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Investments and Restricted Deposits

3 Months Ended

Apr. 30, 2013

Note 11. Investments and Restricted Deposits

The Company has approximately $203,000 at April 30, 2013 and January 31, 2013 on deposit with the Florida Department of Financial Services to secure its obligation to fulfill future obligations related to extended warranty contracts sold in the state of Florida. As such, this deposit is restricted from use for general corporate purposes.

In addition to the deposit with the Florida Department of Financial Services, the Company has $300,000 at April 30, 2013 and January 31, 2013 invested in a money market mutual fund to satisfy Florida Department of Financial Services regulations. As such, this investment is restricted from use for general corporate purposes.

The following table summarizes equity method investments at April 30, 2013 and January 31, 2013 (amounts in thousands):

Entity	Ownership Percentage			Carrying Amount April 30, 2013		Carrying Amount January 31, 2013

Big River		10	%	$	32,882	$	32,438
Patriot		27	%		28,441		27,521
Total Equity Method Investments				$	61,323	$	59,959

The following table summarizes income or (loss) recognized from equity method investments for the periods presented (amounts in thousands):

	Three Months Ended April 30,
	2013		2012

Big River	$	644	$	557
Patriot		955		(115	)
Total	$	1,599	$	442

Undistributed earnings of Big River and Patriot totaled approximately $22.6 million and $21.2 million at April 30, 2013 and January 31, 2013, respectively. During the first three months of fiscal years 2013 and 2012, the Company received dividends from equity method investees of approximately $0.2 million and $2.0 million, respectively.

Summarized financial information for each of the Company’s equity method investees is presented in the following table for the three months ended April 30, 2013 and 2012 (amounts in thousands):

	Three Months Ended April 30, 2013
	Patriot		Big River

Net sales and revenue	$	94,093	$	294,628
Gross profit	$	5,142	$	15,619
Income from continuing operations	$	3,599	$	6,632
Net income	$	3,599	$	6,632

	Three Months Ended April 30, 2012
	Patriot			Big River

Net sales and revenue	$	89,812		$	291,003
Gross profit	$	1,777		$	14,008
(Loss) income from continuing operations	$	(436	)	$	5,718
Net (loss) income	$	(436	)	$	5,718

Patriot and Big River have debt agreements that limit and restrict amounts the companies can pay in the form of dividends or advances to owners. The restricted net assets of Patriot and Big River combined at April 30, 2013 and January 31, 2013 are approximately $370.4 million and $367.6 million, respectively.