Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2017 | Nov. 07, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CONCURRENT COMPUTER CORP/DE | |
Entity Central Index Key | 749,038 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Trading Symbol | CCUR | |
Entity Common Stock, Shares Outstanding | 9,893,228 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 31,624 | $ 35,893 |
Short-term investments | 6,284 | 6,870 |
Accounts receivable, net of allowance for doubtful accounts of $10 at both September 30, 2017 and June 30, 2017 | 6,940 | 6,930 |
Receivable from sale of Real-Time business held in escrow | 2,000 | 2,000 |
Inventories | 1,627 | 1,865 |
Prepaid expenses and other current assets | 1,752 | 1,366 |
Total current assets | 50,227 | 54,924 |
Property and equipment, net | 1,623 | 1,726 |
Deferred income taxes, net | 16 | 15 |
Other long-term assets, net | 1,266 | 1,142 |
Total assets | 53,132 | 57,807 |
Current liabilities: | ||
Accounts payable and accrued expenses | 5,808 | 8,164 |
Deferred revenue | 1,138 | 1,454 |
Total current liabilities | 6,946 | 9,618 |
Long-term liabilities: | ||
Deferred revenue | 53 | 66 |
Pension liability | 3,729 | 3,582 |
Other long-term liabilities | 941 | 1,072 |
Total liabilities | 11,669 | 14,338 |
Commitments and contingencies (Note 17) | ||
Stockholders' equity: | ||
Shares of common stock, par value $.01; 14,000,000 authorized; 9,442,467 and 9,410,878 issued and outstanding at September 30, 2017 and June 30, 2017, respectively | 94 | 94 |
Capital in excess of par value | 212,239 | 212,018 |
Accumulated deficit | (167,689) | (165,498) |
Treasury stock, at cost; 37,788 shares | (255) | (255) |
Accumulated other comprehensive income (loss) | (2,926) | (2,890) |
Total stockholders' equity | 41,463 | 43,469 |
Total liabilities and stockholders’ equity | 53,132 | 57,807 |
Series Preferred Stock [Member] | ||
Stockholders' equity: | ||
Shares of preferred stock | 0 | 0 |
Preferred Class A [Member] | ||
Stockholders' equity: | ||
Shares of preferred stock | $ 0 | $ 0 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Allowance for Doubtful Accounts Receivable, Current | $ 10 | $ 10 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares Authorized | 14,000,000 | 14,000,000 |
Common Stock, Shares, Issued | 9,442,467 | 9,410,878 |
Common Stock, Shares, Outstanding | 9,442,467 | 9,410,878 |
Treasury Stock, Shares | 37,788 | 37,788 |
Series Preferred Stock [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 1,250,000 | 1,250,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Class A [Member] | ||
Preferred Stock, Par or Stated Value Per Share | $ 100 | $ 100 |
Preferred Stock, Shares Authorized | 20,000 | 20,000 |
Preferred Stock, Shares Issued | 0 | 0 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues: | ||
Product | $ 5,297 | $ 2,440 |
Service | 2,573 | 2,679 |
Total revenues | 7,870 | 5,119 |
Cost of sales: | ||
Product | 2,217 | 1,354 |
Service | 1,003 | 1,299 |
Total cost of sales | 3,220 | 2,653 |
Gross margin | 4,650 | 2,466 |
Operating expenses: | ||
Sales and marketing | 2,158 | 3,028 |
Research and development | 1,678 | 2,250 |
General and administrative | 1,929 | 2,168 |
Total operating expenses | 5,765 | 7,446 |
Operating loss | (1,115) | (4,980) |
Interest income | 70 | 14 |
Other income (expense), net | (87) | 81 |
Loss from continuing operations before income taxes | (1,132) | (4,885) |
Benefit from income taxes | (122) | (31) |
Loss from continuing operations | (1,010) | (4,854) |
Income from discontinued operations, net of income taxes | 0 | 1,926 |
Net loss | $ (1,010) | $ (2,928) |
Basic and diluted earnings (loss) per share: | ||
Continuing operations | $ (0.11) | $ (0.53) |
Discontinued operations | 0 | 0.21 |
Net income (loss) | $ (0.11) | $ (0.32) |
Weighted average shares outstanding - basic and diluted | 9,392,197 | 9,189,343 |
Cash dividends declared per common share | $ 0.12 | $ 0.12 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net loss | $ (1,010) | $ (2,928) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 24 | (75) |
Pension and post-retirement benefits, net of tax | (60) | (3) |
Other comprehensive loss | (36) | (78) |
Comprehensive income (loss) | $ (1,046) | $ (3,006) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - 3 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital In Excess Of Par Value [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance at Jun. 30, 2017 | $ 43,469 | $ 94 | $ 212,018 | $ (165,498) | $ (2,890) | $ (255) |
Balance (in shares) at Jun. 30, 2017 | 9,410,878 | (37,788) | ||||
Dividends declared | (1,187) | (1,187) | ||||
Dividends forfeited with restricted stock forfeitures | 6 | 6 | ||||
Share-based compensation expense | 221 | 221 | ||||
Lapse of restriction on restricted stock | 0 | $ 0 | 0 | |||
Lapse of restriction on restricted stock (in shares) | 31,589 | |||||
Other comprehensive income (loss), net of taxes: | ||||||
Net loss | (1,010) | (1,010) | ||||
Foreign currency translation adjustment | 24 | 24 | ||||
Pension plan | (60) | (60) | ||||
Total comprehensive loss | (1,046) | |||||
Balance at Sep. 30, 2017 | $ 41,463 | $ 94 | $ 212,239 | $ (167,689) | $ (2,926) | $ (255) |
Balance (in shares) at Sep. 30, 2017 | 9,442,467 | (37,788) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows provided by (used in) operating activities: | ||
Net loss | $ (1,010) | $ (2,928) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 329 | 458 |
Share-based compensation | 221 | 242 |
Provision for (recovery of) excess and obsolete inventories | (23) | 110 |
Other, net | (22) | 0 |
Foreign currency exchange gains (losses) | 110 | (104) |
Decrease (increase) in assets: | ||
Accounts receivable | (5) | 4,676 |
Inventories | 254 | 768 |
Prepaid expenses and other current assets | (385) | (354) |
Other long-term assets | (115) | (105) |
Increase (decrease) in liabilities: | ||
Accounts payable and accrued expenses | (2,456) | (1,973) |
Deferred revenue | (333) | (415) |
Pension and other long-term liabilities | (70) | 55 |
Net cash provided by (used in) operating activities | (3,505) | 430 |
Cash flows provided by (used in) investing activities: | ||
Additions to property and equipment | (222) | (347) |
Proceeds from sale or maturity of short-term investments | 4,783 | 0 |
Purchases of short-term investments | (4,175) | 0 |
Net cash provided by (used in) investing activities | 386 | (347) |
Cash flows used in financing activities: | ||
Dividends paid | (1,148) | (1,142) |
Net cash used in financing activities | (1,148) | (1,142) |
Effect of exchange rates on cash and cash equivalents | (2) | 60 |
Decrease in cash and cash equivalents | (4,269) | (999) |
Cash and cash equivalents - beginning of year | 35,893 | 20,268 |
Cash and cash equivalents - end of year | 31,624 | 19,269 |
Cash paid during the period for: | ||
Interest | 0 | 1 |
Income taxes (net of refunds) | $ 615 | $ 500 |
Overview of Business and Basis
Overview of Business and Basis of Presentation | 3 Months Ended |
Sep. 30, 2017 | |
Overview Of Business [Abstract] | |
Overview of Business | 1. Overview of Business and Basis of Presentation References herein to “Concurrent,” the “Company,” “we,” “our,” or “us” refer to Concurrent Computer Corporation and its subsidiaries unless the context specifically indicates otherwise. Concurrent is a global software and solutions company that develops advanced applications focused on storing, protecting, transforming, and delivering high value media assets. We serve industries and customers that demand uncompromising performance, reliability and flexibility to gain a competitive edge, drive meaningful growth and confidently deliver best-in-class solutions that enrich the lives of millions of people around the world every day. As a result of the sale of our Real-Time solutions business (“Real-Time business”) in May 2017, as discussed below, we have one reporting segment for financial reporting purposes, Content Delivery. Our content delivery solutions consist of software, hardware and services for intelligently streaming video content to a variety of consumer devices and storing and managing content in the network. Our streaming video and storage products and services are deployed by service providers to support consumer-facing video applications including live broadcast video, video-on-demand and time-shifted video services such as cloud-based digital video recording. In fiscal year 2016, we introduced Aquari Storage, our unified scale-out storage solutions product that is ideally suited for a wide range of enterprise IT and video applications that require advanced performance, very large storage capacities, and a high degree of reliability. In May 2017, we sold our Real-Time business consisting of real-time Linux operating system versions, development and performance optimization tools, simulation software and other system software combined, in many cases, with computer platforms and services. These real-time products were sold to a wide variety of companies seeking high performance, real-time computer solutions in the defense, aerospace, financial and automotive markets around the world. Results of our real-time business are retrospectively reflected as discontinued operations in our consolidated financial statements for all periods presented. Prior year information has been adjusted to conform with the current year presentation. Unless otherwise stated, the information disclosed in the footnotes accompanying the consolidated financial statements refer to continuing operations. See Note 12 Discontinued Operations for more information regarding results from discontinued operations. The accompanying unaudited condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles of the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to applicable rules and regulations. In the opinion of management, all adjustments of a normal recurring nature which were considered necessary for fair presentation have been included. The year-end condensed consolidated balance sheet data as of June 30, 2017 was derived from our audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. The results of operations for the three months ended September 30, 2017 are not necessarily indicative of the results to be expected for the entire year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2017 filed with the SEC on September 20, 2017. On October 13, 2017, we entered into an agreement to sell the assets of the Company used in our content delivery business and assign certain liabilities associated therewith. See Note 18 Subsequent Events for more details. There have been no changes to our Significant Accounting Policies as disclosed in Note 2 of the consolidated financial statements included in our Annual Report on Form 10-K for the year ended June 30, 2017. Smaller Reporting Company We meet the SEC’s definition of a “Smaller Reporting Company,” and therefore qualify for the SEC’s reduced disclosure requirements for smaller reporting companies. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts 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. |
Recent Accounting Guidance
Recent Accounting Guidance | 3 Months Ended |
Sep. 30, 2017 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent Accounting Guidance | 2. Recent Accounting Guidance Recently Adopted Accounting Guidance In July 2015, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In March 2016, the FASB issued ASU No. 2016-09, Compensation Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting Recent Accounting Guidance Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2016, the FASB issued ASU No. 2016-15, Clarification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU No. 2017-01 - Business Combinations (Topic 805) In March 2017, the FASB issued ASU 2017-07, Compensation Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In May 2017, the FASB issued ASU 2017-09, Compensation Stock Compensation (Topic 718): Scope of Modification Accounting |
Basic and Diluted Net Income (L
Basic and Diluted Net Income (Loss) per Share | 3 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income (Loss) per Share | 3. Basic and Diluted Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during each year. Diluted net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares including dilutive common share equivalents. Under the treasury stock method, incremental shares representing the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued are included in the computation. Due to the loss from continuing operations for both periods presented, common share equivalents of 218,719 342,361 Three Months Ended September 30, 2017 2016 Loss from continuing operations $ (1,010) $ (4,854) Income from discontinued operations, net of income taxes - 1,926 Net income (loss) $ (1,010) $ (2,928) Basic and diluted EPS: Basic and diluted weighted average shares outstanding 9,392,197 9,189,343 Basic and diluted earnings (loss) per share: Continuing operations $ (0.11) $ (0.53) Discontinued operations - 0.21 Net income (loss) $ (0.11) $ (0.32) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly fashion between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be either recorded or disclosed at fair value, we consider the most advantageous market in which it would transact and assumptions that market participants would use when pricing the asset or liability. The Accounting Standards Codification requires certain disclosures around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are: ⋅ Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities; ⋅ Level 2 Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and ⋅ Level 3 Assets or liabilities for which fair value is based on valuation models with significant unobservable pricing inputs and which result in the use of management estimates. Our investment portfolio consists of money market funds, U.S. Treasury bills, repurchase agreements and commercial paper. Our investment portfolio has an average maturity of three months or less and no investments within the portfolio have an original maturity of one year or more. All highly liquid investments with an original maturity of three months or less when purchased are considered to be cash equivalents. All cash equivalents are carried at cost less any unamortized premium or discount, which approximates fair value. All investments with original maturities of more than three months are classified as short-term investments. Our marketable securities are classified as available-for-sale and are reported at fair value with unrealized gains and losses, net of tax, reported in stockholders’ equity as a component of accumulated other comprehensive income or loss. Interest on securities is recorded in interest income. Any realized gains or losses would be shown in the accompanying consolidated statements of operations in other income or expense. We provide fair value measurements disclosures of our available-for-sale securities in accordance with one of the three levels of fair value measurement. We have no financial assets that are measured on a recurring basis that fall within Level 3 of the fair value hierarchy. Quoted Prices in Observable Unobservable Total Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Cash $ 5,700 $ 5,700 $ - $ - Money market funds 17,124 17,124 - - Repurchase agreement (1) 7,500 - 7,500 - Commercial paper 700 - 700 - U.S. Treasury bills 600 - 600 - Cash and cash equivalents 31,624 22,824 8,800 - Commercial paper 5,684 - 5,684 - U.S. Treasury bills 600 - 600 - Short-term investments 6,284 - 6,284 - $ 37,908 $ 22,824 $ 15,084 $ - (1) Collateralized at 102 Quoted Prices in Observable Unobservable Total Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Cash $ 5,646 $ 5,646 $ - $ - Money market funds 26,051 26,051 - - Commercial paper 4,196 - 4,196 - Cash and cash equivalents 35,893 31,697 4,196 - Commercial paper 6,870 - 6,870 - Short-term investments 6,870 - 6,870 - $ 42,763 $ 31,697 $ 11,066 $ - Unrealized Unrealized Estimated Cost Gains Losses Fair Value Commercial paper $ 5,684 $ - $ - $ 5,684 U.S. Treasury bills 600 - - 600 Total marketable securities $ 6,284 $ - $ - $ 6,284 |
Income Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 5. Income Taxes Components of Provision (Benefit) for Income Taxes Three Months Ended September 30, 2017 2016 United States $ (960) $ (5,150) Foreign (172) 265 Income (loss) before income taxes $ (1,132) $ (4,885) We recorded an income tax benefit of $ 122 31 Three Months Ended September 30, 2017 2016 United States $ 5 $ 10 Foreign (127) (41) Provision (benefit) for income taxes $ (122) $ (31) For the three months ended September 30, 2017, the domestic tax expense is lower than the prior year due to lower state taxes and interest and penalties on uncertain tax positions for the three months ended September 30, 2017, as compared to the same period from the prior year. The international tax benefit is higher as compared to the prior year, primarily due to lower pre-tax income in both Japan and the U.K. for the three months ended September 30, 2017, as compared to the same period from the prior year. Net Operating Losses As of June 30, 2017, we had U.S. federal net operating loss carryforwards (“NOLs”) of approximately $ 71,953 We also have state NOLs that expire according to the rules of each state and expiration will occur between fiscal year 2018 and fiscal year 2036 Deferred Tax Assets and Related Valuation Allowances In assessing the realizability of deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining whether or not a valuation allowance for tax assets is needed, we evaluate all available evidence, both positive and negative, including: trends in operating income or losses; currently available information about future years; future reversals of existing taxable temporary differences; future taxable income exclusive of reversing temporary differences and carryforwards; taxable income in prior carryback years if carryback is permitted under the tax law; and tax planning strategies that would accelerate taxable amounts to utilize expiring carryforwards, change the character of taxable and deductible amounts from ordinary income or loss to capital gain or loss, or switch from tax-exempt to taxable investments. 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. As of September 30, 2017, we maintain a full valuation allowance on our net deferred tax assets in all jurisdictions except Japan and the U.K. In Japan and the U.K., we believe that it is more likely than not that we will realize our entire deferred tax inventory, and no valuation allowance is needed. In all other jurisdictions, we do not have sufficient evidence of future income to conclude that it is more likely than not that we will realize our entire deferred tax inventory. Therefore, we have placed a full valuation allowance on the deferred tax inventory. These jurisdictions include the U.S., Germany, Spain, Hong Kong, and Australia. We re-evaluate our conclusions quarterly regarding the valuation allowance and we will make appropriate adjustments as necessary in the period in which significant changes occur. Unrecognized Tax Benefits We have evaluated our unrecognized tax benefits and determined that there has not been a material change in the amount of such benefits for the three months ended September 30, 2017. Research and Development Tax Credits During the year ended June 30, 2017, we applied for both a U.S. federal and state of Georgia research and development tax credit in the amounts of (1) $ 719 675 575 540 20 During the three months ended September 30, 2017, we recognized $ 146 689 526 510 386 Tax Asset Preservation Plan At our 2016 Annual Meeting of Stockholders held on October 26, 2016, our stockholders adopted a formal amendment to our certificate of incorporation (the “Protective Amendment”) to deter any person acquiring 4.9% or more of the outstanding Common Stock without the approval of our Board in order to protect the value of our NOLs. The Protective Amendment was extended by our stockholders at our 2017 Annual Meeting of Stockholders held on October 25, 2017 and will expire on the earliest of (i) the Board of Directors’ determination that the Protective Amendment is no longer necessary for the preservation of the Company’s NOLs because of the amendment or repeal of Section 382 or any successor statute, (ii) the close of business on the first day of any taxable year of Concurrent to which the Board of Directors determines that none of our NOLs may be carried forward (iii) such date as the Board of Directors otherwise determines that the Protective Amendment is no longer necessary for the preservation of the Company’s NOLs and (iv) the date of our Annual Meeting of Stockholders to be held during calendar year 2018. As indicated in our Form 8-K filed on October 27, 2017, the Company executed and delivered that certain Consent and Limited Waiver to the Standstill Agreement, filed therewith as Exhibit 10.1 (the “Consent and Limited Waiver”), to JDS1, LLC and Julian Singer (together with their affiliates and associates, the “Investor Group”). The Consent and Limited Waiver provides that so long as (i) the Investor Group collectively beneficially own no more than 24.9% of the outstanding shares of common stock of the Company and (ii) any acquisition of common stock of the Company by the Investor Group would not reasonably be expected to actually limit the Company’s ability to utilize the Company’s net operating loss carryforwards under applicable United States, state, or foreign tax laws, the Company shall not deem the Investor Group to have effected a Prohibited Transfer as that term is defined in the Company’s Restated Certificate of Incorporation. |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation [Abstract] | |
Share-Based Compensation | 6. Share-Based Compensation As of September 30, 2017, we had share-based compensation plans which are described in Note 10 of the consolidated financial statements included in our Annual Report on Form 10-K for the year ended June 30, 2017. We recognize stock compensation expense over the requisite service period of the individual grantees, which generally equals the vesting period. As of September 30, 2017, we had 3,000 489,424 27,881 Three Months Ended September 30, 2017 2016 Share-based compensation expense included in the consolidated statement of operations: Cost of sales $ 6 $ 2 Sales and marketing 44 62 Research and development 17 (1) General and administrative 154 154 Total $ 221 $ 217 Weighted- Average Grant Date Restricted Stock Awards Shares Fair Value Non-vested at July 1, 2017 440,613 $ 5.45 Granted 50,400 5.66 Vested (31,589) 5.61 Forfeited (20,000) 6.05 Non-vested at September 30, 2017 439,424 $ 5.43 In conjunction with the resignation of three of our independent directors (see Note 17 Commitments and Contingencies Resignation of Directors), we accelerated the vesting of 5,400 37 During the three months ended September 30, 2017, 50,000 5.49 |
Pensions and Other Postretireme
Pensions and Other Postretirement Benefits | 3 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Pensions and Other Postretirement Benefits | 7. Pensions and Other Postretirement Benefits Defined Contribution Plans We maintain a retirement savings plan available to U.S. employees that qualifies as a defined contribution plan under Section 401(k) of the Internal Revenue Code. We match 50 5 79 82 We also maintain a defined contribution plan (the “Stakeholder Plan”) for our U.K. based employees. The Stakeholder Plan provides for discretionary matching contributions of between 4 7 5 13 Defined Benefit Plans Three Months Ended September 30, 2017 2016 Net Periodic Benefit Cost Service cost $ - $ - Interest cost 18 13 Expected return on plan assets (2) (4) Recognized actuarial loss 16 20 Amortization of unrecognized net transition obligation (asset) - - Net periodic benefit cost $ 32 $ 29 We contributed $ 4 |
Inventories
Inventories | 3 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. Inventories September 30, June 30, 2017 2017 Raw materials $ 636 $ 832 Work-in-process 5 - Finished goods 986 1,033 $ 1,627 $ 1,865 |
Property and Equipment, net
Property and Equipment, net | 3 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 9. Property and Equipment, net September 30, June 30, 2017 2017 Leasehold improvements $ 1,117 $ 1,117 Machinery and equipment 10,686 10,515 11,803 11,632 Less: Accumulated depreciation (10,180) (9,906) $ 1,623 $ 1,726 Depreciation expense for property and equipment was $ 326 372 |
Intangible Assets, net
Intangible Assets, net | 3 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, net | 10. Intangible Assets, net Intangible assets, net of $133 and $134 at September 30, 2017 and June 30, 2017, respectively, consist of patents and an internet domain name (www.concurrent.com). The domain name is considered an indefinite lived intangible asset and is not amortizable. Intangible assets are included in other long-term assets, net in our consolidated balance sheets. Amortization expense related to finite-lived intangible assets was $3 for each of the three months ended September 30, 2017 and 2016, respectively. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 3 Months Ended |
Sep. 30, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Expenses | 11. Accounts Payable and Accrued Expenses September 30, June 30, 2017 2017 Accounts payable, trade $ 2,356 $ 2,452 Accrued payroll, vacation and other employee expenses 1,679 2,372 Accrued Real-Time sale transaction expenses 300 1,767 Unrecognized income from research and development tax credits 510 566 Accrued income taxes - 415 Dividend payable 142 60 Other accrued expenses 821 532 $ 5,808 $ 8,164 |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure | 12. Discontinued Operations On May 15, 2017, we completed the sale and transfer of certain assets and certain liabilities primarily related to our Real-Time business segment pursuant to an Asset Purchase Agreement (the “RT APA”) dated as of May 15, 2017 with Real Time, Inc. (the “Purchaser”), an investment company owned by Battery Ventures, a private-equity firm based in Boston, Massachusetts, for $ 35,000 following closing that require us to indemnify the Purchaser for certain losses that it incurs as a result of a breach by us of our representations and warranties in the RT APA and certain other matters. Gross proceeds from the sale were paid to us as follows: (1) a $ 30,200 2,800 2,000 In conjunction with the RT APA, we and the Purchaser entered into Transition Services Agreements (the “TSAs”) for the U.S/Europe and Japan. Under the TSAs, we have agreed to provide and receive various services to and from the Purchaser on an arms-length fee-for-service basis for a term of six months as of the date of the TSAs, subject to a renewal term of up to eighteen months. Net amounts charged to the Purchaser under the TSAs for the three months ended September 30, 2017 are $ 5 Results associated with the Real-Time business are classified as income from discontinued operations, net of income taxes, in our condensed consolidated statements of operations. Operating expenses recorded in discontinued operations include costs incurred directly in support of the Real-Time business. Three Months Ended September 30, 2016 Revenue $ 7,997 Cost of sales 3,280 Gross margin 4,717 Operating expenses: Sales and marketing 1,447 Research and development 1,057 General and administrative 176 Total operating expenses 2,680 Operating income 2,037 Other income, net 48 Income from discontinued operations before income taxes 2,085 Provision for income taxes 159 Income from discontinued operations $ 1,926 In accordance with ASC Topic 205-20, Discontinued Operations Three Months Ended September 30, 2016 Operating cash flow data: Depreciation and amortization $ 83 Share-based compensation 25 Foreign currency exchange gains (28) Investing cash flow data: Capital expenditures (20) |
Segment Information
Segment Information | 3 Months Ended |
Sep. 30, 2017 | |
Segments, Geographical Areas [Abstract] | |
Segment Information | 13. Segment Information As a result of the sale of our Real-Time business in May 2017 (see Note 12 Discontinued Operations), we operate in one reportable segment, Content Delivery. We evaluate segment results using revenues and gross margin as the performance measures. Such information is shown on the face of the accompanying condensed consolidated statements of operations. We attribute revenues to individual countries and geographic areas based upon location of our customers. We attribute long-lived assets based upon location of the assets. As presented below, long-lived assets exclude intangible assets, net. Three Months Ended September 30, 2017 2016 Revenue: United States $ 5,682 $ 2,735 Canada 516 870 Total North America 6,198 3,605 Japan 1,131 921 Other Asia-Pacific 1 62 Total Asia-Pacific 1,132 983 Europe 377 531 South America 163 - Total revenue $ 7,870 $ 5,119 September 30, June 30, 2017 2017 Long-lived assets: United States $ 2,340 $ 2,391 Europe 53 53 Japan 378 303 Other Asia-Pacific 1 2 Total long-lived assets $ 2,772 $ 2,749 |
Concentration of Risk
Concentration of Risk | 3 Months Ended |
Sep. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Concentration of Risk 10 Three Months Ended September 30, 2017 2016 Customer A 57 % 16 % Customer B 14 % 18 % Customer C <10 % 21 % Customer D <10 % 11 % We assess credit risk through ongoing credit evaluations of customers’ financial condition, and collateral is generally not required. 10 September 30, June 30, 2017 2017 Customer A 64 % 35 % Customer C <10 % 23 % Customer E <10 % 21 % Three Months Ended September 30, 2017 2016 Vendor A 61 % 33 % Vendor B 22 % <10 % Vendor C <10 % 41 % |
Dividends
Dividends | 3 Months Ended |
Sep. 30, 2017 | |
Dividends [Abstract] | |
Dividends | 15. Dividends Dividends Declared Record Date Payment Date Type Per Share Total September 12, 2017 September 26, 2017 Quarterly $ 0.12 $ 1,187 Total $ 1,187 As of September 30, 2017, we recorded $ 318 142 176 6 Earnings per Share |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 16. Accumulated Other Comprehensive Income (Loss) Pension and Postretirement Currency Benefit Translation Plans Adjustments Total Balance at June 30, 2017 $ (1,345) $ (1,545) $ (2,890) Other comprehensive income before reclassifications (76) 24 (52) Amounts reclassified from accumulated other comprehensive income (loss) 16 - 16 Net current period other comprehensive income (loss) (60) 24 (36) Balance at September 30, 2017 $ (1,405) $ (1,521) $ (2,926) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time, we are involved in litigation incidental to the conduct of our business. We believe that such pending litigation will not have a material adverse effect on our results of operations or financial condition. We enter into agreements in the ordinary course of business with customers that often require us to defend and/or indemnify the customer against intellectual property infringement claims brought by a third-party with respect to our products. For example, we were notified that certain of our customers have settled with or been sued by the following companies, in the noted jurisdictions, regarding the listed patents: Asserting Party Jurisdiction Patents at Issue Broadband iTV, Inc. U.S. District Court of Hawaii U.S. Patent No. 7,361,336 Sprint Communications Company, L.P. U.S. District Court Eastern District of Pennsylvania U.S. Patent Nos. 6,754,907 and 6,757,907 FutureVision.com LLC U.S. District Court Eastern District of Texas U.S. Patent No. 5,877,755 We continue to review our potential obligations under our indemnification agreements with these customers and the indemnity obligations to these customers from other vendors that also provided systems and services to these customers. From time to time, we also indemnify customers and business partners for damages, losses and liabilities they may suffer or incur relating to personal injury, personal property damage, product liability, and environmental claims relating to the use of our products and services or resulting from our acts or omissions, our employees, authorized agents or subcontractors. We have not accrued any material liabilities related to such indemnifications in our financial statements and do not expect any other material costs as a result of such obligations. The maximum potential amount of future payments that we could be required to make is unlimited, and we are unable to estimate any possible loss or range of possible loss. Severance Arrangements Pursuant to the terms of the employment agreements with our executive officers and certain other employees, employment may be terminated by either the respective executive officer or us at any time. In the event the employee voluntarily resigns (except as described below) or is terminated for cause, compensation under the employment agreement will end. In the event an agreement is terminated by us without cause or in certain circumstances constructively by us, the terminated employee will receive severance compensation for a period from 6 12 1,503 Resignation of Directors As indicated in our Form 8-K filed on July 14, 2017, three of our independent directors resigned from our Board and Board committees. In connection with these resignations, we agreed to accelerate the vesting of 5,400 7 52 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Entry into Agreement to Sell Content Delivery Business As reported in our Form 8-K filed on October 16, 2017, we entered into an Asset Purchase Agreement (the “CDN APA”) with Vecima Networks Inc. (“Vecima” and the “CDN Purchaser”) on October 13, 2017. The CDN APA contemplates the sale and transfer of all of the Company’s assets and certain liabilities primarily related to our content delivery business to the CDN Purchaser for a purchase price of $ 29,000 Proceeds from the sale will be payable to us as follows: (1) a $ 27,550 1,450 The CDN APA contains customary representations and warranties of each of the parties. The CDN APA contains indemnification rights in favor of us following closing for (i) breaches of any of the representations or warranties by the CDN Purchaser including, but not limited to, breaches related to organization, authorization, and governmental authorization, (ii) breaches of the covenants or agreements of the CDN Purchaser in the CDN APA, and (iii) liabilities which the CDN Purchaser agrees to assume in the CDN APA. In addition, the CDN APA contains indemnification rights in favor of the CDN Purchaser following closing for (i) breaches of certain fundamental representations and warranties by us, including breaches related to organization, authorization, capitalization, title to purchased assets, finders’ fees, and sufficiency of purchased assets, (ii) breaches of any of the representations and warranties by us, (iii) breaches of the covenants or agreements of us in the CDN APA, and (iv) liabilities which the parties agreed the CDN Purchaser would not assume pursuant to the CDN APA. The completion of the transactions contemplated by the CDN APA are subject to customary closing conditions, including the approval of the transactions by our stockholders. The CDN APA contains specified termination rights for the parties. We have the right to terminate the CDN APA if we enter into a definitive agreement in respect of a Superior Proposal (as defined in the CDN APA), provided that we comply with certain notice and other requirements set forth in the CDN APA. In such event, we may be required to pay Vecima a termination fee equal to $ 1,450 Under the terms of a non-compete agreement to be executed simultaneously with the closing of the transactions contemplated by the CDN APA, we will agree for a period of three years following the closing of the transaction not to (i) directly or indirectly, alone or in association with any other person, own, manage, operate, control, participate in, invest in, perform services for, or otherwise carry on or engage in any business focused on the development, marketing, and supporting of software applications and solutions for video content delivery and storage technologies (a “Content Delivery Business”) anywhere in the world, (ii) without the written consent of the CDN Purchaser, have any direct or indirect interest in any person that engages in any Content Delivery Business or competes with the Content Delivery Business of the Seller, as conducted as of the date of the closing of the transactions under the CDN APA, or (iii) directly or indirectly, solicit or recruit any employees being transferred as set forth in the CDN APA or to encourage any such employee to terminate his or her employment with the CDN Purchaser. Simultaneously with the execution of the CDN APA, certain of our stockholders entered into a Voting Agreement with Vecima (the “Voting Agreement”). As of November 3, 2017, the signatories to the Voting Agreement held approximately 21% of our issued and outstanding common stock. The Voting Agreement requires the signatories to thereto, so long as the Voting Agreement has not terminated in accordance with its terms, to vote in favor of our consummation of the transactions contemplated by the CDN APA and against any action or proposal in favor of an alternative acquisition proposal. The Voting Agreement and the obligations of the stockholders’ thereunder will terminate upon, among other things, the termination of the CDN APA, the withdrawal by the Board of its recommendation that stockholders vote to approve the CDN APA, or the entry by Concurrent, without the prior written consent of the signatories to the Voting Agreement, of an amendment to the CDN APA or a waiver of any term thereof which results in a material decrease in, or material change in the composition of, the purchase price payable under the CDN APA. The stockholders executing the Voting Agreement include all of the directors and officers of Concurrent that are stockholders, but solely in their capacity as stockholders. The Voting Agreement (i) does not limit or affect any actions or omissions taken by any stockholder in its capacity as a director or officer of Concurrent and (ii) may not be construed to prohibit, limit, or restrict any stockholder from exercising its fiduciary duties as an officer or director of Concurrent or its remaining stockholders. JDS1, LLC, our largest stockholder, is also a signatory to the Voting Agreement. Simultaneously with the approval by our Board of our execution of the CDN APA, the Board formed a subcommittee of the Board (the “Investment Committee”) to evaluate options to maximize the value of our remaining assets, which, following the closing of the transactions contemplated under the CDN APA, will consist primarily of (i) cash and cash equivalents and (ii) Concurrent’s remaining NOLs under federal, state, and foreign tax laws. The Board has authorized the Investment Committee to retain such counsel, experts, consultants or other professionals as the Investment Committee shall deem appropriate from time to time to aid in the Investment Committee in the performance of its duties. In accordance with ASC 360-10, Property, Plant and Equipment, For additional information relating to the proposed sale of our content delivery business, see that certain Schedule 14A and Definitive Proxy Statement filed by the Company on November 6, 2017. The Company’s stockholders are invited to attend a special meeting, which will be held at 4375 River Green Parkway, Suite 100, Duluth, Georgia 30096, on Wednesday, December 13, 2017 at 9:00 a.m. local time, to consider approval of the CDN APA. Other than the entry into an agreement to sell our content delivery business described above, we have evaluated subsequent events through the date these financial statements were issued and determined that there were no other material subsequent events that require recognition or additional disclosure in our consolidated financial statements. |
Basic and Diluted Net Income 26
Basic and Diluted Net Income (Loss) per Share (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents a reconciliation of the numerators and denominators of basic and diluted net income per share for the periods indicated: Three Months Ended September 30, 2017 2016 Loss from continuing operations $ (1,010) $ (4,854) Income from discontinued operations, net of income taxes - 1,926 Net income (loss) $ (1,010) $ (2,928) Basic and diluted EPS: Basic and diluted weighted average shares outstanding 9,392,197 9,189,343 Basic and diluted earnings (loss) per share: Continuing operations $ (0.11) $ (0.53) Discontinued operations - 0.21 Net income (loss) $ (0.11) $ (0.32) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | Our financial assets measured at fair value on a recurring basis as of September 30, 2017 are as follows: Quoted Prices in Observable Unobservable Total Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Cash $ 5,700 $ 5,700 $ - $ - Money market funds 17,124 17,124 - - Repurchase agreement (1) 7,500 - 7,500 - Commercial paper 700 - 700 - U.S. Treasury bills 600 - 600 - Cash and cash equivalents 31,624 22,824 8,800 - Commercial paper 5,684 - 5,684 - U.S. Treasury bills 600 - 600 - Short-term investments 6,284 - 6,284 - $ 37,908 $ 22,824 $ 15,084 $ - (1) Collateralized at 102 Our financial assets measured at fair value on a recurring basis as of June 30, 2017 are as follows: Quoted Prices in Observable Unobservable Total Active Markets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) Cash $ 5,646 $ 5,646 $ - $ - Money market funds 26,051 26,051 - - Commercial paper 4,196 - 4,196 - Cash and cash equivalents 35,893 31,697 4,196 - Commercial paper 6,870 - 6,870 - Short-term investments 6,870 - 6,870 - $ 42,763 $ 31,697 $ 11,066 $ - |
Summary of Available-For-Sale Securities | The following is a summary of available-for-sale securities as of September 30, 2017: Unrealized Unrealized Estimated Cost Gains Losses Fair Value Commercial paper $ 5,684 $ - $ - $ 5,684 U.S. Treasury bills 600 - - 600 Total marketable securities $ 6,284 $ - $ - $ 6,284 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The domestic and foreign components of income (loss) before the provision (benefit) for income taxes are as follows: Three Months Ended September 30, 2017 2016 United States $ (960) $ (5,150) Foreign (172) 265 Income (loss) before income taxes $ (1,132) $ (4,885) |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision (benefit) for income taxes are as follows: Three Months Ended September 30, 2017 2016 United States $ 5 $ 10 Foreign (127) (41) Provision (benefit) for income taxes $ (122) $ (31) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of Share Based Compensation Expense Allocation | Three Months Ended September 30, 2017 2016 Share-based compensation expense included in the consolidated statement of operations: Cost of sales $ 6 $ 2 Sales and marketing 44 62 Research and development 17 (1) General and administrative 154 154 Total $ 221 $ 217 |
Summary of Activity of Restricted Shares | A summary of the activity of our time-based, service condition restricted shares during the three months ended September 30, 2017, is presented below: Weighted- Average Grant Date Restricted Stock Awards Shares Fair Value Non-vested at July 1, 2017 440,613 $ 5.45 Granted 50,400 5.66 Vested (31,589) 5.61 Forfeited (20,000) 6.05 Non-vested at September 30, 2017 439,424 $ 5.43 |
Pensions and Other Postretire30
Pensions and Other Postretirement Benefits (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | |
Components of net periodic pension cost of our German defined benefit pension plans recognized in earnings | The following table provides the components of net periodic pension cost of our German defined benefit pension plans recognized in earnings for the three months ended September 30, 2017 and 2016: Three Months Ended September 30, 2017 2016 Net Periodic Benefit Cost Service cost $ - $ - Interest cost 18 13 Expected return on plan assets (2) (4) Recognized actuarial loss 16 20 Amortization of unrecognized net transition obligation (asset) - - Net periodic benefit cost $ 32 $ 29 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consist of the following: September 30, June 30, 2017 2017 Raw materials $ 636 $ 832 Work-in-process 5 - Finished goods 986 1,033 $ 1,627 $ 1,865 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and equipment consists of the following: September 30, June 30, 2017 2017 Leasehold improvements $ 1,117 $ 1,117 Machinery and equipment 10,686 10,515 11,803 11,632 Less: Accumulated depreciation (10,180) (9,906) $ 1,623 $ 1,726 |
Accounts Payable and Accrued 33
Accounts Payable and Accrued Expenses (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following: September 30, June 30, 2017 2017 Accounts payable, trade $ 2,356 $ 2,452 Accrued payroll, vacation and other employee expenses 1,679 2,372 Accrued Real-Time sale transaction expenses 300 1,767 Unrecognized income from research and development tax credits 510 566 Accrued income taxes - 415 Dividend payable 142 60 Other accrued expenses 821 532 $ 5,808 $ 8,164 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | Prior year results have been adjusted to conform with the current year presentation. For the three months ended September 30, 2016, income from discontinued operations is comprised of the following: Three Months Ended September 30, 2016 Revenue $ 7,997 Cost of sales 3,280 Gross margin 4,717 Operating expenses: Sales and marketing 1,447 Research and development 1,057 General and administrative 176 Total operating expenses 2,680 Operating income 2,037 Other income, net 48 Income from discontinued operations before income taxes 2,085 Provision for income taxes 159 Income from discontinued operations $ 1,926 |
Disposal Groups, Including Discontinued Operations ,Statement of Cash Flows | Cash flow information relating to the Real-Time business for the three months ended September 30, 2016 is as follows: Three Months Ended September 30, 2016 Operating cash flow data: Depreciation and amortization $ 83 Share-based compensation 25 Foreign currency exchange gains (28) Investing cash flow data: Capital expenditures (20) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Summary of Revenues by Geographic Area | A summary of our revenue and long-lived assets by geographic area is as follows: Three Months Ended September 30, 2017 2016 Revenue: United States $ 5,682 $ 2,735 Canada 516 870 Total North America 6,198 3,605 Japan 1,131 921 Other Asia-Pacific 1 62 Total Asia-Pacific 1,132 983 Europe 377 531 South America 163 - Total revenue $ 7,870 $ 5,119 |
Summary of Long Lived Assets | September 30, June 30, 2017 2017 Long-lived assets: United States $ 2,340 $ 2,391 Europe 53 53 Japan 378 303 Other Asia-Pacific 1 2 Total long-lived assets $ 2,772 $ 2,749 |
Concentration of Risk (Tables)
Concentration of Risk (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Summary of Revenues by Significant Customers | The following table summarizes revenues by significant customer where such revenue accounted for 10 Three Months Ended September 30, 2017 2016 Customer A 57 % 16 % Customer B 14 % 18 % Customer C <10 % 21 % Customer D <10 % 11 % |
Summary of Significant Accounts Receivable | The following summarizes accounts receivable by significant customers for whom accounts receivable were 10 September 30, June 30, 2017 2017 Customer A 64 % 35 % Customer C <10 % 23 % Customer E <10 % 21 % |
Summary of Purchases by Significant Vendor | The following summarizes purchases from significant vendors where such purchases accounted for 10% or more of total purchases for any one of the indicated periods: Three Months Ended September 30, 2017 2016 Vendor A 61 % 33 % Vendor B 22 % <10 % Vendor C <10 % 41 % |
Dividends (Tables)
Dividends (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Dividends [Abstract] | |
Summary of Dividend Activity | During the three months ended September 30, 2017, our Board approved quarterly cash dividends as follows: Dividends Declared Record Date Payment Date Type Per Share Total September 12, 2017 September 26, 2017 Quarterly $ 0.12 $ 1,187 Total $ 1,187 |
Accumulated Other Comprehensi38
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of taxes, for the three months ended September 30, 2017: Pension and Postretirement Currency Benefit Translation Plans Adjustments Total Balance at June 30, 2017 $ (1,345) $ (1,545) $ (2,890) Other comprehensive income before reclassifications (76) 24 (52) Amounts reclassified from accumulated other comprehensive income (loss) 16 - 16 Net current period other comprehensive income (loss) (60) 24 (36) Balance at September 30, 2017 $ (1,405) $ (1,521) $ (2,926) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Patent Infringement Claims | We enter into agreements in the ordinary course of business with customers that often require us to defend and/or indemnify the customer against intellectual property infringement claims brought by a third-party with respect to our products. For example, we were notified that certain of our customers have settled with or been sued by the following companies, in the noted jurisdictions, regarding the listed patents: Asserting Party Jurisdiction Patents at Issue Broadband iTV, Inc. U.S. District Court of Hawaii U.S. Patent No. 7,361,336 Sprint Communications Company, L.P. U.S. District Court Eastern District of Pennsylvania U.S. Patent Nos. 6,754,907 and 6,757,907 FutureVision.com LLC U.S. District Court Eastern District of Texas U.S. Patent No. 5,877,755 |
Basic and Diluted Net Income 40
Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Loss from continuing operations | $ (1,010) | $ (4,854) |
Income from discontinued operations, net of income taxes | 0 | 1,926 |
Net income (loss) | $ (1,010) | $ (2,928) |
Basic and diluted EPS: | ||
Basic and diluted weighted average shares outstanding | 9,392,197 | 9,189,343 |
Basic and diluted earnings (loss) per share: | ||
Continuing operations | $ (0.11) | $ (0.53) |
Discontinued operations | 0 | 0.21 |
Net income (loss) | $ (0.11) | $ (0.32) |
Basic and Diluted Net Income 41
Basic and Diluted Net Income (Loss) per Share (Details Textual) - shares | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 218,719 | 342,361 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | $ 37,908 | $ 42,763 | |
Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 31,624 | 35,893 | |
Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 6,284 | 6,870 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 22,824 | 31,697 | |
Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 22,824 | 31,697 | |
Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 15,084 | 11,066 | |
Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 8,800 | 4,196 | |
Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 6,284 | 6,870 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |
Fair Value, Inputs, Level 3 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |
Cash [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 5,700 | 5,646 | |
Cash [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 5,700 | 5,646 | |
Cash [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |
Cash [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |
Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 26,051 | ||
Money Market Funds [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 17,124 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 26,051 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 17,124 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | ||
US Treasury Securities [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 600 | ||
US Treasury Securities [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 600 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 600 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 600 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | ||
Commercial Paper [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 4,196 | ||
Commercial Paper [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 700 | ||
Commercial Paper [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 5,684 | 6,870 | |
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | ||
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | ||
Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 4,196 | ||
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 700 | ||
Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 5,684 | 6,870 | |
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | ||
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | ||
Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | Short-term Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | 0 | $ 0 | |
Repurchase Agreements [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | [1] | 7,500 | |
Repurchase Agreements [Member] | Fair Value, Inputs, Level 1 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | [1] | 0 | |
Repurchase Agreements [Member] | Fair Value, Inputs, Level 2 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | [1] | 7,500 | |
Repurchase Agreements [Member] | Fair Value, Inputs, Level 3 [Member] | Cash and Cash Equivalents [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Recurring | [1] | $ 0 | |
[1] | Collateralized at 102% of principal by U.S. Treasury securities, federal agency and/or agency mortgage-backed securities |
Fair Value Measurements (Deta43
Fair Value Measurements (Details 1) $ in Thousands | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale Securities, Amortized Cost Basis | $ 6,284 |
Available-for-sale Securities, Gross Unrealized Gain | 0 |
Available-for-sale Securities, Gross Unrealized Loss | 0 |
Available-for-sale Securities | 6,284 |
Commercial Paper [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale Securities, Amortized Cost Basis | 5,684 |
Available-for-sale Securities, Gross Unrealized Gain | 0 |
Available-for-sale Securities, Gross Unrealized Loss | 0 |
Available-for-sale Securities | 5,684 |
U.S. Treasury bills [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale Securities, Amortized Cost Basis | 600 |
Available-for-sale Securities, Gross Unrealized Gain | 0 |
Available-for-sale Securities, Gross Unrealized Loss | 0 |
Available-for-sale Securities | $ 600 |
Fair Value Measurements (Deta44
Fair Value Measurements (Details Textual) | Sep. 30, 2017 |
Collateralized Mortgage Backed Securities [Member] | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |
Trading Securities Collateralized Percentage | 102.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
United States | $ (960) | $ (5,150) |
Foreign | (172) | 265 |
Income (loss) before income taxes | $ (1,132) | $ (4,885) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Current: | ||
United States | $ 5 | $ 10 |
Foreign | (127) | (41) |
Provision (benefit) for income taxes | $ (122) | $ (31) |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 71,953 | |||
Income Tax Expense (Benefit) | $ (122) | $ (31) | ||
Operating Loss Carryforwards Expiration Date Description | expire according to the rules of each state and expiration will occur between fiscal year 2018 and fiscal year 2036 | |||
Tax Credit Carryforward, Expiration Period | 20 years | |||
Research Tax Credit Carryforward [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized Tax Benefits | $ 510 | |||
Other Noncurrent Liabilities [Member] | Research Tax Credit Carryforward [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized Tax Benefits | 386 | |||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 575 | $ 540 | ||
Domestic Tax Authority [Member] | Research and Development Tax Credit [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Other Assets, Current | 526 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 146 | $ 719 | $ 675 | |
State and Local Jurisdiction [Member] | Research and Development Tax Credit [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Other Assets, Current | $ 689 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | $ 221 | $ 217 |
Cost of sales [Member] | ||
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | 6 | 2 |
Sales and marketing [Member] | ||
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | 44 | 62 |
Research and development [Member] | ||
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | 17 | (1) |
General and administrative [Member] | ||
Share-based compensation expense included in the consolidated statement of operations: | ||
Allocated Share-based Compensation Expense | $ 154 | $ 154 |
Share-Based Compensation (Det49
Share-Based Compensation (Details 1) - Restricted Stock Awards [Member] | 3 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Non-vested at July 1, 2017 (in shares) | shares | 440,613 |
Granted, Shares (in shares) | shares | 50,400 |
Vested, Shares (in shares) | shares | (31,589) |
Forfeited, Shares (in shares) | shares | (20,000) |
Non-vested at September 30, 2017 (in shares) | shares | 439,424 |
Non-vested, Weighted Average Grant Date Fair Value at July 1, 2017 (in dollars per share) | $ / shares | $ 5.45 |
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 5.66 |
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 5.61 |
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares | 6.05 |
Non-vested at, Weighted Average Grant Date Fair Value at September 30, 2017 (in dollars per share) | $ / shares | $ 5.43 |
Share-Based Compensation (Det50
Share-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 14, 2017 | Sep. 30, 2017 |
Options, outstanding (in shares) | 3,000 | |
Restricted Stock [Member] | ||
Restricted shares outstanding (in shares) | 489,424 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 27,881 | |
Restricted Stock [Member] | Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,400 | |
Restricted Stock [Member] | Director [Member] | Standstill Agreement [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,400 | |
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ 37 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ 5.49 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Beginning Balance | 50,000 |
Pensions and Other Postretire51
Pensions and Other Postretirement Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Net Periodic Benefit Cost | ||
Service cost | $ 0 | $ 0 |
Interest cost | 18 | 13 |
Expected return on plan assets | (2) | (4) |
Recognized actuarial loss | 16 | 20 |
Amortization of unrecognized net transition obligation (asset) | 0 | 0 |
Net periodic benefit cost | $ 32 | $ 29 |
Pensions and Other Postretire52
Pensions and Other Postretirement Benefits (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Contributions by Employer | $ 4 | $ 4 |
Foreign Pension Plans [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Cost Recognized | $ 5 | 13 |
Foreign Pension Plans [Member] | Minimum [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | |
Foreign Pension Plans [Member] | Maximum [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 7.00% | |
United States Defined Contribution Plan [Member] | ||
Defined Contribution Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 50.00% | |
Defined Contribution Plan, Cost Recognized | $ 79 | $ 82 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Inventory [Line Items] | ||
Raw materials | $ 636 | $ 832 |
Work-in-process | 5 | 0 |
Finished goods | 986 | 1,033 |
Total inventory | $ 1,627 | $ 1,865 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements | $ 1,117 | $ 1,117 |
Machinery and equipment | 10,686 | 10,515 |
Property, Plant and Equipment, Gross, Total | 11,803 | 11,632 |
Less: Accumulated depreciation | (10,180) | (9,906) |
Property, Plant and Equipment, Net, Total | $ 1,623 | $ 1,726 |
Property and Equipment, net (55
Property and Equipment, net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 326 | $ 372 |
Intangible Assets, net (Details
Intangible Assets, net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 3 | $ 3 | |
Intangible Assets, Net (Excluding Goodwill) | $ 133 | $ 134 |
Accounts Payable and Accrued 57
Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Accounts payable, trade | $ 2,356 | $ 2,452 |
Accrued payroll, vacation and other employee expenses | 1,679 | 2,372 |
Accrued Real-Time sale transaction expenses | 300 | 1,767 |
Unrecognized income from research and development tax credits | 510 | 566 |
Accrued income taxes | 0 | 415 |
Dividend payable | 142 | 60 |
Other accrued expenses | 821 | 532 |
Accounts payable and accrued expenses, Total | $ 5,808 | $ 8,164 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue | $ 7,997 | |
Cost of sales | 3,280 | |
Gross margin | 4,717 | |
Operating expenses: | ||
Sales and marketing | 1,447 | |
Research and development | 1,057 | |
General and administrative | 176 | |
Total operating expenses | 2,680 | |
Operating income | 2,037 | |
Other income, net | 48 | |
Income from discontinued operations before income taxes | 2,085 | |
Provision for income taxes | 159 | |
Income from discontinued operations | $ 0 | $ 1,926 |
Discontinued Operations (Deta59
Discontinued Operations (Details 1) $ in Thousands | 3 Months Ended |
Sep. 30, 2016USD ($) | |
Operating cash flow data: | |
Depreciation and amortization | $ 83 |
Share-based compensation | 25 |
Foreign currency exchange gains | (28) |
Investing cash flow data: | |
Capital expenditures | $ (20) |
Discontinued Operations (Deta60
Discontinued Operations (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended |
May 15, 2017 | Sep. 30, 2017 | |
Disposal Group, Including Discontinued Operation, Consideration | $ 35,000 | |
Gross Proceeds from Divestiture of Businesses | 30,200 | |
Proceeds from Divestiture of Businesses | 2,800 | |
Escrow Deposit | $ 2,000 | |
Other Cost and Expense, Operating | $ 5 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $ 7,870 | $ 5,119 | |
Total long-lived assets | 2,772 | $ 2,749 | |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | 2,340 | 2,391 | |
Japan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | 378 | 303 | |
Other Asia-Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | 1 | 2 | |
Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total long-lived assets | 53 | $ 53 | |
Reportable Geographical Components [Member] | United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 5,682 | 2,735 | |
Reportable Geographical Components [Member] | Canada [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 516 | 870 | |
Reportable Geographical Components [Member] | Total North America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 6,198 | 3,605 | |
Reportable Geographical Components [Member] | Japan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 1,131 | 921 | |
Reportable Geographical Components [Member] | Other Asia-Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 1 | 62 | |
Reportable Geographical Components [Member] | Total Asia-Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 1,132 | 983 | |
Reportable Geographical Components [Member] | Europe [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | 377 | 531 | |
Reportable Geographical Components [Member] | South America [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenue | $ 163 | $ 0 |
Concentration of Risk (Details)
Concentration of Risk (Details) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | |
Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | |
Customer A [Member] | Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 64.00% | 35.00% |
Customer A [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 57.00% | 16.00% |
Customer B [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 14.00% | 18.00% |
Customer C [Member] | Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 23.00% |
Customer C [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 21.00% |
Customer D [Member] | Sales Revenue, Net [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 11.00% |
Customer E [Member] | Accounts Receivable [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 21.00% |
Concentration of Risk (Details
Concentration of Risk (Details 1) | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Vendor A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 61.00% | 33.00% |
Vendor B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 22.00% | 10.00% |
Vendor C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 41.00% |
Concentration of Risk (Detail64
Concentration of Risk (Details Textual) | 3 Months Ended |
Sep. 30, 2017 | |
Sales Revenue, Net [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 10.00% |
Accounts Receivable [Member] | |
Concentration Risk [Line Items] | |
Concentration Risk, Percentage | 10.00% |
Dividends (Details)
Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Dividends Payable [Line Items] | ||
Dividends Declared Per Share (in dollars per share) | $ 0.12 | $ 0.12 |
Dividends | $ 1,187 | |
First Quarter Dividend [Member] | ||
Dividends Payable [Line Items] | ||
Record Date | Sep. 12, 2017 | |
Payment Date | Sep. 26, 2017 | |
Type | Quarterly | |
Dividends Declared Per Share (in dollars per share) | $ 0.12 | |
Dividends | $ 1,187 |
Dividends (Details Textual)
Dividends (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Jun. 30, 2017 | |
Dividends Payable [Line Items] | ||
Dividends Payable | $ 318 | |
Dividends Payable, Current | 142 | $ 60 |
Dividends Payable Noncurrent | 176 | |
Restricted Stock Award, Forfeitures, Dividends | $ 6 |
Accumulated Other Comprehensi67
Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at June 30, 2017 | $ (2,890) |
Other comprehensive income before reclassifications | (52) |
Amounts reclassified from accumulated other comprehensive income (loss) | 16 |
Net current period other comprehensive income (loss) | (36) |
Balance at September 30, 2017 | (2,926) |
Pension and Postretirement Benefit Plans [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at June 30, 2017 | (1,345) |
Other comprehensive income before reclassifications | (76) |
Amounts reclassified from accumulated other comprehensive income (loss) | 16 |
Net current period other comprehensive income (loss) | (60) |
Balance at September 30, 2017 | (1,405) |
Currency Translation Adjustments [Member] | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at June 30, 2017 | (1,545) |
Other comprehensive income before reclassifications | 24 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 |
Net current period other comprehensive income (loss) | 24 |
Balance at September 30, 2017 | $ (1,521) |
Commitments and Contingencies68
Commitments and Contingencies (Details) | 3 Months Ended |
Sep. 30, 2017 | |
Broadband iTV, Inc. [Member] | |
Loss Contingencies [Line Items] | |
Asserting Party | Broadband iTV, Inc. |
Jurisdiction | U.S. District Court of Hawaii |
Patents at Issue | U.S. Patent No. 7,361,336 |
Sprint Communications Company, L.P. [Member] | |
Loss Contingencies [Line Items] | |
Asserting Party | Sprint Communications Company, L.P. |
Jurisdiction | U.S. District Court Eastern District of Pennsylvania |
Patents at Issue | U.S. Patent Nos. 6,754,907 and 6,757,907 |
FutureVision.com LLC [Member] | |
Loss Contingencies [Line Items] | |
Asserting Party | FutureVision.com LLC |
Jurisdiction | U.S. District Court Eastern District of Texas |
Patents at Issue | U.S. Patent No. 5,877,755 |
Commitments and Contingencies69
Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jul. 14, 2017 | Sep. 30, 2017 |
Loss Contingencies [Line Items] | ||
Contingent Liability for Employee Severance Payments | $ 1,503 | |
Dividends Payable | $ 318 | |
Director [Member] | ||
Loss Contingencies [Line Items] | ||
Due to Officers or Stockholders | $ 52 | |
Dividends Payable | $ 7 | |
Director [Member] | Restricted Stock [Member] | ||
Loss Contingencies [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,400 | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Terminated Employees Severance Compensation Period | 6 months | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Terminated Employees Severance Compensation Period | 12 months |
Subsequent Events (Details Text
Subsequent Events (Details Textual) - USD ($) $ in Thousands | Oct. 13, 2017 | May 15, 2017 |
Subsequent Event [Line Items] | ||
Proceeds from Divestiture of Businesses | $ 2,800 | |
Escrow Deposit | 2,000 | |
Disposal Group, Including Discontinued Operation, Consideration | $ 35,000 | |
Subsequent Event [Member] | Content Delivery Segment [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from Divestiture of Businesses | $ 27,550 | |
Escrow Deposit | 1,450 | |
Asset Purchase Agreement, Termination Fee Payable | 1,450 | |
Disposal Group, Including Discontinued Operation, Consideration | $ 29,000 |