$HDSN
HUDSON TECHNOLOGIES INC /NY

2013 Q2 Form 10-Q Financial Statement

#000114420413043105 Filed on August 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $15.77M $22.25M
YoY Change -29.14% 51.24%
Cost Of Revenue $13.22M $12.01M
YoY Change 10.04% 0.07%
Gross Profit $2.548M $10.24M
YoY Change -75.11% 278.17%
Gross Profit Margin 16.16% 46.01%
Selling, General & Admin $1.774M $1.768M
YoY Change 0.34% 50.08%
% of Gross Profit 69.62% 17.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $190.0K $130.0K
YoY Change 46.15% 8.33%
% of Gross Profit 7.46% 1.27%
Operating Expenses $1.774M $1.768M
YoY Change 0.34% 50.08%
Operating Profit $774.0K $8.469M
YoY Change -90.86% 453.89%
Interest Expense $243.0K $187.0K
YoY Change 29.95% -31.75%
% of Operating Profit 31.4% 2.21%
Other Income/Expense, Net -$243.0K -$186.0K
YoY Change 30.65% -31.11%
Pretax Income $531.0K $8.283M
YoY Change -93.59% 557.9%
Income Tax $197.0K $3.148M
% Of Pretax Income 37.1% 38.01%
Net Earnings $334.0K $5.135M
YoY Change -93.5% 557.49%
Net Earnings / Revenue 2.12% 23.08%
Basic Earnings Per Share $0.01 $0.22
Diluted Earnings Per Share $0.01 $0.20
COMMON SHARES
Basic Shares Outstanding 24.89M shares 23.84M shares
Diluted Shares Outstanding 26.86M shares 26.18M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.400M $4.000M
YoY Change -40.0% 37.93%
Cash & Equivalents $2.374M $4.008M
Short-Term Investments
Other Short-Term Assets $3.200M $3.800M
YoY Change -15.79% 660.0%
Inventory $51.30M $33.14M
Prepaid Expenses
Receivables $11.87M $8.186M
Other Receivables $0.00 $0.00
Total Short-Term Assets $68.76M $49.12M
YoY Change 40.0% 87.47%
LONG-TERM ASSETS
Property, Plant & Equipment $4.903M $3.727M
YoY Change 31.55% 28.52%
Goodwill
YoY Change
Intangibles $62.00K $92.00K
YoY Change -32.61%
Long-Term Investments $1.200M
YoY Change
Other Assets $291.0K $214.0K
YoY Change 35.98% -91.77%
Total Long-Term Assets $9.812M $4.033M
YoY Change 143.29% -27.98%
TOTAL ASSETS
Total Short-Term Assets $68.76M $49.12M
Total Long-Term Assets $9.812M $4.033M
Total Assets $78.58M $53.15M
YoY Change 47.84% 67.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.100M $14.50M
YoY Change -37.24% 400.0%
Accrued Expenses $300.0K $700.0K
YoY Change -57.14% 133.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $24.50M $5.400M
YoY Change 353.7% -37.93%
Total Short-Term Liabilities $35.11M $21.29M
YoY Change 64.92% 80.41%
LONG-TERM LIABILITIES
Long-Term Debt $4.824M $5.064M
YoY Change -4.74% 4964.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.824M $5.064M
YoY Change -4.74% 4964.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.11M $21.29M
Total Long-Term Liabilities $4.824M $5.064M
Total Liabilities $39.93M $26.35M
YoY Change 51.54% 119.6%
SHAREHOLDERS EQUITY
Retained Earnings -$6.465M -$16.43M
YoY Change -60.64%
Common Stock $251.0K $239.0K
YoY Change 5.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.64M $26.80M
YoY Change
Total Liabilities & Shareholders Equity $78.58M $53.15M
YoY Change 47.84% 67.14%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $334.0K $5.135M
YoY Change -93.5% 557.49%
Depreciation, Depletion And Amortization $190.0K $130.0K
YoY Change 46.15% 8.33%
Cash From Operating Activities -$6.490M -$1.410M
YoY Change 360.28% -171.57%
INVESTING ACTIVITIES
Capital Expenditures -$340.0K -$380.0K
YoY Change -10.53% 375.0%
Acquisitions
YoY Change
Other Investing Activities $40.00K $0.00
YoY Change
Cash From Investing Activities -$290.0K -$390.0K
YoY Change -25.64% 387.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.720M 5.650M
YoY Change 36.64% -310.04%
NET CHANGE
Cash From Operating Activities -6.490M -1.410M
Cash From Investing Activities -290.0K -390.0K
Cash From Financing Activities 7.720M 5.650M
Net Change In Cash 940.0K 3.850M
YoY Change -75.58% -581.25%
FREE CASH FLOW
Cash From Operating Activities -$6.490M -$1.410M
Capital Expenditures -$340.0K -$380.0K
Free Cash Flow -$6.150M -$1.030M
YoY Change 497.09% -150.24%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Cost Of Goods And Services Sold
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dei Trading Symbol
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CY2013Q3 dei Entity Common Stock Shares Outstanding
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dei Entity Registrant Name
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HUDSON TECHNOLOGIES INC /NY
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: bold 10pt Times New Roman, Times, Serif"> Credit risk</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of temporary cash investments and trade accounts receivable. The Company maintains its temporary cash investments in highly-rated financial institutions and, at times, the balances exceed FDIC insurance coverage. The Company's trade accounts receivables are primarily due from companies throughout the United States. The Company reviews each customer's credit history before extending credit.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company establishes an allowance for doubtful accounts based on factors associated with the credit risk of specific accounts, historical trends, and other information. The carrying value of the Company&#8217;s accounts receivable is reduced by the established allowance for doubtful accounts. The allowance for doubtful accounts includes any accounts receivable balances that are determined to be uncollectible, along with a general reserve for the remaining accounts receivable balances. The Company adjusts its reserves based on factors that affect the collectability of the accounts receivable balances.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the six month period ended June 30, 2013, two customers each accounted for 10% or more of the Company&#8217;s revenues and in the aggregate these two customers accounted for 29% of the Company&#8217;s revenues. At June 30, 2013, there were $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1,800,000</font> in outstanding receivables from these customers. For the six month period ended June 30, 2012, three customers each accounted for 10% or more of the Company&#8217;s revenues and in the aggregate these three customers accounted for 40% of the Company&#8217;s revenues. At June 30, 2012, there were $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">3,300,000</font> in outstanding receivables from these customers.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The loss of a principal customer or a decline in the economic prospects of and/or a reduction in purchases of the Company's products or services by any such customer could have a material&#160;adverse effect on the Company's operating results and financial position.</div> </div>
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
2329000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: bold 10pt Times New Roman, Times, Serif"> Estimates and risks</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect reported amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities, and the results of operations during the reporting period. Actual results could differ from these estimates.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company utilizes both internal and external sources to evaluate potential current and future liabilities for various commitments and contingencies. In the event that the assumptions or conditions change in the future, the estimates could differ from the original estimates.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> Several of the Company's accounting policies involve significant judgments, uncertainties and estimations. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. To the extent that actual results differ from management's judgments and estimates, there could be a material adverse effect on the Company. On a continuous basis, the Company evaluates its estimates, including, but not limited to, those estimates related to its allowance for doubtful accounts, inventory reserves, and valuation allowance for the deferred tax assets relating to its NOLs and commitments and contingencies. With respect to accounts receivable, the Company estimates the necessary allowance for doubtful accounts based on both historical and anticipated trends of payment history and the ability of the customer to fulfill its obligations. For inventory, the Company evaluates both current and anticipated sales prices of its products to determine if a write down of inventory to net realizable value is necessary. In determining the Company&#8217;s valuation allowance for its deferred tax assets, the Company assesses its ability to generate taxable income in the future.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">The Company participates in an industry that is highly regulated, changes in which could affect operating results. Currently the Company purchases virgin, hydrochlorofluorocarbon (&#8220;HCFC&#8221;) and hydrofluorocarbon (&#8220;HFC&#8221;) refrigerants and reclaimable, primarily HCFC and chlorofluorocarbon (&#8220;CFC&#8221;), refrigerants from suppliers and its customers. Effective January 1, 1996, the Clean Air Act (the &#8220;Act&#8221;) prohibited the production of virgin CFC refrigerants and limited the production of virgin HCFC refrigerants.</font> Effective January 2004, the Act further limited the production of virgin HCFC refrigerants and federal regulations were enacted which established production and consumption allowances for HCFC refrigerants and which imposed limitations on the importation of certain virgin HCFC refrigerants. Under the Act, production of certain virgin HCFC refrigerants is scheduled to be phased out during the period 2010 through 2020, and production of all virgin HCFC refrigerants is scheduled to be phased out by 2030. Additionally, effective January 1, 2010, the Act further limited the production of virgin HCFC refrigerants, and additional federal regulations have been enacted which imposed further limitation and a phase down on the use, production and importation of virgin HCFC refrigerants for the years 2010 through 2014. As a result of litigation, the federal regulations implementing the January 2010 phase down schedule were vacated, and in March 2013, the Environmental Protection Agency (&#8220;EPA&#8221;) published a final rule providing for further reduction in the production of HCFC refrigerants when compared to the reductions established in the January 1, 2010 published rule. The final rule allows for the production or importation of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 63</font> million and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">51</font> million pounds of HCFC-22 in 2013 and 2014, respectively. The EPA has not yet issued a proposed or final rule establishing the total pounds of HCFC-22 that can be produced or imported during the years 2015 through 2019.</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <font style="COLOR: black">To the extent that the Company is unable to</font> source sufficient quantities of refrigerants <font style="COLOR: black">or is unable to obtain refrigerants on commercially reasonable terms or experiences a decline in demand and/or price for refrigerants sold by it, the Company could realize reductions&#160; in revenue from refrigerant sales, which could have a material adverse&#160;effect on the Company&#8217;s operating results and financial position.</font>&#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="clear:both;FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt;TEXT-ALIGN: justify; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company is subject to various legal proceedings. The Company assesses the merit and potential liability associated with each of these proceedings. In addition, the Company estimates potential liability, if any, related to these matters. To the extent that these estimates are not accurate, or circumstances change in the future, the Company could realize liabilities, which could have a material adverse effect on operating results and its financial position.</div> </div>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
1991-01-11
hdsn Customers Accounting For Ten Percent Or More Of Net Revenue
CustomersAccountingForTenPercentOrMoreOfNetRevenue
2 pure
hdsn Customers Accounting For Ten Percent Or More Of Net Revenue
CustomersAccountingForTenPercentOrMoreOfNetRevenue
3 pure
hdsn Entity Wide Revenue Major Customer Percentage Of Revenue
EntityWideRevenueMajorCustomerPercentageOfRevenue
0.29 pure
hdsn Entity Wide Revenue Major Customer Percentage Of Revenue
EntityWideRevenueMajorCustomerPercentageOfRevenue
0.4 pure
us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
Companys NOLs are subject to annual limitations of $1,300,000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
50000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
36268000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
34776000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
2377000 USD
CY2012Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
267000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
33000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 USD
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
5500000 shares
CY2013Q2 us-gaap Deferred Compensation Arrangement With Individual Common Stock Reserved For Future Issuance
DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance
2595087 shares
CY2013Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
98000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0085 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.76 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4673382 USD
hdsn Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedInPeriodTotalIntrinsicValue
53125 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2816000 USD
CY2012Q2 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
27000000 USD
CY2012Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
245000 USD
CY2013Q2 us-gaap Line Of Credit Facility Amount Outstanding
LineOfCreditFacilityAmountOutstanding
28187000 USD
CY2013Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
7179000 USD
CY2013Q2 us-gaap Line Of Credit Facility Interest Rate At Period End
LineOfCreditFacilityInterestRateAtPeriodEnd
0.025 pure
us-gaap Line Of Credit Facility Interest Rate Description
LineOfCreditFacilityInterestRateDescription
Interest charges with respect to loans are computed on the actual principal amount of loans outstanding during the month at a rate per annum equal to (A) with respect to domestic rate loans, the sum of (i) a rate per annum equal to the higher of (1) the base commercial lending rate of PNC, (2) the federal funds open rate plus .5% and (3) the daily LIBOR plus 1%, plus (ii) .5% and (B) with respect to Eurodollar rate loans, the sum of the Eurodollar rate plus 2.25%.
CY2013Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
40000000 USD

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