Annual report pursuant to Section 13 and 15(d)

Securities Available-for-Sale

v3.3.0.814
Securities Available-for-Sale
 12 Months Ended
Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]  
Securities Available-for-Sale
Note 4 - Securities Available-for-Sale
The following table presents the amortized cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale equity securities as follows:
 
June 30, 2015
 
Amortized
cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair
value
 
(In thousands)
Equity securities
$
19,147

 
$
—

 
$
(14,917
)
 
$
4,230

 
 
 
 
 
 
 
 
 
June 30, 2014
 
Amortized
cost
 
Gross unrealized gains
 
Gross unrealized losses
 
Fair
value
 
(In thousands)
Equity securities
$
19,339

 
$
—

 
$
(7,404
)
 
$
11,935


Subsequent to June 30, 2015, to meet its needs for working capital, the Company began the process of selling its investment in Central. Proceeds from sales of portions of the Company's investment in Central were well below the investment's amortized cost, and the Company could no longer maintain its ability to hold the entire investment for a period of time to allow the investment to recover. As such, the Company determined that unrealized losses related to its investment in Central were other-than-temporary, and recognized an impairment loss in the amount of $14.9 million. Also, during the year ended June 30, 2015, the Company realized a loss on the sale of its other investment in securities available-for-sale in the amount of $171 thousand. No other-than-temporary impairment or losses related to securities available-for-sale were recorded in the consolidated statement of operations for the year ended June 30, 2014.