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Note 8 - Lease Obligations and Long-Term Debt

6 Months Ended

Dec. 31, 2011

Debt and Capital Leases Disclosures [Text Block]

8.           Lease Obligations and Long-Term Debt

The Company leases certain revenue and service equipment under long-term lease agreements, payable in monthly installments.

Equipment obtained under a capital lease is reflected on the Company's balance sheet as owned and the related leases mature at various dates through 2018.

Assets held under operating leases are not recorded on the Company's balance sheet. The Company leases revenue and service equipment under noncancellable operating leases expiring at various dates through December 2018.

Future minimum lease payments relating to capital leases and to operating leases as of December 31, 2011 (in thousands):

		Capital Leases (Restated)				Operating Leases (Restated)
2012		$	69,166			$	6,197
2013			30,402				8,175
2014			38,984				7,316
2015			13,157				6,805
2016			6,402				2,232
Thereafter			29,853				12,787
Total minimum lease payments			187,964			$	43,512
Less amounts representing interest			10,277
Present value of minimum lease payments			177,687
Less current maturities			65,380
Non-current portion		$	112,307

Long-term debt consisted of our revolving credit facility:

		(in thousands)
		December 31, 2011				June 30, 2011
Revolving credit facility		$	34,531			$	---

At December 31, 2011, we were authorized to borrow up to $100 million under this revolving credit facility, which expires August 29, 2016. The applicable interest rate under this agreement is based on either a base rate equal to Bank of America, N.A.'s prime rate or LIBOR plus an applicable margin between 0.75% and 1.125% that is adjusted quarterly based on the Company's lease adjusted total debt to EBITDAR ratio. Our average interest rate for the quarter ended December 31, 2011 was 1.0%.  At December 31, 2011, we had $34.5 million in outstanding borrowings related to our credit facility and $0.4 million utilized for letters of credit. We are obligated to comply with certain financial covenants under our credit agreement and we were in compliance with these covenants at December 31, 2011.

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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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