CREDIT FACILITIES (Tables)

12 Months Ended

Sep. 30, 2014

A summary of borrowings at period end follows:



	Fixed/		September 30, 2014					September 30, 2013
	Variable					Interest					Interest
Debt	Rate	Maturity Date	Balance			Rate (1)		Balance			Rate (1)
(in thousands)
M&T credit facilities:
Revolving Credit Facility	v	1/18/2016	$	7,431		4.44	%	$	11,261		3.19	%
Term Loan A	f	2/1/2022	8,148			3.98		9,259			3.98
Term Loan B	v	2/1/2023	11,783			3.41		13,184			2.68
Albuquerque Mortgage Loan	v	2/1/2018	2,733			4.69		3,000			3.44
Celmet Building Term Loan	f	11/7/2018	1,192			4.72		—			—

Other credit facilities:
Albuquerque Industrial Revenue Bond	f	3/1/2019	100			5.63		100			5.63

Total debt			31,387					36,804
Less: current portion			(2,908		)			(2,778		)
Long-term debt			$	28,479				$	34,026

(1) Rates noted above are before impact of interest rate swap.

Schedule of Debt Covenant

On December 13, 2013 and February 4, 2014 we obtained further amendments to the 2013 Credit Agreement (the “First 2014 Amendment” and “Second 2014 Amendment”, respectively, and together the “2014 Amendments”) which modified the ratios as follows:



Ÿ	Debt to EBITDARS Ratio: ^(a)
	2013 Credit Agreement, before 2013 Amendments:
	3/31/2013 through and including 9/29/2013	< 3.00 to 1.00
	9/30/2013 and thereafter	<2.75 to 1.00

	2013 Credit Agreement, after First 2013 Amendment:
	6/28/2013 through and including 12/27/2013	< 3.25 to 1.00
	12/28/2013 through and including 3/28/2014	<3.00 to 1.00
	3/29/2014 and thereafter	< 2.75 to 1.00

	2013 Credit Agreement, after Second 2013 Amendment:
	6/28/2013 through and including 12/27/2013	< 3.50 to 1.00
	12/28/2013 through and including 3/28/2014	<3.00 to 1.00
	3/29/2014 and thereafter	< 2.75 to 1.00

	2013 Credit Agreement, after First 2014 Amendment:
	12/13/2013 through and including 3/27/2014	< 4.50 to 1.00
	3/28/2014 through and including 6/26/2014	<3.50 to 1.00
	6/27/2014 through and including 9/29/2014	<3.25 to 1.00
	09/30/2014 and thereafter	< 2.75 to 1.00

	2013 Credit Agreement, after Second 2014 Amendment:
	12/26/2014 through and including 3/26/2015	< 4.50 to 1.00
	3/27/2015 through and including 6/25/2015	<3.50 to 1.00
	6/26/2015 through and including 9/29/2015	<3.25 to 1.00
	09/30/2015 and thereafter	< 2.75 to 1.00

Ÿ	Fixed Charge Coverage Ratio: ^(b)

	2013 Credit Agreement, before 2013 Amendments:
	3/31/2013 and thereafter	≥ 1.25 to 1.00

	2013 Credit Agreement, after First 2013 Amendment:
	6/28/2013	>0.95 to 1.00
	9/30/2013	>1.00 to 1.00
	12/27/2013	>1.15 to 1.00
	3/28/2014 and thereafter	>1.25 to 1.00

	2013 Credit Agreement, after First 2014 Amendment:
	3/28/2014 through and including 6/26/2014	≥0.90 to 1.00
	06/27/2014 through and including 9/29/2014	≥1.10 to 1.00
	9/30/2014 and thereafter	≥1.25 to 1.00

	2013 Credit Agreement, after Second 2014 Amendment:
	12/26/2014 through and including 3/26/2015	≥1.00 to 1.00
	03/27/2014 through and including 6/25/2015	≥1.15 to 1.00
	6/26/2015 and thereafter	≥1.25 to 1.00


^(a)	The ratio of debt to earnings before interest, taxes, depreciation, amortization, rent expense and non-cash stock compensation expense.


^(b)	The ratio compares (i) 12 month EBITDA plus non-cash stock compensation expense minus unfinanced capital expenditures minus cash taxes paid, to (ii) the sum of interest expense, principal payments, sale-leaseback payments and dividends, if any (fixed charges).

Schedule of Maturities of Long-term Debt

A summary of contractual principal payments under IEC’s borrowings for the next five years taking into consideration the 2013 Credit Agreement follows:



Debt Repayment Schedule	Contractual Principal Payments
(in thousands)
Twelve months ended Sept 30,
2015	$	2,908
2016 ⁽¹⁾	10,339
2017	2,908
2018	4,574
2019	3,283
2020 and thereafter	$	7,375
	$	31,387

⁽¹⁾ Includes Revolver balance of $7.4 million at September 30, 2014