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INVENTORIES

3 Months Ended

Mar. 31, 2013

NOTE 2.

INVENTORIES

Inventories are stated at the lower of cost or market. Cost is determined principally on the average cost method. Inventories at March 31, 2013 and December 31, 2012 were as follows (in thousands):

	March 31, 2013			December 31, 2012

Raw materials	$	5,554		$	5,133
Work in process		1,201			1,294
Finished goods		2,238			2,016
Gross inventories		8,993			8,443
Less: reserve for obsolescence		(456	)		(459	)

Net inventories	$	8,537		$	7,984

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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