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CREDIT FACILITIES (Tables)
 12 Months Ended
Sep. 30, 2013
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]
A summary of borrowings at September 30, 2013 and 2012 follows:
 
 
 
Fixed/
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Variable
 
 
 
September 30, 2013
 
 
September 30, 2012
Debt
 
Rate
 
Maturity Date
 
Balance
 
Interest Rate (1)
 
 
Balance
 
Interest Rate
 
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
M&T borrowings (2):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
 
v
 
01/18/16
 
$
11,261
 
3.19
%
 
$
6,588
 
3.00
%
Term Loan A
 
f
 
02/01/22
 
 
9,259
 
3.98
 
 
 
-
 
-
 
Term Loan B
 
v
 
02/01/23
 
 
13,184
 
2.68
 
 
 
-
 
-
 
SCB Term Loan
 
v
 
12/17/15
 
 
-
 
-
 
 
 
13,000
 
3.25
 
Albuquerque Term Loan
 
v
 
12/16/14
 
 
-
 
-
 
 
 
2,250
 
3.25
 
Albuquerque Mortgage Loan
 
v
 
02/01/18
 
 
3,000
 
3.44
 
 
 
3,267
 
3.25
 
Celmet Term Loan
 
v
 
07/30/15
 
 
-
 
-
 
 
 
1,166
 
3.25
 
Equipment Loans - 2
 
v
 
12/17/13
 
 
-
 
-
 
 
 
672
 
3.25
 
Equipment Loans - 3
 
f
 
11/01/12
 
 
-
 
-
 
 
 
108
 
2.93
 
Energy Loan
 
f
 
04/02/13
 
 
-
 
-
 
 
 
23
 
2.08
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other borrowings:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Seller notes, Wire and Cable
 
f
 
06/01/13
 
 
-
 
-
 
 
 
463
 
3.00
 
Albuquerque Industrial Revenue Bond
 
f
 
03/01/19
 
 
100
 
5.63
 
 
 
100
 
5.63
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt
 
 
 
 
 
 
36,804
 
 
 
 
 
27,637
 
 
 
Less: current portion
 
 
 
 
 
 
(2,778)
 
 
 
 
 
(6,533)
 
 
 
Long-term debt
 
 
 
 
 
$
34,026
 
 
 
 
$
21,104
 
 
 
 
 
(1) Rates noted above are before impact of interest rate swap.
 
(2) Sale-leaseback agreement with M&T is accounted for as an operating lease, and therefore is not included above for September 30, 2012.  The lease terminated during the third quarter of fiscal 2013.
Schedule Of Debt Covenant [Table Text Block]
On May 15, 2013 we obtained an amendment to the 2013 Credit Agreement (the “First 2013 Amendment”) which modified the Debt to EBITDARS Ratio and Fixed Charge Coverage Ratio covenants, and on August 6, 2013 we obtained a further amendment to the 2013 Credit Agreement (the “Second 2013 Amendment,” and together with the First 2013 Amendment, the “2013 Amendments”) which modified the Debt to EBITDARS Ratio, as shown in the table below.  Subsequent to September 30, 2013, on December 13, 2013, we obtained a further amendment to the 2013 Credit Agreement (the “2014 Amendment”) which modified the ratios as follows:
 
⋅      Debt to EBITDARS Ratio: (a)
 
2013 Credit Agreement, before 2013 Amendments:
 
3/31/2013 through and including 9/29/2013
< 3.00 to 1.00
 
 
9/30/2013 and thereafter
<2.75 to 1.00
 
 
2013 Credit Agreement, after First 2013 Amendment:
 
6/28/2013 through and including 12/27/2013
< 3.25 to 1.00
 
 
12/28/2013 through and including 3/28/2014
<3.00 to 1.00
 
 
3/29/2014 and thereafter
< 2.75 to 1.00
 
 
2013 Credit Agreement, after Second 2013 Amendment:
 
6/28/2013 through and including 12/27/2013
< 3.50 to 1.00
 
 
12/28/2013 through and including 3/28/2014
<3.00 to 1.00
 
 
3/29/2014 and thereafter
< 2.75 to 1.00
 
 
2013 Credit Agreement, after 2014 Amendment:
 
12/13/2013 through and including 3/27/2014
< 4.50 to 1.00
 
 
3/28/2014 through and including 6/26/2014
<3.50 to 1.00
 
 
6/27/2014 through and including 9/29/2014
<3.25 to 1.00
 
 
09/30/2014 and thereafter
< 2.75 to 1.00
 
 
⋅      Fixed Charge Coverage Ratio: (b)
   
2013 Credit Agreement, before 2013 Amendments:
 
3/31/2013 and thereafter
> 1.25 to 1.00
 
2013 Credit Agreement, after First 2013 Amendment:
 
6/28/2013
>0.95 to 1.00
 
 
9/30/2013
>1.00 to 1.00
 
 
12/27/2013
>1.15 to 1.00
 
 
3/28/2014 and thereafter
>1.25 to 1.00
 
2013 Credit Agreement, after 2014 Amendment:
 
3/28/2014 through and including 6/26/2014
≥0.90 to 1.00
 
 
06/27/2014 through and including 9/29/2014
≥1.10 to 1.00
 
 
9/30/2014 and thereafter
≥1.25 to 1.00
 
 (a) The ratio of debt to earnings before interest, taxes, depreciation, amortization, rent expense and non-cash stock compensation expense.
 
(b) The ratio compares (i) 12 month EBITDA plus non-cash stock compensation expense minus unfinanced capital expenditures minus cash taxes paid, to (ii) the sum of interest expense, principal payments, sale-leaseback payments and dividends, if any (fixed charges).
Schedule of Maturities of Long-term Debt [Table Text Block]
A summary of contractual principal payments under IEC's borrowings for the next five years taking into consideration the 2013 Credit Agreement follows:
 
 
 
Contractual
 
 
 
Principal
 
Debt Repayment Schedule
 
Payments (1)
 
(in thousands)
 
 
 
 
 
 
 
 
 
Years ended September 30,
 
 
 
 
2014
 
$
2,778
 
2015
 
 
2,778
 
2016 (2)
 
 
14,038
 
2017
 
 
2,778
 
2018 and thereafter
 
 
14,432
 
 
 
$
36,804
 
 
 
(1)   Does not include the Celmet Term Loan of $1.3 million the Company obtained subsequent to September 30, 2013.
 
(2)   Includes Revolver balance of $11.3 million as of September 30, 2013.