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Note 4 - Long-term Debt

9 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

4

-

Long-T

erm Debt

Long-term debt consists of the following (in thousands):

		December 31, 2016				March 31, 201 6
Line of credit (2.77% at December 31, 2016)		$	37,500			$	27,500
Term loan (2.77% at December 31, 2016)			15,500				17,750
Less: current portion			(3,000	)			(3,000	)
Long-term portion		$	50,000			$	42,250

On

July

1,

2015,

we entered into a

five

year agreement (the “Credit Facility”) for a

$50,000,000

revolving line of credit (“Line of Credit”), a

$20,000,000

term loan (the “Term Loan”) and up to

$1,000,000

of letters of credit.

Under the Line of Credit, indebtedness bears interest at either:

(1)

LIBOR, as defined, plus an applicable margin ranging from

1.5%

to

2.25%;

or

(2)

the bank’s commercial bank floating rate (“CBFR”), which is the bank’s prime rate adjusted down by

0.5%.

We elect the interest rate with each borrowing under the line of credit. In addition, there is an unused line fee of

0.25%.

Letter of credit fees are based on the applicable LIBOR rate.

The Term Loan bears interest at LIBOR, as defined, plus an applicable margin ranging from

1.5%

to

2.25%

and requires

20

quarterly principal payments (the

first

due date was

July

15,

2015)

in the amount of

$750,000

with the remaining balance of principal and accrued interest due on

June

30,

2020.

The Credit Facility is secured by all of our assets and requires us to maintain a ratio of funded debt to our trailing

four

quarters of EBIDTA, as defined, of

3.0

to

1.0,

and a minimum fixed charge coverage ratio of

1.35

to

1.0.

We were in compliance with the required covenants at

December

31,

2016.

As of

December

31,

2016,

future contractual maturities of debt are as follows (in thousands):

Year ending March 31,
2017		$	750
2018			3,000
2019			3,000
2020			3,000
2021			43,250
		$	53,000

In

January

2017,

we made a

$750,000

required principle payment on the Term Loan and a

$2,000,000

principle payment on the Line of Credit.

X

- Definition

The entire disclosure for 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20,22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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X

- References

No definition available.

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