CREDIT FACILITIES (Tables)

12 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Schedule of Debt

A summary of borrowings at period end follows:   

	Fixed/		September 30, 2017					September 30, 2016
	Variable					Interest					Interest
Debt	Rate	Maturity Date	Balance			Rate		Balance			Rate
(in thousands)
M&T credit facilities:
Revolving Credit Facility	v	5/5/2022	$	8,769		3.73	%	$	3,961		3.28	%
Term Loan A (1)	f	2/1/2020	—			3.98		3,693			3.98
Term Loan B	v	5/5/2022	5,714			3.99		8,983			3.03
Albuquerque Mortgage Loan (1)	v	2/1/2018	—			—		2,200			3.55
Celmet Building Term Loan	f	11/7/2018	802			4.72		932			4.72
Other credit facilities:
Albuquerque Industrial Revenue Bond(1)	f	3/1/2019	—			—		100			5.63
Total debt, gross			15,285					19,869
Unamortized debt issuance costs			(275		)			(229		)
Total debt, net			15,010					19,640
Less: current portion			(987		)			(2,908		)
Long-term debt			$	14,023				$	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 12—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 September 30, 2017, pursuant to the Fifth Amended Credit Agreement, as amended by the Third Amendment, are as follows:

Debt Covenant	Limit
Fixed Charge Coverage Ratio	Minimum 1.10x
Maximum Capital Expenditures	Maximum $3.5 million annually

Schedule of Maturities of Long-term Debt

A summary of contractual principal payments under IEC’s borrowings at September 30, 2017 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 September 30,
2018			$	987
2019	(1)		1,529
2020			857
2021			857
2022 and thereafter		(2)	11,055
			$	15,285

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

⁽²⁾ Includes Revolver balance of $8.8 million at September 30, 2017, maturing on May 5, 2022.