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Property, Plant and Equipment
3 Months Ended
Mar. 31, 2017
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
4. Property, Plant and Equipment

 

   

March 31,

2017

   

December 31,

2016

 
    ($000’s omitted)  
Land   $ 7     $ 21  
Buildings     10,167       10,422  
Machinery, equipment and tooling     15,959       15,826  
Construction in progress     123       77  
      26,256       26,346  
Less accumulated depreciation and amortization     (16,536 )     (16,409 )
Total property, plant and equipment   $ 9,720     $ 9,937  
 

As previously disclosed, the Company through a wholly-owned subsidiary, entered into a contract to sell unused commercial real property in Franklinville, New York for approximately $180,000. The sale transaction closed on March 9, 2017 and the wholly-owned subsidiary recognized a de minimis loss on the sale.

 

Depreciation and amortization expense amounted to approximately $210,00and $207,000 for the three months ended March 31, 2017 and 2016, 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, 2017, there is approximately $123,000 ($77,000 – 2016) of construction in progress included in property, plant and equipment all of which is related to capital projects at the Advanced Technology Group. See Note 7, Commitments and Contingencies, for more information on anticipated capital expenditures.