|
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
|
12 Months Ended |
|
Jan. 31, 2013
|
Jan. 31, 2012
|
Jan. 31, 2011
|
| Cash flows from operating activities |
|
|
|
| Net income |
$ 8,045,223 |
$ 7,133,701 |
$ 6,139,132 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
2,022,450 |
1,914,418 |
1,824,685 |
| Deferred income taxes |
855,679 |
1,197,654 |
439,069 |
| Loss on sales of property and equipment, net |
2,176 |
102,386 |
8,231 |
| Stock-based compensation |
903,933 |
744,306 |
645,891 |
| Allowance for doubtful accounts |
(203,036) |
46,986 |
240,133 |
| Change in operating assets and liabilities: |
|
|
|
| Accounts receivable |
(1,424,056) |
(2,173,195) |
(1,464,863) |
| Inventories |
62,511 |
(2,450,559) |
676,071 |
| Prepaid expenses, deposits and other assets |
(476,387) |
(350,416) |
(243,598) |
| Accounts payable and accrued expenses |
(1,423,633) |
3,116,045 |
977,454 |
| Customers' advances |
(1,835,262) |
2,323,603 |
22,004 |
| Accrued pension retirement benefits |
(1,247,317) |
(2,647,339) |
(668,901) |
| Other non-current liabilities |
2,197 |
2,197 |
2,197 |
| Net cash provided by operating activities |
5,284,478 |
8,959,787 |
8,597,505 |
| Cash flows from investing activities |
|
|
|
| Proceeds from sales of property and equipment |
0 |
33,566 |
36,387 |
| Acquisitions of property and equipment |
(1,997,489) |
(2,097,233) |
(1,665,949) |
| Purchase of investments |
(1,022,266) |
(1,010,535) |
(745,218) |
| Proceeds from maturities of investments |
1,258,596 |
497,155 |
725,004 |
| Payment for acquisition of business |
0 |
0 |
(955,268) |
| Net cash used in investing activities |
(1,761,159) |
(2,577,047) |
(2,605,044) |
| Cash flows from financing activities |
|
|
|
| Proceeds from new borrowings |
224,336 |
477,692 |
189,074 |
| Reduction of debt |
(877,645) |
(727,399) |
(717,134) |
| Exercise of stock options |
296,108 |
152,970 |
780,834 |
| Payment of dividends |
(4,193,142) |
(3,943,332) |
(3,597,539) |
| Purchase of treasury shares |
(289,868) |
(167,534) |
(935,631) |
| Net cash used in financing activities |
(4,840,211) |
(4,207,603) |
(4,280,396) |
| Effect of exchange rate changes on cash |
41,406 |
5,443 |
26,645 |
| Net (decrease) increase in cash and cash equivalents |
(1,275,486) |
2,180,580 |
1,738,710 |
| Cash and cash equivalents at beginning of year |
34,581,394 |
32,400,814 |
30,662,104 |
| Cash and cash equivalents at end of year |
$ 33,305,908 |
$ 34,581,394 |
$ 32,400,814 |