Financing Obligations

12 Months Ended

Dec. 31, 2012

Note 8 – Financing Obligations

The Company’s debt consists of the following:


	December 31,
(in thousands)	2012		2011
Various obligations under capital leases, with interest rates from 4.5% to 7.4%, due in various monthly installments, including interest, through various dates through January 2016, secured by equipment	$	629	$	1,003
Less current portion		273		390

Long-term obligation	$	356	$	613

Maturities on long-term debt obligations at December 31, 2012 are as follows:

Years Ending December 31,
(in thousands)
2013	$	273
2014		200
2015		146
2016		10

	$	629

The Company has a revolving line of credit expiring September 30, 2013, if not renewed. Under this revolving line of credit, the Company can borrow a maximum amount of $10 million at an interest rate equal to LIBOR plus 1.5% (1.75% on December 31, 2012). The revolving line of credit is secured by substantially all assets of the Company. The revolving line of credit includes a covenant limiting investments in foreign subsidiaries exceeding $10 million and includes certain financial thresholds such as net income and tangible net worth. As of December 31, 2012, there were no advances outstanding under the revolving line of credit and the Company was in compliance with all terms and conditions of the revolving line of credit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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