Note H - Fair Values of Financial Instruments

3 Months Ended

Mar. 24, 2012

Fair Value Disclosures [Text Block]

Note H – 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

Fair values of notes payable and long-term debt is estimated based on borrowing rates currently available to the Company for bank loans with similar terms and maturities and determined through the use of a discounted cash flow model.

The following table presents estimated fair values of the Company’s financial instruments and the level within the fair value hierarchy in which the fair value measurements fall in accordance with FASB ASC 825 at March 24, 2012 and March 19, 2011.

			Fair Value Measurements Using
March 24, 2012 In thousands	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	2,581	$	2,581	$	—	$	—
Time deposits	$	500	$	500	$	—	$	—
Financial liabilities
Note payable and Short-term debt	$	13,688	$	—	$	13,688	$	—
Current portion of Long-term debt	$	2,000	$	—	$	2,000	$	—
Long-term debt	$	5,000	$	—	$	5,000	$	—

			Fair Value Measurements Using
March 19, 2011 In thousands	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash and cash equivalents	$	1,583	$	1,583	$	—	$	—
Time deposits	$	1,000	$	1,000	$	—	$	—
Financial liabilities
Note payable and Short-term debt	$	14,653	$	—	$	14,653	$	—
Current portion of Long-term debt	$	2,000	$	—	$	2,000	$	—
Long-term debt	$	7,000	$	—	$	7,000	$	—

The outstanding balance of the euro overdraft facility is included in Notes payable and Short-term debt. For the periods ended March 24, 2012, December 31, 2011, and March 19, 2011, the balance of the euro overdraft facility was $2.2 million, $2.2 million, and $1.3 million, respectively.