LiquiditY and caPitaL reSourceS Cash Flows Outstanding and Available Debt Future Liquidity coMMitMentS and contractuaL obLiGationS Payment due by Period Less than   1-3   3-5  More than total  1 Year  Years  Years  5 Years equipment loans  $ 2,866 $ 994 $ 1,872 $ - $ - Operating leases  3,796  1,443  2,262  91  - Debt interest   75  43  32 -  - supplemental retirement   125  25  50  50 - total  $ 6,862  $ 2,505  $ 4,216  $ 141 $ - the following table summarizes the Company’s contractual obligations at December 31, 2014 (in thousands): throughout fiscal 2015, the Company plans to continue to add capacity to enhance operating efficiencies in its manufacturing  plants. the Company may consider additional acquisitions of companies, technologies, or products that are complementary to its  business. the Company believes that its existing resources, including its revolving credit facility, together with cash expected to be  generated from operations and funds expected to be available to it through any necessary equipment financings and additional bank  borrowings, will be sufficient to fund its cash flow requirements, including capital asset acquisitions, through the next twelve months. In January 2015, the Company acquired a 137,000 square foot commercial building on 27 acres in newburyport, Massachusetts  for approximately $6.8 million. the Company anticipates that it will further expand the property and consolidate portions of its  northeast operations into its new property in multiple phases between 2015 and 2017. It expects to incur further costs with the  consolidation but also expects the efficiency savings to be significant. It has not yet estimated either the one-time costs or efficiency  gains in a potential consolidation of operations. the Company requires cash to pay its operating expenses, purchase capital equipment, and to service its contractual obligations. the Company’s principal sources of funds are its operations and its revolving credit facility. the Company generated cash of  approximately $11.2 million in operations during the year ended December 31, 2014, and cannot guarantee that its operations will  generate cash in future periods. the Company’s longer-term liquidity is contingent upon future operating performance.  In 2012, the Company financed the purchase of two molded fiber machines through five-year term loans that mature in september  2017. the annual interest rate is fixed at 1.83% and the loans are secured by the related molded fiber machines. As of December 31,  2014, the outstanding balance of the term loan facility was approximately $2.9 million. As of December 31, 2014, the Company had no borrowings outstanding under the credit facility and the Company was in compliance  with all covenants under the credit facility. the Company maintains an unsecured $40 million revolving credit facility with Bank of America, n.A. the credit facility calls for  interest of LIBOR plus a margin that ranges from 1.0% to 1.5% or, at the discretion of the Company, the bank’s prime rate less a margin  that ranges from 0.25% to zero. In both cases the applicable margin is dependent upon Company performance. Under the credit  facility, the Company is subject to a minimum fixed-charge coverage financial covenant as well as a maximum total funded debt to  eBItDA financial covenant. the Company’s $40 million credit facility matures on november 30, 2018.  net cash used in financing activities was approximately $1.1 million for the year ended December 31, 2014, representing cash used  to service term debt of approximately $1.0 million, to pay a contingent note payable related to the pAC acquisition of approximately  $800,000 and to pay statutory withholding for stock options exercised and restricted stock units vested of approximately $831,000,  partially offset by excess tax benefits on share-based compensation of approximately $1.2 million, and net proceeds received upon  stock option exercises of approximately $336,000. net cash used in investing activities during the year ended December 31, 2014, was approximately $13.3 million and was primarily  the result of additions of manufacturing machinery and equipment, including a new molded fiber line in texas and the purchase of  commercial real estate in texas. net cash provided by operations for the year ended December 31, 2014, was approximately $11.2 million and was primarily a result  of net income generated of approximately $7.5 million and an increase in accounts payable of approximately $2.3 million due to the  timing of vendor payments in the ordinary course of business. these cash inflows were partially offset by an increase in inventory of  approximately $1.8 million due to the timing of raw materials purchases and customer shipments and a decrease in accrued expenses  of approximately $2.2 million due to reduced payroll related accruals and reduced customer deposits.  the Company generally funds its operating expenses, capital requirements, and growth plan through internally generated cash and  bank credit facilities.  12