Note 7 - Borrowings

12 Months Ended

Dec. 31, 2011

Debt Disclosure [Text Block]

Note 7 — Borrowings

On April 14, 2011 the Company entered into the Seventh Amendment to its Credit Agreement with its issuing bank, JP Morgan Chase Bank, N.A. (Chase). The Seventh Amendment amends the Credit Agreement originally dated as of April 30, 2009, and as amended had a maturity date of May 31, 2012. The Seventh Amendment now makes available to the Company a senior revolving credit facility in the maximum principal amount of up to $22 million with a maturity date of July 31, 2013 and a term loan in the principal amount of $8.5 million with a maturity date of May 31, 2015. The term loan agreement requires the Company to make repayment of the principal balance in equal installments of $0.5 million per quarter beginning in September 2010. A portion of the credit facility not in excess of $5 million is available for the issuance of commercial or standby letters of credit to be issued by Chase. The Credit Agreement Amendment also provides a Euro 2.0 million (approximately $2.6 million) overdraft facility. As of December 31, 2011 and December 25, 2010, the total amount outstanding on the overdraft facility was $2.2 million and $1.6 million, respectively.

Short-Term Debt

Short-term debt at fiscal year-ends was as follows:

In Thousands	2011		2010
Senior secured revolving credit facility of $22.0 million with a maturity of July 31, 2013. The loan bears an interest rate of the Alternative Base Rate plus or minus the applicable ABR spread, or LIBOR plus the applicable LIBOR Spread, determined quarterly and based on the Company’s leverage ratio. Secured by substantially all assets of the Company. The interest rates at December 31, 2011 ranged between 2.53% and 3.25%.	$	10,000	$	6,707
Euro overdraft facility of approximately $2.6 million payable on demand. The facility bears on interest rate of LIBOR plus 2.5%.		2,247		1,585
Short-term debt		4,700		4,700
	$	16,947	$	12,992

Long-Term Debt

Long-term debt at fiscal year-ends was as follows:

In Thousands	2011			2010
Revolving term loan of $10.0 million, executed on May 31, 2010 with a term of 5 years, with payments of $0.5 million quarterly beginning with the calendar quarter ended September 30, 2010. The loan bears an interest rate of Alternative Base Rate plus or minus the applicable ABR Spread, or LIBOR plus the applicable LIBOR Spread, determined quarterly. The interest rate at December 31, 2011, was 2.7963%.	$	7,000		$	9,500
Mortgage payable (Wabash, Indiana Adjustable Rate Economic Development Revenue Refunding Bonds), annual installments are optional, interest varies with short-term rates and is adjustable weekly based on market conditions, maximum rate is 10.00%, rate at December 31, 2011 is 0.35%, due September 2028, secured by plant facility, machinery and equipment, and a stand-by letter of credit		2,700			2,700
		9,700			12,200
Portion classified as short-term debt		(4,700	)		(4,700	)
	$	5,000		$	7,500

Maturities of long-term debt outstanding at December 31, 2011 are as follows: $4.7 million in 2012, $2.0 million in 2013, $2.0 million in 2014, and $1.0 million in 2015.