Subsequent Events

12 Months Ended

Jun. 30, 2012

Subsequent Events [Abstract]

Subsequent Events

13.Subsequent Events

On August 30, 2012, the Company sold substantially all of the assets of CBU for approximately $838,000 in cash pursuant to an Asset Purchase Agreement, dated August 30, 2012 (“Asset Purchase Agreement”) with Inspectron Inc.  Inspectron is a related party since it is wholly-owned by Richard Price, who served as the Company’s Senior Vice President – Commercial Products Business Unit until June 13, 2012. The Company retained CBU’s accounts receivable of approximately $608,000 existing at the time of the closing of the sale. The purchaser assumed CBU’s service parts and warranty obligations, vendor commitments and certain other contractual obligations associated with CBU’s business operations.

On August 30, 2012, the Company entered into a Second Amendment to Credit Agreement with Comerica Bank, which allowed for the sale of CBU assets and amended the Base Tangible Net Worth definition to require a Tangible Net Worth of not less than $33.2 million.

On September 27, 2012, the Company announced that its Board of Directors declared a special dividend of twenty-five cents ($0.25) per share of Common Stock.The special dividend will be paid on November 1, 2012 to shareholders of record at the close of business on October 10, 2012.The dividend declared by the Board of Directors on September 27, 2012, represents the start of what the Company intends to be an on-going program of regular dividend payments.The Company’s bank has agreed to amend the Amended and Restated Credit Agreement to allow the Company to declare and pay dividends of up to $2.8 million in fiscal 2013 and up to $1.8 million for each fiscal year thereafter provided the Company maintains a minimum Tangible Net Worth as defined in the Credit Agreement.