Annual report pursuant to section 13 and 15(d)

INVENTORIES

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INVENTORIES
12 Months Ended
Dec. 31, 2012
INVENTORIES [Abstract]  
INVENTORIES
NOTE 7 – INVENTORIES

Inventories include the following at December 31:
 
 
2012
 
 
2011
 
 
(thousands of dollars)
 
 
 
 
 
 
 
Raw material
 
$
3,591
 
 
$
3,400
 
Finished products
 
 
6,249
 
 
 
6,056
 
 
 
 
 
 
 
 
 
Total inventory
 
$
9,840
 
 
$
9,456
 

Inventory serving as collateral for the Company's line of credit with a domestic bank was $5.1 million and $4.8 million at December 31, 2012, and 2011, respectively (see Note 11).

At December 31, 2012, and 2011, current cost exceeded the LIFO value by approximately $2.2 million and $2.3 million, respectively.