XML 25 R12.htm IDEA: XBRL DOCUMENT

Credit Arrangements	12 Months Ended
Credit Arrangements	Jun. 30, 2016
Credit Arrangements [Abstract]
Credit Arrangements	6. CREDIT ARRANGEMENTS The Company entered into an unsecured credit agreement on June 30, 2016, that provides short-term working capital financing up to $10.0 million with interest of LIBOR plus 1% (1.47% at June 30, 2016), including up to $4.0 million of letters of credit. The Company reduced the borrowing availability from $30.0 to $10.0 million to align with current business needs. Letters of credit outstanding at June 30, 2016 totaled $2.3 million. Other than the aforementioned letters of credit, the Company utilized no borrowing availability under the credit facility, leaving borrowing availability of $7.7 million as of June 30, 2016. The credit agreement expires June 30, 2017. At June 30, 2016, the Company was in compliance with all of the financial covenants contained in the credit agreement. A director of the Company is a director at a bank where the Company maintains an unsecured $10.0 million line of credit, with interest at prime minus 2% (1.50% at June 30, 2016), and where its routine banking transactions are processed. No amount was outstanding on the line of credit at June 30, 2016. This line of credit matures December 31, 2016. In addition, the supplemental retirement plans assets, held in a Rabbi Trust, of $2.4 million are administered by this bank's trust department. The Company receives no special services or pricing on the services performed by the bank due to the directorship of this director.