Retirement Plans

12 Months Ended

Dec. 31, 2012

Compensation and Retirement Disclosure [Abstract]

Retirement Plans

NOTE 16 — RETIREMENT PLANS

The Company contributes to 401K deferred tax plans covering substantially all U.S. domestic employees.  The Company’s contributions to these plans were $5,000 and $14,000 in the years ended December 31, 2012 and 2011, respectively. In the UK the Company contributes to certain defined contribution pension plans for eligible employees who choose to join the schemes. The rates of the Company contributions range from 2% to 8% of eligible earnings. The Company’s contributions to these UK pension plans was $439,000 in 2012 and $346,000 in 2011.

The Company’s subsidiary in France has a retirement indemnity plan.  The plan is an unfunded plan.  As such, no contributions were paid in either of the periods presented but the projected cost has been accrued in these accounts and the projected benefit obligation is included in accrued liabilities.  The plan does not have plan assets.  Employee benefits are based on years of service and the employees’ compensation during their employment.  The actuarially computed components of net periodic benefit cost included the following components for the years ended December 31, (in thousands):

	2012		2011
Service costs	$	16	$	14
Interest costs		16		14
Amortization of unrecognized prior service cost		3		2
Net periodic pension expense	$	35	$	30

The following table sets forth the funded status and amounts recognized in the Company’s consolidated statement of operations for the years ended December 31, (in thousands):

	2012		2011
Change in benefit obligation:
Projected benefit obligation, beginning of year	$	337	$	297
Service cost		16		14
Interest cost		16		14
Exchange rate movement		7		(9	)
Actuarial loss		77		21
Projected benefit obligation, end of year	$	453	$	337
Unfunded status	$	453	$	337
Unrecognized loss		-		-
Net amount recognized	$	453	$	337

The weighted average assumptions used to determine pension benefit obligations at December 31, were as follows:

	2012			2011
Discount rate		2.8	%		4.0	%
Average remaining service life at year end		12.8 yrs			13.6 yrs
Average rate of future compensation increase		2.5	%		2.5	%