Note 8 - Revolving Line of Credit

6 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Debt Disclosure [Text Block]

NOTE

8

  -  REVOLVING LINE OF CREDIT

In

March

2016,

the Company renewed its

$30

million unsecured revolving credit line. The line of credit expires in the

third

quarter of fiscal

2019.

 Interest on the revolving line of credit is charged based upon an increment over the LIBOR rate as periodically determined, or at the bank’s base lending rate, at the Company’s option.  The increment over the LIBOR borrowing rate, as periodically determined, fluctuates between

150

and

190

basis points depending upon the ratio of indebtedness to earnings before interest, taxes, depreciation and amortization (“EBITDA”), as defined in the credit facility.  The fee on the unused balance of the

$30

million committed line of credit is

12.5

basis points.  Under the terms of this credit facility, the Company has agreed to a negative pledge of assets and is required to comply with financial covenants that limit the amount of debt obligations, require a minimum amount of tangible net worth, and limit the ratio of indebtedness to EBITDA. There are

no

borrowings against the line of credit as of

December

31,

2016.

The Company is in compliance with all of its loan covenants as of

December

31,

2016

.