Perceptron (PRCP) 10-Q 14 Nov 13 2014 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Sep. 30, 2013	Nov. 06, 2013
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'
Entity Registrant Name	'PERCEPTRON INC/MI	'
Entity Central Index Key	'0000887226	'
Current Fiscal Year End Date	'--06-30	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	8,896,918

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents	$21,648	$13,364
Short-term investments	11,153	13,321
Receivables:	'	'
Billed receivables, net of allowance for doubtful accounts of $119 and $174, respectively	13,003	21,499
Unbilled receivables	422	506
Other receivables	230	261
Inventories, net of reserves of $1,176 and $1,124, respectively	7,403	6,783
Deferred taxes	1,342	1,342
Other current assets	1,751	1,468
Total current assets	56,952	58,544
Property and Equipment	'	'
Building and land	6,433	6,422
Machinery and equipment	13,617	13,301
Furniture and fixtures	1,142	1,137
Property, Plant and Equipment, Total	21,192	20,860
Less - Accumulated depreciation and amortization	-15,521	-15,282
Net property and equipment	5,671	5,578
Long-term Investments	725	725
Deferred Tax Asset	9,502	9,298
Total Assets	72,850	74,145
LIABILITIES AND SHAREHOLDERS’ EQUITY	'	'
Accounts payable	1,501	2,561
Accrued liabilities and expenses	4,267	3,794
Accrued compensation	1,372	3,324
Income taxes payable	650	1,075
Deferred revenue	6,507	6,496
Total current liabilities	14,297	17,250
Shareholders' Equity	'	'
Preferred stock - no par value, authorized 1,000 shares, issued none	'	'
Common stock, $0.01 par value, authorized 19,000 shares, issued and outstanding 8,844 and 8,619, respectively	88	86
Accumulated other comprehensive income (loss)	474	-94
Additional paid-in capital	41,118	39,442
Retained earnings	16,873	17,461
Total shareholders’ equity	58,553	56,895
Total Liabilities and Shareholders’ Equity	$72,850	$74,145

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, except Share data, unless otherwise specified
Consolidated Balance Sheets [Abstract]	'	'
Billed receivables, allowance for doubtful accounts	$119	$174
Inventory, reserves	$1,176	$1,124
Preferred stock, par value	'	'
Preferred stock, authorized	1,000,000	1,000,000
Preferred stock, issued	0	0
Common stock, par value	$0.01	$0.01
Common stock, authorized	19,000,000	19,000,000
Common stock, issued	8,844,000	8,619,000
Common stock, outstanding	8,844,000	8,619,000

Consolidated_Statements_Of_Inc

Consolidated Statements Of Income (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Net Sales	$12,372	$12,148
Cost of Sales	8,085	6,551
Gross Profit	4,287	5,597
Operating Expenses	'	'
Selling, general and administrative	3,476	3,363
Engineering, research and development	1,654	1,557
Total operating expenses	5,130	4,920
Operating Income (Loss)	-843	677
Other Income and (Expenses)	'	'
Interest income, net	12	44
Foreign currency gain (loss)	-3	146
Other	-1	'
Total other income (expense)	8	190
Income (Loss) from Continuing Operations Before Income Taxes	-835	867
Income Tax Benefit (Expense)	247	-238
Income (Loss) from Continuing Operations	-588	629
Discontinued Operations	'	'
Total discontinued operations	'	26
Net Income (Loss)	-588	655
Basic Earnings (Loss) Per Common Share	'	'
Continuing operations	($0.07)	$0.08
Discontinued operations	'	'
Net Income (Loss)	($0.07)	$0.08
Diluted Earnings (Loss) Per Common Share	'	'
Continuing operations	($0.07)	$0.08
Discontinued operations	'	'
Net Income (Loss)	($0.07)	$0.08
Weighted Average Common Shares Outstanding	'	'
Basic	8,682	8,424
Dilutive effect of stock options	'	88
Diluted	8,682	8,512
Commercial Products Business Unit [Member]	'	'
Discontinued Operations	'	'
Total discontinued operations	'	$26

Consolidated_Statements_Of_Inc1

Consolidated Statements Of Income (Parenthetical) (Commercial Products Business Unit [Member], USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2012
Commercial Products Business Unit [Member]	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'
Tax expense (benefit) from discontinued operations	$13

Consolidated_Statements_Of_Com

Consolidated Statements Of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Comprehensive Income Statement [Abstract]	'	'
Net Income (Loss)	($588)	$655
Other Comprehensive Income (Loss):	'	'
Foreign currency translation adjustments	568	414
Comprehensive Income (Loss)	($20)	$1,069

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flow (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012
Cash Flows from Operating Activities	'	'
Net income (loss)	($588)	$655
Income (loss) from discontinued operations	'	-26
Adjustments to reconcile net income (loss) to net cash provided from (used for) operating activities:	'	'
Depreciation and amortization	172	158
Stock compensation expense	132	39
Deferred income taxes	-192	387
Disposal of assets and other	-123	90
Allowance for doubtful accounts	-59	37
Changes in assets and liabilities	'	'
Receivables, net	8,995	4,772
Inventories	-522	-1,135
Accounts payable	-1,166	-1
Other current assets and liabilities	-2,402	-2,401
Net cash provided from operating activities-continuing operations	4,247	2,575
Net cash provided used for operating activities-discontinued operations	'	-552
Net cash provided from operating activities	4,247	2,023
Cash Flows from Financing Activities	'	'
Proceeds from stock plans	1,547	138
Net cash provided from financing activities	1,547	138
Cash Flows from Investing Activities	'	'
Purchases of short-term investments	-4,642	-5,149
Sales of short-term investments	7,080	3,822
Capital expenditures	-246	-329
Proceeds from sale of Commercial Products Business Unit assets (Note 11)	'	838
Net cash provided from (used for) investing activities	2,192	-818
Effect of Exchange Rate Changes on Cash and Cash Equivalents	298	77
Net Increase in Cash and Cash Equivalents	8,284	1,420
Cash and Cash Equivalents, July 1	13,364	12,984
Cash and Cash Equivalents, September 30	$21,648	$14,404

Basis_Of_Presentation

Basis Of Presentation	3 Months Ended
	Sep. 30, 2013
Basis Of Presentation [Abstract]	'
Basis Of Presentation	'
	1.Basis of Presentation
	The accompanying Consolidated Financial Statements should be read in conjunction with the Company’s 2013 Annual Report on Form  10-K.  In the opinion of management, the unaudited information furnished herein reflects all adjustments necessary for a fair presentation of the financial statements for the periods presented. The results of operations for any interim period are not necessarily indicative of the results of operations for a full year.

New_Accounting_Pronouncements

New Accounting Pronouncements	3 Months Ended
	Sep. 30, 2013
New Accounting Pronouncements [Abstract]	'
New Accounting Pronouncements	'
	2.New Accounting Pronouncements
	In February 2013, the Financial Accounting Standards Board (“FASB”) issued guidance on disclosure requirements for items reclassified out of accumulated other comprehensive income. This new guidance requires entities to present (either on the face of the income statement or in the notes) the effects on the line items of the income statement for amounts reclassified out of accumulated other comprehensive income. The new guidance was effective for the Company beginning July 1, 2013 and did not have a material impact on the Company’s financial statements.
	In March 2013, the FASB issued guidance on a parent entity’s accounting for the cumulative translation adjustment upon derecognition of a subsidiary or group of assets within a foreign entity. This new guidance requires that the parent release any related cumulative translation adjustment into net income only if the sale or transfer results in the complete or substantially complete liquidation of the foreign entity in which the subsidiary or group of assets had resided. The new guidance will be effective for the Company beginning July 1, 2014. The Company does not anticipate a  material impact on its financial statements upon adoption.
	In July 2013, the FASB issued updated guidance on the presentation of unrecognized tax benefits when a net operating loss carry−forward, a similar tax loss, or a tax credit carry−forward exists. The update clarifies that an unrecognized tax benefit should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carry−forward, a similar tax loss, or a tax credit carry−forward. In situations where the tax benefit is not available at the reporting date under the governing tax law or if the entity does not intend to use the deferred tax asset for such purpose, the unrecognized tax benefit should be presented as a liability and not combined with deferred tax assets. The updated guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments are to be applied to all unrecognized tax benefits that exist as of the effective date and may be applied retrospectively to each prior reporting period presented. While early adoption is permitted, the Company expects to adopt the updated guidance on January 1, 2014. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements.
	In July 2013, the FASB issued updated guidance permitting the Federal Funds Effective Swap Rate (or Overnight Index Swap Rate) to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to the U.S. government rate and LIBOR. Prior to the amendment, only U.S. Treasury and the LIBOR swap rates were considered benchmark interest rates. Including the Federal Funds Effective Swap Rate as an acceptable U.S. benchmark interest rate, in addition to U.S. Treasury and LIBOR rates, provides a more comprehensive spectrum of interest rates to be utilized as the designated benchmark interest rate risk component under the hedge accounting guidance. The updated guidance is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of this guidance did not have a material impact on the Company’s financial statements.

Revenue_Recognition

Revenue Recognition	3 Months Ended
	Sep. 30, 2013
Revenue Recognition [Abstract]	'
Revenue Recognition	'
	3.Revenue Recognition
	Revenue related to products is recognized upon shipment when title and risk of loss has passed to the customer, there is persuasive evidence of an arrangement, the sales price is fixed or determinable, collection of the related receivable is reasonably assured and customer acceptance criteria have been successfully demonstrated.  Revenue related to services is recognized upon completion of the service.
	The Company also has multiple element arrangements in its Automated Systems product line that may include purchase of equipment, labor support and/or training.  Each element has value on a stand-alone basis.  For multiple element arrangements, the Company defers from revenue recognition the greater of the fair value of any undelivered elements of the contract or the portion of the sales price of the contract that is not payable until the undelivered elements are completed.  Delivered items are not contingent upon the delivery of any undelivered items nor do the delivered items include general rights of return.
	When available, the Company allocates arrangement consideration to each element in a multiple element arrangement based upon vendor specific objective evidence (“VSOE”) of fair value of the respective elements.  When VSOE cannot be established, the Company attempts to establish the selling price of each element based on relevant third-party evidence.  Because the Company’s products contain a significant level of proprietary technology, customization or differentiation such that comparable pricing of products with similar functionality cannot be obtained, the Company uses, in these cases, its best estimate of selling price (“BESP”).  The Company determines the BESP for a product or service by considering multiple factors including, but not limited to, pricing practices, internal costs, geographies and gross margin.
	The Company’s Automated Systems products are made to order systems that are designed and configured to meet each customer’s specific requirements.  Timing for the delivery of each element in the arrangement is primarily determined by the customer’s requirements and the number of elements ordered.  Delivery of all of the multiple elements in an order will typically occur over a three to 15 month period after the order is received.
	The Company does not have price protection agreements or requirements to buy back inventory.  The Company’s history demonstrates that sales returns have been insignificant.

Financial_Instruments

Financial Instruments	3 Months Ended
	Sep. 30, 2013
Financial Instruments [Abstract]	'
Financial Instruments	'
	4.Financial Instruments
	For a discussion on the Company’s fair value measurement policies for Financial Instruments, refer to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013.
	The Company has not changed its valuation techniques in measuring the fair value of any financial assets and liabilities during the period.
	The following table presents the Company’s investments at September 30, 2013 and June 30, 2013 that are measured and recorded at fair value on a recurring basis consistent with the fair value hierarchy provisions of ASC 820, “Fair Value Measurements and Disclosures” (in thousands).  The fair value of the Company’s investments approximates their cost basis.
	Description	30-Sep-13		Level 1		Level 2		Level 3
	Mutual funds	$	51	$	51	$	-	$	-
	Fixed deposits and certificates of deposit		6,017		-		6,017		-
	Variable rate demand notes		1,850		-		1,850		-
	Repurchase agreements		3,235		-		3,235		-
	Total	$	11,153	$	51	$	11,102	$	-
	Description	30-Jun-13		Level 1		Level 2		Level 3
	Mutual funds	$	25	$	25	$	-	$	-
	Fixed deposits and certificates of deposit		9,581		-		9,581		-
	Variable rate demand notes		1,715		-		1,715		-
	Repurchase agreements		2,000		-		2,000		-
	Total	$	13,321	$	25	$	13,296	$	-
	Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates.

Inventory

Inventory	3 Months Ended
	Sep. 30, 2013
Inventory [Abstract]	'
Inventory	'
	5.Inventory
	Inventory is stated at the lower of cost or market.  The cost of inventory is determined by the first-in, first-out (“FIFO”) method.  The Company provides a reserve for obsolescence to recognize the effects of engineering change orders, age and use of inventory that affect the value of the inventory.  When the related inventory is disposed of, the obsolescence reserve is reduced.  A detailed review of the inventory is performed annually with quarterly updates for known changes that have occurred since the annual review.  Inventory, net of reserves of $1,176,000 and $1,124,000 at September 30, 2013 and June 30, 2013, respectively, is comprised of the following (in thousands):
		September 30,		June 30,
	Inventory	2013		2013
	Component parts	$	3,203	$	2,648
	Work in process		505		376
	Finished goods		3,695		3,759
	Total	$	7,403	$	6,783

ShortTerm_And_LongTerm_Investm

Short-Term And Long-Term Investments	3 Months Ended
	Sep. 30, 2013
Short-Term And Long-Term Investments [Abstract]	'
Short-Term And Long-Term Investments	'
	6.Short-Term and Long-Term Investments
	The Company accounts for its investments in accordance with ASC 320, “Investments – Debt and Equity Securities.”   Investments with a maturity of greater than three months to one year are classified as short-term investments. Investments with maturities beyond one year may be classified as short-term if the Company reasonably expects the investment to be realized in cash or sold or consumed during the normal operating cycle of the business. Investments available for sale are recorded at market value using the specific identification method. Investments expected to be held to maturity or until market conditions improve are measured at amortized cost in the statement of financial position if it is the Company’s intent and ability to hold those securities long-term. Each balance sheet date, the Company evaluates its investments for possible other-than-temporary impairment which involves significant judgment. In making this judgment, management reviews factors such as the length of time and extent to which fair value has been below the cost basis, the anticipated recovery period, the financial condition of the issuer, the credit rating of the instrument and the Company’s ability and intent to hold the investment for a period of time which may be sufficient for recovery of the cost basis. Any unrealized gains and losses on securities are reported as other comprehensive income as a separate component of shareholders’ equity until realized or until a decline in fair value is determined to be other than temporary. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded in the income statement. If market, industry, and/or investee conditions deteriorate, future impairments may be incurred.
	At September 30, 2013, the Company had $11.2 million of short-term investments that primarily represented $6.0 million in time deposits or certificates of deposit, $1.9 million in variable rate demand notes and $3.2 million in repurchase agreements.  Included in short-term investments is restricted cash that serves as collateral for bank guarantees that provide financial assurance that the Company will fulfill certain customer obligations in China.  The cash is restricted as to withdrawal or use while the related bank guarantees are outstanding.  Interest is earned on the restricted cash and recorded as interest income. At September 30, 2013 and June 30, 2013, restricted cash was $617,000 and $772,000, respectively.
	At September 30, 2013, the Company held a long-term investment in preferred stock that is not registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The investment is currently recorded at $725,000 after consideration of impairment charges recorded in fiscal years 2008 and 2009.  The Company estimated that the fair market value of this investment at September 30, 2013 exceeded $725,000 based on observable market activity and an internal valuation model which included the use of a discounted cash flow model. The fair market analysis considered the following key inputs, (i) the underlying structure of the security; (ii) the present value of the future principal discounted at rates considered to reflect current market conditions; and (iii) the time horizon that the market value of the security could return to its cost and be sold. Under ASC 820, “Fair Value Measurements”, such valuation assumptions are defined as Level 3 inputs.

Credit_Facilities

Credit Facilities	3 Months Ended
	Sep. 30, 2013
Credit Facilities [Abstract]	'
Credit Facilities	'
	7.Credit Facilities
	The Company had no debt outstanding at September 30, 2013 and June 30, 2013.
	The Company has a $6.0 million secured credit agreement with Comerica Bank (“Credit Agreement”).  On October 31, 2013, the Company entered into a Sixth Amendment to the Credit Agreement that extended the maturity date until November 2, 2015 and increased the dividend amount the Company could declare to $2.5 million from $1.8 million in any fiscal year provided the Company maintains a minimum Tangible Net Worth as defined in the Credit Agreement.  Proceeds under the Credit Agreement may be used for working capital and capital expenditures.  Security under the Credit Agreement is substantially all non-real estate assets of the Company held in the United States.  Borrowings are designated as a Libor-based Advance or as a Prime-based Advance if the Libor-based Advance is not available.  Interest on Libor-based Advances is calculated at 2.35% above the Libor Rate offered at the time for the period chosen, and is payable on the last day of the applicable period.  Quarterly, the Company pays a commitment fee of 0.15% per annum on the average daily unused portion of the revolving credit commitment.  The Credit Agreement requires the Company to maintain a minimum Tangible Net Worth of not less than $33.2 million.  The Company was in compliance with this financial covenant at September 30, 2013.  The Credit Agreement also requires the Company to have no advances outstanding for 30 days (which need not be consecutive) during each calendar year.
	At September 30, 2013, the Company's German subsidiary (“GmbH”) had an unsecured credit facility totaling 350,000 Euros (equivalent to approximately $473,000).  The facility allows 100,000 Euros to be used to finance working capital needs and equipment purchases or capital leases bearing an interest rate of 7.15%.  The facility allows up to 250,000 Euros to be used for providing bank guarantees bearing an interest rate of 2.0%.  The German credit facility is cancelable at any time by either GmbH or the bank and any amounts then outstanding would become immediately due and payable.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Sep. 30, 2013
Stock-Based Compensation [Abstract]	'
Stock-Based Compensation	'
	8.Stock-Based Compensation
	The Company maintains a 2004 Stock Incentive Plan (“2004 Plan”), a 1992 Stock Option Plan (“1992 Plan”) and a 1998 Global Team Member Stock Option Plan (“1998 Plan”) covering substantially all company employees and certain other key persons and a Directors Stock Option Plan (“Directors Plan”) covering all non-employee directors.  The 2004 Plan replaced the 1992 and Directors Plans as to future grants.  No further grants are permitted to be made under the terms of the 1998 Plan.  Options previously granted under the 1992, Directors and 1998 Plans will continue to be maintained until all options are exercised, cancelled or expire.  The 2004, 1992 and Directors Plans are administered by a committee of the Board of Directors, the Management Development, Compensation and Stock Option Committee.  The 1998 Plan is administered by the President of the Company.
	Awards under the 2004 Stock Incentive Plan may be in the form of stock options, stock appreciation rights, restricted stock or restricted stock units, performance share awards, director stock purchase rights and deferred stock units; or any combination thereof.  The terms of the awards will be determined by the Management Development, Compensation and Stock Option Committee, except as otherwise specified in the 2004 Stock Incentive Plan.  All options outstanding under the 1992 and Directors Plans are vested and expire ten years from the date of grant.  Option prices for options granted under these plans must not be less than fair market value of the Company’s stock on the date of grant.
	Stock Options
	Options outstanding under the 2004 Stock Incentive Plan and the 1992 and 1998 Plans generally become exercisable at 25% per year beginning one year after the date of grant and expire ten years after the date of grant.  All options outstanding under the 1992 and Directors Plans are vested and expire ten years from the date of grant.  Option prices from options granted under these plans must not be less than fair market value of the Company’s stock on the date of grant.  The Company uses the Black-Scholes model for determining stock option valuations.  The Black-Scholes model requires subjective assumptions, including future stock price volatility and expected time to exercise, which affect the calculated values.  The expected term of option exercises is derived from historical data regarding employee exercises and post-vesting employment termination behavior.  The risk-free rate of return is based on published U.S. Treasury rates in effect for the corresponding expected term.  The expected volatility is based on historical volatility of the Company’s stock price.  These factors could change in the future, which would affect the stock-based compensation expense in future periods.
	The Company recognized non-cash, stock option compensation costs in the amount of $84,000 and  $39,000 in the three months ended September 30, 2013 and 2012, respectively.  As of September 30, 2013, the total remaining unrecognized compensation cost related to non-vested stock options amounted to $632,000.  The Company expects to recognize this cost over a weighted average vesting period of 3.05 years.
	The estimated fair value as of the date options were granted during the periods presented, using the Black-Scholes option-pricing model, is shown in the table below.
		Three Months Ended		Three Months Ended
		9/30/13		9/30/12
	Weighted average estimated fair value per
	share of options granted during the period	$	3.11	$	2.24
	Assumptions:
	Dividend yield		2.10		-
	Common stock price volatility		38.88%		44.86%
	Risk free rate of return		1.67%		0.62%
	Expected option term (in years)		5		5
	The Company received approximately $1,469,000 and $113,000 in cash from option exercises under all share-based payment arrangements for the three months ended September 30, 2013 and 2012, respectively.
	Restricted Shares
	Restricted stock awards under the 2004 Stock Incentive Plan are earned based on an individual’s achievement of performance goals during the previous fiscal year with a subsequent one year service vesting after the issuance date.  The grant date fair value associated with the restricted stock is calculated in accordance with ASC 718 “Compensation – Stock Compensation”.  Compensation expense related to restricted stock awards is based on the closing price of the Company’s Common Stock on the grant date authorized by the Company’s Board of Directors, multiplied by the number of restricted stock awards expected to be issued and vested and is amortized over the combined performance and service periods. The stock based compensation expense recorded for restricted stock awards for the three months ended September 30, 2013 was $13,500.    As of September 30, 2013, the total remaining unrecognized compensation cost related to restricted stock awards amounted to $49,500.
	A summary of the status of restricted shares issued at September 30, 2013 is presented in the table below.
				Weighted Average
		Nonvested		Grant Date
		Shares		Fair Value
	Nonvested at June 30, 2013		-	$	-
	Granted		22,550		5.39
	Vested		-		-
	Forfeited or expired		-		-
	Nonvested at September 30, 2013		22,550	$	5.39

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Sep. 30, 2013
Earnings Per Share [Abstract]	'
Earnings Per Share	'
	9.Earnings Per Share
	Basic earnings per share (“EPS”) is calculated by dividing net income by the weighted average number of common shares outstanding during the period.  Other obligations, such as stock options, are considered to be potentially dilutive common shares.  Diluted EPS assumes the issuance of potential dilutive common shares outstanding during the period and adjusts for any changes in income and the repurchase of common shares that would have occurred from the assumed issuance, unless such effect is anti-dilutive.  The calculation of diluted shares also takes into effect the average unrecognized non-cash stock-based compensation expense and additional adjustments for tax benefits related to non-cash stock-based compensation expense.
	Options to purchase 163,359 and 930,033 shares of common stock outstanding in the three months ended September 30, 2013 and 2012, respectively, were not included in the computation of diluted EPS because the effect would have been anti-dilutive.

Commitments_And_Contingencies

Commitments And Contingencies	3 Months Ended
	Sep. 30, 2013
Commitments And Contingencies [Abstract]	'
Commitments And Contingencies	'
	10.Commitments and Contingencies
	Management is currently unaware of any significant pending litigation affecting the Company other than the matter set forth below.
	The Company is a party to a suit filed by 3CEMS, a Cayman Islands and People’s Republic of China corporation, on or about July 19, 2013 in the U.S. District Court for the Eastern District of Michigan.  The suit alleges that the Company breached its contractual obligations by failing to pay for component parts to be used to manufacture optical video scopes for the Company’s discontinued Commercial Products Business Unit.  3CEMS alleges that it purchased the component parts in advance of the receipt of orders from the Company based upon instructions they claim to have received from the Company.  The suit alleges damages of not less than $4.5 million.  The Company intends to vigorously defend against 3CEMS’ claims.
	The Company may, from time to time, be subject to other claims and suits in the ordinary course of its business.
	To estimate whether a loss contingency should be accrued by a charge to income, the Company evaluates, among other factors, the degree of probability of an unfavorable outcome and the ability to make a reasonable estimate of the amount of the loss. Since the outcome of claims and litigation is subject to significant uncertainty, changes in these factors could materially impact the Company’s financial position or results of operations.

Discontinued_Operations

Discontinued Operations	3 Months Ended
	Sep. 30, 2013
Discontinued Operations [Abstract]	'
Discontinued Operations	'
	11.Discontinued Operations
	On August 30, 2012, the Company sold substantially all of the assets of its Commercial Products Business Unit (“CBU”), for approximately $838,000 in cash. The purchaser also assumed certain liabilities and obligations of CBU.  The Company retained the CBU accounts receivable balance at August 30, 2012 of approximately $608,000.  The sale of CBU resulted in an after-tax gain of approximately $124,000 in the first quarter of fiscal 2013 that offset a loss on the CBU operations of $98,000.
	Information regarding revenue and operating results of CBU included in discontinued operations is as follows (in thousands):
		Three Months Ended		Two Months Ended
		9/30/13		8/31/12
	Net Sales	$	-	$	595
	Operating Loss	$	-	$	-148
	The operating loss reported for CBU above does not include corporate costs previously allocated between the Company’s operating segments, which remain with the Company.
	The Company’s balance sheet at September 30, 2013 and June 30, 2013, did not have any assets or liabilities related to CBU.

Dividends

Dividends	3 Months Ended
	Sep. 30, 2013
Dividends [Abstract]	'
Dividends	'
	12.Dividends
	On September 27, 2012, the Company’s Board of Directors declared a special dividend as shown in the chart below.
		Dividend
	Declaration date	Per Share		Record Date	Total Amount		Payment Date
					(in thousands)
	27-Sep-12	$	0.25	10-Oct-12	$	2,124	1-Nov-12
	In fiscal 2013, the Company also announced that it intends to pay regular annual dividends. The Company may change its dividend policy and dividend amounts at any time, or discontinue the payment of dividends altogether.

Basis_Of_Presentation_Policy

Basis Of Presentation (Policy)	3 Months Ended
	Sep. 30, 2013
Basis Of Presentation [Abstract]	'
Basis Of Presentation	'
	Basis of Presentation
	The accompanying Consolidated Financial Statements should be read in conjunction with the Company’s 2013 Annual Report on Form  10-K.  In the opinion of management, the unaudited information furnished herein reflects all adjustments necessary for a fair presentation of the financial statements for the periods presented. The results of operations for any interim period are not necessarily indicative of the results of operations for a full year.

Revenue_Recognition_Policy

Revenue Recognition (Policy)	3 Months Ended
	Sep. 30, 2013
Revenue Recognition [Abstract]	'
Revenue Recognition	'
	Revenue Recognition
	Revenue related to products is recognized upon shipment when title and risk of loss has passed to the customer, there is persuasive evidence of an arrangement, the sales price is fixed or determinable, collection of the related receivable is reasonably assured and customer acceptance criteria have been successfully demonstrated.  Revenue related to services is recognized upon completion of the service.
	The Company also has multiple element arrangements in its Automated Systems product line that may include purchase of equipment, labor support and/or training.  Each element has value on a stand-alone basis.  For multiple element arrangements, the Company defers from revenue recognition the greater of the fair value of any undelivered elements of the contract or the portion of the sales price of the contract that is not payable until the undelivered elements are completed.  Delivered items are not contingent upon the delivery of any undelivered items nor do the delivered items include general rights of return.
	When available, the Company allocates arrangement consideration to each element in a multiple element arrangement based upon vendor specific objective evidence (“VSOE”) of fair value of the respective elements.  When VSOE cannot be established, the Company attempts to establish the selling price of each element based on relevant third-party evidence.  Because the Company’s products contain a significant level of proprietary technology, customization or differentiation such that comparable pricing of products with similar functionality cannot be obtained, the Company uses, in these cases, its best estimate of selling price (“BESP”).  The Company determines the BESP for a product or service by considering multiple factors including, but not limited to, pricing practices, internal costs, geographies and gross margin.
	The Company’s Automated Systems products are made to order systems that are designed and configured to meet each customer’s specific requirements.  Timing for the delivery of each element in the arrangement is primarily determined by the customer’s requirements and the number of elements ordered.  Delivery of all of the multiple elements in an order will typically occur over a three to 15 month period after the order is received.
	The Company does not have price protection agreements or requirements to buy back inventory.  The Company’s history demonstrates that sales returns have been insignificant.

Financial_Instruments_Tables

Financial Instruments (Tables)	3 Months Ended
	Sep. 30, 2013
Financial Instruments [Abstract]	'
Fair Value, Assets Measured On A Recurring Basis	'
	Description	30-Sep-13		Level 1		Level 2		Level 3
	Mutual funds	$	51	$	51	$	-	$	-
	Fixed deposits and certificates of deposit		6,017		-		6,017		-
	Variable rate demand notes		1,850		-		1,850		-
	Repurchase agreements		3,235		-		3,235		-
	Total	$	11,153	$	51	$	11,102	$	-
	Description	30-Jun-13		Level 1		Level 2		Level 3
	Mutual funds	$	25	$	25	$	-	$	-
	Fixed deposits and certificates of deposit		9,581		-		9,581		-
	Variable rate demand notes		1,715		-		1,715		-
	Repurchase agreements		2,000		-		2,000		-
	Total	$	13,321	$	25	$	13,296	$	-

Inventory_Tables

Inventory (Tables)	3 Months Ended
	Sep. 30, 2013
Inventory [Abstract]	'
Schedule of Components of Inventory	'
		September 30,		June 30,
	Inventory	2013		2013
	Component parts	$	3,203	$	2,648
	Work in process		505		376
	Finished goods		3,695		3,759
	Total	$	7,403	$	6,783

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Sep. 30, 2013
Stock-Based Compensation [Abstract]	'
Schedule Of Stock Option Valuation Assumptions	'
		Three Months Ended		Three Months Ended
		9/30/13		9/30/12
	Weighted average estimated fair value per
	share of options granted during the period	$	3.11	$	2.24
	Assumptions:
	Dividend yield		2.10		-
	Common stock price volatility		38.88%		44.86%
	Risk free rate of return		1.67%		0.62%
	Expected option term (in years)		5		5
Summary of Restricted Shares Issued	'
				Weighted Average
		Nonvested		Grant Date
		Shares		Fair Value
	Nonvested at June 30, 2013		-	$	-
	Granted		22,550		5.39
	Vested		-		-
	Forfeited or expired		-		-
	Nonvested at September 30, 2013		22,550	$	5.39

Discontinued_Operations_Tables

Discontinued Operations (Tables)	3 Months Ended
	Sep. 30, 2013
Discontinued Operations [Abstract]	'
Income Statement And Balance Sheet Components Of Discontinued Operations	'
		Three Months Ended		Two Months Ended
		9/30/13		8/31/12
	Net Sales	$	-	$	595
	Operating Loss	$	-	$	-148

Dividends_Tables

Dividends (Tables)	3 Months Ended
	Sep. 30, 2013
Dividends [Abstract]	'
Dividends Declared	'
		Dividend
	Declaration date	Per Share		Record Date	Total Amount		Payment Date
					(in thousands)
	27-Sep-12	$	0.25	10-Oct-12	$	2,124	1-Nov-12

Revenue_Recognition_Details

Revenue Recognition (Details)	3 Months Ended
	Sep. 30, 2013
Minimum [Member]	'
Revenue Recognition [Line Items]	'
Delivery time of multi-element order, months	'3 months
Maximum [Member]	'
Revenue Recognition [Line Items]	'
Delivery time of multi-element order, months	'15 months

Financial_Instruments_Details

Financial Instruments (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	$11,153	$13,321
Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	51	25
Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	11,102	13,296
Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	'	'
Mutual Funds [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	51	25
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	51	25
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	'	'
Fixed Deposits And Certificates Of Deposit [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	6,017	9,581
Fixed Deposits And Certificates Of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	6,017	9,581
Fixed Deposits And Certificates Of Deposit [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	'	'
Variable Rate Demand Obligation [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	1,850	1,715
Variable Rate Demand Obligation [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	1,850	1,715
Variable Rate Demand Obligation [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	'	'
Repurchase Agreements [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	3,235	2,000
Repurchase Agreements [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	3,235	2,000
Repurchase Agreements [Member] | Fair Value, Inputs, Level 3 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	'	'

Inventory_Details

Inventory (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Inventory [Abstract]	'	'
Inventory, Component parts, net	$3,203	$2,648
Inventory, Work in Process, net	505	376
Inventory, Finished Goods, net	3,695	3,759
Inventory, Net, Total	7,403	6,783
Inventory, reserves	$1,176	$1,124

ShortTerm_And_LongTerm_Investm1

Short-Term And Long-Term Investments (Narrative) (Details) (USD $)	Sep. 30, 2013	Jun. 30, 2013
In Thousands, unless otherwise specified
Short-term Investments	$11,153	$13,321
Restricted Cash and Cash Equivalents	617	772
Long-term Investments	725	725
Fixed Deposits And Certificates Of Deposit [Member]	'	'
Short-term Investments	6,017	9,581
Variable Rate Demand Obligation [Member]	'	'
Short-term Investments	1,850	1,715
Repurchase Agreements [Member]	'	'
Short-term Investments	$3,235	$2,000

Credit_Facilities_Details

Credit Facilities (Details)	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013	Jun. 30, 2013	Sep. 30, 2013	Sep. 30, 2013	Sep. 30, 2013
	USD ($)	USD ($)	Domestic Line of Credit [Member]	Domestic Line of Credit [Member]	Foreign Line of Credit [Member]	Foreign Line of Credit [Member]	Letter of Credit [Member]
			USD ($)	USD ($)	USD ($)	EUR (€)
			D
Line of Credit Facility [Line Items]	'	'	'	'	'	'	'
Credit facility, amount outstanding	$0	$0	'	'	'	'	'
Amount available under credit facility	'	'	6,000,000	'	473,000	350,000	'
Interest on LIBOR-based advances, basis spread	'	'	2.35%	'	'	'	'
Commitment percentage fee	'	'	0.15%	'	'	'	'
Required period having no outstanding advances	'	'	30	'	'	'	'
Minimum net worth required for compliance	'	'	33,200,000	'	'	'	'
Line of Credit Facility, Dividend Restrictions, Current Fiscal Year	'	'	2,500,000	1,800,000	'	'	'
Interest rate on borrowings	'	'	'	'	2.00%	2.00%	7.15%
Line of Credit Facility, Capacity Available for Trade Purchases	'	'	'	'	'	100,000	'
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases	'	'	'	'	'	€ 250,000	'

StockBased_Compensation_Narrat

Stock-Based Compensation (Narrative) (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock based compensation expense	$84,000	$39,000
Incremental percentage of options that become exercisable annually	25.00%	'
Cash received from exercise of stock options	1,469,000	113,000
Minimum [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Vesting period	'1 year	'
Maximum [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Vesting period	'10 years	'
Restricted Stock [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Stock based compensation expense	13,500	'
Unrecognized compensation cost	49,500	'
Employee Stock Option [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Unrecognized compensation cost	$632,000	'
Expected weighted average vesting period to recognize compensation	'3 years 18 days	'

StockBased_Compensation_Schedu

Stock-Based Compensation (Schedule Of Stock Option Valuation Assumptions) (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Stock-Based Compensation [Abstract]	'	'
Weighted Average Estimated Fair Value Per Share of Options Granted During the Period	$3.11	$2.24
Dividend yield	2.10%	'
Common Stock Price Volatility	38.88%	44.86%
Risk Free Rate of Return	1.67%	0.62%
Expected Option Term (in years)	'5 years	'5 years

StockBased_Compensation_Summar

Stock-Based Compensation (Summary of Restricted Shares Issued) (Details) (Restricted Stock [Member], USD $)	3 Months Ended
	Sep. 30, 2013
Restricted Stock [Member]	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Shares Nonvested, Beginning Balance	'
Shares Granted	22,550
Shares Vested	'
Shares Forfeited or expired	'
Shares Nonvested, Ending Balance	22,550
Weighted Average Grant Date Fair Value, Nonvested, Beginning Balance	'
Weighted Average Grant Date Fair Value, Granted	$5.39
Weighted Average Grant Date Fair Value, Vested	'
Weighted Average Grant Date Fair Value, Forfeited or expired	'
Weighted Average Grant Date Fair Value, Nonvested, Ending Balance	$5.39

Earnings_Per_Share_Details

Earnings Per Share (Details)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Earnings Per Share [Abstract]	'	'
Antidilutive securities excluded from computation of earnings per share, amount	163,359	930,033

Contingencies_and_Contingencie

Contingencies and Contingencies (Details) (3CEMS [Member], USD $)	3 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2013
3CEMS [Member]	'
Loss Contingencies [Line Items]	'
Compensatory damages sought from the Company	$4.50

Discontinued_Operations_Narrat

Discontinued Operations (Narrative) (Details) (USD $)	3 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Cash received from sale of CBU	'	$838,000
Date disposal group assets were sold	30-Aug-12	'
Gain on disposal of CBU	'	124,000
Commercial Products Business Unit [Member]	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
CBU's accounts receivables which the Company retained	'	608,000
Operating (loss) from discontinued operations	'	$98,000

Discontinued_Operations_Income

Discontinued Operations (Income Statement Components Of Discontinued Operations) (Details) (Commercial Products Business Unit [Member], USD $)	2 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Aug. 31, 2012	Sep. 30, 2013
Commercial Products Business Unit [Member]	'	'
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'
Net Sales	$595	'
Operating Loss	($148)	'

Dividends_Dividends_Declared_D

Dividends (Dividends Declared) (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2012
Dividends [Abstract]	'
Declaration date	27-Sep-12
Dividends Per Share	$0.25
Record Date	10-Oct-12
Total Amount	$2,124
Payment Date	1-Nov-12