Credit Arrangements

12 Months Ended

Jun. 30, 2019

Credit Arrangements [Abstract]

Credit Arrangements

7.   CREDIT ARRANGEMENTS

The Company entered into an unsecured credit agreement on June 30, 2019, that provides short-term working capital financing up to $10.0 million with interest of LIBOR (as published by the ICE Benchmark Administration Limited, a United Kingdom company) plus 1% (3.40% at June 30, 2019), including up to $4.0 million of letters of credit. Letters of credit outstanding at June 30, 2019 totaled $1.3 million. Other than the outstanding letters of credit, the Company did not utilize borrowing availability under the credit facility, leaving borrowing availability of $8.7 million as of June 30, 2019. The credit agreement expires June 30, 2020. At June 30, 2019, the Company was in compliance with all of the financial covenants contained in the credit agreement.

The Company maintains an unsecured $10.0 million line of credit, with interest at prime (Wall Street Journal US Prime Rate) minus 2%  (3.5% at June 30, 2019). No amount was outstanding on the line of credit at June 30, 2019. This line of credit matures December 31, 2019.