Fair Value Information

6 Months Ended

Jan. 31, 2012

Fair Value Information [Abstract]

Fair Value Information

Note 7. Fair Value Information

        Fair value is an exit price that represents the amount that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants.

       The Company does not have any financial assets which are required to be measured at fair value on a recurring basis. Non-financial assets such as goodwill, intangible assets and property, plant and equipment are measured at fair value when there is an indicator of impairment or at least annually and recorded at fair value only when impairment is recognized. No impairment indicators existed as of January 31, 2012.

       The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate fair value because of the short maturity of these items.  The carrying amount of the Company's notes and long-term debt is estimated to approximate fair value because the variable interest rates or the fixed interest rates are based on estimated current rates offered to the Company for debt with similar maturities.

    The Company also experienced a $382,000 loss from discontinued operations in the first six months of fiscal 2012, or $0.02 basic and diluted earnings per share which included a $29,000 write-off of goodwill and a loss on the sale of fixed assets and inventory of approximately $250,000.