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Inventories

9 Months Ended

Sep. 01, 2012

Inventories

5. Inventories

Inventories consist of:

		September 1, 2012			December 3, 2011

Nursery stock		$	12,829		$	12,739
Materials and supplies		713			956
		$	13,542		$	13,695

In the 2012 third quarter and 2012 nine month period, a charge of $250 was included in costs of landscape nursery sales to increase reserves for unsaleable inventories and plants that are expected to be sold below cost as seconds.

In the 2011 nine month period, a charge of $700 was included in costs of landscape nursery sales for excess plant losses and to increase reserves for plants that had become unsaleable or were expected to be sold below costs as seconds. The charge includes $300 for plants lost 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 in the 2011 nine month period 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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