Quarterly report pursuant to Section 13 or 15(d)

Pensions

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Pensions
6 Months Ended
Jun. 30, 2011
Pensions  
Pensions

NOTE 9 – PENSIONS

 

The Company's U.K. based subsidiary Austin Taylor maintains defined benefit pension plans that cover seven active employees.  The Company does not provide any other post-retirement benefits to its employees.  Components of net periodic benefit cost of the pension plans were:

 

                                                                                                Six months Ended June 30

                                                                                                        2011                   2010    

      Service cost                                                                 $              24,000                17,000

      Interest cost                                                                              134,000              124,000

      Expected return on plan assets                                                (127,000)            (107,000)

                                                                                          $              31,000    $           34,000