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Line of Credit
12 Months Ended
Dec. 31, 2013
Line of Credit
(4) Line of Credit
 
We have a revolving credit facility with a money center bank which is secured by substantially all our inventories, equipment and accounts receivable. Effective October 1, 2011, our credit facility was amended to increase the maximum principal amount of our revolving line of credit from $25.0 million to $40.0 million. Interest under the credit facility is assessed at 30-day, 60-day or 90-day LIBOR, as selected by us, plus one percent (1.17 percent at December 31, 2013) and is payable monthly. We had no outstanding borrowings under the credit facility at December 31, 2013 or 2012.  The credit facility amendment also extended the date on which the lender is obligated to make advances under the revolving line of credit to October 1, 2016.  At any time during the term, we may convert any or all outstanding amounts under the credit facility to a term loan with a maturity of two years. Our ability to borrow funds under the credit facility from time to time is contingent on meeting certain covenants in the loan agreement, the most restrictive of which is the ratio of total debt to earnings before interest, income tax, depreciation and amortization.  At December 31, 2013, we were in compliance with all of those covenants.