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DEBT

6 Months Ended

Jul. 31, 2013

13.

Debt

On June 27, 2013, the Company paid off the $7,000,000 subordinated note with Mill Road Capital as well as accrued interest of $745,000 and a prepayment penalty, using cash generated from operations and draws on the Company's revolving credit line. The prepayment penalty of $387,000, accretion of the debt discount of $558,000 and expensing of prepaid loan fees of $342,000 were recorded to interest expense in the current quarter.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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