5. CREDIT FACILITIES AND LONG-TERM DEBT
Cash paid for interest totaled approximately $687,000, $810,000 and $450,000 for the years ended March 31, 1999, 1998 and 1997, respectively.

Revolving Bank Credit Facility - The Company has a revolving bank credit facility which provides for borrowings of up to $30,000,000 through September 1, 2000. The Company is obligated for a commitment fee of .125% per annum for any unused portion of the credit facility. The Company may choose between various interest rate options. The revolving credit arrangement contains affirmative and negative covenants including limitations on dividend payments, loans and advances. The Company had no borrowings outstanding during fiscal 1999 or 1998.

Long Term Debt - As of March 31, 1999, the Company has no long-term debt. As of March 31, 1998, the Company's long term debt included $6,100,000 of pound-denominated notes issued as part of the Direct Technology Limited acquisition (see note 2 of Notes to Consolidated Financial Statements). The Company also had approximately $800,000 of pound-denominated notes outstanding at March 31, 1998 that were issued as part of the Vine Systems acquisition (see note 2 of Notes to Consolidated Financial Statements).

  Annual Report 1999