Annual report pursuant to Section 13 and 15(d)

Long-Term Debt And Line Of Credit

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Long-Term Debt And Line Of Credit
12 Months Ended
Dec. 31, 2011
Long-Term Debt And Line Of Credit [Abstract]  
Long-Term Debt And Line Of Credit

NOTE I – LONG-TERM DEBT AND LINE OF CREDIT

     The Company has a $60,000 line of credit with Bank of America. Interest is computed at the bank's Prime Rate or LIBOR, adjusted by features specified in the Credit Agreement. The collateral for this line of credit is the pledge of the capital stock of certain subsidiaries of the Company, set forth in a separate pledge agreement with the bank. The Credit Agreement contains restrictive covenants based on adjusted EBITDA and a debt coverage ratio.

     At December 31, 2011, there was no outstanding debt on this line of credit. The Company will be required to pay any balance on this line of credit in full at the time of maturity in April 2016 unless the line of credit is replaced or terms are renegotiated.