Short Term Borrowings

6 Months Ended

Jul. 02, 2011

Short Term Borrowings [Abstract]

Short Term Borrowings

3. Short Term Borrowings

We had a line of credit with a bank. The agreement was structured as a sale of accounts receivable and provided for the sale of up to $3.0 million of eligible accounts receivable, with advances to us totaling 80% of the receivables sold. At July 2, 2011 we were in compliance with all covenants of the agreement and there was no amount outstanding under this borrowing facility. We have not used this line of credit for several years and therefore allowed it to expire without renewal on July 11, 2011.