Note 12 - Related Party Transactions

9 Months Ended

Aug. 31, 2012

Related Party Transactions Disclosure [Text Block]

(12)        Related Party Transactions

The financial statements of the Company include purchases by our Manufacturing division from Bauer Corporation for a total of $1,700 and $1,400 during the nine-months ended August 31, 2012 and 2011, respectively.  The terms of this purchase were consistent with those of an arm’s length transaction.  Bauer Corporation is wholly-owned and operated by J. Ward McConnell Jr., the Chairman of the Board of Directors.

The financial statements of the Company include a sale by our Vessels division to Adamson Global Technology in the amount of $17,000 during the nine-months ended August 31, 2011. The terms of this sale were consistent with those of an arm’s length transaction. Adamson Global Technology is wholly-owned and operated by J. Ward McConnell, Jr., the Chairman of the Board of Directors.