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Note D - Financing Arrangements

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Debt Disclosure [Text Block]

Note D – Financing Arrangements

The Company

may

borrow up to

$20.0

million with interest at LIBOR plus

0.75%

or at alternative rates as selected by the Company under an unsecured bank line of credit which matures in

November

2018.

At

December

 

31,

2016

and

2015,

$20.0

million was available for borrowing after giving consideration to immaterial amounts of letters of credit.

The Company also has an

$8.0

million unsecured bank line of credit with interest at LIBOR plus

0.75%

payable monthly which matures in

May

2017.

At

December

 

31,

2016

and

2015,

$3.2

million and

$3.9

million, respectively, was available for borrowing after deducting

$4.8

million and

$4.1

million in outstanding letters of credit, respectively.

The Company also has a

$3.0

million bank guarantee with interest at

1.75%

in an agreement dated

June

2016.

At

December

 

31,

2016,

$0.6

million was available for borrowing after deducting

$2.4

million in outstanding letters of credit.

The financing arrangements described above contain standard restrictive covenants, including limits on additional borrowings and maintenance of certain operating and financial ratios. At

December

 

31,

2016

and

2015,

the Company was in compliance with all requirements.

Interest expense, which approximates interest paid, was

$20,000,

$122,000

and

$134,000

in

2016,

2015

and

2014,

respectively.

The Company has operating leases for certain offices, manufacturing facilities, land, office equipment and automobiles. Rental expense relating to operating leases was

$1.1

million,

$1.0

million and

$1.1

million in

2016,

2015

and

2014,

respectively.

The future minimum lease payments due under these operating leases as of

December

 

31,

2016

are:

2017				2018				2019				2020				2021				Thereafter				Total
$	747			$	601			$	266			$	56			$	-			$	10			$	1,680

X

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20,22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

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X

- References

No definition available.

+ Details

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