EMPLOYEE BENEFIT PLANS

9 Months Ended

Oct. 31, 2011

EMPLOYEE BENEFIT PLANS [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:

	Nine Months Ended				Three Months Ended
	October 31,				October 31,
	2011		2010		2011		2010
Service cost	$154,284		$158,625		$51,442		$76,792
Interest cost	841,128		838,505		280,364		293,181
Expected return on plan assets	(1,051,462	)	(758,266	)	(350,481	)	(258,987	)
Recognized net actuarial loss	157,386		182,730		52,443		70,745
Net periodic benefit cost	$101,336		$421,594		$33,768		$181,731

The Company contributed $2,974,850 to the pension plans during the nine-month period ended October 31, 2011 and expects to make an additional contribution of $23,561 during the three-month period ending January 31, 2012.