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Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Net sales $ 52,114 [1] $ 51,901 [2]
Cost of goods sold 34,411 35,242
Gross margin $ 17,703 $ 16,659
% of Net sales 34.00% 32.10%
Selling, general and administrative $ 16,258 $ 15,723
Operating income 1,445 936 [3]
Other income (expense) (169) 6
Income before income taxes 1,276 942
Income tax expense 498 358
Net income (loss) $ 778 $ 584
Basic income (loss) per share (in dollars per share) $ 0.11 $ 0.08
Diluted income (loss) per share (in dollars per share) $ 0.11 $ 0.08
Weighted average outstanding shares used in per share calculations:    
Basic (in shares) 6,904 7,025
Diluted (in shares) 7,006 7,083
[1] Excludes $968 of North American segment intercompany sales to the International segment, and $4,242 of International segment intercompany sales to the North American segment.
[2] Excludes $1,134 of North American segment intercompany sales to the International segment, and $3,320 of International segment intercompany sales to the North American segment.
[3] As a result of the adoption of ASU 2017-07 "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost", the respective line items in the Consolidated Statement of Earnings for Fiscal 2019 have been reclassified.