CREDIT FACILITIES (Tables)

12 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Schedule of Debt

A summary of borrowings at period end follows:   

	Fixed/		September 30, 2015					September 30, 2014
	Variable					Interest					Interest
Debt	Rate	Maturity Date	Balance			Rate (1)		Balance			Rate (1)
(in thousands)
M&T credit facilities:
Revolving Credit Facility	v	1/18/2018	$	12,415		4.50	%	$	7,431		4.44	%
Term Loan A	f	1/1/2020	4,804			3.98		8,148			3.98
Term Loan B	v	2/1/2023	10,383			3.45		11,783			3.41
Albuquerque Mortgage Loan	v	2/1/2018	2,467			4.75		2,733			4.69
Celmet Building Term Loan	f	11/7/2018	1,062			4.72		1,192			4.72
Other credit facilities:
Albuquerque Industrial Revenue Bond	f	3/1/2019	100			5.63		100			5.63
Total debt			31,231					31,387
Less: current portion			(2,908		)			(2,908		)
Long-term debt			$	28,323				$	28,479

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

Schedule of Debt Covenant

A summary of financial covenant compliance follows:

	Quarterly EBITDARS	Debt to EBITDARS Ratio	Fixed Charge Coverage Ratio
Fiscal Quarters
Fourth 2015	Compliant	Compliant	Compliant
Third 2015	Compliant	Compliant	Compliant
Second 2015	Waived	Waived	Waived
First 2015	Waived	Waived	Waived
Fourth 2014	Compliant	Not Measured	Not Measured
Third 2014	Compliant	Not Measured	Not Measured
Second 2014	Waived	Not Measured	Not Measured
First 2014	Waived	Not Measured	Not Measured

Covenant Ratios in effect at September 30, 2015 are as follows:

Debt to EBITDARS Ratio:
3/28/15 through and including 6/26/15	< 5.75 to 1.00
6/27/15 through and including 9/30/15	< 5.75 to 1.00
10/1/15 through and including 12/25/15	< 5.50 to 1.00
12/26/15 through and including 3/25/16	< 5.00 to 1.00
3/26/16 through and including 6/24/16	< 4.50 to 1.00
6/25/16 through and including 9/30/16	< 4.00 to 1.00
10/1/16 and thereafter	< 3.50 to 1.00

Fixed Charge Coverage Ratio:
3/28/15 through and including 6/26/15	> 0.60 to 1.00
6/27/15 through and including 9/30/15	>0.45 to 1.00
10/1/15 through and including 12/25/15	>0.75 to 1.00
12/26/15 through and including 3/25/16	> 1.00 to 1.00
3/26/16 through and including 6/24/16	> 1.10 to 1.00
6//25/16 and thereafter	> 1.25 to 1.00

Schedule of Maturities of Long-term Debt

A summary of contractual principal payments under IEC's borrowings at September 30, 2015 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,
2016	$	2,908
2017	2,908
2018 (1)	16,989
2019	3,283
2020 and thereafter	5,143
	$	31,231

⁽¹⁾ Includes Revolver balance of $12.4 million at September 30, 2015