Financing Arrangements - Notes to Financial Statements

9 Months Ended

Nov. 03, 2018

Financing Arrangements [Abstract]

Financing Arrangements

NOTE 4 – FINANCING ARRANGEMENTS:

As of November 3, 2018, the Company had an unsecured revolving credit agreement to borrow $35.0 million less the balance of any revocable letters of credit as discussed below. The revolving credit agreement is committed until August 2019. The credit agreement contains various financial covenants and limitations, including the maintenance of specific financial ratios with which the Company was in compliance as of November 3, 2018. There were no borrowings outstanding under this credit facility during the periods ended November 3, 2018 or February 3, 2018. The weighted average interest rate under the credit facility was zero at November 3, 2018 due to no borrowings outstanding.

At November 3, 2018 and February 3, 2018, the Company had no outstanding revocable letters of credit relating to purchase commitments.