Property, Plant and Equipment

3 Months Ended

Mar. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

4. Property, Plant and Equipment

	March 31,			December 31,
	2014			2013
	($000’s omitted)
Land	$	21		$	21
Buildings		7,851			7,851
Machinery, equipment and tooling		13,676			13,258
		21,548			21,130
Less accumulated depreciation and amortization		(14,435	)		(14,270	)
Total property, plant and equipment	$	7,113		$	6,860

Property, plant and equipment includes land and building in Elma, New York, under a $5,000,000 capital lease which can be purchased for a nominal amount at the end of the lease term. As of March 31, 2014 and December 31, 2013, accumulated amortization on the building amounted to approximately $2,714,000 and $2,682,000, respectively. Amortization expense amounted to $32,000 for the three month periods ended March 31, 2014 and 2013, respectively. The associated current and long-term liabilities are discussed in Note 5, Long-Term Debt, of the accompanying consolidated financial statements.

Depreciation expense from continuing operations amounted to $134,000 and $119,000 for the three month periods ended March 31, 2014 and 2013, respectively. The combined depreciation and amortization expense from continuing operations amounted to $169,000 and $153,000 for the three month periods ended March 31, 2014 and 2013, respectively. The Company believes that it 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 March 31, 2014, there is approximately $537,000 of construction in progress included in property, plant and equipment related to facility expansion and renovation projects at both the CPG and ATG. As of March 31, 2014 there are no other material commitments for these projects. At December 31, 2013 there was approximately $477,000 of construction in progress related to these projects.