Perceptron (PRCP) 10-Q 9 Feb 15 2015 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Dec. 31, 2014	Feb. 03, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Dec-14
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2015
Entity Registrant Name	PERCEPTRON INC/MI
Entity Central Index Key	887226
Current Fiscal Year End Date	-24
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		9,259,685

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Jun. 30, 2014
In Thousands, unless otherwise specified
ASSETS
Cash and cash equivalents	$27,008	$23,070
Short-term investments	4,965	10,822
Receivables:
Billed receivables, net of allowance for doubtful accounts of $159 and $146, respectively	20,254	19,185
Other receivables	271	276
Inventories, net of reserves of $1,078 and $1,185, respectively	8,246	7,049
Deferred taxes	1,687	1,687
Other current assets	1,309	1,651
Total current assets	63,740	63,740
Property and Equipment
Building and land	6,431	6,438
Machinery and equipment	14,218	13,916
Furniture and fixtures	1,130	1,156
Property, Plant and Equipment, Total	21,779	21,510
Less - Accumulated depreciation and amortization	-15,933	-15,970
Net property and equipment	5,846	5,540
Long-term Investments	778	725
Other Long-Term Assets	510
Deferred Tax Asset	10,540	10,061
Total Assets	81,414	80,066
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	3,455	2,081
Accrued liabilities and expenses	4,645	4,287
Accrued compensation	1,538	1,630
Income taxes payable	1,272	1,717
Deferred revenue	8,083	7,571
Total current liabilities	18,993	17,286
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 9,251 and 9,149, respectively	92	91
Accumulated other comprehensive income (loss)	-939	573
Additional paid-in capital	44,013	43,600
Retained earnings	19,255	18,516
Total shareholders’ equity	62,421	62,780
Total Liabilities and Shareholders’ Equity	$81,414	$80,066

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Dec. 31, 2014	Jun. 30, 2014
In Thousands, except Share data, unless otherwise specified
Consolidated Balance Sheets [Abstract]
Billed receivables, allowance for doubtful accounts	$159	$146
Inventory, reserves	$1,078	$1,185
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	9,251,000	9,149,000
Common stock, outstanding	9,251,000	9,149,000

Consolidated_Statements_Of_Inc

Consolidated Statements Of Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Consolidated Statements Of Income [Abstract]
Net Sales	$23,566	$12,519	$34,783	$24,891
Cost of Sales	12,253	7,543	20,363	15,628
Gross Profit	11,313	4,976	14,420	9,263
Operating Expenses
Selling, general and administrative	4,926	3,598	9,040	7,074
Engineering, research and development	1,999	1,642	3,700	3,296
Total operating expenses	6,925	5,240	12,740	10,370
Operating Income (Loss)	4,388	-264	1,680	-1,107
Other Income and (Expenses)
Interest income, net	76	51	154	63
Foreign currency gain (loss)	-376	-246	-930	-249
Other income (expense)	58	1	123
Total other income (expense)	-242	-194	-653	-186
Income (Loss) Before Income Taxes	4,146	-458	1,027	-1,293
Income Tax Benefit (Expense)	-1,367	51	-288	298
Net Income (Loss)	$2,779	($407)	$739	($995)
Earnings (Loss) Per Common Share
Basic	$0.30	($0.05)	$0.08	($0.11)
Diluted	$0.30	($0.05)	$0.08	($0.11)
Weighted Average Common Shares Outstanding
Basic	9,218	8,972	9,185	8,827
Dilutive effect of stock options	145		160
Diluted	9,363	8,972	9,345	8,827

Consolidated_Statements_Of_Com

Consolidated Statements Of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Comprehensive Income Statement [Abstract]
Net Income (Loss)	$2,779	($407)	$739	($995)
Other Comprehensive Income (Loss):
Foreign currency translation adjustments	-621	315	-1,512	883
Comprehensive Income (Loss)	$2,158	($92)	($773)	($112)

Consolidated_Statements_Of_Cas

Consolidated Statements Of Cash Flow (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Cash Flows from Operating Activities
Net income (loss)	$739	($995)
Adjustments to reconcile net income (loss) to net cash provided from (used for) operating activities:
Depreciation and amortization	370	331
Stock compensation expense	245	240
Deferred income taxes	-692	95
Disposal of assets and other	586	-189
Allowance for doubtful accounts	18	-75
Changes in assets and liabilities
Receivables, net	-3,427	9,929
Inventories	-1,505	-1,302
Accounts payable	3,429	-857
Other current assets and liabilities	1,498	-3,323
Net cash provided from operating activities	1,261	3,854
Cash Flows from Financing Activities
Proceeds from stock plans	169	3,050
Net cash provided from (used for) financing activities	169	3,050
Cash Flows from Investing Activities
Purchases of short-term investments	-3,074	-15,844
Sales of short-term investments	8,575	13,788
Capital expenditures	-677	-319
Other long-term assets	-562
Net cash provided from (used for) investing activities	4,262	-2,375
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-1,754	228
Net Increase in Cash and Cash Equivalents	3,938	4,757
Cash and Cash Equivalents, July 1	23,070	13,364
Cash and Cash Equivalents, December 31	$27,008	$18,121

Basis_Of_Presentation

Basis Of Presentation	6 Months Ended
	Dec. 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 2014 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	6 Months Ended
	Dec. 31, 2014
New Accounting Pronouncements [Abstract]
New Accounting Pronouncements	2.New Accounting Pronouncements
	In March 2013, the Financial Accounting Standards Board, (“FASB”), issued Accounting Standards Update No. 2013-05, Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets with a Foreign Entity or an Investment in a Foreign Entity (ASU 2013-05).  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. ASU 2013-05 was effective for the Company beginning July 1, 2014 and did not have a material impact on the Company’s financial statements.
	In April 2014, the FASB issued Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08), which provides guidance regarding the definition of a discontinued operation and the required disclosures.  The new guidance defines a discontinued operation as a component or group of components that is disposed of or is classified as held for sale and represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results.  A strategic shift could include a disposal of (1) a major geographical area of operations, (2) a major line of business, (3) a major equity method investment, or (4) other major parts of an entity.  In addition, having significant continuing involvement with a component after a disposal or failing to eliminate the operations or cash flows of a disposed component from an entity’s ongoing operations will no longer preclude presentation as a discontinued operation.  There will be new disclosures required related to discontinued operations and to disposals of individually significant components that do not qualify as discontinued operations.  ASU 2014-08 is effective for the Company beginning July 1, 2015 and applies prospectively to new disposals of components and new classifications as held for sale and is not expected to have a significant impact on the presentation of the Company’s financial statements or disclosures.
	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP.  The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services.  ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP.  The standard will be effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods:  (i) a full retrospective approach reflecting the applications of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures).  We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in fiscal year 2018.
	In August 2014, the FASB issued Accounting Standards Update No. 2015-15, Presentation of Financial Statements – Going Concern, (ASU 2014-15), requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date of issuance of the entity’s financial statements.  The entity must provide certain disclosures if “conditions or events raise substantial doubt about the entity’s ability to continue as a going concern.”  The disclosure requires identifying the principal conditions and events contributing to the “doubt” to continue as a going concern, as well as management’s evaluations and plans to try to alleviate these uncertainties.  ASU 2014-15 is effective for the Company beginning July 1, 2015 and is not expected to have a significant impact on the Company’s disclosures.
	On November 18, 2014, the FASB issued Accounting Standards Update No. 2014-17, Pushdown Accounting, which provides an acquired entity with the option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity.  ASU 2014-17 was effective for the Company beginning November 18, 2014 and did not have a material impact on the Company’s financial statements.

Revenue_Recognition

Revenue Recognition	6 Months Ended
	Dec. 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 Measurement Solutions 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 Measurement Solutions 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	6 Months Ended
	Dec. 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 Note 1 to the Consolidated Financial Statements, “Summary of Significant Accounting Policies – Financial Instruments”, of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2014.
	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 December  31, 2014 and June 30, 2014 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-Dec-14		Level 1		Level 2		Level 3
	Mutual funds	$	123	$	123	$	-	$	-
	Fixed deposits and certificates of deposit		4,412		-		4,412		-
	Variable rate demand notes		430		-		430		-
	Repurchase agreements		-		-		-		-
	Total	$	4,965	$	123	$	4,842	$	-
	Description	30-Jun-14		Level 1		Level 2		Level 3
	Mutual funds	$	96	$	96	$	-	$	-
	Fixed deposits and certificates of deposit		9,165		-		9,165		-
	Variable rate demand notes		1,325		-		1,325		-
	Repurchase agreements		236		-		236		-
	Total	$	10,822	$	96	$	10,726	$	-
	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	6 Months Ended
	Dec. 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 $1,078,000 and $1,185,000 at December  31, 2014 and June 30, 2014, respectively, is comprised of the following (in thousands):
		December 31,		June 30,
	Inventory	2014		2014
	Component parts	$	3,316	$	2,813
	Work in process		838		562
	Finished goods		4,092		3,674
	Total	$	8,246	$	7,049

ShortTerm_And_LongTerm_Investm

Short-Term And Long-Term Investments	6 Months Ended
	Dec. 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 December 31, 2014, the Company had $5.0 million of short-term investments that primarily represented $4.4 million in time deposits or certificates of deposit and $430,000 in variable rate demand notes.  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 December  31, 2014 and June 30, 2014, restricted cash in short-term investments was $59,000 and $520,000, respectively.
	At December  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 preferred stock 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 December 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.  The Company also held a long-term time deposit for $53,000.  This time deposit serves as collateral for a bank guarantee that provides 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 guarantee is outstanding.  Interest is earned on the restricted cash and recorded as interest income.

Credit_Facilities

Credit Facilities	6 Months Ended
	Dec. 31, 2014
Credit Facilities [Abstract]
Credit Facilities	7.Credit Facilities
	The Company had no debt outstanding at December 31, 2014 and June 30, 2014.
	The Company has a $6.0 million secured credit agreement with Comerica Bank (“Credit Agreement”) which expires on November 2, 2015.    Proceeds under the Credit Agreement may be used for working capital and capital expenditures.  Security for 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 December 31, 2014.  The Company is permitted to declare dividends of up to $2.5 million in any fiscal year provided the Company maintains the required minimum Tangible Net Worth.  The Company is also required to have no advances outstanding under the Credit Agreement for 30 days (which need not be consecutive) during each calendar year.  On January 29, 2015, the Company entered into a Seventh Amendment to the Credit Agreement which provides for Comerica Bank’s consent to the acquisitions announced by the Company on January 29, 2015, reduces the minimum Tangible Net Worth requirement to $31.0 million and provides an Advance Formula Agreement for borrowings under the Credit Agreement.   The Advance Formula Agreement limits borrowings to the lesser of $6.0 million or 80% of eligible accounts receivable.  At December 31, 2014, if the Advance Formula Agreement had been in effect, the Company would have been able to borrow $3.7 million. See Note 11 of the Notes to the Consolidated Financial Statements, “Subsequent Events”.
	At December 31, 2014, the Company's German subsidiary (“GmbH”) had an unsecured credit facility totaling 350,000 Euros (equivalent to approximately $425,000).  The facility allows 100,000 Euros to be used to finance working capital needs and equipment purchases or capital leases.  The facility allows up to 250,000 Euros to be used for providing bank guarantees.  Any borrowings for working capital needs will bear interest at 4.25%.  Any outstanding bank guarantees will bear interest at 2.0%.  The GmbH credit facility is cancelable at any time by either GmbH or the bank and any amounts then outstanding would become immediately due and payable.  At December 31, and June 30, 2014, GmbH had no borrowings or bank guarantees outstanding.

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Dec. 31, 2014
Stock-Based Compensation [Abstract]
Stock-Based Compensation	8.Stock-Based Compensation
	The Company maintains a 2004 Stock Incentive Plan (“2004 Plan”) covering substantially all company employees, non-employee directors and certain other key persons.  Options previously granted under a 1998 Global Team Member Stock Option Plan (“1998 Plan”) and a Directors Stock Option Plan (“Directors Plan”) will continue to be maintained until all options are exercised, cancelled or expire.  No further grants are permitted to be made under the terms of the 1998 and Directors Plans.  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.  Beginning in January 2015, new options granted to officers of the Company become exercisable at one third per year beginning one year 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 operating expense for non-cash stock-based compensation costs related to stock options in the amount of $74,000 and $159,000 in the three and six months ended December 31, 2014, respectively.  The Company recognized operating expense for non-cash stock-based compensation costs related to stock options in the amount of $65,000 and $149,000 in the three and six months ended December 31, 2013, respectively.  As of December 31, 2014, the total remaining unrecognized compensation cost related to non-vested stock options amounted to $814,827.  The Company expects to recognize this cost over a weighted average vesting period of 3.06 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		Six Months Ended		Six Months Ended
		12/31/14		12/31/13		12/31/14		12/31/13
	Weighted average estimated fair value per
	share of options granted during the period	$	4.09	$	2.90	$	4.11	$	2.99
	Assumptions:
	Dividend yield	$	1.20	$	2.10	$	1.20	$	2.10
	Common stock price volatility		46.85%		38.88%		46.85%		38.88%
	Risk free rate of return		1.66%		1.43%		1.67%		1.54%
	Expected option term (in years)		6		5		6		5
	The Company received approximately $151,000 and $153,000 in cash from option exercises under all share-based payment arrangements for the three and six months ended December  31, 2014, respectively.  The Company received approximately $1,543,000 and $3,012,000 in cash from option exercises under all share-based payment arrangements for the three and six months ended December 31, 2013, respectively.
	Restricted Stock and Restricted Stock Units
	The Company’s restricted stock and restricted stock units under the 2004 Plan have been awarded by three methods as follows:  One, awards that are earned based on an individual’s achievement of performance goals during the initial fiscal year with a subsequent one year service vesting period and are freely transferable after vesting provided the individual’s employment has not terminated prior to the vesting date; two, awards that are earned based on the Company achieving certain revenue and operating income results with a subsequent one-third vesting requirement on the first, second and third anniversary of the issuance and are freely transferable after vesting provided the individual’s employment has not terminated prior to the vesting date; and three, awards to non-management members of the Board of Directors with a subsequent one-third vesting requirement on the first, second and third anniversary of the issuance and are freely transferable after vesting provided the service of the non-management member of the Board of Directors has not terminated prior to the vesting date.   The grant date fair value associated with restricted stock and restricted stock unit awards is calculated in accordance with ASC 718 “Compensation – Stock Compensation”.  Compensation expense related to restricted stock and restricted stock unit 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 and restricted stock unit awards expected to be issued and vested and is amortized over the combined performance,  service and vesting periods as applicable.  The non-cash stock based compensation expense recorded for restricted stock and restricted stock unit awards for the three and six months ended December 31, 2014 was $21,000 and $86,000, respectively.  The non-cash stock based compensation expense recorded for restricted stock awards for the three and six months ended December 31, 2013 was $43,000 and $57,000, respectively.  As of December 31, 2014, the total remaining unrecognized compensation cost related to restricted stock and restricted stock unit awards amounted to $560,197.
	A summary of the status of restricted stock and restricted stock unit awards issued at December  31, 2014 is presented in the table below.
		Non-vested		Weighted Average
		Restricted		Grant Date
		Shares		Fair Value
	Non-vested at June 30, 2014		44,450	$	10.04
	Granted		54,614		9.55
	Vested		-17,950		5.39
	Forfeited or expired		-8,800		10.11
	Non-vested at December 31, 2014		72,314	$	10.82

Earnings_Per_Share

Earnings Per Share	6 Months Ended
	Dec. 31, 2014
Earnings (Loss) Per Common Share
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 313,250 and 178,000 shares of common stock outstanding in the three months ended December 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 286,516 and 134,000 shares of common stock outstanding in the six months ended December 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	6 Months Ended
	Dec. 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.
	The Company is a party to a civil suit filed by 3CEMS, a Cayman Islands and People’s Republic of China corporation, in the U.S. District Court for the Eastern District of Michigan and served on the Company on or about January 7, 2015.  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 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 $4.0 million.  See also Note 5 of the Notes to the Consolidated Financial Statements, “Contingencies”, of the Company’s Annual Report on Form 10-K for fiscal year 2014, for a discussion regarding a previous civil suit filed against the Company by 3CEMS, on July 19, 2013, which was dismissed effective December 6, 2013 and a Tolling Agreement entered into between the Company and 3CEMS that terminated on December 31, 2014.  The Company intends to vigorously defend against 3CEMS’ claims.
	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.
	As part of routine evaluation procedures, the Company identified a potential concern regarding the employment status and withholding for several individuals in one of the Company’s foreign jurisdictions.  The Company has begun a review of the matter, and expects resolution in the next few months. At this time, because the Company has not completed its evaluation, the Company is not able to determine an amount or range of its financial liability relating to this matter.  The Company does not expect that the resolution of this matter will have a detrimental effect on the conduct of the Company’s business in this foreign jurisdiction.

Subsequent_Events

Subsequent Events	6 Months Ended
	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	11.  Subsequent Events
	On January 29, 2015, the Company announced that it had reached agreement to acquire the businesses of two European metrology companies.  The total value of the transactions will be approximately $15.7 million.  On January 29, 2015, the Company acquired all of the share capital of  Next Metrology Software s.r.o. a Czech Republic company that develops operating software for coordinate measuring machines, for $2.1 million in cash at closing, $295,000 in cash contingent upon the closing of the Coord3 Transaction, and deferred payments of $230,000 due 12 months from closing.  The Company expects to close on the acquisition of the coordinate measuring machine business of Coord3 Industries s.r.l. by the end of February, 2015, subject to customary closing conditions, for $2.0 million in cash at closing, deferred payments of $350,000 due 18 months from closing and assumed debt of $10.7 million.  Coord3 Industries s.r.l. is an Italian based designer and manufacturer of a full range of coordinate measuring machines.  The purchase transactions are denominated in Euros and have been converted to U.S dollars using an assumed 1.17 exchange rate.  See the Liquidity and Capital Resources section of Management’s Discussion and Analysis of Financial Condition and Results of Operations, contained in this Quarterly Report on Form 10-Q, for further information regarding these acquisitions.
	On January 29, 2015, the Company also entered into a Seventh Amendment to the Company’s $6.0 million secured credit agreement with Comerica Bank (“Credit Agreement”).  The Seventh Amendment provides for Comerica Bank’s consent to the acquisitions referred to above, reduces the minimum Tangible Net Worth requirement to $31.0 million and provides an Advance Formula Agreement for borrowings under the Credit Agreement.   The Advance Formula Agreement limits borrowings to the lesser of $6.0 million or 80% of eligible accounts receivable.  At December 31, 2014, if the Advance Formula Agreement had been in effect, the Company would have been able to borrow $3.7 million.

Financial_Instruments_Tables

Financial Instruments (Tables)	6 Months Ended
	Dec. 31, 2014
Financial Instruments [Abstract]
Fair Value, Assets Measured On A Recurring Basis
	Description	31-Dec-14		Level 1		Level 2		Level 3
	Mutual funds	$	123	$	123	$	-	$	-
	Fixed deposits and certificates of deposit		4,412		-		4,412		-
	Variable rate demand notes		430		-		430		-
	Repurchase agreements		-		-		-		-
	Total	$	4,965	$	123	$	4,842	$	-
	Description	30-Jun-14		Level 1		Level 2		Level 3
	Mutual funds	$	96	$	96	$	-	$	-
	Fixed deposits and certificates of deposit		9,165		-		9,165		-
	Variable rate demand notes		1,325		-		1,325		-
	Repurchase agreements		236		-		236		-
	Total	$	10,822	$	96	$	10,726	$	-

Inventory_Tables

Inventory (Tables)	6 Months Ended
	Dec. 31, 2014
Inventory [Abstract]
Schedule of Components of Inventory
		December 31,		June 30,
	Inventory	2014		2014
	Component parts	$	3,316	$	2,813
	Work in process		838		562
	Finished goods		4,092		3,674
	Total	$	8,246	$	7,049

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	6 Months Ended
	Dec. 31, 2014
Stock-Based Compensation [Abstract]
Schedule Of Stock Option Valuation Assumptions
		Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
		12/31/14		12/31/13		12/31/14		12/31/13
	Weighted average estimated fair value per
	share of options granted during the period	$	4.09	$	2.90	$	4.11	$	2.99
	Assumptions:
	Dividend yield	$	1.20	$	2.10	$	1.20	$	2.10
	Common stock price volatility		46.85%		38.88%		46.85%		38.88%
	Risk free rate of return		1.66%		1.43%		1.67%		1.54%
	Expected option term (in years)		6		5		6		5
Summary of Restricted Shares Issued
		Non-vested		Weighted Average
		Restricted		Grant Date
		Shares		Fair Value
	Non-vested at June 30, 2014		44,450	$	10.04
	Granted		54,614		9.55
	Vested		-17,950		5.39
	Forfeited or expired		-8,800		10.11
	Non-vested at December 31, 2014		72,314	$	10.82

Financial_Instruments_Details

Financial Instruments (Details) (USD $)	Dec. 31, 2014	Jun. 30, 2014
In Thousands, unless otherwise specified
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term Investments	$4,965	$10,822
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term Investments	123	96
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term Investments	4,842	10,726
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	123	96
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term Investments	123	96
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	4,412	9,165
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	4,412	9,165
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	430	1,325
Variable Rate Demand Obligation [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term Investments	430	1,325
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		236
Repurchase Agreements [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Short-term Investments		236
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 $)	Dec. 31, 2014	Jun. 30, 2014
In Thousands, unless otherwise specified
Inventory [Abstract]
Inventory, Component parts, net	$3,316	$2,813
Inventory, Work in Process, net	838	562
Inventory, Finished Goods, net	4,092	3,674
Inventory, Net, Total	8,246	7,049
Inventory, reserves	$1,078	$1,185

ShortTerm_And_LongTerm_Investm1

Short-Term And Long-Term Investments (Narrative) (Details) (USD $)	Dec. 31, 2014	Jun. 30, 2014
In Thousands, unless otherwise specified
Short-term Investments	$4,965	$10,822
Restricted Cash and Cash Equivalents	59	520
Long-term Investments	778	725
Interest-bearing Deposits in Banks and Other Financial Institutions	4,000
Other Long-term Investments	53
Fixed Deposits And Certificates Of Deposit [Member]
Short-term Investments	4,412	9,165
Variable Rate Demand Obligation [Member]
Short-term Investments	430	1,325
Repurchase Agreements [Member]
Short-term Investments		$236

Credit_Facilities_Details

Credit Facilities (Details)	6 Months Ended		0 Months Ended	6 Months Ended
	Dec. 31, 2014	Jun. 30, 2014	Jan. 29, 2015	Dec. 31, 2014	Jan. 29, 2015	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2014
	USD ($)	USD ($)	Domestic Line of Credit [Member]	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	6,000,000	425,000	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	31,000,000
Line of Credit Facility, Dividend Restrictions Current Fiscal Year	2,500,000
Interest rate on borrowings						4.25%	4.25%	2.00%
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
Line of Credit Facility, Current Borrowing Capacity				$3,700,000
Line of Credit Facility, Borrowing Capacity, Description			80%

StockBased_Compensation_Narrat

Stock-Based Compensation (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental percentage of options that become exercisable annually			25.00%
Cash received from exercise of stock options	$151,000	$1,543,000	$153,000	$3,012,000
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	21,000	43,000	86,000	57,000
Unrecognized compensation cost	560,197		560,197
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	74,000	65,000	159,000	149,000
Unrecognized compensation cost	$814,827		$814,827
Expected weighted average vesting period to recognize compensation			3 years 22 days

StockBased_Compensation_Schedu

Stock-Based Compensation (Schedule Of Stock Option Valuation Assumptions) (Details) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Stock-Based Compensation [Abstract]
Weighted Average Estimated Fair Value Per Share of Options Granted During the Period	$4.09	$2.90	$4.11	$2.99
Dividend yield	1.20%	2.10%	1.20%	2.10%
Common Stock Price Volatility	46.85%	38.88%	46.85%	38.88%
Risk Free Rate of Return	1.66%	1.43%	1.67%	1.54%
Expected Option Term (in years)	6 years	5 years	6 years	5 years

StockBased_Compensation_Summar

Stock-Based Compensation (Summary of Restricted Shares Issued) (Details) (Restricted Stock [Member], USD $)	6 Months Ended
	Dec. 31, 2014
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Nonvested, Beginning Balance	44,450
Shares Granted	54,614
Shares Vested	-17,950
Shares Forfeited or expired	-8,800
Shares Nonvested, Ending Balance	72,314
Weighted Average Grant Date Fair Value, Nonvested, Beginning Balance	$10.04
Weighted Average Grant Date Fair Value, Granted	$9.55
Weighted Average Grant Date Fair Value, Vested	$5.39
Weighted Average Grant Date Fair Value, Forfeited or expired	$10.11
Weighted Average Grant Date Fair Value, Nonvested, Ending Balance	$10.82

Earnings_Per_Share_Details

Earnings Per Share (Details)	3 Months Ended		6 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2014	Dec. 31, 2013
Earnings (Loss) Per Common Share
Antidilutive securities excluded from computation of earnings per share, amount	313,250	178,000	286,516	134,000

Contingencies_and_Contingencie

Contingencies and Contingencies (Details) (3CEMS [Member], USD $)	6 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014
3CEMS [Member]
Loss Contingencies [Line Items]
Compensatory damages sought from the Company	$4

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	6 Months Ended	0 Months Ended
	Dec. 31, 2014	Jan. 29, 2015
Subsequent Event [Line Items]
Line of Credit Facility, Dividend Restrictions Current Fiscal Year	$2,500,000
NMS [Member]
Subsequent Event [Line Items]
Payments to Acquire Businesses, Contingent Payment		295,000
Payments to Acquire Businesses, Gross		2,100,000
Business Combination, Consideration Transferred, Periodic Payment		230,000
Coord3 NMS [Member]
Subsequent Event [Line Items]
Number of Businesses Acquired		2
Business Combination, Consideration Transferred		15,700,000
Coord3 [Member]
Subsequent Event [Line Items]
Payments to Acquire Businesses, Gross		2,000,000
Business Combination, Consideration Transferred, Periodic Payment		350,000
Scenario, Forecast [Member] | NMS [Member]
Subsequent Event [Line Items]
Business Combination, Consideration Transferred, Duration of Periodic Payments		12 months
Scenario, Forecast [Member] | Coord3 NMS [Member]
Subsequent Event [Line Items]
Payments to Acquire Businesses, Gross		2,100,000
Foreign Currency Exchange Rate, Translation		1.17
Business Combination, Consideration Transferred, Periodic Payment		350,000
Scenario, Forecast [Member] | Coord3 [Member]
Subsequent Event [Line Items]
Business Combination, Consideration Transferred, Liabilities Incurred		$10,700,000
Business Combination, Consideration Transferred, Duration of Periodic Payments		18 months