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Long-Term Debt | 12 Months Ended
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Dec. 31, 2011
Long-Term Debt [Abstract] |
Long-Term Debt | NOTE 6. LONG-TERM DEBT Long-term debt, net as of December 31, 2011 and 2010, were as follows:
|  |  | December 31, |  |  |
|  | 2011 |  |  |  | 2010 |  |
Revolving credit facility (a) | $ |  | 22,356 |  | $ |  | 14,735 |
5% Senior Subordinated Notes due 2017 (b) |  |  | 14,980 |  |  |  | 14,018 |
Trademark payable (c ) |  |  | 587 |  |  |  | 706 |
Capital leases (d) |  |  | 147 |  |  |  | 305 |
|  |  | 38,070 |  |  |  | 29,764 |
Less current portion |  |  | (673 | ) |  |  | (308 | )
| $ |  | 37,397 |  | $ |  | 29,456 |
(a) In connection with the closing of the acquisition of BDEL, the Company and certain of its subsidiaries entered into a loan agreement effective May 28, 2010 with Zions First National Bank ("Lender") (the "Loan Agreement"). Pursuant to the terms of the Loan Agreement, the Lender has made available a thirty-five million dollar ($35,000) unsecured revolving credit facility (the "Loan"); at December 31, 2011, the Company has $903 in letters of credit under the Loan. The Loan matures on July 2, 2013. The Loan may be prepaid or terminated at the Company's option at anytime without penalty. No amortization is required. Any outstanding principal balance together with any accrued but unpaid interest or fees will be due in full at maturity. The Loan bears interest at the 90-day London Interbank Offered Rate ("LIBOR") plus an applicable margin as determined by the ratio of Senior Net Debt (as calculated in the Loan Agreement) to Trailing Twelve Month EBITDA (as calculated in the Loan Agreement) as follows: (i) 90-day LIBOR Rate plus 3.5% per annum at all times that Senior Net Debt to Trailing Twelve Month EBITDA ratio is greater than or equal to 2.5; (ii) 90-day LIBOR Rate plus 2.75% per annum at all times that Senior Net Debt to Trailing Twelve Month EBITDA ratio is less than 2.5. The Loan requires the payment of an unused commitment fee of (i) 0.6% per annum at all times that the ratio of Senior Net Debt to Trailing Twelve Month EBITDA is greater than or equal to 2.5, and (ii) 0.45% per annum at all times that the ratio of Senior Net Debt to Trailing Twelve Month EBITDA is less than 2.5. The Loan Agreement contains certain restrictive debt covenants that require the Company and its subsidiaries to maintain an EBITDA based minimum Trailing Twelve Month EBITDA, a minimum tangible net worth, and a positive amount of asset coverage, all as calculated in the Loan Agreement. In addition, the Loan Agreement contains covenants restricting the Company and its subsidiaries from pledging or encumbering their assets, with certain exceptions, and from engaging in acquisitions other than acquisitions permitted by the Loan Agreement. The Loan Agreement contains customary events of default (with grace periods where customary), including, among other things, failure to pay any principal or interest when due; any materially false or misleading representation, warranty, or financial statement; failure to comply with or to perform any provision of the Loan Agreement; and default on any debt or agreement in excess of certain amounts. (b) In connection with the Gregory Merger, $22,056 and $554 in subordinated notes were issued to the Gregory Stockholders. The notes have a seven year term, 5% stated interest rate payable quarterly, and are prepayable at any time. Given the below market interest rate for comparably secured notes and the relative illiquidity of the notes, we discounted the notes to $13,127 and $316, respectively, at date of acquisition. We are accreting the discount on the notes to interest expense using the effective interest method over the term of the notes. During the years ended December 31, 2011 and 2010, $962 and $575, respectively, of the discounts were accreted and recorded as interest expense in the accompanying statements of operations. (c) In June 2009, the Company entered into a contract to purchase the exclusive rights to the Black Diamond Equipment trademark for clothing. The face amount of the non-interest bearing note was $1,000. The unamortized discount, based upon an imputed interest rate of 5%, was $103 at inception. During the years ended December 31, 2011 and 2010, $31 and $21, respectively, of the discount was accreted and recorded as interest expense in the accompanying statements of operations. (d) Various capital leases payable to banks: interest rates ranging from 6.10% to 7.75%; monthly installments ranging from $1 to $5; ending between March 2012 and April 2014; secured by certain equipment. The aggregate maturities of long-term debt and revolving lines of credit for the years subsequent to December 31, 2011 are as follows:
2012 | $ | 600 |
2013 |  | 22,356 |
2014 |  | - |
2015 |  | - |
2016 |  | - |
Thereafter |  | 22,610 |
Total future long-term debt payments |  | 45,566 |
Less amount representing debt discounts |  | (7,643 | )
Total carrying amount of long-term debt |  | 37,923 |
Less current portion |  | (587 | )
Long-term debt obligations | $ | 37,336 |
Property held under capital leases as of December 31, 2011 and 2010, was $371 and $469, respectively, and accumulated amortization was $77 and $37, respectively. Capital lease future minimum lease payments and the present value of net minimum lease payments for the years subsequent to December 31, 2011, are as follows:
2012 | $ | 92 |
2013 |  | 47 |
2014 |  | 16 |
2015 |  | - |
2016 |  | - |
Thereafter |  | - |
Total Future minimum lease payments |  | 155 |
Less amount representing interest |  | (8 | )
Present value of net minimum lease payments |  | 147 |
Less current portion |  | (86 | )
Long-term capial lease obligations | $ | 61 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 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 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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