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OCR: Notes Consolidated Financial Years endec March 1995 1994 ane 1993 (IX) Commi tments and Contingencies Roya The Company has entered into agreements with third parties that provide for royalty payments based on the wholesale price of certain products Lease The Company leases office space and certain equipment under operating leases certain of which contain renewal and purch ase options Future minimum payments under operating leases with an initial term of more than one year are summarized follows thoutands) 1996 1.306 1997 1,249 1998 486 1999 276 2000 221 Thereafter 550 Total minimum lease payments 880'' Rent expense was $1,131,000 $961 ,000 and $746,000 for the years ended March 31 1995 1994 and 1993 respectively Consol idated Financia Statements cont ngencies produces minimun taam