Pro-Dex (PDEX) 10-Q 14 May 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Mar. 31, 2015	5-May-15
Document And Entity Information
Entity Registrant Name	PRO DEX INC
Entity Central Index Key	788920
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-24
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,139,579
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2015

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Current Assets:
Cash and cash equivalents	$1,475	$3,188
Accounts receivable, net of allowance for doubtful accounts of $30 and $29, respectively	2,099	1,776
Unbilled receivables	1,398	1,073
Other current receivables	20	31
Inventory	3,444	2,600
Prepaid expenses	184	110
Notes receivable	1,236
Deferred income taxes	139	115
Total current assets	9,995	8,893
Investments		1,058
Equipment and leasehold improvements, net	1,604	1,575
Goodwill	353
Intangibles	577	105
Other assets	86	77
Total assets	12,615	11,708
Current Liabilities:
Accounts payable	1,534	744
Accrued expenses	1,686	1,090
Deferred revenue	530	232
Income taxes payable		53
Note payable	24
Capital lease obligations	9	8
Total current liabilities	3,783	2,127
Deferred income taxes	144	115
Deferred rent	210	243
Note payable, net of current portion	76
Capital lease obligations, net of current portion		7
Total non-current liabilities	430	365
Total liabilities	4,213	2,492
Shareholders' equity:
Common shares; no par value; 50,000,000 shares authorized; 4,139,579 and 4,211,019 shares issued and outstanding at March 31, 2015 and June 30, 2014, respectively	18,408	18,582
Accumulated other comprehensive income		202
Accumulated deficit	-10,006	-9,568
Total shareholders' equity	8,402	9,216
Total liabilities and shareholders' equity	$12,615	$11,708

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, except Share data, unless otherwise specified
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in dollars)	$30	$29
Common shares, no par value (in dollars per share)
Common shares, shares authorized	50,000,000	50,000,000
Common shares, shares issued	4,139,579	4,211,019
Common shares, shares outstanding	4,139,579	4,211,019

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Net sales	$3,922	$2,404	$9,310	$7,599
Cost of sales	2,877	1,864	6,741	5,564
Gross profit	1,045	540	2,569	2,035
Operating expenses:
Selling expenses	363	177	691	408
General and administrative expenses	592	420	1,542	1,304
Research and development costs	480	381	1,309	1,121
Total operating expenses	1,435	978	3,542	2,833
Operating loss	-390	-438	-973	-798
Interest expense	-1	-2	-4	-7
Interest income	1	1	6	11
Gain from disposal of equipment	1		1
Realized gain on sale of investments	395	27	455	27
Income (loss) from continuing operations before income taxes	6	-412	-515	-767
Income tax (expense) benefit	-98	54	40	88
Loss from continuing operations	-92	-358	-475	-679
Income (loss) from discontinued operations, net of income taxes	16	-27	37	167
Net loss	-76	-385	-438	-512
Other comprehensive income, net of tax:
Unrealized gain from marketable equity investments		20		225
Less: Reclassification of realized gains included in net loss		-27		-27
Comprehensive loss	($76)	($392)	($438)	($314)
Basic and diluted net loss per share:
Loss from continuing operations (in dollars per share)	($0.02)	($0.11)	($0.11)	($0.20)
Income (loss) from discontinued operations (in dollars per share)		($0.01)	$0.01	$0.05
Net loss (in dollars per share)	($0.02)	($0.12)	($0.10)	($0.15)
Weighted average common shares outstanding:
Basic (in shares)	4,158	3,342	4,179	3,344
Diluted (in shares)	4,158	3,342	4,179	3,344
Common shares outstanding (in shares)	4,140	3,344	4,140	3,344

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	($438)	($512)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	398	398
Gain on sale of investments	-455	-27
Gain on sale of real estate held for sale		-167
Loss (gain) on retirement of equipment	-1	6
Share-based compensation	14	42
Deferred income tax benefit	5
Allowance for doubtful accounts receivable	1	18
Changes in operating assets and liabilities:
Accounts receivable and other current receivables	-313	189
Unbilled receivables	-324	-754
Inventory	-839	650
Prepaid expenses and other assets	-83	-46
Accounts payable, accrued expenses and deferred rent	1,352	-272
Deferred revenue	298	136
Income taxes payable	-53	-4
Net cash used in operating activities	-438	-343
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investments	-12	-327
Purchases of equipment and leasehold improvements	-242	-25
Business acquisitions	-865
Purchase of notes receivable	-1,236
Proceeds from sale of real estate held for sale		900
Proceeds from sale of equipment	1	4
Proceeds from sale of investments	1,324	88
Increase in intangibles	-50	-53
Net cash provided by (used in) investing activities	-1,080	587
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase of common stock	-154
Proceeds from exercise of stock options		6
Repurchase of stock options	-32
Payments made for common stock rights offering	-3
Principal payments on capital lease	-6	-4
Net cash provided by (used in) financing activities	-195	2
Net increase (decrease) in cash and cash equivalents	-1,713	246
Cash and cash equivalents, beginning of period	3,188	1,680
Cash and cash equivalents, end of period	1,475	1,926
Supplemental disclosures of cash flow information:
Promissory note issued in conjunction with a business acquisition	100
Interest	4	7
Income taxes	$9	$7

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
BASIS OF PRESENTATION	NOTE 1. BASIS OF PRESENTATION
	The accompanying unaudited condensed consolidated financial statements of Pro-Dex, Inc. (“we”, “us”, “our”, “Pro-Dex” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Regulation S-K. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. These financial statements should be read in conjunction with the consolidated financial statements presented in our Annual Report on Form 10-K for the fiscal year ended June 30, 2014. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. The results of operations for such interim periods are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended June 30, 2014.
	Recent Accounting Standards
	In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers," which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 requires an entity to recognize revenue depicting the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires enhanced revenue related disclosures. ASU 2014-09 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016. In April 2015, the FASB voted for a one-year deferral of the effective date of ASU 2014-09. If approved, the new guidance will be effective for annual and interim periods beginning on or after December 15, 2017. The Company has not yet determined the impact of ASU 2014-09 on its consolidated results of operations, financial condition, or cash flows.
	In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” to simplify the presentation of debt issuance costs. The amendments in this accounting standard update require debt issuance costs be presented on the balance sheet as a direct reduction from the carrying amount of the related debt liability. The amendments in this accounting standard update are to be applied retrospectively and are effective for interim and annual reporting periods beginning after December 15, 2015. We do not expect the adoption of this accounting standard update to have a material impact on our balance sheet.
	Reclassifications
	Certain prior period balances have been reclassified to conform to the current period presentation. The reclassifications have no effect on previously reported results of operations or accumulated deficit.

BUSINESS_ACQUISITION

BUSINESS ACQUISITION	9 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
BUSINESS ACQUISITIONS	NOTE 2. BUSINESS ACQUISITIONS
	During the nine months ended March 31, 2015, we completed two acquisitions. On December 1, 2014, we completed the acquisition of Huber Precision (“Huber”), a manufacturer of machined parts, primarily for the oil and electronics industry. The aggregate purchase price paid was $209,000. On February 1, 2015, we completed the acquisition of Fineline Molds (“Fineline”), a manufacturer of plastic injection molds for a variety of industries. The aggregate purchase price was $757,000, of which $657,000 was paid in cash at closing and $100,000 of which is to be paid by the Company under the terms of a four-year promissory note issued to Fineline at closing, which bears interest at 4% per annum and requires sixteen equal quarterly payments of principal and accrued interest in the amount on $6,794.46 each. The note is secured by all of the assets acquired by us from Fineline.
	The following summarizes the consideration paid and the estimated fair values of the assets acquired for each acquisition as of the respective acquisition date (in thousands):
		Huber		Fineline
		Purchase Price		Purchase Price
		Allocation		Allocation
	Consideration:
	Cash	$	209	$	657
	Promissory note payable to seller		—		100
	Total consideration	$	209	$	757
	Fair value of assets acquired:
	Inventory	$	5	$	—
	Fixed Assets		37		149
	Covenant not to compete		30		22
	Trade name		—		54
	Customer list and backlog		137		179
	Net assets acquired	$	209	$	404
	Goodwill	$	—	$	353
	The acquisitions were completed to support expansion of the business and broaden the Company’s customer base. We have accounted for these acquisitions as business combinations using the acquisition method of accounting. This method requires, among other things, that assets acquired and liabilities assumed in a business combination be recognized at their fair values as of the acquisition date.  There were no liabilities assumed as part of either the Huber or Fineline acquisitions.  Pro forma historical results of operations related to both acquisitions during the period prior to the acquisition date have not been presented because they are not material to our condensed consolidated statements of operations and comprehensive income (loss).  The results of operations related to the businesses acquired have been included in the Company’s consolidated statements of operations since the date of acquisition, respectively. The fair value determination of assets and liabilities recorded are those of management.

COMPOSITION_OF_CERTAIN_FINANCI

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS	9 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS	NOTE 3. COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS
	Inventory
	Inventory is stated at the lower of cost (first-in, first-out) or market and consists of the following (in thousands):
		March 31,		June 30,
		2015		2014
	Raw materials /purchased components	$	1,539	$	878
	Work in process		934		525
	Sub-assemblies /finished components		880		823
	Finished goods		91		374
	Total inventory	$	3,444	$	2,600
	Investments
	During the quarter ended March 31, 2015, we liquidated our investment portfolio to fund our working capital requirements, especially our inventory requirements, as we prepare to launch production of two new products. During the three and nine months ended March 31, 2015, we sold certain of our investments in marketable equity securities of publicly held companies and recorded realized gains of $395,000 and $455,000, respectively.
	Our investments at June 30, 2014 amounted to $1,058,000 which represented an aggregate cost basis of $857,000, gross unrealized gains aggregating $209,000 and unrealized losses of $7,000.
	Intangibles
	Intangibles consist of the following (in thousands):
		March 31,		June 30,
		2015		2014
	Capitalized software development costs	$	73	$	37
	Covenant not to compete		49		—
	Trade name		54		—
	Customer list and backlog		306		—
	Patent-related costs		95		68
	Total intangibles	$	577	$	105
	Capitalized software development costs relate to internally developed software, which will be amortized over the estimated product life of the underlying product currently in development. Both the covenant not to compete and the customer list and backlog relate to assets acquired in conjunction with the business acquisitions more fully described in Note 2 above and will be amortized over various periods not to exceed ten years. The trade name relates exclusively to Fineline Molds and has an indefinite life, subject to impairment loss consideration if certain conditions exist. Patent-related costs consist of legal fees incurred in connection with patent applications, and will be amortized over the life of the applicable patent upon its issuance, or expensed immediately in the event the patent office denies the issuance of the patent.

WARRANTY

WARRANTY	9 Months Ended
	Mar. 31, 2015
Product Warranties Disclosures [Abstract]
WARRANTY	NOTE 4. WARRANTY
	The warranty accrual is based on historical costs of warranty repairs and expected future identifiable warranty expenses, and is included in accrued expenses in the accompanying consolidated balance sheets. As of March 31, 2015 and June 30, 2014, the warranty reserve amounted to $393,000 and $237,000, respectively. Warranty expenses are included in cost of sales in the accompanying consolidated statements of operations. Changes in estimates to previously established warranty accruals result from current period updates to assumptions regarding repair costs and warranty return rates, and are included in current period warranty expense. Warranty expense relating to new product sales and changes to estimates for the three months ended March 31, 2015 and 2014 was $103,000 and $53,000, respectively, and for the nine months ended March 31, 2015 and 2014 was $253,000 and $81,000, respectively.
	Information regarding the accrual for warranty costs for the three and nine months ended March 31, 2015 and 2014 are as follows (in thousands):
		As of and for the
		Three Months Ended
		March 31,
		2015			2014
	Beginning balance	$	332		$	200
	Accruals during the period		114			70
	Changes in estimates of prior period warranty accruals		(11	)		(17	)
	Warranty amortization		(42	)		(29	)
	Ending balance	$	393		$	224
		As of and for the
		Nine Months Ended
		March 31,
		2015			2014
	Beginning balance	$	237		$	321
	Accruals during the period		263			167
	Changes in estimates of prior period warranty accruals		(10	)		(86	)
	Warranty amortization		(97	)		(178	)
	Ending balance	$	393		$	224

NET_INCOME_LOSS_PER_SHARE

NET INCOME (LOSS) PER SHARE	9 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NOTE 5. NET INCOME (LOSS) PER SHARE
	The Company calculates basic net earnings (loss) per share by dividing net income (loss) by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings (loss) per share reflects the effects of potentially dilutive securities, which consist entirely of outstanding stock options.
	Potential common shares of 22,195 and 38,771, respectively, have been excluded from diluted weighted average common shares for the three months ended March 31, 2015 and 2014, as the effect would have been anti-dilutive. Similarly, potential common shares of 22,789 and 25,648, respectively, have been excluded from diluted weighted average common shares for the nine months ended March 31, 2015 and 2014, as the effect would have been anti-dilutive.
	The following table presents reconciliations of the numerators and denominators of the basic and diluted earnings (loss) per share computations for net income (loss). In the tables below, income (loss) amounts represent the numerator, and share amounts represent the denominator (in thousands, except per share amounts):
		Three Months Ended						Nine Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
	Basic & Diluted:
	Loss from continuing operations	$	(92	)	$	(358	)	$	(475	)	$	(679	)
	Weighted average shares outstanding		4,158			3,342			4,179			3,344
	Basic and diluted loss per share from continuing operations	$	(0.02	)	$	(0.11	)	$	(0.11	)	$	(0.20	)
	Income (loss) from discontinued operations	$	16		$	(27	)	$	37		$	167
	Weighted average shares outstanding		4,158			3,342			4,179			3,344
	Basic and diluted earnings  (loss) per share from discontinued operations	$	0		$	(0.01	)	$	0.01		$	0.05
	Net loss	$	(76	)	$	(385	)	$	(438	)	$	(512	)
	Weighted average shares outstanding		4,158			3,342			4,179			3,344
	Basic and diluted loss per share	$	(0.02	)	$	(0.12	)	$	(0.10	)	$	(0.15	)

NOTES_RECEIVABLE_VARIABLE_INTE

NOTES RECEIVABLE & VARIABLE INTEREST ENTITY CONSIDERATIONS	9 Months Ended
	Mar. 31, 2015
Notes Receivable Variable Interest Entity Considerations
NOTES RECEIVABLE & VARIABLE INTEREST ENTITY CONSIDERATIONS	NOTE 6. NOTES RECEIVABLE & VARIABLE INTEREST ENTITY CONSIDERATIONS
	In November 2014, the Company purchased two promissory notes through a Loan Purchase and Sale Agreement in the amount of $1.2 million. The promissory notes are cross-collateralized and secured by (collectively, the “Collateral”), among other things, real property consisting of 2.3 acres of land and an approximate 30,000 square foot industrial building and a security interest in substantially all of the assets of Riverside Manufacturing, Inc. (“Riverside”) (consisting primarily of machine shop equipment and accounts receivable).
	The notes are recorded at their purchase price and since the notes remain in default, they have been placed on nonaccrual status, and therefore, the Company has not collected or recognized any interest income since the date of purchase. Additionally, due to uncertainties relating to future cash flows projected to be received on the notes, no accretable yield has been recorded.
	During the three months ended March 31, 2015, we entered into forbearance agreements with Riverside whereby we have agreed to forbear from enforcing our rights under the promissory notes until July 31, 2015. Additionally, we entered into a revolving loan agreement, whereby we have agreed to advance Riverside from time-to-time up to an aggregate amount of $200,000 at any time prior to July 31, 2015. Through March 31, 2015, we have advanced $96,270 to Riverside and Riverside has repaid $65,686.
	As of March 31, 2015, the Company has evaluated whether or not the investments in Riverside create a variable interest entity (“VIE”) requiring consolidation. VIEs are legal entities in which the equity investors do not have sufficient equity at risk for the entity to independently finance its activities or the collective holders do not have the power through voting or similar rights to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the expected losses of the entity, or the right to receive expected residual returns of the entity. Consolidation of a VIE is considered appropriate if a reporting entity is the primary beneficiary, the party that has both significant influence and control over the VIE. Management performed a qualitative analysis to determine if the Company is the primary beneficiary of Riverside. The Company performed a VIE analysis including a review of Riverside’s capital structure, contractual terms, and primary activities, including the Company’s ability to direct the activities of Riverside and its obligations to absorb losses, or the right to receive benefits, significant to Riverside. The Company has determined that Riverside’s debt represented by the two promissory notes and the revolving loan constitute the majority of its financial support and continuing support for its ongoing operations, and that the equity investment at risk in Riverside was insufficient to permit financing of activities without additional financial support from the Company. Accordingly, it was determined that the Company has a variable interest in Riverside and Riverside is a variable interest entity of the Company. Based on the Company’s analysis as of March 31, 2015, however, it was determined that the Company is not the primary beneficiary of Riverside because the sole shareholder of Riverside has retained the day to day management and control over all key economic decisions of the Riverside business and the Company has no authority as the primary creditor of Riverside to affect any of these management decisions nor does the Company have any obligation to absorb Riverside’s losses or the right to receive any benefits from Riverside.
	Our total investment in Riverside as of March 31, 2015 is represented by the $1,236,000 notes receivable on our condensed consolidated balance sheet.  Our maximum investment at risk, should Riverside remain in default on the notes and borrow fully on the revolving loan agreement, coupled with our inability to foreclose on the Collateral, would be $1,405,000.  During the three and nine months ended March 31, 2015 we have provided no support, financial or otherwise, to Riverside other than as contractually required by the revolving loan agreement.  The payments we have advanced to Riverside under the revolving loan agreement have generally been made to fund Riverside’s ongoing working capital needs. Riverside is a contract manufacturer providing services to the aerospace,commercial airline, transportation and defense-related sectors and its unaudited revenue for its fiscal year ended December 31, 2014 totaled $ 1.9 million. The Company acquired the notes to achieve a return on capital upon liquidation or operation of the Riverside assets. The Company entered into the forbearance agreements with Riverside to allow further time for Riverside to improve its financial performance and for the Company to evaluate those results prior to liquidating the investment.

DISCONTINUED_OPERATIONS_AND_RE

DISCONTINUED OPERATIONS AND REAL ESTATE HELD FOR SALE	9 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
DISCONTINUED OPERATIONS AND REAL ESTATE HELD FOR SALE	NOTE 7. DISCONTINUED OPERATIONS AND REAL ESTATE HELD FOR SALE
	In February 2012, we completed the sale of our fractional horsepower motor product line, operating under the name Pro-Dex Astromec (“Astromec”), located in Carson City, Nevada, pursuant to an Asset Purchase Agreement (the “APA”).
	Under the terms of the APA, we received earnout payments based on revenues generated from the sale of certain products as defined in the APA. Such earnout payments, if and when earned, were paid to us within 30 days following the end of each of our fiscal quarters during the three years subsequent to the February 2012 closing date, and amount to 6%, 4% and 2% of the eligible sales in the first, second and third such years, respectively. The earnout payments were recognized in the quarter in which we became entitled to receive them. We recognized income from earnout payments of $11,000 and $33,000 for the three months ended March 31, 2015 and 2014, respectively, and $53,000 and $103,000 for the nine months ended March 31, 2015 and 2014, respectively. We have recognized an aggregate of $404,000 in income from such earnout payments since the February 2012 closing date.
	In addition, as a result of the sale of the Astromec product line, we listed for sale the land and building constituting the facility in Carson City, Nevada, which was presented as real estate held for sale in the June 30, 2013 consolidated balance sheet with an aggregate carrying amount of $733,000. On July 5, 2013, we completed the sale of the Carson City facility. The sales price of the property was $980,000, of which we received net proceeds of $900,000, after deductions for expenses related to the sale, primarily consisting of broker commissions and fees, aggregating approximately $80,000, resulting in a gain of $167,000.
	Based on the foregoing, and in conformity with applicable accounting guidance, the Astromec product line qualifies as a discontinued operation. Accordingly, financial results of Astromec have been reported as discontinued operations in the accompanying consolidated statements of operations for all periods presented. Information regarding revenue and operating results of Astromec included in discontinued operations is as follows (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Revenues	$	11	$	33
	Income before provision for income tax benefit of $14,000 and expense of $55,000, respectively	$	2	$	28
		Nine Months Ended
		March 31,
		2015		2014
	Revenues	$	53	$	103
	Income before provision for income taxes of $0 and $91,000, respectively	$	37	$	258
	We do not expect to receive any future revenue or incur any future expenses related to the sale of Astromec.

INCOME_TAXES

INCOME TAXES	9 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 8. INCOME TAXES
	Deferred income taxes are provided on a liability method whereby deferred tax assets and liabilities are recognized for temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
	Significant management judgment is required in determining our provision for income taxes and the recoverability of our deferred tax assets. Such determination is based primarily on our historical taxable income or loss, with some consideration given to our estimates of future taxable income or loss by jurisdictions in which we operate and the period over which our deferred tax assets would be recoverable. Due to cumulative taxable losses during the past three years, we maintained a valuation allowance of $3.9 million against our deferred tax assets as of March 31, 2015.
	As of March 31, 2015, we have accrued $398,000 of unrecognized tax benefits related to federal and state income tax matters. None of this balance is expected to reduce the Company’s income tax expense if recognized.
	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
	Balance at July 1, 2014	$	363
	Additions based on tax positions related to the current year		22
	Additions for tax positions of prior years		13
	Balance at March 31, 2015	$	398
	We recognize accrued interest and penalties related to unrecognized tax benefits when applicable. As of March 31, 2015, no interest or penalties applicable to our unrecognized tax benefits have been accrued since we have sufficient tax attributes available to fully offset any potential assessment of additional tax.
	Pro-Dex and its subsidiaries are subject to U.S. federal income tax, as well as income tax of multiple state tax jurisdictions. We are currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended June 30, 2012 and later. Our state income tax returns are open to audit under the statute of limitations for the years ended June 30, 2011 and later. We do not anticipate a significant change to the total amount of unrecognized tax benefits within the next 12 months.

COMMON_STOCK

COMMON STOCK	9 Months Ended
	Mar. 31, 2015
Equity [Abstract]
COMMON STOCK	NOTE 9. COMMON STOCK
	Share Repurchase Program
	In September 2013, our Board approved a share repurchase program authorizing the Company to repurchase up to 750,000 shares of our common stock. In accordance with, and as part of, this share repurchase program, our Board approved, on September 23, 2014, the adoption of a prearranged share repurchase plan intended to qualify for the safe harbor under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (“10b5-1 Plan”). The 10b5-1 Plan became effective on September 24, 2014 and terminated on March 23, 2015. Through March 23, 2015, we repurchased 69,773 shares at an aggregate cost of $154,000, inclusive of fees, under the terms of the 10b5-1 Plan. Repurchases under the 10b5-1 Plan were administered through an independent broker.

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	9 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE-BASED COMPENSATION	NOTE 10. SHARE-BASED COMPENSATION
	As discussed further below, until June 2014 we had two equity compensation plans, the Second Amended and Restated 2004 Stock Option Plan (the “Employee Stock Option Plan”) and the Amended and Restated 2004 Directors’ Stock Option Plan (the “Directors’ Stock Option Plan”) (collectively, the “Stock Option Plans”), pursuant to which (i) options to purchase shares of common stock, or (ii) restricted shares of common stock, could be granted up to an aggregate amount of 1,333,333 common shares, with 1,066,667 and 266,666 shares distributed between the Employee Stock Option Plan and the Directors’ Stock Option Plan, respectively. The Stock Option Plans were substantially similar, providing for a strike price equal to the closing price for a share of our common stock as of the last business day immediately prior to the grant date, vesting periods as determined by the Board for the Employee Stock Option Plan and six months for the Directors’ Stock Option Plan, and terms of up to ten years, subject to forfeit 30 days after the holder ceases to be an employee or 90 days after the holder ceases to be a director, as the case may be. Share-based compensation expense under the Stock Option Plans for the three months ended March 31, 2015 and 2014 was $3,000 and $10,000, respectively, and for the nine months ended March 31, 2015 and 2014 was $14,000 and $42,000, respectively.
	Stock Options
	As of March 31, 2015, there was an aggregate of $2,000 of unrecognized compensation cost under the Stock Option Plans related to 5,000 non-vested outstanding stock options with a per share weighted average value of $1.73. The unrecognized expense is anticipated to be recognized on a straight-line basis over a weighted average period of 5.3 months. Following is a summary of stock option activity for the nine months ended March 31, 2015 and 2014:
			2015								2014
			Number of				Weighted-Average				Number of				Weighted-Average
			Shares				Exercise Price				Shares				Exercise Price
	Outstanding at July 1,			165,002			$	2.4				292,504			$	2.35
	Options granted			—				—				—				—
	Options exercised			(48,333	)			1.87				(4,695	)			1.96
	Options forfeited			(10,001	)			4.94				(118,640	)			2.09
	Outstanding at end of period			106,668			$	2.41				169,169			$	2.43
	Stock Options Exercisable at March 31,			101,668			$	2.44				142,502			$	2.55
	No options were granted during the three or nine months ended March 31, 2015 and 2014.
	Following is a summary of information regarding options outstanding and options exercisable at March 31, 2015:
					Options Outstanding														Options Exercisable
	Range of				Number Outstanding				Weighted-				Weighted-				Aggregate.		Number		Weighted-		Weighted-		Average
	Exercise Prices								Avg.				Avg.				Intrinsic		Outstanding		Avg.		Avg.		Intrinsic
									Remaining				Exercise				Value				Remaining		Exercise		Value
									Contractual				Price								Contractual		Price
									Life												Life
		$0 to 2.50				95,000				6.64			$	1.88			$	17,100		90,000		6.59	$	1.89	$	15,300
		2.5  to 5.00				3,334				2.13				4.38				—		3,334		2.13		4.38		—
		7.51 to 10.00				8,334				0.77				7.65				—		8,334		0.77		7.65		—
		Total				106,668				6.04 years			$	2.41			$	17,100		101,668		5.97	$	2.44	$	15,300
	In June 2014, our Board of Directors terminated the Employee Stock Option Plan, with the provision that options outstanding under the Employee Stock Option Plan will remain outstanding in accordance with their respective terms. At the date of termination, 531,381 shares were reserved for issuance under the Employee Stock Option Plan in excess of shares issuable pursuant to outstanding options, all of which shares will be available for issuance under the provisions of the Employee Stock Purchase Plan described below.
	In September 2014, our Board approved the inclusion in our proxy statement for approval by our shareholders at the 2014 Annual Meeting of Shareholders its recommendation to terminate the Directors’ Stock Option Plan, which proposal was approved by our shareholders at the December 3, 2014 Annual Meeting. At September 30, 2014, 173,334 shares were reserved for issuance under the Directors’ Stock Option Plan, all of which will be available for issuance under the provisions of the Employee Stock Purchase Plan described below.
	Employee Stock Purchase Plan
	Also in September 2014, our Board approved the establishment of an Employee Stock Purchase Plan (the “ESPP”). The ESPP conforms to the provisions of Section 423 of the Internal Revenue Code, has coterminous offering and purchase periods of six months, and bases the pricing to purchase shares of our common stock on a formula so as to result in a per share purchase price that approximates a 15% discount from the market price of a share of our common stock at the end of the purchase period. The Board of Directors also approved the provision that shares formerly reserved for issuance under the Employee Stock Option Plan and the Directors’ Stock Option Plan in excess of shares issuable pursuant to outstanding options, aggregating 704,715 shares, be reserved for issuance pursuant to the ESPP. The ESPP was approved by our shareholders at the December 3, 2014 Annual Meeting. On February 2, 2015, the Company filed a Registration Statement on Form S-8 registering the 704,715 shares issuable under the ESPP under the Securities Act of 1933.
	Restricted Stock
	The following is a summary of restricted share activity for the nine months ended March 31, 2015 and 2014:
					2015								2014
					Number of				Weighted-Average				Number of				Weighted-Average
					Shares				Grant Date				Shares				Grant Date
									Fair Value								Fair Value
		Outstanding at beginning of  period				13,333			$	1.73				32,500			$	1.73
		Granted				—				—				—				—
		Vested				(6,667	)			1.73				(9,166	)			1.73
		Forfeited				(1,666	)			1.73				(8,334	)			1.73
		Outstanding at end of period				5,000			$	1.73				15,000			$	1.73
	As of March 31, 2015, there was $3,000 in unrecognized compensation cost related to non-vested outstanding restricted shares. The unrecognized expense is anticipated to be amortized over the next 5.3 months.

MAJOR_CUSTOMERS

MAJOR CUSTOMERS	9 Months Ended
	Mar. 31, 2015
Risks and Uncertainties [Abstract]
MAJOR CUSTOMERS	NOTE 11. MAJOR CUSTOMERS
	For the three months ended March 31, 2015 and 2014, the Company had one customer with sales totaling 48 percent and 50 percent, respectively, of total sales. During the nine months ended March 31, 2015 and 2014 that same customer accounted for 54 percent and 47 percent, respectively, of total sales of the Company.
	Accounts receivable at March 31, 2015 and June 30, 2014, from that same significant customer, amounted to 37 percent and 53 percent of total gross accounts receivable.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 12. COMMITMENTS AND CONTINGENCIES
	Legal Matters
	In general, we are from time to time a party to various legal proceedings incidental to our business, none of which we currently consider to be material. There can be no certainty, however, that we may not ultimately incur liability or that such liability will not be material and adverse.

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 13. FAIR VALUE MEASUREMENTS
	Fair value is measured based on the prices that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are based on a three-tier hierarchy that prioritizes the inputs used to measure fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions.
	Cash and cash equivalents: The carrying value of cash and cash equivalents is considered to be representative of their fair values based on the short term nature of these instruments. As such, cash and cash equivalents are classified within Level 1 of the valuation hierarchy.
	Investments: Investments at June 30, 2014 consisted of marketable equity securities of publicly held companies. As such, investments were classified within Level 1 of the valuation hierarchy.
	Notes Receivable: Notes receivable are classified within Level 3 of the valuation hierarchy for purposes of evaluating potential impairment of these assets. The fair value of the notes receivable is based upon the valuation of a third party appraisal of the building and equipment which is security for the notes less estimates of outstanding property tax liens and other liquidation costs.
	Although the methods above may produce a fair value calculation that may not be indicative of the net realizable value or reflective of future fair values, we believe the valuation methods are appropriate.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 14. SUBSEQUENT EVENTS
	As previously disclosed, on November 21, 2014 Pro-Dex Sunfish Lake LLC (“PDSL”), a wholly owned subsidiary of Pro-Dex, Inc. acquired two promissory notes through a Loan Purchase and Sale Agreement in the amount of $1.2 million (see Note 6). On May 7, 2015, the Company executed a Deed and Settlement Agreement (the “Agreement”) between and among Sheldon A. Mayer, LLC (“Borrower”), Sheldon Mayer, (“Guarantor”) and PDSL, as reported in the Company’s Current Report on Form 8-K filed with the SEC on May 13, 2015. The agreement contemplates that in exchange for recharacterization of $1.0 million of the of the debt, consisting of one of the promissory notes discussed above, to be re-classified as non-recourse debt, Borrower shall execute and deliver to PDSL a deed to convey the real property consisting of 2.3 acres of land and an approximate 30,000 square foot building. The Agreement provides that Borrower shall transfer all receivables of any type, including, but not limited to, all rent owing on account of any occupancy by Riverside or any other tenant of the Property to PDSL. The Agreement also contains certain representations, warranties, indemnifications and covenants of the parties customary for transactions of this type. The Company is currently evaluating whether the transaction described above should be treated as a VIE reconsideration event.

BASIS_OF_PRESENTATION_Policies

BASIS OF PRESENTATION (Policies)	9 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Recent Accounting Standards	Recent Accounting Standards
	In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers," which outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 requires an entity to recognize revenue depicting the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 also requires enhanced revenue related disclosures. ASU 2014-09 is effective for fiscal years, and interim reporting periods within those years, beginning after December 15, 2016. In April 2015, the FASB voted for a one-year deferral of the effective date of ASU 2014-09. If approved, the new guidance will be effective for annual and interim periods beginning on or after December 15, 2017. The Company has not yet determined the impact of ASU 2014-09 on its consolidated results of operations, financial condition, or cash flows.
	In April 2015, the FASB issued ASU 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” to simplify the presentation of debt issuance costs. The amendments in this accounting standard update require debt issuance costs be presented on the balance sheet as a direct reduction from the carrying amount of the related debt liability. The amendments in this accounting standard update are to be applied retrospectively and are effective for interim and annual reporting periods beginning after December 15, 2015. We do not expect the adoption of this accounting standard update to have a material impact on our balance sheet.
Reclassifications	Reclassifications
	Certain prior period balances have been reclassified to conform to the current period presentation. The reclassifications have no effect on previously reported results of operations or accumulated deficit.

BUSINESS_ACQUISITION_Tables

BUSINESS ACQUISITION (Tables)	9 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Schedule of recognized identified assets acquired and liabilities assumed	The following summarizes the consideration paid and the estimated fair values of the assets acquired for each acquisition as of the respective acquisition date (in thousands):
		Huber		Fineline
		Purchase Price		Purchase Price
		Allocation		Allocation
	Consideration:
	Cash	$	209	$	657
	Promissory note payable to seller		—		100
	Total consideration	$	209	$	757
	Fair value of assets acquired:
	Inventory	$	5	$	—
	Fixed Assets		37		149
	Covenant not to compete		30		22
	Trade name		—		54
	Customer list and backlog		137		179
	Net assets acquired	$	209	$	404
	Goodwill	$	—	$	353

COMPOSITION_OF_CERTAIN_FINANCI1

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Tables)	9 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of inventories	Inventory is stated at the lower of cost (first-in, first-out) or market and consists of the following (in thousands):
		March 31,		June 30,
		2015		2014
	Raw materials /purchased components	$	1,539	$	878
	Work in process		934		525
	Sub-assemblies /finished components		880		823
	Finished goods		91		374
	Total inventory	$	3,444	$	2,600
Schedule of intangibles	Intangibles consist of the following (in thousands):
		March 31,		June 30,
		2015		2014
	Capitalized software development costs	$	73	$	37
	Covenant not to compete		49		—
	Trade name		54		—
	Customer list and backlog		306		—
	Patent-related costs		95		68
	Total intangibles	$	577	$	105

WARRANTY_Tables

WARRANTY (Tables)	9 Months Ended
	Mar. 31, 2015
Product Warranties Disclosures [Abstract]
Schedule of accrual warranty costs	Information regarding the accrual for warranty costs for the three and nine months ended March 31, 2015 and 2014 are as follows (in thousands):
		As of and for the
		Three Months Ended
		March 31,
		2015			2014
	Beginning balance	$	332		$	200
	Accruals during the period		114			70
	Changes in estimates of prior period warranty accruals		(11	)		(17	)
	Warranty amortization		(42	)		(29	)
	Ending balance	$	393		$	224
		As of and for the
		Nine Months Ended
		March 31,
		2015			2014
	Beginning balance	$	237		$	321
	Accruals during the period		263			167
	Changes in estimates of prior period warranty accruals		(10	)		(86	)
	Warranty amortization		(97	)		(178	)
	Ending balance	$	393		$	224

NET_LOSS_PER_SHARE_Tables

NET LOSS PER SHARE (Tables)	9 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of weighted average shares outstanding calculation of basic and diluted per share	The following table presents reconciliations of the numerators and denominators of the basic and diluted earnings (loss) per share computations for net income (loss). In the tables below, income (loss) amounts represent the numerator, and share amounts represent the denominator (in thousands, except per share amounts):
		Three Months Ended						Nine Months Ended
		March 31,						March 31,
		2015			2014			2015			2014
	Basic & Diluted:
	Loss from continuing operations	$	(92	)	$	(358	)	$	(475	)	$	(679	)
	Weighted average shares outstanding		4,158			3,342			4,179			3,344
	Basic and diluted loss per share from continuing operations	$	(0.02	)	$	(0.11	)	$	(0.11	)	$	(0.20	)
	Income (loss) from discontinued operations	$	16		$	(27	)	$	37		$	167
	Weighted average shares outstanding		4,158			3,342			4,179			3,344
	Basic and diluted earnings  (loss) per share from discontinued operations	$	0		$	(0.01	)	$	0.01		$	0.05
	Net loss	$	(76	)	$	(385	)	$	(438	)	$	(512	)
	Weighted average shares outstanding		4,158			3,342			4,179			3,344
	Basic and diluted loss per share	$	(0.02	)	$	(0.12	)	$	(0.10	)	$	(0.15	)

DISCONTINUED_OPERATIONS_AND_RE1

DISCONTINUED OPERATIONS AND REAL ESTATE HELD FOR SALE (Tables)	9 Months Ended
	Mar. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of revenue and operating results of Astromec	Information regarding revenue and operating results of Astromec included in discontinued operations is as follows (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Revenues	$	11	$	33
	Income before provision for income tax benefit of $14,000 and expense of $55,000, respectively	$	2	$	28
		Nine Months Ended
		March 31,
		2015		2014
	Revenues	$	53	$	103
	Income before provision for income taxes of $0 and $91,000, respectively	$	37	$	258

INCOME_TAXES_Tables

INCOME TAXES (Tables)	9 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of accrual unrecognized tax benefits	A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
	Balance at July 1, 2014	$	363
	Additions based on tax positions related to the current year		22
	Additions for tax positions of prior years		13
	Balance at March 31, 2015	$	398

SHAREBASED_COMPENSATION_Tables

SHARE-BASED COMPENSATION (Tables)	9 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of summary of stock option activity	Following is a summary of stock option activity for the nine months ended March 31, 2015 and 2014:
			2015								2014
			Number of				Weighted-Average				Number of				Weighted-Average
			Shares				Exercise Price				Shares				Exercise Price
	Outstanding at July 1,			165,002			$	2.4				292,504			$	2.35
	Options granted			—				—				—				—
	Options exercised			(48,333	)			1.87				(4,695	)			1.96
	Options forfeited			(10,001	)			4.94				(118,640	)			2.09
	Outstanding at end of period			106,668			$	2.41				169,169			$	2.43
	Stock Options Exercisable at March 31,			101,668			$	2.44				142,502			$	2.55
Schedule of options outstanding and options exercisable	Following is a summary of information regarding options outstanding and options exercisable at March 31, 2015:
					Options Outstanding														Options Exercisable
	Range of				Number Outstanding				Weighted-				Weighted-				Aggregate.		Number		Weighted-		Weighted-		Average
	Exercise Prices								Avg.				Avg.				Intrinsic		Outstanding		Avg.		Avg.		Intrinsic
									Remaining				Exercise				Value				Remaining		Exercise		Value
									Contractual				Price								Contractual		Price
									Life												Life
		$0 to 2.50				95,000				6.64			$	1.88			$	17,100		90,000		6.59	$	1.89	$	15,300
		2.5  to 5.00				3,334				2.13				4.38				—		3,334		2.13		4.38		—
		7.51 to 10.00				8,334				0.77				7.65				—		8,334		0.77		7.65		—
		Total				106,668				6.04 years			$	2.41			$	17,100		101,668		5.97	$	2.44	$	15,300
Schedule of restricted share activity	The following is a summary of restricted share activity for the nine months ended March 31, 2015 and 2014:
					2015								2014
					Number of				Weighted-Average				Number of				Weighted-Average
					Shares				Grant Date				Shares				Grant Date
									Fair Value								Fair Value
		Outstanding at beginning of  period				13,333			$	1.73				32,500			$	1.73
		Granted				—				—				—				—
		Vested				(6,667	)			1.73				(9,166	)			1.73
		Forfeited				(1,666	)			1.73				(8,334	)			1.73
		Outstanding at end of period				5,000			$	1.73				15,000			$	1.73

BUSINESS_ACQUISITION_Details

BUSINESS ACQUISITION (Details) (USD $)	Mar. 31, 2015	Jun. 30, 2014	Dec. 01, 2014	Feb. 01, 2015
In Thousands, unless otherwise specified
Business Acquisition [Line Items]
Goodwill	$353
Huber Precision
Business Acquisition [Line Items]
Cash	209
Promissory note payable to seller
Total consideration	209		209
Inventory	5
Fixed Assets	37
Net assets acquired	209
Goodwill
Huber Precision | Covenant not to compete
Business Acquisition [Line Items]
Intangible assets, other than goodwill	30
Huber Precision | Trade Names
Business Acquisition [Line Items]
Intangible assets, other than goodwill
Huber Precision | Customer list and backlog
Business Acquisition [Line Items]
Intangible assets, other than goodwill	137
Fineline Molds
Business Acquisition [Line Items]
Cash	657
Promissory note payable to seller	100
Total consideration	757			757
Inventory
Fixed Assets	149
Net assets acquired	404
Goodwill	353
Fineline Molds | Covenant not to compete
Business Acquisition [Line Items]
Intangible assets, other than goodwill	22
Fineline Molds | Trade Names
Business Acquisition [Line Items]
Intangible assets, other than goodwill	54
Fineline Molds | Customer list and backlog
Business Acquisition [Line Items]
Intangible assets, other than goodwill	$179

BUSINESS_ACQUISITION_Details_T

BUSINESS ACQUISITION (Details Textuals) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 01, 2014	Feb. 01, 2015
	N
Business Acquisition [Line Items]
Number of businesses acquired	2
Huber Precision
Business Acquisition [Line Items]
Description of acquired entity	A manufacturer of machined parts, primarily for the oil and electronics industry.
Aggerate purchase price	209	$209
Fineline Molds
Business Acquisition [Line Items]
Description of acquired entity	A manufacturer of plastic injection molds for a variety of industries.
Aggerate purchase price	757		$757

BUSINESS_ACQUISITION_Details_T1

BUSINESS ACQUISITION (Details Textuals 1) (Fineline Molds, USD $)	0 Months Ended
	Feb. 01, 2015
Fineline Molds
Promissory note payment terms	Sixteen equal quarterly payments
Promissory note stated percentage	4.00%
Promissory note payment of principal and accrued interest	$6,794
Term of promissory note	4 years

COMPOSITION_OF_CERTAIN_FINANCI2

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Details) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials/purchased components	$1,539	$878
Work in process	934	525
Sub-assemblies / finished components	880	823
Finished goods	91	374
Total inventory	$3,444	$2,600

COMPOSITION_OF_CERTAIN_FINANCI3

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Details 3) (USD $)	Mar. 31, 2015	Jun. 30, 2014
In Thousands, unless otherwise specified
Finite-Lived Intangible Assets [Line Items]
Total intangibles	$577	$105
Capitalized software development costs
Finite-Lived Intangible Assets [Line Items]
Total intangibles	73	37
Covenant not to compete
Finite-Lived Intangible Assets [Line Items]
Total intangibles	49
Trade Names
Finite-Lived Intangible Assets [Line Items]
Total intangibles	54
Customer list and backlog
Finite-Lived Intangible Assets [Line Items]
Total intangibles	306
Patent-related costs
Finite-Lived Intangible Assets [Line Items]
Total intangibles	$95	$68

COMPOSITION_OF_CERTAIN_FINANCI4

COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS (Details Textuals) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended	6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014	Jun. 30, 2014
Marketable security cost					$857	857
Marketable security unrealized, gain					209
Marketable security unrealized, loss					7
Marketable security realized, gain	395	27	455	27
Investments					$1,058	1,058
Customer list and backlog
Intangible assets, Useful life						10 years

WARRANTY_Details

WARRANTY (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance	$332	$200	$237	$321
Accruals during the period	114	70	263	167
Changes in estimates of prior period warranty accruals	-11	-17	-10	-86
Warranty amortization	-42	-29	-97	-178
Ending balance	$393	$224	$393	$224

WARRANTY_Details_Textuals

WARRANTY (Details Textuals) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013
Product Warranties Disclosures [Abstract]
Warranty reserve	$393	$224	$393	$224	$332	$237	$200	$321
Warranty expenses	$103	$53	$253	$81

NET_INCOME_LOSS_PER_SHARE_Deta

NET INCOME (LOSS) PER SHARE (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Basic & Diluted:
Loss from continuing operations	($92)	($358)	($475)	($679)
Weighted average shares outstanding	4,158	3,342	4,179	3,344
Basic and diluted loss per share from continuing operations	($0.02)	($0.11)	($0.11)	($0.20)
Income (loss) from discontinued operations	16	-27	37	167
Weighted average shares outstanding	4,158	3,342	4,179	3,344
Basic and diluted earnings per share from discontinued operations	$0	($0.01)	$0.01	$0.05
Net loss	($76)	($385)	($438)	($512)
Weighted average shares outstanding	4,158	3,342	4,179	3,344
Basic and diluted loss per share	($0.02)	($0.12)	($0.10)	($0.15)

NET_INCOME_LOSS_PER_SHARE_Deta1

NET INCOME (LOSS) PER SHARE (Details Textuals)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Number of anti-dilutive securities	22,195	38,771	22,789	25,648

NOTES_RECEIVABLE_VARIABLE_INTE1

NOTES RECEIVABLE & VARIABLE INTEREST ENTITY CONSIDERATIONS (Details Textuals) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Jun. 30, 2014	Nov. 30, 2014
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net	$1,236		$1,236
Revenue	3,922	2,404	9,310	7,599
Two promissory notes (Loan Purchase and Sale Agreement)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net							1,200
Description of cross collateral notes			The promissory notes are cross-collateralized and secured by (collectively, the “Collateral”), among other things, real property consisting of 2.3 acres of land and an approximate 30,000 square foot industrial building and a security interest in substantially all of the assets of Riverside Manufacturing, Inc. (“Riverside”) (consisting primarily of machine shop equipment and accounts receivable).
Riverside Manufacturing, Inc
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net	1,236		1,236
Maximum investment at risk	1,405		1,405
Revenue					1,900
Riverside Manufacturing, Inc | Revolving Credit Facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revolving loan agreement aggregate amount	200,000		200,000
Revolving loan agreement advanced amount	96,270		96,270
Revolving loan agreement repaid amount	$65,686

DISCONTINUED_OPERATIONS_AND_RE2

DISCONTINUED OPERATIONS AND REAL ESTATE HELD FOR SALE (Details) (Astromec, USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Astromec
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	$11	$33	$53	$103
Income before provision for income taxes	2	28	37	258
Tax effect	($14)	$55	$0	$91

DISCONTINUED_OPERATIONS_AND_RE3

DISCONTINUED OPERATIONS AND REAL ESTATE HELD FOR SALE (Details Textuals) (USD $)	3 Months Ended		9 Months Ended	0 Months Ended	9 Months Ended	37 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Jul. 05, 2013	Mar. 31, 2014	Mar. 31, 2015	Jun. 30, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate held for sale							$733
Gain on sale of property	1		1
Aesthetic and Reconstructive Technologies, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of real estate held for sale				980
Net proceeds from the sale				900
Broker commissions and fees				80
Gain on sale of property				167
Astromec
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Earnout payments period			30 days
Percentage of earnout payments in first year			6.00%
Percentage of earnout payments in second year			4.00%
Percentage of earnout payments in third year			2.00%
Income from earnout payments	$11	$33	$53		$103	$404

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$363
Additions based on tax positions related to the current year	22
Reductions for tax positions of prior years	13
Ending Balance	$398

INCOME_TAXES_Details_Textuals

INCOME TAXES (Details Textuals) (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Deferred tax assets, Valuation allowance	$3,900
Accrued unrecognized tax benefits related to federal and state income tax	385
Decrease in income tax expenses	$0

COMMON_STOCK_Details_Textuals

COMMON STOCK (Details Textuals) (USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Sep. 30, 2013
Equity [Abstract]
Maximum number of shares authorized to be repurchased (in shares)		750,000
Number of shares repurchsed	69,773
Value of shares repurchased	$154

SHAREBASED_COMPENSATION_Detail

SHARE-BASED COMPENSATION (Details) (USD $)	9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of period	165,002	292,504
Options granted
Options exercised	-48,333	-4,695
Options forfeited	-10,001	-118,640
Outstanding at end of period	106,668	169,169
Stock Options Exercisable at end of period	101,668	142,502
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Outstanding at beginning of period	$2.40	$2.35
Options granted
Options exercised	$1.87	$1.96
Options forfeited	$4.94	$2.09
Outstanding at end of period	$2.41	$2.43
Stock Options Exercisable at end of period	$2.44	$2.55

SHAREBASED_COMPENSATION_Detail1

SHARE-BASED COMPENSATION (Details 2) (USD $)	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number Outstanding	106,668
Weighted-Average Remaining Contractual Life	6 years 4 months 24 days
Weighted-Average Exercise Price	$2.41
Aggregate Intrinsic Value	$17,100
Number Outstanding	101,668
Weighted-Average Remaining Contractual Life	5 years 11 months 20 days
Weighted-Average Exercise Price	$2.44
Aggregate Intrinsic Value	15,300
$0 to $2.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number Outstanding	95,000
Weighted-Average Remaining Contractual Life	6 years 7 months 21 days
Weighted-Average Exercise Price	$1.88
Aggregate Intrinsic Value	17,100
Number Outstanding	90,000
Weighted-Average Remaining Contractual Life	6 years 7 months 3 days
Weighted-Average Exercise Price	$1.89
Aggregate Intrinsic Value	15,300
$2.5 to $5.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number Outstanding	3,334
Weighted-Average Remaining Contractual Life	2 years 1 month 17 days
Weighted-Average Exercise Price	$4.38
Aggregate Intrinsic Value
Number Outstanding	3,334
Weighted-Average Remaining Contractual Life	2 years 1 month 17 days
Weighted-Average Exercise Price	$4.38
Aggregate Intrinsic Value
$7.51 to $10.0
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number Outstanding	8,334
Weighted-Average Remaining Contractual Life	9 months 8 days
Weighted-Average Exercise Price	$7.65
Aggregate Intrinsic Value
Number Outstanding	8,334
Weighted-Average Remaining Contractual Life	9 months 8 days
Weighted-Average Exercise Price	$7.65
Aggregate Intrinsic Value

SHAREBASED_COMPENSATION_Detail2

SHARE-BASED COMPENSATION (Details 3) (Restricted shares, USD $)	9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of year	13,333	32,500
Granted
Vested	-6,667	-9,166
Forfeited	-1,666	-8,334
Outstanding at end of period	5,000	15,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding at beginning of year	$1.73	$1.73
Granted
Vested	$1.73	$1.73
Forfeited	$1.73	$1.73
Outstanding at end of period	$1.73	$1.73

SHAREBASED_COMPENSATION_Detail3

SHARE-BASED COMPENSATION (Details Textuals) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated share-based compensation expense	$3	$10	$14	$42
Unrecognized compensation cost	2		2
Number of nonvested stock options	5,000		5,000
Weighted average value of non vested stock options (in dollars per share)	$1.73		$1.73
Unrecognized expensse recognized weighted average period			5 months 9 days
Employees Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance	531,381		531,381
Directors Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance	173,334		173,334
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares reserved for future issuance	704,715		704,715
Description of plan					Offering and purchase periods of six months, and bases the pricing to purchase shares of our common stock on a formula so as to result in a per share purchase price that approximates a 15% discount from the market price of a share of our common stock at the end of the purchase period.
Restricted shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	1,333,333		1,333,333
Description of vesting period			Vesting periods as determined by the Board for the Employee Stock Option Plan and six months for the Directors’ Stock Option Plan, and terms of up to ten years, subject to forfeit 30 days after the holder ceases to be an employee or 90 days after the holder ceases to be a director, as the case may be.
Unrecognized compensation cost	$3		$3
Unrecognized expensse recognized weighted average period			5 months 9 days
Restricted shares | Employees Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	1,066,667		1,066,667
Forfeiture period of stock option in case of cessation of employment			30 days
Restricted shares | Directors Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized	266,666		266,666
Forfeiture period of stock option in case of cessation of employment			90 days

MAJOR_CUSTOMERS_Details

MAJOR CUSTOMERS (Details) (Customer 1)	3 Months Ended		9 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2014
Sales
Percentage of sales concentrations risk	48.00%	50.00%	54.00%	47.00%
Accounts Receivable
Percentage of total accounts receivable	37.00%		37.00%		53.00%

SUBSEQUENT_EVENTS_Details_Text

SUBSEQUENT EVENTS (Details Textuals) (Subsequent event, Deed and Settlement Agreement, USD $)	0 Months Ended
In Thousands, unless otherwise specified	13-May-15
Subsequent event | Deed and Settlement Agreement
Recharacterization of debt	$1,000
Description of cross collateral notes	The promissory notes are cross-collateralized and secured by (collectively, the “Collateral”), among other things, real property consisting of 2.3 acres of land and an approximate 30,000 square foot industrial building and a security interest in substantially all of the assets of Riverside Manufacturing, Inc. (“Riverside”) (consisting primarily of machine shop equipment and accounts receivable).