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Note 5: Debt | 12 Months Ended
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Jun. 30, 2011
Debt |
Debt and Capital Leases Disclosures [Text Block] | NOTE 5: DEBT The Company’s outstanding long and short term debt is as follows:
| June 30,
| 2011 |  | 2010
LONG TERM DEBT |  |  |
Long term revolving credit facility | $ - |  | $ 120,000
Term loan | 150,000 |  | 150,000
Capital leases | - |  | 5,689
Other borrowings | 1,015 |  | 2,244
| 151,015 |  | 277,933
Less current maturities | 23,076 |  | 5,201
Long-term debt, net of current maturities | $ 127,939 |  | $ 272,732
SHORT TERM DEBT |  |  |
Bullet term loan | - |  | 100,000
Capital Leases | 3,016 |  | -
Current maturities of long-term debt | 23,076 |  | 5,201
Other borrowings | - |  | 762
Notes payable and current maturities of long term debt | $ 26,092 |  | $ 105,963
The following table summarizes the annual principal payments required as of June 30, 2011:
Years ended June 30, |
2012 | 26,092
2013 | 22,879
2014 | 22,552
2015 | 22,508
2016 | 60,000
Thereafter | -
| $ 154,031
The Company has a bank credit facility agreement that includes a revolving loan, a term loan and a bullet term loan. Revolving credit facilities The long term revolving loan allows for borrowings of up to $150,000, which may be increased by the Company at any time until maturity to $250,000. The revolving loan terminates June 4, 2015. At June 30, 2011, no amount was outstanding. Term loan The term loan has an original principal balance of $150,000, with quarterly principal payments of $5,625 beginning on September 30, 2011, and the remaining balance due June 4, 2015. At June 30, 2011, the outstanding balance was bearing interest at a rate of 2.25%. Of the $150,000 outstanding, $22,500 will be maturing within the next twelve months. Bullet term loan The bullet term loan had an original principal balance of $100,000. The full balance, which would have been due on December 4, 2010, was paid in full on July 8, 2010. Each of the above loans bear interest at a variable rate equal to (a) a rate based on LIBOR or (b) an alternate base rate (the greater of (a) the Federal Funds Rate plus 0.5%, (b) the Prime Rate or (c) LIBOR plus 1.0%), plus an applicable percentage in each case determined by the Company's leverage ratio. The loans are secured by pledges of capital stock of certain subsidiaries of the Company. The loans are also guaranteed by certain subsidiaries of the Company. The credit facility is subject to various financial covenants that require the Company to maintain certain financial ratios as defined in the agreement. As of June 30, 2011, the Company was in compliance with all such covenants. Capital leases The Company has entered into various capital lease obligations for the use of certain computer equipment. At June 30, 2011, $3,016 was outstanding, all of which will be maturing in the next twelve months. Included in property and equipment are assets under capital leases totaling $5,540, which have accumulated depreciation totaling $365. Other lines of credit The Company has an unsecured bank credit line which provides for funding of up to $5,000 and bears interest at the prime rate less 1% (2.25% at June 30, 2011). The credit line was renewed through April 29, 2012. At June 30, 2011, no amount was outstanding. The Company renewed a bank credit line on March 7, 2011 which provides for funding of up to $8,000 and bears interest at the Federal Reserve Board’s prime rate (3.25% at June 30, 2011). The credit line expires March 7, 2012 and is secured by $1,000 of investments. At June 30, 2011, no amount was outstanding. Interest The Company paid interest of $8,000, $759, and $1,606 in 2011, 2010, and 2009 respectively. During fiscal 2011, the Company incurred a total of $8,930 of interest expense.

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- Definition The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease. + Details
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