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Note 8 - Reorganization Costs
12 Months Ended
Jun. 30, 2012
Asset Impairment Charges [Text Block]
8. REORGANIZATION COSTS

In May 2010, Sears informed the Company it would no longer purchase “Craftsman” brand measuring tapes from the Company’s Evans Rule subsidiary.  Evans Rule was the leading supplier of measuring tapes to Sears for over 30 years.  As a result of Sears’ decision, the Company incurred an inventory write-off of approximately $2.0 million, which was included in the Cost of Goods Sold on the Consolidated Statement of Operations for 2010.  Also in 2010, the Company determined that $0.6 million of long-lived equipment of this subsidiary was impaired by comparing undiscounted cash flows to carrying value. This adjustment was reported as Reorganization costs in the Consolidated Statement of Operations.  

The Company closed its Dominican Republic facility effective December 31, 2011.  The decision to close the facility was the result of the Sears decision to no longer purchase “Craftsman” brand measuring tapes from the Company.  The Company incurred approximately $0.3 million in costs in fiscal 2012 related to facility closure, severance and asset write-offs.  The costs included in the fiscal 2012 Consolidated Statements of Operations in costs of sales, selling, general and administrative expenses and other income and expense are ($0.1) million $0.2 million, and $0.1 million, respectively.