Debt (Text Block)

12 Months Ended

Jun. 30, 2014

Debt and Capital Leases Disclosures [Text Block]

DEBT

The Company’s outstanding long and short term debt is as follows:



	June 30,		June 30,
	2014		2013
LONG TERM DEBT
Capital leases	$	7,757	$	14,161
Other borrowings	—		120
	7,757		14,281
Less current maturities	4,028		6,915
Debt, net of current maturities	$	3,729	$	7,366



SHORT TERM DEBT
Capital leases	$	1,379	$	1,014
Current maturities of long-term debt	4,028		6,915
Notes payable and current maturities of long term debt	$	5,407	$	7,929

The following table summarizes the annual principal payments required as of June 30, 2014:



Years ended June 30,
2015	$	5,407
2016	3,729
2017	—
2018	—
2019	—
Thereafter	—
	$	9,136

Capital leases

The Company has entered into various capital lease obligations for the use of certain computer equipment. Long term capital lease obligations were entered into of which $7,757 remains outstanding at June 30, 2014 and $4,028 will be maturing within the next twelve months. The Company also has short term capital lease obligations totaling $1,379 at June 30, 2014. Included in property and equipment are assets under capital leases totaling $37,316, which have accumulated depreciation totaling $7,994.

Other lines of credit

The long term revolving credit facility allows for borrowings of up to $150,000, which may be increased by the Company at any time until maturity to $250,000. The credit facility bears interest at a variable rate equal to (a) a rate based on LIBOR or (b) an alternate base rate (the greater of (a) the Federal Funds Rate plus 0.5%, (b) the Prime Rate or (c) LIBOR plus 1.0%), plus an applicable percentage in each case determined by the Company's leverage ratio. The credit facility is secured by pledges of capital stock of certain subsidiaries of the Company and also guaranteed by certain subsidiaries of the Company. The credit facility is subject to various financial covenants that require the Company to maintain certain financial ratios as defined in the agreement. As of June 30, 2014, the Company was in compliance with all such covenants. The revolving loan terminates June 4, 2015 and at June 30, 2014, there was no outstanding revolving loan balance.

The Company renewed an unsecured bank credit line on March 3, 2014 which provides for funding of up to $5,000 and bears interest at the prime rate less 1%. The credit line was renewed through April 30, 2017. At June 30, 2014, no amount was outstanding.

Interest

The Company paid interest of $620, $3,549, and $3,899 in 2014, 2013, and 2012 respectively.