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Credit Facility
 6 Months Ended
Jun. 30, 2012
Credit Facility [Abstract]  
Credit Facility

Note 5 — Credit Facility

At June 30, 2012, the Company had a $14.8 million balance outstanding on its revolving line of credit under its Existing Credit Facility (“Existing Credit Facility”). The weighted average interest rate was 1.5% through the first six months of 2012 and the outstanding balance approximates fair value. On June 27, 2012 the Company received a commitment letter from its lender, The PrivateBank, to replace its existing $55.0 million credit facility with a new five-year, $40.0 million credit facility (“New Credit Facility”). The Company entered into the New Credit Facility on August 8, 2012.

At June 30, 2012, the Company was not in compliance with the minimum EBITDA covenant defined in the Existing Credit Facility. However, the Company was in compliance with the remaining financial covenants as detailed below:

 

         

Covenant

   Minimum
Requirement		   Actual

Minimum EBITDA (loss) as defined in the Existing Credit Facility

   $2.0 million   $(8.2) million

Minimum cash plus accounts receivable and inventory to debt ratio

   1.75:1.00   5.54:1.00

Minimum tangible net worth

   $55.0 million   $ 65.5 million

The Company received a waiver under the Existing Credit Facility for relief from compliance with the minimum EBITDA covenant for the quarter ended June 30, 2012.