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Property, Plant and Equipment

6 Months Ended

Dec. 31, 2011

Property, Plant and Equipment

Property, Plant and Equipment

Note 5. Property, Plant and Equipment

Property, plant and equipment are stated at cost. Depreciation is provided for by the straight-line method for financial reporting purposes over the estimated useful lives of the assets. Depreciation expense for the three months ended December 31, 2011 and 2010 was approximately $913,000 and $682,000, respectively. Depreciation expense for the six months ended December 31, 2011 and 2010 was approximately $1,863,000 and $1,444,000, respectively.

Property, plant and equipment consist of the following:

				December 31,				June 30,
		Useful Lives		2011				2011
Land		-		$	1,350,499			$	1,350,499
Building and improvements		10 - 39 years		25,513,566				25,476,506
Machinery and equipment		5 - 10 years		28,381,891				26,555,033
Furniture and fixtures		5 - 7 years		1,233,419				1,134,191
				$	56,479,375			$	54,516,229
Accumulated depreciation				(26,437,539		)		(24,586,448		)
				$	30,041,836			$	29,929,781

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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