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LETTERS OF CREDIT
6 Months Ended
Sep. 30, 2013
LETTERS OF CREDIT  
LETTERS OF CREDIT

5.              LETTERS OF CREDIT

 

In the normal course of business, the Company may provide certain customers and potential customers with performance guarantees, which are generally backed by standby letters of credit. In general, the Company would only be liable for the amount of these guarantees in the event of default in the performance of its obligations, the probability of which management believes is low.  As of September 30, 2013, the Company had outstanding $27,737,000 in standby letters of credit.  These outstanding standby letters of credit are cash-secured at amounts ranging from 52% to 76% of the outstanding letters of credit, resulting in restricted cash and investments balance of $14,739,000 at September 30, 2013, of which $861,000 was considered long-term restricted cash and investments due to the expiration date of the underlying letters of credit.