Commitments and Contingencies

12 Months Ended

Jun. 30, 2014

Commitments and Contingencies

Note 17. Commitments and Contingencies

The Company has purchase commitments for materials and supplies as part of the ordinary conduct of business. A portion of the commitments are long-term and are based on minimum purchase requirements. Certain short-term raw material purchase commitments have a variable price component which is based on market pricing at the time of purchase. Due to the proprietary nature of some of the Company’s materials and processes, certain contracts may contain penalty provisions for early termination. The Company does not believe that a significant amount of penalties is reasonably likely to be incurred under these commitments based upon historical experience and current expectation. Total future commitments are as follows:

Year Ending June 30,
($000)
2015	$	15,906
2016		489
2017		488
2018		-
2019	$	-