Advances From Receivable Financing Arrangements

3 Months Ended

Sep. 30, 2012

AdvancesFromReceivableFinancingArrangementsDisclosure [Abstract]

Advances from Receivable Financing Arrangements

Advances from Receivable Financing Arrangements

The Company has accounts receivable financing agreements with certain financing companies whereby the financing companies pay the Company for sales transactions that have been pre-approved by these financing companies. The financing company then collects the receivable from the customer. Such sales transactions totaled $1,725,000 and $7,933,000 for the three months endedSeptember 30, 2012 and 2011, respectively. At September 30, 2012 and June 30, 2012, $19,000 and $618,000, respectively, remained uncollected from customers subject to these arrangements. Such amounts have been recorded as advances from receivable financing arrangements as the Company has obligations to repurchase inventories seized by the financing companies from defaulting customers. Historically, the Company has not been required to repurchase inventories from the financing companies. These financing arrangements bear interest at rates ranging from 0.80% to 1.0% and 0.80% to 1.15% per month depending on the customers’ payment terms at September 30, 2012 and June 30, 2012, respectively.