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Financing Arrangements - Notes to Financial Statements
3 Months Ended
Jul. 28, 2012
Financing Arrangements [Abstract]  
Financing Arrangements

NOTE 4 – FINANCING ARRANGEMENTS:

 

As of July 28, 2012, the Company had an unsecured revolving credit agreement to borrow $35.0 million. The revolving credit agreement is committed until August 2013. 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 July 28, 2012. There were no borrowings outstanding under this credit facility during the periods ended July 28, 2012, January 28, 2012 or July 30, 2011. Interest on any borrowings is based on One Month LIBOR, which was 0.246% at July 28, 2012.

 

At July 28, 2012, January 28, 2012 and July 30, 2011, the Company had approximately $5.8 million, $2.3 million and $5.7 million, respectively, of outstanding irrevocable letters of credit relating to purchase commitments.