5 
 
Capital Expenditures 
We expect capital expenditures for fiscal 2013 to be in the 
$13.0 million to $14.0 million range, consisting of capital 
associated with additional information technology equipment and 
infrastructure investments.  Depreciation for fiscal 2013 is 
expected to be in the range of $12.5 million to $13.5 million. 
Share Repurchases 
The Board of Directors has authorized the repurchase of shares of 
the Company’s stock.  These purchases may be made in open 
marke
t and negotiated transactions, from time to time, 
depending upon market conditions.  At June 30, 2012, we had 
authorization to purchase an additional 1,142,800 shares. 
In fiscal 2012, 2011 and 2010, we repurchased 997,200, 
189,600 and 159,900 shares of the Company’s common stock, 
respectively, at an average price per share of $31.12, $32.09 and 
$24.57, respectively. 
Borrowing Arrangements 
The Company has a five- year committed revolving credit 
agreement that expires in May 2017.  This agree ment provides 
for unsecured borrowings of up to $150.0 million.  We had no 
borrowings outstanding under our revolving credit agreements at 
June 30, 2012 or June 30, 2011.  Unused lines under this facility, 
net of outstanding letters of credit, totaled $143.1 million and 
were available to fund future acquisitions or other capital and 
operating requirements.  Borrowings under this agreement would 
be at variable interest rates tied to either LIBOR, prime, o r the 
bank’s cost of fund s. 
We also have an uncommitted long-term financing shelf facility 
which expires in February 2013 and enables us to borrow up to 
$100.0 million with terms of up to fifteen years.  We had no 
outstanding borrowings under this facility at June 30, 2012 or 
June 30, 2011. 
The revolving credit facility and uncommitted shelf facility contain 
restrictive covenants regarding liquidity, net worth, financial 
ratios, and other covenants.  At June 30, 2012, the most 
restrictive of these covenants requ ired that the Company have 
consolidated income before interest, taxes, depreciation and 
amortization at least equal to 300% of net interest expense.   
At June 30, 2012, the Company was in compliance with all 
covenants and expects to remain in compliance during the  
terms of the agreements. 
Accounts Receivable Analysis 
The following table is included to aid in analysis of accounts 
receivable and the associated provision for losses on accounts 
receivable (amoun ts in thousands):  
June 30, 2012 2011 
Accounts receivable, gross $ 315,375  $ 297,767  
Allowance for doubtful accounts 8,332  7,016  
Accounts receivable, net $ 307,043  $ 290,751  
Allowance for doubtful accounts,  
% of gross receivables 2.6 % 2.4 % 
   
Year Ended June 30, 2012 2011. 
Provision for losses on accounts receivable $ 3,915  $ 2,029  
Provision as a % of net sales 0.16 % 0.09 % 
Accounts receivable are reported at net realizable value and 
consist of trade receivables from customers.  Management 
monitors accounts receivable by reviewing Days Sales 
Outstanding (DSO) and the aging of receivables for each of the 
Company's locations.   
On a consolidated basis, DSO was 45.2 at June 30, 2012 versus 
44.2 at June 30, 2011.  Accounts receivable increased 5.6% this 
year, compared to a 7.3% increase  in sales in the twelve months 
ended June 30, 2012.  We primarily attr ibute the increase in DSO 
to higher sales to large contract accounts.   
Less than 3% of our accounts receivable balances are more  
than 90 days past due.  On an overall basis, our provision for 
losses from uncollected receivables represents 0.16% o f our sales 
in the year ended June 30, 2012.  Historically, this percentage is 
around 0.15%.  Management believes the overall receivables 
aging and provision for losses on uncollected receivables are at 
reasonable levels. 
Inventory Analysis 
Inventories are valued at  the lower of cost or market, using the 
last-in, first-out (LIFO) method for U.S. inventories and the