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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015
Building [Member] |  |  |  |  |
(Gain) on sale of building |  |  |  |  | $ (343)
Net sales | [1] | $ 70,740 | $ 68,603 | $ 241,352 | 231,784
Cost of products and services sold |  | 54,191 | 52,298 | 177,528 | 176,316
Gross profit |  | $ 16,549 | $ 16,305 | $ 63,824 | 55,468
Loss on sale of subsidiary (see Note 13) |  |  |  |  | 565
Selling and administrative expenses |  | $ 15,817 | $ 15,723 | $ 51,949 | 49,906
Operating Income (Loss) |  | 732 | 582 | 11,875 | 5,340
Interest (income) |  | (28) | (8) | (54) | (17)
Interest expense |  | 9 | 11 | 27 | 34
Income before income taxes |  | 751 | 579 | 11,902 | 5,323
Income tax expense |  | 229 | 186 | 3,848 | 1,815
Net income |  | $ 522 | $ 393 | $ 8,054 | $ 3,508
Earnings per common share (see Note 4) |  |  |  |  |
Basic earnings per share (in dollars per share) |  | $ 0.02 | $ 0.02 | $ 0.32 | $ 0.14
Diluted earnings per share (in dollars per share) |  | $ 0.02 | $ 0.02 | $ 0.32 | $ 0.14
Weighted average common shares outstanding |  |  |  |  |
Weighted average shares outstanding during the period, net of treasury shares (a) (in shares) |  | 25,080 | 24,528 | 24,918 | 24,470
Diluted (in shares) | [2] | 25,700 | 24,643 | 25,494 | 24,550
[1] | Net sales are attributed to geographic areas based upon the location of the operation making the sale.
[2] | Options to purchase 1,032,250 common shares and 1,729,273 common shares at March 31, 2016 and 2015, respectively, and options to purchase 1,391,300 common shares and 2,272,823 common shares at March 31, 2016 and 2015, respectively, were not included in the computation of the three month and nine month periods for diluted earnings per share, respectively, because the exercise price was greater than the average fair market value of the common shares.

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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.2(a),(d)) -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688 + Details
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