Note 5 - Shareholders' Equity

6 Months Ended

Apr. 30, 2013

Stockholders' Equity Note Disclosure [Text Block]

5. SHAREHOLDERS’ EQUITY

Common stock repurchases. Our board of directors periodically authorizes us to repurchase shares of our common stock.  As of April 30, 2013, $21.1 million remained outstanding under our board authorization.  We cancel shares that are repurchased and record the repurchase as a reduction to common stock and additional paid-in capital.  No shares were repurchased during the six months ended April 30, 2013. Although we generally prioritize bank debt reduction and direct investment in our business over share repurchases we may consider share repurchases when there are anomalies in the value created by, but not limited to, market conditions.

The timing of our common stock repurchases pursuant to our board of directors’ authorization is dependent on future opportunities and on our views, as they may change from time to time, as to the most prudent uses of our capital resources, including cash and borrowing capacity.