Debt (Text Block)

6 Months Ended

Dec. 31, 2014

Debt and Capital Leases Disclosures [Text Block]

DEBT

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



	December 31,		June 30,
	2014		2014
LONG TERM DEBT
Capital leases	$	6,524	$	7,757
	6,524		7,757
Less current maturities	5,601		4,028
Debt, net of current maturities	$	923	$	3,729



SHORT TERM DEBT
Revolving credit facility	$	70,000	$	—
Capital leases	2,287		1,379
Current maturities of long-term debt	5,601		4,028
Notes payable and current maturities of long term debt	$	77,888	$	5,407

Capital leases

The Company has entered into various capital lease obligations for the use of certain computer equipment. $6,524 of long term capital lease obligations remains outstanding at December 31, 2014, of which $5,601 will be maturing within the next twelve months. The Company also has short term capital lease obligations totaling $2,287 at December 31, 2014.

Revolving credit facility

The revolving credit facility in effect at December 31, 2014 allowed for borrowings of up to $150,000, which could be increased by the Company at any time until maturity to $250,000. The credit facility bore 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 was secured by pledges of capital stock of certain subsidiaries of the Company and also guaranteed by certain subsidiaries of the Company. The credit facility was subject to various financial covenants that require the Company to maintain certain financial ratios as defined in the agreement. As of December 31, 2014, the Company was in compliance with all such covenants. The revolving loan was due to terminate June 4, 2015. At December 31, 2014, the outstanding revolving loan balance was $70,000.

This revolving credit facility was subsequently replaced by a new revolving credit facility (See Note 10).

Other lines of credit

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 December 31, 2014, no amount was outstanding.

Interest

The Company paid interest of $415 and $301 during the six months ended December 31, 2014 and 2013, respectively.

Property and Equipment

Property and equipment included $3,897 and $7,198 in accrued liabilities or acquired via capital lease at December 31, 2014 and 2013, respectively. These amounts were excluded from capital expenditures on the statement of cash flows.