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0001437749-12-006125.txt : 20120614 0001437749-12-006125.hdr.sgml : 20120614 20120614165536 ACCESSION NUMBER: 0001437749-12-006125 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20120430 FILED AS OF DATE: 20120614 DATE AS OF CHANGE: 20120614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PEERLESS SYSTEMS CORP CENTRAL INDEX KEY: 0000897893 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 953732595 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21287 FILM NUMBER: 12908082 BUSINESS ADDRESS: STREET 1: 300 ATLANTIC STREET STREET 2: SUITE 301 CITY: STAMFORD STATE: CT ZIP: 06901 BUSINESS PHONE: 203-350-0044 MAIL ADDRESS: STREET 1: 300 ATLANTIC STREET STREET 2: SUITE 301 CITY: STAMFORD STATE: CT ZIP: 06901 10-Q 1 peerless_10q-043012.htm FORM 10-Q peerless_10q-043012.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2012

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 000-21287

PEERLESS SYSTEMS CORPORATION

(Exact name of Registrant as Specified in its Charter)

Delaware		95-3732595
(State or Other Jurisdiction		(I.R.S. Employer
of Incorporation or Organization)		Identification No.)

300 Atlantic Street, Suite 301, Stamford, CT		06901
(Address of Principal Executive Offices)		(Zip Code)

(203) 350-0040

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. þ Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). þ Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large

accelerated

filer ¨

Accelerated

filer ¨

Non-accelerated filer ¨

(Do not check if a smaller reporting

company)

Smaller reporting company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ¨ Yes þ No

The number of shares of common stock outstanding as of June 3, 2012 was 3,555,064.

PEERLESS SYSTEMS CORPORATION

INDEX

FORWARD—LOOKING STATEMENTS			3
PART I—FINANCIAL INFORMATION			4
Item 1 — Financial Statements.			4
Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations.			12
Item 3 — Quantitative and Qualitative Disclosures About Market Risk.			15
Item 4 — Controls and Procedures.			15
PART II-OTHER INFORMATION			16
Item 1A — Risk Factors.			16
Item 6 — Exhibits.			17
SIGNATURES			18
EXHIBIT INDEX			19

FORWARD—LOOKING STATEMENTS

Statements made by us in this report and in other reports and statements released by us that are not historical facts may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are necessarily estimates reflecting the judgment of our senior management based on our current estimates, expectations, forecasts and projections and include comments that express our current opinions about trends and factors that may impact future strategy, strategic alternatives or operating results. Disclosures that use words such as “believe,” “anticipate,” “estimate,” “intend,” “could,” “plan,” “expect,” “project” or the negative of these, as well as similar expressions, are intended to identify forward-looking statements. These statements are not guarantees of future performance, rely on a number of assumptions concerning future events, many of which are outside of our control, and involve known and unknown risks and uncertainties that could cause our actual results, performance or achievement, or industry results, to differ materially from any future results, performance or achievements, expressed or implied by such forward-looking statements. We discuss such risks, uncertainties and other factors which could cause results to differ materially from management’s expectations throughout this report. Additional information regarding factors that could cause results to differ materially from management's expectations is found in the section entitled "Risk Factors" in our 2012 Annual Report on Form 10-K. Any such forward-looking statements, whether made in this report or elsewhere, should be considered in the context of the various disclosures made by us about our businesses including, without limitation, the risk factors discussed below.

We intend that the forward-looking statements included herein be subject to the above-mentioned statutory safe harbor. Investors are cautioned not to rely on forward-looking statements. Except as required under the federal securities laws and the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”), we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise.

PART I—FINANCIAL INFORMATION

Item 1 — Financial Statements.

PEERLESS SYSTEMS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

	April 30,			January 31,
	2012			2012

ASSETS
Current assets:
Cash and cash equivalents	$	11,523		$	10,433
Marketable securities		4,435			6,588
Trade accounts receivable		1,029			1,267
Income tax receivable		-			21
Prepaid expenses and other current assets		27			56
Total current assets		17,014			18,365
Property and equipment, net		-			-
Other assets		4			4
Total assets	$	17,018		$	18,369

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accrued salaries and benefits	$	53		$	330
Accrued product licensing costs		176			218
Deferred tax liability		72			688
Income tax payable		311			-
Other current liabilities		244			614
Total current liabilities		856			1,850
Non-current liabilities
Tax liabilities		1,655			1,643
Total liabilities		2,511			3,493
Stockholders’ equity:
Common stock, $.001 par value		18			18
Additional paid-in capital		57,250			57,177
Retained earnings		5,302			4,856
Accumulated other comprehensive income		434			1,322
Treasury stock, 15,951 at April 30, 2012 and January 31, 2012		(48,497	)		(48,497	)
Total stockholders’ equity		14,507			14,876
Total liabilities and stockholders’ equity	$	17,018		$	18,369

The accompanying notes are an integral part of these condensed consolidated financial statements.

PEERLESS SYSTEMS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands except per share amounts)

	Three Months Ended April 30,
	2012		2011
Revenues:
Product licensing	$	614	$	1,759
Cost of revenues:
Product licensing		52		590
Gross margin		562		1,169

Operating Expenses
Sales and marketing		31		34
General and administrative		405		637
		436		671
Income from operations		126		498
Other income, net		609		113
Income before income taxes		735		611
Provision for income taxes		289		259
Net income	$	446	$	352
Basic earnings per share	$	0.13	$	0.11
Diluted earnings per share	$	0.13	$	0.11
Weighted average common shares - outstanding — basic		3,305		3,107
Weighted average common shares - outstanding — diluted		3,531		3,315

The accompanying notes are an integral part of these condensed consolidated financial statements.

PEERLESS SYSTEMS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(in thousands)

	Three Months Ended April 30,
	2012			2011
Net income	$	446		$	352
Changes in unrealized gains in available for sale securities, net of taxes		(391	)		(1	)
Reclassification adjustment for gains included in net income		(497	)		-
Total comprehensive income, net of taxes	$	(442	)	$	351

The accompanying notes are an integral part of these condensed consolidated financial statements.

PEERLESS SYSTEMS CORPORATION

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

	Three Months Ended April 30,
	2012			2011

Cash flows from operating activities:
Net income	$	446		$	352
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		-			21
Share-based compensation		73			158
Realized gain on securities		(614	)		(53	)
Income tax receivable		21			203
Tax liabilities		558			11
Deferred tax asset and liability		(616	)		-
Effects of liquidation of subsidiary		-			(42	)
Changes in operating assets and liabilities:
Trade accounts receivables		238			35
Prepaid expenses and other assets		29			30
Accrued product licensing costs		(42	)		45
Income taxes payable		311			10
Other liabilities (includes salaries and benefits)		(647	)		(106	)
Net cash provided by (used in) operating activities		(243	)		664
Cash flows from investing activities:
Purchases of marketable securities		(27,196	)		(152	)
Proceeds from sale of securities		28,529			-
Net cash provided (used in) by investing activities		1,333			(152	)
Cash flows from financing activities:
Purchase of employee stock option		-			(22	)
Proceeds from exercise of common stock options		-			77
Net cash provided by financing activities		-			55
Net increase in cash and cash equivalents		1,090			567
Cash and cash equivalents, beginning of period		10,433			12,384
Cash and cash equivalents, end of period	$	11,523		$	12,951

The accompanying notes are an integral part of these condensed consolidated financial statements.

1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Peerless Systems Corporation (the “Company” or “Peerless”) have been prepared pursuant to the rules of the SEC for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles. The consolidated financial statements and notes herein are unaudited, but in the opinion of management, include all the adjustments (consisting only of normal, recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2012, filed with the SEC on April 30, 2012. The results of operations for the interim periods shown herein are not necessarily indicative of the results to be expected for any future interim period or for the entire year.

2. Recent Accounting Pronouncements

In June 2011, the FASB issued ASU 2011-05 to require an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income, or in two separate but consecutive statements. ASU 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of equity. ASU 2011-05 was effective for the Company beginning February 1, 2012, and the Company applied it retrospectively. The adoption of this standard impacted presentation of our consolidated financial statements and did not impact results for the three months ended April 30, 2012 and 2011.

3. Cash, Cash Equivalents, and Marketable Securities

As of April 30, 2012 and January 31, 2012, cash, cash equivalents, and marketable securities included the following (in thousands):

April 30, 2012
	Cost		Unrealized Gains		Unrealized Losses Less Than 12 Months			Unrealized Losses 12 Months or Longer		Estimated Fair Value
Cash and cash equivalents	$	11,523	$	—	$	—		$	—	$	11,523
Exchange traded marketable securities		3,735		704		(4	)		—		4,435
Total	$	15,258	$	704	$	(4	)	$	—	$	15,958

January 31, 2012
	Cost		Unrealized Gains		Unrealized Losses Less Than 12 Months		Unrealized Losses 12 Months or Longer		Estimated Fair Value
Cash and cash equivalents	$	10,433	$	—	$	—	$	—	$	10,433
Exchange traded marketable securities		5,266		1,322		—		—		6,588
Total	$	15,699	$	1,322	$	—	$	—	$	17,021

Cash equivalents are comprised of money market funds traded in an active market with no restrictions. On a recurring basis, the Company measures its investments, cash equivalents, and marketable securities at fair value. Cash, cash equivalents, and marketable securities are classified within Level I of the fair value hierarchy because they are valued using observable inputs, such as quoted prices in active markets.

During the three months ended April 30, 2012, the Company recorded approximately $0.6 million of realized gains on investments. Financial instruments purchased with intention to sell over a short period were classified as trading securities. Realized gains and losses on trading securities were calculated using average cost method. The Company's investments consist of available-for-sale securities as of April 30, 2012.

4. Comprehensive Income

Comprehensive income is defined as the change in equity of a business enterprise during a period from certain defined transactions and other events. The Company’s comprehensive income consists of its reported net income and the net unrealized gains or losses on marketable securities and foreign currency translation adjustments. Comprehensive income is now being reported as two separate but consecutive statements.

5. Earnings Per Share

Earnings per share (EPS) for the three months ended April 30, 2012 and 2011 are calculated as follows (in thousands, except for per share amounts):

	2012						2011
	Net Income		Shares		Per Share Amount		Net Income		Shares		Per Share Amount
	(In thousands, except per share amounts)
Basic EPS
Earnings available to common stockholders	$	446		3,305	$	0.13	$	352		3,107	$	0.11
Effect of Dilutive Securities
Restricted Shares		—		192		—		—		29		—
Options		—		34		—		—		179		—
Diluted EPS
Earnings available to common stockholders with assumed conversions	$	446		3,531	$	0.13	$	352		3,315	$	0.11

Potentially dilutive options in the aggregate of 156,750 and 100,000 for the three months ended April 30, 2012 and 2011, respectively, have been excluded from the calculation of the diluted income per share because their effect would have been anti-dilutive based on (i) the fact that the exercise prices of such options exceeds the average stock price and (ii) the number of buy-back shares exceeded the assumed shares issued upon exercise of options.

6. Stock-Based Compensation Plans

The Company has certain plans which provide for the grant of incentive stock options to employees and non-statutory stock options, restricted stock purchase awards and stock bonuses to employees, directors and consultants. The terms of stock options granted under these plans generally may not exceed 10 years. Options granted under the incentive plans vest at the rate specified in each optionee’s agreement, generally over three or four years. As of April 30, 2012, an aggregate of 4.3 million shares of common stock were authorized for issuance under the various option plans.

Compensation expense for share-based awards granted is recognized using a straight-line, or single-option method. The Company recognizes these compensation costs over the service period of the award, which is generally the option vesting term of three or four years. In determining the fair value of options granted, the Company primarily used the Black-Scholes model and assumed no dividends per year. Risk-free interest rates for the options were taken on the grant dates from the Daily Federal Yield Curve Rates for the expected life of the options as published by the Federal Reserve. The expected volatility was based upon the changes in the price of the Company’s common stock over a five year period. The expected forfeiture rate of employee stock options was calculated using the Company’s historical terminations data.

For the three months ended April 30, 2012 and April 30, 2011, the Company recorded a total of approximately $73,000 and $158,000, respectively, in share based compensation related to stock options and restricted stock.

The following represents option activity under the 1996 Equity Incentive Plan and 2005 Incentive Award Plan, as amended and restated, for the three months ended April 30, 2012:

					Weighted Average
			Weighted		Remaining
			Average Exercise		Contractual		Aggregate
	Options		Price		Term (Years)		Intrinsic Value
	(In thousands, except per share amounts)
Balance outstanding January 31, 2012		574	$	2.39
Granted		50	$	3.99
Exercised		-	$	-
Canceled or expired		-	$	-
Balance outstanding April 30, 2012		624	$	2.52		6.45	$	884
Stock options exercisable, April 30, 2012		420	$	2.18		5.35	$	737

As of April 30, 2012, there was approximately $294,000 of total unrecognized compensation cost related to unvested option-based compensation arrangements granted under the 2005 plan. That cost is expected to be recognized over a weighted-average period of 1.85 years.

On March 12, 2012, as part of his semi-annual bonus review, the Company granted options to purchase 50,000 shares of the Company’s common stock with a fair market value of approximately $103,000 to its Chief Executive Officer pursuant to the 2005 Plan, which vest monthly on a ratable basis over a 24 month period.

Stock-based compensation expense of approximately $43,000 for restricted stock was recorded for the three months ended April 30, 2012. The total fair value, based on the price on the day of grant, for restricted stock awards that vested during the three months ended April 30, 2012, was $7,625. A summary of the Company’s non-vested restricted stock awards as of April 30, 2012 is as follows:

	Number of Shares			Weighted Average Grant Date Fair Value
Non-vested stock awards as of January 31, 2012		245,752			2.47
Granted		5,000			3.99
Vested		(2,500	)		3.05
Forfeited		-			-
Non-vested stock awards as of April 30, 2012		248,252			2.50

The unrecognized compensation for non-vested restricted stock awards of approximately $222,000 will be recognized over a weighted-average period of 2.35 years.

The Company used a Monte Carlo simulation model valuation technique to determine the fair value of the 200,000 shares of restricted common stock granted to the Chairman and Chief Executive Officer issued during the fiscal quarter ended October 31, 2010 because this award vests based upon achievement of market price targets or “market conditions.” One quarter of such shares will vest if prior to August 26, 2013 the average closing price of the Company's common stock on the Nasdaq Capital Market is greater than or equal to the target prices of $3.75, $4.00, $4.25 and $4.50, respectively, for 15 consecutive trading days. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market conditions stipulated in the award and calculates the fair value of each share of the restricted stock. The Company used the following assumptions in determining the fair value of this restricted stock as of August 26, 2010:

Daily expected stock price volatility		Daily expected mean return on equity		Daily expected dividend yield		Average daily risk-free interest rate
2.759%		0.040%		0.000%		0.003%

The daily expected stock price volatility is based on three-year historical volatility of the Company’s common stock. The daily expected dividend yield is based on annual expected dividend payments and the closing price of the Company’s common stock on the Nasdaq Capital Market on the date of the grant. The average daily risk-free interest rate is based on the three-year treasury yield as of the grant date. Each of the four tranches of the restricted stock grant is calculated to have its own fair value and requisite service period. The fair value of each tranche is amortized over the lesser of the requisite or derived service period which is up to three years. These shares had a grant date fair value of approximately $395,000. As of April 30, 2012, 50,000 shares had vested under this grant. All stock based compensation expense related to this grant was recognized during fiscal years 2011 and 2012.

7. Concentration of Revenues

During the first quarter of fiscal 2013, three customers, Novell Inc. (“Novell”), Xerox International Partners (“XIP”) and Seiko Epson Corporation represented approximately 95% of the revenues of the Company. During the first quarter of fiscal 2012, two customers, Oki Data and Novell, totaled approximately 89% of the revenues of the Company.

8. Property and equipment

The Company has $1,500 worth of furniture, which was fully depreciated in fiscal year 2012.

9. Income Taxes

The Company reported an effective tax rate on income from operations of 39.3% and 42.4% for the three months ended April 30, 2012 and 2011, respectively.

As of April 30, 2012, the Company had a valuation allowance of approximately $104,000 against certain deferred tax assets, for which realization cannot be considered more likely than not at this time. Such deferred tax assets relate to stock compensation expenses incurred by the Company in the form of equity awards. Management assesses the need for the valuation allowance on a quarterly basis.

The Company’s New York State (the “State”) corporate tax returns for the fiscal years 2008 and 2009 are currently under examination. The Company had one employee in the State during those periods.

Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Highlights

Pretax income for the three months ended April 30, 2012 was $735,000, approximately a 20% increase from approximately $611,000 in pretax income for the three months ended April 30, 2011. We recorded approximately $614,000 and $53,000 of net realized gains on marketable securities during the three months ended April 30, 2012 and April 30, 2011, respectively.

As a result of our staffing and cost reductions, operating expenses were reduced by approximately 35%, to approximately $436,000 for the three months ended April 30, 2012 compared to approximately $671,000 for the three months ended April 30, 2011.

General

We continue to generate revenue from our OEM customers through the licensing of technology related to imaging solutions. Our product licensing revenues are comprised of recurring per unit and block licensing revenues and perpetual licenses. Licensing revenues are derived from per unit fees paid periodically by our OEM customers upon manufacturing and subsequent commercial shipment of products incorporating the technology which we license. Licensing revenues are also derived from arrangements in which we enable third party technology, such as solutions from Novell, to be used with our OEM partners’ products.

Block licenses are per-unit licenses in large volume quantities to an OEM for products either in or about to enter into distribution into the marketplace. Perpetual licenses allow OEMs to ship products using licensed technology without the further payment of licensing fees. Payment schedules for these licenses are negotiable and payment terms are often dependent on the size and other terms and conditions of the license being acquired. Typically, payments are made in either one lump sum or over a period of four or fewer quarters.

Revenue received for block and perpetual licenses is recognized in accordance with provisions of ASC 985-605, Software – Revenue Recognition and ASC 605-25, Revenue Recognition – Multiple-Element Arrangements, which requires that revenue be recognized after the following conditions have been met: (1) delivery has occurred; (2) fees have been determined and are fixed; (3) collection of fees is probable; and (4) and evidence of an arrangement exists. For block licenses that have a significant portion of the payments due within twelve months, revenue is generally recognized at the time the block license becomes effective assuming all other revenue recognition criteria have been met.

Historically, a limited number of customers have provided a substantial portion of our revenues. Therefore, the availability and successful closing of new contracts, or modifications and additions to existing contracts with these customers may materially impact our financial position and results of operations from quarter to quarter.

The technology we license has addressed the worldwide market for monochrome printers (21-69 pages per minute) and multifunction printers (“MFP”) (21-110 pages per minute). This market has been consolidating, and the demand for the technology offered by us has continued to decline since fiscal 2008. The document imaging industry has changed. Lower cost of development and production overseas as well as increasing complexity of imaging requirements makes us unable to effectively compete in this environment. As a result, we sold our imaging and networking technologies and certain other assets to Kyocera-Mita Corporation in April 2008. As part of the transaction we retained the right, subject to certain restrictions, to continue licensing the imaging technology that we had previously developed and continue to license third party imaging technologies. We are currently pursuing other potential investment opportunities. The strategy calls for aligning our cost structure with our current and projected revenue streams, maximizing the value of our licensed back technologies and expanding our business through investment opportunities.

Our inability to implement our strategy to enhance stockholder value as well as the declining sales trend of our existing licenses, downward price pressure on the technologies we license, downward price pressure on OEM products and the anticipated consolidation of the number of OEMs in the marketplace, may have a material adverse effect on our business and financial results. See “Forward-Looking Statements” above.

Liquidity and Capital Resources

Our total assets at April 30, 2012 were $17.0 million, a decrease of 7.6% from $18.4 million as of January 31, 2012. Cash and cash equivalents increased from $10.4 million at January 31, 2012 to $11.5 million at April 30, 2012. Stockholders’ equity at April 30, 2012 was $14.5 million, a decrease of 2.7% from $14.9 million as of January 31, 2012.

At April 30, 2012, our principal source of liquidity, cash and cash equivalents, was $11.5 million; an increase of $1.1 million from January 31, 2012. The increase is due to collection of our accounts receivable and the realization of gains on marketable securities.

Critical Accounting Policies

We describe our significant accounting policies in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our Annual Report on Form 10-K for the year ended January 31, 2012. There has been no change in our significant accounting policies since the end of fiscal 2012.

Results of Operations

Net Income

Our net income for the three months ended April 30, 2012 was approximately $446,000, or $0.13 per basic share and diluted share, compared to a net income of approximately $352,000, or $0.11 per basic and diluted share, for the three months ended April 30, 2011. The Company had 3.3 million and 3.1 million weighted average shares of common stock outstanding as of April 30, 2012 and April 30, 2011, respectively.

Revenues

Revenues were $0.6 million for the three months ended April 30, 2012, compared to $1.8 million for the three months ended April 30, 2011. We experienced a decrease in licensing revenues during the three months ended April 30, 2012 from the three months ended April 30, 2011, due to (i) an $800,000 block license that was sold during the three months ended April 30, 2011, but no such license was sold during the three months ended April, 30, 2012 and (ii) a decrease of per-unit licensing revenue.

Cost of Revenues

Total cost of revenues were $52,000 for the three months ended April 30, 2012, compared to $590,000 for the three months ended April 30, 2011. Product licensing costs decreased for the three months ended April 30, 2012, primarily due to the third party license fees associated with the $800,000 block license and a decrease of per-unit licensing revenue.

Gross Margin

Our gross margins were 91.5% and 66.5% for the three months ended April 30, 2012 and April 30, 2011, respectively. The increase in gross margins was the result of less fees being paid to third parties due to a change in the product mix generating licensing revenues.

Operating Expenses

Total operating expenses decreased 35% to $436,000 for the three months ended April 30, 2012, from $671,000 for the three months ended April 30, 2011.

•

Sales and marketing expenses decreased 8.8% to approximately $31,000 for the three months ended April 30, 2012 from approximately $34,000 for the three months ended April 30, 2011.

•

General and administrative expenses decreased 36.4% to $405,000 for the three months ended April 30, 2012 from $637,000 for the three months ended April 30, 2011. The decrease was due to lower stock-based compensation costs and the Company’s continued reduction of costs in general.

Income Taxes

Our $289,000 tax provision for the three months ended April 30, 2012 was the result of pretax operating income of $126,000 and pretax non-operating income of $609,000.

Item 3 — Quantitative and Qualitative Disclosures About Market Risk.

We have investments in marketable securities that are classified and accounted for as available-for-sale as of April 30, 2012, which comprised primarily of 891,100 shares of common stock of ModusLink Global Solutions, Inc. (“ModusLink”). The fair market value of other marketable securities on April 30, 2012 was less than $25,000 and is not considered to have material market risks.

Our investment in ModusLink is also subject to the risk factors set forth in ModusLink’s filings with the Securities and Exchange Commission, including, but not limited to, ModusLink’s Annual Report on Form 10-K filed on October 14, 2011 and the Quarterly Reports on Form 10-Q filed on December 12, 2011 and March 12, 2012.

Item 4 — Controls and Procedures.

(a) Evaluation of disclosure controls and procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, comprised of our Chief Executive Officer and Acting Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

For the period ended April 30, 2012 (the “Evaluation Date”), we carried out an evaluation, under the supervision and with the participation of our management, including the Chief Executive Officer and Acting Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based upon that evaluation, the Chief Executive Officer and Acting Chief Financial Officer concluded that, as of April 30, 2012, our disclosure controls and procedures were effective.

(b) Changes in internal control over financial reporting

In the three months ended April 30, 2012, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II-OTHER INFORMATION

Item 1A — Risk Factors.

There have been no material changes to the risk factors disclosed under Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended January 31, 2012 (the “Form 10-K”). Please refer to that section of the Form 10-K for disclosures regarding the risks and uncertainties related to our business.

We cannot assure that we will transition our primary business to the asset management industry, or that such transition will increase value for Peerless’ stockholders.

Since April 2008, we have been exploring and pursuing various alternatives to enhance stockholder value through establishing a new venture or acquiring an existing business, as well as through other investment opportunities. In connection with this strategy, in the second quarter of fiscal 2012, we determined to attempt to transition our primary business to the asset management industry. In the third quarter of fiscal 2012, Peerless Value Opportunity Fund (“PVOF”) filed a registration statement to conduct an initial public offering of its common shares. Locksmith Capital Advisors (“LCA”), a wholly-owned subsidiary of Peerless, has entered into a management agreement with PVOF to act as its investment advisor.

Although we have taken these steps to transition our primary business to the asset management industry, we cannot assure that we will be able to do so. The asset management business is subject to numerous risks and we cannot determine the timing of when or if we will be able to effectuate this transition. Such transition depends upon numerous factors beyond the Company’s control, including, but not limited to:

(i)

whether PVOF is able to complete an IPO,

(ii)

market conditions (including, without limitation, interest rates, the general condition of equity markets in the United States), and

(iii)

the ability of Peerless to attract and maintain employees with industry experience.

Additionally, the asset management industry is highly competitive. Although Peerless’ management and Board of Directors have significant experience in managing capital and making investments in the public markets, because both Peerless Asset Management (“PAM”) and LCA are newly formed entities, neither corporation has prior experience operating a registered investment company. This may make it more difficult for PAM and LCA to successfully transition to this industry. Although the goal of this transition is to increase value for stockholders, we cannot assure that any such transition will result in increased value.

In addition, Peerless may decide to transition its primary business to an industry other than asset management, if it determines that doing so would be expected to enhance stockholder value. From time to time since 2008, Peerless has evaluated acquisition opportunities, some of which have been outside the asset management industry. We cannot provide any assurances that we will not pursue an acquisition or significant investment in a business outside the asset management industry, or that such an acquisition or investment will ultimately increase value for Peerless’ stockholders.

Item 6 — Exhibits.

Exhibit 3.1 (1)	Certificate of Incorporation of the Company.
Exhibit 3.2 (2)	Amended Bylaws.
Exhibit 10.1	Peerless Systems Corporation's 2005 Incentives Award Plan Form of Stock Option Agreement.
Exhibit 31.1	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act and Section302 of the Sarbanes-Oxley Act of 2002
Exhibit 31.2	Certification of Acting Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act and Section302 of the Sarbanes-Oxley Act of 2002
Exhibit 32.1	Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 32.2	Certification of Acting Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS**	XBRL Instance
101.SCH**	XBRL Taxonomy Extension Schema
101.CAL**	XBRL Taxonomy Extension Calculation
101.DEF**	XBRL Taxonomy Extension Definition
101.LAB**	XBRL Taxonomy Extension Labels
101.PRE**	XBRL Taxonomy Extension Presentation

(1)	Previously filed in the Company's Registration Statement on Form S-1 (File No. 333-09357), filed August 27, 1996, as amended and incorporated herein by reference.

(2)	Previously filed in the Company's Form 8-K, filed July 23, 2007, and incorporated herein by reference.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized:

	Peerless Systems Corporation

	By:	/s/ Timothy E. Brog
		Chairman and Chief Executive Officer

		/s/ Robert Kalkstein
		Acting Chief Financial Officer

Date: June 14, 2012

EXHIBIT INDEX

Exhibit Number		Description of Exhibit
Exhibit 3.1 (1)		Certificate of Incorporation of the Company.
Exhibit 3.2 (2)		Amended Bylaws.
Exhibit 10.1*		Peerless Systems Corporation's 2005 Incentives Award Plan Form of Stock Option Agreement.
Exhibit 31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act and Section302 of the Sarbanes-Oxley Act of 2002
Exhibit 31.2*		Certification of Acting Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act and Section302 of the Sarbanes-Oxley Act of 2002
Exhibit 32.1*		Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
Exhibit 32.2*		Certification of Acting Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS**		XBRL Instance
101.SCH**		XBRL Taxonomy Extension Schema
101.CAL**		XBRL Taxonomy Extension Calculation
101.DEF**		XBRL Taxonomy Extension Definition
101.LAB**		XBRL Taxonomy Extension Labels
101.PRE**		XBRL Taxonomy Extension Presentation

(1)	Previously filed in the Company's Registration Statement on Form S-1 (File No. 333-09357), filed August 27, 1996, as amended and incorporated herein by reference.

(2)	Previously filed in the Company's Form 8-K, filed July 23, 2007, and incorporated herein by reference.

*Filed herewith.

**Information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

EX-10.1 2 ex10-1.htm EXHIBIT 10.1 ex10-1.htm

PEERLESS SYSTEMS CORPORATION

2005 INCENTIVE AWARD PLAN

STOCK OPTION GRANT NOTICE AND

STOCK OPTION AGREEMENT

Peerless Systems Corporation, a Delaware corporation (the “Company”), pursuant to its 2005 Incentive Award Plan (the “Plan”), hereby grants to the holder listed below (“Participant”), an option to purchase the number of shares of the Company’s common stock, par value $0.001 (“Stock”), set forth below (the “Option”). This Option is subject to all of the terms and conditions set forth herein and in the Stock Option Agreement attached hereto as Exhibit A (the “Stock Option Agreement”) and the Plan, which are incorporated herein by reference. Unless otherwise defined herein, the terms defined in the Plan shall have the same defined meanings in this Grant Notice and the Stock Option Agreement.


Participant:
Grant Date:
Exercise Price per Share:		$
Total Exercise Price:		$
Total Number of Shares Subject to the Option:		shares
Expiration Date:


Type of Option:	¨	Incentive Stock Option	¨	Non-Qualified Stock Option

Vesting Schedule:	This Option shall vest and become exercisable for the shares of Stock as follows: (i) ______% shall vest on the date that is _____ month(s) from the Grant Date and (ii) an additional ______% shall vest on each __________________________________________ thereafter. so that all of the Option Shares shall be vested on the _____________ anniversary of the Grant Date. In no event, however, shall this Option vest and become exercisable for any additional shares of Stock after Participant’s Termination of Employment, Termination of Directorship or Termination of Consultancy, as applicable.

By his or her signature, Participant agrees to be bound by the terms and conditions of the Plan, the Stock Option Agreement and this Grant Notice. Participant has reviewed the Stock Option Agreement, the Plan and this Grant Notice in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Grant Notice and fully understands all provisions of this Grant Notice, the Stock Option Agreement and the Plan. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator of the Plan upon any questions arising under the Plan or relating to the Option.


PEERLESS SYSTEMS CORPORATION		PARTICIPANT

By:		By:


Print Name:		Print Name:


Title:


Address:	300 Atlantic St., Suite 301	Address:
	Stamford, CT 06901

EXHIBIT A

TO STOCK OPTION GRANT NOTICE

STOCK OPTION AGREEMENT

Pursuant to the Stock Option Grant Notice (the “Grant Notice”) to which this Stock Option Agreement (this “Agreement”) is attached, Peerless Systems Corporation, a Delaware corporation (the “Company”), has granted to Participant an option under the Company’s 2005 Incentive Award Plan (the “Plan”) to purchase the number of shares of Stock indicated in the Grant Notice.

ARTICLE I

GENERAL

1.1 Defined Terms. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Grant Notice.

1.2 Incorporation of Terms of Plan. The Option is subject to the terms and conditions of the Plan which are incorporated herein by reference.

ARTICLE II

GRANT OF OPTION

2.1 Grant of Option. In consideration of Participant’s past and/or continued employment with or service to the Company or a Parent or Subsidiary and for other good and valuable consideration, effective as of the Grant Date set forth in the Grant Notice (the “Grant Date”), the Company irrevocably grants to Participant the Option to purchase any part or all of an aggregate of the number of shares of Stock set forth in the Grant Notice, upon the terms and conditions set forth in the Plan and this Agreement. Unless designated as a Non-Qualified Stock Option in the Grant Notice, the Option shall be an Incentive Stock Option to the maximum extent permitted by law.

2.2 Exercise Price. The exercise price of the shares of Stock subject to the Option shall be as set forth in the Grant Notice, without commission or other charge; provided, however, that the exercise price per share of Stock subject to the Option shall not be less than 100% of the Fair Market Value of a share of Stock on the Grant Date. Notwithstanding the foregoing, if this Option is designated as an Incentive Stock Option and Participant owns (within the meaning of Section 424(d) of the Code) more than 10% of the total combined voting power of all classes of stock of the Company or any “subsidiary corporation” of the Company or any “parent corporation” of the Company (each within the meaning of Section 424 of the Code), the exercise price per share of Stock subject to the Option shall not be less than 110% of the Fair Market Value of a share of Stock on the Grant Date.

2.3 Consideration to the Company; No Employment Rights. In consideration of the grant of the Option by the Company, Participant agrees to render faithful and efficient services to the Company or any Parent or Subsidiary. Nothing in the Plan or this Agreement shall confer upon Participant any right to continue in the employ or service of the Company or any Parent or Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Parents and Subsidiaries, which rights are hereby expressly reserved, to discharge or terminate the services of Participant at any time for any reason whatsoever, with or without Cause, except to the extent expressly provided otherwise in a written agreement between the Company, a Parent or a Subsidiary and Participant.

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ARTICLE III

PERIOD OF EXERCISABILITY

3.1 Commencement of Exercisability.

(a) Subject to Sections 3.3, 5.8 and 5.10, the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice.

(b) No portion of the Option which has not become vested and exercisable at the date of Participant’s Termination of Employment, Termination of Directorship or Termination of Consultancy shall thereafter become vested and exercisable, except as may be otherwise provided by the Administrator or as set forth in a written agreement between the Company and Participant.

3.2 Duration of Exercisability. The installments provided for in the vesting schedule set forth in the Grant Notice are cumulative. Each such installment which becomes vested and exercisable pursuant to the vesting schedule set forth in the Grant Notice shall remain vested and exercisable until it becomes unexercisable under Section 3.3.

3.3 Expiration of Option. The Option may not be exercised to any extent by anyone after the first to occur of the following events:

(a) The expiration of ten years from the Grant Date;

(b) If this Option is designated as an Incentive Stock Option and Participant owned (within the meaning of Section 424(d) of the Code), at the time the Option was granted, more than 10% of the total combined voting power of all classes of stock of the Company or any “subsidiary corporation” of the Company or any “parent corporation” of the Company (each within the meaning of Section 424 of the Code), the expiration of five years from the Grant Date;

(c) The expiration of three months following the date of Participant’s Termination of Employment, Termination of Directorship or Termination of Consultancy, unless such termination occurs by reason of Participant’s death or Disability or Participant’s discharge for Cause;

(d) The expiration of one year following the date of Participant’s Termination of Employment, Termination of Directorship or Termination of Consultancy by reason of Participant’s death or Disability; or

(e) The date of Participant’s Termination of Employment, Termination of Directorship or Termination of Consultancy by the Company or any Parent or Subsidiary by reason of Participant’s discharge for Cause.

Participant acknowledges that an Incentive Stock Option exercised more than three months after Participant’s Termination of Employment, other than by reason of death or Disability, will be taxed as a Non-Qualified Stock Option.

3.4 Special Tax Consequences. Participant acknowledges that, to the extent that the aggregate Fair Market Value (determined as of the time the Option is granted) of all shares of Stock with respect to which Incentive Stock Options, including the Option, are exercisable for the first time by Participant in any calendar year exceeds $100,000, the Option and such other options shall be Non-Qualified Stock Options to the extent necessary to comply with the limitations imposed by Section 422(d)

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of the Code. Participant further acknowledges that the rule set forth in the preceding sentence shall be applied by taking the Option and other “incentive stock options” into account in the order in which they were granted, as determined under Section 422(d) of the Code and the Treasury Regulations thereunder.

ARTICLE IV

EXERCISE OF OPTION

4.1 Person Eligible to Exercise. Except as provided in Sections 5.2(b) and 5.2(c), during the lifetime of Participant, only Participant may exercise the Option or any portion thereof. After the death of Participant, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under Section 3.3, be exercised by Participant’s personal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution.

4.2 Partial Exercise. Any exercisable portion of the Option or the entire Option, if then wholly exercisable, may be exercised in whole or in part at any time prior to the time when the Option or portion thereof becomes unexercisable under Section 3.3.

4.3 Manner of Exercise. The Option, or any exercisable portion thereof, may be exercised solely by delivery to the Secretary of the Company or the Secretary’s office of all of the following prior to the time when the Option or such portion thereof becomes unexercisable under Section 3.3:

(a) An Exercise Notice in writing signed by Participant or any other person then entitled to exercise the Option or portion thereof, stating that the Option or portion thereof is thereby exercised, such notice complying with all applicable rules established by the Administrator. Such notice shall be substantially in the form attached as Exhibit B to the Grant Notice (or such other form as is prescribed by the Administrator);

(b) The receipt by the Company of full payment for the shares with respect to which the Option or portion thereof is exercised, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under Section 4.4;

(c) A bona fide written representation and agreement, in such form s is prescribed by the Administrator, signed by Participant or the other person then entitled to exercise such Option or portion thereof, stating that the shares of Stock are being acquired for Participant’s own account, for investment and without any present intention of distributing or reselling said shares or any of them except as may be permitted under the Securities Act and then applicable rules and regulations thereunder and any other applicable law, and that Participant or other person then entitled to exercise such Option or portion thereof will indemnify the company against and hold it free and harmless from any loss, damage, expense or liability resulting to the Company if any sale or distribution of the shares by such person is contrary to the representation and agreement referred to above. The Administrator may, in its absolute discretion, take whatever additional actions it deems appropriate to ensure the observance and performance of such representation and agreement and to effect compliance with the Securities Act and any other federal or state securities laws or regulations and any other applicable law. Without limiting the generality of the foregoing, the Administrator may require an opinion of counsel acceptable to it to the effect that any subsequent transfer of shares acquired on an Option exercise does not violate the Securities Act, and may issue stop-transfer orders covering such shares. Share certificates evidencing Stock issued on exercise of the Option shall bear an appropriate legend referring to the provisions of this subsection (c) and the agreements herein. The written representation and agreement referred to in the first sentence of this subsection (c) shall, however, not be required if the shares to be issued pursuant to such exercise have

A-3

been registered under the Securities Act, and such registration is then effective in respect of such shares; and

(d) In the event the Option or portion thereof shall be exercised pursuant to Section 4.1 by any person or persons other than Participant, appropriate proof of the right of such person or persons to exercise the Option.

4.4 Method of Payment. Payment of the exercise price shall be by any of the following, or a combination thereof, at the election of the Participant:

(a) cash;

(b) check;

(c) To the extent permitted under applicable laws, delivery of a notice that the Participant has placed a market sell order with a broker with respect to shares of Stock then issuable upon exercise of the Option, and that the broker has been directed to pay a sufficient portion of the net proceeds of the sale to the Company in satisfaction of the aggregate exercise price; provided, that payment of such proceeds is then made to the Company upon settlement of such sale;

(d) With the consent of the Administrator, such payment may be made, in whole or in part, through the surrender of shares of Stock then issuable upon exercise of the Option having a Fair Market Value on the date of Option exercise equal to the aggregate exercise price of the Option or exercised portion thereof;

(e) With the consent of the Administrator, such payment may be made, in whole or in part, through the delivery of shares of Stock which have been owned by Participant for at least six (6) months, duly endorsed for transfer to the Company with a Fair Market Value on the date of Option exercise equal to the aggregate exercise price of the Option or exercised portion thereof; or

(f) With the consent of the Administrator, any combination of the consideration provided in the foregoing paragraphs (a), (b), (c), (d) and (e).

4.5 Conditions to Issuance of Stock Certificates. The shares of Stock deliverable upon the exercise of the Option, or any portion thereof, may be either previously authorized but unissued shares or issued shares which have then been reacquired by the Company. Such shares shall be fully paid and nonassessable. The Company shall not be required to issue or deliver any shares of Stock purchased upon the exercise of the Option or portion thereof prior to fulfillment of all of the following conditions:

(a) The admission of such shares to listing on all stock exchanges on which such Stock is then listed;

(b) The completion of any registration or other qualification of such shares under any state or federal law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable;

(c) The obtaining of any approval or other clearance from any state or federal governmental agency which the Administrator shall, in its absolute discretion, determine to be necessary or advisable;

A-4

(d) The receipt by the Company of full payment for such shares, including payment of any applicable withholding tax, which may be in one or more of the forms of consideration permitted under Section 4.4; and

(e) The lapse of such reasonable period of time following the exercise of the Option as the Administrator may from time to time establish for reasons of administrative convenience.

4.6 Rights as Stockholder. The holder of the Option shall not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any shares purchasable upon the exercise of any part of the Option unless and until such shares shall have been issued by the Company to such holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). No adjustment will be made for a dividend or other right for which the record date is prior to the date the shares are issued, except as provided in Section 12.3 of the Plan.

ARTICLE V

OTHER PROVISIONS

5.1 Administration. The Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon Participant, the Company and all other interested persons. No member of the Administrator shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the Option. In its absolute discretion, the Board may at any time and from time to time exercise any and all rights and duties of the Administrator under the Plan and this Agreement.

5.2 Option Not Transferable.

(a) Subject to Section 5.2(b), the Option may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until the shares underlying the Option have been issued, and all restrictions applicable to such shares have lapsed. Neither the Option nor any interest or right therein shall be liable for the debts, contracts or engagements of Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.

(b) Notwithstanding any other provision in this Agreement, with the consent of the Administrator and to the extent the Option is not intended to qualify as an Incentive Stock Option, the Option may be transferred to one or more Permitted Transferees, subject to the terms and conditions set forth in Section 12.1(b) of the Plan.

(c) Unless transferred to a Permitted Transferee in accordance with Section 5.2(b), during the lifetime of Participant, only Participant may exercise the Option or any portion thereof. Subject to such conditions and procedures as the Administrator may require, a Permitted Transferee may exercise the Option or any portion thereof during Participant’s lifetime. After the death of Participant, any exercisable portion of the Option may, prior to the time when the Option becomes unexercisable under Section 3.3, be exercised by Participant’s personal representative or by any person empowered to do so under the deceased Participant’s will or under the then applicable laws of descent and distribution.

A-5

5.3 Restrictive Legends and Stop-Transfer Orders.

(a) The share certificate or certificates evidencing the shares of Stock purchased hereunder shall be endorsed with any legends that may be required by state or federal securities laws.

(b) Participant agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

(c) The Company shall not be required: (i) to transfer on its books any shares of Stock that have been sold or otherwise transferred in violation of any of the provisions of this Agreement, or (ii) to treat as owner of such shares of Stock or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such shares shall have been so transferred.

5.4 Shares to Be Reserved. The Company shall at all times during the term of the Option reserve and keep available such number of shares of Stock as will be sufficient to satisfy the requirements of this Agreement.

5.5 Notices. Any notice to be given under the terms of this Agreement to the Company shall be addressed to the Company in care of the Secretary of the Company at the address given beneath the signature of the Company’s authorized officer on the Grant Notice, and any notice to be given to Participant shall be addressed to Participant at the address given beneath Participant’s signature on the Grant Notice. By a notice given pursuant to this Section 5.5, either party may hereafter designate a different address for notices to be given to that party. Any notice which is required to be given to Participant shall, if Participant is then deceased, be given to the person entitled to exercise his or her Option pursuant to Section 4.1 by written notice under this Section 5.5. Any notice shall be deemed duly given when sent via email or when sent by certified mail (return receipt requested) and deposited (with postage prepaid) in a post office or branch post office regularly maintained by the United States Postal Service.

5.6 Titles. Titles are provided herein for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.

5.7 Stockholder Approval. The Plan will be submitted for approval by the Company’s stockholders within twelve months after the date the Plan was initially adopted by the Board. The Option may not be exercised to any extent by anyone prior to the time when the Plan is approved by the stockholders, and if such approval has not been obtained by the end of said twelve month period, the Option shall thereupon be cancelled and become null and void.

5.8 Governing Law; Severability. This Agreement shall be administered, interpreted and enforced under the laws of the State of Delaware, without regard to the conflicts of law principles thereof. Should any provision of this Agreement be determined by a court of law to be illegal or unenforceable, the other provisions shall nevertheless remain effective and shall remain enforceable.

5.9 Conformity to Securities Laws. Participant acknowledges that the Plan is intended to conform to the extent necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state securities laws and regulations. Notwithstanding anything herein to the contrary, the Plan shall be administered, and the Option is granted and may be exercised, only in such a manner as to conform to

A-6

such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be deemed amended to the extent necessary to conform to such laws, rules and regulations.

5.10 Amendments. This Agreement may not be modified, amended or terminated except by an instrument in writing, signed by Participant or such other person as may be permitted to exercise the Option pursuant to Section 4.1 and by a duly authorized representative of the Company.

5.11 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 5.2, this Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors and assigns.

5.13 Notification of Disposition. If this Option is designated as an Incentive Stock Option, Participant shall give prompt notice to the Company of any disposition or other transfer of any shares of Stock acquired under this Agreement if such disposition or transfer is made (a) within two years from the Grant Date with respect to such shares or (b) within one year after the transfer of such shares to him. Such notice shall specify the date of such disposition or other transfer and the amount realized, in cash, other property, assumption of indebtedness or other consideration, by Participant in such disposition or other transfer.

5.14 Limitations Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan or this Agreement, if Participant is subject to Section 16 of the Exchange Act, the Plan, the Option and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

5.15 Entire Agreement. The Plan and this Agreement (including all Exhibits hereto) constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.

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EXHIBIT B

TO STOCK OPTION GRANT NOTICE

FORM OF EXERCISE NOTICE

Effective as of today, ___ ___, 20___, the undersigned (“Participant”) hereby elects to exercise Participant’s option to purchase the number of shares of common stock specified below (the “Shares”) of Peerless Systems Corporation, a Delaware corporation (the “Company”), under and pursuant to the Peerless Systems Corporation 2005 Incentive Award Plan (the “Plan”) and the Stock Option Grant Notice and Stock Option Agreement dated as of (the “Option Agreement”). Capitalized terms used herein without definition shall have the meanings given in the Plan and, if not defined in the Plan, the Option Agreement.


Grant Date:


Number of Shares as to which Option is Exercised:


Exercise Price per Share:		$


Total Exercise Price:		$


Certificate to be issued in name of:


Payment delivered herewith:		$______________ (Representing the full exercise price
		for the Shares, as well as any applicable withholding tax)


Type of Option:		¨		Incentive Stock Option		¨		Non-Qualified Stock Option

Participant acknowledges that Participant has received, read and understood the Plan and the Option Agreement. Participant agrees to abide by and be bound by their terms and conditions. Participant understands that Participant may suffer adverse tax consequences as a result of Participant’s purchase or disposition of the Shares. Participant represents that Participant has consulted with any tax consultants Participant deems advisable in connection with the purchase or disposition of the Shares and that Participant is not relying on the Company for any tax advice. The Plan and Option Agreement are incorporated herein by reference. This Agreement, the Plan and the Option Agreement constitute the entire agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof.


ACCEPTED BY: PEERLESS SYSTEMS CORPORATION				SUBMITTED BY:

By:				By:


Print Name:				Print Name:


Title:


				Address:

EX-31.1 3 ex31-1.htm EXHIBIT 31.1 ex31-1.htm

EXHIBIT 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Timothy E. Brog, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Peerless Systems Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 14, 2012

	/s/ Timothy E. Brog
	Chairman and Chief Executive Officer

EX-31.2 4 ex31-2.htm EXHIBIT 31.2 ex31-2.htm

EXHIBIT 31.2

CERTIFICATION OF ACTING CHIEF FINANCIAL OFFICER

I, Robert Kalkstein, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Peerless Systems Corporation;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: June 14, 2012

	/s/ Robert Kalkstein
	Acting Chief Financial Officer

EX-32.1 5 ex32-1.htm EXHIBIT 32.1 ex32-1.htm

EXHIBIT 32.1

The following certifications are being furnished solely to accompany the Report pursuant to 18 U.S.C. § 1350, and are not being filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and are not to be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, as created by Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned officers of Peerless Systems Corporation, a Delaware corporation (the “Company”), hereby certify, to each such officer’s knowledge, that:

(i)	the accompanying Quarterly Report on Form 10-Q of the Company for the quarter ended April 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of, and for, the periods presented in such Report.

Dated: June 14, 2012	/s/ Timothy E. Brog
	Chairman and Chief Executive Officer

A signed original of this written statement required by Section 906 has been provided to Peerless Systems Corporation and will be retained by Peerless Systems Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 6 ex32-2.htm EXHIBIT 32.2 ex32-2.htm

EXHIBIT 32.2

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(i)	the accompanying Quarterly Report on Form 10-Q of the Company for the quarter ended April 30, 2012 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

(ii)	the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of, and for, the periods presented in such Report.

Dated: June 14, 2012	/s/ Robert Kalkstein
	Acting Chief Financial Officer

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<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 3.  Cash, Cash Equivalents, and Marketable Securities  </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> As of April 30, 2012 and January 31, 2012, cash, cash equivalents, and marketable securities included the following (in thousands): </div> <table cellpadding="0" cellspacing="0" width="95%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td colspan="20" valign="bottom" width="99%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> April 30, 2012 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr> <td valign="bottom" width="25%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Cost </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Unrealized </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  Gains </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Unrealized Losses </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Less Than </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 12 Months </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Unrealized Losses 12 Months or </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  Longer </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Estimated Fair </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Value </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="25%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Cash and cash equivalents </div> </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> 11,523 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> 11,523 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Exchange traded marketable securities </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 3,735 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 704 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> (4 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> ) </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 4,435 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 15,258 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 704 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> (4 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> ) </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 15,958 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> </tr> </table> <table cellpadding="0" cellspacing="0" width="95%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td colspan="20" valign="bottom" width="99%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> January 31, 2012 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr> <td valign="bottom" width="25%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Cost </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Unrealized </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Gains </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Unrealized Losses </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  Less Than </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 12 Months </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Unrealized Losses 12 Months or </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  Longer </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Estimated Fair </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Value </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="25%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Cash and cash equivalents </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> 10,433 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> 10,433 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Exchange traded marketable securities </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 5,266 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 1,322 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 6,588 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="25%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Total </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 15,699 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 1,322 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 17,021 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> </tr> </table> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt"> Cash equivalents are comprised of money market funds traded in an active market with no restrictions.  On a recurring basis, the Company measures its investments, cash equivalents, and marketable securities at fair value.  Cash, cash equivalents, and marketable securities are classified within Level I of the fair value hierarchy because they are valued using observable inputs, such as quoted prices in active markets. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt"> During the three months ended April 30, 2012, the Company recorded approximately $0.6 million of realized gains on investments.  Financial instruments purchased with intention to sell over a short period were classified as trading securities.   Realized gains and losses on trading securities were calculated using average cost method.  The Company's investments consist of available-for-sale securities as of April 30, 2012.  </div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 5.  Earnings Per Share </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Earnings per share (EPS) for the three months ended April 30, 2012 and 2011 are calculated as follows (in thousands, except for per share amounts): </div> <table cellpadding="0" cellspacing="0" width="95%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> 2012 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="10" valign="bottom" width="34%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> 2011 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr> <td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">   <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Net </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  Income </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">   <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Shares </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> Per <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Share </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  Amount </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">   <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Net </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Income </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid">   <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Shares </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> Per <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  Share </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Amount </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr> <td align="left" valign="bottom" width="28%">   </td> <td valign="bottom" width="1%">   </td> <td colspan="22" valign="bottom" width="70%" style="TEXT-ALIGN: center"> (In thousands, except per share amounts) </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="28%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Basic EPS </div> </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="10%">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="10%">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="10%">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="10%">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="10%">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="10%">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Earnings available to common stockholders </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 446 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 3,305 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 0.13 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 352 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 3,107 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 0.11 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="28%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Effect of Dilutive Securities </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="28%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Restricted Shares </div> </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 192 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> 29 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Options </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 34 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> 179 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> — </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr> <td align="left" valign="bottom" width="28%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Diluted EPS </div> </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Earnings available to common stockholders with assumed conversions </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 446 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 3,531 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 0.13 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 352 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">   </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 3,315 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 0.11 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> </tr> </table> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt"> Potentially dilutive options in the aggregate of 156,750 and 100,000 for the three months ended April 30, 2012 and 2011, respectively, have been excluded from the calculation of the diluted income per share because their effect would have been anti-dilutive based on (i) the fact that the exercise prices of such options exceeds the average stock price and (ii) the number of buy-back shares exceeded the assumed shares issued upon exercise of options. </div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 6.  Stock-Based Compensation Plans </div> <div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company has certain plans which provide for the grant of incentive stock options to employees and non-statutory stock options, restricted stock purchase awards and stock bonuses to employees, directors and consultants.  The terms of stock options granted under these plans generally may not exceed 10 years.  Options granted under the incentive plans vest at the rate specified in each optionee’s agreement, generally over three or four years.  As of April 30, 2012, an aggregate of 4.3 million shares of common stock were authorized for issuance under the various option plans. </div> <div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Compensation expense for share-based awards granted is recognized using a straight-line, or single-option method.  The Company recognizes these compensation costs over the service period of the award, which is generally the option vesting term of three or four years.  In determining the fair value of options granted, the Company primarily used the Black-Scholes model and assumed no dividends per year.  Risk-free interest rates for the options were taken on the grant dates from the Daily Federal Yield Curve Rates for the expected life of the options as published by the Federal Reserve.  The expected volatility was based upon the changes in the price of the Company’s common stock over a five year period.  The expected forfeiture rate of employee stock options was calculated using the Company’s historical terminations data. </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> For the three months ended April 30, 2012 and April 30, 2011, the Company recorded a total of approximately $73,000 and $158,000, respectively, in share based compensation related to stock options and restricted stock.   </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The following represents option activity under the 1996 Equity Incentive Plan and 2005 Incentive Award Plan, as amended and restated, for the three months ended April 30, 2012: </div> <table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" width="40%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%" style="TEXT-ALIGN: center"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Weighted Average </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%" style="TEXT-ALIGN: center">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="40%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%" style="TEXT-ALIGN: left">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%" style="TEXT-ALIGN: center"> Weighted </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%" style="TEXT-ALIGN: center"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Remaining </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%" style="TEXT-ALIGN: center">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="40%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%" style="TEXT-ALIGN: left">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%" style="TEXT-ALIGN: center"> Average Exercise </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%" style="TEXT-ALIGN: center"> Contractual </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%" style="TEXT-ALIGN: center"> Aggregate </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px">   </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> Options </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> Price </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Term (Years) </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> Intrinsic Value </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr> <td align="left" valign="bottom" width="40%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td colspan="14" valign="bottom" width="58%" style="TEXT-ALIGN: center"> (In thousands, except per share amounts) </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Balance outstanding January 31, 2012 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> 574 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> 2.39 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Granted </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> 50 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> 3.99 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Exercised </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td align="right" valign="bottom" width="1%">   </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> <td valign="bottom" width="1%">   </td> <td colspan="2" valign="bottom" width="13%">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">   </td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Canceled or expired </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> - </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" width="13%" style="PADDING-BOTTOM: 2px">   </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Balance outstanding April 30, 2012 </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 624 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 2.52 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 6.45 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 884 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="PADDING-BOTTOM: 4px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Stock options exercisable, April 30, 2012 </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 420 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 2.18 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">   </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 5.35 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">   </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> $ </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> 737 </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">   </td> </tr> </table> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> As of April 30, 2012, there was approximately $294,000 of total unrecognized compensation cost related to unvested option-based compensation arrangements granted under the 2005 plan.  That cost is expected to be recognized over a weighted-average period of 1.85 years. </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> On March 12, 2012, as part of his semi-annual bonus review, the Company granted options to purchase 50,000 shares of the Company’s common stock with a fair market value of approximately $103,000 to its Chief Executive Officer pursuant to the 2005 Plan, which vest monthly on a ratable basis over a 24 month period.  </div> <div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Stock-based compensation expense of approximately $43,000 for restricted stock was recorded for the three months ended April 30, 2012.  The total fair value, based on the price on the day of grant, for restricted stock awards that vested during the three months ended April 30, 2012, was $7,625.  A summary of the Company’s non-vested restricted stock awards as of April 30, 2012 is as follows:  </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Number of </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Shares </div> </td> <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">   </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Weighted </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Average </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Grant </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Date Fair </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Value </div> </td> <td align="left" valign="bottom" style="PADDING-BOTTOM: 2px">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Non-vested stock awards as of January 31, 2012 </div> </td> <td align="right" valign="bottom" width="1%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 245,752 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td align="right" valign="bottom" width="1%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 2.47 </div> </td> <td align="left" valign="bottom" width="1%">   </td> </tr> <tr> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Granted </div> </td> <td align="right" valign="bottom" width="1%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 5,000 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td align="right" valign="bottom" width="1%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 3.99 </div> </td> <td align="left" valign="bottom" width="1%">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Vested </div> </td> <td align="right" valign="bottom" width="1%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> (2,500 </div> </td> <td align="left" valign="bottom" width="1%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> ) </div> </td> <td align="right" valign="bottom" width="1%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 3.05 </div> </td> <td align="left" valign="bottom" width="1%">   </td> </tr> <tr> <td align="left" valign="bottom" width="70%" style="PADDING-BOTTOM: 2px"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Forfeited </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> - </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">   </td> <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> - </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">   </td> </tr> <tr style="background-color: #C0FFFF;"> <td align="left" valign="bottom" width="70%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Non-vested stock awards as of April 30, 2012 </div> </td> <td align="right" valign="bottom" width="1%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 248,252 </div> </td> <td align="left" valign="bottom" width="1%">   </td> <td align="right" valign="bottom" width="1%">   </td> <td align="left" valign="bottom" width="1%">   </td> <td align="right" valign="bottom" width="12%"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 2.50 </div> </td> <td align="left" valign="bottom" width="1%">   </td> </tr> </table> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The unrecognized compensation for non-vested restricted stock awards of approximately $222,000 will be recognized over a weighted-average period of 2.35 years. </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The Company used a Monte Carlo simulation model valuation technique to determine the fair value of the 200,000 shares of restricted common stock granted to the Chairman and Chief Executive Officer issued during the fiscal quarter ended October 31, 2010 because this award vests based upon achievement of market price targets or “market conditions.”  One quarter of such shares will vest if prior to August 26, 2013 the average closing price of the Company's common stock on the Nasdaq Capital Market is greater than or equal to the target prices of $3.75, $4.00, $4.25 and $4.50, respectively, for 15 consecutive trading days. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market conditions stipulated in the award and calculates the fair value of each share of the restricted stock.  The Company used the following assumptions in determining the fair value of this restricted stock as of August 26, 2010: </div> <table cellpadding="0" cellspacing="0" width="80%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Daily expected </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  stock price </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> volatility </div> </td> <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Daily expected </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  mean return on </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  equity </div> </td> <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Daily </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> expected </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  dividend yield </div> </td> <td valign="bottom" width="5%" style="PADDING-BOTTOM: 2px">   </td> <td valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid"> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Average daily </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center">  risk-free </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> interest rate </div> </td> </tr> <tr style="background-color: #C0FFFF;"> <td valign="bottom" width="20%" style="TEXT-ALIGN: center"> 2.759% </td> <td valign="bottom" width="5%">   </td> <td valign="bottom" width="20%" style="TEXT-ALIGN: center"> 0.040% </td> <td valign="bottom" width="5%">   </td> <td valign="bottom" width="20%" style="TEXT-ALIGN: center"> 0.000% </td> <td valign="bottom" width="5%">   </td> <td valign="bottom" width="20%" style="TEXT-ALIGN: center"> 0.003% </td> </tr> </table> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The daily expected stock price volatility is based on three-year historical volatility of the Company’s common stock. The daily expected dividend yield is based on annual expected dividend payments and the closing price of the Company’s common stock on the Nasdaq Capital Market on the date of the grant. The average daily risk-free interest rate is based on the three-year treasury yield as of the grant date. Each of the four tranches of the restricted stock grant is calculated to have its own fair value and requisite service period.  The fair value of each tranche is amortized over the lesser of the requisite or derived service period which is up to three years.  These shares had a grant date fair value of approximately $395,000.  As of April 30, 2012, 50,000 shares had vested under this grant.  All stock based compensation expense related to this grant was recognized during fiscal years 2011 and 2012. </div>

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 8.  Property and equipment </div> <div style="TEXT-ALIGN: left; TEXT-INDENT: 27pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company has $1,500 worth of furniture, which was fully depreciated in fiscal year 2012. </div>

<div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> 9. Income Taxes </div> <div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company reported an effective tax rate on income from operations of 39.3% and 42.4% for the three months ended April 30, 2012 and 2011, respectively. </div> <div style="TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> As of April 30, 2012, the Company had a valuation allowance of approximately $104,000 against certain deferred tax assets, for which realization cannot be considered more likely than not at this time. Such deferred tax assets relate to stock compensation expenses incurred by the Company in the form of equity awards. Management assesses the need for the valuation allowance on a quarterly basis. </div> <div style="LINE-HEIGHT: 1.25; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> The Company’s New York State (the “State”) corporate tax returns for the fiscal years 2008 and 2009 are currently under examination.  The Company had one employee in the State during those periods. </div>

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Note 3 - Cash, Cash Equivalents, and Marketable Securities
3 Months Ended

Apr. 30, 2012

Cash and Cash Equivalents Disclosure [Text Block]
3. Cash, Cash Equivalents, and Marketable Securities

As of April 30, 2012 and January 31, 2012, cash, cash equivalents, and marketable securities included the following (in thousands):

April 30, 2012

Cost

Unrealized

Gains

Unrealized Losses

Less Than

12 Months

Unrealized Losses 12 Months or

Longer

Estimated Fair

Value

Cash and cash equivalents
$ 11,523 $ — $ — $ — $ 11,523

Exchange traded marketable securities
3,735 704 (4 ) — 4,435

Total
$ 15,258 $ 704 $ (4 ) $ — $ 15,958

January 31, 2012

Cost

Unrealized

Gains

Unrealized Losses

Less Than

12 Months

Unrealized Losses 12 Months or

Longer

Estimated Fair

Value

Cash and cash equivalents
$ 10,433 $ — $ — $ — $ 10,433

Exchange traded marketable securities
5,266 1,322 — — 6,588

Total
$ 15,699 $ 1,322 $ — $ — $ 17,021

Cash equivalents are comprised of money market funds traded in an active market with no restrictions. On a recurring basis, the Company measures its investments, cash equivalents, and marketable securities at fair value. Cash, cash equivalents, and marketable securities are classified within Level I of the fair value hierarchy because they are valued using observable inputs, such as quoted prices in active markets.

During the three months ended April 30, 2012, the Company recorded approximately $0.6 million of realized gains on investments. Financial instruments purchased with intention to sell over a short period were classified as trading securities. Realized gains and losses on trading securities were calculated using average cost method. The Company's investments consist of available-for-sale securities as of April 30, 2012.

X

- Definition

The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 6

-Section H

-Subsection 3

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

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Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 8, 9, 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

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Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

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-Subparagraph (SAB TOPIC 6.H.3)

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-Name Accounting Standards Codification

-Topic 210

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-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7

-Footnote 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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Balance Type: na

Period Type: duration

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Note 2 - Recent Accounting Pronouncements
3 Months Ended

Apr. 30, 2012

Description of New Accounting Pronouncements Not yet Adopted [Text Block]
2. Recent Accounting Pronouncements

In June 2011, the FASB issued ASU 2011-05 to require an entity to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income, or in two separate but consecutive statements. ASU 2011-05 eliminates the option to present components of other comprehensive income as part of the statement of equity. ASU 2011-05 was effective for the Company beginning February 1, 2012, and the Company applied it retrospectively. The adoption of this standard impacted presentation of our consolidated financial statements and did not impact results for the three months ended April 30, 2012 and 2011.

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The entire disclosure for a new accounting pronouncement that has been issued but not yet adopted.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Accounting Standards Codification

-Topic 250

-SubTopic 10

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Reference 2: http://www.xbrl.org/2003/role/presentationRef

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Unaudited Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified

Apr. 30, 2012

Jan. 31, 2012

Current assets:

Cash and cash equivalents $ 11,523 $ 10,433

Marketable securities 4,435 6,588

Trade accounts receivable 1,029 1,267

Income tax receivable 21

Prepaid expenses and other current assets 27 56

Total current assets 17,014 18,365

Other assets 4 4

Total assets 17,018 18,369

Current liabilities:

Accrued salaries and benefits 53 330

Accrued product licensing costs 176 218

Deferred tax liability 72 688

Income tax payable 311

Other current liabilities 244 614

Total current liabilities 856 1,850

Non-current liabilities

Tax liabilities 1,655 1,643

Total liabilities 2,511 3,493

Stockholders’ equity:

Common stock, $.001 par value 18 18

Additional paid-in capital 57,250 57,177

Retained earnings 5,302 4,856

Accumulated other comprehensive income 434 1,322

Treasury stock, 15,951 at April 30, 2012 and January 31, 2012 (48,497) (48,497)

Total stockholders’ equity 14,507 14,876

Total liabilities and stockholders’ equity $ 17,018 $ 18,369

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Note 1 - Basis of Presentation
3 Months Ended

Apr. 30, 2012

Basis of Accounting [Text Block]
1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements of Peerless Systems Corporation (the “Company” or “Peerless”) have been prepared pursuant to the rules of the SEC for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. generally accepted accounting principles. The consolidated financial statements and notes herein are unaudited, but in the opinion of management, include all the adjustments (consisting only of normal, recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows of the Company. The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

These statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2012, filed with the SEC on April 30, 2012. The results of operations for the interim periods shown herein are not necessarily indicative of the results to be expected for any future interim period or for the entire year.

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Unaudited Condensed Consolidated Balance Sheets (Parentheticals) (USD $)

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Jan. 31, 2012

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Apr. 30, 2011

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436 671

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Note 6 - Stock-Based Compensation Plans
3 Months Ended

Apr. 30, 2012

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
6. Stock-Based Compensation Plans

The Company has certain plans which provide for the grant of incentive stock options to employees and non-statutory stock options, restricted stock purchase awards and stock bonuses to employees, directors and consultants. The terms of stock options granted under these plans generally may not exceed 10 years. Options granted under the incentive plans vest at the rate specified in each optionee’s agreement, generally over three or four years. As of April 30, 2012, an aggregate of 4.3 million shares of common stock were authorized for issuance under the various option plans.

Compensation expense for share-based awards granted is recognized using a straight-line, or single-option method. The Company recognizes these compensation costs over the service period of the award, which is generally the option vesting term of three or four years. In determining the fair value of options granted, the Company primarily used the Black-Scholes model and assumed no dividends per year. Risk-free interest rates for the options were taken on the grant dates from the Daily Federal Yield Curve Rates for the expected life of the options as published by the Federal Reserve. The expected volatility was based upon the changes in the price of the Company’s common stock over a five year period. The expected forfeiture rate of employee stock options was calculated using the Company’s historical terminations data.

For the three months ended April 30, 2012 and April 30, 2011, the Company recorded a total of approximately $73,000 and $158,000, respectively, in share based compensation related to stock options and restricted stock.

The following represents option activity under the 1996 Equity Incentive Plan and 2005 Incentive Award Plan, as amended and restated, for the three months ended April 30, 2012:

Weighted Average

Weighted
Remaining

Average Exercise Contractual Aggregate

Options Price Term (Years) Intrinsic Value

(In thousands, except per share amounts)

Balance outstanding January 31, 2012
574 $ 2.39

Granted
50 $ 3.99

Exercised
- $ -

Canceled or expired
- $ -

Balance outstanding April 30, 2012
624 $ 2.52 6.45 $ 884

Stock options exercisable, April 30, 2012
420 $ 2.18 5.35 $ 737

As of April 30, 2012, there was approximately $294,000 of total unrecognized compensation cost related to unvested option-based compensation arrangements granted under the 2005 plan. That cost is expected to be recognized over a weighted-average period of 1.85 years.

On March 12, 2012, as part of his semi-annual bonus review, the Company granted options to purchase 50,000 shares of the Company’s common stock with a fair market value of approximately $103,000 to its Chief Executive Officer pursuant to the 2005 Plan, which vest monthly on a ratable basis over a 24 month period.

Stock-based compensation expense of approximately $43,000 for restricted stock was recorded for the three months ended April 30, 2012. The total fair value, based on the price on the day of grant, for restricted stock awards that vested during the three months ended April 30, 2012, was $7,625. A summary of the Company’s non-vested restricted stock awards as of April 30, 2012 is as follows:

Number of

Shares

Weighted

Average

Grant

Date Fair

Value

Non-vested stock awards as of January 31, 2012

245,752

2.47

Granted

5,000

3.99

Vested

(2,500

)

3.05

Forfeited

-

-

Non-vested stock awards as of April 30, 2012

248,252

2.50

The unrecognized compensation for non-vested restricted stock awards of approximately $222,000 will be recognized over a weighted-average period of 2.35 years.

The Company used a Monte Carlo simulation model valuation technique to determine the fair value of the 200,000 shares of restricted common stock granted to the Chairman and Chief Executive Officer issued during the fiscal quarter ended October 31, 2010 because this award vests based upon achievement of market price targets or “market conditions.” One quarter of such shares will vest if prior to August 26, 2013 the average closing price of the Company's common stock on the Nasdaq Capital Market is greater than or equal to the target prices of $3.75, $4.00, $4.25 and $4.50, respectively, for 15 consecutive trading days. The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market conditions stipulated in the award and calculates the fair value of each share of the restricted stock. The Company used the following assumptions in determining the fair value of this restricted stock as of August 26, 2010:

Daily expected

stock price

volatility

Daily expected

mean return on

equity

Daily

expected

dividend yield

Average daily

risk-free

interest rate

2.759% 0.040% 0.000% 0.003%

The daily expected stock price volatility is based on three-year historical volatility of the Company’s common stock. The daily expected dividend yield is based on annual expected dividend payments and the closing price of the Company’s common stock on the Nasdaq Capital Market on the date of the grant. The average daily risk-free interest rate is based on the three-year treasury yield as of the grant date. Each of the four tranches of the restricted stock grant is calculated to have its own fair value and requisite service period. The fair value of each tranche is amortized over the lesser of the requisite or derived service period which is up to three years. These shares had a grant date fair value of approximately $395,000. As of April 30, 2012, 50,000 shares had vested under this grant. All stock based compensation expense related to this grant was recognized during fiscal years 2011 and 2012.

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Note 5 - Earnings Per Share
3 Months Ended

Apr. 30, 2012

Earnings Per Share [Text Block]
5. Earnings Per Share

Earnings per share (EPS) for the three months ended April 30, 2012 and 2011 are calculated as follows (in thousands, except for per share amounts):

2012 2011

Net

Income

Shares
Per
Share

Amount

Net

Income

Shares
Per
Share

Amount

(In thousands, except per share amounts)

Basic EPS

Earnings available to common stockholders
$ 446 3,305 $ 0.13 $ 352 3,107 $ 0.11

Effect of Dilutive Securities

Restricted Shares
— 192 — — 29 —

Options
— 34 — — 179 —

Diluted EPS

Earnings available to common stockholders with assumed conversions
$ 446 3,531 $ 0.13 $ 352 3,315 $ 0.11

Potentially dilutive options in the aggregate of 156,750 and 100,000 for the three months ended April 30, 2012 and 2011, respectively, have been excluded from the calculation of the diluted income per share because their effect would have been anti-dilutive based on (i) the fact that the exercise prices of such options exceeds the average stock price and (ii) the number of buy-back shares exceeded the assumed shares issued upon exercise of options.

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Note 9 - Income Taxes
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Income Tax Disclosure [Text Block]
9. Income Taxes

The Company reported an effective tax rate on income from operations of 39.3% and 42.4% for the three months ended April 30, 2012 and 2011, respectively.

As of April 30, 2012, the Company had a valuation allowance of approximately $104,000 against certain deferred tax assets, for which realization cannot be considered more likely than not at this time. Such deferred tax assets relate to stock compensation expenses incurred by the Company in the form of equity awards. Management assesses the need for the valuation allowance on a quarterly basis.

The Company’s New York State (the “State”) corporate tax returns for the fiscal years 2008 and 2009 are currently under examination. The Company had one employee in the State during those periods.

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Note 7 - Concentration of Revenues
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Segment Reporting Disclosure [Text Block]
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During the first quarter of fiscal 2013, three customers, Novell Inc. (“Novell”), Xerox International Partners (“XIP”) and Seiko Epson Corporation represented approximately 95% of the revenues of the Company. During the first quarter of fiscal 2012, two customers, Oki Data and Novell, totaled approximately 89% of the revenues of the Company.

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Note 8 - Property and equipment
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Property, Plant and Equipment Disclosure [Text Block]
8. Property and equipment

The Company has $1,500 worth of furniture, which was fully depreciated in fiscal year 2012.

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Unaudited Condensed Consolidated Statements Of Comprehensive Income (USD $)
In Thousands, unless otherwise specified
3 Months Ended

Apr. 30, 2012

Apr. 30, 2011

Net income $ 446 $ 352

Changes in unrealized gains in available for sale securities, net of taxes (391) (1)

Reclassification adjustment for gains included in net income (497)

Total comprehensive income, net of taxes $ (442) $ 351

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Unaudited Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Apr. 30, 2012	Jan. 31, 2012
Current assets:
Cash and cash equivalents	$ 11,523	$ 10,433
Marketable securities	4,435	6,588
Trade accounts receivable	1,029	1,267
Income tax receivable		21
Prepaid expenses and other current assets	27	56
Total current assets	17,014	18,365
Other assets	4	4
Total assets	17,018	18,369
Current liabilities:
Accrued salaries and benefits	53	330
Accrued product licensing costs	176	218
Deferred tax liability	72	688
Income tax payable	311
Other current liabilities	244	614
Total current liabilities	856	1,850
Non-current liabilities
Tax liabilities	1,655	1,643
Total liabilities	2,511	3,493
Stockholders’ equity:
Common stock, $.001 par value	18	18
Additional paid-in capital	57,250	57,177
Retained earnings	5,302	4,856
Accumulated other comprehensive income	434	1,322
Treasury stock, 15,951 at April 30, 2012 and January 31, 2012	(48,497)	(48,497)
Total stockholders’ equity	14,507	14,876
Total liabilities and stockholders’ equity	$ 17,018	$ 18,369

Unaudited Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 30, 2012	Apr. 30, 2011
Cash flows from operating activities:
Net income	$ 446	$ 352
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization		21
Share-based compensation	73	158
Realized gain on securities	(614)	(53)
Income tax receivable	21	203
Tax liabilities	558	11
Deferred tax asset and liability	(616)
Effects of liquidation of subsidiary		(42)
Changes in operating assets and liabilities:
Trade accounts receivables	238	35
Prepaid expenses and other assets	29	30
Accrued product licensing costs	(42)	45
Income taxes payable	311	10
Other liabilities (includes salaries and benefits)	(647)	(106)
Net cash provided by (used in) operating activities	(243)	664
Cash flows from investing activities:
Purchases of marketable securities	(27,196)	(152)
Proceeds from sale of securities	28,529
Net cash provided (used in) by investing activities	1,333	(152)
Cash flows from financing activities:
Purchase of employee stock option		(22)
Proceeds from exercise of common stock options		77
Net cash provided by financing activities		55
Net increase in cash and cash equivalents	1,090	567
Cash and cash equivalents, beginning of period	10,433	12,384
Cash and cash equivalents, end of period	$ 11,523	$ 12,951

Unaudited Condensed Consolidated Balance Sheets (Parentheticals) (USD $)	Apr. 30, 2012	Jan. 31, 2012
Common stock, par value (in Dollars per share)	$ 0.001	$ 0.001
Treasury stock shares	15,951	15,951

Document And Entity Information	3 Months Ended
Document And Entity Information	Apr. 30, 2012	Jun. 03, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	PEERLESS SYSTEMS CORPORATION
Document Type	10-Q
Current Fiscal Year End Date	--01-31
Entity Common Stock, Shares Outstanding		3,555,064
Amendment Flag	false
Entity Central Index Key	0000897893
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Apr. 30, 2012
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1

Unaudited Condensed Consolidated Statements of Income (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Apr. 30, 2012	Apr. 30, 2011
Revenues:
Product licensing	$ 614	$ 1,759
Cost of revenues:
Product licensing	52	590
Gross margin	562	1,169
Operating Expenses
Sales and marketing	31	34
General and administrative	405	637
	436	671
Income from operations	126	498
Other income, net	609	113
Income before income taxes	735	611
Provision for income taxes	289	259
Net income	$ 446	$ 352
Basic earnings per share (in Dollars per share)	$ 0.13	$ 0.11
Diluted earnings per share (in Dollars per share)	$ 0.13	$ 0.11
Weighted average common shares - outstanding — basic (in Shares)	3,305	3,107
Weighted average common shares - outstanding — diluted (in Shares)	3,531	3,315

Note 7 - Concentration of Revenues	3 Months Ended
Note 7 - Concentration of Revenues	Apr. 30, 2012
Segment Reporting Disclosure [Text Block]	7. Concentration of Revenues During the first quarter of fiscal 2013, three customers, Novell Inc. (“Novell”), Xerox International Partners (“XIP”) and Seiko Epson Corporation represented approximately 95% of the revenues of the Company. During the first quarter of fiscal 2012, two customers, Oki Data and Novell, totaled approximately 89% of the revenues of the Company.

Note 8 - Property and equipment	3 Months Ended
Note 8 - Property and equipment	Apr. 30, 2012
Property, Plant and Equipment Disclosure [Text Block]	8. Property and equipment The Company has $1,500 worth of furniture, which was fully depreciated in fiscal year 2012.