Marketable Securities

3 Months Ended

Oct. 31, 2013

Marketable Securities [Abstract]

Marketable Securities

Note 3—Marketable Securities

The following is a summary of marketable securities:

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale securities:
October 31, 2013:
Certificates of deposit*	$	7,533	$	—	$	—	$	7,533
Municipal bonds		3,469		—		—		3,469
Total	$	11,002	$	—	$	—	$	11,002
July 31, 2013:
Certificates of deposit*	$	8,786	$	—	$	—	$	8,786
Municipal bonds		898		—		—		898
Total	$	9,684	$	—	$	—	$	9,684

* Each of the Company’s certificates of deposit has a CUSIP, was purchased in the secondary market through a broker and may be sold in the secondary market.

Proceeds from maturities and sales of available-for-sale securities were $6.1 million and nil in the three months ended October 31, 2013 and 2012, respectively. There were no realized gains or losses from sales of available-for-sale securities in the three months ended October 31, 2013 and 2012. The Company uses the specific identification method in computing the gross realized gains and gross realized losses on the sales of marketable securities.

The contractual maturities of the Company’s available-for-sale securities at October 31, 2013 were as follows:

	Fair Value
	(in thousands)
Within one year	$	10,802
After one year through five years		200
After five years through ten years		—
After ten years		—
Total	$	11,002