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NOTE 8 - LONG-TERM DEBT | 12 Months Ended
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Jan. 29, 2012
Long-term Debt [Text Block] | NOTE 8 – LONG-TERM DEBT On December 7, 2010, we entered into a new loan agreement with Bank of America, N.A. The new agreement replaced our prior credit agreement with the Bank of America, which was scheduled to expire on March 1, 2011. The new agreement, which is scheduled to expire on July 31, 2013, and includes the following terms:
§ | A $15.0 million unsecured revolving credit facility, up to $3.0 million of which can be used to support letters of credit;
§ | A floating interest rate, adjusted monthly, based on LIBOR, plus an applicable margin based on the ratio of our funded debt to our EBITDA (each as defined in the agreement);
§ | A quarterly unused commitment fee, based on our ratio of funded debt to EBITDA;
§ | No pre-payment penalty.
The agreement includes customary representations and warranties and requires us to comply with customary covenants, including, among other things, the following financial covenants:
§ | Maintain a tangible net worth of at least $108.0 million;
§ | Limit capital expenditures to no more than $15.0 million during any fiscal year; and
§ | Maintain a ratio of funded debt to EBITDA not exceeding 2.0:1.0.
We were in compliance with each of these financial covenants at January 29, 2012. The loan agreement does not restrict our ability to pay cash dividends on, or repurchase, shares of our common stock, subject to complying with the financial covenants under the agreement. As of January 29, 2012, we had an aggregate $13.1 million available under our revolving credit facility to fund working capital needs. Standby letters of credit in the aggregate amount of $1.9 million, used to collateralize certain insurance arrangements and for imported product purchases, were outstanding under the revolving credit facility as of January 29, 2012. There were no additional borrowings outstanding under the revolving credit facility on January 29, 2012.

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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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