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FINANCIAL INSTRUMENTS

12 Months Ended

Jan. 31, 2013

Financial Instruments Disclosure [Text Block]

11.

FINANCIAL INSTRUMENTS

The Company uses interest rate swaps to manage its interest rate exposure at One Earth by fixing the interest rate on a portion of the variable rate debt. The Company does not engage in trading activities involving derivative contracts for which a lack of marketplace quotations would necessitate the use of fair value estimation techniques. As of January 31, 2013, the notional value of the interest rate swap was approximately $37.8 million. At January 31, 2013, the Company has recorded a liability of approximately $2.8 million related to the fair value of the swap. The change in fair value was recorded in the Consolidated Statements of Operations. The notional amount and fair value of the derivative, which is not designated as a cash flow hedge at January 31, 2013 is summarized in the table below (amounts in thousands):

	Notional Amount		Fair Value Liability

Interest rate swap	$	37,811	$	2,789

The notional amount and fair value of the derivative, which is not designated as a cash flow hedge at January 31, 2012 is summarized in the table below (amounts in thousands):

	Notional Amount		Fair Value Liability

Interest rate swap	$	41,824	$	4,235

As the interest rate swap is not designated as a cash flow hedge, the realized and unrealized gains and losses on the derivative instruments is reported in current earnings. The Company reported losses of approximately $(370,000), $(1,148,000) and $(2,116,000), in fiscal years 2012, 2011 and 2010, respectively.

Swap settlement payments to the counterparty totaled approximately $1,816,000, $2,436,000 and $2,477,000 in fiscal years 2012, 2011 and 2010, respectively.