New Accounting Pronouncements (Tables)

3 Months Ended

Sep. 30, 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
Inventory		13,829			(1,350	)		12,479
Other current assets		1,327			49			1,376
Liabilities and 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 September 30, 2018 from the adoption of ASC 606 (in thousands):

	As reported						Balances
	September 30,			ASC 606			without adoption
(In Thousands, Except Per Share Amount)	2018			Adjustments			of ASC 606
	(unaudited)
ASSETS
Current Assets
Cash and cash equivalents	$	7,416		$	-		$	7,416
Short-term investments		548			-			548
Receivables:
Billed receivables, net		28,509			-			28,509
Unbilled receivables, net		4,906			(4,906	)		-
Other receivables		300			-			300
Inventories, net		11,664			1,578			13,242
Other current assets		1,858			(119	)		1,739
Total current assets		55,201			(3,447	)		51,754
Property and Equipment, Net		6,827			-			6,827
Goodwill		7,970			-			7,970
Intangible Assets, Net		3,611			-			3,611
Long-Term Investments		725			-			725
Long-Term Deferred Income Tax Asset		956			-			956
Total Assets	$	75,290		$	(3,447	)	$	71,843
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities
Line of credit and short-term notes payable	$	122		$	-		$	122
Accounts payable		7,764			-			7,764
Accrued liabilities and expenses		4,361			-			4,361
Accrued compensation		2,377			-			2,377
Current portion of taxes payable		498			-			498
Income taxes payable		1,156			-			1,156
Reserves for restructuring and other charges		675			-			675
Deferred revenue		7,142			808			7,950
Total current liabilities		24,095			808			24,903
Long-Term Taxes Payable		324			-			324
Long-Term Deferred Income Tax Liability		1,728			(277	)		1,451
Other Long-Term Liabilities		604			-			604
Total Liabilities	$	26,751		$	531		$	27,282
Shareholders' Equity
Preferred stock		-			-			-
Common stock		96			-			96
Accumulated other comprehensive loss		(2,495	)		(1	)		(2,496	)
Additional paid-in capital		48,507			-			48,507
Retained earnings (deficit)		2,431			(3,977	)		(1,546	)
Total Shareholders' Equity	$	48,539		$	(3,978	)	$	44,561
Total Liabilities and Shareholders' Equity	$	75,290		$	(3,447	)	$	71,843

The following table summarizes the effect of adopting ASC 606 on our unaudited Consolidated Statement of Operations for the three months ended September 30, 2018 (in thousands):

	As reported			ASC 606			Balances without
	September 30, 2018			Adjustments			adoption of ASC 606
Net Sales	$	21,442		$	(2,304	)	$	19,138
Cost of Sales		13,150			(1,148	)		12,002
Gross Profit		8,292			(1,156	)		7,136
Operating Expenses
Selling, general and administrative		4,635			184			4,819
Engineering, research and development		2,198			-			2,198
Severance, impairment and other charges		-			-			-
Total operating expenses		6,833			184			7,017
Operating Income (Loss)		1,459			(1,340	)		119
Other Income and (Expenses)
Interest expense, net		(27	)		-			(27	)
Foreign currency loss, net		(202	)		-			(202	)
Other income (expenses), net		-			-			-
Total other income and (expenses)		(229	)		-			(229	)
Income (Loss) Before Income Taxes		1,230			(1,340	)		(110	)
Income Tax Expense		(338	)		277			(61	)
Net Income (Loss)	$	892		$	(1,063	)	$	(171	)