Based upon on our current expectations for increased capital expenditures during fiscal 2013, we currently believe our interest expense will likely increase during fiscal 2013 compared to the year that was thus completed.
Our total debt remains at historically low levels and our comparable debt to capitalization ratio at the end of the year was 37% down from 39% at the end of the year last year. I do want to point out that current maturities and long term debt on our balance sheet as of May 31, 2012 include a $15.1 million mortgage related to our Skirvin Hilton Hotel that has a maturity date in December of 2012 and 71 million in borrowings under our revolving credit agreement with a maturity date in April 2013.
We fully expect to refinance both of these debt agreements during fiscal 2013 at which time these borrowings will be reclassified as long term debt. So from my point of view, our only true current maturities during fiscal 2013 are the approximately 11.8 million due on our senior notes and other debt.
Looking at the next line, gains and losses from disposition of fixed assets, last year’s fourth quarter include some furniture and equipment write-offs related to hotel renovations and as a reminder the primary reason for the favorable comparison on this line for the full fiscal year was last year’s $750,000 loss that was related to an adverse legal judgment that was related our Las Vegas property. There were no significant variations in the last line and the other income expense section that equity gains and losses on investments line during the fourth quarter.Read the rest of this transcript for free on seekingalpha.com
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