Long-Term Debt

12 Months Ended

Dec. 31, 2011

Long-term Debt, Unclassified [Abstract]

Long-Term Debt

4.  Long-Term Debt

	December 31,
	2011			2010
	($000’s omitted)
Industrial Development Revenue Bonds; secured by an equivalent
letter of credit from a bank with interest payable monthly
at a floating rate (0.38% at December 31, 2011)(A)	$	2,960		$	3,130
Term loan payable to a financial institution;
interest at LIBOR plus 2%; quarterly principal
payments of $26,786 through the
fourth quarter of 2011		-			107
Secured term loan payable to a government agency;
monthly payments of $1,950 including interest
fixed at 3% payable through fourth quarter of 2015		86			107
Secured term loan payable to a government agency;
monthly principal payments of approximately $2,200 with
interest waived payable through second quarter of 2012		11			37
		3,057			3,381
Less current portion		(202	)		(323	)
	$	2,855		$	3,058

(A)          The Industrial Development Revenue Bonds were issued by a government agency to finance the construction of the Company’s headquarters/advanced technology facility. Annual sinking fund payments of $170,000 commenced December 1, 2000 and continue through 2013, with a final payment of $2,620,000 due December 1, 2014. The Company has agreed to reimburse the issuer of the letter of credit if there are draws on that letter of credit. The Company pays the letter of credit bank an annual fee of 1% of the amount secured thereby and pays the remarketing agent for the bonds an annual fee of .25% of the principal amount outstanding. The Company’s interest under the facility capital lease has been pledged to secure its obligations to the government agency, the bank and the bondholders.

Principal maturities of long-term debt are as follows:  2012 - $202,000, 2013 - $192,000, 2014 - $2,642,000 and 2015 - $21,000.

The Company also has an unsecured $1,000,000 line of credit on which there was no balance outstanding at December 31, 2011 or 2010.

Certain lenders require the Company to comply with debt covenants as described in the specific loan documents, including a debt service ratio. At December 31, 2011 and 2010, the Company was in compliance with its debt covenants.