while it is difficult to predict exactly what impact the removal of non-therapeutic claims for our products that are medically important antibacterials will ultimately have on our sales , we estimate that , based on our customers ' usage patterns , had we voluntarily decided to withdraw all of our non-therapeutic claims for these products in the united states , and did not add any new therapeutic claims for these products , our mfa & other net sales would have been reduced by approximately $ 15 to $ 20 million for our fiscal year ended june 30 , 2014. competition the animal health industry is highly competitive . we believe many of our competitors are conducting r & d activities in areas served by our products and in areas in which we are developing products . our competitors include the animal health businesses of large pharmaceutical companies and specialty animal health businesses . in addition to competition from established participants , there could be new entrants to the animal health medicines and vaccines industry in the future . principal methods of competition vary depending on the region , species , product category or individual products , including reliability , reputation , quality , price , service and promotion to veterinary professionals , pet owners and livestock producers . foreign exchange we conduct operations in many areas of the world , involving transactions denominated in a variety of currencies . in fiscal year 2014 , we generated approximately 37 % of our revenues from operations outside the u.s. although a portion of our revenues are denominated in various currencies , the selling prices of the majority of our sales outside the united states are referenced in u.s. dollars and as result our revenues are not significantly directly affected by currency movements . we are subject to currency risk to the extent that our costs are denominated in currencies other than those in which we earn revenues . we manufacture some of our major products in brazil and israel and production costs are largely denominated in local currencies , while the selling prices of the products are largely set in u.s. dollars . as such , we are exposed to changes in cost of goods sold resulting from currency movements and may not be able to adjust our selling prices to offset such movements . in addition , we incur selling and administrative expenses in various currencies and are exposed to changes in such expenses resulting from currency movements . because our financial statements are reported in u.s. dollars , changes in currency exchange rates between the u.s. dollar and other currencies have had , and will continue to have , an impact on our results of operations . climate the animal health industry and demand for many of our animal health products in a particular region are affected by changing disease pressures and by weather conditions , as usage of our products follows varying weather patterns and weather-related pressures from diseases . as a result , we may experience regional and seasonal fluctuations in our results of operations . in addition , livestock producers depend on the availability of natural resources , including abundant rainfall to sustain large supplies of drinking water , grasslands and grain production . their animals ' health and their ability to operate could be adversely affected if they experience a shortage of fresh water due to human population growth or floods , droughts or other weather conditions . in the event of adverse weather conditions or a shortage of fresh water , livestock producers may purchase less of our products . product development initiatives our future success depends on both our existing product portfolio , including our ability to obtain cross-clearances enabling the use of our medicated products in conjunction with other products , approval for use of our products with new species , approval for new claims for our products , approval of our 57 products in new markets , and our pipeline of new products , including new products that we may develop through joint ventures and products that we are able to obtain through license or acquisition . the majority of our r & d programs focus on product lifecycle development , which is defined as r & d programs that leverage existing animal health products by adding new species or claims , achieving approvals in new markets or creating new combinations and reformulations . we commit substantial effort , funds and other resources to expanding our product approvals and r & d , both through our own dedicated resources and through collaborations with third parties . initial public offering and refinancing see “ notes to the consolidated financial statements— initial public offering and refinancing ” for details of the ipo and refinancing . sources and uses of proceeds the following table summarizes the sources and uses of proceeds in connection with the april 2014 sale of class a common stock in the ipo , entry into the revolving credit facility and term b loan and retirement of our previous indebtedness : replace_table_token_12_th our pro forma interest cost on our new debt structure , as if the transactions had occurred at the beginning of fiscal year 2014 , would have been $ 13.9 million , a savings of $ 19.2 million compared to the actual interest of $ 33.1 million . our pro forma interest is based on a 4.0 % interest rate effective as of june 30 , 2014. recent acquisitions and licensing activities acquisition of aquavet in january 2014 , we completed the acquisition of the aquaculture assets of aquavet , a leading aquaculture veterinary consulting and contract research firm based in israel , for aggregate consideration of $ 0.9 million plus a contingent incentive payment based on the future results of our aquaculture business . story_separator_special_tag we expect our capital expenditures will total approximately $ 25 million in fiscal year 2015 , primarily for the animal health segment , including investments for the continued expansion of production capacity and cost reductions . 67 for the year ended june 30 , 2013 , cash used in investing activities was $ 38.4 million . the ogr and other acquisitions used $ 18.7 million . our capital expenditures totaled $ 19.9 million and included investments for the expansion of production capacity for the animal health segment . our capital expenditures also included investments to reduce manufacturing costs and improve production efficiencies for certain of our animal health products . financing activities for the year ended june 30 , 2014 , net cash provided by financing activities was $ 4.8 million . the ipo provided $ 114.4 million of net cash from the issuance of new common shares . the refinancing used $ 78.8 million of net cash , including proceeds from long term debt of $ 289.3 million and repayments of our domestic senior credit facility and long term debt of $ 368.1 million . in march 2014 , prior to the ipo , we paid a $ 25.0 million dividend to our stockholders . for the year ended june 30 , 2013 , cash provided by financing activities was $ 10.9 million . in 2013 , we borrowed a net $ 20.0 million from our domestic senior credit facility . in addition , we made a $ 3.0 million dividend payment and the final $ 5.0 million payment on the teva term loan . liquidity and capital resources w e believe our cash on hand , our operating cash flows and our financing arrangements , including the availability of borrowings under the revolving credit facility and foreign credit lines , will be sufficient to support our future cash needs . our operating plan projects adequate liquidity throughout the year . however , we can provide no assurance that our liquidity and capital resources will be adequate for future funding requirements . we believe we will be able to comply with the terms of the covenants under the revolving credit facility and foreign credit lines based on our operating plan . in the event of adverse operating results and or violation of covenants under the facilities , there can be no assurance we would be able to obtain waivers or amendments . other risks to our meeting future funding requirements include global economic conditions and macroeconomic , business and financial disruptions that could arise . there can be no assurance that the challenging economic environment or an economic downturn would not impact our liquidity or our ability to obtain future financing . certain relevant measures of our liquidity and capital resources follow : replace_table_token_20_th we define working capital as total current assets ( excluding cash and cash equivalents ) less total current liabilities ( excluding current portion of long-term debt ) . we calculate the ratio of current assets to current liabilities based on this definition . at june 30 , 2014 , we had no outstanding borrowings under the revolving credit facility . we had outstanding letters of credit and other commitments of $ 17.1 million , leaving $ 82.9 million available for borrowings and letters of credit . in addition , we had availability totaling $ 15.0 million under our israeli loan agreements . we currently intend to pay quarterly dividends , representing $ 15.6 million annually on our class a and class b common stock , subject to approval from the board of directors . our board of directors has declared a cash dividend of $ 0.10 per share on class a common stock and class b common stock which is payable on september 24 , 2014. at june 30 , 2014 , our cash and cash equivalents included $ 9.8 million held by our international subsidiaries . there are no restrictions on cash distributions to pahc from our international subsidiaries . we consider the remaining funds to be indefinitely reinvested in our international operations , based on our operating plan . should our plans change and we decide to repatriate some or all of the remaining cash held 68 by our international subsidiaries , the amounts repatriated would be subject to federal and state income taxes at statutory rates , with the potential for partial offsetting credits for taxes paid to international jurisdictions . we currently have u.s. federal and state nols that would be available to offset income from the repatriation of such cash and cash equivalents , to the extent not used to offset other income . as such , no significant current income taxes would be payable to federal or state authorities from the repatriation of such cash and cash equivalents until such nols have been fully used . for financial reporting purposes , the use of the nols would result in the release of a valuation allowance currently recorded to offset the value of the nols . the provision for income taxes would not be significantly affected by the repatriation , to the extent of the release of the existing valuation allowance . analysis of the consolidated balance sheets replace_table_token_21_th certain amounts and percentages may reflect rounding adjustments . dso average was 50 to 60 days across all our businesses and geographies . payment terms outside the u.s. are typically longer than in the u.s. for the periods presented , we have maintained our overall average accounts receivables dso between 53 and 56 days . we regularly monitor our accounts receivable for collectability , particularly in countries where economic conditions remain uncertain . we believe that our allowance for doubtful accounts is appropriate . our assessment is based on such factors as past due history , historical and expected collection patterns , the financial condition of our customers , the robust nature of our credit and collection practices and the economic environment . we calculate dso based on a 360 -

loss on extinguishment of debt our consolidated statements of operations for the year ended june 30 , 2014 , included a $ 22.8 million loss on extinguishment of debt consisting of redemption premium paid and the write-off of original issue discount and deferred financing costs related to retired debt . in april 2014 , we retired a $ 24.0 million term loan payable to mayflower , a $ 10.0 million term loan payable to bfi and outstanding borrowings under our domestic senior credit facility . in may 2014 , we retired $ 300.0 million of 9.25 % senior notes due 2018. provision ( benefit ) for income taxes we recorded a $ 9.4 million provision for income taxes on consolidated pre-tax income of $ 6.3 million , representing a 149.6 % effective tax rate . the tax provision is comprised primarily of income taxes relating to certain profitable foreign jurisdictions and foreign withholding taxes , partially offset by a benefit from the recognition of certain previously unrecognized tax benefits . we generated a taxable loss from our domestic operations and established a valuation allowance to offset the income tax benefit . the provision included $ 3.2 million of foreign withholding taxes resulting from the payment of a dividend by our israel operations to phibro . 64 comparison of fiscal years ended june 30 , 2013 and 2012 net sales fiscal year 2013 net sales of $ 653.2 million decreased $ 1.0 million , or less than 1 % , for the fiscal year ended june 30 , 2013 , as compared to the fiscal year ended june 30 , 2012 , as $ 9.8 million of growth in animal health was offset by declines in mineral nutrition and performance products . net sales growth was $ 4.0 million , or 1 % , excluding the effect of the fiscal year ended june 30 , 2012 revenue of $ 5.0 million from the licensing of vaccine delivery technology . animal health net sales of $ 384.9 million grew $ 9.8 million , or 3 % , due to volume growth of mfas and other and nutritional specialty products , partially offset by lower volumes of vaccines .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```loss on extinguishment of debt our consolidated statements of operations for the year ended june 30 , 2014 , included a $ 22.8 million loss on extinguishment of debt consisting of redemption premium paid and the write-off of original issue discount and deferred financing costs related to retired debt . in april 2014 , we retired a $ 24.0 million term loan payable to mayflower , a $ 10.0 million term loan payable to bfi and outstanding borrowings under our domestic senior credit facility . in may 2014 , we retired $ 300.0 million of 9.25 % senior notes due 2018. provision ( benefit ) for income taxes we recorded a $ 9.4 million provision for income taxes on consolidated pre-tax income of $ 6.3 million , representing a 149.6 % effective tax rate . the tax provision is comprised primarily of income taxes relating to certain profitable foreign jurisdictions and foreign withholding taxes , partially offset by a benefit from the recognition of certain previously unrecognized tax benefits . we generated a taxable loss from our domestic operations and established a valuation allowance to offset the income tax benefit . the provision included $ 3.2 million of foreign withholding taxes resulting from the payment of a dividend by our israel operations to phibro . 64 comparison of fiscal years ended june 30 , 2013 and 2012 net sales fiscal year 2013 net sales of $ 653.2 million decreased $ 1.0 million , or less than 1 % , for the fiscal year ended june 30 , 2013 , as compared to the fiscal year ended june 30 , 2012 , as $ 9.8 million of growth in animal health was offset by declines in mineral nutrition and performance products . net sales growth was $ 4.0 million , or 1 % , excluding the effect of the fiscal year ended june 30 , 2012 revenue of $ 5.0 million from the licensing of vaccine delivery technology . animal health net sales of $ 384.9 million grew $ 9.8 million , or 3 % , due to volume growth of mfas and other and nutritional specialty products , partially offset by lower volumes of vaccines .
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 Suspicious Activity Report : while it is difficult to predict exactly what impact the removal of non-therapeutic claims for our products that are medically important antibacterials will ultimately have on our sales , we estimate that , based on our customers ' usage patterns , had we voluntarily decided to withdraw all of our non-therapeutic claims for these products in the united states , and did not add any new therapeutic claims for these products , our mfa & other net sales would have been reduced by approximately $ 15 to $ 20 million for our fiscal year ended june 30 , 2014. competition the animal health industry is highly competitive . we believe many of our competitors are conducting r & d activities in areas served by our products and in areas in which we are developing products . our competitors include the animal health businesses of large pharmaceutical companies and specialty animal health businesses . in addition to competition from established participants , there could be new entrants to the animal health medicines and vaccines industry in the future . principal methods of competition vary depending on the region , species , product category or individual products , including reliability , reputation , quality , price , service and promotion to veterinary professionals , pet owners and livestock producers . foreign exchange we conduct operations in many areas of the world , involving transactions denominated in a variety of currencies . in fiscal year 2014 , we generated approximately 37 % of our revenues from operations outside the u.s. although a portion of our revenues are denominated in various currencies , the selling prices of the majority of our sales outside the united states are referenced in u.s. dollars and as result our revenues are not significantly directly affected by currency movements . we are subject to currency risk to the extent that our costs are denominated in currencies other than those in which we earn revenues . we manufacture some of our major products in brazil and israel and production costs are largely denominated in local currencies , while the selling prices of the products are largely set in u.s. dollars . as such , we are exposed to changes in cost of goods sold resulting from currency movements and may not be able to adjust our selling prices to offset such movements . in addition , we incur selling and administrative expenses in various currencies and are exposed to changes in such expenses resulting from currency movements . because our financial statements are reported in u.s. dollars , changes in currency exchange rates between the u.s. dollar and other currencies have had , and will continue to have , an impact on our results of operations . climate the animal health industry and demand for many of our animal health products in a particular region are affected by changing disease pressures and by weather conditions , as usage of our products follows varying weather patterns and weather-related pressures from diseases . as a result , we may experience regional and seasonal fluctuations in our results of operations . in addition , livestock producers depend on the availability of natural resources , including abundant rainfall to sustain large supplies of drinking water , grasslands and grain production . their animals ' health and their ability to operate could be adversely affected if they experience a shortage of fresh water due to human population growth or floods , droughts or other weather conditions . in the event of adverse weather conditions or a shortage of fresh water , livestock producers may purchase less of our products . product development initiatives our future success depends on both our existing product portfolio , including our ability to obtain cross-clearances enabling the use of our medicated products in conjunction with other products , approval for use of our products with new species , approval for new claims for our products , approval of our 57 products in new markets , and our pipeline of new products , including new products that we may develop through joint ventures and products that we are able to obtain through license or acquisition . the majority of our r & d programs focus on product lifecycle development , which is defined as r & d programs that leverage existing animal health products by adding new species or claims , achieving approvals in new markets or creating new combinations and reformulations . we commit substantial effort , funds and other resources to expanding our product approvals and r & d , both through our own dedicated resources and through collaborations with third parties . initial public offering and refinancing see “ notes to the consolidated financial statements— initial public offering and refinancing ” for details of the ipo and refinancing . sources and uses of proceeds the following table summarizes the sources and uses of proceeds in connection with the april 2014 sale of class a common stock in the ipo , entry into the revolving credit facility and term b loan and retirement of our previous indebtedness : replace_table_token_12_th our pro forma interest cost on our new debt structure , as if the transactions had occurred at the beginning of fiscal year 2014 , would have been $ 13.9 million , a savings of $ 19.2 million compared to the actual interest of $ 33.1 million . our pro forma interest is based on a 4.0 % interest rate effective as of june 30 , 2014. recent acquisitions and licensing activities acquisition of aquavet in january 2014 , we completed the acquisition of the aquaculture assets of aquavet , a leading aquaculture veterinary consulting and contract research firm based in israel , for aggregate consideration of $ 0.9 million plus a contingent incentive payment based on the future results of our aquaculture business . story_separator_special_tag we expect our capital expenditures will total approximately $ 25 million in fiscal year 2015 , primarily for the animal health segment , including investments for the continued expansion of production capacity and cost reductions . 67 for the year ended june 30 , 2013 , cash used in investing activities was $ 38.4 million . the ogr and other acquisitions used $ 18.7 million . our capital expenditures totaled $ 19.9 million and included investments for the expansion of production capacity for the animal health segment . our capital expenditures also included investments to reduce manufacturing costs and improve production efficiencies for certain of our animal health products . financing activities for the year ended june 30 , 2014 , net cash provided by financing activities was $ 4.8 million . the ipo provided $ 114.4 million of net cash from the issuance of new common shares . the refinancing used $ 78.8 million of net cash , including proceeds from long term debt of $ 289.3 million and repayments of our domestic senior credit facility and long term debt of $ 368.1 million . in march 2014 , prior to the ipo , we paid a $ 25.0 million dividend to our stockholders . for the year ended june 30 , 2013 , cash provided by financing activities was $ 10.9 million . in 2013 , we borrowed a net $ 20.0 million from our domestic senior credit facility . in addition , we made a $ 3.0 million dividend payment and the final $ 5.0 million payment on the teva term loan . liquidity and capital resources w e believe our cash on hand , our operating cash flows and our financing arrangements , including the availability of borrowings under the revolving credit facility and foreign credit lines , will be sufficient to support our future cash needs . our operating plan projects adequate liquidity throughout the year . however , we can provide no assurance that our liquidity and capital resources will be adequate for future funding requirements . we believe we will be able to comply with the terms of the covenants under the revolving credit facility and foreign credit lines based on our operating plan . in the event of adverse operating results and or violation of covenants under the facilities , there can be no assurance we would be able to obtain waivers or amendments . other risks to our meeting future funding requirements include global economic conditions and macroeconomic , business and financial disruptions that could arise . there can be no assurance that the challenging economic environment or an economic downturn would not impact our liquidity or our ability to obtain future financing . certain relevant measures of our liquidity and capital resources follow : replace_table_token_20_th we define working capital as total current assets ( excluding cash and cash equivalents ) less total current liabilities ( excluding current portion of long-term debt ) . we calculate the ratio of current assets to current liabilities based on this definition . at june 30 , 2014 , we had no outstanding borrowings under the revolving credit facility . we had outstanding letters of credit and other commitments of $ 17.1 million , leaving $ 82.9 million available for borrowings and letters of credit . in addition , we had availability totaling $ 15.0 million under our israeli loan agreements . we currently intend to pay quarterly dividends , representing $ 15.6 million annually on our class a and class b common stock , subject to approval from the board of directors . our board of directors has declared a cash dividend of $ 0.10 per share on class a common stock and class b common stock which is payable on september 24 , 2014. at june 30 , 2014 , our cash and cash equivalents included $ 9.8 million held by our international subsidiaries . there are no restrictions on cash distributions to pahc from our international subsidiaries . we consider the remaining funds to be indefinitely reinvested in our international operations , based on our operating plan . should our plans change and we decide to repatriate some or all of the remaining cash held 68 by our international subsidiaries , the amounts repatriated would be subject to federal and state income taxes at statutory rates , with the potential for partial offsetting credits for taxes paid to international jurisdictions . we currently have u.s. federal and state nols that would be available to offset income from the repatriation of such cash and cash equivalents , to the extent not used to offset other income . as such , no significant current income taxes would be payable to federal or state authorities from the repatriation of such cash and cash equivalents until such nols have been fully used . for financial reporting purposes , the use of the nols would result in the release of a valuation allowance currently recorded to offset the value of the nols . the provision for income taxes would not be significantly affected by the repatriation , to the extent of the release of the existing valuation allowance . analysis of the consolidated balance sheets replace_table_token_21_th certain amounts and percentages may reflect rounding adjustments . dso average was 50 to 60 days across all our businesses and geographies . payment terms outside the u.s. are typically longer than in the u.s. for the periods presented , we have maintained our overall average accounts receivables dso between 53 and 56 days . we regularly monitor our accounts receivable for collectability , particularly in countries where economic conditions remain uncertain . we believe that our allowance for doubtful accounts is appropriate . our assessment is based on such factors as past due history , historical and expected collection patterns , the financial condition of our customers , the robust nature of our credit and collection practices and the economic environment . we calculate dso based on a 360 -

