Short-Term Borrowings

9 Months Ended

Sep. 30, 2013

Debt Disclosure [Abstract]

Short-Term Borrowings [Text Block]

(7)       Short-Term Borrowings

We have a $50,000,000 Financing and Security Agreement (the “Credit Agreement”) with a bank that expires on October 31, 2015 and is secured by certain of our assets. The Credit Agreement contains a provision to increase the maximum principal amount to $75,000,000 upon lender approval. The maximum interest rate on borrowings under the Credit Agreement is the daily LIBOR market index rate plus 2.25%. Based upon our financial performance, the interest rate can be reduced to a minimum of LIBOR plus 1.0%. The Credit Agreement contains covenants with respect to our minimum tangible net worth, total liabilities to tangible net worth ratio and cash flow to debt service ratio, all of which were in compliance with the Credit Agreement as of September 30, 2013. As of September 30, 2013, there were $4,820,000 of borrowings outstanding and $45,180,000 of available borrowings under the Credit Agreement.