CREDIT FACILITIES (Tables)

6 Months Ended

Apr. 01, 2016

Debt Disclosure [Abstract]

Schedule of Debt

A summary of borrowings at period end follows:   

	Fixed/		April 1, 2016					September 30, 2015
	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	$	9,688		4.69	%	$	12,415		4.50	%
Term Loan A	f	2/1/2020	4,156			3.98		4,804			3.98
Term Loan B	v	2/1/2023	9,567			3.69		10,383			3.45
Albuquerque Mortgage Loan	v	2/1/2018	2,311			4.94		2,467			4.75
Celmet Building Term Loan	f	11/7/2018	986			4.72		1,062			4.72
Other credit facilities:
Albuquerque Industrial Revenue Bond	f	3/1/2019	100			5.63		100			5.63
Wayne County IDA Loan to Grant	f	12/31/2019	32			2.00		—			—
Total debt			26,840					31,231
Less: current portion			(2,679		)			(2,908		)
Long-term debt			$	24,161				$	28,323

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

Schedule of Debt Covenant

A summary of financial covenant compliance follows:

	Quarterly EBITDAS	Debt to EBITDAS Ratio	Fixed Charge Coverage Ratio	Maximum Inventory	Maximum Capital Expenditures
Fiscal Quarters
Second 2016	Compliant	Compliant	Compliant	Compliant	Measured Annually
First 2016	Compliant	Compliant	Compliant	Compliant	Measured Annually
Fourth 2015	Compliant	Compliant	Compliant	Not Applicable	Not Applicable
Third 2015 (1)	Compliant	Compliant	Compliant	Not Applicable	Not Applicable
Second 2015 (1)	Waived	Waived	Waived	Not Applicable	Not Applicable
First 2015 (1)	Waived	Waived	Waived	Not Applicable	Not Applicable

Covenant Ratios in effect at April 1, 2016, pursuant to the Fifth Amended Credit Agreement, are as follows:

Debt to EBITDAS Ratio:
6/26/15 through and including 9/30/15	< 5.75 to 1.00
10/01/15 through and including 1/01/16	< 5.10 to 1.00
1/02/16 through and including 4/01/16	< 3.95 to 1.00
4/02/16 through and including 7/01/16	< 3.65 to 1.00
7/02/16 through and including 9/30/16	< 3.10 to 1.00
Thereafter	< 3.10 to 1.00
Minimum Quarterly EBITDAS :
Fiscal Quarter ending 9/30/15	$	1,500,000
Fiscal Quarter ending 1/01/16	1,785,000
Fiscal Quarter ending 4/01/16	1,900,000
Fiscal Quarter ending 7/01/16	1,800,000
Fiscal Quarter ending 9/30/16	2,190,000
Thereafter	2,190,000
Fixed Charge Coverage Ratio:
6/26/15 through and including 9/30/15	> 0.45 to 1.00
10/01/15 through and including 1/01/16	> 0.75 to 1.00
1/02/16 through and including 4/01/16	> 1.00 to 1.00
4/02/16 through and including 7/01/16	> 1.10 to 1.00
7/2/16 and thereafter	> 1.25 to 1.00
Maximum Inventory:
As of January 1, 2016	$	30,000,000
As of April 1, 2016	29,000,000
As of July 1, 2016	28,000,000
As of September 30, 2016	27,000,000
As of December 30, 2016	26,000,000
As of the end of the Fiscal Quarter ending March 31, 2017	25,000,000
As of the end of each Fiscal Quarter thereafter	25,000,000
Maximum Capital Expenditures	$	3,500,000

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 Fifth Amended Credit Agreement follows:

Debt Repayment Schedule	Contractual Principal Payments
(in thousands)
Twelve months ended March,
2016	$	2,679
2017	4,719
2018 (1)	13,044
2019	2,315
2020 and thereafter	4,083
	$	26,840

⁽¹⁾ Includes Revolver balance of $9.7 million at April 1, 2016