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Borrowings Under Revolving Credit Facility
12 Months Ended
Mar. 31, 2013
Borrowings Under Revolving Credit Facility [Abstract]  
Borrowings Under Revolving Credit Facility
Note 6. Borrowings Under Revolving Credit Facility

On May 31, 2007, pursuant to a Credit Agreement, the Company established a revolving credit facility with both Wells Fargo Bank, National Association (formerly Wachovia Bank, National Association) and SunTrust Bank. The facility is unsecured and provides for monthly payments of interest accruing at a rate of LIBOR plus an applicable margin. The terms of the revolving credit facility require the Company to meet certain financial covenants and ratios and contain other limitations, including certain restrictions on dividend payments. Borrowing availability under the facility is also subject to a borrowing base, based on levels of trade accounts receivable and inventory. Initially, the maximum borrowing amount under the facility was $50.0 million and it had a term expiring in May 2010.  This credit facility has been amended several times, most recently on December 21, 2012 (the Eighth Modification Amendment).  Currently the credit facility has a maximum borrowing limit of $35.0 million and has a term expiring in May 2014.  The amount of dividend payments allowed to be made by the Company under the Credit Facility is $6.25 million in any 12 month period, not including the onetime special dividend of $0.75 per share of common stock on December 27, 2012, to shareholders of record on December 13, 2012.  The dollar amount of stock repurchases permitted under the term of the credit facility is $30.0 million. Numerous financial covenants have been amended from the original credit facility.  The financial covenants included in the Credit Agreement for the unsecured revolving credit facility are also applicable to the Company's existing Term Loan with the same lenders. Accordingly, the each amendment also has the effect of amending the financial covenants applicable to the Term Loan.

The facility provides for monthly payments of interest accruing at a rate of LIBOR plus an applicable margin ranging from 1.75% to 2.75%.The weighted average interest rate on borrowings under the Company's revolving credit facilities was 2.68%, 2.48% and 2.57% for fiscal years 2013, 2012 and 2011, respectively. Interest expense on this revolving credit facility for fiscal years 2013, 2012 and 2011 totaled $77,400, $112,600 and $136,300, respectively. Average borrowings under this revolving credit facility totaled $2,858,500, $4,411,592 and $5,312,700 and maximum borrowings totaled $18,989,600, $20,118,300 and $18,954,800, for fiscal years 2013, 2012 and 2011, respectively.

As of March 31, 2013 and April 1, 2012, the Company had a zero balance on its revolving credit facility.

The Company was in compliance with the terms and financial covenants applicable to each of the revolving credit facility and term loan facility at the end of fiscal years 2013, 2012 and 2011.