Marketable Securities

9 Months Ended

Apr. 30, 2015

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, 2015:
Certificates of deposit*	$	19,290	$	1	$	—		$	19,291
Federal Home Loan Bank bond		995		—		—			995
International agency notes		1,120		2		—			1,122
Municipal bonds		9,967		4		(3	)		9,968
Total	$	31,372	$	7	$	(3	)	$	31,376
July 31, 2014:
Certificates of deposit*	$	10,375	$	—	$	—		$	10,375
Equity securities		31		—		(9	)		22
Municipal bonds		2,475		1		—			2,476
Total	$	12,881	$	1	$	(9	)	$	12,873

* 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 $4.7 million and $2.9 million in the three months ended April 30, 2015 and 2014, respectively, and $16.8 million and $13.0 million in the nine months ended April 30, 2015 and 2014, respectively. There were no gross realized gains or losses as a result of sales in the three months ended April 30, 2015 and 2014, respectively. The gross realized losses that were included in earnings as a result of sales were $54,000 and nil in the nine months ended April 30, 2015 and 2014, respectively. 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 debt securities at April 30, 2015 were as follows:

	Fair Value
	(in thousands)
Within one year	$	20,491
After one year through five years		9,290
After five years through ten years		1,219
After ten years		376
Total	$	31,376

The following available-for-sale securities were in an unrealized loss position for which other-than-temporary impairments have not been recognized:

	Unrealized Losses		Fair Value
	(in thousands)
April 30, 2015:
Municipal bonds	$	3	$	2,993
July 31, 2014:
Equity securities	$	9	$	22

At April 30, 2015 and July 31, 2014, there were no securities in a continuous unrealized loss position for 12 months or longer.