Perceptron (PRCP) 10-Q 15 May 14 2014 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Mar. 31, 2014	9-May-14
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Period Focus	'Q3	'
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	'	9,147,715

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
ASSETS	'	'
Cash and cash equivalents	$19,626	$13,364
Short-term investments	14,268	13,321
Receivables:	'	'
Billed receivables, net of allowance for doubtful accounts of $212 and $174, respectively	16,840	21,499
Unbilled receivables	352	506
Other receivables	307	261
Inventories, net of reserves of $1,379 and $1,124, respectively	7,887	6,783
Deferred taxes	1,339	1,342
Other current assets	1,950	1,468
Total current assets	62,569	58,544
Property and Equipment	'	'
Building and land	6,437	6,422
Machinery and equipment	13,715	13,301
Furniture and fixtures	1,149	1,137
Property, Plant and Equipment, Total	21,301	20,860
Less - Accumulated depreciation and amortization	-15,799	-15,282
Net property and equipment	5,502	5,578
Long-term Investments	725	725
Deferred Tax Asset	9,993	9,298
Total Assets	78,789	74,145
LIABILITIES AND SHAREHOLDERS’ EQUITY	'	'
Accounts payable	2,172	2,561
Accrued liabilities and expenses	4,254	3,794
Accrued compensation	1,202	3,324
Income taxes payable	1,329	1,075
Deferred revenue	6,654	6,496
Total current liabilities	15,611	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 9,148 and 8,619, respectively	91	86
Accumulated other comprehensive income (loss)	692	-94
Additional paid-in capital	43,448	39,442
Retained earnings	18,947	17,461
Total shareholders’ equity	63,178	56,895
Total Liabilities and Shareholders’ Equity	$78,789	$74,145

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, except Share data, unless otherwise specified
Consolidated Balance Sheets [Abstract]	'	'
Billed receivables, allowance for doubtful accounts	$212	$174
Inventory, reserves	$1,379	$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	9,148,000	8,619,000
Common stock, outstanding	9,148,000	8,619,000

Consolidated_Statements_Of_Inc

Consolidated Statements Of Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Net Sales	$17,328	$14,765	$42,219	$40,142
Cost of Sales	9,166	7,420	24,794	22,001
Gross Profit	8,162	7,345	17,425	18,141
Operating Expenses	'	'	'	'
Selling, general and administrative	3,913	3,413	10,987	10,232
Engineering, research and development	1,630	1,636	4,926	4,786
Total operating expenses	5,543	5,049	15,913	15,018
Operating Income (Loss)	2,619	2,296	1,512	3,123
Other Income and (Expenses)	'	'	'	'
Interest income, net	58	50	121	126
Foreign currency gain (loss)	110	-249	-139	-407
Other	'	'	'	5
Total other income (expense)	168	-199	-18	-276
Income (Loss) from Continuing Operations Before Income Taxes	2,787	2,097	1,494	2,847
Income Tax Benefit (Expense)	-306	-761	-8	-698
Income (Loss) from Continuing Operations	2,481	1,336	1,486	2,149
Discontinued Operations	'	'	'	'
Total discontinued operations	'	31	'	57
Net Income (Loss)	2,481	1,367	1,486	2,206
Basic Earnings (Loss) Per Common Share	'	'	'	'
Continuing operations	$0.27	$0.16	$0.17	$0.25
Discontinued operations	'	'	'	$0.01
Net Income (Loss)	$0.27	$0.16	$0.17	$0.26
Diluted Earnings (Loss) Per Common Share	'	'	'	'
Continuing operations	$0.26	$0.16	$0.16	$0.25
Discontinued operations	'	'	'	$0.01
Net Income (Loss)	$0.26	$0.16	$0.16	$0.26
Weighted Average Common Shares Outstanding	'	'	'	'
Basic	9,130	8,538	8,928	8,489
Dilutive effect of stock options	235	109	244	79
Diluted	9,365	8,647	9,172	8,568
Commercial Products Business Unit [Member]	'	'	'	'
Discontinued Operations	'	'	'	'
Total discontinued operations	'	$31	'	$57

Consolidated_Statements_Of_Inc1

Consolidated Statements Of Income (Parenthetical) (Commercial Products Business Unit [Member], USD $)	3 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2013	Mar. 31, 2013
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	$16	$29

Consolidated_Statements_Of_Com

Consolidated Statements Of Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Comprehensive Income Statement [Abstract]	'	'	'	'
Net Income (Loss)	$2,481	$1,367	$1,486	$2,206
Other Comprehensive Income (Loss):	'	'	'	'
Foreign currency translation adjustments	-97	-323	786	470
Comprehensive Income (Loss)	$2,384	$1,044	$2,272	$2,676

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flow (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash Flows from Operating Activities	'	'
Net income (loss)	$1,486	$2,206
Income from discontinued operations	'	-57
Adjustments to reconcile net income (loss) to net cash provided from (used for) operating activities:	'	'
Depreciation and amortization	510	479
Stock compensation expense	373	148
Deferred income taxes	-719	-1
Disposal of assets and other	-205	-19
Allowance for doubtful accounts	33	-22
Changes in assets and liabilities	'	'
Receivables, net	3,730	2,234
Inventories	-972	-1,961
Accounts payable	1,234	538
Other current assets and liabilities	-2,063	-858
Net cash provided from operating activities-continuing operations	3,407	2,687
Net cash used for operating activities-discontinued operations	'	-828
Net cash provided from operating activities	3,407	1,859
Cash Flows from Financing Activities	'	'
Proceeds from stock plans	3,638	501
Payment of cash dividend	'	-2,124
Net cash provided from (used for) financing activities	3,638	-1,623
Cash Flows from Investing Activities	'	'
Purchases of short-term investments	-23,178	-11,650
Sales of short-term investments	22,677	10,797
Capital expenditures	-413	-626
Proceeds from sale of Commercial Products Business Unit assets (Note 11)	'	838
Net cash used for investing activities	-914	-641
Effect of Exchange Rate Changes on Cash and Cash Equivalents	131	23
Net Increase in Cash and Cash Equivalents	6,262	-382
Cash and Cash Equivalents, July 1	13,364	12,984
Cash and Cash Equivalents, March 31	$19,626	$12,602

Basis_Of_Presentation

Basis Of Presentation	9 Months Ended
	Mar. 31, 2014
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	9 Months Ended
	Mar. 31, 2014
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. The new guidance was effective for the Company beginning January 1, 2014 and did not 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	9 Months Ended
	Mar. 31, 2014
Revenue Recognition [Abstract]	'
Revenue Recognition	'
	3.Revenue Recognition
	Revenue related to products and services is recognized upon shipment when title and risk of loss has passed to the customer or upon completion of the service, 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, if any, have been successfully demonstrated.
	The Company also has multiple element arrangements in its Automated Systems product line that may include elements such as, equipment, installation, labor support and/or training.  Each element has value on a stand-alone basis and the delivered elements do not include general rights of return.  Accordingly, each element is considered a separate unit of accounting.  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.
	For multiple element arrangements, the Company defers from revenue recognition the greater of the relative 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.  As part of this evaluation, the Company limits the amount of revenue recognized for delivered elements to the amount that is not contingent on the future delivery of products or services, including a consideration of payment terms that delay payment until those future deliveries are completed.
	Some multiple element arrangements contain installment payment terms with a final payment (“final buy-off”) due upon the Company’s completion of all elements in the arrangement or when the customer’s final acceptance is received.  The Company recognizes revenue for each completed element of a contract when it is both earned and realizable.  A provision for final customer acceptance generally does not preclude revenue recognition for the delivered equipment element because the Company rigorously tests equipment prior to shipment to ensure it will function in the customer’s environment.  The final acceptance amount is assigned to specific element(s) identified in the contract, or if not specified in the contract, to the last element or elements to be delivered that represent an amount at least equal to the final payment amount.
	The Company’s Automated Systems products 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	9 Months Ended
	Mar. 31, 2014
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 March 31, 2014 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	31-Mar-14		Level 1		Level 2		Level 3
	Mutual funds	$	11	$	11	$	-	$	-
	Fixed deposits and certificates of deposit		11,196		-		11,196		-
	Variable rate demand notes		1,325		-		1,325		-
	Repurchase agreements		1,736		-		1,736		-
	Total	$	14,268	$	11	$	14,257	$	-
	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	9 Months Ended
	Mar. 31, 2014
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 inventory impairment for the effects of engineering change orders, age and use of inventory that affect the value of the inventory.  The reserve for obsolescence creates a new cost basis for the impaired inventory.   When inventory that has previously been impaired is sold or disposed of, the related obsolescence reserve is reduced resulting in the reduced cost basis being reflected in cost of goods sold.  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 $1,379,000 and $1,124,000 at March 31, 2014 and June 30, 2013, respectively, is comprised of the following (in thousands):
		March 31,		June 30,
	Inventory	2014		2013
	Component parts	$	3,122	$	2,648
	Work in process		661		376
	Finished goods		4,104		3,759
	Total	$	7,887	$	6,783

ShortTerm_And_LongTerm_Investm

Short-Term And Long-Term Investments	9 Months Ended
	Mar. 31, 2014
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 March 31, 2014, the Company had $14.2 million of short-term investments that primarily represented $11.2 million in time deposits or certificates of deposit, $1.3 million in variable rate demand notes and $1.7 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 and India.  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 March 31, 2014 and June 30, 2013, restricted cash was $665,000 and $772,000, respectively.
	At March 31, 2014, 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 March 31, 2014 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	9 Months Ended
	Mar. 31, 2014
Credit Facilities [Abstract]	'
Credit Facilities	'
	7.Credit Facilities
	The Company had no debt outstanding at March  31, 2014 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 March 31, 2014.  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 March 31, 2014, the Company's German subsidiary (“GmbH”) had an unsecured credit facility totaling 350,000 Euros (equivalent to approximately $481,000).  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	9 Months Ended
	Mar. 31, 2014
Stock-Based Compensation [Abstract]	'
Stock-Based Compensation	'
	8.Stock-Based Compensation
	The Company maintains a 2004 Stock Incentive Plan (“2004 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 Company also had a 1992 Stock Option Plan (“1992 Plan”).  During fiscal year 2014, all remaining options under the 1992 Plan were exercised or expired and no options remain outstanding.  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 1992, 1998 and Directors Plans.  Options previously granted under the 1998 and Directors Plans will continue to be maintained until all options are exercised, cancelled or expire.  The 2004 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 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 Plan.
	Stock Options
	Options outstanding under the 2004 Plan 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 1998 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 $67,000 and $216,000 in the three and nine months ended March 31, 2014, respectively.  The Company recognized non-cash, stock option compensation costs in the amount of $57,000 and $148,000 in the three and nine months ended March 31, 2013, respectively.  As of March 31, 2014, the total remaining unrecognized compensation cost related to non-vested stock options amounted to $800,000.  The Company expects to recognize this cost over a weighted average vesting period of 3.15 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.  The Company did not grant any stock options during the three months ended March 31, 2013.
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		3/31/14		3/31/13		3/31/14		3/31/13
	Weighted average estimated fair value per
	share of options granted during the period	$	4.18	$	-	$	3.18	$	2.27
	Assumptions:
	Dividend yield	$	2.10	$	-	$	2.10	$	-
	Common stock price volatility		38.88%		-		38.88%		44.86%
	Risk free rate of return		1.46%		-		1.53%		0.62%
	Expected option term (in years)		5		-		5		5
	The Company received approximately $540,000 and $3,552,000 in cash from option exercises under all share-based payment arrangements for the three and nine months ended March 31, 2014, respectively. The Company received approximately $128,000 and $307,000 in cash from option exercises under all share-based payment arrangements for the three and nine months ended March 31, 2013, respectively.
	Restricted Shares
	Restricted stock awards under the 2004 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 and nine months ended March 31, 2014 was  $66,000 and $123,000, respectively.  As of March 31, 2014, the total remaining unrecognized compensation cost related to restricted stock awards amounted to $336,000.
	A summary of the status of restricted shares issued at March 31, 2014 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		-4,600		-
	Nonvested at March 31, 2014		17,950	$	5.39

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Mar. 31, 2014
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 13,000 and 761,000 shares of common stock outstanding in the three months ended March 31, 2014 and 2013, respectively, were not included in the computation of diluted EPS because the effect would have been anti-dilutive.  Options to purchase 172,000 and 980,000 shares of common stock outstanding in the nine months ended March 31, 2014 and 2013, respectively, were not included in the computation of diluted EPS because the effect would have been anti-dilutive.

Commitments_And_Contingencies

Commitments And Contingencies	9 Months Ended
	Mar. 31, 2014
Commitments And Contingencies [Abstract]	'
Commitments And Contingencies	'
	10.Commitments and Contingencies
	The Company may, from time to time, be subject to litigation and other claims in the ordinary course of its business.  The Company accrues for estimated losses arising from such litigation or claims if it is probable that an asset has been impaired or a liability has been incurred and the amount of the loss can be reasonably estimated. 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 litigation and claims is subject to significant uncertainty, changes in the factors used in the Company’s evaluation could materially impact the Company’s financial position or results of operations.
	Management is currently unaware of any significant pending litigation affecting the Company other than the matter set forth below.
	As previously reported in the Company’s Annual Report on Form 10-K for fiscal year 2013, on July 19, 2013, a civil suit was filed against the Company by 3CEMS, a Cayman Islands and People’s Republic of China corporation, with the U.S. District Court for the Eastern District of Michigan (the “3CEMS Matter”).  The suit alleged 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 alleged that it purchased the component parts in advance of the receipt of orders from the Company based upon instructions they claimed to have received from the Company.  The suit alleged damages of not less than $4.5 million.  Effective December 6, 2013, a Tolling Agreement (the “Tolling Agreement”) was entered into between the Company and 3CEMS.  The Tolling Agreement provided that 3CEMS would dismiss the suit against the Company without prejudice, permitting the parties to continue to discuss the dispute outside of litigation.  The Company has agreed that should 3CEMS subsequently seek to assert claims against the Company related to such suit the Company will not oppose the claims based on the statute of limitations or any other time-based defense, based upon the passage of time from July 19, 2013 to the date the Tolling Agreement is terminated.  The Tolling Agreement terminates on December 31, 2014 or, if earlier upon 20 days’ notice by either party.  On January 13, 2014, based upon 3CEMS’ voluntary dismissal, the Court entered an order of dismissal of the suit against the Company without prejudice.
	Because of the inherent uncertainty of litigation and claims such as the 3CEMS Matter, the Company is unable to reasonably estimate a possible loss or range of loss relating to the 3CEMS Matter.

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Mar. 31, 2014
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 year 2013 that offset a loss on the CBU operations of $98,000.  In the third quarter of fiscal year 2013, the Company recorded an after-tax gain of $31,000 related to the settlement of certain liabilities.
	Information regarding revenue and operating results of CBU included in discontinued operations is as follows (in thousands):
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		3/31/14		3/31/13		3/31/14		3/31/13
	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 March 31, 2014 and June 30, 2013, did not have any assets or liabilities related to CBU.

Dividends

Dividends	9 Months Ended
	Mar. 31, 2014
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 year 2013, the Company also announced that it intended 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.

Financial_Instruments_Tables

Financial Instruments (Tables)	9 Months Ended
	Mar. 31, 2014
Financial Instruments [Abstract]	'
Fair Value, Assets Measured On A Recurring Basis	'
	Description	31-Mar-14		Level 1		Level 2		Level 3
	Mutual funds	$	11	$	11	$	-	$	-
	Fixed deposits and certificates of deposit		11,196		-		11,196		-
	Variable rate demand notes		1,325		-		1,325		-
	Repurchase agreements		1,736		-		1,736		-
	Total	$	14,268	$	11	$	14,257	$	-
	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)	9 Months Ended
	Mar. 31, 2014
Inventory [Abstract]	'
Schedule of Components of Inventory	'
		March 31,		June 30,
	Inventory	2014		2013
	Component parts	$	3,122	$	2,648
	Work in process		661		376
	Finished goods		4,104		3,759
	Total	$	7,887	$	6,783

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	9 Months Ended
	Mar. 31, 2014
Stock-Based Compensation [Abstract]	'
Schedule Of Stock Option Valuation Assumptions	'
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		3/31/14		3/31/13		3/31/14		3/31/13
	Weighted average estimated fair value per
	share of options granted during the period	$	4.18	$	-	$	3.18	$	2.27
	Assumptions:
	Dividend yield	$	2.10	$	-	$	2.10	$	-
	Common stock price volatility		38.88%		-		38.88%		44.86%
	Risk free rate of return		1.46%		-		1.53%		0.62%
	Expected option term (in years)		5		-		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		-4,600		-
	Nonvested at March 31, 2014		17,950	$	5.39

Discontinued_Operations_Tables

Discontinued Operations (Tables)	9 Months Ended
	Mar. 31, 2014
Discontinued Operations [Abstract]	'
Income Statement And Balance Sheet Components Of Discontinued Operations	'
		Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
		3/31/14		3/31/13		3/31/14		3/31/13
	Net Sales	$	-	$	-	$	-	$	595
	Operating Loss	$	-	$	-	$	-	$	-148

Dividends_Tables

Dividends (Tables)	9 Months Ended
	Mar. 31, 2014
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)	9 Months Ended
	Mar. 31, 2014
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 $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	$14,268	$13,321
Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	11	25
Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	14,257	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	11	25
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	11	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	11,196	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	11,196	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	1,325	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	1,325	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	1,736	2,000
Repurchase Agreements [Member] | Fair Value, Inputs, Level 2 [Member]	'	'
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]	'	'
Short-term Investments	1,736	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 $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Inventory [Abstract]	'	'
Inventory, Component parts, net	$3,122	$2,648
Inventory, Work in Process, net	661	376
Inventory, Finished Goods, net	4,104	3,759
Inventory, Net, Total	7,887	6,783
Inventory, reserves	$1,379	$1,124

ShortTerm_And_LongTerm_Investm1

Short-Term And Long-Term Investments (Narrative) (Details) (USD $)	Mar. 31, 2014	Jun. 30, 2013
In Thousands, unless otherwise specified
Short-term Investments	$14,268	$13,321
Restricted Cash and Cash Equivalents	665	772
Long-term Investments	725	725
Fixed Deposits And Certificates Of Deposit [Member]	'	'
Short-term Investments	11,196	9,581
Variable Rate Demand Obligation [Member]	'	'
Short-term Investments	1,325	1,715
Repurchase Agreements [Member]	'	'
Short-term Investments	$1,736	$2,000

Credit_Facilities_Details

Credit Facilities (Details)	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2014	Jun. 30, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
	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 (€)
Line of Credit Facility [Line Items]	'	'	'	'	'	'	'
Credit facility, amount outstanding	$0	$0	'	'	'	'	'
Amount available under credit facility	'	'	6,000,000	'	481,000	350,000	'
Interest on LIBOR-based advances, basis spread	'	'	2.35%	'	'	'	'
Commitment percentage fee	'	'	0.15%	'	'	'	'
Required period having no outstanding advances	'	'	'30 days	'	'	'	'
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		9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Stock based compensation expense	$67,000	$57,000	$216,000	$148,000
Incremental percentage of options that become exercisable annually	'	'	25.00%	'
Cash received from exercise of stock options	540,000	128,000	3,552,000	307,000
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	66,000	'	123,000	'
Unrecognized compensation cost	336,000	'	336,000	'
Employee Stock Option [Member]	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Unrecognized compensation cost	$800,000	'	$800,000	'
Expected weighted average vesting period to recognize compensation	'	'	'3 years 1 month 24 days	'

StockBased_Compensation_Schedu

Stock-Based Compensation (Schedule Of Stock Option Valuation Assumptions) (Details) (USD $)	3 Months Ended		9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Stock-Based Compensation [Abstract]	'	'	'	'
Weighted Average Estimated Fair Value Per Share of Options Granted During the Period	$4.18	'	$3.18	$2.27
Dividend yield	2.10%	'	2.10%	'
Common Stock Price Volatility	38.88%	'	38.88%	44.86%
Risk Free Rate of Return	1.46%	'	1.53%	0.62%
Expected Option Term (in years)	'5 years	'	'5 years	'5 years

StockBased_Compensation_Summar

Stock-Based Compensation (Summary of Restricted Shares Issued) (Details) (Restricted Stock [Member], USD $)	9 Months Ended
	Mar. 31, 2014
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	-4,600
Shares Nonvested, Ending Balance	17,950
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		9 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share [Abstract]	'	'	'	'
Antidilutive securities excluded from computation of earnings per share, amount	13,000	761,000	172,000	980,000

Contingencies_and_Contingencie

Contingencies and Contingencies (Details) (3CEMS [Member], USD $)	9 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
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	9 Months Ended
	Sep. 30, 2012	Mar. 31, 2014	Mar. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]	'	'	'
Cash received from sale of CBU	$838,000	'	$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) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2013
Discontinued Operations [Abstract]	'	'	'	'
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	Mar. 31, 2013
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