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Note 8 - Line of Credit | 12 Months Ended
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Dec. 31, 2017
Notes to Financial Statements |
Debt Disclosure [Text Block] |
8 . | LINE OF CREDIT :
T he Company’s Loan and Security Agreement (the “Agreement”) with Bank of America, N.A, as amended, expires on October 25, 2018 and provides for revolving loans and letters of credit in the aggregate of up to the maximum principal amount (the “Revolver Commitment”) of $60 million, subject to a borrowing base. The borrowing base is calculated by applying various advance rates to eligible accounts receivable, costs and estimated earnings in excess of billings, inventories and fixed assets, subject to various exclusions, adjustments and sublimits by asset class. The Company has the ability to increase the Revolver Commitment to $100 million, subject to the provisions of the Agreement. Borrowings under the Agreement bear interest at rates related to London Interbank Offered Rate plus 1.75% to 2.25%, or at Bank of America’s prime rate plus 0.75% to 1.25%. Borrowings under the Agreement are secured by substantially all of the Company’s assets. As of December 31, 2017 and 2016, there were no outstanding borrowings. As of December 31, 2017, the Company’s borrowing capacity under the Agreement was $19.1 million, net of outstanding letters of credit. The Agreement also contains customary representations, warranties and events of default, which include the occurrence of events or circumstances which have a Material Adverse Effect, as defined in the Agreement. Payment of outstanding advances may be accelerated, at the option of Bank of America, should the Company default in its obligations under the Agreement. In October 2015, the Company terminated its previous credit agreement and incurred incremental interest expense of $0.4 million related to the write-off of unamortized financing costs associated with the terminated agreement. Interest expense from continuing operations from line of credit borrowings and capital leases was $0.5 million, net of a nominal amount capitalized in 2017, $0.5 million in 2016 and $1.3 million, net of amounts capitalized of $0.1 million in 2015. No interest was capitalized in 2016.

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- 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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