Note 9 - Derivative Financial Instruments

12 Months Ended

Jun. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure [Text Block]

9. Derivative Financial Instruments

Interest Rate Swaps

In order to manage our interest rate exposure, we are party to $50.0 million of floating to fixed rate swaps. These swaps convert our interest payments from LIBOR to a weighted average rate of 2.29% at June 30, 2013.

The fair value of the swaps recognized in accrued liabilities and in other comprehensive income (loss) at June 30, 2013 and 2012 is as follows (in thousands):

							Fair Value at June 30,
Effective Date	Notional Amount		Fixed Interest Rate			Maturity	2013			2012
June 1, 2010	$	5,000,000		2.495	%	May 26, 2015	$	(205	)	$	(300	)
June 1, 2010		5,000,000		2.495	%	May 26, 2015		(205	)		(300	)
June 4, 2010		10,000,000		2.395	%	May 26, 2015		(389	)		(566	)
June 9, 2010		5,000,000		2.34	%	May 26, 2015		(190	)		(275	)
June 18, 2010		5,000,000		2.38	%	May 26, 2015		(194	)		(283	)
September 21, 2011		5,000,000		1.28	%	September 21, 2013		(14	)		(61	)
September 21, 2011		5,000,000		1.60	%	September 22, 2014		(83	)		(136	)
March 15, 2012		10,000,000		2.75	%	March 15, 2016		(595	)		(813	)
							$	(1,875	)	$	(2,734	)

The Company reported no losses for the years ended June 30, 2013, 2012, and 2011, as a result of hedge ineffectiveness. Future changes in these swap arrangements, including termination of the agreements, may result in a reclassification of any gain or loss reported in accumulated other comprehensive income (loss) into earnings as an adjustment to interest expense. Accumulated other comprehensive income (loss) related to these instruments is being amortized into interest expense concurrent with the hedged exposure.

Foreign Exchange Contracts

Forward foreign currency exchange contracts are used to limit the impact of currency fluctuations on certain anticipated foreign cash flows, such as foreign purchases of materials and loan payments to and from subsidiaries. The Company enters into such contracts for hedging purposes only. For hedges of intercompany loan payments, the Company has not elected hedge accounting due to the general short-term nature and predictability of the transactions, and records derivative gains and losses directly to the consolidated statement of operations. At June 30, 2013 and 2012 the Company had outstanding forward contracts related to hedges of intercompany loans with net unrealized (losses) of ($1.4) million and ($0.1) million, respectively, which approximate the unrealized gains or losses on the related loans. The contracts have maturity dates ranging from 2013-2016, which correspond to the related intercompany loans. The notional amounts of these instruments, by currency, are as follows:

Currency	2013		2012
Mexican Peso		-		3,750,000
Euro		48,349,064		2,350,000
Canadian Dollar		3,600,000		1,250,000
Pound Sterling		2,580,289		933,473
Singapore Dollar		-		1,500,000
Australian Dollar		-		-