The Revolver is secured by substantially all of the assets of Concurrent.
July 30, 2012, we entered into a Waiver and Second Modification (the "Modification") to the Second Amended and Restated Loan and Security Agreement with the Bank. The Modification permits us to make payments of quarterly cash dividends. Additionally, during fiscal year 2013, the Bank consented to allow for payment of the special dividend and to increase our quarterly dividends paid to $3.5 millionfor the fiscal year, so long as an Event of Default does not exist at the time of declaration or payment of any such cash dividend and would not exist after giving effect to such cash dividend. During our fiscal year 2013, our Board of Directors initiated dividend payments to shareholders. Fiscal year 2013 dividend payments totaled $7.5 millionfrom five quarterly dividend payments (the additional dividend payment relates to the previous fiscal year) and one special dividend. The first four quarterly dividends were each for $0.06per share, and during the fourth quarter of our fiscal year 2013 we increased our quarterly dividend to $0.12per share. On December 11, 2012, our Board of Directors declared a special dividend of $0.50per share of common stock. The special dividend was paid on December 31, 2012to unrestricted stockholders of record at the close of business on December 21, 2012. We intend to pay a regular quarterly cash dividend on our common shares subject to, among other things, our results of operations, cash balances, future cash requirements, financial condition, statutory requirements of Delawarelaw, and other factors that the Board of Directors may deem relevant. We believe that a portion of our dividends may be treated as a return of capital to shareholders, rather than dividend income, as we believe dividend payments may exceed our cumulative earnings and profits. 39 -------------------------------------------------------------------------------- Table of Contents At June 30, 2013, we had working capital (current assets less current liabilities) of $27.7 million, including cash and cash equivalents of approximately $27.9 million, and had no material commitments for capital expenditures. At June 30, 2012, we had working capital of $29.4 million, including cash, cash equivalents, and short-term investments of approximately $29.6 million. At June 30, 2011, we had working capital of $30.3 million, including cash, cash equivalents, and short-term investments of approximately $33.3 million. As of June 30, 2013, approximately $1.8 million, or 6.5% of our cash is in foreign accounts and there is no expectation that any foreign cash would need to be transferred from these foreign accounts to cover operations in the next 12 months. Based upon our existing cash balances and short-term investments, historical cash usage, and anticipated operating cash flow in the current fiscal year, we believe that existing cash balances will be sufficient to meet our anticipated working capital, dividend payments and capital expenditure requirements for at least the next 12 months.