Discontinued Operations and Assets Held for Sale (Tables)

3 Months Ended

Jan. 31, 2013

Discontinued Operations and Assets Held for Sale [Abstract]

Schedule of financial information of discontinued operation

The following is selected financial information included in net (loss) earnings 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 three months ended January 31, 2013 and 2012, was approximately $8,000, and $68,000.

	Three Months Ended January 31,
	2013								2012
	CGC		Donihe			Total			CGC			Donihe			Total
Net sales	$	-	$	642,208		$	642,208		$	3,771,813		$	1,303,887		$	5,075,700
(Loss) earnings from discontinued operations		-		(291,255	)		(291,255	)		43,169			(42,858	)		311
Income tax benefit (expense)		-		-			-			(17,630	)		14,297			(3,333	)
Gain on sale of discontinued operations		-		-			-			-			-			-
Income tax (expense) on sale		-		-			-			-			-			-
Net (loss) earnings from discontinued operations	$	-	$	(291,255	)		(291,255	)	$	25,539		$	(28,561	)	$	(3,022	)

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
	January 31, 2013						October 31, 2012
Assets:
Accounts Receivable	$	-	$	429,718	$	429,718	$	-	$	777,740	$	777,740
Inventories		-		63,246		63,246		-		283,467		283,467
Other current assets		-		21,475		21,475		-		-		-
Property and equipment, net		369,073		-		369,073		1,219,073		425,000		1,644,073
Total current assets		369,073		514,439		883,512		1,219,073		1,486,207		2,705,280
Property and equipment, net		-		-		-		-		-		-
Other assets		-		-		-		-		-		-
Total noncurrent assets		-		-		-		-		-		-
Total assets held for sale/discontinued operations	$	369,073	$	514,439	$	883,512	$	1,219,073	$	1,486,207	$	2,705,280

Liabilities:
Accounts payable	$	-	$	178,347	$	178,347	$	-	$	278,266	$	278,266
Deferred revenue		-		-		-		-		4,726		4,726
Accrued payroll and commissions		-		3,968		3,968		-		55,310		55,310
Taxes accrued and withheld		-		124,736		124,736		-		138,148		138,148
Accrued expenses		-		-		-		-		43,103		43,103
Debt (see Note 5)		369,073		207,388		576,461		1,219,073		966,654		2,185,727
Total current liabilities		369,073		514,439		883,512		1,219,073		1,486,207		2,705,280
Total noncurrent liabilities		-		-		-		-		-		-
Total liabilities held for sale/discontinued operations	$	369,073	$	514,439	$	883,512	$	1,219,073	$	1,486,207	$	2,705,280

- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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