Marketable Securities

9 Months Ended

Apr. 30, 2014

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:
April 30, 2014:
Certificates of deposit*	$	8,400	$	—	$	—	$	8,400
Municipal bonds		3,962		—		—		3,962
Total	$	12,362	$	—	$	—	$	12,362
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 $2.9 million and $13.0 million in the three and nine months ended April 30, 2014, respectively, and $3.3 million and $3.3 million in the three and nine months ended April 30, 2013, respectively. There were no realized gains or losses from sales of available-for-sale securities in the three and nine months ended April 30, 2014 and 2013. 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 April 30, 2014 were as follows:

	Fair Value
	(in thousands)
Within one year	$	12,114
After one year through five years		248
After five years through ten years		—
After ten years		—
Total	$	12,362