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LEASES

12 Months Ended

Oct. 31, 2011

11. LEASES

The Company leases equipment, primarily rail cars, under operating leases through 2017. Equipment under operating lease primarily represents rail cars for which the rentals began in August 2007. Rent expense for fiscal 2011, 2010, and 2009 was approximately $1.9 million, $1.9 million, and $844,000, respectively.

At October 31, 2011, the Company had the following minimum future lease payments, which at inception had non-cancelable terms of more than one year:

2012	$	1,647,589
2013	1,562,988
2014	1,216,009
2015	833,280
2016	832,720
Thereafter	693,000

Total lease commitments	$	6,785,586

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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