Property, Plant and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

3. Property, Plant and Equipment

	December 31,			December 31,
	2014			2013
	($000’s omitted)
Land	$	21		$	21
Buildings		7,916			7,851
Machinery, equipment and tooling		13,530			12,781
Construction in progress		2,817			477
		24,284			21,130
Less accumulated depreciation and amortization		(14,909	)		(14,270	)
Total property, plant and equipment	$	9,375		$	6,860

Property, plant and equipment includes land and building in Elma, New York, that was previously under a $5,000,000 capital lease and was purchased on December 1, 2014 for a nominal amount. As of December 31, 2014 and 2013, accumulated amortization on the building amounted to approximately $2,811,000 and $2,682,000, respectively. Amortization expense amounted to $130,000 for the twelve month periods ended December 31, 2014 and 2013, respectively. The associated current and long-term liabilities are discussed in Note 4, Long-Term Debt.

Depreciation expense amounted to $509,000 and $498,000 for the twelve month periods ended December 31, 2014 and 2013, respectively. The combined depreciation and amortization expense amounted to $652,000 and $640,000 the twelve month periods ended December 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 December 31, 2014, there is approximately $2,529,000 of construction in progress included in property, plant and equipment related to a facility expansion and renovation project at the Consumer Products Group and $288,000 related to capital projects at the Advanced Technology Group. At December 31, 2013 there was approximately $477,000 of construction in progress related to these projects. See Note 8, Commitments and Contingencies.