NOTES PAYABLE AND LONG-TERM DEBT

12 Months Ended

Mar. 31, 2012

Notes Payable and Long-Term Debt [Abstract]

NOTES PAYABLE AND LONG-TERM DEBT

NOTES PAYABLE AND LONG-TERM DEBT

Notes payable and long-term debt consisted of the following:

(In thousands)	March 31, 2012		April 2, 2011
Real estate mortgage	$	3,771	$	4,590
Short-term notes payable	—		289
	$	3,771	$	4,879
Less-Current portion	$	894	$	913
	$	2,877	$	3,966

Real Estate Mortgage Agreement

In December 2000, we entered into a $10.0 million real estate mortgage agreement (the “Mortgage Agreement”) with an investment firm. The Mortgage Agreement requires principal and interest payments of $0.1 million per month for a period of 180 months, commencing February 1, 2001. The entire balance of the loan may be repaid at any time after February 1, 2006, subject to a prepayment premium, which is calculated based upon the change in the current weekly average yield of Ten (10)-year U.S. Treasury Constant Maturities, the principal balance due and the remaining loan term. The Mortgage Agreement provides for interest to accrue on the unpaid principal balance at a rate of 8.41% per annum. Borrowings under the Mortgage Agreement, with a carrying value of approximately $3.8 million and $4.6 million as of March 31, 2012 and April 2, 2011, respectively, are secured by the land, building and building improvements at our headquarters and manufacturing facility in the U.S.. There are no financial covenants in the terms and conditions of this agreement.

As of March 31, 2012, notes payable and long-term debt matures as follows (in thousands):

Fiscal Year Ending
2013	$	894
2014	971
2015	1,056
2016	850
2017 and thereafter	—
	$	3,771