Discontinued Operations and Assets Held for Sale (Tables)

9 Months Ended

Jul. 31, 2014

Discontinued Operations and Assets Held for Sale [Abstract]

Schedule of financial information of discontinued operation

The following is selected financial information included in net earnings (loss) from discontinued operations for two divisions classified within the printing segment and the Herald-Dispatch previously classified within the newspaper segment until the sale of this segment and reflects interest on estimated debt required to be repaid as a result of these disposal transactions and excludes any general corporate overhead allocations. The interest expense allocated to discontinued operations for the three months ended July 31, 2013, was approximately $167,000 and for the nine months ended July 31, 2013 was $612,000.

	Three Months Ended July 31,  2013
		Printing		Herald-Dispatch		Total
Net sales	$	295,687	$	2,364,072	$	2,659,759
Income (loss) from discontinued operations		(136,306	)	50,994		(85,312	)
Income tax benefit (expense)		46,144		(18,995	)	27,149
Gain on sale of discontinuedoperations		(103,802	)	547,106		443,304
Income tax (expense) on sale		35,116		(203,797	)	(168,681	)
Net earnings (loss) fromdiscontinued operations	$	(158,848	)              $	375,308	$	216,460

	Nine Months Ended July 31, 2013
		Printing		Herald-Dispatch		Total
Net sales	$	2,190,475	$	8,954,006	$	11,144,481
Income (loss) from discontinued operations		(738,571	)	491,369		(247,202	)
Income tax benefit (expense)		250,527		(183,035	)	67,492
Gain on sale of discontinued operations		(103,802	)	547,106		443,304
Income tax (expense) on sale		35,116		(203,797	)	(168,681	)
Net earnings (loss) from discontinued operations	$	(556,730	)              $	651,643	$	94,913

The major classes of assets and liabilities held for sale and of discontinued operations included in the Consolidated Balance Sheets are as follows:

		July 31, 2014						October 31, 2013
		Held for sale		Discontinued Operations		Total		Held for sale		Discontinued Operations		Total
Assets:
Accounts Receivable	$	-	$	53,869	$	53,869	$	-	$	124,231	$	124,231
Inventories		-		-		-		-		-		-
Other current assets		-		-		-		-		-		-
Property and equipment, net		257,406		-		257,406		369,073		-		369,073
Other assets		-		-		-		-		-		-
Total current assets		257,406		53,869		311,275		369,073		124,231		493,304
Property and equipment, net		-		-		-		-		-		-
Other assets		-		-		-		-		-		-
Total noncurrent assets		-		-		-		-		-		-
Total assets held for sale/discontinued operations	$	257,406	$	53,869	$	311,275	$	369,073	$	124,231	$	493,304
Liabilities:
Accounts payable	$	-	$	-	$	-	$	-	$	-	$	-
Deferred revenue		-		-		-		-		-		-
Accrued payroll and commissions		-		-		-		-		-		-
Taxes accrued and withheld		-		-		-		-		315		315
Accrued expenses		-		-		-		-		-		-
Debt (see Note 5)		-		-		-		-		-		-
Total current liabilities		-		-		-		-		315		315
Total noncurrent liabilities - debt		-		-		-		-		-		-
Total liabilities held for sale/discontinued operations	$	-	$	-	$	-	$	-	$	315	$	315