Financing Arrangements - Notes to Financial Statements

9 Months Ended

Oct. 31, 2020

Financing Arrangements [Abstract]

Financing Arrangements

NOTE 4 – FINANCING ARRANGEMENTS:

As of October 31, 2020, 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. On June 2, 2020, the Company signed an amendment extending the revolving credit agreement through May 2023. 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 October 31, 2020. There were no borrowings outstanding under this credit facility as of October 31, 2020 or February 1, 2020. The weighted average interest rate under the credit facility was zero at October 31, 2020 due to no borrowings outstanding.

At October 31, 2020 and February 1, 2020, the Company had no outstanding revocable letters of credit relating to purchase commitments.