Ubiquiti Inc. - 10-K filing on 2015-08-21

COMMON STOCK AND TREASURY STOCK	12 Months Ended
COMMON STOCK AND TREASURY STOCK	Jun. 30, 2015
Equity [Abstract]
COMMON STOCK AND TREASURY STOCK	COMMON STOCK AND TREASURY STOCK As of June 30, 2015 and 2014, the authorized capital of the Company included 500,000,000 shares of common stock. As of June 30, 2015 and 2014, 87,413,777 and 88,179,448 shares of common stock were outstanding, respectively. Treasury Stock Retirement In February 2015, we retired 44,768,739 shares of the Company's treasury stock. These retired shares are now included in the Company’s pool of authorized but unissued shares. The retired stock had a carrying value of $138.9 million. The Company’s policy upon the formal retirement of treasury stock is to reflect the excess over par value as a deduction from Additional Paid-in Capital until the balance is reduced to zero, then the Company records any additional excess directly to retained earnings. Common Stock Repurchases On May 29, 2014, the Board of Directors authorized the Company to repurchase up to an additional $75.0 million of its common stock. All common stock repurchased by the Company is immediately retired, and is recorded consistent with the treasury stock policy discussed above. The share repurchase program commenced on June 2, 2014. The share repurchase program has been funded from existing cash on hand. During fiscal 2015, the company repurchased 1,195,497 shares of its common stock at an average price per share of $29.02 for an aggregate amount of $34.7 million. In December 2014, the Company repurchased 529,779 shares of its common stock at an average price per share of $28.29 for an aggregate amount of $15.0 million. During May 2015, the Company repurchased 665,718 shares of its common stock at an average price per share of $29.59 for an aggregate amount of $19.7 million. The share repurchase program was terminated on June 8, 2015. Effective August 7, 2015, the Board of Directors of the Company approved a $100 million stock repurchase program. Under the new stock repurchase program, the Company may repurchase up to $100 million of its common stock. The plan expires on June 30, 2016. Dividend Distribution On September 30, 2014, the Company announced that its Board of Directors had approved an annual dividend. The Company declared the dividend of $0.17 per share on September 30, 2014. The aggregate amount of $15.0 million was paid on October 28, 2014 to stockholders of record on October 17, 2014. The Company currently has no plans to pay a cash dividend at this time or at any time in the foreseeable future. Special Dividend On December 14, 2012, the Board of Directors authorized a special cash dividend of $0.18 per share for each share of common stock outstanding on December 24, 2012. The aggregate dividend payment of $15.7 million was paid on December 28, 2012 to stockholders of record on December 24, 2012. The dividend payment was funded using proceeds from the Loan Agreement as discussed in Note 7. Common Stock Offering On June 18, 2013, the Company completed a secondary offering of 7,031,464 shares of common stock at an offering price of $16.00 per share, which included 531,464 shares sold in connection with the partial exercise of the option to purchase additional shares granted to the underwriters. All of the shares sold in the offering were sold by existing stockholders of the Company, including entities affiliated with Summit Partners, L.P., and the Company's Chief Executive Officer, Robert J. Pera. No shares were sold by the Company in the offering, and as such, the Company did not receive any proceeds from the offering.