0001471242-12-000294.txt : 20120313 0001471242-12-000294.hdr.sgml : 20120313 20120313095540 ACCESSION NUMBER: 0001471242-12-000294 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120131 FILED AS OF DATE: 20120313 DATE AS OF CHANGE: 20120313 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INTERNATIONAL BALER CORP CENTRAL INDEX KEY: 0000781902 STANDARD INDUSTRIAL CLASSIFICATION: GENERAL INDUSTRIAL MACHINERY & EQUIPMENT, NEC [3569] IRS NUMBER: 132842053 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-14443 FILM NUMBER: 12685996 BUSINESS ADDRESS: STREET 1: 5400 RIO GRANDE AVE CITY: JACKSONVILLE STATE: FL ZIP: 32205 BUSINESS PHONE: 8002319286 MAIL ADDRESS: STREET 1: 5400 RIO GRANDE AVENUE CITY: JACKSONVILLE STATE: FL ZIP: 32205 FORMER COMPANY: FORMER CONFORMED NAME: WASTE TECHNOLOGY CORP DATE OF NAME CHANGE: 19920703 10-Q 1 ibal_10q.htm

 

 

U.S. Securities and Exchange Commission

Washington, D.C. 20549

 

Form 10-Q

 

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the Quarterly period ended January 31, 2012

 

 

Commission File No. 0-14443

 

INTERNATIONAL BALER CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Delaware 13-2842053
State or other jurisdiction of (IRS Employer Identification No.)
Incorporation or organization  

 

5400 Rio Grande Avenue, Jacksonville, FL 32254

(Address of principal executive offices)

 

(904-358-3812)

(Registrant’s telephone number, including area code)

 

 

Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes _X No___

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No___

Indicate by check mark whether the registrant is a large accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer_____

Non-accelerated filer _____

(Do not check if a smaller reporting company)

 Accelerated filer____
Smaller reporting company x		  

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes____ No _X_

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 5,183,895 shares of common stock February 29, 2012

 

 

INTERNATIONAL BALER CORPORATION
TABLE OF CONTENTS
    PAGE
PART I FINANCIAL INFORMATION 3
ITEM 1 FINANCIAL STATEMENTS 3
Balance Sheets as of January 31, 2012, (unaudited) and October 31, 2011 4
Statements of Operations for the three months ended January 31, 2012 and 2011(unaudited) 5
Statements of Changes in Stockholders’ Equity for the period from October 31, 2011 to January 31, 2012 (unaudited) 6
Notes to unaudited Financial Statements 7
     
ITEM 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 10
ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 11
ITEM 4 CONTROLS AND PROCEDURES 11
     
PART II OTHER INFORMATION 12
ITEM 1 LEGAL PROCEEDINGS 12
ITEM 5 OTHER INFORMATION 12
ITEM 6 EXHIBITS 12
     
SIGNATURES 14
CERTIFICATIONS 15

 

 

 

 
 

 

INTERNATIONAL BALER CORPORATION
BALANCE SHEETS
         
    January 31, 2012   October 31, 2011
ASSETS   (Unaudited)    
         
Current Assets:        
Cash and cash equivalents $            2,923,685 $            2,875,149
Accounts receivable, net of allowance for doubtful accounts of $50,764 at January 31, 2012 and October 31, 2011              1,615,602              1,038,979
Inventories              3,568,123              2,583,100
Prepaid expense and other current assets                   52,541                   87,894
Deferred income taxes                 180,313                 180,313
Total current assets              8,340,264              6,765,435
         
Property, plant and equipment, at cost:              2,773,920              2,761,004
Less:  accumulated depreciation              1,746,806              1,711,704
Net property, plant and equipment               1,027,114              1,049,300
         
Other assets:        
Other assets                     1,396                    1,396
Due from former Director                            -                    2,988
Deferred income taxes                   11,074                   11,074
Total other assets                   12,470                   15,458
         
TOTAL ASSETS $            9,379,848 $            7,830,193
         
LIABILITIES AND STOCKHOLDERS' EQUITY        
         
Current liabilities:        
Accounts payable $            1,171,010 $               630,556
Accrued liabilities                 594,838                 525,655
Current portion of deferred compensation                   66,344                   67,000
Customer deposits              1,899,825              1,299,252
Total current liabilities              3,732,017              2,522,463
         
Deferred compensation, net of current portion                            -                   15,722
Total liabilities              3,732,017              2,538,185
         
Commitments and contingencies (Note 9)        
         
Stockholders' equity:        
Preferred stock, par value $.0001, 10,000,000 shares authorized, none issued                            -                           -
Common stock, par value $.01, 25,000,000 shares authorized;  6,429,875 shares issued at January 31, 2012 and October 31, 2011                   64,299                   64,299
Additional paid-in capital              6,419,687              6,419,687
Accumulated deficit                (154,745)                (510,568)
               6,329,241              5,973,418
         
Less:  Treasury stock, 1,245,980 shares at January 31,  2012 and October 31, 2011, at cost        
                 (681,410)                (681,410)
         
Total stockholders' equity              5,647,831              5,292,008
         
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $            9,379,848 $            7,830,193
         
         
See accompanying notes to financial statements        

 

 
 

 

INTERNATIONAL BALER CORPORATION
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED JANUARY 31, 2012 AND 2011
UNAUDITED
    2012     2011
           
           
Net Sales:           
Equipment  $   3,809,380    $   1,412,620
Parts and Service       461,415         430,038
Total Net Sales    4,270,795      1,842,658
           
Cost of Sales    3,306,169      1,508,267
           
Gross Profit       964,626         334,391
           
           
Operating Expense:          
Selling Expense       163,402         104,514
Administrative Expense       223,067         163,285
Total Operating Expense       386,469         267,799
           
Operating Income        578,157           66,592
           
Other Income (Expense):          
Interest Income          1,666            2,005
Interest Expense                 -                   -
Other Income                  -                   -
Total Other Income           1,666            2,005
           
           
Income Before Income Taxes       579,823           68,597
           
Income Tax Provision        224,000           26,500
           
Net Income  $     355,823   $       42,097
           
           
Basic Income per share $ 0.07   $ 0.01
Diluted Income per share   0.07     0.01
           
Weighted average number of shares outstanding - Basic    5,183,895      4,933,895
-Diluted    5,183,895      5,064,847
           
See accompanying notes to financial statements          

 

 

 
 

 

INTERNATIONAL BALER CORPORATION
STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE THREE MONTHS ENDED JANUARY 31, 2012
UNAUDITED
                   
  Common Stock           Treasury Stock    
  NUMBER OF SHARES ISSUED   PAR VALUE   ADDITIONAL PAID-IN CAPITAL   ACCUMULATED DEFICIT   NUMBER OF SHARES   COST   TOTAL STOCKHOLDERS' EQUITY
             
             
                           
Balance at October 31, 2011 6,429,875 $ 64,299 $ 6,419,687 $ (510,568)   1,245,980 $ (681,410) $ 5,292,008
                           
Net Income -0-   -0-   -0-   355,823   -0-   -0-   355,823
                           
Balance at January 31, 2012 6,429,875 $ 64,299 $ 6,419,687 $ (154,745)   1,245,980 $ (681,410) $ 5,647,831
                           
                           
See accompanying notes to financial statements

 

 
 

 

INTERNATIONAL BALER CORPORATION
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED JANUARY 31, 2012 AND 2011
UNAUDITED
    2012   2011
Cash flow from operating activities:        
Net income  $     355,823  $        42,097
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization         35,102         21,300
Deferred income taxes                 -         26,500
Changes in operating assets and liabilities:        
Accounts receivable      (576,623)       105,129
Inventories      (985,023)      (459,576)
Prepaid expenses and other current assets         34,803         26,536
Accounts payable       540,454       326,821
Accrued liabilities and deferred compensation          52,805        (21,184)
Customer deposits       600,573       912,462
Net cash provided by operating activities         57,914       980,085
         
Cash flows from investing activities:        
Proceeds from notes receivable from former Director          3,538          3,333
Purchases of property and equipment        (12,916)                 -
Net cash (used in) provided by investing activities         (9,378)          3,333
         
         
Net increase in cash and cash equivalents         48,536       983,418
         
Cash and cash equivalents at beginning of period    2,875,149    2,101,204
         
Cash and cash equivalents at end of period $  2,923,685  $   3,084,622
         
Supplemental disclosure of cash flow information:        
Cash paid during the period for:        
Interest $               -  $                -
Income taxes         40,000                 -
         
See accompanying notes to financial statements        

 

 
 

INTERNATIONAL BALER CORPORATION

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

 

1. Nature of Business:

 

International Baler Corporation (the Company) is a manufacturer of baling equipment which is designed to compress a variety of materials into bales for easier handling, shipping, disposal, storage, and for recycling. Materials commonly baled include scrap metal, corrugated boxes, newsprint, aluminum cans, plastic bottles, and other solid waste. More sophisticated applications include baling of textile materials, fibers and synthetic rubber. The Company offers a wide variety of balers, standard models as well as custom models, and conveyors to meet specific customer requirements.

 

The Company’s customers include recycling facilities, distribution centers, textile mills, and companies which generate the materials for baling and recycling. The Company sells its products worldwide with 10% to 35% of its annual sales outside the United States.

 

 

2.Basis of Presentation:

 

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information in footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the financial statements not misleading have been included. Operating results for the three-month period ended January 31, 2012 are not necessarily indicative of the results that may be expected for the year ending October 31, 2012. The accompanying balance sheet as of October 31, 2011 was derived from the audited financial statements as of October 31, 2011.

 

3. Summary of Significant Accounting Policies:

 

(a) Accounts Receivable & Allowance for Doubtful Accounts:

 

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable. The Company reviews its allowance for doubtful accounts monthly. Past due balances are reviewed individually for collectibility. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

 

(b) Inventories:

 

Inventories are stated at the lower of cost or market. Cost is determined by a method that approximates the first-in, first-out method. Work in process and finished goods are valued based on underlying costs to manufacture balers which include direct materials, direct and indirect labor, and overhead. Company personnel review the potential usage of inventory and inventory components on a regular basis.

 

 

 

(c) Revenue Recognition:

 

The Company recognizes revenue when finished products and/or parts are shipped and the customer takes ownership and assumes the risk of loss. Revenue from installation services is recognized on completion of the service. The Company recognizes revenue from installations and start-ups and repair services in the period in which the service is provided.

 

(d) Basic and Diluted Income Per Share:

 

Basic income per share is calculated using the weighted average number of common shares outstanding during each period. Diluted income per share includes the net additional number of shares that would be issued upon the exercise of stock options using the treasury stock method. Options are not considered in loss periods as they would be antidilutive. The dilutive impact of options outstanding at January 31, 2012 and January 31, 2011 was -0- shares and 130,952 shares, respectively.

 

(e) Warranties and Service

 

The Company warrants its products for one (1) year from the date of sale as to materials and six (6) months as to labor, and offers a service plan for other required repairs and maintenance. The Company maintains an accrued liability for expected warranty claims. The warranty accrual is based on historical warranty costs, the quantity and types of balers under warranty, and known warranty issues.

 

Following is a tabular reconciliation of the changes in the warranty accrual for the three-month period ended January 31:

 

2012 2011

Beginning balance $ 54,859 $ 49,859

Warranty service provided (59,746) (39,045)

New product warranties 57,140 42,378

Changes to pre-existing warranty accruals 7,606 (3,333)

Ending balance $ 59,859 $ 49,859

 

 

 

(f) Fair Value of Financial Instruments

 

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and customer deposits, approximate their fair value due to the short-term nature of these assets and liabilities.

 

(g) Subsequent Events

 

The Company evaluated all events or transactions that occurred after January 31, 2012 up through the date the Company issued the accompanying financial statements.

 

4. Related Party Transactions:

 

The Company has a note receivable from its former president and director totaling $14,288 and $17,826 at January 31, 2012 and October 31, 2011, respectively. Interest accrues at the rate of 6% per annum.

 

 

The Company has an agreement with the former president and director of the Company for deferred compensation payments. The Company will make payments with a present value of $66,344, payable over the next through January 2013 at $5,813 per month. A portion of the payments will be used to repay the outstanding note receivable discussed above.

 

Leland E. Boren, a shareholder and director of the Company, is the owner of Avis Industrial Corporation (Avis). Mr. Boren controls 51.0% of the outstanding shares of the Company. Avis owns 100% of The American Baler Company, a competitor of the Company. These baler companies operate independent of each other. The Company had no equipment sales to, or purchases from, The American Baler Company for the three months ended January 31, 2012 or 2011.

 

5. Inventories

 

Inventories consisted of the following:

 

  January 31, 2012 October 31, 2011
Raw materials $1,269,171 $1,009,648
Work in process 2,035,106 1,429,606
Finished goods 263,846 143,846
Total $3,568,123 $2,583,100

 

 

6. Debt

 

The Company has a $1,000,000 line of credit agreement with First Guaranty Bank and Trust Company of Jacksonville. On January 30, 2012, First Guarantee Bank and Trust Company became part of CenterState Bank of Florida and the line of credit remains unchanged at this time. The line of credit allows the Company to borrow against the Company’s property, plant and equipment. The line of credit bears interest at the prime rate plus one-half percent with a floor of 5.0%. The line of credit had no outstanding balance at January 31, 2012 and October 31, 2011, and the unused line of credit was $1,000,000 at January 31, 2012. The credit agreement contains covenants that require the Company to provide annual audited financial statements and quarterly internal financial statements to the lender. There are no other covenants or restrictions. CenterState Bank is currently reviewing the renewal of the line of credit.

 

7. Income Taxes

 

As of January 31, 2012, the Company’s anticipated annual effective tax rate is 39%. The difference between income taxes as provided at the federal statutory tax rate of 34% and the Company’s actual income tax is primarily the result of state income tax expense and permanent deductible differences.

 

Tax assets are recognized in the balance sheet if it is more likely than not that they will be realized on future tax returns. Factors considered included, historical results of operations, volatility of the economic conditions and projected earnings based on current operations. Based on this evidence, it is more likely than not that the deferred tax assets would be realized. Accordingly, the valuation allowance as of January 31, 2012 and at October 31, 2011 is $0. However, if it is determined that all or part of the deferred tax assets will not be used in the future, an adjustment to the deferred tax assets would be charged against net income in the period such determination is made. As of January 31, 2012 and October 31, 2011, deferred tax assets were $191,387.

 

 

 

 

 

 

8. Stock-Based Compensation

 

In June 2002, the Company granted 250,000 nonqualified stock options to purchase shares of the Company’s common stock. These options, which vested immediately, had an exercise price of $0.30 and a term of 10 years. The options or shares purchased thereunder may be registered pursuant to the Securities Act of 1933. The Company has no remaining authorized shares available for grant under existing stock option plans. As all options were fully vested, there was no impact to net income for the three months ended January 31, 2012 and 2011 related to stock options. The stock options were exercised in April 2011 and 250,000 shares of common stock were issued.

 

9. Commitments and Contingencies

 

The Company in the ordinary course of business, is subject to claims made, and from time to time is named as a defendant in legal proceedings relating to the sales of its products. The Company believes that the reserves reflected in its financial statements are adequate to pay losses and loss adjustment expenses which may result from such claims and proceedings; however, such estimates may be more or less than the amount ultimately paid when the claims are settled. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity.

 

On August 26, 2010, the Company was served with a wrongful death lawsuit filed by the Estate of a former employee who was injured in a workplace accident while an employee of the Company. The accident occurred in September 2008. The Plaintiff has demanded $2,500,000 to settle this claim. The Company intends to vigorously defend this case and has contacted its liability insurance carrier to request defense and indemnification of any losses incurred in connection with this lawsuit. A motion to dismiss the Complaint was granted without prejudice in January 2012, allowing the Plaintiff the ability to file an amended Complaint.

 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

The following discussion should be read together with our unaudited financial statements and the related notes thereto included in Part I, Item 1 “Financial Statements”. For further information, refer to the Company’s Annual Report on Form 10-K for the year ended October 31, 2011, and the Management Discussion and Analysis of Financial Condition and Results of Operations included in this Form 10-Q.

 

Results of Operations: Three Month Comparison

 

In the first quarter ended January 31, 2012, the Company had net sales of $4,270,795, compared to net sales of $1,842,658 in the first quarter of fiscal 2011, an increase of 131.8%. The increase in revenue is the result of higher shipments in the first quarter of fiscal 2012 reflecting the improved market conditions and higher commodity prices for recycled materials compared to the first quarter 2011. Also, the Company began expanding its dealer network by adding several new dealers and improving coverage of market areas in the United States.

 

The Company had pre-tax income of $579,823 in the first quarter, compared to $68,597 in the first quarter of fiscal 2011. Gross profit margin in the first quarter was 22.6% compared to 18.1% in the first quarter of 2011. The improvement in income and profit margins were the result of the higher shipments of equipment and parts and service and the higher absorption of fixed costs. Selling and administrative expenses increased by $118,670 in the first quarter compared to the prior year first quarter.

 

The sales order backlog was $7,800,000 at January 31, 2012 and $3,295,000 at January 31, 2011.

 

 

 

Financial Condition and Liquidity:

 

Net working capital at January 31, 2012 was $4,608,247, as compared to $4,242,972 at October 31, 2011. The Company currently believes that it will have sufficient cash flow to be able to fund other operating activities for the next twelve months.

 

Average days sales outstanding (DSO) in the first three months of fiscal 2012 were 28.4 days, as compared to 34.7 days in the first three months of fiscal 2011. DSO is calculated by dividing the total of the month-end net accounts receivable balances for the period by three, and dividing that result by the average days sales for the period (period sales ÷ 91.25).

 

During the three months ended January 31, 2012 and 2011, the Company has made additions to plant and equipment of $12,916 and $0, respectively.

 

The Company has a $1,000,000 line of credit agreement with First Guaranty Bank and Trust Company of Jacksonville. On January 30, 2012, First Guarantee Bank and Trust Company became part of CenterState Bank of Florida and the line of credit remains unchanged at this time. The line of credit allows the Company to borrow against the Company’s property, plant and equipment. The line of credit bears interest at the prime rate plus one-half percent with a floor of 5.0%. The line of credit had no outstanding balance at January 31, 2012 and October 31, 2011, and the unused line of credit was $1,000,000 at January 31, 2012. The credit agreement contains covenants that require the Company to provide annual audited financial statements and quarterly internal financial statements to the lender. There are no other covenants or restrictions.

 

CenterState Bank is currently reviewing the renewal of the line of credit. In the event that the Company’s line of credit would not be available, the Company would pursue a line of credit from other sources, and take steps to minimize expenditures, such as delaying capital expenditures and reducing overhead costs.

 

Forward Looking Statements

 

Certain statements in this Report contain forward-looking statements within the meaning of Section 21B of the Securities and Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties including, but not limited to, changes in general economic conditions and changing competition which could cause actual results to differ materially from those indicated.

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


The Company is exposed to changes in interest rates as a result of its financing activities, including its borrowings on the revolving line of credit facility. Based on the current level of borrowings, a change in Interest rates is not expected to have a material effect on operations or financial position.

 

 

ITEM 4. CONTROLS AND PROCEDURES

 

Controls and Procedures

 

The Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Securities Exchange Act, is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including the Company’s Chief Executive Officer (CEO) and Chief Financial Officer (CFO), as appropriate, to allow timely decisions regarding required disclosures. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is necessarily required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. As of the end of the period covered by this report, and under the supervision and with the participation of the management, including the Company’s Chief Executive Officer and Chief Financial Officer, management evaluated the effectiveness of the design and operation of these disclosure controls and procedures. Based on this evaluation and subject to the foregoing, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective.

 

Management, with the participation of the Company’s principal executive and principal financial officers, assessed the effectiveness of the Company’s internal control over financial reporting as of January 31, 2012. This assessment was performed using the criteria established under the Internal Control-Integrated Framework established by Committee of Sponsoring Organization of the Treadway Commission (“COSO”).

 

As part of a continuing effort to improve the Company’s business processes management is evaluating its internal controls and may update certain controls to accommodate any modifications to its business processes or accounting procedures.

 

Changes in Internal Control over Financial Reporting

 

The Company’s management, including CEO and CFO, confirm that there were no changes in the Company’s internal control over financial reporting during the fiscal quarter ended January 31, 2012 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

On August 26, 2010, the Company was served with a wrongful death lawsuit filed by the Estate of a former employee who was injured in a workplace accident while an employee of the Company. The accident occurred in September 2008. The Plaintiff has demanded $2,500,000 to settle this claim. The Company intends to vigorously defend this case and has contacted its liability insurance carrier to request defense and indemnification of any losses incurred in connection with this lawsuit. A motion to dismiss the Complaint was granted without prejudice in January 2012, allowing the Plaintiff the ability to file an amended Complaint.

 

 

ITEM 5. OTHER INFORMATION

 

At a Board of Directors meeting held on January 30, 2012, The Board of Directors names Ms. Martha R. Songer to be on the Board of Directors of the Company. Ms. Songer is the Director of Alumni Programs at Taylor University in Upland, Indiana and has been in this position since 1993. From 1991 to 1993 she was director of Prospect Research at Taylor University. Prior to her time at Taylor University, she worked with LaRita R. Boren at Avis Industrial Corporation from 1978 to 1991. Ms. Songer received a Bachelor of Science from Taylor University in 1978 and a Master of Science in Management in 2002 from Indiana Wesleyan University.

 
 

 

ITEM 6. EXHIBITS

 

The following exhibits are submitted herewith:

 

Exhibit 31.1 Certification of D. Roger Griffin, Chief Executive Officer, pursuant to Rule 13a–14(a)/15d-14(a).

31.2 Certification of William E. Nielsen, Chief Financial Officer, pursuant to Rule 13a–14(a)/15d-14(a).

 

 

32.1 Certification of D. Roger Griffin, Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

32.2 Certification of William E. Nielsen, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

 

 

 

 

 
 

SIGNATURES

 

Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has caused this report to be signed on its behalf by the undersigned there unto duly authorized.

 

Dated: Septem D Dated: March 13, 2012

 

INTERNATIONAL BALER CORPORATION

 

Dated: March 13, 2012

 

BY: /s/D. Roger Griffin

D. Roger Griffin

Chief Executive Officer

 

 

 

BY: /s/William E. Nielsen

William E. Nielsen

Chief Financial Officer

 

 

 

 EX-31 2 ibal_311.htm

 

 

Exhibit 31.1

 

 

I, D. Roger Griffin, certify that:

 

1.       I have reviewed this Quarterly Report on Form 10-Q for the quarter ended January 31, 2012 of International Baler Corp.;

 

2.       Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.       Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.     The registrants other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation.
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting, and

5. The registrants certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated: March 13, 2012

 

/S/D. Roger Griffin

D. Roger Griffin

Chief Executive Officer

 EX-31 3 ibal_312.htm

 

Exhibit 31.2

 

 

I, William E. Nielsen, certify that:

 

1.     I have reviewed this Quarterly Report on Form 10-Q for the quarter ended January 31, 2012 of International Baler Corp.;

 

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4The registrants other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation.
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting, and

5. The registrants certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(c) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(d) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Dated: March 13, 2012 /S/William E. Nielsen_____

William E. Nielsen

Chief Financial Officer

 EX-32 4 ibal_321.htm

 

Exhibit 32.1

 

 

CERTIFICATION

 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 I hereby certify that:

 

I have reviewed the Quarterly Report of International Baler Corp. on Form 10-Q for the quarter ended January 31, 2012 (the “Report”);

 

To the best of my knowledge, the Report (i) fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and (ii) the information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of International Baler Corporation during the period covered by this Report.

 

Dated: March 13, 2012

 

 

/S/D. Roger Griffin_____

D. Roger Griffin

Chief Executive Officer

 

 

 

 

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Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS Current Assets: Cash and cash equivalents Accounts receivable, net of allowance for doubtful accounts of $50,764 at January 31, 2012 and October 31, 2012 Inventories Prepaid expense and other current assets Deferred income taxes Total current assets Property, plant and equipment, at cost: Less: accumulated depreciation Net property, plant and equipment Other assets: Other assets Due from former Director Deferred income taxes Total other assets TOTAL ASSETS LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued liabilities Current portion of deferred compensation Customer deposits Total current liabilities Deferred compensation, net of current portion Total liabilities Stockholders' equity: Preferred stock, par value $.0001, 10,000,00 shares authorized, none issued Common stock, par value $.01, 25,000,000 shares authorized; 6,429,875 and 6,179,875 January 31, 2012 and October 31, 2011 Additional paid-in capital Accumulated deficit Total stockholders' equity before treasury stock Less: Treasury stock, 1,245,980 shares in 2011 and 2010, at cost Total stockholders' equity TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY Accounts receivable, allowance for doubtful accounts Preferred stock, par value (in dollars per share) Preferred stock, shares authorized (in shares) Preferred stock, shares issued (in shares) Common Stock, par value (in dollars per share) Common Stock, shares authorized (in shares) Common Stock, shares issued (in shares) Treasury stock, shares (in shares) Income Statement [Abstract] Net Sales: Equipment Parts and Service Total Net Sales Cost of Sales Gross Profit Operating Expense: Selling Expense Administrative Expense Total Operating Expense Operating Income Other Income (Expense): Interest Income Interest Expense Other Income Total Other Income Income Before Income Taxes Income Tax Provision Net Income Basic Income per share (in dollars per share) Diluted Income per share (in dollars per share) Weighted average number of shares outstanding - Basic (in shares) - Diluted (in shares) Statement [Table] Statement [Line Items] Balance Balance (in shares) Net Income Balance (in shares) Balance Statement of Cash Flows [Abstract] Cash flow from operating activities: Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization Deferred income taxes Changes in operating assets and liabilities: Accounts receivable Inventories Prepaid expenses and other current assets Accounts payable Accrued liabilities and deferred compensation Customer deposits Net cash provided by (used in) operating activities Cash flows from investing activities: Proceeds from notes receivable from former Director Purchase of property and equipment Net cash (used in) provided by investing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Supplemental disclosure of cash flow information: Cash paid during period for: Interest Income taxes Notes to Financial Statements Nature of Business Basis of Presentation Summary of Significant Accounting Policies Related Party Transactions Inventories Debt Income Taxes Commitments and Contingencies Assets, Current Property, Plant and Equipment, Net Deferred Tax Assets, Net, Noncurrent Other Assets, Noncurrent Assets Liabilities, Current Liabilities Stockholders' Equity before Treasury Stock Treasury Stock, Value Stockholders' Equity Attributable to Parent Liabilities and Equity Revenue, Net Gross Profit Operating Expenses Operating Income (Loss) Interest Expense, Debt Nonoperating Income (Expense) Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Shares, Outstanding Deferred Income Tax Expense (Benefit) Increase (Decrease) in Inventories Increase (Decrease) in Accounts Payable Increase (Decrease) in Customer Deposits Net Cash Provided by (Used in) Operating Activities Payments to Acquire Property, Plant, and Equipment Net Cash Provided by (Used in) Investing Activities Cash and Cash Equivalents, Period Increase (Decrease) Inventory Disclosure [Text Block] EX-101.PRE 9 ibal-20120131_pre.xml XBRL PRESENTATION FILE EX-32 10 ibal_322.htm

 

 

Exhibit 32.2

 

 

CERTIFICATION

 

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 I hereby certify that:

 

I have reviewed the Quarterly Report of International Baler Corp. on Form 10-Q for the quarter ended January 31, 2012 (the “Report”);

 

To the best of my knowledge, the Report (i) fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a) or 78o(d)); and (ii) the information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of International Baler Corporation during the period covered by this Report.

 

Dated: March 13, 2012

 

 

/S/William E. Nielsen_______

William E. Nielsen

Chief Financial Officer

 

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Summary of Significant Accounting Policies
 3 Months Ended
Jan. 31, 2012
Notes to Financial Statements  
Summary of Significant Accounting Policies

 

  3. Summary of Significant Accounting Policies:

 

(a) Accounts Receivable & Allowance for Doubtful Accounts:

 

Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable. The Company reviews its allowance for doubtful accounts monthly. Past due balances are reviewed individually for collectibility. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

 

(b) Inventories:

 

Inventories are stated at the lower of cost or market. Cost is determined by a method that approximates the first-in, first-out method. Work in process and finished goods are valued based on underlying costs to manufacture balers which include direct materials, direct and indirect labor, and overhead. Company personnel review the potential usage of inventory and inventory components on a regular basis.

 

 

 

(c) Revenue Recognition:

 

The Company recognizes revenue when finished products and/or parts are shipped and the customer takes ownership and assumes the risk of loss. Revenue from installation services is recognized on completion of the service. The Company recognizes revenue from installations and start-ups and repair services in the period in which the service is provided.

 

(d) Basic and Diluted Income Per Share:

 

Basic income per share is calculated using the weighted average number of common shares outstanding during each period. Diluted income per share includes the net additional number of shares that would be issued upon the exercise of stock options using the treasury stock method. Options are not considered in loss periods as they would be antidilutive. The dilutive impact of options outstanding at January 31, 2012 and January 31, 2011 was -0- shares and 130,952 shares, respectively.

 

(e) Warranties and Service

 

The Company warrants its products for one (1) year from the date of sale as to materials and six (6) months as to labor, and offers a service plan for other required repairs and maintenance. The Company maintains an accrued liability for expected warranty claims. The warranty accrual is based on historical warranty costs, the quantity and types of balers under warranty, and known warranty issues.

 

Following is a tabular reconciliation of the changes in the warranty accrual for the three-month period ended January 31:

 

2012 2011

Beginning balance $ 54,859 $ 49,859

Warranty service provided (59,746) (39,045)

New product warranties 57,140 42,378

Changes to pre-existing warranty accruals 7,606 (3,333)

Ending balance $ 59,859 $ 49,859

 

 

 

(f) Fair Value of Financial Instruments

 

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities, and customer deposits, approximate their fair value due to the short-term nature of these assets and liabilities.

 

(g) Subsequent Events

 

The Company evaluated all events or transactions that occurred after January 31, 2012 up through the date the Company issued the accompanying financial statements.

 

4. Related Party Transactions:

 

The Company has a note receivable from its former president and director totaling $14,288 and $17,826 at January 31, 2012 and October 31, 2011, respectively. Interest accrues at the rate of 6% per annum.

 

 

The Company has an agreement with the former president and director of the Company for deferred compensation payments. The Company will make payments with a present value of $66,344, payable over the next through January 2013 at $5,813 per month. A portion of the payments will be used to repay the outstanding note receivable discussed above.

 

Leland E. Boren, a shareholder and director of the Company, is the owner of Avis Industrial Corporation (Avis). Mr. Boren controls 51.0% of the outstanding shares of the Company. Avis owns 100% of The American Baler Company, a competitor of the Company. These baler companies operate independent of each other. The Company had no equipment sales to, or purchases from, The American Baler Company for the three months ended January 31, 2012 or 2011.

 
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Basis of Presentation
 3 Months Ended
Jan. 31, 2012
Notes to Financial Statements  
Basis of Presentation

 

2. Basis of Presentation:

 

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information in footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the financial statements not misleading have been included. Operating results for the three-month period ended January 31, 2012 are not necessarily indicative of the results that may be expected for the year ending October 31, 2012. The accompanying balance sheet as of October 31, 2011 was derived from the audited financial statements as of October 31, 2011.

 
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Balance Sheets (Unaudited) (USD $)
Jan. 31, 2012
Oct. 31, 2011
Current Assets:    
Cash and cash equivalents $ 2,923,685 $ 2,875,149
Accounts receivable, net of allowance for doubtful accounts of $50,764 at January 31, 2012 and October 31, 2012 1,615,602 1,038,979
Inventories 3,568,123 2,583,100
Prepaid expense and other current assets 52,541 87,894
Deferred income taxes 180,313 180,313
Total current assets 8,340,264 4,590,693
Property, plant and equipment, at cost: 2,773,920 2,761,004
Less: accumulated depreciation 1,746,806 1,711,704
Net property, plant and equipment 1,027,114 1,049,300
Other assets:    
Other assets 1,396 1,396
Due from former Director    2,988
Deferred income taxes 11,074 11,074
Total other assets 12,470 15,458
TOTAL ASSETS 9,379,848 7,830,193
Current liabilities:    
Accounts payable 1,171,010 630,556
Accrued liabilities 594,838 525,655
Current portion of deferred compensation 66,344 67,000
Customer deposits 1,899,825 1,299,252
Total current liabilities 3,732,017 2,522,463
Deferred compensation, net of current portion    15,722
Total liabilities 3,732,017 2,538,185
Stockholders' equity:    
Preferred stock, par value $.0001, 10,000,00 shares authorized, none issued 0 0
Common stock, par value $.01, 25,000,000 shares authorized; 6,429,875 and 6,179,875 January 31, 2012 and October 31, 2011 64,299 64,299
Additional paid-in capital 6,419,687 6,419,687
Accumulated deficit (154,745) (510,568)
Total stockholders' equity before treasury stock 6,329,241 5,973,418
Less: Treasury stock, 1,245,980 shares in 2011 and 2010, at cost (681,410) (681,410)
Total stockholders' equity 5,647,831 5,292,008
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 9,379,848 $ 7,830,193
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Jan. 31, 2012
Jan. 31, 2011
Cash flow from operating activities:    
Net Income $ 355,823 $ 42,097
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 35,102 21,300
Deferred income taxes    26,500
Changes in operating assets and liabilities:    
Accounts receivable (576,623) 105,129
Inventories (985,023) (459,576)
Prepaid expenses and other current assets 34,803 26,536
Accounts payable 540,454 326,821
Accrued liabilities and deferred compensation 52,805 (21,184)
Customer deposits 600,573 912,462
Net cash provided by (used in) operating activities 57,914 980,085
Cash flows from investing activities:    
Proceeds from notes receivable from former Director 3,538 3,333
Purchase of property and equipment (12,916)   
Net cash (used in) provided by investing activities (9,378) 3,333
Net increase (decrease) in cash and cash equivalents 48,536 983,418
Cash and cash equivalents at beginning of period 2,875,149 2,101,204
Cash and cash equivalents at end of period 2,923,685 3,084,622
Cash paid during period for:    
Interest      
Income taxes $ 40,000   
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Nature of Business
 3 Months Ended
Jan. 31, 2012
Notes to Financial Statements  
Nature of Business

 

1. Nature of Business:

 

International Baler Corporation (the Company) is a manufacturer of baling equipment which is designed to compress a variety of materials into bales for easier handling, shipping, disposal, storage, and for recycling. Materials commonly baled include scrap metal, corrugated boxes, newsprint, aluminum cans, plastic bottles, and other solid waste. More sophisticated applications include baling of textile materials, fibers and synthetic rubber. The Company offers a wide variety of balers, standard models as well as custom models, and conveyors to meet specific customer requirements.

 

The Company’s customers include recycling facilities, distribution centers, textile mills, and companies which generate the materials for baling and recycling. The Company sells its products worldwide with 10% to 35% of its annual sales outside the United States.

 
XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Balance Sheets (Parenthetical) (USD $)
Jan. 31, 2012
Oct. 31, 2011
Current Assets:    
Accounts receivable, allowance for doubtful accounts $ 50,764 $ 50,764
Stockholders' equity:    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Common Stock, par value (in dollars per share) $ 0.01 $ 0.01
Common Stock, shares authorized (in shares) 25,000,000 25,000,000
Common Stock, shares issued (in shares) 6,429,875 6,429,875
Treasury stock, shares (in shares) 1,245,980 1,245,980
XML 21 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
 3 Months Ended
Jan. 31, 2012
Feb. 29, 2012
Document And Entity Information    
Entity Registrant Name International Baler Corp.  
Entity Central Index Key 0000781902  
Document Type 10-Q  
Document Period End Date Jan. 31, 2012  
Amendment Flag false  
Current Fiscal Year End Date --10-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   5,183,895
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2012  
XML 22 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Statements of Operations (Unaudited) (USD $)
 3 Months Ended
Jan. 31, 2012
Jan. 31, 2011
Net Sales:    
Equipment $ 3,809,380 $ 1,412,620
Parts and Service 461,415 430,038
Total Net Sales 4,270,795 1,842,658
Cost of Sales 3,306,169 1,508,267
Gross Profit 964,626 334,391
Operating Expense:    
Selling Expense 163,402 104,514
Administrative Expense 223,067 163,285
Total Operating Expense 386,469 267,799
Operating Income 578,157 66,592
Other Income (Expense):    
Interest Income 1,666 2,005
Interest Expense      
Other Income      
Total Other Income 1,666 2,005
Income Before Income Taxes 579,823 68,597
Income Tax Provision 224,000 26,500
Net Income $ 355,823 $ 42,097
Basic Income per share (in dollars per share) $ 0.07 $ 0.01
Diluted Income per share (in dollars per share) $ 0.07 $ 0.01
Weighted average number of shares outstanding    
- Basic (in shares) 5,183,895 4,933,895
- Diluted (in shares) 5,183,895 5,064,847
XML 23 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Debt
 3 Months Ended
Jan. 31, 2012
Notes to Financial Statements  
Debt

 

 

6. Debt

 

The Company has a $1,000,000 line of credit agreement with First Guaranty Bank and Trust Company of Jacksonville. On January 30, 2012, First Guarantee Bank and Trust Company became part of CenterState Bank of Florida and the line of credit remains unchanged at this time. The line of credit allows the Company to borrow against the Company’s property, plant and equipment. The line of credit bears interest at the prime rate plus one-half percent with a floor of 5.0%. The line of credit had no outstanding balance at January 31, 2012 and October 31, 2011, and the unused line of credit was $1,000,000 at January 31, 2012. The credit agreement contains covenants that require the Company to provide annual audited financial statements and quarterly internal financial statements to the lender. There are no other covenants or restrictions. CenterState Bank is currently reviewing the renewal of the line of credit.

 
XML 24 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Inventories
 3 Months Ended
Jan. 31, 2012
Notes to Financial Statements  
Inventories

5. Inventories

 

Inventories consisted of the following:

 

  January 31, 2012 October 31, 2011
Raw materials $1,269,171 $1,009,648
Work in process 2,035,106 1,429,606
Finished goods 263,846 143,846
Total $3,568,123 $2,583,100
XML 25 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Income Taxes
 3 Months Ended
Jan. 31, 2012
Notes to Financial Statements  
Income Taxes

 

7. Income Taxes

 

As of January 31, 2012, the Company’s anticipated annual effective tax rate is 39%. The difference between income taxes as provided at the federal statutory tax rate of 34% and the Company’s actual income tax is primarily the result of state income tax expense and permanent deductible differences.

 

Tax assets are recognized in the balance sheet if it is more likely than not that they will be realized on future tax returns. Factors considered included, historical results of operations, volatility of the economic conditions and projected earnings based on current operations. Based on this evidence, it is more likely than not that the deferred tax assets would be realized. Accordingly, the valuation allowance as of January 31, 2012 and at October 31, 2011 is $0. However, if it is determined that all or part of the deferred tax assets will not be used in the future, an adjustment to the deferred tax assets would be charged against net income in the period such determination is made. As of January 31, 2012 and October 31, 2011, deferred tax assets were $191,387.
XML 26 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Commitments and Contingencies
 3 Months Ended
Jan. 31, 2012
Notes to Financial Statements  
Commitments and Contingencies

 

9. Commitments and Contingencies

 

The Company in the ordinary course of business, is subject to claims made, and from time to time is named as a defendant in legal proceedings relating to the sales of its products. The Company believes that the reserves reflected in its financial statements are adequate to pay losses and loss adjustment expenses which may result from such claims and proceedings; however, such estimates may be more or less than the amount ultimately paid when the claims are settled. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company’s financial position, results of operations, or liquidity.

 

On August 26, 2010, the Company was served with a wrongful death lawsuit filed by the Estate of a former employee who was injured in a workplace accident while an employee of the Company. The accident occurred in September 2008. The Plaintiff has demanded $2,500,000 to settle this claim. The Company intends to vigorously defend this case and has contacted its liability insurance carrier to request defense and indemnification of any losses incurred in connection with this lawsuit. A motion to dismiss the Complaint was granted without prejudice in January 2012, allowing the Plaintiff the ability to file an amended Complaint.

 
XML 27 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Shareholders Equity (Unaudited) (USD $)
Common Stock
Treasury Stock
Additional Paid-In Capital
Retained Earnings / Accumulated Deficit
Total
Balance at Oct. 31, 2011 $ 64,299 $ (681,410) $ 6,419,687 $ (510,568) $ 5,292,008
Balance (in shares) at Oct. 31, 2011 6,429,875 1,245,980      
Net Income          355,823 355,823
Balance at Jan. 31, 2012 $ 64,299 $ (681,410) $ 6,419,687 $ (154,745) $ 5,647,831
Balance (in shares) at Jan. 31, 2012 6,429,875 1,245,980      
XML 28 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Related Party Transactions
 3 Months Ended
Jan. 31, 2012
Notes to Financial Statements  
Related Party Transactions

 

4. Related Party Transactions:

 

The Company has a note receivable from its former president and director totaling $14,288 and $17,826 at January 31, 2012 and October 31, 2011, respectively. Interest accrues at the rate of 6% per annum.

 

 

The Company has an agreement with the former president and director of the Company for deferred compensation payments. The Company will make payments with a present value of $66,344, payable over the next through January 2013 at $5,813 per month. A portion of the payments will be used to repay the outstanding note receivable discussed above.

 

Leland E. Boren, a shareholder and director of the Company, is the owner of Avis Industrial Corporation (Avis). Mr. Boren controls 51.0% of the outstanding shares of the Company. Avis owns 100% of The American Baler Company, a competitor of the Company. These baler companies operate independent of each other. The Company had no equipment sales to, or purchases from, The American Baler Company for the three months ended January 31, 2012 or 2011.

 

~
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