Note 6 - Cash, Cash Equivalents and Marketable Securities Recorded at Fair Value

9 Months Ended

Mar. 31, 2014

Cash and Cash Equivalents [Abstract]

Cash and Cash Equivalents Disclosure [Text Block]

Note 6 – Cash, Cash Equivalents and Marketable Securities Recorded at Fair Value

All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. The Company’s marketable debt securities have been classified and accounted for as available-for-sale. Management determines the appropriate classification of its investments at the time of purchase and re-evaluates the available-for-sale designations as of each balance sheet date. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable debt securities with maturities of 12 months or less are classified as short-term and marketable debt securities with maturities greater than 12 months are classified as long-term.

The following tables summarize the Company’s available-for-sale securities’ adjusted cost, gross unrealized gains, gross unrealized losses and fair value by significant investment category recorded as cash and cash equivalents or short-term or long-term marketable securities as of March 31, 2014 and June 30, 2013 (in thousands):

	March 31, 2014
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash & Cash Equivalents		Short-term Marketable Securities		Long-term Marketable Securities
Level 1:
Cash		1,144		-		-			1,144		1,144		-		-
Money Market Funds		3,679		-		-			3,679		3,679		-		-
Subtotal	$	4,823	$	-	$	-		$	4,823	$	4,823	$	-	$	-
Level 2:
U.S. Agency Securities		335		1		-			336		-		336		-
Corporate securities		1,998		2		(1	)		1,999		-		1,800		199
Municipal securities		581		1					582		-		582		-
Subtotal	$	2,914	$	4	$	(1	)	$	2,917	$	-	$	2,718	$	199
Total	$	7,737	$	4	$	(1	)	$	7,740	$	4,823	$	2,718	$	199

	June 30, 2013
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Cash & Cash Equivalents		Short-term Marketable Securities		Long-term Marketable Securities
Level 1:
Cash		1,257		-		-			1,257		1,257		-		-
Money Market Funds		709		-		-			709		709		-		-
U.S. Treasury Securities		503		-		-			503		-		503		-
Subtotal	$	2,469	$	-		-		$	2,469	$	1,966	$	503	$	-
Level 2:
U.S. Agency Securities		544		-		(1	)		543		-		-		543
Corporate securities		4,915		1		(11	)		4,905		-		2,745		2,160
Municipal securities		5,728		15		-			5,743		-		2,900		2,843
Asset backed securities		127		-		-			127		-		127		-
Mortgage backed securities		30		-		-			30		-		30		-
Subtotal	$	11,344	$	16		(12	)	$	11,348		-	$	5,802	$	5,546
Total	$	13,813	$	16		(12	)	$	13,817	$	1,966	$	6,305	$	5,546

There were unrealized loss positions as of March 31, 2014. The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2014 and June 30, 2013 (in thousands):

	Less Than 12 Months					12 Months or Greater				Total
March 31, 2014	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(In thousands)
Corporate securities		1,800		(1	)		199		-		1,999		(1	)
Total	$	1,800	$	(1	)	$	199	$	-	$	1,999	$	(1	)

	Less Than 12 Months					12 Months or Greater					Total
June 30, 2013	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
	(In thousands)
U.S. Agency securities		-		-			543		(1	)		543		(1	)
Corporate securities		2,745		(3	)		2,160		(8	)		4,905		(11	)
Total	$	2,745	$	(3	)	$	2,703	$	(9	)	$	5,448	$	(12	)

Available-for-sale securities are recorded at market value. Unrealized holding gains and losses, net of the related income tax effect, on available-for-sale securities are excluded from earnings and are reported as a separate component of shareholders’ equity until realized. Dividend and interest income are recognized when earned. Realized gains and losses for securities classified as available-for- sale are included in earnings when the underlying securities are sold and are derived using the specific identification method for determining the cost of securities sold. There was no loss on the sale of marketable securities for the nine months ended March 31, 2014. Loss on the sale of marketable securities for the nine months ended March 31, 2013 was $47,000. The net unrealized loss on available-for-sale securities that has been included in the other comprehensive income of shareholders’ equity during the nine months ended March 31, 2014 and 2013 was $1,000 and $14,000, respectively.