EMPLOYEE BENEFIT PLANS

9 Months Ended

Oct. 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:

	Nine Months Ended						Three Months Ended
	October 31,						October 31,
	2012			2011			2012			2011
Service cost	$	168,105		$	154,284		$	56,035		$	51,442
Interest cost		816,654			841,128			272,218			280,364
Expected return on plan assets		(914,466	)		(1,051,462	)		(304,822	)		(350,481	)
Recognized net actuarial loss		329,973			157,386			109,991			52,443
Net periodic benefit cost	$	400,266		$	101,336		$	133,422		$	33,768

The Company elected to contribute $1,650,683 to its pension and defined contribution plans during the nine-month period ended October 31, 2012.  The Company expects to make an additional contribution of $23,561 during the three-month period ending January 31, 2013.  The Company contributed $2,974,850 to its pension and defined benefit plans during the nine-month period ended October 31, 2011.