Financial Instruments

6 Months Ended

Dec. 31, 2011

Financial Instruments [Abstract]

Financial Instruments

11. Financial Instruments

The Company does not hold or issue financial instruments for trading purposes. The estimated fair values of the Company’s financial instruments are as follows:

		September 30,		September 30,		September 30,		September 30,
	December 31, 2011				June 30, 2011
	Carrying Amount		Estimated Fair  Value		Carrying Amount		Estimated Fair  Value
	(in thousands)
Assets:
Cash equivalents — certificates of deposit	$	1,002	$	1,002	$	1,000	$	1,000

The carrying amount of the Company’s cash equivalents, which includes certificates of deposit, accounts receivable, accounts payable and accrued expenses approximate their fair value due to the short term maturities of these items. The estimated fair value of the Company’s debt approximates its carrying value based upon the rates that the Company would currently be able to receive for similar instruments of comparable maturity.

The Company categorizes its assets and liabilities measured at fair value into a fair value hierarchy that prioritizes the inputs used in pricing the asset or liability. The three levels of the fair value hierarchy are as follows:

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The levels in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table presents the Company’s assets that are measured at fair value on a recurring basis for the periods presented:

		September 30,		September 30,		September 30,		September 30,
	Fair Value Based On
	Quoted Market Prices in  Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total Fair Value Measurements
	(in thousands)
Cash equivalents — certificates of deposit (December 31, 2011)	$	—	$	1,002	$	—	$	1,002
Cash equivalents — certificates of deposit (June 30, 2011)	$	—	$	1,000	$	—	$	1,000