Discontinued operations

12 Months Ended

Jul. 31, 2012

Discontinued operations

2. Discontinued operations:

During the first quarter of fiscal year 2011, the Company sold its hotel business, and realized net proceeds of $10,467, after transaction costs. The Company recorded a gain on sale of the hotel business of $924, net of a tax provision of $505, or $0.07 per diluted share in fiscal year 2011. A former member of the Company’s Board of Directors also serves on the Board of Directors of the entity that acquired the hotel business.

Revenues and net income (loss) for the hotel business for fiscal years 2011 and 2010 were as follows:

	Year Ended July 31,
	2011		2010
Total net revenue	$	2,906	$	8,784
Net income (loss)		289		(244	)