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CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $)
3 Months Ended 6 Months Ended
Jul. 31, 2011
Jul. 31, 2010
Jul. 31, 2011
Jul. 31, 2010
Income Statement        
Net sales $ 23,089,343 $ 21,436,886 $ 46,519,246 $ 43,713,963
Cost of goods sold 14,952,362 13,593,734 30,324,060 27,889,272
Gross profit 8,136,981 7,843,152 16,195,186 15,824,691
Operating expenses        
Selling 2,924,062 2,766,920 5,840,188 5,699,817
General and administrative 2,990,426 2,769,202 6,049,529 5,714,804
Total selling, general and administrative expenses 5,914,488 5,536,122 11,889,717 11,414,621
Income from operations 2,222,493 2,307,030 4,305,469 4,410,070
Interest expense (49,908) (27,176) (98,709) (109,686)
Other income, net 85,344 72,765 191,330 190,233
Income before taxes 2,257,929 2,352,619 4,398,090 4,490,617
Provision for taxes 767,695 799,889 1,495,349 1,526,809
Net income $ 1,490,234 $ 1,552,730 $ 2,902,741 $ 2,963,808
Earnings per share, basic [1] (in dollars per share) $ 0.100 [1] $ 0.110 [1] $ 0.200 [1] $ 0.200 [1]
Earnings per share, diluted [2] (in dollars per share) $ 0.100 [2] $ 0.110 [2] $ 0.200 [2] $ 0.200 [2]
Cash dividend per share - declared [3] (in dollars per share) $ 0.066 [3] $ 0.060 [3] $ 0.132 [3] $ 0.120 [3]
Cash dividend per share - paid [3] (in dollars per share) $ 0.066 [3] $ 0.060 [3] $ 0.132 [3] $ 0.120 [3]
[1] Basic earnings per share are based upon the weighted average number of shares outstanding of 14,659,331 and 14,619,614 for the six-month periods ended July 31, 2011 and 2010, respectively, and 14,659,281 and 14,619,443 for the three-month periods ended July 31, 2011 and 2010, respectively.
[2] Diluted earnings per share are based upon the weighted average number of shares outstanding of 14,824,680 and 14,709,756 for the six-month periods ended July 31, 2011 and 2010, respectively, and 14,833,239 and 14,702,134 for the three-month periods ended July 31, 2011 and 2010, respectively.
[3] The Board of Directors declared quarterly dividends of $.066 per share payable on March 17, 2011, June 15, 2011 and September 15, 2011 to shareholders of record at the close of business on March 3, 2011, June 1, 2011 and September 1, 2011, respectively. The Board of Directors declared quarterly dividends of $.06 per share payable on March 12, 2010, June 11, 2010 and September 15, 2010 to shareholders of record at the close of business on February 26, 2010, May 28, 2010, and September 1, 2010, respectively.