Subsequent Events

12 Months Ended

Jan. 31, 2012

Subsequent Events [Abstract]

Subsequent Events

(12)         Subsequent Events

On April 17, 2012, The Company acquired all of the outstanding common stock of Garwood Laboratories, Inc. (Garwood), with testing facilities in Pico Rivera and San Clemente, CA.  The aggregate purchase price was $5,090,000.  Cash paid at closing was $3,165,000, and was funded by a draw down on the Company's acquisition line of credit under its credit facility. $750,000 of the purchase price was held back to secure Garwood's indemnification obligations under the purchase agreement and is payable 18 months after closing.  The remaining purchase amount of $1,175,000 is payable on or before April 17, 2013.   The Company agreed to pay an additional maximum amount of $450,000 (earn-out) if Garwood meets certain targets related to customer retention for the 24 months following the purchase date.  The purchase accounting has not been finalized.

Subsequent events have been evaluated up to and including the date these financial statements were issued.