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Debt (Text Block)

9 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Debt and Capital Leases Disclosures [Text Block]

DEBT

The Company’s outstanding long and short term debt is as follows:

	March 31,				June 30,
	2014				2013
LONG TERM DEBT
Capital leases	$	12,872			$	14,161
Other borrowings	—				120
	12,872				14,281
Less current maturities	9,250				6,915
Debt, net of current maturities	$	3,622			$	7,366

SHORT TERM DEBT
Capital leases	$	2,572			$	1,014
Current maturities of long-term debt	9,250				6,915
Other borrowings	10				—
Notes payable and current maturities of long term debt	$	11,832			$	7,929

Capital leases

The Company has entered into various capital lease obligations for the use of certain computer equipment. Long term capital lease obligations were entered into of which $12,872 remains outstanding at March 31, 2014 and $9,250 will be maturing within the next twelve months. The Company also has short term capital lease obligations totaling $2,572 at March 31, 2014.

Other lines of credit

The long term revolving credit facility allows for borrowings of up to $150,000, which may be increased by the Company at any time until maturity to $250,000. The credit facility bears 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 credit facility is secured by pledges of capital stock of certain subsidiaries of the Company and 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 March 31, 2014, the Company was in compliance with all such covenants. The revolving loan terminates June 4, 2015 and at March 31, 2014, there was no outstanding revolving loan balance.

The Company renewed an unsecured bank credit line on March 3, 2014 which provides for funding of up to $5,000 and bears interest at the prime rate less 1%. The credit line was renewed through April 30, 2017. At March 31, 2014, no amount was outstanding.

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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.

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