Discontinued Operations and Assets Held for Sale (Tables)

12 Months Ended

Oct. 31, 2012

Discontinued Operations and Assets Held for Sale [Abstract]

Schedule of financial information discontinued operation

The following is selected financial information included in net earnings (loss) from discontinued operations for two divisions classified within the printing segment and reflects interest on estimated debt required to be repaid as a result of these disposal transactions and excludes any general corporate overhead allocations. The interest expense allocated to discontinued operations for the year ended October 31, 2012, 2011, and 2010, was approximately $211,000, $270,000, and $272,000.

	Twelve months Ended October 31,
		2012						2011							2010
		CGC		Donihe		Total			CGC		Donihe		Total		CGC		Donihe		Total
Net sales	$	10,464,516	$	5,819,306	$	16,283,822		$	17,758,633	$	5,914,982	$	23,673,615	$	18,169,202	$	5,369,177	$	23,538,379
Earnings (loss) from discontinued operations		140,761		(563,621	)	(422,860	)		561,257		(126,888	)	434,369		417,752		84,770		502,522
Income tax (expense) benefit		(57,487	)	188,024		130,537			(231,239	)	47,152		(184,087	)	(173,033	)	(38,274	)	(211,307	)
Gain on sale of discontinued operations		1,567,231		-		1,567,231			-		-		-		-		-		-
Income tax (expense) on sale		(640,057	)	-		(640,057	)		-		-		-		-		-		-
Net earnings (loss) from discontinued operations		1,010,448		(375,597	)	634,851			330,018		(79,736	)	250,282		244,719		46,496		291,215

The major classes of assets and liabilities held for sale and of discontinued operations included in the Consolidated Balance Sheets are as follows (see Note 5 for discussion of debt allocated to liabilities held for sale/discontinued operations):

		Held for sale		Discontinued Operations		Total		Held for sale		Discontinued Operations		Total
		October 31, 2012						October 31, 2011
Assets:
Accounts Receivable	$	-	$	777,740	$	777,740	$	-	$	3,285,899	$	3,285,899
Inventories		-		283,467		283,467		-		1,476,792		1,476,792
Other current assets		-		-		-		-		13,542		13,542
Property and equipment, net		1,219,073		425,000		1,644,073		-		-		-
Total current assets		1,219,073		1,486,207		2,705,280		-		4,776,233		4,776,233
Property and equipment, net		-		-		-		1,741,725		840,159		2,581,884
Other assets		-		-		-		-		3,752		3,752
Total noncurrent assets		-		-		-		1,741,725		843,911		2,585,636
Total assets held for sale/discontinued operations	$	1,219,073	$	1,486,207	$	2,705,280	$	1,741,725	$	5,620,144	$	7,361,869
Liabilities:
Accounts payable	$	-	$	278,266	$	278,266	$	-	$	890,889	$	890,889
Deferred revenue		-		4,726		4,726		-		-		-
Accrued payroll and comissions		-		55,310		55,310		-		345,435		345,435
Taxes accrued and withheld		-		138,148		138,148		-		165,698		165,698
Accrued expenses		-		43,103		43,103		-		35,853		35,853
Debt (see Note 3)		1,219,073		966,654		2185,727		1,218,500		4,716,654		5,935,154
Total current liabilities		1,219,073		1,486,207		2,705,280		1,218,500		6,154,529		7,373,029
Total noncurrent liabilities		-		-		-		-		-		-
Total liabilities held for sale/discontinued operations	$	1,219,073	$	1,486,207	$	2,705,280	$	1,218,500	$	6,154,529	$	7,373,029