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Foreign Operations
 6 Months Ended
Dec. 31, 2011
Foreign Operations  
Foreign Operations

9. Foreign Operations

 

Assets and liabilities denominated in non-U.S. currencies are translated at rates of exchange prevailing on the balance sheet date, and revenues and expenses are translated at average rates of exchange for the three and six month periods. Gains or losses on the translation of the financial statements of a non-U.S. operation, where the functional currency is other than the U.S. dollar, the Renminbi (“RMB”), are reflected as a separate component of equity.   The foreign exchange translation adjustment reflects net gains of approximately $21,000 for the six months ended December 31, 2011 and a loss of approximately $28,000 for the six months ended December 31, 2010.  The Company, as of December 31, 2011, had approximately $4.2 million in assets and $3.4 million in net assets located at LPOI’s Shanghai facility. The Company transferred equipment from the Orlando facility to LPOI’s Shanghai facility, and purchased and transferred equipment to the Shanghai facility, during each fiscal year since 2006 through 2011.