BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Mar. 31, 2019

ASU 14-09

Cumulative Effect of Adoption

Summary of cumulative effect of the changes made to the Company’s Consolidated Balance Sheets and Statement of Operations

The cumulative effect of the changes made to the Company’s Condensed Consolidated Balance Sheets as of July 1, 2018 for the adoption of the new revenue standard was as follows:

	Balance as of			Adjustments			Balance as of
	June 30, 2018			Due to ASC 606			July 1, 2018
Accrued expenses and other current liabilities	$	27,866		$	4,029		$	31,895
Deferred income taxes		1,427			(938	)		489
Accumulated deficit		(61,717	)		(3,091	)		(64,808	)

The following table summarizes the impact of ASU 2014-09 on the Company’s Condensed Consolidated Statement of Operations for the three and nine months ended March 31, 2019, respectively:

	Three Months Ended March 31, 2019
						Balances without
Statement of Operations	As Reported		Effect of Change			adoption of ASC 606
Net sales	$	128,390	$	(611	)	$	127,779
Income before income tax expense		16,597		(611	)		15,986
Income tax expense		3,834		(123	)		3,711
Net income		12,763		(488	)		12,275

	Nine Months Ended March 31, 2019
					Balances without
Statement of Operations	As Reported		Effect of Change		adoption of ASC 606
Net sales	$	343,572	$	570	$	344,142
Income before income tax expense		39,967		570		40,537
Income tax expense		8,552		115		8,667
Net income		31,415		455		31,870

The following table summarizes the impact of ASU 2014-09 on the Company’s Condensed Consolidated Balance Sheet as of March 31, 2019:

							Balances without
Balance Sheet	As Reported			Effect of Change			adoption of ASC 606
Accrued expenses and other current liabilities	$	42,337		$	(4,599	)	$	37,738
Income taxes		3,963			1,053			5,016
Accumulated deficit		(33,393	)		3,546			(29,847	)