Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income $ 7,064 $ 9,271
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 1,521 1,216
Amortization of loan cost 892 204
Deferred income taxes (10,780) 6,695
Interest added to principal of secured loans (68) (83)
Accrued earn-out (198) 0
Share-based compensation 996 419
Earnings from equity method investment (94) (701)
Loss on disposal of fixed assets 178 0
Changes in assets and liabilities:    
Receivables 4,007 (13,277)
Secured loans 8,765 4,345
Secured loans to Former Parent 1,370 (1,369)
Derivative assets 16,145 (22,368)
Income tax receivable 7,318 528
Inventories (39,602) (53,556)
Prepaid expenses and other current assets (572) (505)
Accounts payable (4,822) (3,870)
Derivative liabilities (1,872) 18,557
Liabilities on borrowed metals 1,273 (5,148)
Accrued liabilities (2,923) 2,594
Receivable from/payables to Former Parent 203 892
Income taxes payable 1,418 0
Net cash used in operating activities (9,781) (56,156)
Cash flows from investing activities:    
Capital expenditures for property and equipment (2,265) (1,466)
Purchase of long-term investments 0 (4,672)
Secured loans, net (30,801) (24,081)
Acquisition of majority-owned subsidiary, net of cash (3,421) 0
Net cash used in investing activities (36,487) (30,219)
Cash flows from financing activities:    
Product financing arrangements, net 75,985 19,933
Dividends (2,110) (1,675)
(Repayments) borrowings under lines of credit, net (32,000) 65,000
Stock award grant 172 1
Excess tax benefit of share-based award 138 0
Repurchase and retirement of restricted stock for payroll taxes 0 (669)
Net cash provided by financing activities 42,185 82,590
Net decrease in cash and cash equivalents (4,083) (3,785)
Cash and cash equivalents, beginning of period 17,142 20,927
Cash and cash equivalents, end of period 13,059 17,142
Supplemental disclosures of cash flow information:    
Interest expense 9,448 6,143
Income taxes 11,874 149
Non-cash investing and financing activities:    
Interest added to principal of secured loans 68 83
Contribution of assets from minority interest 3,454 0
Payable to minority interest partner for acquired business 500 0
Earn out obligation payable to minority interest partner $ 1,523 $ 0