Note I - Fair Values of Financial Instruments

9 Months Ended

Oct. 01, 2011

Fair Value Disclosures [Text Block]

Note I – Fair Values of Financial Instruments

The following methods were used to estimate the fair value of all financial instruments recognized in the accompanying balance sheets at amounts other than fair values.

Cash and Cash Equivalents and Time Deposits

Fair values of cash and cash equivalents and time deposits approximate cost due to the short period of time to maturity.

Notes Payable and Long-term Debt

The Company believes the carrying value of both short-term and long-term debt adequately reflects the fair value of these instruments.

The following table presents estimated fair values of the Company’s financial instruments in accordance with FASB ASC 820 at October 1, 2011, December 25, 2010, and October 2, 2010.

	October 1, 2011				December 25, 2010				October 2, 2010
In thousands	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Cash and cash equivalents	$	4,433	$	4,433	$	1,536	$	1,536	$	2,370	$	2,370
Time deposits		1,200		1,200		1,250		1,250		1,500		1,500
Financial liabilities
Note payable and Short-term debt		18,129		18,129		11,053		11,053		13,829		13,829
Current portion of Long-term debt		2,000		2,000		2,000		2,000		2,000		2,000
Long-term debt		5,500		5,500		7,500		7,500		7,500		7,500

The outstanding balance of the euro overdraft facility is included in Notes payable and Short-term debt. For the periods ended October 1, 2011, December 25, 2010, and October 2, 2010, the balance of the euro overdraft facility was $2.3 million, $1.6 million, and $2.0 million, respectively.