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Note 20 - Insurance Proceeds
12 Months Ended
Jun. 30, 2014
Extraordinary and Unusual Items [Abstract]  
Business Insurance Recoveries [Text Block]

20. INSURANCE PROCEEDS


During 2014, the Company recorded $3.5 million net gain, as a component of other operating income net, from insurance proceeds we received related to a catastrophic failure of a large vertical machining center located at our Engineering Technologies facility in Massachusetts. Insurance proceeds of $4.5 million were partially offset by the write-off of the net book value of the machine of $1.0 million. We have acquired a replacement machine for approximately $2.9 million and anticipate being operational in the first half of the first quarter of 2015.


During 2014, the Company recorded $3.4 million gain, as a component of other net, from proceeds for a life insurance policy triggered by the death of a former executive. This life insurance policy relates to an inactive program for key executives. There are six retired executives remaining in this program and current management is ineligible to participate.