Notes to Consolidated Financial Statements (Continued) 7. RETIREMENT AND OTHER BENEFIT PLANS 8. LONG-TERM INDEBTEDNESS The Company has discretionary defined contribution profit sharing plans covering substantially all eligible employees. The Company contributed $994,000, $914,000 and $608,000 to these Plans during the years ended December 31, 2003, 2002 and 2001, respectively. Long-term indebtedness consists of the following  (in thousands) : December 31, 2003 2002 Senior Notes payable at the rate of $8,000 per annum on January 28, with interest  payable semi-annually at the rate of 6.95% per annum $16,000 $24,000 Notes payable pursuant to a Credit Agreement expiring October 15, 2005 consisting  of a line of credit, not to exceed $30,000; interest at prime rate or LIBOR plus  a rate margin based upon the Company’s performance (a) (b) 2,900 Industrial Revenue Bonds, interest rates at December 31, 2003, 3.18% to 6.28%,  due 2008 through 2017; secured by certain real estate and equipment 7,858 8,871 Real estate mortgage payable at the rate of $70 per month with a balloon payment  of $3,371 in May 2006, interest at 9.03% per annum 4,484 4,894 Other loans primarily secured by certain real estate and equipment, due 2006 to 2016,  primarily fixed rates of 6.52% to 7.75% (c) 6,414 8,140 34,756 48,805 Less current portion 9,931 9,993 Total long-term indebtedness $24,825 $38,812 (a) Pursuant to the performance schedule, the interest rate on LIBOR loans was LIBOR plus 1.5 percent at December 31, 2003 and 2002. (b) As of December 31, 2003, the Company had letters of credit of $2.9 million outstanding under this Credit Agreement. (c) During 2003, the Company prepaid $1.4 million of other loans with interest rates of 7.75 percent to 7.90 percent. There were no penalties on such pre-payment. The Company also negotiated the lowering of a fixed interest rate on one instrument from 8.72% to 6.52%. Pursuant to the Senior Notes, the Credit Agreement, and certain of the other loan agreements, the Company is required to maintain minimum net worth and interest and fixed charge coverages and to meet certain other financial requirements. The Company is in compliance with all such requirements. Certain of the Company’s loan agreements  contain prepayment penalties. Borrowings under the Senior Notes and the Credit Agreement are secured only by capital stock of the Company’s subsidiaries. The Company pays a commitment fee, accrued at the rate of 3/8 of 1 percent per annum, on the daily unused amount of the revolving line of credit. The Company has unsecured letters of credit outstanding, unrelated to the Credit Agreement, which aggregate  $1.7 million at December 31, 2003. The approximate amount of maturities of long-term indebtedness  (in thousands) are: 2004 $ 9,931 2005 9,693 2006 4,751 2007 1,226 2008 2,715 Thereafter 6,440 34,756 Less current portion 9,931 Total long-term indebtedness $24,825 The Company believes the interest rates on instruments similar to its debt approximate the rates paid by the Company. Therefore, the book value of such debt approximates fair value at December 31, 2003 and 2002. 30