Financial Instruments

3 Months Ended

Sep. 30, 2013

4.Financial Instruments

For a discussion on the Company’s fair value measurement policies for Financial Instruments, refer to the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2013.

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 September 30, 2013 and June 30, 2013 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	September 30, 2013		Level 1		Level 2		Level 3
Mutual funds	$	51	$	51	$	-	$	-
Fixed deposits and certificates of deposit		6,017		-		6,017		-
Variable rate demand notes		1,850		-		1,850		-
Repurchase agreements		3,235		-		3,235		-
Total	$	11,153	$	51	$	11,102	$	-

Description	June 30, 2013		Level 1		Level 2		Level 3
Mutual funds	$	25	$	25	$	-	$	-
Fixed deposits and certificates of deposit		9,581		-		9,581		-
Variable rate demand notes		1,715		-		1,715		-
Repurchase agreements		2,000		-		2,000		-
Total	$	13,321	$	25	$	13,296	$	-

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.