Note 7 - Short-Term Credit Facilities, Long-Term Debt

12 Months Ended

Jul. 28, 2012

Debt Disclosure [Text Block]

7.           SHORT-TERM CREDIT FACILITIES, LONG-TERM DEBT

At July 28, 2012 and July 30, 2011, the Company had no borrowings under any domestic or foreign short term credit facilities.  Effective January 12, 2010, the Company terminated its domestic short-term credit facility and all foreign short-term credit facilities were effectively cancelled upon the sale of Villa.

Long-term debt was comprised of the following:

	JULY 28, 2012			INTEREST RATE AT JULY 28, 2012
Mortgage	$	2,360			4.90	%
Total long term debt		2,360
Less current portion of long-term bank debt		(82	)
Long-term debt, less current portion	$	2,278

On September 1, 2010, the Company completed a mortgage financing on its property in Bay Shore, NY and received approximately $2,500 payable over 10 years at an initial fixed rate of 4.9% for the first 5 years, adjusted for the last 5 years as defined in the agreement.  Monthly principal repayments began in October 2010.  The outstanding balance on this mortgage was $2,360 and $2,347 at July 28, 2012 and July 30, 2011, respectively.  The mortgage lender required the Company to establish an escrow for the full balance of the note commensurate with the sale of Villa (which is reflected as restricted cash as of July 28, 2012).  As further described in Note 15, the Company retained this facility after the sale of RFI and expects to pay off the mortgage using the restricted cash in fiscal 2016, when the related prepayment penalty period lapses.

The Company is scheduled to make payments under its long-term debt as follows:

FISCAL YEARS	DEBT
2013	$	197
2014		197
2015		197
2016		2,119
2017		-
2018 and beyond		-
Total payments		2,710
Less: amount representing interest		(350	)
Total	$	2,360