|
Income Taxes (Tables)
|
12 Months Ended |
|
Oct. 31, 2012
|
| Income Taxes [Abstract] |
|
| Schedule Of Income Tax Expense (Benefit) |
| |
|
|
|
|
|
|
|
| Fiscal year ended October 31, 2012 |
|
Current |
|
Deferred |
|
|
Total |
| U.S. Federal |
$ |
1,648,945 |
$ |
(491,256 |
) |
$ |
1,157,689 |
| State |
|
167,160 |
|
(67,514 |
) |
|
99,646 |
| Totals |
$ |
1,816,105 |
$ |
(558,770 |
) |
$ |
1,257,335 |
| |
|
|
|
|
|
|
|
| Fiscal year ended October 31, 2011 |
|
Current |
|
Deferred |
|
|
Total |
| U.S. Federal |
$ |
137,721 |
$ |
143,800 |
|
$ |
281,521 |
| State |
|
128,434 |
|
(11,703 |
) |
|
116,731 |
| Totals |
$ |
266,155 |
$ |
132,097 |
|
$ |
398,252 |
| |
|
|
|
|
|
|
|
| Fiscal year ended October 31, 2010 |
|
Current |
|
Deferred |
|
|
Total |
| U.S. Federal |
$ |
652,511 |
$ |
(628,132 |
) |
$ |
24,379 |
| State |
|
162,974 |
|
(96,063 |
) |
|
66,911 |
| Totals |
$ |
815,485 |
$ |
(724,195 |
) |
$ |
91,290 | |
| Schedule Of Effective Income Tax Reconciliation |
| |
|
|
|
|
|
|
|
|
|
| |
|
Years ended October 31, |
| |
|
2012 |
|
|
2011 |
|
|
2010 |
|
| |
| "Expected" tax expense (benefit) |
$ |
1,320,402 |
|
$ |
290,955 |
|
$ |
(2,012,466 |
) |
| Increase (reduction) in income tax expense |
|
|
|
|
|
|
|
|
|
| (benefit) resulting from: |
|
|
|
|
|
|
|
|
|
| Impact of nondeductible write-off of goodwill |
|
— |
|
|
— |
|
|
1,897,285 |
|
| Benefits from Sec. 199 manufacturing |
|
|
|
|
|
|
|
|
|
| deduction |
|
(177,230 |
) |
|
(13,702 |
) |
|
(34,870 |
) |
| Impact of restricted share grants |
|
— |
|
|
— |
|
|
136,225 |
|
| State income taxes, net of federal benefit |
|
62,936 |
|
|
77,042 |
|
|
44,061 |
|
| Other differences, net |
|
51,227 |
|
|
43,957 |
|
|
61,055 |
|
| |
| Reported income tax expense (benefit) |
$ |
1,257,335 |
|
$ |
398,252 |
|
$ |
91,290 |
| |
| Schedule Of Deferred Tax Assets And Liabilities |
| |
|
|
|
|
|
|
| |
|
October 31, |
| |
|
2012 |
|
|
2011 |
|
| |
| Deferred tax assets: |
|
|
|
|
|
|
| Accounts receivable, due to allowances for doubtful accounts |
|
|
|
|
|
|
| and sales returns |
$ |
77,356 |
|
$ |
137,385 |
|
| Inventories, due to allowance for damaged and slow-moving |
|
|
|
|
|
|
| inventories and additional costs inventoried for tax purposes |
|
|
|
|
|
|
| pursuant to the Tax Reform Act of 1986 |
|
995,304 |
|
|
790,363 |
|
| Liabilities recorded for accrued expenses, deductible for tax |
|
|
|
|
|
|
| purposes when paid |
|
755,772 |
|
|
521,930 |
|
| Share-based compensation expense |
|
205,131 |
|
|
89,499 |
|
| Investment in Centric Solutions |
|
153,631 |
|
|
166,154 |
|
| Net operating loss carryforwards |
|
951,397 |
|
|
1,140,133 |
|
| Other |
|
92,766 |
|
|
85,291 |
|
| |
| Total gross deferred tax assets |
|
3,231,357 |
|
|
2,930,755 |
|
| |
| Deferred tax liabilities: |
|
|
|
|
|
|
| Plant and equipment, due to differences in depreciation and |
|
|
|
|
|
|
| capital gain recognition |
|
(428,010 |
) |
|
(675,223 |
) |
| Other receivables, due to accrual for financial reporting |
|
|
|
|
|
|
| purposes |
|
— |
|
|
(10,955 |
) |
| |
| Total gross deferred tax liabilities |
|
(428,010 |
) |
|
(686,178 |
) |
| Net deferred tax asset |
$ |
2,803,347 |
|
$ |
2,244,577 |
| |
| Schedule Of Unrecognized Tax Benefits |
| |
|
|
|
|
|
|
| |
|
October 31, |
| |
|
2012 |
|
|
2011 |
|
| Unrecognized tax benefits balance at beginning of year |
$ |
205,171 |
|
$ |
179,571 |
|
| Gross increases (decreases) for tax positions of prior years |
|
(30,055 |
) |
|
29,757 |
|
| Gross increases for current year tax positions |
|
46,223 |
|
|
— |
|
| Reductions to unrecognized tax benefits resulting from |
|
|
|
|
|
|
| the lapse of applicable statute of limitations |
|
— |
|
|
(4,157 |
) |
| Unrecognized tax benefits balance at end of year |
$ |
221,339 |
|
$ |
205,171 |
| |