Credit Arrangements

3 Months Ended

Sep. 30, 2016

Credit Arrangements [Abstract]

Credit Arrangements

4.   CREDIT ARRANGEMENTS

The Company maintains  an unsecured credit agreement that provides  short-term working capital financing up to $10.0 million with interest of LIBOR plus 1%(1.53%at September 30, 2016), including up to $4.0 million of letters of credit.  Letters of credit outstanding at September 30, 2016 totaled $2.3 million. Other than the aforementioned letters of credit, the Company did not utilize borrowing availability under the credit facility,leaving borrowing availability of $7.7 million as of September 30, 2016. The credit agreement expires June 30, 2017.  At September 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 additional unsecured $10.0 million line of credit, with interest at prime minus 2%  (1.50% atSeptember 30, 2016), and where its routine banking transactions are processed. No amount was outstanding on the line of credit at September 30, 2016. This line of credit matures December 31, 2016.  In addition, the supplemental retirement plan assets, held in a Rabbi Trust, of $1.7 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.