Note 9 - Long-Term Debt

12 Months Ended

Jun. 29, 2014

Disclosure Text Block [Abstract]

Long-term Debt [Text Block]

Note 9. Long-Term Debt

	June 29, 2014		June 30, 2013
	(in thousands)
Revolving line of credit (1)	$	-	$	-
Bank loan (2)		343		-
	$	343	$	-
Less current maturities of long-term debt obligations		343		-
	$	-	$	-

(1) On April 10, 2013, the Company repaid all amounts outstanding under its 2010 Credit Facility, and entered into a Third Amended and Restated Credit Agreement (the “2013 Credit Facility”). The 2013 Credit Facility consists of a revolving line of credit with a seasonally adjusted limit ranging from $150.0 to $200.0 million and a working capital sublimit ranging from $25.0 to $75.0 million. The 2013 Credit Facility also revised certain financial and non-financial covenants, including the maintenance of certain financial ratios. The Company was in compliance with these covenants as of June 29, 2014 and June 30, 2013. Outstanding amounts under the 2013 Credit Facility, which matures on April 10, 2018, bear interest at the Company’s option at either: (i) LIBOR, plus a spread of between 150 and 225 basis points, as determined by the Company’s leverage ratio, or (ii) the agent bank’s prime rate plus a margin. The obligations of the Company and its subsidiaries under the 2013 Credit Facility are secured by liens on all personal property of the Company and its domestic subsidiaries.

(2) Bank loan assumed through the Company’s acquisition of a majority interest in iFlorist.