Note 19 - Restricted Cash and Investments
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12 Months Ended |
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Jun. 30, 2012
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Restricted Assets Disclosure [Text Block] |
(19) Restricted
Cash and Investments
During
fiscal 2010, we transferred $17.3 million of cash into two
restricted accounts. We transferred $11.3 million as
collateral for our workmen’s compensation and other
insurance liabilities, previously secured by a letter of
credit. We also transferred $6.0 million into a separate
restricted account as collateral for the issuer of our
private label credit cards to ensure funding for delivery
of products sold. These restricted funds, which can be
invested by us in money market mutual funds, and U.S.
Treasuries and U.S. Government agency fixed income
instruments with maturities of two years or less, cannot be
withdrawn from our account without the prior written
consent of the secured parties. These restricted funds are
classified as long-term assets because they are not
expected to be used within one year to fund operations. In
fiscal 2012 and fiscal 2011, $1.0 million was transferred
to operating cash from the restricted accounts each year
due to a lowering of our collateral requirement for
workmen’s compensation insurance.
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