GLOBECOMM SYSTEMS INC

CIK:0001031028|SEC Filings

Basic and Diluted Net Income Per Common Share	3 Months Ended
Basic and Diluted Net Income Per Common Share	Sep. 30, 2013
Earnings Per Share [Abstract]
Basic and Diluted Net Income Per Common Share	3. Basic and Diluted Net Income Per Common Share Basic net income per common share is computed by dividing the net income for the period by the weighted-average number of common shares outstanding for the period. For diluted net income per common share, the weighted average shares include the incremental common shares issuable upon the exercise of stock options and warrants and unvested restricted shares and restricted stock units (using the treasury stock method). The incremental common shares for stock options, warrants and unvested restricted shares and restricted stock units are excluded from the calculation of diluted net income per share, if their effect is anti-dilutive. Diluted net income per share for the three months ended September 30, 2013 and 2012 excludes the effect of approximately 12,000 and 534,000 stock options and unvested restricted shares and restricted stock units in the calculation of the incremental common shares, respectively, as their effect would have been anti-dilutive.

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Operating Activities:
Net income	$ 155	$ 2,676
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,225	2,973
Provision for doubtful accounts	89	(20)
Deferred income taxes	55	1,408
Stock compensation expense	832	869
Changes in operating assets and liabilities (net of impact of acquisition):
Accounts receivable	8,468	(112)
Inventories	(3,777)	(756)
Prepaid expenses and other current assets	(1,486)	(184)
Other assets	(166)	9
Accounts payable	(721)	8
Deferred revenues	1,800	1,376
Accrued payroll and related fringe benefits	1,205	(1,261)
Other accrued expenses	(62)	(198)
Other liabilities		(66)
Net cash provided by operating activities	9,617	6,722
Investing Activities:
Purchases of fixed assets	(2,090)	(2,821)
Acquisition of business	(3,793)
Cash payments for earn-out		(4,700)
Net cash used in investing activities	(5,883)	(7,521)
Financing Activities:
Proceeds from exercise of stock options	415	116
Proceeds from exercise of warrants	1,055
Repayments of debt	(1,525)	(1,525)
Net cash used in financing activities	(55)	(1,409)
Effect of foreign currency translation on cash and cash equivalents	21	21
Net increase (decrease) in cash and cash equivalents	3,700	(2,187)
Cash and cash equivalents at beginning of period	87,286	72,196
Cash and cash equivalents at end of period	90,986	70,009
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	78	117
Cash paid for income taxes	$ 87	$ 49

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2013	Jun. 30, 2013
Current assets:
Cash and cash equivalents	$ 90,986	$ 87,286
Accounts receivable, net	49,701	58,426
Inventories	20,858	17,076
Prepaid expenses and other current assets	5,577	4,056
Deferred income taxes	4,254	4,309
Total current assets	171,376	171,153
Fixed assets, net	50,089	50,367
Goodwill	72,474	68,818
Intangibles, net	17,169	16,576
Other assets	1,517	1,327
Total assets	312,625	308,241
Current liabilities:
Accounts payable	21,328	21,943
Deferred revenues	6,367	4,269
Accrued payroll and related fringe benefits	4,477	3,264
Other accrued expenses	7,181	7,243
Current portion of long-term debt	6,100	6,100
Total current liabilities	45,453	42,819
Other liabilities	111	111
Long term debt	6,950	8,475
Deferred income taxes	12,383	12,383
Commitments and contingencies
Stockholders' equity:
Series A Junior Participating, shares authorized, issued and outstanding: none at September 30, 2013 and June 30, 2013
Common stock, $.001 par value, 50,000,000 shares authorized, shares issued: 24,375,973 at September 30, 2013 and 24,182,935 at June 30, 2013	24	24
Additional paid-in capital	217,037	214,735
Retained earnings	33,599	33,444
Treasury stock, at cost, 465,351 shares at September 30, 2013 and June 30, 2013	(2,781)	(2,781)
Accumulated other comprehensive loss	(151)	(969)
Total stockholders' equity	247,728	244,453
Total liabilities and stockholders' equity	$ 312,625	$ 308,241