Nature of Business and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2023

Nature of Business and Summary of Significant Accounting Policies

Schedule of cash and cash equivalents

Cash and cash equivalents consists of the following as of (in thousands):

	March 31, 2023		June 30, 2022
Cash	$	21,290	$	41,667
Money Market Fund		63		63
Certificates of Deposit		10,162		—
	$	31,515	$	41,730

Schedule of investments - other

Investments-other consists of the following as of (in thousands):

	March 31, 2023		June 30, 2022
Certificates of Deposit	$	20,271	$	—
	$	20,271	$	—

Schedule of Certificates of Deposit

Certificates of deposit are recorded at the original cost plus accrued interest. The Company’s Certificates of Deposit consist of the following as of (in thousands):

March 31, 2023
Balance Sheet Classification	Interest Rate		Maturity Date		Cost		Carrying Value
Cash and Cash Equivalents		4.55% - 4.70%		4/24/2023 - 5/22/2023	$	10,000	$	10,162
Investments - other		4.75% - 4.90%		6/23/2023 - 9/21/2023		20,185		20,271

Schedule of changes in intangible assets

Intangible assets consisted of the follows (in thousands):

	March 31, 2023						June 30, 2022
	Carrying		Accumulated		Net book		Carrying		Accumulated		Net book
	value		amortization		value		value		amortization		value
Customer relationships	$	9,800		(9,262)	$	538	$	9,800		(9,143)	$	657
Trade name		4,048		(557)		3,491		4,048		(405)		3,643
	$	13,848	$	(9,819)	$	4,029	$	13,848	$	(9,548)	$	4,300

Schedule of reconciliation of earnings per share

The following provides a reconciliation of information used in calculating the per share amounts for the three months ended March 31, 2023 and 2022 (in thousands, except share and per share data):

	Net Income				Weighted Average Shares		Net Income per Share
	2023		2022		2023	2022	2023		2022
Basic EPS	$	9,549	$	3,273	36,793	36,743	$	0.26	$	0.09
Effect of Dilutive Securities:
Stock Options		—		—	289	136		—		—
Diluted EPS	$	9,549	$	3,273	37,082	36,879	$	0.26	$	0.09

The following provides a reconciliation of information used in calculating the per share amounts for the nine months ended March 31, 2023 and 2022 (in thousands, except share and per share data):

					Weighted Average		Net Income per
	Net Income				Shares		Share
	2023		2022		2023	2022	2023		2022
Basic EPS	$	16,562	$	12,062	36,736	36,723	$	0.45	$	0.33
Effect of Dilutive Securities:
Stock Options		—		—	247	150		—		—
Diluted EPS	$	16,562	$	12,062	36,983	36,873	$	0.45	$	0.33

Schedule of consolidated statements reported and the restated balances

The table below sets forth the consolidated balance sheets information, including the balances originally reported and the restated balances as of March 31, 2023 (in thousands):

	As of March 31, 2023
	As
	previously		As
	reported		Restated
Inventory - Current	$	46,921	$	38,725
Income Tax Receivable		—		688
Inventory - Non-Current		13,865		11,960
Accrued Income Taxes		287		—
Retained earnings		138,599		129,473

The table below sets forth the consolidated statements of income information, including the balances originally reported and the restated balances for the three months ended March 31, 2023:

	Three Months ended March 31, 2023
	(in thousands, except for per share data)
	As
	previously
	reported		As Restated
Equipment-related expenses	$	19,388	$	20,780
Cost of sales		20,861		22,253
Gross profit		22,671		21,279
Operating income		11,932		10,540
Income before provision for income taxes		12,369		10,977
Provision for income taxes		1,529		1,428
Net income		10,840		9,549
Income per share:
Basic	$	0.29	$	0.26
Diluted	$	0.29	$	0.26

The table below sets forth the consolidated statements of income information, including the balances originally reported and the restated balances for the nine months ended March 31, 2023:

	Nine Months ended March 31, 2023
	(in thousands, except for per share data)
	As
	previously
	reported		As Restated
Equipment-related expenses	$	60,240	$	70,341
Cost of sales		65,039		75,140
Gross profit		60,300		50,199
Operating income		28,617		18,516
Income before provision for income taxes		29,138		19,037
Provision for income taxes		3,450		2,475
Net income		25,688		16,562
Income per share:
Basic	$	0.70	$	0.45
Diluted	$	0.69	$	0.45

The table below sets forth the consolidated statements of cash flows information, including the balances originally reported and the restated balances for the nine months ended March 31, 2023:

	Nine Months ended March 31, 2023
	(in thousands)
	As
	previously
	reported		As Restated
Net income	$	25,688	$	16,562
Change to inventory obsolescence reserve		960		(85)
Inventories		(11,959)		(813)
Income tax receivable		—		(688)
Accounts payable, accrued expenses, accrued salaries and wages, accrued income taxes		(8,560)		(8,847)
Net Cash Provided by Operating Activities		12,416		12,416