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Inventories

3 Months Ended

Mar. 03, 2012

Inventories

5. Inventories

Inventories consist of:

		March 3, 2012			December 3, 2011

Nursery stock		$	14,747		$	12,739
Materials and supplies		1,814			956
		$	16,561		$	13,695

In the 2011 first quarter, a charge of $550 was included in costs of landscape nursery sales to establish a reserve for the estimated book value of plants that had become unsaleable because some of Imperial’s hoop houses, in which the plants were stored, collapsed as a result of snow load from winter storms. There were no charges recorded for the damaged hoop houses because they were fully depreciated prior to fiscal 2011. Initial insurance proceeds of $200, related to the hoop house damage, were reflected as a gain on insurance recovery on the 2011 first quarter consolidated statement of operations (see Notes 8 and 11). The claim was settled in the 2011 fourth quarter and an additional $279 of insurance proceeds was received at that time.

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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