Note 3 - Securities Available For Sale

12 Months Ended

Jul. 28, 2012

3. SECURITIES AVAILABLE FOR SALE

During May, 2012, the disinterested members of the Company’s Board of Directors approved the investment by the Company of up to $5,000 in equity securities of Handy & Harman Ltd. and up to $15,000 in equity securities of Steel Partners Holdings L.P., both of which are related parties. The Company’s portfolio of marketable securities at July 28, 2012 was as follows:

	Cost			Gross Unrealized Losses		Gross Unrealized Gains		Estimated Fair Value
Money market	$	5,205		$	-	$	-	$	5,205
Equity securities of related parties		4,796			478		41		4,359
Total available-for-sale securities		10,001			478		41		9,564
Amounts classified as cash equivalents		(5,205	)		-		-		(5,205	)
Amounts classified as securities held for sale	$	4,796		$	478	$	41	$	4,359

There were no sales of marketable securities during fiscal year 2012.

Fair value measurements – Fair value is defined as the price that would be received for selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The accounting standards surrounding fair value measurements establishes a fair value hierarchy, consisting of three levels, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Level 1 instruments use quoted prices in active markets for identical assets or liabilities, which include all of the Company’s marketable securities as listed above.