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LEASES

3 Months Ended

Jan. 31, 2012

9. LEASES

The Company leases equipment, primarily rail cars, under operating leases through 2017. Rent expense for both the three months ended January 31, 2012 and 2011 was approximately $508,000 and $454,000, respectively.

At January 31, 2012, the Company had the following minimum future lease payments, which at inception had non-cancelable terms of more than one year:

2012	$	1,622,476
2013	1,562,988
2014	1,033,582
2015	833,280
2016	624,400
Thereafter	693,000

Total lease commitments	$	6,369,726

- 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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