NOTE 4 - LINE OF CREDIT AND LETTER OF CREDIT FACILITIES

6 Months Ended

Jun. 27, 2015

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

NOTE 4 – LINE OF CREDIT AND LETTER OF CREDIT FACILITIES

Line of Credit Facility

On September 16, 2014, the Company entered into a three year Loan and Security Agreement (“Loan Agreement”) with Regions Bank (“Lender”) pursuant to which the Lender agreed to extend credit to the Company in the form of revolving loans of up to the lesser of $10.0 million (the "Commitment") or the Borrowing Base (as defined in the Loan Agreement). The Loan Agreement includes a sub-facility for standby and / or trade letters of credit up to an amount not to exceed $2.5 million. On April 16, 2015, the Company entered into the First Amendment to the Loan Agreement with the Lender in order to, among other things, permit the Company to repurchase up to $2 million of the Company’s common stock pursuant to the Company’s announced stock repurchase program.  See “Note 8 – Credit Facilities” of the Company’s 2014 Annual Report on Form 10-K for a description of the material terms of the Loan Agreement and the Current Report on Form 8-K filed with the SEC on April 21, 2015 for a description of the material terms of the First Amendment to the Loan Agreement.  There were no loans outstanding under, and the Company was in compliance with all of the material covenants of, the Loan Agreement as of June 27, 2015. See Note 7 for further detail regarding the Stock Repurchase Program.