Note 2 - Fair Value Measurements

3 Months Ended

Sep. 30, 2012

Fair Value Disclosures [Text Block]

(2)  Fair Value Measurements

The carrying amount of financial instruments, including cash, trade receivables and accounts payable, approximated their fair value as of September 30, 2012 and June 30, 2012 because of the short maturity of these instruments.  Also, the Company’s carrying cost for its revolving credit note approximates fair value.  Cash equivalents are carried at cost, which approximates fair value.

Valuations on certain instruments are categorized into three levels as follows. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, including interest rates, yield curves and credit risks, or inputs that are derived principally from or corroborated by observable market data through correlation. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. A financial asset or liability’s classification is determined based on the lowest level input that is significant to the fair value measurement.

The following table provides the assets and liabilities carried at fair value as measured on a recurring basis as of September 30, 2012 and June 30, 2012:

(amounts in thousands)
	Total Carrying Value at  September 30, 2012		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Asset Category
Cash equivalents	$	5,856	$	5,856	$	-	$	-

(amounts in thousands)
	Total Carrying Value at  June 30, 2012		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Asset Category
Cash equivalents	$	188	$	188	$	-	$	-

There were no nonfinancial assets or nonfinancial liabilities recognized at fair value on a nonrecurring basis and there were no transfers between levels of the fair value hierarchy during the three months ended September 30, 2012.