Stockholders' Equity Transactions

12 Months Ended

Jun. 30, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stockholders' Equity Transactions

NOTE 8 – Stockholders’ Equity Transactions

On September 16, 2014 the Company’s board of directors authorized the repurchase of up to 1 million of the approximately 19.4 million shares of the Company’s common stock outstanding. The repurchase will be made from time to time in the open market or in privately negotiated transactions subject to market conditions and the market price of the common stock. Relative to the loan agreements described in Note 6, the Company’s lender gave its consent to this stock repurchase plan. During the fiscal year ended June 30, 2016 the Company repurchased 192,767 shares of its outstanding common stock for a weighted average price of $5.73 per share. These repurchased shares are included in the Company’s Treasury Stock as of June 30, 2016.

During fiscal 2016, certain employees exercised incentive stock options under the Company’s 2002 Plan totaling 67,500 shares. All of these exercises were completed as cashless exercises as allowed for under the 2002 Plan, where the exercise shares are issued by the Company in exchange for shares of the Company’s common stock that are owned by the optionees. The number of shares surrendered by the optionees was 53,868 and was based upon the per share price on the effective date of the option exercise.