Rental Equipment

12 Months Ended

Dec. 31, 2013

Rental Equipment [Abstract]

Rental Equipment [Text Block]

7.  Rental Equipment

Rental equipment consists of the following:

In thousands	2013		2012
Rental equipment	$	33,579	$	38,442
Less accumulated depreciation		23,869		25,532
Net rental equipment	$	9,710	$	12,910

On June 11, 2013, the Company entered into a Master Agreement for Sale and Assignment of Leases with AXIS Capital, Inc. (the “Assignment Agreement”) and financed the future receivables relating to certain lease contracts. As a result of the transaction, the Company received net proceeds of $887,000. The funds were used to pay off the balance due on the Credit Agreement and to make a payment to the Company’s pension plan. A security interest was granted on the rental equipment underlying the lease contract receivables sold to AXIS Capital, Inc. by the Company pursuant to the Assignment Agreement.

All the rental equipment had been pledged as collateral under the Company’s credit facility as of December 31, 2012, which facility has been paid in full and satisfied in 2013 and the liens held by the senior lender on the collateral in connection therewith have been terminated.