Debt (Text Block)

12 Months Ended

Jun. 30, 2015

Debt and Capital Leases Disclosures [Text Block]

DEBT

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



	June 30,		June 30,
	2015		2014
LONG TERM DEBT
Revolving credit facility	$	50,000	$	—
Capital leases	816		7,757
	50,816		7,757
Less current maturities	714		4,028
Debt, net of current maturities	$	50,102	$	3,729



SHORT TERM DEBT
Capital leases	$	1,881	$	1,379
Current maturities of long-term debt	714		4,028
Notes payable and current maturities of long term debt	$	2,595	$	5,407

The following table summarizes the annual principal payments required as of June 30, 2015:



Years ended June 30,
2016	$	2,595
2017	102
2018	—
2019	—
2020	50,000
Thereafter	—
	$	52,697

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 $816 remains outstanding at June 30, 2015 and $714 will be maturing within the next twelve months. The Company also has short term capital lease obligations totaling $1,881 at June 30, 2015. Included in property and equipment are assets under capital leases totaling $16,833, which have accumulated depreciation totaling $4,563.

Revolving credit facility

The revolving credit facility allows for borrowings of up to $300,000, which may be increased by the Company at any time until maturity to $600,000. The credit facility bears interest at a variable rate equal to (a) a rate based on LIBOR or (b) an alternate base rate (the highest of (i) the Prime Rate for such day, (ii) the sum of the Federal Funds Effective Rate for such day plus 0.50% and (iii) the Eurocurrency Rate for a one month Interest Period on such day for dollars 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 June 30, 2015, the Company was in compliance with all such covenants. The revolving loan terminates February 20, 2020 and at June 30, 2015, the outstanding revolving loan balance was $50,000.

Other lines of credit

The Company renewed an unsecured bank credit line on March 3, 2014 which provides for funding of up to $5,000 and bears interest at the prime rate less 1%. The credit line was renewed through April 30, 2017. At June 30, 2015, no amount was outstanding.

Interest

The Company paid interest of $1,111, $620, and $3,549 in 2015, 2014, and 2013 respectively.