Restructuring of Operations

3 Months Ended

Jan. 31, 2012

Restructuring of Operations [Abstract]

9. Restructuring of Operations

In fiscal 2010 and 2011, the Company recorded charges related to a restructuring and profitability enhancement plan. This plan was implemented to effectuate certain key initiatives and was an integral component of the Second Amendment and Waiver to the Credit Agreement among the Company, Fifth Third Bank, as Lender, L/C Issuer and Administrative Agent for Lenders and other Lenders dated March 31, 2010 (the "Second Amendment"). These actions were taken to comply with the provisions and targeted covenants of the Second Amendment and to address the impact of the global economic crisis on the Company. The Company may incur additional costs in future periods to address the ongoing and fluid nature of the economic crisis, and may incur costs pursuant to certain initiatives being reviewed in accordance with the provisions of the Limited Forbearance Agreement. The amount of future charges is currently not estimable by the Company.

The following information summarizes the costs incurred with respect to restructuring, integration and asset impairment charges during the three months ended January 31, 2012 and 2011, as well as the cumulative total of such costs representing fiscal 2010 and fiscal 2011, there were no costs incurred in the first quarter of 2012, and such costs are included as a component of the printing segment:


		Three Months Ended January 31, 2012		Three Months Ended January 31, 2011		Cumulative Total
Occupancy related costs	$	-	$	123,553	$	1,618,965
Costs incurred to streamline production, personnel and other		-		97,105		564,726
Inventory		-		28,851		200,380
Total	$	-	$	249,509	$	2,384,071

The activity pertaining to the Company's accruals related to restructuring and other charges since October 31, 2011, including additions and payments made are summarized below:

		Occupancy related costs		Costs incurred to streamline production, personnel and other		Total

Balance at October 31, 2011	$	865,849	$	55,575	$	921,424
2012 expenses		-		-		-
Paid in 2012		( 86,369)		(838)		(87,207)

Balance at January 31, 2012	$	779,480	$	54,737	$	834,217

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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