Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2018 | Aug. 21, 2018 | Dec. 31, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2018 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,018 | ||
Entity Registrant Name | PERCEPTRON INC/MI | ||
Entity Central Index Key | 887,226 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Accelerated Filer | ||
Trading Symbol | prcp | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 84,000,000 | ||
Entity Common Stock, Shares Outstanding | 9,555,767 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Current Assets | ||
Cash and cash equivalents | $ 5,830 | $ 3,704 |
Short-term investments | 877 | 1,572 |
Receivables: | ||
Billed receivables, net of allowance for doubtful accounts of $404 and $253, respectively | 31,797 | 31,776 |
Other receivables | 346 | 167 |
Inventories, net of reserves of $2,115 and $1,918, respectively | 13,829 | 11,466 |
Short-term deferred income tax asset | 0 | 438 |
Other current assets | 1,327 | 1,515 |
Total current assets | 54,006 | 50,638 |
Property and Equipment, Net | 6,613 | 7,377 |
Goodwill | 7,985 | 7,793 |
Intangible Assets, Net | 3,820 | 4,073 |
Long-Term Investments | 725 | 725 |
Long-Term Deferred Income Tax Asset | 1,055 | 9 |
Total Assets | 74,204 | 70,615 |
Current Liabilities | ||
Line of credit and short-term notes payable | 175 | 1,705 |
Accounts payable | 7,592 | 8,280 |
Accrued liabilities and expenses | 4,256 | 3,952 |
Accrued compensation | 3,155 | 2,600 |
Current portion of taxes payable | 526 | 791 |
Short-term deferred income tax liability | 0 | 752 |
Income taxes payable | 768 | 477 |
Reserves for restructuring and other charges | 675 | 1,113 |
Deferred revenue | 8,691 | 8,485 |
Total current liabilities | 25,838 | 28,155 |
Long- Term Taxes Payable | 450 | 969 |
Long-Term Deferred Income Tax Liability | 1,717 | 871 |
Other Long-Term Liabilities | 601 | 785 |
Total Liabilities | 28,606 | 30,780 |
Shareholders' Equity | ||
Preferred stock, no par value, authorized 1,000 shares, issued none | 0 | 0 |
Common stock, $0.01 par value, authorized 19,000 shares, issued and outstanding 9,554 and 9,438, respectively | 96 | 94 |
Accumulated other comprehensive loss | (2,098) | (2,721) |
Additional paid-in capital | 48,110 | 46,688 |
Retained deficit | (510) | (4,226) |
Total shareholders' equity | 45,598 | 39,835 |
Total Liabilities and Shareholders' Equity | $ 74,204 | $ 70,615 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Statement Of Financial Position [Abstract] | ||
Billed receivables, allowance for doubtful accounts | $ 404 | $ 253 |
Inventories, reserves | $ 2,115 | $ 1,918 |
Preferred stock, par value | ||
Preferred stock, authorized | 1,000,000 | 1,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized | 19,000,000 | 19,000,000 |
Common stock, issued | 9,554,000 | 9,438,000 |
Common stock, outstanding | 9,554,000 | 9,438,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | |||
Net Sales | $ 84,693 | $ 77,947 | $ 69,135 |
Cost of Sales | 52,693 | 50,178 | 47,996 |
Gross Profit | 32,000 | 27,769 | 21,139 |
Operating Expenses | |||
Selling, general and administrative | 18,469 | 17,347 | 20,316 |
Engineering, research and development | 7,980 | 6,826 | 7,381 |
Severance, impairment and other charges | 603 | 1,777 | 2,826 |
Total operating expenses | 27,052 | 25,950 | 30,523 |
Operating Income (Loss) | 4,948 | 1,819 | (9,384) |
Other Income and (Expense) | |||
Interest expense, net | (181) | (264) | (148) |
Foreign currency gain (loss), net | (397) | (333) | 144 |
Other income (expense), net | 119 | 40 | 171 |
Total other income and (expense) | (459) | (557) | 167 |
Income (Loss) Before Income Taxes | 4,489 | 1,262 | (9,217) |
Income Tax Expense | (773) | (1,430) | (12,896) |
Net Income (Loss) | $ 3,716 | $ (168) | $ (22,113) |
Income (Loss) Per Common Share | |||
Basic | $ 0.39 | $ (0.02) | $ (2.36) |
Diluted | $ 0.39 | $ (0.02) | $ (2.36) |
Weighted Average Common Shares Outstanding | |||
Basic | 9,469 | 9,382 | 9,360 |
Dilutive effect of stock options | 110 | 0 | 0 |
Diluted | 9,579 | 9,382 | 9,360 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net Income (Loss) | $ 3,716 | $ (168) | $ (22,113) |
Other Comprehensive Income (Loss): | |||
Foreign currency translation adjustments | 623 | 499 | (849) |
Comprehensive Income (Loss) | $ 4,339 | $ 331 | $ (22,962) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flow - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ 3,716 | $ (168) | $ (22,113) |
Adjustments to reconcile net income (loss) to net cash provided from (used for) operating activities: | |||
Net cash provided from (used for) operating activities | 3,864 | (3,747) | (5,448) |
Depreciation and amortization | 2,276 | 2,194 | 2,137 |
Stock compensation expense | 954 | 797 | 649 |
Asset impairment and related inventory write-down | (59) | 476 | 858 |
Deferred income taxes | (544) | 496 | 12,521 |
Loss (gain) on disposal of assets | 28 | (5) | 201 |
Allowance for doubtful accounts | 151 | (16) | (128) |
Changes in assets and liabilities | |||
Receivables | 21 | (7,991) | 5,496 |
Inventories | (2,286) | 520 | (537) |
Accounts payable | (761) | (586) | 1,201 |
Accrued liabilities and expenses | 780 | 180 | (2,626) |
Deferred revenue | 141 | 744 | (1,048) |
Other assets and liabilities | (553) | (388) | (2,059) |
Cash Flows from Investing Activities | |||
Purchases of short-term investments | (4,789) | (4,371) | (3,353) |
Sales of short-term investments | 5,535 | 4,290 | 5,788 |
Capital expenditures | (735) | (682) | (1,641) |
Capital expenditures-intangibles | (418) | 0 | (129) |
Net cash (used for) provided from investing activities | (407) | (763) | 665 |
Cash Flows from Financing Activities | |||
(Payments to) proceeds from lines of credit and short-term borrowings, net | (1,715) | 1,303 | (83) |
Proceeds from stock plans | 489 | 157 | 75 |
Cash payments for shares surrendered upon vesting of restricted stock units to cover taxes | (19) | ||
Net cash (used for) provided from financing activities | (1,245) | 1,460 | (8) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (86) | (33) | 76 |
Net Increase (Decrease) in Cash and Cash Equivalents | 2,126 | (3,083) | (4,715) |
Cash and Cash Equivalents, July 1 | 3,704 | 6,787 | 11,502 |
Cash and Cash Equivalents, June 30 | 5,830 | 3,704 | 6,787 |
Non-Cash Investing and Financing Activity: | |||
Debt related to Purchase of Building | 585 | ||
Supplemental Disclosure of Cash Flow Information | |||
Cash paid during the year for interest | 260 | 274 | 261 |
Cash paid during the year for income taxes | $ 847 | $ 555 | $ 1,144 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Additional Paid-In Capital [Member] | Retained Earnings (Deficit) [Member] |
Beginning balance at Jun. 30, 2015 | $ 60,792 | $ 93 | $ (2,371) | $ 45,015 | $ 18,055 |
Beginning balance, shares at Jun. 30, 2015 | 9,348 | ||||
Net income (loss) | (22,113) | (22,113) | |||
Other comprehensive income (loss) | (849) | (849) | |||
Stock-based compensation | 649 | 649 | |||
Stock plans | 75 | $ 1 | 74 | ||
Stock plans, shares | 22 | ||||
Ending balance at Jun. 30, 2016 | 38,554 | $ 94 | (3,220) | 45,738 | (4,058) |
Ending balance, shares at Jun. 30, 2016 | 9,370 | ||||
Net income (loss) | (168) | (168) | |||
Other comprehensive income (loss) | 499 | 499 | |||
Stock-based compensation | 523 | 523 | |||
Stock plans | 427 | 427 | |||
Stock plans, shares | 68 | ||||
Ending balance at Jun. 30, 2017 | $ 39,835 | $ 94 | (2,721) | 46,688 | (4,226) |
Ending balance, shares at Jun. 30, 2017 | 9,438 | 9,438 | |||
Net income (loss) | $ 3,716 | 3,716 | |||
Other comprehensive income (loss) | 623 | 623 | |||
Stock-based compensation | 697 | 697 | |||
Stock plans | 727 | $ 2 | 725 | ||
Stock plans, shares | 116 | ||||
Ending balance at Jun. 30, 2018 | $ 45,598 | $ 96 | $ (2,098) | $ 48,110 | $ (510) |
Ending balance, shares at Jun. 30, 2018 | 9,554 | 9,554 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Operations Perceptron, Inc. (“Perceptron” “we”, “us” or “our”) develops, produces and sells a comprehensive range of automated industrial metrology products and solutions to manufacturers for dimensional gauging, dimensional inspection and 3D scanning. Our products provide solutions for manufacturing process control as well as sensor and software technologies for non-contact measurement, scanning and inspection applications. We also offer value added services such as training and customer support. Basis of Presentation and Principles of Consolidation The Consolidated Financial Statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Our Consolidated Financial Statements include the accounts of Perceptron and our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Management is required to make certain estimates and assumptions under U.S. GAAP during the preparation of these Consolidated Financial Statements. These estimates and assumptions may affect the reported amounts of assets and liabilities as well as the 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. Revenue Recognition Revenue related to products and services is recognized upon shipment when title and risk of loss has passed to the customer or upon completion of the service, there is persuasive evidence of an arrangement, the sales price is fixed or determinable, collection of the related receivable is reasonably assured and customer acceptance criteria, if any, have been successfully demonstrated. We also have multiple element arrangements in our Measurement Solutions product line which may include elements such as: equipment, installation, labor support and/or training. Each element has value on a stand-alone basis and the delivered elements do not include general rights of return. Accordingly, each element is considered a separate unit of accounting. When available, we allocate arrangement consideration to each element in a multiple element arrangement based upon vendor specific objective evidence (“VSOE”) of fair value of the respective elements. When VSOE cannot be established, we attempt to establish the selling price of each element based on relevant third-party evidence. Our products contain a significant level of proprietary technology, customization or differentiation; therefore, comparable pricing of products with similar functionality cannot be obtained. In these cases, we utilize our best estimate of selling price (“BESP”). We determine the BESP for a product or service by considering multiple factors including, but not limited to, pricing practices, internal costs, geographies and gross margin. For multiple element arrangements, we defer from revenue recognition the greater of the relative fair value of any undelivered elements of the contract or the portion of the sales price of the contract that is not payable until the undelivered elements are completed. As part of this evaluation, we limit the amount of revenue recognized for delivered elements to the amount that is not contingent on the future delivery of products or services, including a consideration of payment terms that delay payment until those future deliveries are completed. Some multiple element arrangements contain installment payment terms with a final payment (“final buy-off”) due upon the completion of all elements in the arrangement or when the customer’s final acceptance is received. We recognize revenue for each completed element of a contract when it is both earned and realizable. A provision for final customer acceptance generally does not preclude revenue recognition for the delivered equipment element because we rigorously test equipment prior to shipment to ensure it will function in our customer’s environment. The final acceptance amount is assigned to specific element(s) identified in the contract, or if not specified in the contract, to the last element or elements to be delivered that represent an amount at least equal to the final payment amount. Our Measurement Solutions are designed and configured to meet each customer’s specific requirements. Timing for the delivery of each element in the arrangement is primarily determined by the customer’s requirements and the number of elements ordered. Delivery of all of the multiple elements in an order will typically occur over a three to 15-month period after the order is received. We do not have price protection agreements or requirements to buy back inventory. Our history demonstrates that sales returns have been insignificant. Research and Development In the first half of fiscal 2016, in connection with our NMS acquisition, costs incurred after technological feasibility for certain new products were capitalized. In the third quarter of fiscal 2016, we recorded an impairment charge of $694,000 for one of these products. The remaining capitalized costs will continue to be amortized to cost of goods sold over the estimated lives of these products. All other internal research and development costs, including future software development costs, are expensed as incurred, however, when we utilize outside resources to develop certain new products, including software development, costs incurred after technological feasibility will be capitalized. Foreign Currency The financial statements of our wholly-owned foreign subsidiaries are translated in accordance with the FASB ASC 830, “Foreign Currency Translation Matters”. Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Other obligations, such as stock options and restricted stock awards, are considered to be potentially dilutive common shares. Diluted EPS assumes the issuance of potential dilutive common shares outstanding during the period and adjusts for any changes in income and the repurchase of common shares that would have occurred from the assumed issuance, unless such effect is anti-dilutive. The calculation of diluted shares also takes into effect the average unrecognized non-cash stock-based compensation expense and additional adjustments for tax benefits related to non-cash stock-based compensation expense. Furthermore, we exclude all outstanding options to purchase common stock from the computation of diluted EPS in periods of net losses because the effect is anti-dilutive. Options to purchase 23,000, 119,000 and 194,000 shares of common stock for the fiscal years ended June 30, 2018, 2017 and 2016, respectively, were not included in the computation of diluted EPS because the effect would have been anti-dilutive. Cash and Cash Equivalents We consider all highly liquid investments purchased with maturities of three months or less to be cash equivalents. Fair value approximates carrying value because of the short maturity of the cash equivalents. At June 30, 2018, we had $5,830,000 in cash and cash equivalents of which $4,631,000 was held in foreign bank accounts. We maintain our cash in bank deposit accounts, which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. Accounts Receivable and Concentration of Credit Risk We market and sell our products principally to automotive manufacturers, line builders, system integrators, original equipment manufacturers and value-added resellers. Our accounts receivable are principally from a small number of large customers. We perform ongoing credit evaluations of our customers. Accounts receivable are generally due within 30 to 60 days and are stated at amounts due from customers, net of an allowance for doubtful accounts. Accounts receivable outstanding longer than the contractual payment terms are considered past due. We determine our allowance for doubtful accounts by considering a number of factors, including the length of time trade accounts receivable are past due, our previous loss history, our customers’ current ability to pay their outstanding balance due to us and the condition of the general economy and the industry as a whole. We write-off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. Short-Term and Long-Term Investments We account for our investments in accordance with ASC 320, “Investments – Debt and Equity Securities Inventory Inventory is stated at the lower of cost or net realizable value using the first-in, first-out (“FIFO”) method. We provide a reserve for obsolescence to recognize inventory impairment for the effects of engineering change orders, age and use of inventory that affect the value of the inventory. The reserve for obsolescence creates a new cost basis for the impaired inventory. When inventory that has previously been impaired is sold or disposed of, the related obsolescence reserve is reduced resulting in the reduced cost basis being reflected in cost of goods sold. A detailed review of the inventory is performed annually with quarterly updates for known changes that have occurred since the annual review. Financial Instruments The carrying amounts of our financial instruments, which include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and amounts due to banks or other lenders, approximate their fair values at June 30, 2018 and 2017. See “Short-Term and Long-Term Investments” for a discussion of our investments. Fair values have been determined through information obtained from market sources and management estimates. We follow the provisions of ASC 820, “Fair Value Measurements and Disclosures” ASC 820 establishes a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs), or reflect our assumptions of market participant valuation (unobservable inputs). These two types of inputs create the following fair value hierarchy: • Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly. • Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable and reflect management’s estimates and assumptions. ASC 820 requires the use of observable market data if such data is available without undue cost and effort. Property and Equipment Property and equipment are recorded at historical cost. Depreciation related to machinery and equipment and furniture and fixtures is primarily computed on a straight-line basis over estimated useful lives ranging from 3 to 15 years. Depreciation on buildings is computed on a straight-line basis over 40 years. Depreciation on building improvements is computed on a straight-line basis over estimated useful lives ranging from 10 to 15 years. We review our property and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying amounts to future undiscounted cash flows the assets are expected to generate. If any of these assets would be considered impaired, the impairment that would be recognized would equal the amount by which the carrying value of the asset exceeds its fair value. Goodwill Goodwill represents the excess purchase price over the fair value of the net amounts assigned to assets acquired and liabilities assumed in connection with our acquisitions. Under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805 “ Business Combinations” Companies have the option to evaluate goodwill based upon these qualitative factors, and if it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, then no further goodwill impairment tests are necessary. If the qualitative review indicates it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or if we choose not to perform a qualitative assessment, a quantitative impairment test is performed to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized, if any. During the fourth quarter of fiscal 2018, we elected to complete a quantitative goodwill impairment test, which resulted in no impairment. In conjunction with our annual goodwill impairment test, we early adopted Accounting Standards Update No. 2017-04, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) The quantitative goodwill impairment test contains estimates regarding future revenue growth and expense levels. To the extent that actual results do not meet projected results, it could result in a material impairment to goodwill which could negatively impact our results of operations. Goodwill is recorded on the local books of Coord3 and NMS and foreign currency effects will impact the balance of goodwill in future periods. As of June 30, 2018 and 2017, our goodwill balance is $7,985,000 and $7,793,000, respectively, with the increase due to the differences in foreign currency rates at June 30, 2018 compared to June 30, 2017. Intangibles We acquired intangible assets in addition to goodwill in connection with the acquisitions of Coord3 and NMS in the third quarter of fiscal 2015. Furthermore, we continue to develop intangibles, primarily software. These assets are susceptible to shortened estimated useful lives and changes in fair value due to changes in their use, market or economic changes, or other events or circumstances. We evaluate the potential impairment of these intangible assets whenever events or circumstances indicate their carrying value may not be recoverable. Factors that could trigger an impairment review include historical or projected results that are less than the assumptions used in the original valuation of an intangible asset, a change in our business strategy or our use of an intangible asset or negative economic or industry trends. If an event or circumstance indicates that the carrying value of an intangible asset may not be recoverable, we assess the recoverability of the asset or asset group by comparing the carrying value of the asset or asset group to the sum of the undiscounted future cash flows that the asset or asset group is expected to generate over its remaining economic life. If the carrying value exceeds the sum of the undiscounted future cash flows, we compare the fair value of the intangible asset or asset group to the carrying value and record an impairment loss for the difference. We generally estimate the fair value of our intangible assets or asset groups using the income approach based upon a discounted cash flow model. The income approach requires the use of many assumptions and estimates including future revenues and expenses, discount factors, income tax rates, the identification of groups of assets with highly independent cash flows and assets’ economic lives. Volatility in the global economy makes these assumptions and estimates more judgmental. Actual future operating results and remaining economic lives of our intangible assets could differ from those used in assessing the recoverability of these assets and could result in an impairment of our intangible assets in future periods, negatively impacting our financial position and results of operations. There were no impairment of our intangibles during fiscal years ended June 30, 2018 and 2017, respectively. The amortization periods for customer/distributor relationships, trade name and software are five years, ten years and five years, respectively. Deferred Income Taxes 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 basis and the effects of operating losses and tax credit carry-forwards. 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 tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before we are able to realize their benefit or future deductibility is uncertain (see Note 18 “Income Taxes” for further discussion). Warranty Our In-Line and Near-Line Measurement Solutions generally carry a one to three-year warranty for parts and a one-year warranty for labor and travel related to warranty. Product sales to the forest products industry carry a three-year warranty for TriCam ® ® ® Factors affecting our warranty reserve include the number of units sold or in-service as well as historical and anticipated rates of claims and cost per claim. We periodically assess the adequacy of our warranty reserve based on changes in these factors. If a special circumstance arises which requires a higher level of warranty, we make a special warranty provision commensurate with the facts. Self–Insurance Since January 1, 2017, we have used a fully-insured model for health and vision coverages we offer our U.S employees. We are currently self-insured for any short-term disability claims we may have outstanding. New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers Deferral of the Effective Date In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued Accounting Standards Update No. 2016-02 Leases Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 Leases (Topic 842): Targeted Improvements Codification Improvements to Topic 842, Leases In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326) In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In February 2017, the FASB issued Accounting Standards Update No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets In May 2017, the FASB issued Accounting Standards Update No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting In February 2018, the FASB issued Accounting Standards Update 2018-02— Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In July 2018, the FASB issued Accounting Standards Update No. 2018-09, Codification Improvements Recently Adopted Accounting Pronouncements In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718) In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment |
Information About Major Custome
Information About Major Customers | 12 Months Ended |
Jun. 30, 2018 | |
Risks And Uncertainties [Abstract] | |
Information About Major Customers | 2 . Information About Major Customers Our sales efforts for in-line and near-line products are led by account teams that focus on automotive OEMs. These products are typically purchased for installation in connection with retooling programs undertaken by these companies. Because sales are dependent on the timing of customers’ retooling programs, sales by customer vary significantly from year to year, as do our largest customers. For the fiscal years 2018, 2017 and 2016, approximately 41%, 36% and 34%, respectively, of our “Net Sales” on our Consolidated Statements of Operations were derived from sales directly to our four largest automotive end-user customers. We also sell to manufacturing line builders, system integrators or assembly equipment manufacturers, who in turn sell to our automotive customers. For the fiscal years 2018, 2017 and 2016, approximately 7%, 11% and 8%, respectively, of net sales were to manufacturing line builders, system integrators and original equipment manufacturers for the benefit of the same four largest automotive end user customers in each respective year. During the fiscal years ended June 30, 2018, 2017 and 2016, direct sales to General Motors Company accounted for approximately 17%, 14% and 12%, respectively of our total net sales and Volkswagen Group accounted for approximately 15%, 16% and 17%, respectively of our total net sales. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Jun. 30, 2018 | |
Valuation Allowance [Abstract] | |
Allowance for Doubtful Accounts | 3. Changes in our allowance for doubtful accounts are as follows (in thousands): Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2018 $ 253 $ 195 $ (44 ) $ 404 Fiscal year ended June 30, 2017 $ 269 $ 22 $ (38 ) $ 253 Fiscal year ended June 30, 2016 $ 214 $ 137 $ (82 ) $ 269 |
Inventory
Inventory | 12 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory | 4. Inventory Inventory, net of reserves of $2,115,000 and $1,918,000 at June 30, 2018 and June 30, 2017, respectively, is comprised of the following (in thousands): June 30, 2018 June 30, 2017 Component parts $ 5,156 $ 4,445 Work in process 3,525 3,864 Finished goods 5,148 3,157 Total $ 13,829 $ 11,466 Changes in our reserve for obsolescence is as follows (in thousands): Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2018 $ 1,918 $ 785 (588 ) $ 2,115 Fiscal year ended June 30, 2017 $ 1,608 $ 375 $ (65 ) $ 1,918 Fiscal year ended June 30, 2016 $ 1,436 $ 465 $ (293 ) $ 1,608 |
Intangibles
Intangibles | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangibles | 5. Intangibles Our intangible assets as of June 30, 2018 and 2017 are as follows (in thousands): June 30, 2018 June 30, 2017 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer/Distributor Relationships $ 3,329 $ (2,219 ) $ 1,110 $ 3,263 $ (1,524 ) $ 1,739 Trade Name 2,586 (862 ) 1,724 2,533 (591 ) 1,942 Software 1,490 (504 ) 986 677 (312 ) 365 Other 124 (124 ) — 121 (94 ) 27 Total $ 7,529 $ (3,709 ) $ 3,820 $ 6,594 $ (2,521 ) $ 4,073 Amortization expense for the fiscal years ended June 30, 2018, 2017 and 2016 was $1,168,000, $1,073,000 and $1,121,000, respectively. The estimated amortization of the remaining intangible assets by year is as follows (in thousands): Years Ending June 30, Amount 2019 1,229 2020 865 2021 421 2022 421 2023 377 after 2023 507 $ 3,820 Collectively, the weighted average amortization period of intangible assets subject to amortization is approximately 3.1 years. The intangible assets are amortized over the period of economic benefit or on a straight line basis. |
Short-Term And Long-Term Invest
Short-Term And Long-Term Investments | 12 Months Ended |
Jun. 30, 2018 | |
Investments [Abstract] | |
Short-Term And Long-Term Investments | 6. As of June 30, 2018 and 2017, we held restricted cash in short-term bank guarantees. The restricted cash provides financial assurance that we will fulfill certain customer obligations in China. The cash is restricted as to withdrawal or use while the related bank guarantee is outstanding. Interest is earned on the restricted cash and recorded as interest income. As of June 30, 2018 and June 30, 2017 we had short-term bank guarantees of $166,000 and $239,000 respectively. At June 30, 2018 June 30, 2018 ( i ) the underlying structure of the security; (ii) the present value of the future principal discounted at rates considered to reflect current market conditions; and (iii) the time horizon that the market value of the security could return to its cost and be sold. Under ASC 820, “Fair Value Measurements” The following table presents our Short-Term and Long-Term Investments by category at June 30, 2018 2017 June 30, 2018 Short-Term Investments Cost Fair Value or Carrying Value Bank Guarantees $ 166 $ 166 Mutual Funds 23 23 Time/Fixed Deposits 688 688 Total Short-Term Investments $ 877 $ 877 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments $ 3,700 $ 725 Total Investments $ 4,577 $ 1,602 June 30, 2017 Short-Term Investments Cost Fair Value or Carrying Value Bank Guarantees $ 239 $ 239 Time/Fixed Deposits 1,333 1,333 Total Short-Term Investments $ 1,572 $ 1,572 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments $ 3,700 $ 725 Total Investments $ 5,272 $ 2,297 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Jun. 30, 2018 | |
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract] | |
Financial Instruments | 7. The following table presents our investments at June 30, 2018 and 2017 that are measured and recorded at fair value on a recurring basis consistent with the fair value hierarchy provisions of ASC 820 (in thousands). The fair value of our short-term investments approximates their cost basis. Description June 30, 2018 Level 1 Level 2 Level 3 Mutual funds $ 23 $ 23 $ - $ - Time/Fixed Deposits and Bank Guarantees 854 - 854 - Preferred Stock 725 - - 725 Total $ 1,602 $ 23 $ 854 $ 725 Description June 30, 2017 Level 1 Level 2 Level 3 Time/Fixed Deposits and Bank Guarantees $ 1,572 $ - $ 1,572 $ - Preferred Stock 725 - - 725 Total $ 2,297 $ - $ 1,572 $ 725 Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates. During fiscal years 2018 and 2017, we did not record any other-than-temporary impairments on our financial assets required to be measured on a recurring basis. |
Warranties
Warranties | 12 Months Ended |
Jun. 30, 2018 | |
Product Warranties Disclosures [Abstract] | |
Warranties | 8. Changes to our warranty reserve is as follows (in thousands): Beginning Accruals - Settlements/Claims Effect of Foreign Ending Balance Current Year (in cash or in kind) Currency Balance Fiscal year ended June 30, 2018 $ 548 $ 844 $ (1,006 ) $ 5 $ 391 Fiscal year ended June 30, 2017 $ 370 $ 631 $ (453 ) $ — $ 548 Fiscal year ended June 30, 2016 $ 192 $ 451 $ (272 ) $ (1 ) $ 370 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Property And Equipment | 9. Our property and equipment consisted of the following as of June 30, 2018 and 2017 (in thousands): June 30, 2018 June 30, 2017 Building and Land $ 7,844 $ 7,788 Machinery and Equipment 14,578 16,414 Furniture and Fixtures 1,060 1,054 Total Property and Equipment, gross 23,482 25,256 Less: Accumulated Depreciation (16,869 ) (17,879 ) Total Property and Equipment, net $ 6,613 $ 7,377 Depreciation expense for the years ended June 30, 2018, 2017, and 2016 was $1,108,000, $1,121,000, and $1,016,000, respectively. |
Severance, Impairment And Other
Severance, Impairment And Other Charges | 12 Months Ended |
Jun. 30, 2018 | |
Restructuring And Related Activities [Abstract] | |
Severance, Impairment And Other Charges | 10. Severance, Impairment and Other Charges During the third quarter of fiscal 2016, we announced a financial improvement plan that resulted in a reduction in global headcount of approximately 11%. This plan was implemented to re-align our fixed costs with our near-to mid-term expectations for our business. In addition, during the first quarter of fiscal 2017, we decided to terminate production and marketing of a specific product line due to limitations in its design. Since this decision was made, we have written off $290,000, net related to inventory and impaired certain customer receivable balances in the amount of $127,000. By the second quarter of fiscal 2018, we had substantially completed the plan that was announced; we incurred total pre-tax cash and non-cash charges related to the original restructuring plan, as well as the additional charges from the terminated product line, of $3,531,000. In July 2017, we entered into an agreement to settle the civil suit that was filed by 3CEMS, a Cayman Island and People’s Republic of China corporation, in January 2015 (see Note 14 “Commitments and Contingencies – Legal Proceedings” for further discussion). The settlement of $1,000,000 was recorded as expense in fiscal 2017. In January 2018, a judge in a trade secrets case brought by Perceptron granted the defendants’ motions for recovery of their attorney fees (see Note 14 “Commitments and Contingencies – Legal Proceedings” for further discussion relating to this matter). A charge in the amount of $675,000 was recorded as a liability in the second quarter of fiscal 2018. We have appealed the court’s decision to grant summary disposition and the award of the attorney fees. The charges recorded as Severance, Impairment and Other Charges are as follows (in thousands): Fiscal Years Ended June 30, 2018 2017 2016 Severance and Related Costs $ (13 ) $ 301 $ 1,968 Court Award 675 - - Legal Settlement - 1,000 - Impairment (42 ) 169 694 Inventory Write-Off (17 ) 307 164 Total $ 603 $ 1,777 $ 2,826 Severance expense for the fiscal year ended June 30, 2018 June 30, 2018 Severance expense for the fiscal year ended June 30, 2017 Severance expense for the fiscal year ended June 30, 2016 was associated with a reduction in force at our U.S. location ($1,395,000), our German location ($472,000) and our China location ($101,000). We also recorded an impairment charge of previously capitalized software and wrote-off inventory in the amount of $858,000 related to a product line that was discontinued in the third quarter of fiscal 2016. The following table reconciles the activity for the Reserve for Restructuring and Other Charges (in thousands): 2018 2017 Balance at June 30 $ 1,113 $ 814 Accruals - Severance Related (13 ) 301 Accruals - Court Award 675 - Accruals - Legal Settlement - 1,000 Payments (1,100 ) (1,002 ) Balance at June 30, $ 675 $ 1,113 The remaining accrued balance at June 30, 2018 |
Credit Facilities
Credit Facilities | 12 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Credit Facilities | 11 . Credit Facilities We had approximately $175,000 and $1,705,000 outstanding under our lines of credit and short-term notes payable at June 30, 2018 and 2017, respectively. In addition, we had zero and $171,000 in long-term debt outstanding included in ‘Other Long-Term Liabilities’ at June 30, 2018 and 2017, respectively, on our Consolidated Balance Sheet. On December 4, 2017, we entered into a Loan Agreement (the “Loan Agreement”) with Chemical Bank (“Chemical”), and related documents, including a Promissory Note. The Loan Agreement is an on-demand line of credit and is cancelable at any time by either Perceptron or Chemical and any amounts outstanding would be immediately due and payable. The Loan Agreement is guaranteed by our U.S. subsidiaries. The Loan Agreement allows for maximum permitted borrowings of $8.0 million. The borrowing base is calculated at the lesser of (i) $8.0 million or (ii) the sum of 80% of eligible accounts receivable balances of U.S. customers, and subject to limitations, certain foreign customers, plus the lesser of 50% of eligible inventory or $3.0 million. At June 30, 2018, our additional available borrowing under this facility was approximately $6.8 million. Security for the Loan Agreement is substantially all of our assets in the U.S. Interest is calculated at 2.65% above the 30 day LIBOR Rate. We are not allowed to pay cash dividends under the Loan Agreement. We had zero Prior to December 4, 2017, we were party to an Amended and Restated Credit Agreement with Comerica Bank. We had $1,500,000 outstanding at June 30, 2017 under this agreement. On December 4, 2017, in connection with entering into the Loan Agreement, we repaid in full and terminated our Amended and Restated Credit Agreement with Comerica Bank and related documents. There were no prepayment fees payable in connection with the repayment of the loan. During the third quarter of fiscal 2016, our Italian subsidiary, Coord3, exercised an option to purchase their current manufacturing facility. The total remaining principal payments of €150,000 (equivalent to approximately $175,000) payable over the next 10 months at a 7.0% annual interest rate are recorded in “Lines of credit and short-term notes payable” on our Consolidated Balance Sheet at June 30, 2018. Our Brazilian subsidiary (“Brazil”) has a credit line and overdraft facility with their local bank. Brazil can borrow a total of B$200,000 (equivalent to approximately $52,000). This Brazil facility is cancelable at any time by either Brazil or the bank and any amount then outstanding would become immediately due and payable. The monthly interest rate for the current facility is 12.30%. Brazil previously had two additional credit lines that were cancelled in June 2018. We had no borrowings under these facilities at June 30, 2018 and 2017, respectively. |
Current And Long-Term Taxes Pay
Current And Long-Term Taxes Payable | 12 Months Ended |
Jun. 30, 2018 | |
Acquired Taxes Payable Abstract | |
Current And Long-Term Taxes Payable | 12 . Current and Long-Term Taxes Payable We acquired current and long-term taxes payable as part of the purchase of Coord3. The tax liabilities represent income and payroll related taxes that are payable in accordance with government authorized installment payment plans. These installment plans require varying monthly payments through January 2021. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Jun. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | 13 . Other Long-Term Liabilities Other long-term liabilities at June 30, 2018 and 2017 include $601,000 and $614,000, respectively for long-term contractual and statutory severance liabilities acquired as part of the purchase of Coord3 that represent amounts that will be payable to employees upon termination of employment. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 14. Commitments and Contingencies Leases We lease building space, office equipment and motor vehicles under operating leases. Lease terms generally cover periods from two to five years and may contain renewal options. The following is a summary, as of June 30, 2018 Years Ending June 30, Minimum Rentals 2019 $ 966 2020 573 2021 371 2022 177 2023 and beyond - $ 2,087 Rental expenses for operating leases in the fiscal years ended June 30, 2018, 2017 and 2016 were $884,000, $943,000 and $1,097,000, respectively. Legal Proceedings We may, from time to time, be subject to litigation and other claims in the ordinary course of our business. We accrue for estimated losses arising from such litigation or claims if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. To estimate whether a loss contingency should be accrued by a charge to income, we evaluate, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of the loss. Since the outcome of litigation and claims is subject to significant uncertainty, changes in the factors used in our evaluation could materially impact our financial position or results of operations. We were a party to a civil suit filed by 3CEMS, a Cayman Islands and People’s Republic of China corporation, in the U.S. District Court for the Eastern District of Michigan and served on us on or about January 7, 2015. The suit alleged that we breached our contractual obligations by failing to pay for component parts to be used to manufacture optical video scopes for our discontinued Commercial Products Business Unit. 3CEMS alleged that it purchased the component parts in advance of the receipt of orders based upon instructions they claimed to have received from us. The suit alleged damages of not less than $4.0 million. In July 2017, we entered into an agreement with 3CEMS to settle this suit and recorded the expense in the fourth quarter of fiscal 2017. As part of the settlement, we agreed to pay 3CEMS $1,000,000 in four equal payments of $250,000 each over a period of ten months beginning in August 2017. As of June 30, 2018, this settlement was paid in full (see Note 10 ‘Severance, Impairment and Other Charges’ for further discussion). We are currently unaware of any significant pending litigation affecting us other than the matters set forth below. In May 2017, a judge in a trade secrets case brought by Perceptron granted the defendants’ motions for summary disposition. Furthermore, in January 2018 the judge granted the defendants’ motions for recovery of their attorney fees in the amount of $675,000, plus interest. We are appealing the court’s decision to grant summary disposition and the award of the attorney fees. In the second quarter of fiscal 2018, we recorded a charge in the amount of $675,000 relating to this matter (see Note 10 ‘Severance, Impairment and Other Charges’ for further discussion). Due to our appeal of the court decisions in the trade secrets case, the timing of any payments related to this matter is unknown to us at this time. As part of routine evaluation procedures, we identified a potential concern regarding the employment status and withholding for several individuals in one of our foreign jurisdictions. During fiscal 2015, we estimated a range of the potential financial liability related to this matter of €486,000 to €1 million. We were not able to reasonably estimate the amount within this range that we would be required to pay for this matter. As a result, in fiscal 2015, we recorded a reserve of €486,000 (equivalent to approximately $582,000) representing the minimum amount we estimated would be paid. In the fourth quarter of fiscal 2016, we received the final notice regarding this issue, and as a result, we recorded an additional expense of €227,000 (equivalent to approximately $272,000). To date, we have paid €677,000 (equivalent to approximately $810,000). We believe that the Slovakian authorities have closed this issue and therefore, in the second quarter of fiscal 2018, we reversed the remaining accrual. In the third quarter of fiscal 2018, the Canadian Revenue Agency (“CRA”) completed a Goods and Services Tax/Harmonized Sales Tax Returns (GST/HST) audit. Based on this audit, the CRA preliminarily proposed to assess us approximately CAD $1,218,000 (equivalent to approximately $923,000) in taxes plus interests and penalties related to sales from 2013 through 2018. CRA has indicated that we are entitled to invoice our customers to recover this amount and our customers are required to remit payment. Our response to the CRA preliminary assessment was delivered in April 2018. In June 2018, we received the final assessment, which confirmed the preliminary assessment. In August 2018, we filed a formal appeal request and posted a surety bond as security for this claim. We have not recorded an accrual related to this preliminary audit finding because we are disputing several of the CRA’s conclusions, and, in addition, if our dispute is not resolved to our satisfaction, we expect to ultimately receive the funds from our customers (excluding any interest or penalties), although there may be a timing difference between when we must pay the CRA and when we collect the funds from our customers. |
401(k) Plan
401(k) Plan | 12 Months Ended |
Jun. 30, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
401(k) Plan | 15. 401(k) Plan We have a 401(k) tax deferred savings plan that covers all eligible employees based in the U.S. As part of our financial improvement plan announced in the third quarter of fiscal 2016, we ceased making discretionary contributions at that time. In December 2016, we reinstated discretionary contributions which we expect to continue into our fiscal year 2019. Our contributions during fiscal years 2018, 2017 and 2016 were $281,000, $171,000 and $385,000, respectively. |
Employee Stock Purchase Plan
Employee Stock Purchase Plan | 12 Months Ended |
Jun. 30, 2018 | |
Employee Stock Purchase Plan [Abstract] | |
Employee Stock Purchase Plan | 16. Employee Stock Purchase Plan We have an Employee Stock Purchase Plan for all U.S.-based employees meeting certain eligibility criteria. Under the Plan, eligible employees may purchase shares of our common stock at 85% of the market value at the beginning of a six-month election period. Purchases are limited to 10% of an employee's eligible compensation and the shares purchased are restricted from being sold for one year from the purchase date. At June 30, 2018, 124,433 shares remained available under the Plan. Activity under this Plan is shown in the following table (in thousands, except per share amount): Purchase Period Ended June 30, 2018 2017 2016 Non-cash stock based compensation expense $ 10 $ 4 $ 19 Common shares purchased 5 4 2 Average purchase price per share $ 5.95 $ 3.86 $ 8.50 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 17. Stock Based Compensation We maintain a 2004 Stock Incentive Plan (“2004 Plan”) covering substantially all company employees, non-employee directors and certain other key persons. All Options previously granted under a 1998 Global Team Member Stock Option Plan (“1998 Plan”) were exercised, cancelled or expired before March 31, 2017. The 2004 Plan is administered by a committee of our Board of Directors: The Management Development, Compensation and Stock Option Committee (“MDCSOC”). Awards under the 2004 Plan may be in the form of stock options, stock appreciation rights, restricted stock or restricted stock units, performance share awards, director stock purchase rights and deferred stock units; or any combination thereof. The terms of the awards are determined by the MDCSOC, except as otherwise specified in the 2004 Plan. Stock Options Options outstanding under the 2004 Plan generally become exercisable at 25% or 33 1/3 % per year beginning one year after the date of grant and expire ten years after the date of grant. Option prices from options granted under this plan must not be less than fair market value of our stock on the date of grant. We use the Black-Scholes model for determining stock option valuations. The Black-Scholes model requires subjective assumptions, including future stock price volatility and expected time to exercise, which affect the calculated values. The expected term of option exercises is derived from historical data regarding employee exercises and post-vesting employment termination behavior. The risk-free rate of return is based on published U.S. Treasury rates in effect for the corresponding expected term. The expected volatility is based on historical volatility of our stock price. These factors could change in the future, which would affect the stock-based compensation expense in future periods. We recognized operating expense for non-cash stock-based compensation costs related to stock options in the amount of $336,000, $374,000 and $428,000 for the fiscal years ended June 30, 2018, 2017 and 2016, respectively. As of , the total remaining unrecognized We received $458,000 in cash from option exercises under all stock option payment arrangements for the twelve months ended June 30, 2018 Activity under these Plans is shown in the following tables: Fiscal Year 2018 Fiscal Year 2017 Weighted Aggregate Weighted Aggregate Average Intrinsic Average Intrinsic Exercise Value (1) Exercise Value (1) Shares subject to option Shares Price ($000) Shares Price ($000) Outstanding at beginning of period 622,636 $ 7.26 635,158 $ 7.53 New Grants (based on fair value of common stock at dates of grant) 100,000 $ 7.95 166,500 $ 6.63 Exercised (52,000 ) $ 8.81 (28,916 ) $ 4.89 Expired (34,000 ) $ 9.99 (115,635 ) $ 8.28 Forfeited (1,600 ) $ 10.55 (34,471 ) $ 7.69 Outstanding at end of period 635,036 $ 7.02 $ 2,269 622,636 $ 7.26 $ 279 Exercisable at end of period 384,805 $ 6.87 $ 1,445 336,022 $ 7.50 $ 279 Fiscal Year 2016 Weighted Aggregate Average Intrinsic Exercise Value (1) Shares subject to option Shares Price ($000) Outstanding at beginning of period 658,641 $ 8.53 New Grants (based on fair value of common stock at dates of grant) 511,197 $ 7.35 Exercised (9,748 ) $ 5.92 Expired (123,833 ) $ 9.08 Forfeited (401,099 ) $ 8.48 Outstanding at end of period 635,158 $ 7.53 $ 54 Exercisable at end of period 329,210 $ 7.78 $ 54 (1) The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of stock options exercised during the fiscal years ended June 30, 2018, 2017 and 2016, were $87,000, $58,000 and $24,000, respectively. during the fiscal years ended June 30, 2018, 2017 and 2016, were $400,000, $409,000 and $323,000, respectively. The estimated fair value as of the date options were granted during the periods presented using the Black-Scholes option-pricing model, was as follows: 2018 2017 2016 Weighted average estimated fair value per share of options granted during the period $ 3.96 $ 3.02 $ 2.94 Assumptions: Dividend yield - - - Common stock price volatility 49.01 % 48.25 % 45.43 % Risk free rate of return 1.81 % 1.81 % 1.55 % Expected option term (in years) 5.4 5.5 5.7 The following table summarizes information about stock options at June 30, 2018 Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Remaining Exercise Exercise Range of Exercise Prices Shares Contractual Life Price Shares Price $ 2.80 to $ 4.87 40,400 4.20 $ 3.95 33,733 $ 3.77 5.70 to 8.81 555,136 7.31 $ 6.94 311,572 $ 6.65 8.94 to 14.01 39,500 5.20 $ 11.25 39,500 $ 11.25 $ 2.80 to $ 14.01 635,036 6.98 $ 7.02 384,805 $ 6.87 Restricted Stock and Restricted Stock Units Our restricted stock and restricted stock units under the 2004 Plan generally have been awarded by four methods as follows: (1) Awards that are earned based on achieving certain individual and financial performance goals during the initial fiscal year with either a subsequent one - (2) Awards that are earned based on achieving certain revenue and operating income results with a subsequent one-third vesting requirement on the first, second and third anniversaries of the issuance, provided the individual’s employment has not terminated prior to the vesting date and are freely transferable after vesting; (3) Awards to non-management members of our Board of Directors with a subsequent one-third vesting requirement on the first, second and third anniversaries of the issuance provided the service of the non-management member of our Board of Directors has not terminated prior to the vesting date and are freely transferable after vesting; and (4) Awards that are granted with a one-third vesting requirement on the first, second and third anniversaries of the issuance provided the individual’s employment has not terminated prior to the vesting date and are freely transferable after vesting, including restricted stock units granted as part of the Fiscal Year 2018 Long-Term Incentive Compensation Plan. The grant date fair value associated with the restricted stock is calculated in accordance with ASC 718 “Compensation – Stock Compensation” June 30, 2018 2017 2016 June 30, 2018 $251,000. We expect to recognize this cost over a weighted average vesting period of 2.3 years. A summary of the status of restricted stock and restricted stock unit awards issued at June 30, 2018 Weighted Average Nonvested Grant Date Shares Fair Value Nonvested at June 30, 2017 11,776 $ 8.08 Granted 88,112 7.72 Vested (21,518 ) 7.75 Forfeited or expired (800 ) 7.95 Nonvested at June 30, 2018 77,570 $ 7.77 Performance Stock Units During the second quarter of fiscal 2018, the MDCSOC granted certain employees 40,150 shares of Performance Share Units (“PSUs”) as part of the Fiscal Year 2018 Long-Term Incentive Compensation Plan. The Performance Measures were defined by the MDCSOC as a specific Target level of Revenue and Operating Income for each of the following: fiscal year 2018, fiscal year 2019 and fiscal year 2020. Up to one-third of the PSUs can be earned each year based upon actual performance levels achieved in that fiscal year. One half of the award earned each fiscal year is based upon the achievement of the two Performance Targets in that fiscal year, provided that a minimum level of Operating Income is achieved for that fiscal year. The actual award level for each fiscal year can range from 50% to 150% (for Revenue Target) or 75% to 200% (for Operating Income Target) of the target awards depending on actual performance levels achieved in each fiscal year compared to that year’s target. The non-cash stock-based compensation expense recorded for performance share unit awards for the fiscal years ended June 30, 2018 June 30, 2018 Board of Directors Fees Our Board of Directors’ fees are typically payable in cash on September 1, December 1, March 1, and June 1 of each fiscal year; however, under our 2004 Plan each director can elect to receive our stock in lieu of cash on a calendar year election. Each of our Directors elected stock for the calendar year of 2017 and cash for calendar year of 2018. We issued 29,527 shares to our directors and recorded expense of $257,000 related to the portion of our fiscal year 2018 that fell in calendar year 2017. Available Shares At June 30, 2018 |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. Income Taxes Income (loss) from our operations before income taxes for U.S. and foreign operations was as follows (in thousands): 2018 2017 2016 U.S. $ 2,228 $ (732 ) $ (5,828 ) Foreign 2,261 1,994 (3,389 ) Total $ 4,489 $ 1,262 $ (9,217 ) The income tax (provision) benefit reflected in the statement of income consists of the following (in thousands): 2018 2017 2016 Current (provision) benefit: U.S. Federal, State & Other $ (75 ) $ (127 ) $ (116 ) Foreign (1,213 ) (727 ) (185 ) Deferred taxes U.S. 308 — (11,349 ) Foreign 207 (576 ) (1,246 ) Total (provision) benefit $ (773 ) $ (1,430 ) $ (12,896 ) The components of deferred taxes were as follows (in thousands): 2018 2017 2016 Benefit of net operating losses $ 7,334 $ 8,787 $ 9,268 Tax credit carry-forwards 7,475 5,284 5,451 Deferred revenue 1,668 2,073 1,434 Impaired investment 677 1,054 1,060 Property and intangible assets 61 187 242 Other 1,885 2,161 3,029 Deferred tax asset 19,100 19,546 20,484 Valuation allowance (17,845 ) (19,099 ) (19,453 ) Total deferred tax assets 1,255 447 1,031 Deferred tax liabilities - basis difference and amortization (1,917 ) (1,623 ) (1,631 ) Net deferred taxes $ (662 ) $ (1,176 ) $ (600 ) The reconciliation of income tax rate to effective tax rate was as follows (in thousands): 2018 2017 2016 Provision at U.S. statutory rate 28.1 % 34.0 % 34.0 % Net effect of taxes on foreign activities 8.4 % 49.5 % (5.9 %) Tax effect of U.S. permanent differences 0.5 % 14.7 % 2.6 % State taxes and other, net 0.2 % 4.9 % (1.5 %) Stock based compensation 1.3 % 56.9 % 0.0 % Other (6.2 %) (1.3 %) 3.8 % Valuation allowance (15.1 %) (45.6 %) (172.9 %) Effective tax rate 17.2 % 113.1 % (139.9 %) On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted by the U.S. The Act implements comprehensive tax legislation which, among other changes, reduces the federal statutory corporate tax rate from 35% to 21% and implements a territorial tax system that eliminates the ability to credit certain foreign taxes. Additionally, in December 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which addresses how a company recognizes provisional amounts when a company does not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the effect of the changes in the Tax Act. The measurement period, as defined in SAB 118, ends when a company has obtained, prepared and analyzed the information necessary to finalize its accounting, but cannot extend beyond one year. As we have a June 30 fiscal year end, the lower income tax rates will be phased in, resulting in a blended rate for fiscal 2018 and a 21% rate for years thereafter. Based on the provisions of the Act, we re-measured our U.S. deferred tax assets and related valuation allowance at the date of enactment. The re-measurement of U.S. deferred tax assets and related valuation allowance at the lower enacted corporate tax rate resulted in a net change of zero. Furthermore, the new Act repeals the Alternative Minimum Tax (“AMT”) on corporations. Any AMT credit carryforwards can be used to offset regular tax for any tax year and is refundable, subject to limitation in 2018 - 2021. With this change, we expect to be able to use or monetize the AMT credit in the next four years, and therefore, the valuation allowance recorded against the credit was removed. As a result, we recorded a tax benefit in the amount of $279,000 in the second quarter of fiscal 2018. The Act also imposes a tax on the untaxed foreign earnings of foreign subsidiaries of U.S. companies by deeming those earnings to be repatriated (the “Transition Tax”). Generally, foreign earnings held in the form of cash and cash equivalents are taxed by the U.S. at a 15.5% rate and the remaining earnings are taxed at an 8% rate. The Transition Tax generally may be paid in installments over an eight-year period. At the date of enactment, we were not in a position to present either a final or provisional estimate with respect to the Transition Tax. As of June 30, we have estimated the impact of the Transition Tax by incorporating assumptions made based upon our current interpretation and analysis to-date of the Act and have determined that our foreign tax credits would completely offset any Transition Tax calculated, and therefore, we do not expect to make any cash payments related to the Transition Tax. The actual impact of the Act may differ from our estimates due to, among other things, further refinement of our calculations as allowed under SAB 118, changes in interpretations and assumptions we have made, guidance that may be issued and actions we may take as a result of the Act. At June 30, 2018, we had net operating loss carry-forwards for U.S. federal income tax purposes of $25.8 million that expire in the years 2022 through 2036 and tax credit carry-forwards of $7.5 million of which $5.0 million expire in the years 2019 through 2036. Included in the U.S. federal net operating loss carry-forward is $8.3 million from the exercise of employee stock options, the tax benefit of which was recognized on July 1, 2017 in accordance with ASU 2016-09. A corresponding valuation allowance was also recorded. Our deferred tax assets are substantially represented by the tax benefit of U.S. net operating losses “(NOL’s”), tax credit carry-forwards and the tax benefit of future deductions represented by timing differences for deferred revenue, inventory obsolescence, allowances for bad debts, warranty expenses and unrealized losses on investments. We assess the realizability of the NOL’s and tax credit carry-forwards based on a number of factors including our net operating history, the volatility of our earnings, our accuracy of forecasted earnings for future periods and the general business climate. We also have a deferred tax liability related to the basis difference in the Coord3 intangible assets acquired. As of the end of our fiscal year 2016, we had been in a three-year cumulative loss position in the U.S., therefore, at that time, we determined that it was not more likely than not that any of our U.S. deferred tax assets would be realized as benefits in the future. Accordingly, we established a full valuation allowance against our U.S. net deferred tax assets as of June 30, 2016 and this valuation allowance remains at June 30, 2018. Additionally, during fiscal years 2016 and 2017, we established full valuation allowances against our Germany, Japan, Singapore and Brazil net deferred tax assets for similar reasons. While our U.S. and Germany locations had pre-tax income during fiscal year 2018, both are still in a three-year cumulative loss position as of June 30, 2018 and we have determined that it is not likely than not that any of our deferred tax assets, except for the U.S. AMT credit, will be realized as benefits in the future. The net change in the total valuation allowance for the fiscal years ended June 30, 2018, 2017 and 2016 was ($1,254,000), ($354,000), and $16,349,000, respectively. On June 30, 2018 and 2017, we had $73,000 and $120,000 of unrecognized tax benefits that would affect the effective tax rate if recognized absent valuation considerations. Our policy is to classify interest and penalties related to unrecognized tax benefits as interest expense and income tax expense, respectively. As of June 30, 2018, there was no accrued interest or penalties related to uncertain tax positions recorded on our Consolidated Balance Sheets or Consolidated Statements of Operations. For U.S. federal income tax purposes, the tax years 2015 through 2018 remain open to examination by government tax authorities. For German income tax purposes, tax years 2014 through 2018 remain open to examination by government tax authorities. For our China income tax purposes, tax years 2015 through 2018 remain open to examination by government tax authorities generally. The aggregate changes in the balance of unrecognized tax benefits were as follows (in thousands): 2018 Balance, at June 30, 2017 $ 120 Increases for tax positions related to the current year - Decreases for tax positions related to the prior year (47 ) Balance, at June 30, 2018 $ 73 |
Segment And Geographic Informat
Segment And Geographic Information | 12 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment And Geographic Information | 19. Segment and Geographic Information We manage our business under three operating segments: Americas, Europe and Asia. All of our operating segments rely on our core technologies and sell the same products primarily in the global automotive industry. The segments also possess similar economic characteristics, resulting in similar long-term expected financial performance. In addition, we sell to the same customers in all of our operating segments. Accordingly, our operating segments are aggregated into one reportable segment. We account for geographic sales based on the country from which the sale is invoiced rather than the country to which the product is shipped. We operate in three geographic areas: The Americas (substantially all of which is the United States, with less than 10% from net sales in Brazil), Europe and Asia. Sales and Long-lived assets, net by our geographical regions are as follows (in thousands): Geographical Regions Americas Europe (1) Asia (2) Consolidated Twelve months ended June 30, 2018 Net sales $ 34,720 $ 33,492 $ 16,481 $ 84,693 Long-lived assets, net 5,608 1,541 189 7,338 Twelve months ended June 30, 2017 Net sales $ 30,311 $ 32,139 $ 15,497 $ 77,947 Long-lived assets, net 6,202 1,638 262 8,102 Twelve months ended June 30, 2016 Net sales $ 22,523 $ 31,087 $ 15,525 $ 69,135 Long-lived assets, net 6,607 1,696 393 8,696 (1) Our German subsidiary had net external sales of $23.2 million, $21.8 million and $19.7 million in the fiscal years ended June 30, 2018, 2017 and 2016, respectively. Long-lived assets, net of our German subsidiary were $173,000, $285,000 and $395,000 as of June 30, 2018, 2017 and 2016, respectively. Our Italian subsidiary had net external sales of $10.3 million, $10.3 million, and $11.4 in the fiscal years ended June 30, 2018, 2017 and 2016, respectively. Long-lived assets, net of our Italian subsidiary were $1,263,000, $1,245,000 and $1,201,000 as of June 30, 2018, 2017 and 2016, respectively. (2) Our Chinese subsidiary had net external sales of $14.0 million, $11.5 million and $11.8 million in the fiscal years ended June 30, 2018, 2017 and 2016, respectively. Long-lived assets, net of our Chinese subsidiary were $71,000, $165,000 and $295,000 as of June 30, 2018, 2017 and 2016, respectively. We have three major product lines: Measurement Solutions, 3D Scanning Solutions and Value Added Services. Sales by our product lines are as follows (in thousands): Fiscal Year Ended, June 30, Product Lines 2018 2017 2016 Measurement Solutions $ 77,235 $ 69,731 $ 62,268 3D Scanning Solutions 2,729 5,490 3,936 Value Added Service 4,729 2,726 2,931 Total Net Sales $ 84,693 $ 77,947 $ 69,135 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | 20. Selected Quarterly Financial Data (Unaudited) Selected unaudited quarterly financial data for the fiscal years ended June 30, 2018 and 2017 are as follows (in thousands, except per share amounts): Quarter Ended Fiscal Year 2018 9/30/2017 12/31/2017 3/31/2018 6/30/2018 Net Sales $ 19,269 $ 20,433 $ 21,397 $ 23,594 Gross Profit 7,650 7,407 7,922 9,021 Net Income 1,558 366 1,020 772 Net Income Per Common Share Basic 0.16 0.04 0.11 0.08 Diluted 0.16 0.04 0.11 0.08 Fiscal Year 2017 9/30/2016 12/31/2016 3/31/2017 6/30/2017 Net Sales $ 17,520 $ 21,751 $ 16,325 $ 22,351 Gross Profit 4,574 9,444 5,190 8,561 Net (Loss) Income (2,355 ) 2,524 (598 ) 261 Net (Loss) Income Per Common Share Basic (0.25 ) 0.27 (0.06 ) 0.03 Diluted (0.25 ) 0.27 (0.06 ) 0.03 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Operations | Operations Perceptron, Inc. (“Perceptron” “we”, “us” or “our”) develops, produces and sells a comprehensive range of automated industrial metrology products and solutions to manufacturers for dimensional gauging, dimensional inspection and 3D scanning. Our products provide solutions for manufacturing process control as well as sensor and software technologies for non-contact measurement, scanning and inspection applications. We also offer value added services such as training and customer support. |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The Consolidated Financial Statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Our Consolidated Financial Statements include the accounts of Perceptron and our wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Management is required to make certain estimates and assumptions under U.S. GAAP during the preparation of these Consolidated Financial Statements. These estimates and assumptions may affect the reported amounts of assets and liabilities as well as the 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. |
Revenue Recognition | Revenue Recognition Revenue related to products and services is recognized upon shipment when title and risk of loss has passed to the customer or upon completion of the service, there is persuasive evidence of an arrangement, the sales price is fixed or determinable, collection of the related receivable is reasonably assured and customer acceptance criteria, if any, have been successfully demonstrated. We also have multiple element arrangements in our Measurement Solutions product line which may include elements such as: equipment, installation, labor support and/or training. Each element has value on a stand-alone basis and the delivered elements do not include general rights of return. Accordingly, each element is considered a separate unit of accounting. When available, we allocate arrangement consideration to each element in a multiple element arrangement based upon vendor specific objective evidence (“VSOE”) of fair value of the respective elements. When VSOE cannot be established, we attempt to establish the selling price of each element based on relevant third-party evidence. Our products contain a significant level of proprietary technology, customization or differentiation; therefore, comparable pricing of products with similar functionality cannot be obtained. In these cases, we utilize our best estimate of selling price (“BESP”). We determine the BESP for a product or service by considering multiple factors including, but not limited to, pricing practices, internal costs, geographies and gross margin. For multiple element arrangements, we defer from revenue recognition the greater of the relative fair value of any undelivered elements of the contract or the portion of the sales price of the contract that is not payable until the undelivered elements are completed. As part of this evaluation, we limit the amount of revenue recognized for delivered elements to the amount that is not contingent on the future delivery of products or services, including a consideration of payment terms that delay payment until those future deliveries are completed. Some multiple element arrangements contain installment payment terms with a final payment (“final buy-off”) due upon the completion of all elements in the arrangement or when the customer’s final acceptance is received. We recognize revenue for each completed element of a contract when it is both earned and realizable. A provision for final customer acceptance generally does not preclude revenue recognition for the delivered equipment element because we rigorously test equipment prior to shipment to ensure it will function in our customer’s environment. The final acceptance amount is assigned to specific element(s) identified in the contract, or if not specified in the contract, to the last element or elements to be delivered that represent an amount at least equal to the final payment amount. Our Measurement Solutions are designed and configured to meet each customer’s specific requirements. Timing for the delivery of each element in the arrangement is primarily determined by the customer’s requirements and the number of elements ordered. Delivery of all of the multiple elements in an order will typically occur over a three to 15-month period after the order is received. We do not have price protection agreements or requirements to buy back inventory. Our history demonstrates that sales returns have been insignificant. |
Research and Development | Research and Development In the first half of fiscal 2016, in connection with our NMS acquisition, costs incurred after technological feasibility for certain new products were capitalized. In the third quarter of fiscal 2016, we recorded an impairment charge of $694,000 for one of these products. The remaining capitalized costs will continue to be amortized to cost of goods sold over the estimated lives of these products. All other internal research and development costs, including future software development costs, are expensed as incurred, however, when we utilize outside resources to develop certain new products, including software development, costs incurred after technological feasibility will be capitalized. |
Foreign Currency | Foreign Currency The financial statements of our wholly-owned foreign subsidiaries are translated in accordance with the FASB ASC 830, “Foreign Currency Translation Matters”. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Other obligations, such as stock options and restricted stock awards, are considered to be potentially dilutive common shares. Diluted EPS assumes the issuance of potential dilutive common shares outstanding during the period and adjusts for any changes in income and the repurchase of common shares that would have occurred from the assumed issuance, unless such effect is anti-dilutive. The calculation of diluted shares also takes into effect the average unrecognized non-cash stock-based compensation expense and additional adjustments for tax benefits related to non-cash stock-based compensation expense. Furthermore, we exclude all outstanding options to purchase common stock from the computation of diluted EPS in periods of net losses because the effect is anti-dilutive. Options to purchase 23,000, 119,000 and 194,000 shares of common stock for the fiscal years ended June 30, 2018, 2017 and 2016, respectively, were not included in the computation of diluted EPS because the effect would have been anti-dilutive. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with maturities of three months or less to be cash equivalents. Fair value approximates carrying value because of the short maturity of the cash equivalents. At June 30, 2018, we had $5,830,000 in cash and cash equivalents of which $4,631,000 was held in foreign bank accounts. We maintain our cash in bank deposit accounts, which, at times, may exceed federally insured limits. We have not experienced any losses in such accounts. |
Accounts Receivable and Concentration of Credit Risk | Accounts Receivable and Concentration of Credit Risk We market and sell our products principally to automotive manufacturers, line builders, system integrators, original equipment manufacturers and value-added resellers. Our accounts receivable are principally from a small number of large customers. We perform ongoing credit evaluations of our customers. Accounts receivable are generally due within 30 to 60 days and are stated at amounts due from customers, net of an allowance for doubtful accounts. Accounts receivable outstanding longer than the contractual payment terms are considered past due. We determine our allowance for doubtful accounts by considering a number of factors, including the length of time trade accounts receivable are past due, our previous loss history, our customers’ current ability to pay their outstanding balance due to us and the condition of the general economy and the industry as a whole. We write-off accounts receivable when they become uncollectible, and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. |
Short-Term and Long-Term Investments | Short-Term and Long-Term Investments We account for our investments in accordance with ASC 320, “Investments – Debt and Equity Securities |
Inventory | Inventory Inventory is stated at the lower of cost or net realizable value using the first-in, first-out (“FIFO”) method. We provide a reserve for obsolescence to recognize inventory impairment for the effects of engineering change orders, age and use of inventory that affect the value of the inventory. The reserve for obsolescence creates a new cost basis for the impaired inventory. When inventory that has previously been impaired is sold or disposed of, the related obsolescence reserve is reduced resulting in the reduced cost basis being reflected in cost of goods sold. A detailed review of the inventory is performed annually with quarterly updates for known changes that have occurred since the annual review. |
Financial Instruments | Financial Instruments The carrying amounts of our financial instruments, which include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and amounts due to banks or other lenders, approximate their fair values at June 30, 2018 and 2017. See “Short-Term and Long-Term Investments” for a discussion of our investments. Fair values have been determined through information obtained from market sources and management estimates. We follow the provisions of ASC 820, “Fair Value Measurements and Disclosures” ASC 820 establishes a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs), or reflect our assumptions of market participant valuation (unobservable inputs). These two types of inputs create the following fair value hierarchy: • Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly. • Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable and reflect management’s estimates and assumptions. ASC 820 requires the use of observable market data if such data is available without undue cost and effort. |
Property and Equipment | Property and Equipment Property and equipment are recorded at historical cost. Depreciation related to machinery and equipment and furniture and fixtures is primarily computed on a straight-line basis over estimated useful lives ranging from 3 to 15 years. Depreciation on buildings is computed on a straight-line basis over 40 years. Depreciation on building improvements is computed on a straight-line basis over estimated useful lives ranging from 10 to 15 years. We review our property and equipment for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Recoverability of these assets is measured by comparison of their carrying amounts to future undiscounted cash flows the assets are expected to generate. If any of these assets would be considered impaired, the impairment that would be recognized would equal the amount by which the carrying value of the asset exceeds its fair value. |
Goodwill | Goodwill Goodwill represents the excess purchase price over the fair value of the net amounts assigned to assets acquired and liabilities assumed in connection with our acquisitions. Under the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805 “ Business Combinations” Companies have the option to evaluate goodwill based upon these qualitative factors, and if it is more likely than not that the fair value of the reporting unit is greater than its carrying amount, then no further goodwill impairment tests are necessary. If the qualitative review indicates it is more likely than not that the fair value of the reporting unit is less than its carrying amount, or if we choose not to perform a qualitative assessment, a quantitative impairment test is performed to identify potential goodwill impairment and measure the amount of goodwill impairment loss to be recognized, if any. During the fourth quarter of fiscal 2018, we elected to complete a quantitative goodwill impairment test, which resulted in no impairment. In conjunction with our annual goodwill impairment test, we early adopted Accounting Standards Update No. 2017-04, Intangibles – Goodwill and Other: Simplifying the Test for Goodwill Impairment (Topic 350) The quantitative goodwill impairment test contains estimates regarding future revenue growth and expense levels. To the extent that actual results do not meet projected results, it could result in a material impairment to goodwill which could negatively impact our results of operations. Goodwill is recorded on the local books of Coord3 and NMS and foreign currency effects will impact the balance of goodwill in future periods. As of June 30, 2018 and 2017, our goodwill balance is $7,985,000 and $7,793,000, respectively, with the increase due to the differences in foreign currency rates at June 30, 2018 compared to June 30, 2017. |
Intangibles | Intangibles We acquired intangible assets in addition to goodwill in connection with the acquisitions of Coord3 and NMS in the third quarter of fiscal 2015. Furthermore, we continue to develop intangibles, primarily software. These assets are susceptible to shortened estimated useful lives and changes in fair value due to changes in their use, market or economic changes, or other events or circumstances. We evaluate the potential impairment of these intangible assets whenever events or circumstances indicate their carrying value may not be recoverable. Factors that could trigger an impairment review include historical or projected results that are less than the assumptions used in the original valuation of an intangible asset, a change in our business strategy or our use of an intangible asset or negative economic or industry trends. If an event or circumstance indicates that the carrying value of an intangible asset may not be recoverable, we assess the recoverability of the asset or asset group by comparing the carrying value of the asset or asset group to the sum of the undiscounted future cash flows that the asset or asset group is expected to generate over its remaining economic life. If the carrying value exceeds the sum of the undiscounted future cash flows, we compare the fair value of the intangible asset or asset group to the carrying value and record an impairment loss for the difference. We generally estimate the fair value of our intangible assets or asset groups using the income approach based upon a discounted cash flow model. The income approach requires the use of many assumptions and estimates including future revenues and expenses, discount factors, income tax rates, the identification of groups of assets with highly independent cash flows and assets’ economic lives. Volatility in the global economy makes these assumptions and estimates more judgmental. Actual future operating results and remaining economic lives of our intangible assets could differ from those used in assessing the recoverability of these assets and could result in an impairment of our intangible assets in future periods, negatively impacting our financial position and results of operations. There were no impairment of our intangibles during fiscal years ended June 30, 2018 and 2017, respectively. The amortization periods for customer/distributor relationships, trade name and software are five years, ten years and five years, respectively. |
Deferred Income Taxes | Deferred Income Taxes 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 basis and the effects of operating losses and tax credit carry-forwards. 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 tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not that these items will either expire before we are able to realize their benefit or future deductibility is uncertain (see Note 18 “Income Taxes” for further discussion). |
Warranty | Warranty Our In-Line and Near-Line Measurement Solutions generally carry a one to three-year warranty for parts and a one-year warranty for labor and travel related to warranty. Product sales to the forest products industry carry a three-year warranty for TriCam ® ® ® Factors affecting our warranty reserve include the number of units sold or in-service as well as historical and anticipated rates of claims and cost per claim. We periodically assess the adequacy of our warranty reserve based on changes in these factors. If a special circumstance arises which requires a higher level of warranty, we make a special warranty provision commensurate with the facts. |
Self-Insurance | Self–Insurance Since January 1, 2017, we have used a fully-insured model for health and vision coverages we offer our U.S employees. We are currently self-insured for any short-term disability claims we may have outstanding. |
New Accounting Pronouncements / Recently Adopted Accounting Pronouncements | New Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers Deferral of the Effective Date In January 2016, the FASB issued Accounting Standards Update No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10) Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued Accounting Standards Update No. 2016-02 Leases Leases (Topic 842): Land Easement Practical Expedient for Transition to Topic 842 Leases (Topic 842): Targeted Improvements Codification Improvements to Topic 842, Leases In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326) In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory In November 2016, the FASB issued Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash In January 2017, the FASB issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business In February 2017, the FASB issued Accounting Standards Update No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets In May 2017, the FASB issued Accounting Standards Update No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting In February 2018, the FASB issued Accounting Standards Update 2018-02— Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income In July 2018, the FASB issued Accounting Standards Update No. 2018-09, Codification Improvements Recently Adopted Accounting Pronouncements In July 2015, the FASB issued Accounting Standards Update No. 2015-11, Simplifying the Measurement of Inventory In November 2015, the FASB issued Accounting Standards Update No. 2015-17, Balance Sheet Classification of Deferred Taxes In March 2016, the FASB issued Accounting Standards Update No. 2016-09, Compensation - Stock Compensation (Topic 718) In January 2017, the FASB issued Accounting Standards Update No. 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment |
Allowance for Doubtful Accoun29
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Valuation Allowance [Abstract] | |
Schedule of Changes in Allowance for Doubtful Accounts | Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2018 $ 253 $ 195 $ (44 ) $ 404 Fiscal year ended June 30, 2017 $ 269 $ 22 $ (38 ) $ 253 Fiscal year ended June 30, 2016 $ 214 $ 137 $ (82 ) $ 269 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | June 30, 2018 June 30, 2017 Component parts $ 5,156 $ 4,445 Work in process 3,525 3,864 Finished goods 5,148 3,157 Total $ 13,829 $ 11,466 |
Schedule of Reserves for Obsolescence | Beginning Costs and Ending Balance Expenses Charge-offs Balance Fiscal year ended June 30, 2018 $ 1,918 $ 785 (588 ) $ 2,115 Fiscal year ended June 30, 2017 $ 1,608 $ 375 $ (65 ) $ 1,918 Fiscal year ended June 30, 2016 $ 1,436 $ 465 $ (293 ) $ 1,608 |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary Of Change In Intangible Assets | Our intangible assets as of June 30, 2018 and 2017 are as follows (in thousands): June 30, 2018 June 30, 2017 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer/Distributor Relationships $ 3,329 $ (2,219 ) $ 1,110 $ 3,263 $ (1,524 ) $ 1,739 Trade Name 2,586 (862 ) 1,724 2,533 (591 ) 1,942 Software 1,490 (504 ) 986 677 (312 ) 365 Other 124 (124 ) — 121 (94 ) 27 Total $ 7,529 $ (3,709 ) $ 3,820 $ 6,594 $ (2,521 ) $ 4,073 |
Summary Of Estimated Amortization | The estimated amortization of the remaining intangible assets by year is as follows (in thousands): Years Ending June 30, Amount 2019 1,229 2020 865 2021 421 2022 421 2023 377 after 2023 507 $ 3,820 |
Short-Term And Long-Term Inve32
Short-Term And Long-Term Investments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Investments [Abstract] | |
Schedule Of Short-Term And Long-Term Investments | June 30, 2018 Short-Term Investments Cost Fair Value or Carrying Value Bank Guarantees $ 166 $ 166 Mutual Funds 23 23 Time/Fixed Deposits 688 688 Total Short-Term Investments $ 877 $ 877 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments $ 3,700 $ 725 Total Investments $ 4,577 $ 1,602 June 30, 2017 Short-Term Investments Cost Fair Value or Carrying Value Bank Guarantees $ 239 $ 239 Time/Fixed Deposits 1,333 1,333 Total Short-Term Investments $ 1,572 $ 1,572 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments $ 3,700 $ 725 Total Investments $ 5,272 $ 2,297 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract] | |
Summary Of Investments Measured And Recorded At Fair Value On A Recurring Basis | The following table presents our investments at June 30, 2018 and 2017 that are measured and recorded at fair value on a recurring basis consistent with the fair value hierarchy provisions of ASC 820 (in thousands). The fair value of our short-term investments approximates their cost basis. Description June 30, 2018 Level 1 Level 2 Level 3 Mutual funds $ 23 $ 23 $ - $ - Time/Fixed Deposits and Bank Guarantees 854 - 854 - Preferred Stock 725 - - 725 Total $ 1,602 $ 23 $ 854 $ 725 Description June 30, 2017 Level 1 Level 2 Level 3 Time/Fixed Deposits and Bank Guarantees $ 1,572 $ - $ 1,572 $ - Preferred Stock 725 - - 725 Total $ 2,297 $ - $ 1,572 $ 725 |
Warranties (Tables)
Warranties (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability | Beginning Accruals - Settlements/Claims Effect of Foreign Ending Balance Current Year (in cash or in kind) Currency Balance Fiscal year ended June 30, 2018 $ 548 $ 844 $ (1,006 ) $ 5 $ 391 Fiscal year ended June 30, 2017 $ 370 $ 631 $ (453 ) $ — $ 548 Fiscal year ended June 30, 2016 $ 192 $ 451 $ (272 ) $ (1 ) $ 370 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary Of Property And Equipment | June 30, 2018 June 30, 2017 Building and Land $ 7,844 $ 7,788 Machinery and Equipment 14,578 16,414 Furniture and Fixtures 1,060 1,054 Total Property and Equipment, gross 23,482 25,256 Less: Accumulated Depreciation (16,869 ) (17,879 ) Total Property and Equipment, net $ 6,613 $ 7,377 |
Severance, Impairment And Oth36
Severance, Impairment And Other Charges (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Restructuring And Related Activities [Abstract] | |
Summary Of Severance, Impairment And Other Charges | The charges recorded as Severance, Impairment and Other Charges are as follows (in thousands): Fiscal Years Ended June 30, 2018 2017 2016 Severance and Related Costs $ (13 ) $ 301 $ 1,968 Court Award 675 - - Legal Settlement - 1,000 - Impairment (42 ) 169 694 Inventory Write-Off (17 ) 307 164 Total $ 603 $ 1,777 $ 2,826 |
Schedule Of Restructuring Reserve Reconciliation | The following table reconciles the activity for the Reserve for Restructuring and Other Charges (in thousands): 2018 2017 Balance at June 30 $ 1,113 $ 814 Accruals - Severance Related (13 ) 301 Accruals - Court Award 675 - Accruals - Legal Settlement - 1,000 Payments (1,100 ) (1,002 ) Balance at June 30, $ 675 $ 1,113 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule Of Future Minimum Rental Payments For Operating Leases | The following is a summary, as of June 30, 2018 Years Ending June 30, Minimum Rentals 2019 $ 966 2020 573 2021 371 2022 177 2023 and beyond - $ 2,087 |
Employee Stock Purchase Plan (T
Employee Stock Purchase Plan (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Employee Stock Purchase Plan [Abstract] | |
Schedule of Employee Stock Purchase Plan Activity | Purchase Period Ended June 30, 2018 2017 2016 Non-cash stock based compensation expense $ 10 $ 4 $ 19 Common shares purchased 5 4 2 Average purchase price per share $ 5.95 $ 3.86 $ 8.50 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary Of Stock Option Activity | Activity under these Plans is shown in the following tables: Fiscal Year 2018 Fiscal Year 2017 Weighted Aggregate Weighted Aggregate Average Intrinsic Average Intrinsic Exercise Value (1) Exercise Value (1) Shares subject to option Shares Price ($000) Shares Price ($000) Outstanding at beginning of period 622,636 $ 7.26 635,158 $ 7.53 New Grants (based on fair value of common stock at dates of grant) 100,000 $ 7.95 166,500 $ 6.63 Exercised (52,000 ) $ 8.81 (28,916 ) $ 4.89 Expired (34,000 ) $ 9.99 (115,635 ) $ 8.28 Forfeited (1,600 ) $ 10.55 (34,471 ) $ 7.69 Outstanding at end of period 635,036 $ 7.02 $ 2,269 622,636 $ 7.26 $ 279 Exercisable at end of period 384,805 $ 6.87 $ 1,445 336,022 $ 7.50 $ 279 Fiscal Year 2016 Weighted Aggregate Average Intrinsic Exercise Value (1) Shares subject to option Shares Price ($000) Outstanding at beginning of period 658,641 $ 8.53 New Grants (based on fair value of common stock at dates of grant) 511,197 $ 7.35 Exercised (9,748 ) $ 5.92 Expired (123,833 ) $ 9.08 Forfeited (401,099 ) $ 8.48 Outstanding at end of period 635,158 $ 7.53 $ 54 Exercisable at end of period 329,210 $ 7.78 $ 54 (1) The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of stock options exercised during the fiscal years ended June 30, 2018, 2017 and 2016, were $87,000, $58,000 and $24,000, respectively. during the fiscal years ended June 30, 2018, 2017 and 2016, were $400,000, $409,000 and $323,000, respectively. |
Schedule Of Stock Option Valuation Assumptions | The estimated fair value as of the date options were granted during the periods presented using the Black-Scholes option-pricing model, was as follows: 2018 2017 2016 Weighted average estimated fair value per share of options granted during the period $ 3.96 $ 3.02 $ 2.94 Assumptions: Dividend yield - - - Common stock price volatility 49.01 % 48.25 % 45.43 % Risk free rate of return 1.81 % 1.81 % 1.55 % Expected option term (in years) 5.4 5.5 5.7 |
Summary Of Shares Authorized Under Stock Option Plans, By Exercise Price Range | The following table summarizes information about stock options at June 30, 2018 Options Outstanding Options Exercisable Weighted Weighted Weighted Average Average Average Remaining Exercise Exercise Range of Exercise Prices Shares Contractual Life Price Shares Price $ 2.80 to $ 4.87 40,400 4.20 $ 3.95 33,733 $ 3.77 5.70 to 8.81 555,136 7.31 $ 6.94 311,572 $ 6.65 8.94 to 14.01 39,500 5.20 $ 11.25 39,500 $ 11.25 $ 2.80 to $ 14.01 635,036 6.98 $ 7.02 384,805 $ 6.87 |
Summary Of Restricted Stock And Restricted Stock Unit Awards Issued | A summary of the status of restricted stock and restricted stock unit awards issued at June 30, 2018 Weighted Average Nonvested Grant Date Shares Fair Value Nonvested at June 30, 2017 11,776 $ 8.08 Granted 88,112 7.72 Vested (21,518 ) 7.75 Forfeited or expired (800 ) 7.95 Nonvested at June 30, 2018 77,570 $ 7.77 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income (Loss) from Continuing Operations before Income Taxes | 2018 2017 2016 U.S. $ 2,228 $ (732 ) $ (5,828 ) Foreign 2,261 1,994 (3,389 ) Total $ 4,489 $ 1,262 $ (9,217 ) |
Schedule of Components of Income Tax Expense (Benefit) | 2018 2017 2016 Current (provision) benefit: U.S. Federal, State & Other $ (75 ) $ (127 ) $ (116 ) Foreign (1,213 ) (727 ) (185 ) Deferred taxes U.S. 308 — (11,349 ) Foreign 207 (576 ) (1,246 ) Total (provision) benefit $ (773 ) $ (1,430 ) $ (12,896 ) |
Schedule of Components of Deferred Taxes | 2018 2017 2016 Benefit of net operating losses $ 7,334 $ 8,787 $ 9,268 Tax credit carry-forwards 7,475 5,284 5,451 Deferred revenue 1,668 2,073 1,434 Impaired investment 677 1,054 1,060 Property and intangible assets 61 187 242 Other 1,885 2,161 3,029 Deferred tax asset 19,100 19,546 20,484 Valuation allowance (17,845 ) (19,099 ) (19,453 ) Total deferred tax assets 1,255 447 1,031 Deferred tax liabilities - basis difference and amortization (1,917 ) (1,623 ) (1,631 ) Net deferred taxes $ (662 ) $ (1,176 ) $ (600 ) |
Schedule of Reconciliation of Income Tax Rate to Effective Tax Rate | 2018 2017 2016 Provision at U.S. statutory rate 28.1 % 34.0 % 34.0 % Net effect of taxes on foreign activities 8.4 % 49.5 % (5.9 %) Tax effect of U.S. permanent differences 0.5 % 14.7 % 2.6 % State taxes and other, net 0.2 % 4.9 % (1.5 %) Stock based compensation 1.3 % 56.9 % 0.0 % Other (6.2 %) (1.3 %) 3.8 % Valuation allowance (15.1 %) (45.6 %) (172.9 %) Effective tax rate 17.2 % 113.1 % (139.9 %) |
Schedule of Unrecognized Tax Benefits | 2018 Balance, at June 30, 2017 $ 120 Increases for tax positions related to the current year - Decreases for tax positions related to the prior year (47 ) Balance, at June 30, 2018 $ 73 |
Segment And Geographic Inform41
Segment And Geographic Information (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule Of Sales By Geographical Regions | Sales and Long-lived assets, net by our geographical regions are as follows (in thousands): Geographical Regions Americas Europe (1) Asia (2) Consolidated Twelve months ended June 30, 2018 Net sales $ 34,720 $ 33,492 $ 16,481 $ 84,693 Long-lived assets, net 5,608 1,541 189 7,338 Twelve months ended June 30, 2017 Net sales $ 30,311 $ 32,139 $ 15,497 $ 77,947 Long-lived assets, net 6,202 1,638 262 8,102 Twelve months ended June 30, 2016 Net sales $ 22,523 $ 31,087 $ 15,525 $ 69,135 Long-lived assets, net 6,607 1,696 393 8,696 (1) Our German subsidiary had net external sales of $23.2 million, $21.8 million and $19.7 million in the fiscal years ended June 30, 2018, 2017 and 2016, respectively. Long-lived assets, net of our German subsidiary were $173,000, $285,000 and $395,000 as of June 30, 2018, 2017 and 2016, respectively. Our Italian subsidiary had net external sales of $10.3 million, $10.3 million, and $11.4 in the fiscal years ended June 30, 2018, 2017 and 2016, respectively. Long-lived assets, net of our Italian subsidiary were $1,263,000, $1,245,000 and $1,201,000 as of June 30, 2018, 2017 and 2016, respectively. (2) Our Chinese subsidiary had net external sales of $14.0 million, $11.5 million and $11.8 million in the fiscal years ended June 30, 2018, 2017 and 2016, respectively. Long-lived assets, net of our Chinese subsidiary were $71,000, $165,000 and $295,000 as of June 30, 2018, 2017 and 2016, respectively. |
Schedule Of Sales By Major Product Line | Sales by our product lines are as follows (in thousands): Fiscal Year Ended, June 30, Product Lines 2018 2017 2016 Measurement Solutions $ 77,235 $ 69,731 $ 62,268 3D Scanning Solutions 2,729 5,490 3,936 Value Added Service 4,729 2,726 2,931 Total Net Sales $ 84,693 $ 77,947 $ 69,135 |
Selected Quarterly Financial 42
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Information | Selected unaudited quarterly financial data for the fiscal years ended June 30, 2018 and 2017 are as follows (in thousands, except per share amounts): Quarter Ended Fiscal Year 2018 9/30/2017 12/31/2017 3/31/2018 6/30/2018 Net Sales $ 19,269 $ 20,433 $ 21,397 $ 23,594 Gross Profit 7,650 7,407 7,922 9,021 Net Income 1,558 366 1,020 772 Net Income Per Common Share Basic 0.16 0.04 0.11 0.08 Diluted 0.16 0.04 0.11 0.08 Fiscal Year 2017 9/30/2016 12/31/2016 3/31/2017 6/30/2017 Net Sales $ 17,520 $ 21,751 $ 16,325 $ 22,351 Gross Profit 4,574 9,444 5,190 8,561 Net (Loss) Income (2,355 ) 2,524 (598 ) 261 Net (Loss) Income Per Common Share Basic (0.25 ) 0.27 (0.06 ) 0.03 Diluted (0.25 ) 0.27 (0.06 ) 0.03 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2018 | Mar. 31, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jul. 01, 2018 | Jul. 01, 2017 | Jun. 30, 2015 | |
Summary of Significant Accounting Policies [Line Items] | ||||||||
Impairment | $ 694,000 | |||||||
Shares excluded from the computation of diluted EPS | 23,000 | 119,000 | 194,000 | |||||
Cash and cash equivalents | $ 5,830,000 | $ 5,830,000 | $ 3,704,000 | $ 6,787,000 | $ 11,502,000 | |||
Impairment of goodwill | 0 | |||||||
Goodwill | 7,985,000 | 7,985,000 | 7,793,000 | |||||
Impairment of intangible assets | 0 | 0 | ||||||
Retained earnings | (510,000) | (510,000) | (4,226,000) | |||||
Short-term deferred income tax asset | 0 | 0 | 438,000 | |||||
Long-Term Deferred Income Tax Asset | 1,055,000 | 1,055,000 | 9,000 | |||||
Short-term deferred income tax liability | 0 | 0 | 752,000 | |||||
Long-Term Deferred Income Tax Liability | 1,717,000 | $ 1,717,000 | $ 871,000 | |||||
Accounting Standards Update 2015-17 [Member] | Scenario, Adjustment [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Short-term deferred income tax asset | $ (438,000) | |||||||
Long-Term Deferred Income Tax Asset | 438,000 | |||||||
Short-term deferred income tax liability | (752,000) | |||||||
Long-Term Deferred Income Tax Liability | $ 752,000 | |||||||
Labor And Travel Related [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Standard product warranty period | 1 year | |||||||
TriCam Sensors [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Standard product warranty period | 3 years | |||||||
ScanWorks [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Standard product warranty period | 1 year | |||||||
WheelWorks [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Standard product warranty period | 2 years | |||||||
Customer/Distributor Relationships [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Amortization period | 5 years | |||||||
Trade Name [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Amortization period | 10 years | |||||||
Software [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Amortization period | 5 years | |||||||
Building [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Property, plant and equipment, estimated useful lives | 40 years | |||||||
Foreign Bank Accounts [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Cash and cash equivalents | $ 4,631,000 | $ 4,631,000 | ||||||
Minimum [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Delivery time of multi-element order | 3 months | |||||||
Accounts receivable maturity period | 30 days | |||||||
Minimum [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Scenario, Plan [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Retained earnings | $ 1,800,000 | |||||||
Minimum [Member] | In-Line And Near-Line Measurement Solutions [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Standard product warranty period | 1 year | |||||||
Minimum [Member] | Off-Line Measurement Solutions [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Standard product warranty period | 12 months | |||||||
Minimum [Member] | Machinery and Equipment [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Property, plant and equipment, estimated useful lives | 3 years | |||||||
Minimum [Member] | Furniture and Fixtures [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Property, plant and equipment, estimated useful lives | 3 years | |||||||
Minimum [Member] | Building Improvements [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Property, plant and equipment, estimated useful lives | 10 years | |||||||
Maximum [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Delivery time of multi-element order | 15 months | |||||||
Accounts receivable maturity period | 60 days | |||||||
Maximum [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | Scenario, Plan [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Retained earnings | $ 2,300,000 | |||||||
Maximum [Member] | In-Line And Near-Line Measurement Solutions [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Standard product warranty period | 3 years | |||||||
Maximum [Member] | Off-Line Measurement Solutions [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Standard product warranty period | 15 months | |||||||
Maximum [Member] | Machinery and Equipment [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Property, plant and equipment, estimated useful lives | 15 years | |||||||
Maximum [Member] | Furniture and Fixtures [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Property, plant and equipment, estimated useful lives | 15 years | |||||||
Maximum [Member] | Building Improvements [Member] | ||||||||
Summary of Significant Accounting Policies [Line Items] | ||||||||
Property, plant and equipment, estimated useful lives | 15 years |
Information About Major Custo44
Information About Major Customers (Narrative) (Details) - Customer Concentration Risk [Member] - Sales Revenue, Net [Member] - Customer | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Automotive [Member] | |||
Concentration Risk [Line Items] | |||
Concentration | 41.00% | 36.00% | 34.00% |
Number of major customers | 4 | ||
Manufacturing Line Builders, System Integrators and OEMs [Member] | |||
Concentration Risk [Line Items] | |||
Concentration | 7.00% | 11.00% | 8.00% |
Volkswagen Group [Member] | |||
Concentration Risk [Line Items] | |||
Concentration | 15.00% | 16.00% | 17.00% |
General Motors [Member] | |||
Concentration Risk [Line Items] | |||
Concentration | 17.00% | 14.00% | 12.00% |
Allowance for Doubtful Accoun45
Allowance for Doubtful Accounts (Schedule of Changes in Allowance for Doubtful Accounts) (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 253 | $ 269 | $ 214 |
Costs and Expenses | 195 | 22 | 137 |
Charge-offs | (44) | (38) | (82) |
Ending Balance | $ 404 | $ 253 | $ 269 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Inventory Disclosure [Abstract] | ||
Inventory, net of reserves | $ 2,115 | $ 1,918 |
Inventory (Schedule of Componen
Inventory (Schedule of Components of Inventory) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Inventory Disclosure [Abstract] | ||
Component parts | $ 5,156 | $ 4,445 |
Work in process | 3,525 | 3,864 |
Finished goods | 5,148 | 3,157 |
Total | $ 13,829 | $ 11,466 |
Inventory (Schedule of Reserves
Inventory (Schedule of Reserves for Obsolescence) (Details) - Inventory Reserve For Obsolescence [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Beginning Balance | $ 1,918 | $ 1,608 | $ 1,436 |
Costs and Expenses | 785 | 375 | 465 |
Charge-offs | (588) | (65) | (293) |
Ending Balance | $ 2,115 | $ 1,918 | $ 1,608 |
Intangibles (Summary Of Change
Intangibles (Summary Of Change In Intangible Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,529 | $ 6,594 |
Accumulated Amortization | (3,709) | (2,521) |
Total intangibles | 3,820 | 4,073 |
Customer/Distributor Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,329 | 3,263 |
Accumulated Amortization | (2,219) | (1,524) |
Total intangibles | 1,110 | 1,739 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,586 | 2,533 |
Accumulated Amortization | (862) | (591) |
Total intangibles | 1,724 | 1,942 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,490 | 677 |
Accumulated Amortization | (504) | (312) |
Total intangibles | 986 | 365 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 124 | 121 |
Accumulated Amortization | (124) | (94) |
Total intangibles | $ 0 | $ 27 |
Intangibles (Narrative) (Detail
Intangibles (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense | $ 1,168 | $ 1,073 | $ 1,121 |
Weighted Average [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization period | 3 years 1 month 6 days |
Intangibles (Summary Of Estimat
Intangibles (Summary Of Estimated Amortization) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2,019 | $ 1,229 | |
2,020 | 865 | |
2,021 | 421 | |
2,022 | 421 | |
2,023 | 377 | |
after 2,023 | 507 | |
Total intangibles | $ 3,820 | $ 4,073 |
Short-Term And Long-Term Inve52
Short-Term And Long-Term Investments (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | $ 877 | $ 1,572 |
Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 166 | $ 239 |
Preferred Stock [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Investment | $ 725 |
Short-Term And Long-Term Inve53
Short-Term And Long-Term Investments (Schedule Of Short-Term And Long-Term Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | $ 877 | $ 1,572 |
Long-term investments | 725 | 725 |
Total Investments | 1,602 | 2,297 |
Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 166 | 239 |
Cost [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 877 | 1,572 |
Long-term investments | 3,700 | 3,700 |
Total Investments | 4,577 | 5,272 |
Cost [Member] | Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 166 | 239 |
Cost [Member] | Mutual Funds [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 23 | |
Cost [Member] | Time/Fixed Deposits [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 688 | 1,333 |
Cost [Member] | Preferred Stock [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Long-term investments | 3,700 | 3,700 |
Fair Value Or Carrying Value [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 877 | 1,572 |
Long-term investments | 725 | 725 |
Total Investments | 1,602 | 2,297 |
Fair Value Or Carrying Value [Member] | Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 166 | 239 |
Fair Value Or Carrying Value [Member] | Mutual Funds [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 23 | |
Fair Value Or Carrying Value [Member] | Time/Fixed Deposits [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 688 | 1,333 |
Fair Value Or Carrying Value [Member] | Preferred Stock [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Long-term investments | $ 725 | $ 725 |
Financial Instruments (Summary
Financial Instruments (Summary Of Investments Measured And Recorded At Fair Value On A Recurring Basis) (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | $ 1,602,000 | $ 2,297,000 |
Other-than-temporary impairments | 0 | 0 |
Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 23,000 | |
Time/Fixed Deposits And Bank Guarantees [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 854,000 | 1,572,000 |
Preferred Stock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 725,000 | 725,000 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 23,000 | |
Level 1 [Member] | Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 23,000 | |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 854,000 | 1,572,000 |
Level 2 [Member] | Time/Fixed Deposits And Bank Guarantees [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 854,000 | 1,572,000 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 725,000 | 725,000 |
Level 3 [Member] | Preferred Stock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | $ 725,000 | $ 725,000 |
Warranties (Schedule of Product
Warranties (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Product Warranties Disclosures [Abstract] | |||
Beginning Balance | $ 548 | $ 370 | $ 192 |
Accruals - Current Year | 844 | 631 | 451 |
Settlements/Claims (in cash or in kind) | (1,006) | (453) | (272) |
Effect of Foreign Currency | 5 | (1) | |
Ending Balance | $ 391 | $ 548 | $ 370 |
Property And Equipment (Summary
Property And Equipment (Summary Of Property And Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | $ 23,482 | $ 25,256 |
Less: Accumulated Depreciation | (16,869) | (17,879) |
Property and Equipment, Net | 6,613 | 7,377 |
Building and Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | 7,844 | 7,788 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | 14,578 | 16,414 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | $ 1,060 | $ 1,054 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Property Plant And Equipment [Abstract] | |||
Depreciation | $ 1,108 | $ 1,121 | $ 1,016 |
Severance, Impairment And Oth58
Severance, Impairment And Other Charges (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||
Mar. 31, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2018 | Dec. 31, 2017 | |
Severance, Impairment and Other Charges [Line Items] | ||||||
Headcount reduction | 11.00% | |||||
Inventory write-off | $ (17,000) | $ 307,000 | $ 164,000 | $ 290,000 | ||
Impairment | (42,000) | 169,000 | 694,000 | $ 127,000 | ||
Restructuring costs incurred to date | $ 3,531,000 | |||||
Settlement expense | 1,000,000 | |||||
Accruals - Severance Related | (13,000) | 301,000 | 1,968,000 | |||
Asset impairment and related inventory write-down | (59,000) | 476,000 | 858,000 | |||
China [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Accruals - Severance Related | (15,000) | 82,000 | 101,000 | |||
U.S. [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Accruals - Severance Related | $ 2,000 | 312,000 | 1,395,000 | |||
Germany [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Accruals - Severance Related | (93,000) | $ 472,000 | ||||
3CEMS [Member] | Loss on Purchase Commitment [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Settlement expense | $ 1,000,000 | |||||
Trade Secrets Case [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Accrual for judgment/settlement | $ 675,000 |
Severance, Impairment And Oth59
Severance, Impairment And Other Charges (Summary Of Severance, Impairment And Other Charges) (Details) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2018 | |
Severance Impairment And Other Charges [Abstract] | ||||
Severance and Related Costs | $ (13) | $ 301 | $ 1,968 | |
Court Award | 675 | |||
Legal Settlement | 1,000 | |||
Impairment | (42) | 169 | 694 | $ 127 |
Inventory Write-Off | (17) | 307 | 164 | $ 290 |
Total | $ 603 | $ 1,777 | $ 2,826 |
Severance, Impairment And Oth60
Severance, Impairment And Other Charges (Schedule Of Restructuring Reserve Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Severance Impairment And Other Charges [Abstract] | |||
Beginning Balance | $ 1,113 | $ 814 | |
Accruals - Severance Related | (13) | 301 | $ 1,968 |
Accruals - Court Award | 675 | ||
Accruals - Legal Settlement | 1,000 | ||
Payments | (1,100) | (1,002) | |
Ending Balance | $ 675 | $ 1,113 | $ 814 |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) R$ in Thousands | Dec. 04, 2017USD ($) | Jun. 30, 2018USD ($)CreditFacility | Jun. 30, 2018EUR (€)CreditFacility | Jun. 30, 2018BRL (R$)CreditFacility | Jun. 30, 2017USD ($) |
Line of Credit Facility [Line Items] | |||||
Short-term notes payable | $ 175,000 | $ 1,705,000 | |||
Credit facility, long-term amount outstanding | 0 | 171,000 | |||
Coord3 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Manufacturing facility, remaining payments | $ 175,000 | € 150,000 | |||
Manufacturing facility, borrowing term | 10 months | ||||
Interest rate on borrowings | 7.00% | 7.00% | 7.00% | ||
Brazilian Subsidiary [Member] | Foreign Credit Lines And Overdraft Facilities [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 52,000 | R$ 200 | |||
Credit facility, amount outstanding | $ 0 | 0 | |||
Number of additional credit lines cancelled | CreditFacility | 2 | 2 | 2 | ||
Brazilian Subsidiary [Member] | Foreign Credit Lines And Overdraft Facilities [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Interest rate on borrowings | 12.30% | 12.30% | 12.30% | ||
Loan Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility, maximum borrowing capacity | $ 8,000,000 | ||||
Credit facility, maximum borrowing capacity as a percentage of eligible accounts receivable | 80.00% | 80.00% | 80.00% | ||
Credit facility, maximum borrowing capacity as a percentage of eligible inventory | 50.00% | ||||
Credit facility, maximum borrowing capacity, inventory based amount | $ 3,000,000 | ||||
Credit facility, current borrowing capacity | $ 6,800,000 | ||||
Interest on LIBOR-based advances, basis spread | 2.65% | ||||
Credit facility, amount outstanding | $ 0 | $ 1,500,000 | |||
Prepayment fees | $ 0 |
Other Long-Term Liabilities (Na
Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Contractual and statutory severance liabilities | $ 601 | $ 614 |
Commitments And Contingencies63
Commitments And Contingencies (Schedule Of Future Minimum Rental Payments For Operating Leases) (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Leases [Abstract] | |
Operating Leases, 2019 | $ 966 |
Operating Leases, 2020 | 573 |
Operating Leases, 2021 | 371 |
Operating Leases, 2022 | 177 |
Total minimum lease payments | $ 2,087 |
Commitments And Contingencies64
Commitments And Contingencies (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 48 Months Ended | ||||||||||
Jan. 31, 2018USD ($) | Jul. 31, 2017USD ($)item | Mar. 31, 2018USD ($) | Mar. 31, 2018CAD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016EUR (€) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2018EUR (€) | Dec. 31, 2017USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2015EUR (€) | |
Loss Contingencies [Line Items] | ||||||||||||||
Rental expenses | $ 884,000 | $ 943,000 | $ 1,097,000 | |||||||||||
Damages paid | $ 810,000 | € 677,000 | ||||||||||||
Preliminary tax assessment | $ 923,000 | $ 1,218,000 | ||||||||||||
Employment And Withholding Concerns [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrual related to settlement | $ 582,000 | € 486,000 | ||||||||||||
Increase in settlement expense | $ 272,000 | € 227,000 | ||||||||||||
3CEMS [Member] | Loss on Purchase Commitment [Member] | Out-of-Court Settlement [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrual related to settlement | $ 1,000,000 | |||||||||||||
Number of payments | item | 4 | |||||||||||||
Installment amount | $ 250,000 | |||||||||||||
Payment period | 10 months | |||||||||||||
Trade Secrets Case [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Accrual related to settlement | $ 675,000 | |||||||||||||
Judgment awarded | $ 675,000 | |||||||||||||
Minimum [Member] | Employment And Withholding Concerns [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Potential financial liability | € | 486,000 | |||||||||||||
Minimum [Member] | 3CEMS [Member] | Loss on Purchase Commitment [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Damages sought | $ 4,000,000 | |||||||||||||
Maximum [Member] | Employment And Withholding Concerns [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||
Potential financial liability | € | € 1,000,000 |
401(k) Plan (Narrative) (Detail
401(k) Plan (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |||
Employer discretionary contribution amount | $ 281 | $ 171 | $ 385 |
Employee Stock Purchase Plan (N
Employee Stock Purchase Plan (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2018shares | |
Employee Stock Purchase Plan [Abstract] | |
Purchase price of common stock - percentage of its fair market value | 85.00% |
Maximum employee subscription rate | 10.00% |
Period shares purchased must be held before selling | 1 year |
Shares reserved for future issuance | 124,433 |
Employee Stock Purchase Plan (S
Employee Stock Purchase Plan (Schedule Of Employee Stock Purchase Plan) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Employee Stock Purchase Plan [Abstract] | |||
Non-cash stock based compensation expense | $ 10 | $ 4 | $ 19 |
Common shares purchased | 5 | 4 | 2 |
Average purchase price per share | $ 5.95 | $ 3.86 | $ 8.50 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017shares | Jun. 30, 2018USD ($)Targetshares | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Proceeds from stock plans | $ 458 | |||
Tax benefit related to tax deductions for non-qualified options and disqualifying dispositions under all share-based payment arrangements | $ 87 | |||
Shares granted | shares | 88,112 | |||
Shares available for future grants | shares | 883,229 | |||
Board Of Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued to directors | shares | 29,527 | |||
Shares issued to directors, value | $ 257 | |||
Employee Stock Option [Member] | 2004 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | 336 | $ 374 | $ 428 | |
Unrecognized compensation cost | $ 292 | |||
Expected weighted average vesting period to recognize compensation | 1 year 9 months 18 days | |||
Employee Stock Option [Member] | Minimum [Member] | 2004 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period | 10 years | |||
Employee Stock Option [Member] | Minimum [Member] | Tranche 1 Through 4 [Member] | 2004 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 25.00% | |||
Employee Stock Option [Member] | Maximum [Member] | 2004 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Period before vesting begins | 1 year | |||
Employee Stock Option [Member] | Maximum [Member] | Tranche 1 Through 3 [Member] | 2004 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 33.33% | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 186 | $ 145 | $ 221 | |
Expected weighted average vesting period to recognize compensation | 2 years 3 months 18 days | |||
Total unrecognized compensation related to restricted stock awards | $ 251 | |||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 165 | |||
Expected weighted average vesting period to recognize compensation | 1 year 6 months | |||
Total unrecognized compensation related to restricted stock awards | $ 213 | |||
Shares granted | shares | 40,150 | |||
Operating Income-Based Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of performance targets | Target | 2 | |||
Operating Income-Based Performance Shares [Member] | Minimum [Member] | Tranche 1 Through 3 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 75.00% | |||
Operating Income-Based Performance Shares [Member] | Maximum [Member] | Tranche 1 Through 3 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 200.00% | |||
Revenue-Based Performance Shares [Member] | Minimum [Member] | Tranche 1 Through 3 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 50.00% | |||
Revenue-Based Performance Shares [Member] | Maximum [Member] | Tranche 1 Through 3 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting rate | 150.00% |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Outstanding at beginning of period, shares | 622,636 | 635,158 | 658,641 | |
New Grants (based on fair value of common stock at dates of grant), shares | 100,000 | 166,500 | 511,197 | |
Exercised, shares | (52,000) | (28,916) | (9,748) | |
Expired, shares | (34,000) | (115,635) | (123,833) | |
Forfeited, shares | (1,600) | (34,471) | (401,099) | |
Outstanding at end of period, shares | 635,036 | 622,636 | 635,158 | |
Exercisable at end of period, shares | 384,805 | 336,022 | 329,210 | |
Weighted average exercise price (per share), Beginning of period | $ 7.26 | $ 7.53 | $ 8.53 | |
New Grants (based on fair value of common stock at dates of grant), weighted average exercise price (per share) | 7.95 | 6.63 | 7.35 | |
Exercised, weighted average exercise price (per share) | 8.81 | 4.89 | 5.92 | |
Expired, weighted average exercise price (per share) | 9.99 | 8.28 | 9.08 | |
Forfeited, weighted average exercise price (per share) | 10.55 | 7.69 | 8.48 | |
Weighted average exercise price (per share), End of period | 7.02 | 7.26 | 7.53 | |
Exercisable at end of period, weighted average exercise price (per share) | $ 6.87 | $ 7.50 | $ 7.78 | |
Outstanding at end of period, aggregate intrinsic value | [1] | $ 2,269 | $ 279 | $ 54 |
Exercisable at end of period, aggregate intrinsic value | [1] | $ 1,445 | $ 279 | $ 54 |
[1] | The intrinsic value of a stock option is the amount by which the current market value of the underlying stock exceeds the exercise price of the option. The total intrinsic value of stock options exercised during the fiscal years ended June 30, 2018, 2017 and 2016, were $87,000, $58,000 and $24,000, respectively. The total fair value of shares vested during the fiscal years ended June 30, 2018, 2017 and 2016, were $400,000, $409,000 and $323,000, respectively |
Stock-Based Compensation (Sum70
Stock-Based Compensation (Summary Of Stock Option Activity) (Parenthetical) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Total intrinsic value of stock options exercised during fiscal year | $ 87 | $ 58 | $ 24 |
Total fair value of shares vested during the fiscal years | $ 400 | $ 409 | $ 323 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Valuation Assumptions) (Details) - $ / shares | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Weighted average estimated fair value per share of options granted during the period | $ 3.96 | $ 3.02 | $ 2.94 |
Dividend yield | 0.00% | 0.00% | 0.00% |
Common stock price volatility | 49.01% | 48.25% | 45.43% |
Risk free rate of return | 1.81% | 1.81% | 1.55% |
Expected option term (in years) | 5 years 4 months 24 days | 5 years 6 months | 5 years 8 months 12 days |
Stock-Based Compensation (Sum72
Stock-Based Compensation (Summary Of Shares Authorized Under Stock Option Plans, By Exercise Price Range) (Details) - $ / shares | 12 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices (per share), Lower Limit | $ 2.80 | |||
Range of Exercise Prices (per share), Upper Limit | $ 14.01 | |||
Options Outstanding, Shares | 635,036 | 622,636 | 635,158 | 658,641 |
Options Outstanding, Weighted Average Remaining Contractual Life | 6 years 11 months 23 days | |||
Options outstanding, Weighted Average Exercise Price (per share) | $ 7.02 | $ 7.26 | $ 7.53 | $ 8.53 |
Options Exercisable, Shares | 384,805 | 336,022 | 329,210 | |
Options Exerciable, Weighted Average Exercise Price (per share) | $ 6.87 | |||
Exercise Price Range One [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices (per share), Lower Limit | 2.80 | |||
Range of Exercise Prices (per share), Upper Limit | $ 4.87 | |||
Options Outstanding, Shares | 40,400 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 2 months 12 days | |||
Options outstanding, Weighted Average Exercise Price (per share) | $ 3.95 | |||
Options Exercisable, Shares | 33,733 | |||
Options Exerciable, Weighted Average Exercise Price (per share) | $ 3.77 | |||
Exercise Price Range Two [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices (per share), Lower Limit | 5.70 | |||
Range of Exercise Prices (per share), Upper Limit | $ 8.81 | |||
Options Outstanding, Shares | 555,136 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 7 years 3 months 21 days | |||
Options outstanding, Weighted Average Exercise Price (per share) | $ 6.94 | |||
Options Exercisable, Shares | 311,572 | |||
Options Exerciable, Weighted Average Exercise Price (per share) | $ 6.65 | |||
Exercise Price Range Three [Member] | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Range of Exercise Prices (per share), Lower Limit | 8.94 | |||
Range of Exercise Prices (per share), Upper Limit | $ 14.01 | |||
Options Outstanding, Shares | 39,500 | |||
Options Outstanding, Weighted Average Remaining Contractual Life | 5 years 2 months 12 days | |||
Options outstanding, Weighted Average Exercise Price (per share) | $ 11.25 | |||
Options Exercisable, Shares | 39,500 | |||
Options Exerciable, Weighted Average Exercise Price (per share) | $ 11.25 |
Stock-Based Compensation (Sum73
Stock-Based Compensation (Summary Of Restricted Stock And Restricted Stock Unit Awards Issued) (Details) | 12 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Beginning Balance, Nonvested Shares | shares | 11,776 |
Granted, Nonvested Shares | shares | 88,112 |
Vested, Nonvested Shares | shares | (21,518) |
Forfeited or expired, Nonvested Shares | shares | (800) |
Ending Balance, Nonvested Shares | shares | 77,570 |
Beginning Balance, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 8.08 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 7.72 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 7.75 |
Forfeited or expired, Weighted Average Grant Date Fair Value | $ / shares | 7.95 |
Ending Balance, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 7.77 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income (Loss) from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 2,228 | $ (732) | $ (5,828) |
Foreign | 2,261 | 1,994 | (3,389) |
Income (Loss) Before Income Taxes | $ 4,489 | $ 1,262 | $ (9,217) |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current (provision) benefit - U.S. Federal, State & Other | $ (75) | $ (127) | $ (116) |
Current (provision) benefit - Foreign | (1,213) | (727) | (185) |
Deferred taxes - U.S. | 308 | (11,349) | |
Deferred taxes - Foreign | 207 | (576) | (1,246) |
Total (provision) benefit | $ (773) | $ (1,430) | $ (12,896) |
Income Taxes (Schedule of Com76
Income Taxes (Schedule of Components of Deferred Taxes) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 |
Income Tax Disclosure [Abstract] | |||
Benefit of net operating losses | $ 7,334 | $ 8,787 | $ 9,268 |
Tax credit carry-forwards | 7,475 | 5,284 | 5,451 |
Deferred revenue | 1,668 | 2,073 | 1,434 |
Impaired investment | 677 | 1,054 | 1,060 |
Property and intangible assets | 61 | 187 | 242 |
Other | 1,885 | 2,161 | 3,029 |
Deferred tax asset | 19,100 | 19,546 | 20,484 |
Valuation allowance | (17,845) | (19,099) | (19,453) |
Total deferred tax assets | 1,255 | 447 | 1,031 |
Deferred tax liabilities - basis difference and amortization | (1,917) | (1,623) | (1,631) |
Net deferred tax liabilities | $ (662) | $ (1,176) | $ (600) |
Income Taxes (Schedule of Recon
Income Taxes (Schedule of Reconciliation of Income Tax Rate to Effective Tax Rate) (Details) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Provision at U.S. statutory rate | 21.00% | 28.10% | 34.00% | 34.00% |
Net effect of taxes on foreign activities | 8.40% | 49.50% | (5.90%) | |
Tax effect of U.S. permanent differences | 0.50% | 14.70% | 2.60% | |
State taxes and other, net | 0.20% | 4.90% | (1.50%) | |
Stock based compensation | 1.30% | 56.90% | 0.00% | |
Other | (6.20%) | (1.30%) | 3.80% | |
Valuation allowance | (15.10%) | (45.60%) | (172.90%) | |
Effective tax rate | 17.20% | 113.10% | (139.90%) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Line Items] | ||||||
Federal statutory corporate tax rate | 21.00% | 28.10% | 34.00% | 34.00% | ||
Re-measurement of U.S. deferred tax assets and related valuation allowance | $ 0 | |||||
Alternative minimum tax carryforward, recognition period | 4 years | |||||
Alternative minimum tax repeal, benefit | $ 279,000 | |||||
Transition tax rate, cash and cash equivalents | 15.50% | |||||
Transition tax rate, other than cash and cash equivalents | 8.00% | |||||
Transition tax payment period | 8 years | |||||
Cash payments expected to make related to Transition Tax | $ 0 | |||||
Tax credit carry-forwards | $ 7,475,000 | $ 7,475,000 | $ 5,284,000 | $ 5,451,000 | ||
Cumulative loss period | 3 years | |||||
Unrecognized tax benefits that would impact effective tax rate | 73,000 | $ 73,000 | 120,000 | |||
Accrued interest or penalties related to uncertain tax positions | 0 | $ 0 | ||||
Earliest Tax Year [Member] | German Tax Authority [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Open tax year | 2,014 | |||||
Earliest Tax Year [Member] | China Tax Authority [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Open tax year | 2,015 | |||||
Latest Tax Year [Member] | German Tax Authority [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Open tax year | 2,018 | |||||
Latest Tax Year [Member] | China Tax Authority [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Open tax year | 2,018 | |||||
Internal Revenue Service (IRS) [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Operating loss carryfoward related to exercise of employee stock options | 8,300,000 | $ 8,300,000 | ||||
Increase (decrease) in valuation allowance | (1,254,000) | $ (354,000) | $ 16,349,000 | |||
Internal Revenue Service (IRS) [Member] | Tax Years 2022 Through 2036 [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Operating loss carryforward | 25,800,000 | 25,800,000 | ||||
Internal Revenue Service (IRS) [Member] | Tax Years 2019 Through 2036 [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Tax credit carry-forwards | $ 5,000,000 | $ 5,000,000 | ||||
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Open tax year | 2,015 | |||||
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Open tax year | 2,018 | |||||
Maximum [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Federal statutory corporate tax rate | 35.00% | |||||
Maximum [Member] | Internal Revenue Service (IRS) [Member] | Tax Years 2022 Through 2036 [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Operating loss carryforward, expiration date | Dec. 31, 2036 | |||||
Maximum [Member] | Internal Revenue Service (IRS) [Member] | Tax Years 2019 Through 2036 [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Tax credit carryforward, expiration date | Jun. 30, 2036 | |||||
Minimum [Member] | Internal Revenue Service (IRS) [Member] | Tax Years 2022 Through 2036 [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Operating loss carryforward, expiration date | Jun. 30, 2022 | |||||
Minimum [Member] | Internal Revenue Service (IRS) [Member] | Tax Years 2019 Through 2036 [Member] | ||||||
Income Tax Disclosure [Line Items] | ||||||
Tax credit carryforward, expiration date | Jan. 1, 2019 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2018USD ($) | |
Components Of Income Tax Expense Benefit Continuing Operations [Abstract] | |
Balance, beginning of year | $ 120 |
Decreases for tax positions related to the prior year | (47) |
Balance, year end | $ 73 |
Segment And Geographic Inform80
Segment And Geographic Information (Narrative) (Details) | 12 Months Ended |
Jun. 30, 2018Segment | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 3 |
Number of reportable segments | 1 |
Geographic Concentration Risk [Member] | Maximum [Member] | Net Sales [Member] | Brazil [Member] | |
Segment Reporting Information [Line Items] | |
Concentration | 10.00% |
Segment And Geographic Inform81
Segment And Geographic Information (Schedule Of Sales By Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | $ 23,594 | $ 21,397 | $ 20,433 | $ 19,269 | $ 22,351 | $ 16,325 | $ 21,751 | $ 17,520 | $ 84,693 | $ 77,947 | $ 69,135 | |
Long-lived assets, net | 7,338 | 8,102 | 7,338 | 8,102 | 8,696 | |||||||
Americas [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | 34,720 | 30,311 | 22,523 | |||||||||
Long-lived assets, net | 5,608 | 6,202 | 5,608 | 6,202 | 6,607 | |||||||
Europe [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | [1] | 33,492 | 32,139 | 31,087 | ||||||||
Long-lived assets, net | [1] | 1,541 | 1,638 | 1,541 | 1,638 | 1,696 | ||||||
Asia [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Net Sales | [2] | 16,481 | 15,497 | 15,525 | ||||||||
Long-lived assets, net | [2] | $ 189 | $ 262 | $ 189 | $ 262 | $ 393 | ||||||
[1] | Our German subsidiary had net external sales of $23.2 million, $21.8 million and $19.7 million in the fiscal years ended June 30, 2018, 2017 and 2016, respectively. Long-lived assets, net of our German subsidiary were $173,000, $285,000 and $395,000 as of June 30, 2018, 2017 and 2016, respectively. Our Italian subsidiary had net external sales of $10.3 million, $10.3 million, and $11.4 in the fiscal years ended June 30, 2018, 2017 and 2016, respectively. Long-lived assets, net of our Italian subsidiary were $1,263,000, $1,245,000 and $1,201,000 as of June 30, 2018, 2017 and 2016, respectively. | |||||||||||
[2] | Our Chinese subsidiary had net external sales of $14.0 million, $11.5 million and $11.8 million in the fiscal years ended June 30, 2018, 2017 and 2016, respectively. Long-lived assets, net of our Chinese subsidiary were $71,000, $165,000 and $295,000 as of June 30, 2018, 2017 and 2016, respectively. |
Segment And Geographic Inform82
Segment And Geographic Information (Schedule Of Sales By Geographic Area) (Parenthetical) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ 23,594 | $ 21,397 | $ 20,433 | $ 19,269 | $ 22,351 | $ 16,325 | $ 21,751 | $ 17,520 | $ 84,693 | $ 77,947 | $ 69,135 |
Long-lived assets, net | 7,338 | 8,102 | 7,338 | 8,102 | 8,696 | ||||||
Germany [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 23,200 | 21,800 | 19,700 | ||||||||
Long-lived assets, net | 173 | 285 | 173 | 285 | 395 | ||||||
Italy [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 10,300 | 10,300 | 11,400 | ||||||||
Long-lived assets, net | 1,263 | 1,245 | 1,263 | 1,245 | 1,201 | ||||||
China [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 14,000 | 11,500 | 11,800 | ||||||||
Long-lived assets, net | $ 71 | $ 165 | $ 71 | $ 165 | $ 295 |
Segment And Geographic Inform83
Segment And Geographic Information (Schedule Of Sales By Product Line) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ 23,594 | $ 21,397 | $ 20,433 | $ 19,269 | $ 22,351 | $ 16,325 | $ 21,751 | $ 17,520 | $ 84,693 | $ 77,947 | $ 69,135 |
Measurement Solutions [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 77,235 | 69,731 | 62,268 | ||||||||
3D Scanning Solutions [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | 2,729 | 5,490 | 3,936 | ||||||||
Value Added Service [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net Sales | $ 4,729 | $ 2,726 | $ 2,931 |
Selected Quarterly Financial 84
Selected Quarterly Financial Data (Schedule Of Quarterly Financial Information) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net Sales | $ 23,594 | $ 21,397 | $ 20,433 | $ 19,269 | $ 22,351 | $ 16,325 | $ 21,751 | $ 17,520 | $ 84,693 | $ 77,947 | $ 69,135 |
Gross Profit | 9,021 | 7,922 | 7,407 | 7,650 | 8,561 | 5,190 | 9,444 | 4,574 | 32,000 | 27,769 | 21,139 |
Net Income (Loss) | $ 772 | $ 1,020 | $ 366 | $ 1,558 | $ 261 | $ (598) | $ 2,524 | $ (2,355) | $ 3,716 | $ (168) | $ (22,113) |
Net (Loss) Income Per Common Share | |||||||||||
Basic | $ 0.08 | $ 0.11 | $ 0.04 | $ 0.16 | $ 0.03 | $ (0.06) | $ 0.27 | $ (0.25) | $ 0.39 | $ (0.02) | $ (2.36) |
Diluted | $ 0.08 | $ 0.11 | $ 0.04 | $ 0.16 | $ 0.03 | $ (0.06) | $ 0.27 | $ (0.25) | $ 0.39 | $ (0.02) | $ (2.36) |