Debt (Text Block)

3 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Debt and Capital Leases Disclosures [Text Block]

DEBT

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

	September 30,		June 30,
	2013		2013
LONG TERM DEBT
Capital leases	$	16,493	$	14,161
Other borrowings	—		120
	16,493		14,281
Less current maturities	9,950		6,915
Debt, net of current maturities	$	6,543	$	7,366

SHORT TERM DEBT
Capital leases	$	1,419	$	1,014
Current maturities of long-term debt	9,950		6,915
Other borrowings	78		—
Notes payable and current maturities of long term debt	$	11,447	$	7,929

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 $16,493 remains outstanding at September 30, 2013 and $9,950 will be maturing within the next twelve months. The Company also has short term capital lease obligations totaling $1,419 at September 30, 2013.

Other lines of credit

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. 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 credit facility is secured by pledges of capital stock of certain subsidiaries of the Company and 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 September 30, 2013, the Company was in compliance with all such covenants. The revolving loan terminates June 4, 2015 and at September 30, 2013, there was no outstanding revolving loan balance.

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