COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS

12 Months Ended

Jun. 30, 2013

Organization, Consolidation and Presentation of Financial Statements [Abstract]

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS

NOTE 4 – COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS

Inventories 

	June 30,
	2013		2012
Raw materials / purchased components	$	1,640,000	$	1,087,000
Work in process		572,000		579,000
Sub-assemblies / finished components		1,291,000		895,000
Finished goods		331,000		230,000
	$	3,834,000	$	2,791,000

Investments 

	June 30,
	2013		2012
Marketable equity securities	$	370,000		—

Investments at June 30, 2013 have an aggregate cost basis of $365,000, gross unrealized gains aggregating $5,000 and no unrealized losses.  There were no investments at June 30, 2012.

In September 2013, our Board approved a share repurchase program authorizing the Company, at the direction of the Investment Committee of the Board to repurchase up to 750,000 shares of our common stock under parameters to be determined by the Investment Committee. The repurchase program has no stated expiration date.

Equipment and Leasehold Improvements 

	June 30,
	2013			2012
Equipment	$	6,833,000		$	6,735,000
Leasehold improvements		2,312,000			2,307,000
Total		9,145,000			9,042,000
Accumulated depreciation		(7,080,000	)		(6,503,000	)
	$	2,065,000		$	2,539,000

Depreciation expense, which includes capital lease amortization, for the years ended June 30, 2013 and 2012 amounted to $582,000 and $647,000, respectively.

Accrued Expenses 

	June 30,
	2013		2012
Warranty	$	323,000	$	526,000
Payroll and related items		243,000		400,000
Accrued losses on development contracts		176,000		—
Termination benefits		165,000		13,000
Unvouchered inventory in transit		142,000		234,000
Other		227,000		232,000
	$	1,276,000	$	1,405,000

Accumulated Other Comprehensive Income 

	June 30,
	2013		2012
Unrealized gain on marketable equity securities	$	5,000		—