TVIN » Topics » Operating Leases

This excerpt taken from the TVIN 10-K filed Mar 20, 2008.

Operating Leases

The Company is obligated under operating leases for office and warehouse space and office equipment expiring through March 2012. Certain of these leases are subject to escalation clauses. The following is a schedule of the future minimum rental payments required under operating leases that have initial or remaining lease terms of one year or more as of December 31, 2007 (in thousands):

 

For the year ending December 31:

    

2008

   $ 1,627

2009

     1,546

2010

     816

2011

     530

2012

     98
      

Total minimum lease obligations

   $ 4,617
      

Total rental expense under all leases amounted to $2.2 million and $1.2 million for the years ended December 31, 2007 and 2006, respectively.

The Company’s operating lease for its SSES headquarters in Fredrick, Maryland is with an entity owned by one current employee and two former employees of the Company. Total payments under the lease were approximately $311,000 and $51,000 for the years ended December 31, 2007 and 2006, respectively.

This excerpt taken from the TVIN 10-K filed Mar 15, 2007.

Operating Leases

The Company is obligated under operating leases for office and warehouse space and office equipment expiring through April 2012. Certain of these leases are subject to escalation clauses. The following is a schedule of the future minimum rental payments required under operating leases that have initial or remaining lease terms of one year or more as of December 31, 2006 (in thousands):

 

For the year ending December 31:

  

2007

   $ 1,961

2008

     1,427

2009

     1,036

2010

     627

2011

     340

Thereafter

     59
      

Total minimum lease obligations

   $ 5,450
      

Total rental expense under all leases amounted to $1.2 million, $748,000 and $611,000 for the years ended December 31, 2006, 2005 and 2004, respectively.

The Company’s operating lease for its SSES headquarters in Fredrick, Maryland is with an entity owned substantially by two employees of the Company. Total payments of approximately $51,000 for the year ended December 31, 2006 were paid under this lease.

This excerpt taken from the TVIN 10-K filed Mar 14, 2006.

Operating Leases

 

The Company is obligated under operating leases for office and warehouse space and office equipment expiring through April 2010. Certain of these leases are subject to escalation clauses. The following is a schedule of the future minimum rental payments required under operating leases that have initial or remaining lease terms of one year or more as of December 31, 2005:

 

For the year ending December 31:

      

2006

   $ 828

2007

     830

2008

     708

2009

     633

2010

     214
    

Total minimum lease obligations

   $ 3,213
    

 

Total rental expense under all leases amounted to $722, $611 and $343 for the years ended December 31, 2005, 2004 and 2003, respectively.

 

The Company has contingent payments related to acquisitions made in 2004 and 2005 as described further in Note 3. In addition, in the normal course of business, the Company is involved in legal actions arising from the manufacture and sale of products. Management does not anticipate that any liabilities that may result will have a materially adverse effect on our financial position, results of operations or liquidity.

 

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