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Subsequent Events | 12 Months Ended
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Jun. 30, 2012
Subsequent Events: |
Subsequent Events |
20. | Subsequent Event:
Cash Dividend On July 24, 2012, the Corporation announced that the Corporation’s Board of Directors declared a cash dividend of $0.05 per share, reflecting a 25 percent increase from the $0.04 per share paid on June 1, 2012. Shareholders of the Corporation’s common stock at the close of business on August 15, 2012 were entitled to receive the cash dividend, which was paid on September 5, 2012. Resolution on request for accounting method change On August 2, 2012, the Corporation received a notification from the tax authorities indicating the acceptance of the accounting method change attributable to the Corporation’s overstatement of certain income items for tax reporting purposes from 2006 through 2007 resulting in an overpayment of taxes and an understatement of the deferred tax liability. As a result, the Corporation will reverse the $825,000 tax liability in the quarter ending September 30, 2012, the same quarter in which the tax authorities granted the Corporation’s request.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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