Debt (Text Block)

3 Months Ended

Sep. 30, 2015

Debt and Capital Leases Disclosures [Text Block]

DEBT

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



	September 30,		June 30,
	2015		2015
LONG TERM DEBT
Revolving credit facility	$	—	$	50,000
Capital leases	—		816
	—		50,816
Less current maturities	—		714
Debt, net of current maturities	$	—	$	50,102



SHORT TERM DEBT
Capital leases	$	1,107	$	1,881
Current maturities of long-term debt	—		714
Notes payable and current maturities of long term debt	$	1,107	$	2,595

Capital leases

The Company has entered into various capital lease obligations for the use of certain computer equipment. The Company currently has short term capital lease obligations totaling $1,107 at September 30, 2015.

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 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, 2015, the Company was in compliance with all such covenants. The revolving loan terminates February 20, 2020 and at September 30, 2015, the outstanding revolving loan balance was $0.

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 September 30, 2015, no amount was outstanding.

Interest

The Company paid interest of $250 and $285 during the three months ended September 30, 2015 and 2014, respectively.

Property and Equipment

Property and equipment included $0 and $1,605 in accrued liabilities or acquired via capital lease at September 30, 2015 and September 30, 2014, respectively. These amounts were excluded from capital expenditures on the statement of cash flows.