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LINE OF CREDIT
12 Months Ended
Dec. 31, 2013
LINE OF CREDIT [Abstract]  
LINE OF CREDIT
5.    LINE OF CREDIT:
 
 
Until December 2012, the Company was party to a Credit Agreement, dated August 13, 2007, as amended, between the Company and Sovereign Bank (the “Prior Agreement”), which provided for a revolving credit facility and two term loans.  Immediately prior to entering into the Restated Agreement (identified below), a revolving credit facility in the aggregate of $18.0 million was available to the Company under the Prior Agreement.
 

On December 5, 2012, the Company entered into an Amended and Restated Credit Agreement with Sovereign Bank as the sole arranger, administrative agent and collateral agent and Valley National Bank.  The Restated Agreement provides for a revolving credit loan commitment of $35 million, which replaces the Sovereign Revolving Facility,  and a term loan of $3.9 million.  The term of the Restated Agreement is through December 2016.  The Restated Agreement increases the availability under, and amends and restates the Credit Agreement, dated as of August 13, 2007, as subsequently amended, between the Company and Sovereign Bank (the “Prior Agreement”), which provided for a revolving credit loan commitment and two term loans.  One of the term loans under the Prior Agreement was refinanced as a revolving credit loan under the Restated Agreement.  The other term loan and the revolving credit loans under the Prior Agreement continued as a term loan and revolving credit loan under the Restated Agreement.

As of December 31, 2013, the Company was in compliance with all financial covenants contained in the credit agreement.  As of December 31, 2013, the Company had $21.4 million outstanding under the Sovereign Revolving Facility bearing interest at 3.25%.