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Credit Facility
12 Months Ended
Sep. 30, 2013
Credit Facility [Abstract]  
Credit Facility

10.    Credit Facility

On August 2, 2013, the Company entered into an amended and restated revolving credit agreement (the “Credit Agreement”) with its group of lenders that provided, among other things, the extension of the expiration date from November 14, 2016 to August 2, 2018 and the accordion feature increased from $25,000 to $50,000.

 

In addition, the covenants for minimum net worth have been deleted from the Credit Agreement. The leverage ratio covenants have changed to a maximum 3.50 to 1.00 for the period of September 30, 2013 through June 30, 2015, and to a maximum 3.25 to 1.00 for the periods September 30, 2015 and thereafter.  The fixed charge ratio covenants have changed to a minimum 1.10 to 1.00 for the period of September 30, 2013 through June 30, 2015, and to a minimum 1.15 to 1.00 for the periods September 30, 2015 and thereafter.  The amended terms provide for an interest rate equal to LIBOR plus a margin of between 1.25% and 2.50% and for the base rate a margin of between 0.25% and 1.50% as compared to a Libor margin of between 1.25% and 2.75%, and a base rate margin of between 0.25% and 1.75% in the current credit agreement.

 

Borrowings under the credit agreement are classified as long-term debt. The Company repaid $27,187 and $5,300 of the borrowings under the credit facility as of September 30, 2013 and 2012, respectively. The balance outstanding under the Company’s credit agreement was $142,785 and $141,347 as of September 30, 2013 and 2012, respectively. Interest expense on the borrowings was $4,320 and $3,627 for the fiscal years ended September 30, 2013 and 2012, respectively. The weighted average interest rate for the base and LIBOR rate was 2.9% and 3.03% for fiscal 2013 and 2012, respectively.  The applicable interest rate for the base and LIBOR rate separately was 4.75% and 2.682% per annum at September 30, 2013 and 4.75% and 2.735% per annum at September 30, 2012.