EMPLOYEE BENEFIT PLANS

6 Months Ended

Jul. 31, 2012

EMPLOYEE BENEFIT PLANS [Abstract]

EMPLOYEE BENEFIT PLANS

NOTE 8 - EMPLOYEE BENEFIT PLANS

The Company has several defined benefit pension plans covering eligible employees in the United States.  Effective December 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 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 cost is based on estimated values provided by the Company's independent actuary.

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

	Six Months Ended				Three Months Ended
	July 31,				July 31,
	2012		2011		2012		2011
Service cost	$112,070		$102,842		$56,035		$51,442
Interest cost	544,436		560,764		272,218		280,364
Expected return on plan assets	(609,644	)	(700,981	)	(304,822	)	(350,481	)
Recognized net actuarial loss	219,982		104,943		109,991		52,443
Net periodic benefit cost	$266,844		$67,568		$133,422		$33,768

The Company elected to contribute $1,627,122 to its pension and defined contribution plans during the six-month period ended July 31, 2012.  The Company expects to make an additional contribution of $47,122 during the six-month period ending January 31, 2013.  The Company contributed $2,951,289 to its pension and defined benefit plans during the six-month period ended July 31, 2011.