11. STOCKHOLDERS' EQUITY

12 Months Ended

Oct. 31, 2014

Equity [Abstract]

STOCKHOLDERS' EQUITY

a.   Treasury Stock.  The Company utilizes the cost method of accounting for treasury stock.  The cost of reissued shares is determined under the last-in, first-out method.  The Company purchased 156,415 shares for $995,729 during the year ended October 31, 2014. The Company did not purchase any shares during the year ended October 31, 2013.

b. Dividends.  On December 27, 2012, the Company paid a cash dividend of $387,379 $(0.06 per share) to all stockholders of record as of December 15, 2012.  On June 30, 2013, the Company announced that the Board elected to terminate the dividend program.

c. Share Repurchase Program. On January 24, 2014, the Company announced that the Board of Directors had approved a share repurchase program (the “Share Repurchase Program”) pursuant to which the Company may repurchase up to $1 million of the outstanding common stock from time to time on the open market and in privately negotiated transactions subject to  market conditions, share price and other factors.  The Share Repurchase Program may be discontinued or suspended at any time.