CREDIT FACILITIES (Tables)

6 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of Debt

A summary of borrowings at period end follows:   

			March 31, 2017					September 30, 2016
Debt	Fixed/ Variable Rate	Maturity  Date	Balance			Interest Rate		Balance			Interest Rate
($ in thousands)
M&T credit facilities:
Revolving Credit Facility	v	1/18/2018	$	5,541		5.23	%	$	3,961		3.28	%
Term Loan A(1)	f	2/1/2020	—			—		3,693			3.98
Term Loan B	v	2/1/2023	8,283			4.03		8,983			3.03
Albuquerque Mortgage Loan(1)	v	2/1/2018	—			—		2,200			3.55
Celmet Building Term Loan	f	11/7/2018	867			4.72		932			4.72
Other credit facilities:
Albuquerque Industrial Revenue Bond(1)	f	3/1/2019	—			—		100			5.63
Total debt, gross			14,691					19,869
Unamortized debt issuance costs			(211		)			(229		)
Total debt, net			14,480					19,640
Less: current portion			(1,530		)			(2,908		)
Long-term debt			$	12,950				$	16,732

⁽¹⁾ The Albuquerque Mortgage Loan and the Albuquerque Industrial Revenue Bond were repaid in connection with the sale-leaseback transaction described in Note 14—Capital Lease. The proceeds from the transaction were also used to pay down Term Loan A, which was subsequently paid off in due course.

Schedule of Debt Covenant

Covenant ratios in effect at March 31, 2017, pursuant to the Fifth Amended Credit Agreement, as amended by the Second Amendment, are as follows:

Debt to EBITDAS Ratio:
12/31/2016 through and including 3/31/2017	< 4.7 to 1.00
Minimum Quarterly EBITDAS:
Fiscal Quarter ending 3/31/2017	$	240,000
Fixed Charge Coverage Ratio:
12/31/2016 through and including 3/31/2017	> 0.3 to 1.00
Maximum Inventory:
As of 3/31/2017	$	25.0	m
Maximum Capital Expenditures:	Measured annually; maximum $4.5m

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, as amended, follows:

Debt Repayment Schedule		Contractual Principal Payments
(in thousands)
Twelve months ended March
2018		$	1,530
2019	(1)	2,137
2020		1,400
2021		1,400
2022 and thereafter (2)		8,224
		$	14,691

⁽¹⁾ Includes final payment of Celmet Building Term Loan on November 7, 2018.

⁽²⁾ Includes Revolver balance of $5.5 million at March 31, 2017