IECE paid down $1.6M in long term debt in Q1. That will give them a nice interest savings going forward which will all drop to the bottom line. The interest savings for the debt repayment this quarter using current interest rates is somewhere in the ballpark of $16K/quarter. The savings will increase as they continue to pay down debt. At the present rate of debt repayment they will be debt free in roughly 5 quarters. Being debt free adds more than $0.01 in EPS/quarter in interest savings alone.
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