Long-Term Debt

6 Months Ended

Jul. 01, 2012

Long-term Debt, Unclassified [Abstract]

Long-term Debt

Note H – Long-Term Debt

On June 27, 2012, the Company amended its revolving bank line of credit agreement to, among other things, extend the maturity date to June 27, 2015, increase the maximum principal amount available for borrowing from $5,000,000 to $6,000,000, and adjust and modify the interest rate charged on any outstanding borrowings from LIBOR plus a variable margin based on the Company’s Adjusted Debt to EDITDAR Ratio (with such margin ranging from 3.5% to 4.5%) to LIBOR plus 3% with a minimum applicable interest rate of 4.25%.  No amounts were outstanding under the revolving line of credit at July 1, 2012, or subsequent to that time through August 14, 2012.