5. LONG-TERM DEBT

Long-term debt consists of the following:

	April 30, 2011			October 31, 2010
Borrowings under revolving credit facility	$	7,000,000		$	14,000,000
Notes payable and capital leases		105,000			221,000
		7,105,000			14,221,000
Less: Current maturities of long-term debt		(50,000	)		(148,000	)
	$	7,055,000		$	14,073,000

As of April 30, 2011 and October 31, 2010, the weighted average interest rate on borrowings under the Company’s $300 million revolving credit facility was .9% as of each date. The revolving credit facility contains both financial and non-financial covenants. As of April 30, 2011, the Company was in compliance with all such covenants.