Income Taxes (Tables)

12 Months Ended

Jun. 30, 2012

Income Taxes

Schedule of provision for income taxes

(In thousands)	2012		2011			2010
Current Income Taxes
Federal	$	1,513	$	(3,179	)	$	4,056
State and Local Taxes	5		(132		)	575
Total	1,518		(3,311		)	4,631
Deferred Income Taxes
Federal	828		2,617			(796		)
State and Local Taxes	254		233			978
Total	1,082		2,850			182
Total	$	2,600	$	(461	)	$	4,813

Schedule of reconciliation of the differences between the effective rates and federal statutory rates

	2012		2011		2010
Federal income tax at statutory rate	34.0	%	34.0	%	34.0	%
State and local income tax, net	2.6	%	0.2	%	3.7	%
Nondeductible expenses	5.7	%	(35.1	)%	2.1	%
Change in valuation allowance	2.0	%	2.7	%	(0.6	)%
Income tax credits	(3.6	)%	83.3	%	(8.2	)%
Change in tax laws	—	%	—	%	5.0	%
Change in state nexus position	—	%	(24.0	)%	—	%
Other	(1.4	)%	4.7	%	1.5	%
Effective income tax rate	39.3	%	65.8	%	37.5	%

Schedule of differences which give rise to deferred tax assets and liabilities.

(In thousands)	2012			2011
Deferred tax assets:
Accrued expenses	$	74		$	182
Share-based compensation expense	1,088			959
Unearned grant funds	—			33
Reserve for returns	2,049			1,901
Reserves for accounts receivable and inventory	3,259			3,173
Intangible impairment	7,956			9,090
State net operating loss	100			208
Federal net operating loss	967			1,093
Impairment on Cody note receivable	1,998			1,997
Accumulated amortization on intangible asset	2,238			2,117
Foreign net operating loss	114			35
Other	133			—
Total deferred tax asset	19,976			20,788
Valuation allowance	(2,112		)	(2,032		)
Total	17,864			18,756
Deferred tax liabilities:
Prepaid expenses	63			60
Property, plant and equipment	3,899			3,637
Other	—			75
Net deferred tax asset	$	13,902		$	14,984

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

(In thousands)
Balance at June 30, 2010	$	399
Additions for tax positions of the current year	40
Additions for tax positions of prior years	51
Reductions for tax positions of prior years	—
Settlements	(264		)
Lapse of statute of limitations	(17		)
Balance at June 30, 2011	$	209
Additions for tax positions of the current year	24
Additions for tax positions of prior years	47
Reductions for tax positions of prior years	—
Settlements	—
Lapse of statute of limitations	—
Balance at June 30, 2012	$	280