EQUITY TRANSACTIONS

9 Months Ended

Mar. 31, 2015

EQUITY TRANSACTIONS [Abstract]

EQUITY TRANSACTIONS

NOTE 9 - EQUITY TRANSACTIONS

During the three and nine months ended March 31, 2015 and 2014, stock options to purchase shares of the Company’s common stock were exercised as follows:

	Three-Months Ended				Nine-Months Ended
	March 31,				March 31,
	2015		2014		2015		2014
	(Unaudited)				(Unaudited)
Options exercised		45,359		13,125		55,609		13,125
Proceeds (in thousands)	$	107	$	47	$	128	$	47
Average exercise price per share	$	2.36	$	3.53	$	2.31	$	3.53

As of March 31, 2015, there was $0.8 million of stock option and restricted stock compensation expense related to non-vested awards which is expected to be recognized over a weighted average period of 3.18 years.

On January 7, 2013, the Company announced that its Board of Directors approved a stock repurchase program effective January 3, 2013, authorizing the Company to repurchase in the aggregate up to $3.0 million of its outstanding common stock over a two-year period.  On March 5, 2015, the Board approved a two-year extension of the stock repurchase program through January 1, 2017. During the three and nine months ended March 31, 2015 and 2014, shares were repurchased as follows:

	Three-Months Ended				Nine-Months Ended
	March 31,				March 31,
	2015		2014		2015		2014
	(Unaudited)				(Unaudited)
Shares repurchased		-		-		29,449		136,441
Cash paid for shares repurchased (in thousands)	$	-	$	-	$	128	$	607
Average price paid per share	$	-	$	-	$	4.35	$	4.45

Total shares repurchased under the program are 191,250 shares at a cost of $0.8 million.  As of March 31, 2015, approximately $2.2 million remained of the Company’s $3.0 million repurchase program.  Sharps purchased all shares with cash resources.