Note 7 - Lease Obligations and Long-Term Debt

3 Months Ended

Sep. 30, 2013

Leases of Lessee Disclosure [Text Block]

7. 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 2020.

Assets held under operating leases are not recorded on the Company's balance sheet. The Company leases revenue and service equipment under non-cancellable operating leases expiring at various dates through April 2019.

Long-Term Debt

The Company had outstanding borrowings, excluding capital leases, of $104.6 million at September 30, 2013 compared with $28.6 million at September 30, 2012 and $78.1 million at June 30, 2013.

Future minimum lease payments relating to capital leases and operating leases as of September 30, 2013 (in thousands):

	Capital Leases		Operating Leases
2014	$	34,130	$	4,941
2015		74,343		20,301
2016		12,877		2,555
2017		12,860		2,540
2018		27,691		2,540
Thereafter		59,919		14,360
Total minimum lease payments		221,820	$	47,237
Less amounts representing interest		12,003
Present value of minimum lease payments		209,817
Less current maturities		30,631
Non-current portion	$	179,186

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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