CREDIT FACILITIES (Tables)

6 Months Ended

Mar. 29, 2013

Debt Disclosure [Abstract]

Schedule of Debt [Table Text Block]

A summary of borrowings at period end follows:

	Fixed/				Interest Rate				Balances
	Variable				March 29,		September 30,		March 29,			September 30,
Debt	Rate		Maturity		2013		2012		2013			2012
					(percents)				(thousands)
M&T borrowings:
Revolving credit facility		v		01/18/16		2.50		3.00	$	3,603		$	6,588
Term loan A		f		02/01/22		3.98				9,815			-
Term loan B		v		02/01/23		2.70				13,882			-
SCB term loan		v		12/17/15				3.25		0			13,000
Albuquerque term loan		v		12/16/14				3.25		0			2,250
Albuquerque mortgage loan		v		03/30/18		2.75		3.25		3,133			3,267
Celmet term loan		v		07/30/15				3.25		0			1,166
Equipment loans (2)		v		12/17/13				3.25		0			672
Equipment loans (3)		f		11/01/12				2.93		0			108
Energy loan		f		04/02/13		2.08		2.08		3			23
Other borrowings:
Seller notes, Wire and Cable		f		06/01/13		3.00		3.00		149			463
Albuquerque industrial revenue bond		f		03/01/19		5.63		5.63		100			100
Total debt										30,685			27,637
Less: current portion										(2,929	)		(6,533	)
Long-term debt									$	27,756		$	21,104

Schedule Of Debt Covenant [Table Text Block]

The 2013 Credit Agreement also contains various affirmative and negative covenants including financial covenants. 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. The Company was in compliance with these three covenants at September 30, 2012 but was not in compliance with these financial covenants at March 29, 2013 and has obtained a waiver from M&T with respect to such noncompliance. In addition, on May 15, 2013 we have obtained an amendment to the 2013 Credit Agreement (the “2013 Covenant Amendment”) which modifies the total debt to twelve months EBITDARS ratio and fixed charge coverage ratio covenants as follows:

· Debt to EBITDARS: (a)

2013 Credit Agreement, before amendment:

3/31/2013 through and including 9/29/2013	< 3.00 to 1.00
9/30/2013 and thereafter	<2.75 to 1.00

2013 Credit Agreement, after amendment:

6/28/2013 through and including 12/27/2013	< 3.25 to 1.00
12/28/2013 through and including 3/28/2014	<3.00 to 1.00
3/29/2014 and thereafter	< 2.75 to 1.00

· Fixed Charge Coverage Ratio: (b)

2013 Credit Agreement, before amendment:

3/31/2013 and thereafter < 1.25 to 1.00

2013 Credit Agreement, after amendment:

6/28/2013	>0.95 to 1.00
9/30/2013	>1.00 to 1.00
12/27/2013	>1.15 to 1.00
3/28/2014 and thereafter	>1.25 to 1.00

(a) The ratio of debt to earnings before interest, taxes, depreciation, amortization, rent expense and non-cash stock compensation expense.

(b) 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 March 29,
	2014	$	2,929
	2015		2,778
	2016*		6,381
	2017		2,778
	2018 and thereafter		15,819
		$	30,685

*Includes Revolver balance of $3,603 as of March 29, 2013.