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Long-Term Debt

9 Months Ended

Sep. 30, 2011

Note 5 – Long-term debt:


	December 31, 2010		September 30, 2011
	(In thousands)

Revolving bank credit facility	$	3,000	$	4,842
Promissory note payable to affiliate		42,230		37,480


Total debt		45,230		42,322
Less current maturities		1,000		5,842


Total long-term debt	$	44,230	$	36,480

In February 2011, we repaid all of the $3.0 million which was outstanding at December 31, 2010 on the revolving credit facility. In July 2011, we borrowed the equivalent of approximately $5.3 million under our revolving credit facility in connection with the acquisition discussed in Note 2 (such borrowing was denominated in Canadian dollars, as permitted by the terms of the credit facility). Of the current maturities, $4.8 million relates to our revolving bank credit facility and $1.0 million relates to our note payable to affiliate discussed below.

The promissory note payable to affiliate was amended in September 2009 resulting in the deferral of interest payments and postponement of quarterly principal payments on the promissory note until March 2011. As such, in March 2011 we paid our required quarterly principal payment of $250,000 and all accrued interest totaling approximately $1.0 million. In addition, we prepaid $4.0 million in principal on the promissory note. In the second and third quarters of 2011, we continued our regularly scheduled quarterly principal payment of $250,000 and related accrued interest for each quarter. The interest rate on the promissory note at September 30, 2011 was 1.2%.

In October 2011, we collected the $15.0 million principal amount due to us under our promissory note receivable, and subsequently made an additional $15.0 million prepayment on our promissory note payable to affiliate.