Concentration of credit risk
Approximately 65 percent, 62 percent and 57 percent of business activity was with companies in the aerospace industry in fiscal 2013, 2012 and 2011, respectively. Approximately 15.2 percent, 14.8 percent and 12.5 percent of total sales were directly to General Electric Company in fiscal 2013, 2012 and 2011, respectively. Accordingly, we are exposed to a concentration of credit risk for this portion of receivables. We have long-standing relationships with our aerospace customers, and management considers the credit risk to be low.