INCOME TAXES (Tables)

12 Months Ended

Oct. 31, 2013

Income Taxes Tables

Schedule of components of income taxes from continuing operations

   The credit for income taxes from continuing operations is as follows:

	10/31/13	10/31/12	10/31/11
Currently payable:
Federal	$36,000	$65,000	$0
State	5,000	2,000	2,000
	41,000	67,000	2,000
Deferred:
Federal	(362,000)	(680,000)	(1,331,000)
State	(503,000)	(659,000)	2,000
	(865,000)	(1,339,000)	(1,329,000)
Total	($824,000)	($1,272,000)	($1,327,000)

Schedule of income tax rate reconciliation

   A reconciliation between the amount computed using the statutory federal income tax rate of 34% and the actual credit for income taxes is as follows:

	10/31/13	10/31/12	10/31/11
Computed at statutory rate	($495,000)	($845,000)	($1,330,000)
State income taxes, net of federal income tax	(411,000)	(433,000)	2,000
Nondeductible expenses	1,000	1,000	1,000
Other	81,000	5,000	0
(Credit) provision for income taxes from continuing operations	($824,000)	($1,272,000)	($1,327,000)

Schedule of deferred tax assets and liabilities

   The components of the deferred tax assets and liabilities as of October 31, 2013 and 2012 are as follows:

	10/31/13	10/31/12
Deferred tax assets:
Accrued expenses	28,000	27,000
Deferred income	(74,000)	158,000
Defined benefit pension	1,130,000	2,014,000
Asset impairment	2,688,000	1,408,000
AMT credit carryforward	466,000	424,000
Net operating losses	4,174,000	4,662,000
Valuation allowance	(2,269,000)	(2,528,000)
Contribution carryforward	48,000	32,000
Stock options	0	164,000
Deferred tax asset	6,191,000	6,361,000

	10/31/13	10/31/12
Deferred tax liability:
Depreciation	6,694,000	6,777,000
Land basis	(2,000)	66,000
	6,692,000	6,843,000
Deferred income tax liability, net	$501,000	$482,000