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Note 6 - Long-Term Debt:
3 Months Ended
Jun. 30, 2011
Long-term Debt [Text Block]
(6)
LONG-TERM DEBT:

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

   
June 30,
   
December 31,
 
   
2011
   
2010
 
             
Term loan
  $ --     $ 25,000  
Revolving loan
    --       --  
  Total long-term debt
    --       25,000  
Less:  Current portion
    --       5,000  
  Long-term debt, net of current portion
  $ --     $ 20,000  

In connection with our January 2010 acquisition of the stock of Bliss World Holdings, Inc. (including its subsidiaries, "Bliss Inc.") in November 2009, we entered into a new credit facility (the "Credit Facility") with a group of lenders including SunTrust Bank, our existing lender, consisting of a $60 million revolving credit facility, with $5.0 million swingline and $5.0 million letter of credit sub-facilities, and a delayed draw term loan facility of $50.0 million, both maturing October 30, 2012.  The delayed draw term loan was fully funded at the closing of the Bliss Inc. acquisition.  Extensions of credit under the Credit Facility will also be used (i) to pay certain fees and expenses associated with the Bliss Inc. acquisition, (ii) to refinance existing indebtedness, (iii) for capital expenditures, (iv) to finance possible future acquisitions permitted under the Credit Agreement and (v) for working capital and general corporate purposes, including letters of credit.  The credit facility replaced our 2007 credit facility, which has been terminated.  During the three months ended March 31, 2011, the Company repaid all outstanding borrowings under the term loan.  As of June 30, 2011, there was $60.0 million available under the revolving credit facility.  Interest on borrowings under the Credit Facility accrues at Base Rate, LIBOR or Index Rate, depending on which rate is lowest at the time, plus, in each case, a spread of between 3.00% - 3.50%, based on the Company's financial performance.  At June 30, 2011, our borrowing rate was 3.69%.  Our obligations under the Credit Facility are secured by substantially all of the Company's present and future tangible and intangible assets.

Our Credit Facility contains customary affirmative, negative and financial covenants, including limitations on dividends, capital expenditures and funded debt, and requirements to maintain prescribed interest expense and fixed charge coverage ratios.  As of June 30, 2011, and through the date of this report, we were in compliance with these covenants.  Other limitations on capital expenditures, or on other operational matters, could apply in the future under the credit agreement.