Debt (Text Block)

12 Months Ended

Jun. 30, 2013

Debt and Capital Leases Disclosures [Text Block]

DEBT

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



	June 30,		June 30,
	2013		2012
LONG TERM DEBT
Term loan	$	—	$	127,500
Capital leases	14,161		3,518
Other borrowings	120		445
	14,281		131,463
Less current maturities	6,915		25,297
Debt, net of current maturities	$	7,366	$	106,166



SHORT TERM DEBT
Capital leases	$	1,014	$	206
Current maturities of long-term debt	6,915		25,297
Notes payable and current maturities of long term debt	$	7,929	$	25,503

The following table summarizes the annual principal payments required as of June 30, 2013:



Years ended June 30,
2014	$	7,929
2015	5,768
2016	1,598
2017	—
2018	—
Thereafter	—
	$	15,295

Revolving credit facility

The long term revolving credit facility 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, 2013, 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 balance was repaid in full during fiscal 2013 and at June 30, 2013, there was no outstanding balance.

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, 2013, 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 $14,161 remains outstanding at June 30, 2013 of which $6,795 will be maturing within the next twelve months. The Company also has short term capital lease obligations totaling $1,014 at June 30, 2013. Included in property and equipment are assets under capital leases totaling $39,996, which have accumulated depreciation totaling $7,611.

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, 2013). The credit line was renewed through April 29, 2014. At June 30, 2013, no amount was outstanding.

Interest

The Company paid interest of $3,549, $3,899, and $8,000 in 2013, 2012, and 2011 respectively.