Fire At Bus Production Facility

6 Months Ended

Jan. 31, 2012

Fire At Bus Production Facility [Abstract]

16.

Fire at Bus Production Facility

On February 14, 2010, a fire occurred at one of the Company's bus facilities (the "Facility"). The fire resulted in the destruction of a significant portion of the work in process, raw materials and equipment contained in the Facility. The Company maintains a property and business interruption insurance policy that provided substantial coverage for the losses arising from this incident, less the first $5,000 representing the Company's deductible per the policy.

During the six months ended January 31, 2011, the Company received $7,578 of insurance proceeds which included $4,517 for business interruption. Recognized insurance recoveries for the six months ended January 31, 2011 include the $7,578 of insurance proceeds along with $70 of previously unrecognized insurance recoveries less $815 of clean up and other costs incurred during the period for a gain on involuntary conversion of $6,833.

The reconstructed facility was operational in September 2010. No related costs or additional insurance proceeds have been recognized in fiscal 2012.

- Definition

Tabular disclosure of business interruption insurance recoveries. This may include the nature of the event resulting in business interruption losses, the aggregate amount of business interruption insurance recoveries recognized during the period, and the line item(s) in the statement of operations in which those recoveries are classified (including amounts reported as an extraordinary item).

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