Stock Repurchase Program

12 Months Ended

Oct. 31, 2011

Stock Repurchase Program [Abstract]

Stock Repurchase Program

(10)      Stock Repurchase Program

During fiscal 2010, the Board of Directors authorized and the Company completed the repurchase of 466,049 shares of common stock in market transactions costing $2,024,000 at an average cost of $4.34 per share.

On April 15, 2011, the Company's Board of Directors authorized the repurchase of up to $2,000,000 of its outstanding shares of common stock in the open market or privately negotiated transactions in the period until July 31, 2012.  On May 26, 2011, the Board increased this authorization to $3,000,000 for the same period.  The Company repurchased 46,166 shares at an average price of $4.24 through October 31, 2011.  The remaining approved authorization is $2,802,000 at October 31, 2011.