Quarterly report pursuant to Section 13 or 15(d)

Pensions

v2.4.0.6
Pensions
 3 Months Ended
Mar. 31, 2013
Pensions [Abstract]  
Pensions

NOTE 10 – PENSIONS

 

The Company’s U.K. based subsidiary Austin Taylor maintains defined benefit pension plans.  The Company does not provide any other post-retirement benefits to its employees.  Components of net periodic benefit cost of the pension plans for the three months ended March 31, 2013 and 2012 were:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended March 31

 

 

 

2013

 

 

2012

Service cost

 

$
65,000 

 

$
9,000 

Interest cost

 

 
57,000 

 

 
62,000 

Expected return on assets

 

 
(62,000)

 

 
(69,000)

Amortization of prior service cost

 

 

 -

 

 
12,000 

Net periodic pension cost

 

$
60,000 

 

$
14,000