Annual report pursuant to Section 13 and 15(d)

Note 3 - Available-for-sale Investments

Note 3 - Available-for-sale Investments

12 Months Ended

Jun. 30, 2016

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

Note 3. Available-For-Sale Investments:

At June 30, 2016 and 2015, the cost and market value of the Company’s available-for-sale securities by major security type were as follows (in thousands):

	June 30,
	201 6				201 5
	Cost		Market		Cost		Market
Certificates of deposit	$	3,016	$	3,017	$	4,089	$	4,089
Equity securities		29,472		28,581		29,472		52,300
	$	32,488	$	31,598	$	33,561	$	56,389

At June 30, 2016 and 2015, all of the Company’s equity securities which relates to our investment in CCXI stock and warrants, were valued using Level 1 inputs. Certificates of deposit are carried at cost and are not subject to the fair value hierarchy. There were no transfers between Level 1 and Level 2 securities during fiscal 2016. Gross unrealized gains (losses) on available-for-sale investments were $(0.9) million and $22.8 million at June 30, 2016, and June 30, 2015, respectively.

The unrealized loss on available-for-sale investments for the twelve months ended June 30, 2016 includes $0.9 million of unrealized gross losses related to our investment in CCXI. As of June 30, 2016, the stock price of CCXI was $4.49 per share compared to our cost basis of $4.73 per share. Based upon our analysis, we believe there is insufficient information to conclude that the impairment of our investment in CCXI is other-than-temporary. As such, we have concluded that the impairment is temporary and have classified the impairment within other comprehensive income.

- Definition

The entire disclosure for investments in certain debt and equity securities.

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