|9 Months Ended|
Mar. 31, 2018
|Subsequent Events [Abstract]|
Stock Repurchase Plan
On April 26, 2018, the Company’s Board of Directors authorized a stock repurchase program for up to 500,000 shares of the Company’s stock. The actual number of shares repurchased and the timing of repurchases will be determined by the Board of Directors and will depend on a number of factors, including stock price, trading volume, general market conditions, working capital requirements, general business conditions and other factors. The stock repurchase program has no time limit and may be modified, suspended or terminated at any time.
Suspension of Dividend for Quarter Ended March 31, 2018
The Company's Board of Directors recently determined to suspend the Company's quarterly dividend for the third fiscal quarter ended March 31, 2018 in order to increase its financial flexibility and strengthen its balance sheet. The Board of Directors will re-assess its capital resources for the fourth fiscal quarter and may or may not determine to reinstate the dividend based on that assessment.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/presentationRef