 | $ 1,167,885 |
Basic EPS: | ||||||||||
Common shares outstanding, beginning of period | 2,368,110 | 2,344,690 | 2,368,110 | 2,344,690 | ||||||
Unearned ESOP shares | (97,500) | (116,666) | ||||||||
Weighted average common shares issued during the period | 3,364 | 9,991 | ||||||||
Weighted average common shares purchased during the period | (9,442) | |||||||||
Weighted average ESOP shares earned during the period | 6,894 | 7,207 | ||||||||
Denominator for basic earnings per common shares - Weighted average common shares | 2,271,426 | 2,245,222 | ||||||||
Diluted EPS: | ||||||||||
Weighted average dilutive effect of stock options | 19,116 | 40,313 | ||||||||
Denominator for diluted earnings per common shares - Weighted average common shares | 2,290,542 | 2,285,535 |
Line of Credit (Narrative) (Det
Line of Credit (Narrative) (Details) - Jun. 30, 2015 - USD ($) | Total |
Line of Credit [Abstract] | |
Maximum amount of Line of Credit | $ 3,000,000 |
Variable rate basis | LIBOR |
Spread on variable interest rate | 2.00% |
Quarterly Financial Informati60
Quarterly Financial Information (Unaudited) (Schedule of Quarterly Financial Information) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | |
Quarterly Financial Information [Abstract] | ||||||||||
Net sales | $ 8,970,864 | $ 6,470,286 | $ 5,697,083 | $ 5,693,472 | $ 7,096,700 | $ 6,549,623 | $ 6,569,641 | $ 6,920,955 | $ 26,831,705 | $ 27,136,919 |
Gross profit (loss) | 1,635,225 | 1,437,534 | 2,258,735 | 1,810,079 | (239,029) | 1,679,125 | 896,014 | 2,195,136 | 7,141,573 | 4,531,246 |
Net income (loss) | $ 546,455 | $ 506,369 | $ 1,219,082 | $ 911,221 | $ (698,204) | $ 706,030 | $ 111,152 | $ 1,048,907 | $ 3,183,127 | $ 1,167,885 |
Net income per share: | ||||||||||
Basic | $ 0.24 | $ 0.22 | $ 0.54 | $ 0.40 | $ (0.31) | $ 0.31 | $ 0.05 | $ 0.47 | $ 1.40 | $ 0.52 |
Diluted | $ 0.23 | $ 0.22 | $ 0.54 | $ 0.40 | $ (0.31) | $ 0.31 | $ 0.05 | $ 0.46 | $ 1.39 | $ 0.51 |