Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
 9 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Cash flows from operating activities:    
Net Income $ 6,710 $ 6,781
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 681 608
Provision for doubtful accounts 0 (700)
Share-based compensation 110 103
Changes in assets and liabilities:    
Receivables 28,360 41,959
Inventories (31,423) 29,604
Prepaid expenses and other current assets (452) 81
Accounts payable (25,964) (38,817)
Liabilities on borrowed metals (11,497) 9,438
Accrued liabilities (697) (805)
Payables to Former Parent (4,229) (3,327)
Net cash (used in) provided by operating activities (38,401) 44,925
Cash flows from investing activities:    
Capital expenditures for property and equipment (721) (446)
Purchase of cost method investment (500) 0
Net cash used in investing activities (1,221) (446)
Cash flows from financing activities:    
Product financing arrangement, net 11,130 (5,755)
Dividends paid to Former Parent (10,000) (15,000)
Borrowings (repayments) under lines of credit, net 24,800 (13,500)
Net cash provided by (used in) financing activities 25,930 (34,255)
Net decrease in cash and cash equivalents (13,692) 10,224
Cash and cash equivalents, beginning of period 21,565 11,273
Cash and cash equivalents, end of period 7,873 21,497
Cash paid during the period for:    
Interest expense 2,698 2,779
Income taxes 7,667 7,800
Obligation to repurchase common stock in the future $ 2,198 $ 0