Subsequent Events

6 Months Ended

Jun. 30, 2013

Subsequent Events

Subsequent Events

Note 16 — Subsequent Events

On August 21, 2013, the Company’s Board of Directors declared a quarterly cash dividend of $0.11 per share.  The estimated dividend payment of $610,000 is payable on November 15, 2013, to shareholders of record on November 1, 2013.

In August 2013, the Company entered into a license and development agreement with Luxcel which grants the Company access to proprietary technology on an exclusive basis.  The Company is obligated to pay a total of $200,000 for two licenses, each with a four-year term which is automatically renewable under certain circumstances.  In addition, the Company is committed to spending additional amounts for development work to be performed by Luxcel for yet to be determined work order projects.