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Inventories

6 Months Ended

Jan. 31, 2013

(8) Inventories

Inventories consist of the following at:



	January 31, 2013		July 31, 2012
Raw materials and components	$	54,964,000	55,404,000
Work-in-process and finished goods	30,350,000		33,243,000
Total inventories	85,314,000		88,647,000
Less reserve for excess and obsolete inventories	15,158,000		16,286,000
Inventories, net	$	70,156,000	72,361,000

At January 31, 2013 and July 31, 2012, the amount of total inventory directly related to long-term contracts (including contracts-in-progress) was $1,543,000 and $2,041,000, respectively.

At January 31, 2013 and July 31, 2012, $552,000 and $1,070,000, respectively, of the inventory balance above related to contracts from third party commercial customers who outsource their manufacturing to us.

- Definition

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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