Property, Plant and Equipment

9 Months Ended

Sep. 30, 2019

Property, Plant and Equipment

Property, Plant and Equipment

4.           Property, Plant and Equipment

	September 30,		December 31,
	2019		2018
	($000’s omitted)
Land	$	7	$	7
Buildings		10,594		10,452
Machinery, equipment and tooling		20,385		18,345
Construction in progress		597		1,258
		31,583		30,062
Less accumulated depreciation and amortization		(19,036)		(18,187)
Total inventories	$	12,547	$	11,875

Depreciation and amortization expense amounted to approximately $339,000 and $259,000 for the three months ended September 30, 2019 and 2018, respectively. Amortization expense primarily related to ROU assets amounted to approximately $18,000 and $20,000 for the three months ended September 30, 2019 and 2018, respectively. Depreciation and amortization expense amounted to approximately $902,000 and $761,000 for the nine months ended September 30, 2019 and 2018, respectively. Amortization expense, primarily related to ROU assets, amounted to approximately $59,000 and $57,000 for the nine months ended September 30, 2019 and 2018, respectively. The Company maintains property and casualty insurance in amounts adequate for the risk and nature of its assets and operations and which are generally customary in its industry.

As of September 30, 2019, there is approximately $597,000 ($1,258,000 – December 31, 2018) of construction in progress (CIP) included in property, plant and equipment all of which is related to capital projects. There is approximately $267,000 for building improvements; $261,000 for machinery & equipment and self-constructed assets, and $69,000 for IT equipment and software, not yet put into service.