XML 88 R12.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Line Of Credit And Notes Payable | 12 Months Ended
--- | ---
Aug. 31, 2013
Line Of Credit And Notes Payable [Abstract] |
Line Of Credit And Notes Payable | 6. LINE OF CREDIT AND NOTES PAYABLE During fiscal 2011, we entered into an amended and restated secured credit agreement (the Restated Credit Agreement) with our existing lender. The Restated Credit Agreement provides a revolving line of credit facility (the Revolving Line of Credit) with a maximum borrowing amount of $10.0 million and a term loan (the Term Loan) with maximum available borrowing of up to $5.0 million. Both credit facilities may be used for general business purposes. Revolving Line of Credit On March 25, 2013, we entered into the Third Modification Agreement to the existing Restated Credit Agreement. The primary purposes of the Third Modification Agreement are to extend the maturity date of the Restated Credit Agreement, as subsequently modified, from March 31, 2015 to March 31, 2016 and to increase the caps for permitted business acquisitions. The key terms and conditions of the Revolving Line of Credit under the Third Modification Agreement are as follows:
· | Available Credit – The Revolving Line of Credit has a maximum borrowing amount of $10.0 million, which remains unchanged from the Restated Credit Agreement.
· | Maturity Date – The maturity date of the Revolving Line of Credit is now March 31, 2016.
· | Interest Rate – The effective interest rate continues to be LIBOR plus 2.50 percent per annum. The unused credit fee on the facility is .33 percent per annum.
· | Financial Covenants – The Revolving Line of Credit requires us to be in compliance with specified financial covenants, including (a) a funded debt to EBITDAR (earnings before interest, taxes, depreciation, amortization, and rental expense) ratio of less than 3.00 to 1.00; (b) a fixed charge coverage ratio greater than 1.5 to 1.0; and (c) an annual limit on capital expenditures (not including capitalized curriculum development) of $8.0 million.
In the event of noncompliance with these financial covenants and other defined events of default, the lender is entitled to certain remedies, including acceleration of the repayment of any amounts outstanding on the Restated Credit Agreement. At August 31, 2013, we believe that we were in compliance with the terms and covenants applicable to the Third Modification Agreement. The effective interest rate on our Revolving Line of Credit was 2.8 percent at August 31, 2013 and 2.7 percent August 31, 2012. In connection with the Restated Credit Agreement, we entered into a promissory note, a security agreement, repayment guaranty agreements, and a pledge and security agreement. These agreements pledge substantially all of our assets located in the United States to the lender as collateral for borrowings under the Restated Credit Agreement and subsequent amendments. We had no outstanding borrowings on the Revolving Line of Credit at August 31, 2013 or August 31, 2012. Term Loan Payable We borrowed $5.0 million on the Term Loan payable that was being repaid in 24 equal monthly installments, beginning on October 1, 2011 and concluding on September 1, 2013. However, we paid the final Term Loan installment on August 16, 2013. We did not incur any prepayment penalties or additional interest charges from early repayment of the Term Loan.

X
- Definition Line Of Credit And Notes Payable [Text Block] + References No definition available. + Details
Name: | fc_LineOfCreditAndNotesPayableTextBlock
Namespace Prefix: | fc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration