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INVENTORIES

6 Months Ended

Jun. 30, 2013

NOTE E - INVENTORIES

Inventories are stated at the lower of cost or market. Cost is determined using the first-in, first-out (“FIFO”) method. Market is replacement cost or net realizable value. We estimate reserves for inventory obsolescence based on our judgment of future realization. Inventories were comprised of the following (in thousands):

	June 30, 2013			December 31, 2012
Raw materials	$	6,402		$	6,806
Work in process		3,974			4,024
Finished goods		4,637			4,344
Spare parts and supplies		928			956
		15,941			16,130
Allowance for obsolete inventory		(978	)		(748	)
Inventories, net	$	14,963		$	15,382

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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