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LINE OF CREDIT
9 Months Ended
Sep. 27, 2014
LINE OF CREDIT [Abstract]  
LINE OF CREDIT

NOTE 4 - LINE OF CREDIT

 

The Company has a $40 million revolving line of credit with a bank. This facility is renewable annually and terminates on June 15, 2015. Borrowings under this facility bear interest at LIBOR (0.582% at September 27, 2014) plus 200 basis points. The Company is charged three-eighths of a percent (0.375%) per year on the unused portion. At September 27, 2014 and December 31, 2013, the Company was in compliance with the terms and covenants of the credit facility, which remains unused.