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Selected Quarterly Financial Data (Unaudited)
 12 Months Ended
Jun. 30, 2016
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited)
The following tables set forth certain unaudited quarterly information for each of the eight fiscal quarters in the two year period ended June 30, 2016. This quarterly information has been prepared on a consistent basis with the audited consolidated financial statements and, in the opinion of management, includes all adjustments which management believes are necessary for a fair presentation of the information for the periods presented.
The Company's quarterly operating results may fluctuate significantly as a result of a variety of factors, and operating results for any fiscal quarter are not necessarily indicative of results for a full fiscal year or future fiscal quarters.
 
 
September 30,
2015
 
December 31,
2015
 
March 31,
2016
 
June 30,
2016
(In thousands, except per share data)
 
 
 
 
 
 
 
 
Net sales
 
$
133,445

 
$
142,307

 
$
134,468

 
$
134,162

Gross profit
 
$
50,579

 
$
52,908

 
$
52,560

 
$
52,428

(Loss) income from operations
 
$
(563
)
 
$
5,361

 
$
306

 
$
3,075

Net (loss) income
 
$
(1,074
)
 
$
5,561

 
$
1,192

 
$
84,239

Net (loss) income) per common share—basic
 
$
(0.07
)
 
$
0.34

 
$
0.07

 
$
5.09

Net (loss) income per common share—diluted
 
$
(0.07
)
 
$
0.34

 
$
0.07

 
$
5.05

 
 
September 30,
2014
 
December 31,
2014
 
March 31,
2015
 
June 30,
2015
(In thousands, except per share data)
 
 
 
 
 
 
 
 
Net sales
 
$
135,984

 
$
144,809

 
$
132,507

 
$
132,582

Gross profit
 
$
48,121

 
$
53,142

 
$
46,569

 
$
49,204

Income (loss) from operations
 
$
2,601

 
$
3,505

 
$
(1,405
)
 
$
(1,417
)
Net income (loss)
 
$
2,515

 
$
2,896

 
$
(2,572
)
 
$
(2,187
)
Net income (loss) per common share—basic
 
$
0.16

 
$
0.18

 
$
(0.16
)
 
$
(0.13
)
Net income (loss) per common share—diluted
 
$
0.16

 
$
0.18

 
$
(0.16
)
 
$
(0.13
)

In the fourth quarter of fiscal 2016, the Company concluded that it is more likely than not that the Company will generate future earnings sufficient to realize the majority of the Company’s deferred tax assets as of June 30, 2016. Accordingly, the Company recorded a reduction in its valuation allowance in the fourth quarter of fiscal 2016 in the amount of $83.2 million. See Note 20.