Quarterly report pursuant to Section 13 or 15(d)

Pensions

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Pensions
9 Months Ended
Sep. 30, 2011
Pensions [Abstract]  
Pensions

NOTE 10 – 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:

 

Nine months Ended September 30

2011

2010

Service cost

35,000

27,000

Interest cost

196,000

194,000

Expected return on plan assets

(185,000)

(168,000)

$

46,000

$

53,000