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QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Jun. 30, 2019
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL DATA (UNAUDITED) QUARTERLY FINANCIAL DATA (UNAUDITED)
Refer to Management's Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 in this Form 10-K for explanations of items which impacted fiscal years 2019 and 2018 revenues, operating and net income (loss).
Summarized quarterly data for fiscal years 2019 and 2018 follows:
 
 
Quarter Ended
 
 
 
 
September 30
 
December 31
 
March 31 (a)
 
June 30
 
Year Ended
 
 
(Dollars in thousands, except per share amounts)
2019
 
 
 
 
 
 
 
 
 
 
Revenues
 
$
287,835

 
$
274,671

 
$
258,343

 
$
248,190

 
$
1,069,039

Cost of service and product revenues, excluding depreciation and amortization
 
153,678

 
151,281

 
142,799

 
133,885

 
581,643

Operating income (loss)
 
3,429

 
(1,551
)
 
(22,162
)
 
(1,835
)
 
(22,119
)
Income (loss) from continuing operations
 
(463
)
 
417

 
(14,811
)
 
(5,265
)
 
(20,122
)
Income (loss) from discontinued operations
 
(264
)
 
6,113

 
178

 
(131
)
 
5,896

Net income (loss)
 
(727
)
 
6,530

 
(14,633
)
 
(5,396
)
 
(14,226
)
Income (loss) from continuing operations per share, basic (e)
 
(0.01
)
 
0.01

 
(0.37
)
 
(0.14
)
 
(0.48
)
Income (loss) from discontinued operations per share, basic (e)
 
(0.01
)
 
0.14

 
—

 
—

 
0.14

Net income (loss) per share, basic (e)
 
(0.02
)
 
0.15

 
(0.36
)
 
(0.14
)
 
(0.34
)
Income (loss) from continuing operations per share, diluted (e)
 
(0.01
)
 
0.01

 
(0.37
)
 
(0.14
)
 
(0.48
)
Income (loss) from discontinued operations per share, diluted (e)
 
(0.01
)
 
0.14

 
—

 
—

 
0.14

Net income (loss) per share, diluted (e)
 
(0.02
)
 
0.15

 
(0.36
)
 
(0.14
)
 
(0.34
)
 
 
Quarter Ended
 
 
 
 
September 30 (b)
 
December 31 (c)
 
March 31
 
June 30(d)
 
Year Ended
 
 
(Dollars in thousands, except per share amounts)
2018
 
 
 
 
 
 
 
 
 
 
Revenues
 
$
315,464

 
$
313,849

 
$
305,783

 
$
300,383

 
$
1,235,479

Cost of service and product revenues, excluding depreciation and amortization
 
169,998

 
174,714

 
169,220

 
157,273

 
671,205

Operating income (loss)
 
15,600

 
(38,479
)
 
4,339

 
13,401

 
(5,139
)
Income from continuing operations
 
8,445

 
42,092

 
3,585

 
5,499

 
59,621

Loss from discontinued operations(b)
 
(33,767
)
 
(6,601
)
 
(10,605
)
 
(2,212
)
 
(53,185
)
Net income (loss)
 
(25,322
)
 
35,491

 
(7,020
)
 
3,287

 
6,436

Income from continuing operations per share, basic
 
0.18

 
0.90

 
0.08

 
0.12

 
1.28

Loss from discontinued operations per share, basic
 
(0.72
)
 
(0.14
)
 
(0.23
)
 
(0.05
)
 
(1.14
)
Net income (loss) per share, basic (e)
 
(0.54
)
 
0.76

 
(0.15
)
 
0.07

 
0.14

Income (loss) from continuing operations per share, diluted (e)
 
0.18

 
0.89

 
0.08

 
0.12

 
1.27

Income (loss) from discontinued operations per share, diluted
 
(0.72
)
 
(0.14
)
 
(0.22
)
 
(0.05
)
 
(1.13
)
Net income (loss) per share, diluted (e)
 
(0.54
)
 
0.75

 
(0.15
)
 
0.07

 
0.14

_______________________________________________________________________________
(a)
During the third quarter of fiscal year 2019, the Company recorded a $20.7 million restructuring charge related to TBG mall locations. The reserve was a non-cash charge to reserve for notes and receivables due from TBG.
(b)
During the first quarter of fiscal year 2018, the Company recorded $33.8 million of one-time asset impairments and other non-recurring costs associated with the October 2017 sale of substantially all of its North American mall-based salons and its UK business. These impairments and costs and the result of operations for the salons sold, were classified in discontinued operations. Results of operations for the North American mall-based business and the UK have been classified as a discontinued operation for all periods presented.
(c)
During the second quarter of fiscal year 2018, the Company recorded $68.9 million of non-cash, one-time, tax benefits related to the enactment of the Tax Cuts and Jobs Act ("Tax Reform"), partially offset by $37.6 million of one-time lease termination and other non-recurring costs associated with the recently announced restructuring of the Company's SmartStyle salon portfolio, and $3.5 million of other one-time costs.
(d)
During the fourth quarter of fiscal year 2018, the Company identified and recorded $2.0 million in non-cash fixed asset impairment charges within discontinued operations. These fixed asset impairment charges should have been recorded in the first quarter of fiscal year 2018. Because this error was not material to the period in which it originated or the fourth quarter, the Company corrected it in the fourth quarter of fiscal year 2018.
(e)
Total is an annual recalculation; line items calculated quarterly may not sum to total.