Financing Arrangements - Notes to Financial Statements

3 Months Ended

Apr. 30, 2016

Financing Arrangements [Abstract]

Financing Arrangements

NOTE 4– FINANCING ARRANGEMENTS:

As of April 30, 2016, the Company had an unsecured revolving credit agreement to borrow $35.0 million less the balance of any revocable letters of credit as discussed below. The revolving credit agreement is committed until August 2018. 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 April 30, 2016. There were no borrowings outstanding under this credit facility during the periods ended April 30, 2016 orJanuary 30, 2016. The weighted average interest rate under the credit facility was zero at April 30, 2016 due to no borrowings during the year.

At April 30, 2016 andJanuary 30, 2016, the Company had no outstanding revocable letters of credit relating to purchase commitments.