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CREDIT FACILITIES (Tables)
 3 Months Ended
Dec. 28, 2012
Debt Disclosure [Abstract]  
Schedule of Debt [Table Text Block]

A summary of borrowings at period end follows:

 

 

 

Fixed/

 

 

 

 

 

 

Interest Rate

 

 

Balances

 

 

 

Variable

 

 

 

 

 

 

December 28,

 

 

September 30,

 

 

December 28,

 

 

September 30,

 

Debt

 

Rate

 

 

 

Maturity

 

 

2012

 

 

2012

 

 

2012

 

 

2012

 

 

 

 

 

 

 

 

 

(percents)

 

 

(thousands)

 

M&T borrowings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revolving credit facility

 

v

 

 

 

12/17/13

 

 

 

2.50

 

 

 

3.00

 

 

$

12,255

 

 

$

6,588

 

SCB term loan

 

v

 

 

 

12/17/15

 

 

 

2.75

 

 

 

3.25

 

 

 

12,000

 

 

 

13,000

 

Albuquerque term loan

 

v

 

 

 

12/16/14

 

 

 

2.75

 

 

 

3.25

 

 

 

2,000

 

 

 

2,250

 

Albuquerque mortgage loan

 

v

 

 

 

12/16/14

 

 

 

2.75

 

 

 

3.25

 

 

 

3,200

 

 

 

3,267

 

Celmet term loan

 

v

 

 

 

07/30/15

 

 

 

2.75

 

 

 

3.25

 

 

 

1,067

 

 

 

1,166

 

Equipment loans (2)

 

v

 

 

 

12/17/13

 

 

 

3.25

 

 

 

3.25

 

 

 

604

 

 

 

672

 

Equipment loan

 

f

 

 

 

06/03/13

 

 

 

2.85

 

 

 

2.93

 

 

 

62

 

 

 

108

 

Energy loan

 

f

 

 

 

04/02/13

 

 

 

2.08

 

 

 

2.08

 

 

 

13

 

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other borrowings:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Seller notes, Wire and Cable

 

f

 

 

 

06/01/13

 

 

 

3.00

 

 

 

3.00

 

 

 

306

 

 

 

463

 

Albuquerque industrial revenue bond

 

f

 

 

 

03/01/19

 

 

 

5.63

 

 

 

5.63

 

 

 

100

 

 

 

100

 

Total debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31,607

 

 

 

27,637

 

Less: current portion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,380

)

 

 

(6,533

)

Long-term debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

28,227

 

 

$

21,104
Schedule Of Debt Covenant [Table Text Block]
The Company is required to maintain (i) a minimum level of quarterly EBITDARS, (ii) a ratio of debt to twelve-month EBITDARS that is below a specified limit, and (iii) a minimum fixed charge coverage ratio as described in the table below.

 

Debt Covenant

 

Limit

Quarterly EBITDARS (000s)

 

Must be above $1,500

Total debt to EBITDARS

 

Must be below 3.00x

Fixed charge coverage ratio (a)

 

Must be above 1.25x

 

(a) 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 [Table Text Block]

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

 

 

 

Contractual

 

 

 

Principal

 

Debt Repayment Schedule

 

Payments

 

 

 

(thousands)

 

Twelve months ending December 28,

 

 

 

 

2013

 

$

3,380

 

2014

 

 

2,778

 

2015

 

 

2,778

 

2016*

 

 

6,157

 

2017 and thereafter

 

 

16,514

 

 

 

$

31,607

 

 

*Includes Revolver balance of $3,379 as of December 28, 2012.