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Inventory

6 Months Ended

Jun. 30, 2013

NOTE 4—INVENTORY

Inventory is valued at the lower of cost or market (determined by the first-in, first-out method) and is comprised of the following (in thousands):

	June 30, 2013
Raw materials	$	4,091	$	4,017
Work-in-process		2,022		1,949
Finished goods		6,446		5,176
Inventory, net	$	12,559	$	11,142

Inventory is net of a provision for excess and obsolete inventory totaling $1.9 million and $1.9 million as of June 30, 2013 and December 31, 2012, respectively.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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