Accounting Policies, by Policy (Policies)

12 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Fair Value Measurement, Policy [Policy Text Block]

Fair Values

We measure fair values using unadjusted quoted prices in active markets (Level 1 inputs), quoted prices for similar instruments in active or inactive markets, or other directly-observable factors (Level 2 inputs), or inputs that are unobservable and significant to the fair value measurement (Level 3 inputs).  Our financial instruments consist primarily of cash, trade receivables and payables, and our credit facility.  The carrying values of cash and trade receivables and payables are considered to be representative of their respective fair values.  Our credit facility, which was amended effective June 28, 2013, bears interest at floating market interest rates; therefore, we believe the fair value of amounts borrowed approximates the carrying value.  At June 30, 2013 and June 30, 2012, no other material financial assets or liabilities were measured at fair value.

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash And Cash Equivalents

We consider cash on hand, deposits in banks, and short-term investments with original maturities of less than three months as cash and cash equivalents.

Receivables, Policy [Policy Text Block]

Accounts Receivable and Allowances

We perform periodic credit evaluations of our customers’ financial conditions and reserve against accounts deemed uncollectible based upon historical losses and customer specific events.  After all collection efforts are exhausted and an account is deemed uncollectible, it is written off against the allowance for doubtful accounts.  With the exception of a material customer account which ultimately resulted in an accounts receivable allowance of $900,000 in fiscal 2012, credit losses have historically been within our expectations and we generally do not require collateral.

Accounts receivable are net of an allowance for doubtful accounts, discounts and returns of $3.4 million and $3.9 million for fiscal 2013 and 2012, respectively.

Inventory, Policy [Policy Text Block]

Inventories

Inventories are stated at the lower of cost (principally standard cost which approximates actual cost on a first-in, first-out basis) or market.  Cost includes the direct cost of purchased products (product, duty and freight) and, for manufactured products, procurement costs, materials, direct and indirect labor, and factory overhead.  Market, with respect to raw materials, is replacement cost and, with respect to work-in-process and finished goods, is net realizable value.  Inventories consist of (in thousands):

	2013		2012
Raw materials	$	3,772	$	3,416
Work-in-process		148		412
Finished goods		17,441		24,915
	$	21,361	$	28,743

Inventory deposits of $800,000 and $7.1 million were paid against future gift product deliveries from suppliers at June 30, 2013 and 2012, respectively.

Property, Plant and Equipment, Policy [Policy Text Block]

Property And Equipment

Property and equipment are carried at cost less accumulated depreciation calculated using the straight-line method (in thousands):

		2013		2012	Depreciation Rates
Buildings	$	278	$	278	3%
Leasehold improvements		2,567		3,490	Lesser of lease term or asset life
Machinery and equipment		27,698		27,766	10	%	to	50	%
		30,543		31,534
Accumulated depreciation		(26,170)		(26,060)
	$	4,373	$	5,474

Depreciation expense: 2013 - $1,388; 2012 - $1,634

The net book value of accessories segment property and equipment no longer used in our operations is included in other current assets (2013 - $0.9 million; 2012 - $1.5 million) and is held for sale without expectation of incurring a loss; however, amounts actually realized from the sale of such property and equipment may differ from our estimates.

Maintenance and repairs are charged to expense as incurred.  Renewals and betterments which materially prolong the useful lives of the assets are capitalized.  The cost and related accumulated depreciation of assets retired or sold are removed from the accounts and gains or losses are recognized in operations upon disposition.

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Intangibles And Impairment Of Long-Lived Assets

Finite-lived intangibles are amortized either using the straight-line method over their estimated useful lives (e.g., trade names) or using an undiscounted cash flows model (e.g., Chambers customer list).

We review long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate the carrying amount of an asset might be impaired.  Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to undiscounted future net cash flows they are expected to generate.  If the undiscounted cash flows are less than the carrying amount, the impairment recognized is measured by the amount the carrying value of the assets exceeds their fair value.

Indefinite-lived intangibles are assessed annually or sooner if a triggering event occurs, for impairment using a fair value method such as discounted cash flows.

Derivatives, Policy [Policy Text Block]

Derivative Instruments

We did not have any significant derivative activities as of June 30, 2013 and 2012 and we do not enter into derivative investments for the purpose of speculative investment.  Our overall risk management philosophy is re-evaluated as business conditions change.

Revenue Recognition, Policy [Policy Text Block]

Sales

Sales are recognized when merchandise is shipped and title to the goods has passed to the customer.  We record allowances, including cash discounts, in-store customer allowances, cooperative advertising allowances, and customer returns, as a reduction of sales based upon historical experience, current trends in the retail industry, and individual customer and product experience.  Actual returns and allowances may differ from our estimates and differences would affect the operating results of subsequent periods.

Selling, General and Administrative Expenses, Policy [Policy Text Block]

Costs And Expenses

Cost of goods sold includes our costs associated with the procurement and manufacture of inventory, such as the cost of inventory and raw materials purchased from overseas, costs of shipping from our suppliers, ticketing and labeling of product and, where applicable, labor and overhead related to our product manufacturing facilities.  SG&A includes our costs related to activities incurred in the normal course of business which are not associated with the procurement or production of inventory.  They also include costs associated with our distribution centers (2013 - $8.1 million; 2012 - $7.8 million).  Those amounts include $1.2 million and $1.3 million of shipping and handling expenses in fiscal 2013 and 2012, respectively.

Advertising Costs, Policy [Policy Text Block]

Advertising Costs

Advertising costs, consisting primarily of shows and conventions as well as display and print advertising, are expensed as they are incurred (2013 - $1.1 million; 2012 - $1.0 million).

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Share-Based Compensation

Compensation expense for all share-based payments expected to vest is recognized on the straight-line basis over the requisite service period based on grant-date fair values.

Income Tax, Policy [Policy Text Block]

Income Taxes

Deferred income taxes are recognized for the future income tax effects of differences in the carrying amounts of assets and liabilities for financial reporting and income tax return purposes using enacted tax laws and rates.  A valuation allowance is recognized if it is more likely than not that some or all of a deferred tax asset may not be realized.  Tax liabilities, together with interest and applicable penalties included in the income tax provision, are recognized for the benefits of uncertain tax positions in the financial statements which more likely than not may not be realized.