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Line of Credit

6 Months Ended

Jan. 31, 2012

4.	Line of Credit

The Company maintains an unsecured line of credit available for working capital and letters of credit of $20.5 million at interest rates ranging from 3% to 5% at January 31, 2012. Other lines are available solely for letters of credit in the amount of $13.5 million. The Company guarantees the line of credit of Walsh Environmental Scientists and Engineers, LLC (Walsh). Its lenders have reaffirmed the Company’s lines of credit within the past twelve months. At January 31, 2012 and July 31, 2011 the Company had letters of credit and loans outstanding totaling approximately $9.2 million and $4.1 million, respectively. After letters of credit and loans, there was $24.8 million of availability under the lines of credit at January 31, 2012, of which $14.0 million is available for working capital.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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