Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2018 | Feb. 28, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,019 | |
Entity Registrant Name | PERCEPTRON INC/MI | |
Entity Central Index Key | 887,226 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Trading Symbol | prcp | |
Entity Common Stock, Shares Outstanding | 9,618,469 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||||
Cash and cash equivalents | $ 6,899 | $ 5,830 | ||
Short-term investments | 1,131 | 877 | ||
Receivables: | ||||
Billed receivables, net of allowance for doubtful accounts of $449 and $404, respectively | 28,753 | 31,797 | ||
Unbilled receivables | 4,635 | $ 1,864 | ||
Other receivables | 284 | 346 | ||
Inventories, net of reserves of $1,874 and $2,115, respectively | 11,143 | 13,829 | ||
Other current assets | 1,900 | 1,327 | ||
Total current assets | 54,745 | 54,006 | ||
Property and Equipment, Net | 6,785 | 6,613 | ||
Goodwill | 7,859 | 7,985 | ||
Intangible Assets, Net | 3,428 | 3,820 | ||
Long-Term Investments | 725 | 725 | ||
Long-Term Deferred Income Tax Asset | 1,100 | 1,055 | ||
Total Assets | 74,642 | 74,204 | ||
Current Liabilities | ||||
Line of credit and short-term notes payable | 69 | 175 | ||
Accounts payable | 6,911 | 7,592 | ||
Accrued liabilities and expenses | 4,177 | 4,256 | ||
Accrued compensation | 1,940 | 3,155 | ||
Current portion of taxes payable | 432 | 526 | ||
Income taxes payable | 1,134 | 768 | ||
Reserves for restructuring and other charges | 66 | 675 | ||
Deferred revenue | 7,389 | $ 6,715 | 8,691 | |
Total current liabilities | 22,118 | 25,838 | ||
Long-Term Taxes Payable | 250 | 450 | ||
Long-Term Deferred Income Tax Liability | 1,718 | 1,717 | ||
Other Long-Term Liabilities | 593 | 601 | ||
Total Liabilities | 24,679 | 28,606 | ||
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 9,618 and 9,554, respectively | 96 | 96 | ||
Accumulated other comprehensive loss | (2,864) | (2,098) | ||
Additional paid-in capital | 48,753 | 48,110 | ||
Retained earnings (deficit) | 3,978 | (510) | ||
Total Shareholders' Equity | 49,963 | 45,598 | $ 43,814 | |
Total Liabilities and Shareholders' Equity | $ 74,642 | $ 74,204 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Statement Of Financial Position [Abstract] | ||
Billed receivables, allowance for doubtful accounts | $ 449 | $ 404 |
Inventories, reserves | $ 1,874 | $ 2,115 |
Preferred stock, par value | $ 0 | $ 0 |
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 | 9,618,000 | 9,554,000 |
Common stock, outstanding | 9,618,000 | 9,554,000 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | ||||
Net Sales | $ 21,553 | $ 20,433 | $ 42,995 | $ 39,702 |
Cost of Sales | 13,703 | 13,026 | 26,853 | 24,645 |
Gross Profit | 7,850 | 7,407 | 16,142 | 15,057 |
Operating Expenses | ||||
Selling, general and administrative | 4,942 | 4,497 | 9,577 | 8,921 |
Engineering, research and development | 2,080 | 1,797 | 4,278 | 3,530 |
Severance, impairment and other charges | (609) | 658 | (609) | 606 |
Total operating expenses | 6,413 | 6,952 | 13,246 | 13,057 |
Operating Income | 1,437 | 455 | 2,896 | 2,000 |
Other Income and (Expenses) | ||||
Interest expense, net | (29) | (42) | (56) | (84) |
Foreign currency gain (loss), net | 151 | (57) | (51) | (79) |
Other income (expenses), net | 5 | (5) | 5 | 25 |
Total other income and (expenses) | 127 | (104) | (102) | (138) |
Income Before Income Taxes | 1,564 | 351 | 2,794 | 1,862 |
Income Tax (Expense) Benefit | (17) | 15 | (355) | 62 |
Net Income | $ 1,547 | $ 366 | $ 2,439 | $ 1,924 |
Income Per Common Share | ||||
Basic | $ 0.16 | $ 0.04 | $ 0.25 | $ 0.20 |
Diluted | $ 0.16 | $ 0.04 | $ 0.25 | $ 0.20 |
Weighted Average Common Shares Outstanding | ||||
Basic | 9,615 | 9,491 | 9,588 | 9,455 |
Dilutive effect of stock options | 76 | 106 | 143 | 72 |
Diluted | 9,691 | 9,597 | 9,731 | 9,527 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net Income | $ 1,547 | $ 366 | $ 2,439 | $ 1,924 |
Other Comprehensive (Loss) Income: | ||||
Foreign currency translation adjustments | (369) | 611 | (766) | 1,406 |
Comprehensive Income | $ 1,178 | $ 977 | $ 1,673 | $ 3,330 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flow $ in Thousands | 6 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash Flows from Operating Activities | ||
Net Income | $ 2,439 | $ 1,924 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 1,134 | 1,139 |
Stock compensation expense | 494 | 653 |
Asset impairment and related inventory write-down | (56) | |
Deferred income taxes | (320) | (449) |
(Gain) loss on disposal of assets | (32) | 4 |
Allowance for doubtful accounts | 45 | (13) |
Changes in assets and liabilities: | ||
Receivables | (385) | 4,963 |
Inventories | 1,167 | (3,532) |
Accounts payable | (568) | 689 |
Accrued liabilities and expenses | (1,141) | (735) |
Deferred revenue | 765 | 42 |
Other assets and liabilities | (1,178) | (660) |
Net cash provided by operating activities | 2,420 | 3,969 |
Cash Flows from Investing Activities | ||
Purchases of short-term investments | (1,831) | (2,981) |
Sales of short-term investments | 1,621 | 1,802 |
Capital expenditures | (790) | (501) |
Capital expenditures - intangibles | (222) | |
Net cash used for investing activities | (1,222) | (1,680) |
Cash Flows from Financing Activities | ||
Payments on lines of credit and short-term borrowings, net | (103) | (1) |
Proceeds from stock plans | 204 | 15 |
Cash payment for shares surrendered upon vesting of restricted stock units to cover taxes | (55) | (19) |
Net cash provided by (used for) financing activities | 46 | (5) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (100) | 165 |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 1,144 | 2,449 |
Cash, Cash Equivalents and Restricted Cash, July 1 | 5,996 | 3,943 |
Cash, Cash Equivalents and Restricted Cash, December 31 | 7,140 | 6,392 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid during the period for interest | 53 | 100 |
Cash paid during the period for income taxes | 506 | 422 |
Cash and cash equivalents | 6,899 | |
Restricted Cash included in Short-term Investments | 241 | |
Cash, Cash Equivalents and Restricted Cash, December 31 | $ 7,140 | $ 6,392 |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ 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, 2017 | $ 94 | $ (2,721) | $ 46,688 | $ (4,226) | |
Issued | 1 | ||||
Other Comprehensive Income (Loss) | 1,406 | ||||
Stock-based compensation | 396 | ||||
Stock plans | 252 | ||||
Net Income | $ 1,924 | 1,924 | |||
Ending balance at Dec. 31, 2017 | 43,814 | 95 | (1,315) | 47,336 | (2,302) |
Beginning balance at Sep. 30, 2017 | 95 | (1,926) | 46,948 | (2,668) | |
Other Comprehensive Income (Loss) | 611 | ||||
Stock-based compensation | 265 | ||||
Stock plans | 123 | ||||
Net Income | 366 | 366 | |||
Ending balance at Dec. 31, 2017 | 43,814 | 95 | (1,315) | 47,336 | (2,302) |
Beginning balance at Jun. 30, 2018 | 45,598 | 96 | (2,098) | 48,110 | (510) |
Other Comprehensive Income (Loss) | (766) | ||||
Stock-based compensation | 494 | ||||
Stock plans | 149 | ||||
Adoption of ASC 606 - modifiedretrospective transition method | ASC 606 [Member] | 2,049 | 2,049 | |||
Net Income | 2,439 | 2,439 | |||
Ending balance at Dec. 31, 2018 | 49,963 | 96 | (2,864) | 48,753 | 3,978 |
Beginning balance at Sep. 30, 2018 | 96 | (2,495) | 48,507 | 2,431 | |
Other Comprehensive Income (Loss) | (369) | ||||
Stock-based compensation | 283 | ||||
Stock plans | (37) | ||||
Net Income | 1,547 | 1,547 | |||
Ending balance at Dec. 31, 2018 | $ 49,963 | $ 96 | $ (2,864) | $ 48,753 | $ 3,978 |
Accounting Policies
Accounting Policies | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Accounting Policies | 1. 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 accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and within the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. 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. In our opinion, these statements include all normal recurring adjustments necessary for a fair presentation of the financial statements for the periods presented. The results of operations for any interim period are not necessarily indicative of the results of operations for a full fiscal year. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our 2018 Annual Report on Form 10-K for the fiscal year ended June 30, 2018. Use of Estimates 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. Reclassification Certain prior period amounts have been reclassified in the Consolidated Statements of Cash Flow to due to the adoption of Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash |
New Accounting Pronouncements
New Accounting Pronouncements | 6 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Pronouncements | 2. New Accounting Pronouncements Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2016-02 Leases Leases (Topic 842): Targeted Improvements, In June 2016, the FASB issued Accounting Standards Update No. 2016-13, Financial Instruments – Credit Losses (Topic 326) Codification Improvements to Topic 326, Financial Instruments – Credit Losses (ASU 2018-19) years beginning after December 15, 2019 including interim periods within those fiscal years, with early adoption permitted. We are currently evaluating the impact of the adoption of ASU 2016-13 on our consolidated financial statements. 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 In August 2018, the FASB issued Accounting Standards Update No. 2018-13 – Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirement for Fair Value Measurement In August 2018, the FASB issued Accounting Standards Update No. 2018-15 – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (ASU 2018-15) Recently Adopted Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers Deferral of the Effective Date We adopted the new standard effective July 1, 2018 using the modified retrospective transition method only for the contracts that were open as of June 30, 2018 with the cumulative effect recorded to the opening balance of retained earnings as of the date of adoption. Results for reporting periods beginning July 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with our historic accounting under ASC 605, Revenue Recognition impacted beginning at July 1, 2018 which were included in the modified transition method adjustment aggregated to $ 3.8 million. The net impact on retained earnings associated with these revenues was an increase of $ . We have also implemented new business processes and internal controls in order to recognize revenue in accordance with the new standard. See Note 5 ‘Revenue from Contracts with Customers’ for the further details regarding the impact of the adoption of this Standard. The following table summarizes the cumulative effect of the changes to our unaudited Consolidated Balance Sheet as of July 1, 2018 from the adoption of ASC 606: Opening At June 30, ASC 606 Balance at 2018 Adjustments July 1, 2018 Assets Unbilled receivables $ - $ 1,864 $ 1,864 Inventories 13,829 (1,350 ) 12,479 Other current assets 1,327 49 1,376 Liabilities and Shareholders' Equity Deferred revenue 8,691 (1,976 ) 6,715 Long-Term Deferred Income Tax Liability 1,717 490 2,207 Retained earnings (deficit) (510 ) 2,049 1,539 Under the modified retrospective method of adoption, we are required to disclose in the first year of adoption the hypothetical impact to our financial statements as if we had continued to follow our accounting policies under ASC 605 for the period. See Note 5 “Revenue from Contracts with Customers” for a summary of the impact as of and for the three months and six months ended December 31, 2018. 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 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 ASU 2016-18, which requires a company to present their Statement of Cash Flow including amounts generally described as restricted cash or restricted cash equivalents with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. We adopted ASU 2016-18 on July 1, 2018. We hold restricted cash in short-term bank guarantees to provide financial assurance that we will fulfill certain customer obligations in China. These balances are part of ‘Short-term investments’ on our Consolidated Balance Sheet. The activity in this account is no longer considered an investing activity on our Consolidated Statement of Cash Flow. 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 provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. We adopted ASU 2017-05 on July 1, 2018. Adoption of this standard did not have a material impact on our consolidated financial statements. In May 2017, the FASB issued Accounting Standards Update No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting Compensation—Stock Compensation |
Goodwill
Goodwill | 6 Months Ended |
Dec. 31, 2018 | |
Business Combination Goodwill [Abstract] | |
Goodwill | 3. 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 FASB’s Accounting Standards Codification (“ASC”) Topic 350, Intangibles – Goodwill and Other 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. 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. Our goodwill balance was $7,859,000 and $7,985,000 as of December 31, 2018 and June 30, 2018, respectively, with the decrease due to the differences in foreign currency rates at December 31, 2018 compared to June 30, 2018. |
Intangibles
Intangibles | 6 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangibles | 4. 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 by comparing the carrying value of the asset to the sum of the undiscounted future cash flows that the asset 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 to the carrying value and record an impairment loss for the difference. We generally estimate the fair value of our intangible assets using the income approach based on 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 the 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 intangible assets in future periods. Through December 31, 2018, there are no indications of potential impairment of these intangible assets. Our intangible assets are as follows (in thousands): December 31, December 31, June 30, June 30, 2018 2018 2018 2018 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer/Distributor Relationships $ 3,269 $ (2,506 ) $ 763 $ 3,329 $ (2,219 ) $ 1,110 Trade Name 2,539 (973 ) 1,566 2,586 (862 ) 1,724 Software 1,716 (617 ) 1,099 1,490 (504 ) 986 Other 122 (122 ) - 124 (124 ) - Total $ 7,646 $ (4,218 ) $ 3,428 $ 7,529 $ (3,709 ) $ 3,820 Amortization expense was $280,000 and $280,000 for the three months ended December 31, 2018 and 2017, respectively. Amortization expense was $571,000 and $562,000 for the six months ended December 31, 2018 and 2017, respectively. The estimated amortization of the remaining intangible assets by year is as follows (in thousands): Years Ending June 30, Amount 2019 (excluding the six months ended December 31, 2018) 649 2020 897 2021 461 2022 461 2023 417 after 2023 543 $ 3,428 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Dec. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | 5. Revenue Accounting Policy The FASB has issued ASC 606 which supersedes the revenue recognition requirements in ASC 605 and requires entities to recognize revenue when control of the promised goods or services is transferred to customers at an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. We adopted ASC ASC Financial Statement Impact of Adopting ASC 606 . Periods prior to July 1, 2018 Revenue is recognized in accordance with ASC 605. Revenue related to products and services is recognized upon shipment when title and risk of loss has passed to the customer or upon completion 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. Periods commencing July 1, 2018 Revenue is recognized when or as our customer obtains control of promised goods or services in an amount that reflects the consideration which we expect to receive in exchange for those goods or services. To achieve this principle, we analyze our contracts under the following five steps: • Identify the contract with the customer • Identify the performance obligation(s) in the contract • Determine the transaction price • Allocate the transaction price to performance obligation(s) in the contract • Recognize revenue when or as we satisfy a performance obligation We have contracts with multiple performance obligations in our Measurement Solutions product line such as: equipment, installation, labor support and/or training. Each performance obligation is distinct and we do not provide general rights of return for transferred goods and services. Accordingly, each performance obligation is considered a separate unit of accounting. Our Measurement Solutions are designed and configured to meet each customer’s specific requirements. Timing for the delivery of each performance obligation in the arrangement is primarily determined by the customer’s requirements. Delivery of all of performance obligations in an order will typically occur over a three to 15-month period after the order is received. For the equipment performance obligation, we typically recognize revenue when we ship or when the equipment is received by our customer, depending on the specific terms of the contract with our customer. We have elected to treat shipping and handling costs as an activity necessary to fulfill the performance obligation to transfer product to the customer and not as a separate performance obligation. For the installation, labor support and training performance obligations, we generally recognize revenue over time as we perform because of the continuous transfer of control to the customer. Because control transfers over time, based on labor hours, revenue is recognized based on the extent of progress toward completion of the performance obligation. We do not have price protection agreements or requirements to buy back inventory. Our history demonstrates that sales returns have been insignificant. Disaggregated Revenue 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 substantially the same customers in all of our operating segments. Accordingly, our operating segments are aggregated into one reportable segment. The following tables summarizes our revenue disaggregated by geography, based on our shipping location (in thousands): Geographic Region: Three Months Ended December 31, 2018 Six Months Ended December 31, 2018 Americas Sales $ 6,992 $ 15,371 Europe Sales 8,871 17,653 Asia Sales 5,690 9,971 Total Net Sales $ 21,553 $ 42,995 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): Product Lines Three Months Ended December 31, 2018 Six Months Ended December 31, 2018 Measurement Solutions $ 19,500 $ 39,408 3D Scanning Solutions 982 1,712 Value Added Service 1,071 1,875 Total Net Sales $ 21,553 $ 42,995 Our revenues can be disaggregated between two categories (1) Goods transferred at a point in time, which typically includes the equipment performance obligation of our Measurement Solutions and contracts that include a single performance obligation and (2) Services transferred over time, which include installation, labor support and training performance obligations. The following table summarizes these two categories for the three and six months ended December 31, 2018 (in thousands): Timing of Revenue Recognition Three Months Ended December 31, 2018 Six Months Ended December 31, 2018 Goods transferred at a point of time $ 16,581 $ 31,781 Services transferred over time 4,972 11,214 Total Net Sales $ 21,553 $ 42,995 Remaining Performance Obligations/Backlog Backlog represents orders or bookings we have received but have not yet been filled, that is our unsatisfied performance obligations as of the reporting date. Although most of the backlog is subject to cancellation by our customers, we expect to fill substantially all of the orders. Our history demonstrates that cancellations have not been significant. The estimated recognition of our Backlog by year is as follows (in thousands): Years Ending June 30, Amount 2019 (excluding the six months ended December 31, 2018) $ 31,311 2020 5,570 2021 786 2022 426 2023 1 after 2023 - Total Backlog $ 38,094 Contract Balances The timing of revenue recognition, billings and cash collections results in ‘Billed receivables’, ‘Unbilled receivables’ and ‘Deferred revenue’ on our Consolidated Balance Sheets. Our collections are typically 45 to 90 days after invoicing, depending on region and individual contracts with our customers, which does not always align with the timing of revenue recognition. In addition, we defer certain costs incurred to obtain a contract, primarily related to sales commissions. Billed receivables, net – Billed receivables, net includes amounts billed and currently due from our customers. The amounts due are stated at their net estimated realizable value. Billed receivables are stated net of an allowance for doubtful accounts. Billed receivables 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, the condition of the general economy and the industry as a whole. We write-off billed receivables when they become uncollectible and payments subsequently received on such receivables are credited to the allowance for doubtful accounts. Unbilled receivables – Our unbilled receivables include unbilled amounts typically resulting from our Measurement Solutions as we recognize revenue when or as performance obligations are satisfied; however, the revenue amount exceeds the amount billed to the customer and the right to payment is not solely due to the passage of time. Amounts may not exceed their net realizable value. Deferred revenues – We record deferred revenues when billings are issued in advance of our satisfaction of specific performance obligations. Our Unbilled receivables and Deferred revenues are reported in a net position on a contract-by-contract basis at the end of each reporting period. Impairment losses recognized on our Billed and Unbilled receivables were $80,000 in the three months ended December 31, 2018. Impairment losses recognized on our Billed and Unbilled receivables were $105,000 in the six months ended December 31, 2018. Deferred commissions – Our incremental direct costs of obtaining a contract, which consist primarily of sales commissions, are deferred and amortized based on the timing of revenue recognition over the period of contract performance. As of December 31, 2018, capitalized commissions of $200,000 were included in ‘Other current assets’ on our Consolidated Balance Sheet. Commission expense recognized during the three and six months ended December 31, 2018 was $304,000 and $558,000, respectively, is included in ‘Selling, general and administrative expense’ in our Consolidated Statement of Operations. Current balances of our contract balances are as follows (in thousands): Balance Sheet Account December 31, 2018 July 1, 2018 Increase / (Decrease) Unbilled receivables $ 4,635 $ 1,864 $ 2,771 Deferred revenue (7,389 ) (6,715 ) (674 ) Net Unbilled receivables / (Deferred revenue) $ (2,754 ) $ (4,851 ) $ 2,097 The change in our net Unbilled receivables / (Deferred revenue) from July 1, 2018 to December 31, 2018 was primarily due to the amount of revenue recognized as we satisfied performance obligations during the six months ended December 31, 2018, partially offset by the amount and timing of invoicing during that same timeframe related to our Measurement Solutions and 3D Scanning Solutions. During the six months ended December 31, 2018, we recognized revenue of $4,164,000 that was included in ‘Deferred revenue’ at July 1, 2018. Financial Statement Impact of Adopting ASC 606 The following table summarizes the cumulative effect of the changes to our unaudited Consolidated Balance Sheet as of December 31, 2018 from the adoption of ASC 606 (in thousands, except per share amount): As reported Balances December 31, ASC 606 without adoption 2018 Adjustments of ASC 606 (unaudited) ASSETS Current Assets Cash and cash equivalents $ 6,899 $ - $ 6,899 Short-term investments 1,131 - 1,131 Receivables: Billed receivables, net 28,753 - 28,753 Unbilled receivables, net 4,635 (4,635 ) - Other receivables 284 - 284 Inventories, net 11,143 2,687 13,830 Other current assets 1,900 (249 ) 1,651 Total current assets 54,745 (2,197 ) 52,548 Property and Equipment, Net 6,785 - 6,785 Goodwill 7,859 - 7,859 Intangible Assets, Net 3,428 - 3,428 Long-Term Investments 725 - 725 Long-Term Deferred Income Tax Asset 1,100 - 1,100 Total Assets $ 74,642 $ (2,197 ) $ 72,445 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Line of credit and short-term notes payable $ 69 $ - $ 69 Accounts payable 6,911 - 6,911 Accrued liabilities and expenses 4,177 - 4,177 Accrued compensation 1,940 - 1,940 Current portion of taxes payable 432 - 432 Income taxes payable 1,134 1,134 Reserves for restructuring and other charges 66 - 66 Deferred revenue 7,389 1,679 9,068 Total current liabilities 22,118 1,679 23,797 Long-Term Taxes Payable 250 - 250 Long-Term Deferred Income Tax Liability 1,718 (939 ) 779 Other Long-Term Liabilities 593 - 593 Total Liabilities $ 24,679 $ 740 $ 25,419 Shareholders' Equity Preferred stock - - - Common stock 96 - 96 Accumulated other comprehensive loss (2,864 ) 119 (2,745 ) Additional paid-in capital 48,753 - 48,753 Retained earnings (deficit) 3,978 (3,056 ) 922 Total Shareholders' Equity $ 49,963 $ (2,937 ) $ 47,026 Total Liabilities and Shareholders' Equity $ 74,642 $ (2,197 ) $ 72,445 The following tables summarize the effect of adopting ASC 606 on our unaudited Consolidated Statement of Operations for the three and six months ended December 31, 2018 (in thousands): As reported Three Months Ended ASC 606 Balances without December 31, 2018 Adjustments adoption of ASC 606 Net Sales $ 21,553 $ (273 ) $ 21,280 Cost of Sales 13,703 (173 ) 13,530 Gross Profit 7,850 (100 ) 7,750 Operating Expenses Selling, general and administrative 4,942 16 4,958 Engineering, research and development 2,080 - 2,080 Severance, impairment and other charges (609 ) - (609 ) Total operating expenses 6,413 16 6,429 Operating Income 1,437 (116 ) 1,321 Other Income and (Expenses) Interest expense, net (29 ) - (29 ) Foreign currency gain, net 151 - 151 Other income (expenses), net 5 - 5 Total other income and (expenses) 127 - 127 Income Before Income Taxes 1,564 (116 ) 1,448 Income Tax (Expense) Benefit (17 ) 172 155 Net Income $ 1,547 $ 56 $ 1,603 As reported Six Months Ended ASC 606 Balances without December 31, 2018 Adjustments adoption of ASC 606 Net Sales $ 42,995 $ (2,577 ) $ 40,418 Cost of Sales 26,853 (1,321 ) 25,532 Gross Profit 16,142 (1,256 ) 14,886 Operating Expenses Selling, general and administrative 9,577 200 9,777 Engineering, research and development 4,278 - 4,278 Severance, impairment and other charges (609 ) - (609 ) Total operating expenses 13,246 200 13,446 Operating Income (Loss) 2,896 (1,456 ) 1,440 Other Income and (Expenses) Interest expense, net (56 ) - (56 ) Foreign currency loss, net (51 ) - (51 ) Other income (expenses), net 5 - 5 Total other income and (expenses) (102 ) - (102 ) Income (Loss) Before Income Taxes 2,794 (1,456 ) 1,338 Income Tax (Expense) Benefit (355 ) 449 94 Net Income (Loss) $ 2,439 $ (1,007 ) $ 1,432 |
Short-Term And Long-Term Invest
Short-Term And Long-Term Investments | 6 Months Ended |
Dec. 31, 2018 | |
Investments [Abstract] | |
Short-Term And Long-Term Investments | 6. Short-Term and Long-Term Investments We account for our investments in accordance with ASC 320, “Investments – Debt and Equity Securities As of December 31, 2018 and June 30, 2018, 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 and , we had short-term bank guarantees of $241,000 and $166,000, At December 31, 2018 long-term investment in preferred stock that is not registered under the Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The preferred stock investment is currently recorded at $725,000 after consideration of impairment charges recorded in fiscal years 2008 and 2009. We estimated that the fair market value of this investment at December 31, 2018 exceeded $725,000 based on an internal valuation model, which included the use of a discounted cash flow model. (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 and Disclosures” The following table presents our Short-Term and Long-Term Investments by category at December 31, 2018 and June 30, 2018 (in thousands): December 31, 2018 Cost Fair Value or Carrying Value Short-Term Investments Bank Guarantees $ 241 $ 241 Mutual Funds 13 13 Time/Fixed Deposits 877 877 Total Short-Term Investments $ 1,131 $ 1,131 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments 3,700 725 Total Investments $ 4,831 $ 1,856 June 30, 2018 Cost Fair Value or Carrying Value Short-Term Investments 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 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Dec. 31, 2018 | |
Financial Instruments Financial Assets Balance Sheet Groupings [Abstract] | |
Financial Instruments | 7. Financial Instruments For a discussion on our fair value measurement policies for Financial Instruments, refer to Note 1 in our Consolidated Financial Statements, “Summary of Significant Accounting Policies – Financial Instruments”, of our Annual Report on Form 10-K for fiscal year ended June 30, 2018. We have not changed our valuation techniques in measuring the fair value of any financial assets and liabilities during the period. The following table presents our investments at December 31, 2018 June 30, 2018 Description December 31, 2018 Level 1 Level 2 Level 3 Mutual Funds $ 13 $ 13 $ - $ - Time/Fixed Deposits and Bank Guarantees 1,118 - 1,118 - Preferred Stock 725 - - 725 Total $ 1,856 $ 13 $ 1,118 $ 725 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 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. |
Inventory
Inventory | 6 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventory | 8. 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, and for 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. Inventory, net of reserves of $1,874,000 and $2,115,000 at December 31, 2018 June 30, 2018 At December 31, At June 30, 2018 2018 Component Parts $ 5,312 $ 5,156 Work in Process 2,213 3,525 Finished Goods 3,618 5,148 Total $ 11,143 $ 13,829 |
Property And Equipment
Property And Equipment | 6 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property And Equipment | 9. Property and Equipment Our property and equipment consisted of the following as of December 31, 2018 June 30, 2018 At December 31, At June 30, 2018 2018 Building and Land $ 7,865 $ 7,844 Machinery and Equipment 14,750 14,578 Furniture and Fixtures 1,176 1,060 23,791 23,482 Less: Accumulated Depreciation (17,006 ) (16,869 ) $ 6,785 $ 6,613 Depreciation expense was $287,000 and $307,000 for the three months ended December 31, 2018 and 2017, respectively. Depreciation expense was $563,000 and $577,000 for the six months ended December 31, 2018 and 2017, respectively. |
Warranty
Warranty | 6 Months Ended |
Dec. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |
Warranty | 10. 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® sensors. Sales of ScanWorks® have a one-year warranty for parts. Sales of WheelWorks® products have a two-year warranty for parts. We provide a reserve for warranty based on our experience and knowledge. Our Off-Line Measurement Solutions generally carry a 12-month warranty after the machine passes the acceptance test or a 15-month warranty from the date of shipment, whichever date comes first, on parts only. We provide a reserve for warranty based on our experience and knowledge. 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. Changes to our warranty reserve are as follows (in thousands): Six Months Ended December 31, 2018 2017 Beginning Balance at July 1, $ 391 $ 548 Accruals - Current Year 331 486 Settlements/Claims (in cash or in kind) (460 ) (610 ) Effects of Foreign Currency (1 ) 5 Ending Balance at December 31, $ 261 $ 429 |
Credit Facilities
Credit Facilities | 6 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Credit Facilities | 11. Credit Facilities We had approximately $69,000 and $175,000 outstanding under our line of credit and short-term notes payable at December 31, 2018 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 December 31, 2018 December 31, 2018 Prior to December 4, 2017, we were party to an Amended and Restated Credit Agreement with Comerica Bank. 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 €60,000 (equivalent to approximately $69,000) payable over the following 4 months at a 7.0% annual interest rate are recorded in ‘Line of credit and short-term notes payable’ on our Consolidated Balance Sheet at December 31, 2018 Our Brazilian subsidiary (“Brazil”) has a credit line and overdraft facility with their current local bank. Brazil can borrow a total of B$200,000 (equivalent to approximately $52,000). The Brazil facility is cancelable at any time by either Brazil or the bank and any amounts then outstanding would become immediately due and payable. The monthly interest rate for the facility is 12.00%. We had no borrowings under these facilities at December 31, 2018 |
Severance, Impairment And Other
Severance, Impairment And Other Charges | 6 Months Ended |
Dec. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Severance, Impairment And Other Charges | 12. 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-term 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 relating to the original restructuring plan, as well as the additional charges from the terminated product line, of $3,531,000. 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 17, “Commitments and Contingencies” 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 appealed this court decision. In January 2019, we settled with the defendants and ended our appeal in return for a net payment due to them in the amount of $66,000. As a result, in the second quarter of fiscal 2019, we adjusted our accrual. The charges recorded as Severance, Impairment and Other Charges are as follows (in thousands): Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 Severance and Related Costs $ - $ (17 ) $ - $ (13 ) Court Award (609 ) 675 (609 ) 675 Impairment - - - (42 ) Inventory Write-Off - - - (14 ) Total $ (609 ) $ 658 $ (609 ) $ 606 Severance income for the three months ended December 31, 2017 was primarily associated with an adjustment at our Chinese location. Severance expense for the six months ended December 31, 2017 was associated with adjustments at our China (income of $15,000) and U.S. (expense of $2,000) locations as we reached final settlements related to several individuals impacted by the reduction in force. The decrease in the impairment was due to a collection of an accounts receivable balance that was previously written off. The decrease of the inventory write-off was due to finding other uses for some of the inventory originally designated as impaired. The following table reconciles the activity for the Reserves for Restructuring and Other Charges (in thousands): Six Months Ended December 31, 2018 2017 Beginning Balance at July 1, $ 675 $ 1,113 Accruals - Severance Related - (13 ) Accruals / Adjustments - Court Award (609 ) 675 Payments - (531 ) Ending Balance at December 31, $ 66 $ 1,244 The remaining accrual balance at December 31, 2018 is the accrual for the settlement related to the trade secrets case. We expect to make this payment during the third quarter of fiscal 2019. |
Current And Long-Term Taxes Pay
Current And Long-Term Taxes Payable | 6 Months Ended |
Dec. 31, 2018 | |
Acquired Taxes Payable [Abstract] | |
Current And Long-Term Taxes Payable | 13. 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 | 6 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | 14. Other Long-Term Liabilities Other long-term liabilities at December 31, 2018 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | 15. 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. 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 33.3% 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 these plans must not be less than the 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 $192,000 and $283,000 in the three and six months ended December 31, 2018 respectively. We recognized operating expense for non-cash stock-based compensation costs related to stock options in the amount of $142,000 and $197,000 in the three and six months ended December 31, 2017, respectively. A s of December 31, 2018, the total remaining unrecognized compensation cost related to non-vested stock options amounted to approximately $195,000. We expect to recognize this cost over a weighted average vesting period of 1.4 years. We granted no stock options in both the three and six month periods ended December 31, 2018, respectively. We granted 100,000 stock options in the three and six month periods ended December 31, 2017, respectively. The estimated fair value as of the date options were granted during the periods presented, using the Black-Scholes option-pricing model, is shown in the table below. Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 Weighted average estimated fair value per share of options granted during the period NA $ 3.96 NA $ 3.96 Assumptions: Dividend Yield NA - NA - Common Stock Price Volatility NA 48.70 % NA 48.70 % Risk Free Rate of Return NA 2.05 % NA 2.05 % Expected Option Term (In Years) NA 6.4 NA 6.4 We received approximately $3,000 and $194,000 in cash from option exercises under our share-based payment arrangements for the three and six month periods ended December 31, 2018, respectively. We received no cash from option exercises under our share-based payment arrangements for the three and six month periods ended December 31, 2017, respectively. 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 and Fiscal Year 2019 Long-Term Incentive Compensation Plan. The grant date fair value associated with granted restricted stock is calculated in accordance with ASC 718 “Compensation – Stock Compensation” A summary of the status of restricted stock and restricted stock unit awards outstanding at December 31, 2018 Weighted Average Nonvested Grant Date Shares Fair Value Non-vested at June 30, 2018 77,570 $ 7.77 Granted 51,650 7.21 Vested (24,857 ) 7.71 Forfeited or Expired - - Non-vested at December 31, 2018 104,363 $ 7.50 Performance Stock Units During the second quarter of fiscal 2019, our MDCSOC granted certain employees During the second quarter of fiscal 2018, our MDCSOC granted certain employees PSUs as part of the Fiscal Year 2018 Long-Term Incentive Compensation Plan. For fiscal 2018, actual Revenue and Operating Income Before Incentive Compensation exceeded the Fiscal Year 2018 Targets, resulting in 161.5% of the target level of PSU’s vesting. The non-cash stock-based compensation expense recorded for performance share unit awards for the three and six month periods ended December 31, 2018 and $67,000, respectively three and six month periods ended December 31, 2017 A summary of the status of the PSUs outstanding at December 31, 2018 is presented in the table below. Weighted Average Nonvested Grant Date Shares Fair Value Non-vested at June 30, 2018 39,350 $ 7.95 FY 2018 Performance results 8,054 7.95 Granted 51,650 7.21 Vested (21,170 ) 7.95 Forfeited or Expired - - Non-vested at December 31, 2018 77,884 $ 7.46 |
Earnings per Share
Earnings per Share | 6 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 16. 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 106,467 and 45,217 shares of common stock outstanding in the three months ended December 31, 2018 and 2017, respectively, were not included in the computation of diluted EPS because the effect would have been anti-dilutive. Options to purchase 86,790 and 73,017 shares of common stock outstanding in the six months ended December 31, 2018 and 2017, respectively, were not included in the computation of diluted EPS because the effect would have been anti-dilutive. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | 17. C 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 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. In January 2018, the judge granted defendants’ motions for recovery of their attorney fees in the amount of $675,000, plus interest. In the second quarter of fiscal 2018, we recorded a charge in the amount of $675,000 relating to this matter. We appealed this court’s decision to grant summary disposition and the award of the attorney fees. In January 2019, we settled with the defendants and ended our appeal in return for a net payment due to them in the amount of $66,000. As a result, in the second quarter of fiscal 2019, we adjusted our accrual (see Note 12 “Severance, Impairment and Other Charges” for further discussion). 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. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 18. 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, No. 118 (“SAB 118”), one Due to our June 30 fiscal year end, the lower United States income tax rates were phased in, resulting in a blended rate for our fiscal year 2018 and a 21% rate for years starting with our fiscal year 2019. Based on the provisions of the Act, we re-measured our U.S. deferred tax assets and related valuation allowance and adjusted our estimated annual federal income tax rate to incorporate the lower corporate tax rate into our tax provision for the quarter the Act was enacted as the change represents a discrete item for purposes of income tax accounting. 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 repealed 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 within stated limitation period, and therefore, the valuation allowance recorded against the credit was removed The Act also imposed 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, 2018, we estimated the impact of the Transition Tax by incorporating assumptions made based upon our then-current interpretation and analysis of the Act and determined that our foreign tax credits would completely offset any Transition Tax calculated, and therefore, we did not make any cash payments related to the Transition Tax. There have been no changes to that assessment as of December 31, 2018 as we completed our evaluation and related calculations during the second quarter of fiscal 2019. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 19. Subsequent Events In May 2017, a judge in a trade secrets case brought by Perceptron, granted the defendants’ motions for summary disposition. In January 2018, the judge granted the defendants’ motions for recovery of their attorney fees in the amount of $675,000, plus interest. In the second quarter of fiscal 2018, we recorded a charge in the amount of $675,000 relating to this matter. We appealed the court’s decision to grant summary disposition and the award of the attorney fees. In January 2019, we settled with the defendants and ended our appeal in return for a net payment due to them in the amount of $66,000. As a result, in the second quarter of fiscal 2019, we adjusted our accrual (see Note 12 “Severance, Impairment and Other Charges” for further discussion). |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and within the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. 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. In our opinion, these statements include all normal recurring adjustments necessary for a fair presentation of the financial statements for the periods presented. The results of operations for any interim period are not necessarily indicative of the results of operations for a full fiscal year. The accompanying unaudited Consolidated Financial Statements should be read in conjunction with our audited Consolidated Financial Statements in our 2018 Annual Report on Form 10-K for the fiscal year ended June 30, 2018. |
Use Of Estimates | Use of Estimates 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. |
Reclassification | Reclassification Certain prior period amounts have been reclassified in the Consolidated Statements of Cash Flow to due to the adoption of Accounting Standards Update No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash |
New Accounting Pronouncements (
New Accounting Pronouncements (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
ASC 606 [Member] | |
Summary of Cumulative Effect of Changes to Unaudited Financial Statements | The following table summarizes the cumulative effect of the changes to our unaudited Consolidated Balance Sheet as of July 1, 2018 from the adoption of ASC 606: Opening At June 30, ASC 606 Balance at 2018 Adjustments July 1, 2018 Assets Unbilled receivables $ - $ 1,864 $ 1,864 Inventories 13,829 (1,350 ) 12,479 Other current assets 1,327 49 1,376 Liabilities and Shareholders' Equity Deferred revenue 8,691 (1,976 ) 6,715 Long-Term Deferred Income Tax Liability 1,717 490 2,207 Retained earnings (deficit) (510 ) 2,049 1,539 The following table summarizes the cumulative effect of the changes to our unaudited Consolidated Balance Sheet as of December 31, 2018 from the adoption of ASC 606 (in thousands, except per share amount): As reported Balances December 31, ASC 606 without adoption 2018 Adjustments of ASC 606 (unaudited) ASSETS Current Assets Cash and cash equivalents $ 6,899 $ - $ 6,899 Short-term investments 1,131 - 1,131 Receivables: Billed receivables, net 28,753 - 28,753 Unbilled receivables, net 4,635 (4,635 ) - Other receivables 284 - 284 Inventories, net 11,143 2,687 13,830 Other current assets 1,900 (249 ) 1,651 Total current assets 54,745 (2,197 ) 52,548 Property and Equipment, Net 6,785 - 6,785 Goodwill 7,859 - 7,859 Intangible Assets, Net 3,428 - 3,428 Long-Term Investments 725 - 725 Long-Term Deferred Income Tax Asset 1,100 - 1,100 Total Assets $ 74,642 $ (2,197 ) $ 72,445 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Line of credit and short-term notes payable $ 69 $ - $ 69 Accounts payable 6,911 - 6,911 Accrued liabilities and expenses 4,177 - 4,177 Accrued compensation 1,940 - 1,940 Current portion of taxes payable 432 - 432 Income taxes payable 1,134 1,134 Reserves for restructuring and other charges 66 - 66 Deferred revenue 7,389 1,679 9,068 Total current liabilities 22,118 1,679 23,797 Long-Term Taxes Payable 250 - 250 Long-Term Deferred Income Tax Liability 1,718 (939 ) 779 Other Long-Term Liabilities 593 - 593 Total Liabilities $ 24,679 $ 740 $ 25,419 Shareholders' Equity Preferred stock - - - Common stock 96 - 96 Accumulated other comprehensive loss (2,864 ) 119 (2,745 ) Additional paid-in capital 48,753 - 48,753 Retained earnings (deficit) 3,978 (3,056 ) 922 Total Shareholders' Equity $ 49,963 $ (2,937 ) $ 47,026 Total Liabilities and Shareholders' Equity $ 74,642 $ (2,197 ) $ 72,445 The following tables summarize the effect of adopting ASC 606 on our unaudited Consolidated Statement of Operations for the three and six months ended December 31, 2018 (in thousands): As reported Three Months Ended ASC 606 Balances without December 31, 2018 Adjustments adoption of ASC 606 Net Sales $ 21,553 $ (273 ) $ 21,280 Cost of Sales 13,703 (173 ) 13,530 Gross Profit 7,850 (100 ) 7,750 Operating Expenses Selling, general and administrative 4,942 16 4,958 Engineering, research and development 2,080 - 2,080 Severance, impairment and other charges (609 ) - (609 ) Total operating expenses 6,413 16 6,429 Operating Income 1,437 (116 ) 1,321 Other Income and (Expenses) Interest expense, net (29 ) - (29 ) Foreign currency gain, net 151 - 151 Other income (expenses), net 5 - 5 Total other income and (expenses) 127 - 127 Income Before Income Taxes 1,564 (116 ) 1,448 Income Tax (Expense) Benefit (17 ) 172 155 Net Income $ 1,547 $ 56 $ 1,603 As reported Six Months Ended ASC 606 Balances without December 31, 2018 Adjustments adoption of ASC 606 Net Sales $ 42,995 $ (2,577 ) $ 40,418 Cost of Sales 26,853 (1,321 ) 25,532 Gross Profit 16,142 (1,256 ) 14,886 Operating Expenses Selling, general and administrative 9,577 200 9,777 Engineering, research and development 4,278 - 4,278 Severance, impairment and other charges (609 ) - (609 ) Total operating expenses 13,246 200 13,446 Operating Income (Loss) 2,896 (1,456 ) 1,440 Other Income and (Expenses) Interest expense, net (56 ) - (56 ) Foreign currency loss, net (51 ) - (51 ) Other income (expenses), net 5 - 5 Total other income and (expenses) (102 ) - (102 ) Income (Loss) Before Income Taxes 2,794 (1,456 ) 1,338 Income Tax (Expense) Benefit (355 ) 449 94 Net Income (Loss) $ 2,439 $ (1,007 ) $ 1,432 |
Intangibles (Tables)
Intangibles (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary Of Change In Intangible Assets | Our intangible assets are as follows (in thousands): December 31, December 31, June 30, June 30, 2018 2018 2018 2018 Gross Net Gross Net Carrying Accumulated Carrying Carrying Accumulated Carrying Amount Amortization Amount Amount Amortization Amount Customer/Distributor Relationships $ 3,269 $ (2,506 ) $ 763 $ 3,329 $ (2,219 ) $ 1,110 Trade Name 2,539 (973 ) 1,566 2,586 (862 ) 1,724 Software 1,716 (617 ) 1,099 1,490 (504 ) 986 Other 122 (122 ) - 124 (124 ) - Total $ 7,646 $ (4,218 ) $ 3,428 $ 7,529 $ (3,709 ) $ 3,820 |
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 (excluding the six months ended December 31, 2018) 649 2020 897 2021 461 2022 461 2023 417 after 2023 543 $ 3,428 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Revenue Disaggregated by Geographic Region, Product Lines, and Timing of Recognition | The following tables summarizes our revenue disaggregated by geography, based on our shipping location (in thousands): Geographic Region: Three Months Ended December 31, 2018 Six Months Ended December 31, 2018 Americas Sales $ 6,992 $ 15,371 Europe Sales 8,871 17,653 Asia Sales 5,690 9,971 Total Net Sales $ 21,553 $ 42,995 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): Product Lines Three Months Ended December 31, 2018 Six Months Ended December 31, 2018 Measurement Solutions $ 19,500 $ 39,408 3D Scanning Solutions 982 1,712 Value Added Service 1,071 1,875 Total Net Sales $ 21,553 $ 42,995 The following table summarizes these two categories for the three and six months ended December 31, 2018 (in thousands): Timing of Revenue Recognition Three Months Ended December 31, 2018 Six Months Ended December 31, 2018 Goods transferred at a point of time $ 16,581 $ 31,781 Services transferred over time 4,972 11,214 Total Net Sales $ 21,553 $ 42,995 |
Summary of Remaining Performance Obligations/Backlog | The estimated recognition of our Backlog by year is as follows (in thousands): Years Ending June 30, Amount 2019 (excluding the six months ended December 31, 2018) $ 31,311 2020 5,570 2021 786 2022 426 2023 1 after 2023 - Total Backlog $ 38,094 |
Summary of Current Balances of Contract Balances | Current balances of our contract balances are as follows (in thousands): Balance Sheet Account December 31, 2018 July 1, 2018 Increase / (Decrease) Unbilled receivables $ 4,635 $ 1,864 $ 2,771 Deferred revenue (7,389 ) (6,715 ) (674 ) Net Unbilled receivables / (Deferred revenue) $ (2,754 ) $ (4,851 ) $ 2,097 |
ASC 606 [Member] | |
Summary of Cumulative Effect of Changes to Unaudited Financial Statements | The following table summarizes the cumulative effect of the changes to our unaudited Consolidated Balance Sheet as of July 1, 2018 from the adoption of ASC 606: Opening At June 30, ASC 606 Balance at 2018 Adjustments July 1, 2018 Assets Unbilled receivables $ - $ 1,864 $ 1,864 Inventories 13,829 (1,350 ) 12,479 Other current assets 1,327 49 1,376 Liabilities and Shareholders' Equity Deferred revenue 8,691 (1,976 ) 6,715 Long-Term Deferred Income Tax Liability 1,717 490 2,207 Retained earnings (deficit) (510 ) 2,049 1,539 The following table summarizes the cumulative effect of the changes to our unaudited Consolidated Balance Sheet as of December 31, 2018 from the adoption of ASC 606 (in thousands, except per share amount): As reported Balances December 31, ASC 606 without adoption 2018 Adjustments of ASC 606 (unaudited) ASSETS Current Assets Cash and cash equivalents $ 6,899 $ - $ 6,899 Short-term investments 1,131 - 1,131 Receivables: Billed receivables, net 28,753 - 28,753 Unbilled receivables, net 4,635 (4,635 ) - Other receivables 284 - 284 Inventories, net 11,143 2,687 13,830 Other current assets 1,900 (249 ) 1,651 Total current assets 54,745 (2,197 ) 52,548 Property and Equipment, Net 6,785 - 6,785 Goodwill 7,859 - 7,859 Intangible Assets, Net 3,428 - 3,428 Long-Term Investments 725 - 725 Long-Term Deferred Income Tax Asset 1,100 - 1,100 Total Assets $ 74,642 $ (2,197 ) $ 72,445 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Line of credit and short-term notes payable $ 69 $ - $ 69 Accounts payable 6,911 - 6,911 Accrued liabilities and expenses 4,177 - 4,177 Accrued compensation 1,940 - 1,940 Current portion of taxes payable 432 - 432 Income taxes payable 1,134 1,134 Reserves for restructuring and other charges 66 - 66 Deferred revenue 7,389 1,679 9,068 Total current liabilities 22,118 1,679 23,797 Long-Term Taxes Payable 250 - 250 Long-Term Deferred Income Tax Liability 1,718 (939 ) 779 Other Long-Term Liabilities 593 - 593 Total Liabilities $ 24,679 $ 740 $ 25,419 Shareholders' Equity Preferred stock - - - Common stock 96 - 96 Accumulated other comprehensive loss (2,864 ) 119 (2,745 ) Additional paid-in capital 48,753 - 48,753 Retained earnings (deficit) 3,978 (3,056 ) 922 Total Shareholders' Equity $ 49,963 $ (2,937 ) $ 47,026 Total Liabilities and Shareholders' Equity $ 74,642 $ (2,197 ) $ 72,445 The following tables summarize the effect of adopting ASC 606 on our unaudited Consolidated Statement of Operations for the three and six months ended December 31, 2018 (in thousands): As reported Three Months Ended ASC 606 Balances without December 31, 2018 Adjustments adoption of ASC 606 Net Sales $ 21,553 $ (273 ) $ 21,280 Cost of Sales 13,703 (173 ) 13,530 Gross Profit 7,850 (100 ) 7,750 Operating Expenses Selling, general and administrative 4,942 16 4,958 Engineering, research and development 2,080 - 2,080 Severance, impairment and other charges (609 ) - (609 ) Total operating expenses 6,413 16 6,429 Operating Income 1,437 (116 ) 1,321 Other Income and (Expenses) Interest expense, net (29 ) - (29 ) Foreign currency gain, net 151 - 151 Other income (expenses), net 5 - 5 Total other income and (expenses) 127 - 127 Income Before Income Taxes 1,564 (116 ) 1,448 Income Tax (Expense) Benefit (17 ) 172 155 Net Income $ 1,547 $ 56 $ 1,603 As reported Six Months Ended ASC 606 Balances without December 31, 2018 Adjustments adoption of ASC 606 Net Sales $ 42,995 $ (2,577 ) $ 40,418 Cost of Sales 26,853 (1,321 ) 25,532 Gross Profit 16,142 (1,256 ) 14,886 Operating Expenses Selling, general and administrative 9,577 200 9,777 Engineering, research and development 4,278 - 4,278 Severance, impairment and other charges (609 ) - (609 ) Total operating expenses 13,246 200 13,446 Operating Income (Loss) 2,896 (1,456 ) 1,440 Other Income and (Expenses) Interest expense, net (56 ) - (56 ) Foreign currency loss, net (51 ) - (51 ) Other income (expenses), net 5 - 5 Total other income and (expenses) (102 ) - (102 ) Income (Loss) Before Income Taxes 2,794 (1,456 ) 1,338 Income Tax (Expense) Benefit (355 ) 449 94 Net Income (Loss) $ 2,439 $ (1,007 ) $ 1,432 |
Short-Term And Long-Term Inve_2
Short-Term And Long-Term Investments (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Investments [Abstract] | |
Schedule Of Short-Term And Long-Term Investments | December 31, 2018 Cost Fair Value or Carrying Value Short-Term Investments Bank Guarantees $ 241 $ 241 Mutual Funds 13 13 Time/Fixed Deposits 877 877 Total Short-Term Investments $ 1,131 $ 1,131 Long-Term Investments Preferred Stock $ 3,700 $ 725 Total Long-Term Investments 3,700 725 Total Investments $ 4,831 $ 1,856 June 30, 2018 Cost Fair Value or Carrying Value Short-Term Investments 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 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Dec. 31, 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 December 31, 2018 June 30, 2018 Description December 31, 2018 Level 1 Level 2 Level 3 Mutual Funds $ 13 $ 13 $ - $ - Time/Fixed Deposits and Bank Guarantees 1,118 - 1,118 - Preferred Stock 725 - - 725 Total $ 1,856 $ 13 $ 1,118 $ 725 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 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | At December 31, At June 30, 2018 2018 Component Parts $ 5,312 $ 5,156 Work in Process 2,213 3,525 Finished Goods 3,618 5,148 Total $ 11,143 $ 13,829 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary Of Property And Equipment | At December 31, At June 30, 2018 2018 Building and Land $ 7,865 $ 7,844 Machinery and Equipment 14,750 14,578 Furniture and Fixtures 1,176 1,060 23,791 23,482 Less: Accumulated Depreciation (17,006 ) (16,869 ) $ 6,785 $ 6,613 |
Warranty (Tables)
Warranty (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Product Warranty Liability | Six Months Ended December 31, 2018 2017 Beginning Balance at July 1, $ 391 $ 548 Accruals - Current Year 331 486 Settlements/Claims (in cash or in kind) (460 ) (610 ) Effects of Foreign Currency (1 ) 5 Ending Balance at December 31, $ 261 $ 429 |
Severance, Impairment And Oth_2
Severance, Impairment And Other Charges (Tables) | 6 Months Ended |
Dec. 31, 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): Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 Severance and Related Costs $ - $ (17 ) $ - $ (13 ) Court Award (609 ) 675 (609 ) 675 Impairment - - - (42 ) Inventory Write-Off - - - (14 ) Total $ (609 ) $ 658 $ (609 ) $ 606 |
Schedule Of Restructuring Reserve Reconciliation | The following table reconciles the activity for the Reserves for Restructuring and Other Charges (in thousands): Six Months Ended December 31, 2018 2017 Beginning Balance at July 1, $ 675 $ 1,113 Accruals - Severance Related - (13 ) Accruals / Adjustments - Court Award (609 ) 675 Payments - (531 ) Ending Balance at December 31, $ 66 $ 1,244 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
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, is shown in the table below. Three Months Ended December 31, Six Months Ended December 31, 2018 2017 2018 2017 Weighted average estimated fair value per share of options granted during the period NA $ 3.96 NA $ 3.96 Assumptions: Dividend Yield NA - NA - Common Stock Price Volatility NA 48.70 % NA 48.70 % Risk Free Rate of Return NA 2.05 % NA 2.05 % Expected Option Term (In Years) NA 6.4 NA 6.4 |
Summary Of Restricted Stock And Restricted Stock Unit Awards Outstanding | A summary of the status of restricted stock and restricted stock unit awards outstanding at December 31, 2018 Weighted Average Nonvested Grant Date Shares Fair Value Non-vested at June 30, 2018 77,570 $ 7.77 Granted 51,650 7.21 Vested (24,857 ) 7.71 Forfeited or Expired - - Non-vested at December 31, 2018 104,363 $ 7.50 |
Summary of Status of Performance Share Units Outstanding | A summary of the status of the PSUs outstanding at December 31, 2018 is presented in the table below. Weighted Average Nonvested Grant Date Shares Fair Value Non-vested at June 30, 2018 39,350 $ 7.95 FY 2018 Performance results 8,054 7.95 Granted 51,650 7.21 Vested (21,170 ) 7.95 Forfeited or Expired - - Non-vested at December 31, 2018 77,884 $ 7.46 |
New Accounting Pronouncements_2
New Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Revenues impacted included in modified transition method adjustment | $ 21,553 | $ 20,433 | $ 42,995 | $ 39,702 |
ASC 606 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Net impact on retained earnings | 2,049 | |||
Measurement Solutions and Value Added Services [Member] | ASC 606 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Revenues impacted included in modified transition method adjustment | $ 3,800 |
New Accounting Pronouncements_3
New Accounting Pronouncements (Summary of Cumulative Effect of Changes to Unaudited Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jul. 01, 2018 | Jun. 30, 2018 |
ASSETS | |||
Unbilled receivables | $ 4,635 | $ 1,864 | |
Inventories | 11,143 | $ 13,829 | |
Other current assets | 1,900 | 1,327 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Deferred revenue | 7,389 | 6,715 | 8,691 |
Long-Term Deferred Income Tax Liability | 1,718 | 1,717 | |
Retained earnings (deficit) | 3,978 | (510) | |
ASC 606 [Member] | |||
ASSETS | |||
Unbilled receivables | 1,864 | ||
Inventories | 12,479 | ||
Other current assets | 1,376 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Deferred revenue | 6,715 | ||
Long-Term Deferred Income Tax Liability | 2,207 | ||
Retained earnings (deficit) | $ 1,539 | ||
ASC 606 Adjustments [Member] | ASC 606 [Member] | |||
ASSETS | |||
Unbilled receivables | (4,635) | 1,864 | |
Inventories | 2,687 | (1,350) | |
Other current assets | (249) | 49 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Deferred revenue | 1,679 | (1,976) | |
Long-Term Deferred Income Tax Liability | (939) | 490 | |
Retained earnings (deficit) | $ (3,056) | $ 2,049 |
Goodwill (Narrative) (Details)
Goodwill (Narrative) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2018 | |
Business Combination Goodwill [Abstract] | ||
Goodwill, impairment loss | $ 0 | |
Goodwill | $ 7,985,000 | $ 7,859,000 |
Intangibles (Summary Of Change
Intangibles (Summary Of Change In Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 7,646 | $ 7,529 |
Accumulated Amortization | (4,218) | (3,709) |
Total intangibles | 3,428 | 3,820 |
Customer/Distributor Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 3,269 | 3,329 |
Accumulated Amortization | (2,506) | (2,219) |
Total intangibles | 763 | 1,110 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,539 | 2,586 |
Accumulated Amortization | (973) | (862) |
Total intangibles | 1,566 | 1,724 |
Software [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,716 | 1,490 |
Accumulated Amortization | (617) | (504) |
Total intangibles | 1,099 | 986 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 122 | 124 |
Accumulated Amortization | (122) | (124) |
Total intangibles | $ 0 | $ 0 |
Intangibles (Narrative) (Detail
Intangibles (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 280 | $ 280 | $ 571 | $ 562 |
Intangibles (Summary Of Estimat
Intangibles (Summary Of Estimated Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2019 (excluding the six months ended December 31, 2018) | $ 649 | |
2,020 | 897 | |
2,021 | 461 | |
2,022 | 461 | |
2,023 | 417 | |
after 2,023 | 543 | |
Total intangibles | $ 3,428 | $ 3,820 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Narrative) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | |
Revenue From Contracts With Customers [Line Items] | ||||
Revenues impacted included in modified transition method adjustment | $ 21,553 | $ 20,433 | $ 42,995 | $ 39,702 |
Timing for satisfying performance obligation in contract with customer | Delivery of all of performance obligations in an order will typically occur over a three to 15-month period after the order is received. | |||
Number of operating segments | Segment | 3 | |||
Number of reportable segments | Segment | 1 | |||
Impairment losses on billed and unbilled receivables | 80 | $ 105 | ||
Contract with customer, liability, revenue recognized | 4,164 | |||
Other Current Assets [Member] | ||||
Revenue From Contracts With Customers [Line Items] | ||||
Capitalized commisions | 200 | 200 | ||
Selling, General and Administrative Expenses [Member] | ||||
Revenue From Contracts With Customers [Line Items] | ||||
Commission expense recognized | $ 304 | $ 558 | ||
Minimum [Member] | ||||
Revenue From Contracts With Customers [Line Items] | ||||
Delivery time of multi-element order | 3 months | |||
Contract with customer, collection period of receivables | 45 days | |||
Maximum [Member] | ||||
Revenue From Contracts With Customers [Line Items] | ||||
Delivery time of multi-element order | 15 months | |||
Contract with customer, collection period of receivables | 90 days | |||
ASC 606 [Member] | ||||
Revenue From Contracts With Customers [Line Items] | ||||
Net impact on retained earnings | $ 2,049 | |||
Measurement Solutions and Value Added Services [Member] | ASC 606 [Member] | ||||
Revenue From Contracts With Customers [Line Items] | ||||
Revenues impacted included in modified transition method adjustment | $ 3,800 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Summary of Revenue Disaggregated by Geographic Region) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | $ 21,553 | $ 20,433 | $ 42,995 | $ 39,702 |
Americas Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 6,992 | 15,371 | ||
Europe Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 8,871 | 17,653 | ||
Asia Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | $ 5,690 | $ 9,971 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers (Summary of Revenue Disaggregated by Product Lines) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | $ 21,553 | $ 20,433 | $ 42,995 | $ 39,702 |
Measurement Solutions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 19,500 | 39,408 | ||
3D Scanning Solutions [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 982 | 1,712 | ||
Value Added Service [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | $ 1,071 | $ 1,875 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers (Summary of Revenue Disaggregated by Timing of Recognition) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | $ 21,553 | $ 20,433 | $ 42,995 | $ 39,702 |
Goods Transferred At a Point of Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | 16,581 | 31,781 | ||
Services Transferred Over Time [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net Sales | $ 4,972 | $ 11,214 |
Revenue from Contracts with C_7
Revenue from Contracts with Customers (Summary of Remaining Performance Obligations/Backlog) (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 38,094 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-01-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 31,311 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 5,570 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 786 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 426 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 1 |
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year |
Revenue from Contracts with C_8
Revenue from Contracts with Customers (Summary of Remaining Performance Obligations/Backlog) (Details 1) $ in Thousands | Dec. 31, 2018USD ($) |
Disaggregation Of Revenue [Line Items] | |
Estimated recognition of Backlog | $ 38,094 |
Revenue from Contracts with C_9
Revenue from Contracts with Customers (Summary of Current Balances of Contract Balances) (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Dec. 31, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | |
Revenue From Contract With Customer [Abstract] | |||
Unbilled receivables | $ 4,635 | $ 1,864 | |
Deferred revenue | (7,389) | (6,715) | $ (8,691) |
Net Unbilled receivables / (Deferred revenue) | (2,754) | $ (4,851) | |
Unbilled receivables, Increase / (Decrease) | 2,771 | ||
Deferred revenue, Increase / (Decrease) | (674) | ||
Net Increase / (Decrease), Unbilled receivables / (Deferred revenue) | $ 2,097 |
Revenue from Contracts with _10
Revenue from Contracts with Customers (Summary of Cumulative Effect of Changes to Unaudited Consolidated Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jul. 01, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Current Assets | ||||
Cash and cash equivalents | $ 6,899 | $ 5,830 | ||
Short-term investments | 1,131 | 877 | ||
Receivables: | ||||
Billed receivables, net | 28,753 | 31,797 | ||
Unbilled receivables, net | 4,635 | $ 1,864 | ||
Other receivables | 284 | 346 | ||
Inventories, net | 11,143 | 13,829 | ||
Other current assets | 1,900 | 1,327 | ||
Total current assets | 54,745 | 54,006 | ||
Property and Equipment, Net | 6,785 | 6,613 | ||
Goodwill | 7,859 | 7,985 | ||
Intangible Assets, Net | 3,428 | 3,820 | ||
Long-Term Investments | 725 | 725 | ||
Long-Term Deferred Income Tax Asset | 1,100 | 1,055 | ||
Total Assets | 74,642 | 74,204 | ||
Current Liabilities | ||||
Line of credit and short-term notes payable | 69 | 175 | ||
Accounts payable | 6,911 | 7,592 | ||
Accrued liabilities and expenses | 4,177 | 4,256 | ||
Accrued compensation | 1,940 | 3,155 | ||
Current portion of taxes payable | 432 | 526 | ||
Income taxes payable | 1,134 | 768 | ||
Reserves for restructuring and other charges | 66 | 675 | ||
Deferred revenue | 7,389 | 6,715 | 8,691 | |
Total current liabilities | 22,118 | 25,838 | ||
Long-Term Taxes Payable | 250 | 450 | ||
Long-Term Deferred Income Tax Liability | 1,718 | 1,717 | ||
Other Long-Term Liabilities | 593 | 601 | ||
Total Liabilities | 24,679 | 28,606 | ||
Shareholders' Equity | ||||
Preferred stock, no par value, authorized 1,000 shares, issued none | 0 | 0 | ||
Common stock | 96 | 96 | ||
Accumulated other comprehensive loss | (2,864) | (2,098) | ||
Additional paid-in capital | 48,753 | 48,110 | ||
Retained earnings (deficit) | 3,978 | (510) | ||
Total Shareholders' Equity | 49,963 | 45,598 | $ 43,814 | |
Total Liabilities and Shareholders' Equity | 74,642 | 74,204 | ||
ASC 606 [Member] | ||||
Receivables: | ||||
Unbilled receivables, net | 1,864 | |||
Inventories, net | 12,479 | |||
Other current assets | 1,376 | |||
Current Liabilities | ||||
Deferred revenue | 6,715 | |||
Long-Term Deferred Income Tax Liability | 2,207 | |||
Shareholders' Equity | ||||
Retained earnings (deficit) | $ 1,539 | |||
ASC 606 Adjustments [Member] | ASC 606 [Member] | ||||
Receivables: | ||||
Unbilled receivables, net | (4,635) | 1,864 | ||
Inventories, net | 2,687 | (1,350) | ||
Other current assets | (249) | 49 | ||
Total current assets | (2,197) | |||
Total Assets | (2,197) | |||
Current Liabilities | ||||
Deferred revenue | 1,679 | (1,976) | ||
Total current liabilities | 1,679 | |||
Long-Term Deferred Income Tax Liability | (939) | 490 | ||
Total Liabilities | 740 | |||
Shareholders' Equity | ||||
Preferred stock, no par value, authorized 1,000 shares, issued none | ||||
Accumulated other comprehensive loss | 119 | |||
Retained earnings (deficit) | (3,056) | $ 2,049 | ||
Total Shareholders' Equity | (2,937) | |||
Total Liabilities and Shareholders' Equity | (2,197) | |||
Balances Without Adoption of ASC 606 [Member] | ASC 606 [Member] | ||||
Current Assets | ||||
Cash and cash equivalents | 6,899 | |||
Short-term investments | 1,131 | |||
Receivables: | ||||
Billed receivables, net | 28,753 | |||
Other receivables | 284 | |||
Inventories, net | 13,830 | |||
Other current assets | 1,651 | |||
Total current assets | 52,548 | |||
Property and Equipment, Net | 6,785 | |||
Goodwill | 7,859 | |||
Intangible Assets, Net | 3,428 | |||
Long-Term Investments | 725 | |||
Long-Term Deferred Income Tax Asset | 1,100 | |||
Total Assets | 72,445 | |||
Current Liabilities | ||||
Line of credit and short-term notes payable | 69 | |||
Accounts payable | 6,911 | |||
Accrued liabilities and expenses | 4,177 | |||
Accrued compensation | 1,940 | |||
Current portion of taxes payable | 432 | |||
Income taxes payable | 1,134 | |||
Reserves for restructuring and other charges | 66 | |||
Deferred revenue | 9,068 | |||
Total current liabilities | 23,797 | |||
Long-Term Taxes Payable | 250 | |||
Long-Term Deferred Income Tax Liability | 779 | |||
Other Long-Term Liabilities | 593 | |||
Total Liabilities | 25,419 | |||
Shareholders' Equity | ||||
Preferred stock, no par value, authorized 1,000 shares, issued none | ||||
Common stock | 96 | |||
Accumulated other comprehensive loss | (2,745) | |||
Additional paid-in capital | 48,753 | |||
Retained earnings (deficit) | 922 | |||
Total Shareholders' Equity | 47,026 | |||
Total Liabilities and Shareholders' Equity | $ 72,445 |
Revenue from Contracts with _11
Revenue from Contracts with Customers (Summary of Cumulative Effect of Changes to Unaudited Consolidated Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Sales | $ 21,553 | $ 20,433 | $ 42,995 | $ 39,702 |
Cost of Sales | 13,703 | 13,026 | 26,853 | 24,645 |
Gross Profit | 7,850 | 7,407 | 16,142 | 15,057 |
Operating Expenses | ||||
Selling, general and administrative | 4,942 | 4,497 | 9,577 | 8,921 |
Engineering, research and development | 2,080 | 1,797 | 4,278 | 3,530 |
Severance, impairment and other charges | (609) | 658 | (609) | 606 |
Total operating expenses | 6,413 | 6,952 | 13,246 | 13,057 |
Operating Income | 1,437 | 455 | 2,896 | 2,000 |
Other Income and (Expenses) | ||||
Interest expense, net | (29) | (42) | (56) | (84) |
Foreign currency gain (loss), net | 151 | (57) | (51) | (79) |
Other income (expenses), net | 5 | (5) | 5 | 25 |
Total other income and (expenses) | 127 | (104) | (102) | (138) |
Income Before Income Taxes | 1,564 | 351 | 2,794 | 1,862 |
Income Tax (Expense) Benefit | (17) | 15 | (355) | 62 |
Net Income | 1,547 | $ 366 | 2,439 | $ 1,924 |
ASC 606 Adjustments [Member] | ASC 606 [Member] | ||||
Net Sales | (273) | (2,577) | ||
Cost of Sales | (173) | (1,321) | ||
Gross Profit | (100) | (1,256) | ||
Operating Expenses | ||||
Selling, general and administrative | 16 | 200 | ||
Total operating expenses | 16 | 200 | ||
Operating Income | (116) | (1,456) | ||
Other Income and (Expenses) | ||||
Income Before Income Taxes | (116) | (1,456) | ||
Income Tax (Expense) Benefit | 172 | 449 | ||
Net Income | 56 | (1,007) | ||
Balances Without Adoption of ASC 606 [Member] | ASC 606 [Member] | ||||
Net Sales | 21,280 | 40,418 | ||
Cost of Sales | 13,530 | 25,532 | ||
Gross Profit | 7,750 | 14,886 | ||
Operating Expenses | ||||
Selling, general and administrative | 4,958 | 9,777 | ||
Engineering, research and development | 2,080 | 4,278 | ||
Severance, impairment and other charges | (609) | (609) | ||
Total operating expenses | 6,429 | 13,446 | ||
Operating Income | 1,321 | 1,440 | ||
Other Income and (Expenses) | ||||
Interest expense, net | (29) | (56) | ||
Foreign currency gain (loss), net | 151 | (51) | ||
Other income (expenses), net | 5 | 5 | ||
Total other income and (expenses) | 127 | (102) | ||
Income Before Income Taxes | 1,448 | 1,338 | ||
Income Tax (Expense) Benefit | 155 | 94 | ||
Net Income | $ 1,603 | $ 1,432 |
Short-Term And Long-Term Inve_3
Short-Term And Long-Term Investments (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | $ 1,131 | $ 877 |
Long-term investments | 725 | 725 |
Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 241 | $ 166 |
Preferred Stock [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Investment | 725 | |
Long-term investments | $ 725 |
Short-Term And Long-Term Inve_4
Short-Term And Long-Term Investments (Schedule Of Short-Term And Long-Term Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | $ 1,131 | $ 877 |
Long-term investments | 725 | 725 |
Total Investments | 1,856 | 1,602 |
Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 241 | 166 |
Preferred Stock [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Long-term investments | 725 | |
Cost [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 1,131 | 877 |
Long-term investments | 3,700 | 3,700 |
Total Investments | 4,831 | 4,577 |
Cost [Member] | Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 241 | 166 |
Cost [Member] | Mutual Funds [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 13 | 23 |
Cost [Member] | Time/Fixed Deposits [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 877 | 688 |
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 | 1,131 | 877 |
Long-term investments | 725 | 725 |
Total Investments | 1,856 | 1,602 |
Fair Value Or Carrying Value [Member] | Bank Guarantees [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 241 | 166 |
Fair Value Or Carrying Value [Member] | Mutual Funds [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 13 | 23 |
Fair Value Or Carrying Value [Member] | Time/Fixed Deposits [Member] | ||
Investments, Debt and Equity Securities Statement [Line Items] | ||
Short-term investments | 877 | 688 |
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 ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | $ 1,856 | $ 1,602 |
Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 13 | 23 |
Time/Fixed Deposits And Bank Guarantees [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 1,118 | 854 |
Preferred Stock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 725 | 725 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 13 | 23 |
Level 1 [Member] | Mutual Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 13 | 23 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 1,118 | 854 |
Level 2 [Member] | Time/Fixed Deposits And Bank Guarantees [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 1,118 | 854 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | 725 | 725 |
Level 3 [Member] | Preferred Stock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Investments | $ 725 | $ 725 |
Inventory (Narrative) (Details)
Inventory (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Inventory, net of reserves | $ 1,874 | $ 2,115 |
Inventory (Schedule of Componen
Inventory (Schedule of Components of Inventory) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Inventory Disclosure [Abstract] | ||
Component Parts | $ 5,312 | $ 5,156 |
Work in Process | 2,213 | 3,525 |
Finished Goods | 3,618 | 5,148 |
Total | $ 11,143 | $ 13,829 |
Property And Equipment (Summary
Property And Equipment (Summary Of Property And Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | $ 23,791 | $ 23,482 |
Less: Accumulated Depreciation | (17,006) | (16,869) |
Property and Equipment, Net | 6,785 | 6,613 |
Building and Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | 7,865 | 7,844 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | 14,750 | 14,578 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Gross Property and Equipment | $ 1,176 | $ 1,060 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation | $ 287 | $ 307 | $ 563 | $ 577 |
Warranty (Narrative) (Details)
Warranty (Narrative) (Details) | 6 Months Ended |
Dec. 31, 2018 | |
Labor And Travel Related [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 1 year |
TriCam Sensors [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 3 years |
ScanWorks [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 1 year |
WheelWorks [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 2 years |
Minimum [Member] | In-Line And Near-Line Measurement Solutions [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 1 year |
Minimum [Member] | Off-Line Measurement Solutions [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 12 months |
Maximum [Member] | In-Line And Near-Line Measurement Solutions [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 3 years |
Maximum [Member] | Off-Line Measurement Solutions [Member] | |
Product Information [Line Items] | |
Standard product warranty period | 15 months |
Warranty (Schedule of Product W
Warranty (Schedule of Product Warranty Liability) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 391 | $ 548 |
Accruals - Current Year | 331 | 486 |
Settlements/Claims (in cash or in kind) | (460) | (610) |
Effects of Foreign Currency | (1) | 5 |
Ending Balance | $ 261 | $ 429 |
Credit Facilities (Narrative) (
Credit Facilities (Narrative) (Details) | Dec. 04, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018BRL (R$) | Jun. 30, 2018USD ($) |
Line of Credit Facility [Line Items] | |||||
Short-term notes payable | $ 69,000 | $ 175,000 | |||
Coord3 [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Manufacturing facility, remaining payments | $ 69,000 | € 60,000 | |||
Manufacturing facility, borrowing term | 4 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$ 200000 | |||
Credit facility, amount outstanding | $ 0 | $ 0 | |||
Brazilian Subsidiary [Member] | Foreign Credit Lines And Overdraft Facilities [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Monthly interest rate on borrowings | 12.00% | 12.00% | 12.00% | ||
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 | $ 3,900,000 | ||||
Interest on LIBOR-based advances, basis spread | 2.65% | ||||
Credit facility, amount outstanding | $ 0 | ||||
Prepayment fees | $ 0 |
Severance, Impairment And Oth_3
Severance, Impairment And Other Charges (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 30 Months Ended | ||
Jan. 31, 2019 | Dec. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
Severance, Impairment and Other Charges [Line Items] | ||||||
Headcount reduction | 11.00% | |||||
Inventory write-off | $ (14) | $ 290 | ||||
Impairment | (42) | $ 127 | ||||
Restructuring costs incurred to date | $ 3,531 | 3,531 | ||||
Accruals - Severance Related | 17 | $ 0 | 13 | |||
China [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Accruals - Severance Related | (15) | |||||
U.S. [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Accruals - Severance Related | 2 | |||||
Trade Secrets Case [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Accrual for judgment/settlement | $ 675 | $ 675 | ||||
Trade Secrets Case [Member] | Subsequent Event [Member] | ||||||
Severance, Impairment and Other Charges [Line Items] | ||||||
Net payments due to settlement with defendants | $ 66 |
Severance, Impairment And Oth_4
Severance, Impairment And Other Charges (Summary Of Severance, Impairment And Other Charges) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 30 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | |
Severance Impairment And Other Charges [Abstract] | |||||
Severance and Related Costs | $ (17) | $ 0 | $ (13) | ||
Court Award | $ (609) | 675 | (609) | 675 | |
Impairment | (42) | $ 127 | |||
Inventory write-off | (14) | $ 290 | |||
Total | $ (609) | $ 658 | $ (609) | $ 606 |
Severance, Impairment And Oth_5
Severance, Impairment And Other Charges (Schedule Of Restructuring Reserve Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Severance Impairment And Other Charges [Abstract] | ||||
Beginning Balance | $ 675 | $ 1,113 | ||
Severance and Related Costs | $ (17) | 0 | (13) | |
Accruals / Adjustments - Court Award | $ (609) | 675 | (609) | 675 |
Payments | (531) | |||
Ending Balance | $ 66 | $ 1,244 | $ 66 | $ 1,244 |
Other Long-Term Liabilities (Na
Other Long-Term Liabilities (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jun. 30, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Other Long-Term Liabilities | $ 593 | $ 601 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2018USD ($)Targetshares | Dec. 31, 2017USD ($)shares | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Proceeds from stock plans | $ 3,000 | $ 0 | $ 194,000 | $ 0 | |
Employee Stock Option [Member] | 2004 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | 192,000 | $ 142,000 | 283,000 | $ 197,000 | |
Unrecognized compensation cost | $ 195,000 | $ 195,000 | |||
Expected weighted average vesting period to recognize compensation | 1 year 4 months 24 days | ||||
Options issued | shares | 0 | 100,000 | 0 | 100,000 | |
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 | 33.30% | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 89,000 | $ 56,000 | $ 144,000 | $ 132,000 | |
Expected weighted average vesting period to recognize compensation | 2 years 2 months 12 days | ||||
Total unrecognized compensation related to restricted stock awards | 381,000 | $ 381,000 | |||
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% | ||||
Performance Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | 2,000 | $ 67,000 | $ 67,000 | $ 67,000 | |
Expected weighted average vesting period to recognize compensation | 1 year 7 months 6 days | ||||
Total unrecognized compensation related to restricted stock awards | $ 464,000 | $ 464,000 | |||
Percentage of operating income targets excessively achieved | 161.50% | ||||
Performance Shares [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting rate | 75.00% |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule Of Stock Option Valuation Assumptions) (Details) - $ / shares | 3 Months Ended | 6 Months Ended |
Dec. 31, 2017 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Weighted average estimated fair value per share of options granted during the period | $ 3.96 | $ 3.96 |
Common Stock Price Volatility | 48.70% | 48.70% |
Risk Free Rate of Return | 2.05% | 2.05% |
Expected Option Term (In Years) | 6 years 4 months 24 days | 6 years 4 months 24 days |
Stock-Based Compensation (Summa
Stock-Based Compensation (Summary Of Restricted Stock And Restricted Stock Unit Awards Outstanding) (Details) - Restricted Stock Units (RSUs) | 6 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Non-vested Shares | shares | 77,570 |
Granted, Non-vested Shares | shares | 51,650 |
Vested, Non-vested Shares | shares | (24,857) |
Ending Balance, Non-vested Shares | shares | 104,363 |
Beginning Balance Non-vested, Weighted Average Grant Date Fair Value | $ / shares | $ 7.77 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 7.21 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 7.71 |
Ending Balance Non-vested, Weighted Average Grant Date Fair Value | $ / shares | $ 7.50 |
Stock-Based Compensation (Sum_2
Stock-Based Compensation (Summary of Status of Performance Share Units Outstanding) (Details) - Performance Shares [Member] | 6 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Non-vested Shares | shares | 39,350 |
FY 2018 Performance results, Non-vested Shares | shares | 8,054 |
Granted, Non-vested Shares | shares | 51,650 |
Vested, Non-vested Shares | shares | (21,170) |
Ending Balance, Non-vested Shares | shares | 77,884 |
Beginning Balance Non-vested, Weighted Average Grant Date Fair Value | $ / shares | $ 7.95 |
FY 2018 Performance results, Weighted Average Grant Date Fair Value | $ / shares | 7.95 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 7.21 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 7.95 |
Ending Balance Non-vested, Weighted Average Grant Date Fair Value | $ / shares | $ 7.46 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | ||||
Shares excluded from the computation of diluted EPS | 106,467 | 45,217 | 86,790 | 73,017 |
Commitments And Contingencies (
Commitments And Contingencies (Narrative) (Details) $ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2019USD ($) | Jan. 31, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2018CAD ($) | Dec. 31, 2017USD ($) | |
Loss Contingencies [Line Items] | |||||
Preliminary tax assessment | $ 923 | $ 1,218 | |||
Trade Secrets Case [Member] | |||||
Loss Contingencies [Line Items] | |||||
Judgment awarded | $ 675 | ||||
Accrual related to settlement | $ 675 | ||||
Trade Secrets Case [Member] | Subsequent Event [Member] | |||||
Loss Contingencies [Line Items] | |||||
Net payments due to settlement with defendants | $ 66 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 6 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | ||
Federal statutory corporate tax rate | 21.00% | |
Re-measurement of U.S. deferred tax assets and related valuation allowance | $ 0 | |
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 | |
Transition tax related to cash payments | $ 0 | |
Maximum [Member] | ||
Income Tax Disclosure [Line Items] | ||
Federal statutory corporate tax rate | 35.00% |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Trade Secrets Case [Member] - USD ($) $ in Thousands | 1 Months Ended | ||
Jan. 31, 2019 | Jan. 31, 2018 | Dec. 31, 2017 | |
Subsequent Event [Line Items] | |||
Judgment awarded | $ 675 | ||
Accrual for judgment/settlement | $ 675 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Net payments due to settlement with defendants | $ 66 |
Uncategorized Items - prcp-10q_
Label | Element | Value |
Restricted Cash | us-gaap_RestrictedCash | $ 166,000 |