Correction of immaterial errors (Notes)

12 Months Ended

Jan. 31, 2016

Error Corrections and Prior Period Adjustments Restatement [Line Items]

Accounting Changes and Error Corrections [Text Block]

Note 3 - Correction of immaterial errors. In the fourth quarter of 2015, management discovered prior period inventory errors relating to excess and obsolete inventory. The cumulative adjustment for the inventory errors covering the period from February 1, 2013 to January 31, 2015 was approximately $0.9 million. The adjustment applicable to the fourth quarter of 2013 was approximately $1.0 million, no adjustment to the first three quarters of 2013. The $0.1 million adjustment was applicable to the fourth quarter of 2014, and no adjustment was applicable to the first three quarters of 2015.

Pursuant to the guidance of Staff Accounting Bulletin ("SAB") No. 99, Materiality, the Company concluded that the errors were not material to any of its prior period financial statements. Although the errors were immaterial to prior periods, the prior period financial statements were revised, in accordance with SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, due to the significance of the out-of-period correction.

A reconciliation of the effects of the adjustments to the previously reported balance sheet at January 31, 2015 follows:

	As Reported	Adjustment		As Adjusted
Inventories, net	$14,613	($928)		$13,685
Prepaid expenses and other current assets	2,345	205		2,550
Total current assets	110,427	(723	)	109,704
Total assets	148,797	(723	)	148,074
Retained earnings	25,325	(723	)	24,602
Total stockholders' equity	73,523	(723	)	72,800
Total liabilities and stockholders' equity	148,797	(723	)	148,074

A reconciliation of the effects of the adjustments to the previously reported statement of operations for the year

ending January 31, 2015 follows:

	As Reported		Adjustment	As Adjusted
Cost of sales	$96,247		($98)	$96,149
Gross profit	30,676		98	30,774
General and administrative expense	19,179		23	19,202
Total operating expenses	24,904		23	24,927
Income from operations	5,772		75	5,847
Income from continuing operations before income taxes	7,213		75	7,288
Income from continuing operations	4,162		75	4,237
Net loss	(256	)	75	(181	)

A reconciliation of the effects of the adjustments to the previously reported statement of cash flows for the year ending January 31, 2015 follows:

	As Reported	Adjustment		As Adjusted
Net loss	($256)	$75		($181)
Inventories, net	3,348	(98	)	3,250
Prepaid expenses and other current assets	977	23		1,000

A reconciliation of the effects of the adjustments to the previously reported statement of stockholders' equity for the year ending January 31, 2015 follows:

	As Reported		Adjustment		As Adjusted
Net loss	($256)		$75		($181)
Retained earnings	25,325		(723	)	24,602
Total comprehensive loss	(3,626	)	75		(3,551	)

A reconciliation of the effects of the adjustments to the previously reported statement of stockholders' equity for the year ending January 31, 2014 follows:

	As Reported	Adjustment		As Adjusted
Retained earnings	$25,580	($797)		$24,783
Stockholders' Equity	76,636	(797	)	75,839