Discontinued Operations and Assets Held for Sale (Tables)

12 Months Ended

Oct. 31, 2013

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 three divisions classified within the printing segment and the Herald-Dispatch previously classified within the newspaper segment until the sale of this 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, 2013, 2012, and 2011, was approximately $615,000, $837,000, and $880,000.

	Twelve Months Ended October 31,
		2013
		Printing		Herald-Dispatch		Total
Net sales	$	2,190,236	$	8,954,004	$	11,144,240
(Loss) earnings from discontinued operations		(746,581	)	491,367		(255,214	)
Income tax benefit (expense)		250,670		(184,608	)	66,062
Gain (loss) on sale of discontinued operations		(103,802	)	547,106		443,304
Income tax (expense) benefit on sale		34,338		(205,548	)	(171,210	)
Net earnings (loss) from discontinued operations		(565,375	)	648,317		82,942

	Twelve Months Ended October 31,
		2012
		Printing		Herald-Dispatch		Total
Net sales	$	19,118,500	$	13,991,752	$	33,110,252
(Loss) from discontinued operations		(700,817	)	(9,579,038	)	(10,279,855	)
Income tax benefit (expense)		-		-		-
Gain on sale of discontinued operations		1,567,231		-		1,567,231
Income tax (expense) on sale		-		-		-
Net earnings (loss) from discontinued operations		866,414		(9,579,038	)	(8,712,624	)

	Twelve Months Ended October 31,
		2011
		Printing		Herald-Dispatch		Total
Net sales	$	26,742,318	$	14,589,210	$	41,331,528
(Loss) earnings from discontinued operations		167,967		(6,897,488	)	(6,729,521	)
Income tax benefit (expense)		(78,809	)	2,554,830		2,476,021
Gain on sale of discontinued operations		-		-		-
Income tax on sale (expense)		-		-		-
Net (loss) earnings from discontinued operations		89,158		(4,342,658	)	(4,253,500	)

F-43

Champion Industries, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (continued)

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 3 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, 2013						October 31, 2012
Assets:
Accounts Receivable	$	-	$	124,231	$	124,231	$	-	$	2,454,406	$	2,454,406
Inventories		-		-		-		-		706,584		706,584
Other current assets		-		-		-		-		109,940		109,940
Property and equipment, net		369,073		-		369,073		1,219,073		5,276,348		6,495,421
Other Assets		-		-		-		-		5,128,469		5,128,469
Total current assets		369,073		124,231		493,304		1,219,073		13,675,747		14,894,820
Property and equipment, net		-		-		-		-		-		-
Other assets		-		-		-		-		-		-
Total non-current assets		-		-		-		-		-		-
Total assets held for sale/discontinued operations	$	369,073	$	124,231	$	493,304	$	1,219,073	$	13,675,747	$	14,894,820
Liabilities:
Accounts payable	$	-	$	-	$	-	$	-	$	836,869	$	836,869
Deferred revenue		-		-		-		-		663,496		663,496
Accrued payroll and commissions		-		-		-		-		382,550		382,550
Taxes accrued and withheld		-		315		315		-		335,476		335,476
Accrued expenses		-		-		-		-		76,661		76,661
Debt (see Note 3)		-		-		-		1,219,073		11,603,132		12,822,205
Total current liabilities		-		315		315		1,219,073		13,898,184		15,117,257
Total non-current liabilities debt		369,073		123,916		492,989		-		-		-
Total liabilities held for sale/discontinued operations	$	369,073	$	124,231	$	493,304	$	1,219,073	$	13,898,184	$	15,117,257