This excerpt taken from the CPY 10-Q filed Sep 1, 2005.
NOTE 2 INVENTORIES
The following table sets forth the components of inventory:
On April 15, 2005, the Company entered into a new $30.0 million (reducing to $25 million in February 2006 and $20 million in February 2007) unsecured bank revolving credit facility (the Revolving Facility), which will expire on April 13, 2007 and carries a variable interest rate charged at either LIBOR or prime rate funds, with an applicable margin added.
Concurrent with the closing of the Revolving Facility, the Company amended its existing Senior Note agreement to allow it to incur additional indebtedness without violating the debt to equity ratio covenant included in the original agreement. The covenants of the amended Senior Note Agreement now principally mirror those included in the Revolving Facility.
At July 23, 2005, the Company had $17.1 million outstanding under its existing Senior Note Agreement and no borrowings against its $30.0 million Revolving Facility.
Other charges and impairments for the half ended July 23, 2005 totaled $1.6 million and included the following:
This excerpt taken from the CPY 10-K filed Apr 21, 2005.
Inventories include raw material inventories of film, paper and chemicals and are stated at the lower of cost or market, with cost of substantially all inventories being determined by the first-in, first-out (FIFO) method and the remainder by the last-in, first-out (LIFO) method. Costs incurred relating to portraits processed pending delivery to customers, or in-process, are inventoried and expensed when the related sales revenue is recognized.