Financial Instruments

3 Months Ended

Sep. 30, 2011

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, 2011.

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, 2011 and June 30, 2011 that are measured and recorded at fair value on a recurring basis consistent with the fair value hierarchy provisions of ASC 820.

(in thousands)

September 30, 2011

Level 1

Level 2

Level 3

Short-Term Investments

$2,188

$68

$2,120

Long-Term Investments

$2,192

(in thousands)

June 30, 2011

Level 1

Level 2

Level 3

Short-Term Investments

$32

Long-Term Investments

$2,192

The Company's Level 3 investments consist of preferred stock investments (see Note 6 – Short-Term and Long-Term Investments) and are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as defined in ASC 820, "Fair Value Measurements and Disclosures."

Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instruments. 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.