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v3.5.0.2

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended
--- | ---
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014
Building [Member] |  |  |  |
Gain on disposition of building |  |  | $ (343) |
Net sales | [1] | 322,196 | 307,857 | 299,463
Cost of products and services sold |  | 238,525 | 233,408 | 234,165
Gross profit |  | 83,671 | 74,449 | 65,298
Loss on sale of subsidiary (see Note 15) |  |  | 565 |
Gain on disposition of building |  |  | (343) |
Selling and administrative expenses |  | 69,715 | 66,694 | 62,175
Goodwill and intangible asset impairment | [2] |  |  | 805
Operating Income (Loss) |  | 13,956 | 7,533 | 2,318
Interest (income) |  | (84) | (26) | (17)
Interest expense |  | 36 | 45 | 68
Income before income taxes |  | 14,004 | 7,514 | 2,267
Income tax expense |  | 4,522 | 2,363 | 1,337
Net income |  | $ 9,482 | $ 5,151 | $ 930
Earnings per common share (see Note 3) |  |  |  |
Basic (in dollars per share) |  | $ 0.38 | $ 0.21 | $ 0.04
Diluted (in dollars per share) |  | $ 0.37 | $ 0.21 | $ 0.04
Weighted average common shares outstanding |  |  |  |
Basic (in shares) |  | 24,988 | 24,496 | 24,388
Diluted (in shares) | [3] | 25,592 | 24,638 | 24,546
[1] | Net sales are attributed to geographic areas based upon the location of the operation making the sale.
[2] | The Company recorded a significant impairment of goodwill and/or intangible assets in fiscal 2014 and 2013, and a minor impairment in fiscal 2012. See Note 6.
[3] | Options to purchase 1,275,000 common shares, 1,882,722 common shares, and 1,974,775 common shares at June 30, 2016, 2015, and 2014, respectively, were not included in the computation of diluted earnings per share because the exercise price was greater than the average fair market value of the common shares.

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