EMPLOYEE BENEFIT PLANS

3 Months Ended

Apr. 30, 2013

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:

	Three Months Ended April 30,
	2013			2012
Service cost	$	45,500		$	56,035
Interest cost		264,675			272,218
Expected return on plan assets		(336,793	)		(304,822	)
Recognized net actuarial loss		113,643			109,991
Net periodic pension cost	$	87,025		$	133,422

The Company elected to contribute $23,561 to its pension and defined contribution plans during the three-month period ended April 30, 2013.  The Company expects to make a contribution of $822,429 during the year ending January 31, 2014.  The Company contributed $63,561 to its pension and defined benefit plans during the three-month period ended April 30, 2012.