Debt (Text Block)

12 Months Ended

Jun. 30, 2012

Debt and Capital Leases Disclosures [Text Block]

DEBT

The Company’s outstanding long and short term debt is as follows:



	June 30,		June 30,
	2012		2011
LONG TERM DEBT
Term loan	$	127,500	$	150,000
Capital leases	3,518		—
Other borrowings	445		1,015
	131,463		151,015
Less current maturities	25,297		23,076
Debt, net of current maturities	$	106,166	$	127,939



SHORT TERM DEBT
Capital leases	$	206	$	3,016
Current maturities of long-term debt	25,297		23,076
Notes payable and current maturities of long term debt	$	25,503	$	26,092

The following table summarizes the annual principal payments required as of June 30, 2012:



Years ended June 30,
2013	$	25,503
2014	23,666
2015	22,500
2016	60,000
2017	—
Thereafter	—
	$	131,669

The Company has a bank credit facility agreement that includes a revolving credit facility and a term loan.

Revolving credit facility

The long term revolving loan allows for borrowings of up to $150,000, which may be increased by the Company at any time until maturity to $250,000. The revolving loan terminates June 4, 2015. At June 30, 2012, there was no outstanding revolving loan balance.

Term loan

The term loan had an original principal balance of $150,000, with quarterly principal payments of $5,625 that began on September 30, 2011. The remaining outstanding balance on June 4, 2015 is due and payable on that date. At June 30, 2012, the outstanding balance of $127,500 was bearing interest at a rate of 2.47%, and $22,500 will be maturing within the next twelve months.

Each of the above loans bear interest at a variable rate equal to (a) a rate based on LIBOR or (b) an alternate base rate (the greater of (a) the Federal Funds Rate plus 0.5%, (b) the Prime Rate or (c) LIBOR plus 1.0%), plus an applicable percentage in each case determined by the Company's leverage ratio. The loans are secured by pledges of capital stock of certain subsidiaries of the Company. The loans are also guaranteed by certain subsidiaries of the Company. The credit facility is subject to various financial covenants that require the Company to maintain certain financial ratios as defined in the agreement. As of June 30, 2012, the Company was in compliance with all such covenants.

Capital leases

The Company has entered into various capital lease obligations for the use of certain computer equipment. Long term capital lease obligations were entered into of which $3,518 remains outstanding at June 30, 2012 of which $2,352 will be maturing within the next twelve months. The Company also has short term capital lease obligations totaling $206 at June 30, 2012. Included in property and equipment are assets under capital leases totaling $13,760, which have accumulated depreciation totaling $2,133.

Other lines of credit

The Company renewed an unsecured bank credit line on April 29, 2012 which provides for funding of up to $5,000 and bears interest at the prime rate less 1% (2.25% at June 30, 2012). The credit line was renewed through April 29, 2014. At June 30, 2012, no amount was outstanding.

Interest

The Company paid interest of $3,899, $8,000, and $759 in 2012, 2011, and 2010 respectively.