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Financing Arrangements - Notes to Financial Statements
9 Months Ended
Nov. 01, 2014
Financing Arrangements [Abstract]  
Financing Arrangements

NOTE 4 – FINANCING ARRANGEMENTS:

 

As of November 1, 2014, the Company had an unsecured revolving credit agreement to borrow $35.0 million, less the value of revocable letters of credit discussed below. During 2013, the revolving credit agreement was amended and extended to August 2015. The credit agreement contains various financial covenants and limitations, including the maintenance of specific financial ratios with which the Company was in compliance as of November 1, 2014. There were no borrowings outstanding under this credit facility during the periods ended November 1, 2014, February 1, 2014 or November 2, 2013. The weighted average interest rate under the credit facility was zero at November 1, 2014 due to no borrowings during the year.

 

At November 1, 2014, February 1, 2014 and November 2, 2013, the Company had approximately $0.4 million, $0.4 million and $0.6 million, respectively, of outstanding revocable letters of credit related to purchase commitments.