EMPLOYEE BENEFIT PLANS

6 Months Ended

Jul. 31, 2011

Notes to Financial Statements [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 11 - EMPLOYEE BENEFIT PLANS

The Company has several defined benefit pension plans covering eligible employees in the United States.  In the third quarter ended October 31, 2006, the Company amended its defined benefit pension plans to freeze the accrual of future benefits for all its salaried and non-union hourly employees effective on December 31, 2006. Effective December 31, 2008, the Company amended its defined benefit pension plan to freeze the accrual of future benefits for union hourly employees.  The net periodic pension income and cost is based on estimated values provided by our independent actuary.

The following table provides the components of net periodic pension (income) cost:

	Six Months Ended				Three Months Ended
	July 31,				July 31,
	2011		2010		2011		2010
Service cost	$102,842		$81,833		$51,442		$64,833
Interest cost	560,764		545,324		280,364		272,574
Expected return on plan assets	(700,981	)	(499,279	)	(350,481	)	(256,029	)
Recognized net actuarial loss	104,943		111,985		52,443		55,985
Net periodic benefit cost	$67,568		$239,863		$33,768		$137,363

The Company contributed $2,951,289 to the pension plans during the six-month period ended July 31, 2011 and expects to make an additional contribution of $47,122 during the six-month period ending January 31, 2012.