Fire At Bus Production Facility

9 Months Ended

Apr. 30, 2012

Fire At Bus Production Facility [Abstract]

16.

Fire at Bus Production Facility

On February 14, 2010, a fire occurred at one of the Company's bus facilities (the "Facility"). The fire resulted in the destruction of a significant portion of the work in process, raw materials and equipment contained in the Facility. The Company maintains a property and business interruption insurance policy that provided substantial coverage for the losses arising from this incident, less the first $5,000 representing the Company's deductible per the policy.

During the nine months ended April 30, 2011, the Company received and recognized $9,566 of insurance proceeds which included $5,378 for business interruption. The recognized insurance recoveries of $9,566 for the nine months ended April 30, 2011 less $915 of clean up and other costs incurred during the period resulted in a gain on involuntary conversion of $8,651.

The reconstructed facility was operational in September 2010. No related costs or additional insurance proceeds have been recognized in fiscal 2012.

- Definition

Tabular disclosure of business interruption insurance recoveries. This may include the nature of the event resulting in business interruption losses, the aggregate amount of business interruption insurance recoveries recognized during the period, and the line item(s) in the statement of operations in which those recoveries are classified (including amounts reported as an extraordinary item).

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