Property, Plant and Equipment

6 Months Ended

Jun. 30, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

4. Property, Plant and Equipment

	June 30, 2015			December 31, 2014
	($000’s omitted)
Land	$	21		$	21
Buildings		10,272			7,916
Machinery, equipment and tooling		14,228			13,530
Construction in progress		360			2,817
		24,881			24,284
Less accumulated depreciation and amortization		(15,229	)		(14,909	)
Total property, plant and equipment	$	9,652		$	9,375

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 June 30, 2015 and December 31, 2014, accumulated depreciation on the building amounted to approximately $2,876,000 and $2,811,000, respectively. The associated current and long-term liabilities are discussed in Note 5, Long-Term Debt, of the accompanying consolidated financial statements.

Depreciation and amortization expense amounted to $177,000 and $171,000 for the three month periods ended June 30, 2015 and 2014, respectively, and amounted to $340,000 for the six month periods ended June 30, 2015 and 2014, 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 June 30, 2015, there is approximately $300,000 ($2,529,000 – 2014) of construction in progress included in property, plant and equipment related to facility expansion and renovation project at the Consumer Products Group and $60,000 ($288,000 – 2014) related to capital projects at the Advanced Technology Group. Approximately $2,400,000 was placed in service in the second quarter of 2015. See Note 7, Commitments and Contingencies, of the accompanying consolidated financial statements.