Income Taxes (Tables)

12 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Components of Income Before Income Taxes and Income Tax Expense (Benefit)

The components of income (loss) from continuing operations before income taxes and income tax expense (benefit) were as follows:

	Year Ended June 30,
	2016			2015			2014
Income (loss) from continuing operations before income taxes:
United States	$	25,194		$	18,443		$	(6,068	)
Foreign	92			352			155
	$	25,286		$	18,795		$	(5,913	)
Tax provision (benefit):
Federal:
Current	$	6,707		$	4,267		$	3,184
Deferred	(2,627		)	(458		)	(5,281		)
	$	4,080		$	3,809		$	(2,097	)
State:
Current	$	1,839		$	1,372		$	594
Deferred	(424		)	(921		)	(375		)
	$	1,415		$	451		$	219
Foreign:
Current	$	59		$	58		$	(12	)
Deferred	(10		)	48			49
	$	49		$	106		$	37
	$	5,544		$	4,366		$	(1,841	)

Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate from Continuing Operations

The following is the reconciliation between the statutory federal income tax rate and the Company’s effective income tax (benefit) rate for continuing operations:

	Year Ended June 30,
	2016		2015		2014
Tax provision (benefit) at federal statutory rates	35.0	%	35.0	%	(35.0	)%
State income tax, net of federal tax benefit	5.0		4.9		(3.1	)
Research and development credits	(8.4	)	(4.8	)	(14.7	)
Excess tax benefits on stock compensation	(4.4	)	—		—
Domestic manufacturing deduction	(3.5	)	(3.2	)	(5.3	)
Income from legal settlement excluded from taxable income	(2.8	)	—		—
Deemed repatriation of foreign earnings	(0.2	)	(0.4	)	0.7
Foreign tax credits	—		—		(13.3	)
Equity compensation	0.3		(0.1	)	2.2
Officers' compensation	2.3		2.8		11.1
Stock compensation shortfalls	—		—		24.1
Deferred tax asset and liability adjustments	—		(4.2	)	—
Change in state tax rates	—		(3.1	)	—
Reserves for tax contingencies	(3.2	)	(5.0	)	—
Other	1.8		1.3		2.2
	21.9	%	23.2	%	(31.1	)%

Components of Net Deferred Tax Assets (Liabilities)

The components of the Company’s net deferred tax assets (liabilities) for continuing operations were as follows:

	June 30,
	2016			2015
Deferred tax assets:
Inventory valuation and receivable allowances	$	12,768		$	9,264
Accrued compensation	3,267			2,563
Equity compensation	3,201			4,229
Federal and state research and development tax credit carryforwards	15,870			16,262
Gain on sale-leaseback	371			834
Other accruals	1,570			1,889
Capital loss carryforwards	3,562			3,562
Other temporary differences	4,011			1,800
	44,620			40,403
Valuation allowance	(18,472		)	(18,864		)
Total deferred tax assets	26,148			21,539
Deferred tax liabilities:
Prepaid expenses	(773		)	(1,103		)
Property and equipment	(2,451		)	(1,578		)
Intangible assets	(33,826		)	(7,110		)
Tax method of accounting change	(570		)	(854		)
Other temporary differences	(370		)	(320		)
Total deferred tax liabilities	(37,990		)	(10,965		)
Net deferred tax (liabilities) assets	$	(11,842	)	$	10,574
As reported:
Deferred tax assets	$	—		$	10,574
Deferred tax liabilities	(11,842		)	—
	$	(11,842	)	$	10,574

Summary of Reserves for Unrecognized Income Tax Benefits

The changes in the Company’s reserves for unrecognized income tax benefits are summarized as follows:

	Year Ended June 30,
	2016			2015
Unrecognized tax benefits, beginning of period	$	2,190		$	3,142
Increases for previously recognized positions	79			123
Reductions as a result of a lapse of the applicable statue of limitations	—			(1,197		)
Increases for currently recognized positions	302			122
Reductions for previously recognized positions deemed effectively settled	(681		)	—
Reductions for previously recognized positions	(324		)	—
Unrecognized tax benefits, end of period	$	1,566		$	2,190