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Investments

6 Months Ended

Jul. 31, 2013

Note 11. Investments

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

Entity	Ownership Percentage			Carrying Amount July 31, 2013		Carrying Amount January 31, 2013

Big River	10	%	$	34,973	$	32,438
Patriot	27	%		30,942		27,521
Total Equity Method Investments			$	65,915	$	59,959

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

		Three Months Ended July 31,					Six Months Ended July 31,
		2013		2012			2013		2012

Big River	$	2,092	$	104		$	2,736	$	661
Patriot		2,536		(585	)		3,491		(700	)
Total	$	4,628	$	(481	)	$	6,227	$	(39	)

Undistributed earnings of Big River and Patriot totaled approximately $27.2 million and $21.2 million at July 31, 2013 and January 31, 2013, respectively. During the first six 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 and six months ended July 31, 2013 and 2012 (amounts in thousands):

	Three Months Ended July 31, 2013				Three Months Ended July 31, 2012
	Patriot		Big River		Patriot			Big River

Net sales and revenue	$	102,416	$	335,961	$	81,578		$	258,848
Gross profit (loss)	$	11,046	$	30,063	$	(569	)	$	8,507
Income (loss) from continuing operations	$	9,552	$	21,549	$	(2,209	)	$	1,068
Net income (loss)	$	9,552	$	21,549	$	(2,209	)	$	1,068

	Six Months Ended July 31, 2013				Six Months Ended July 31, 2012
	Patriot		Big River		Patriot			Big River

Net sales and revenue	$	196,474	$	630,589	$	171,389		$	549,851
Gross profit	$	16,189	$	45,683	$	1,208		$	22,515
Income (loss) from continuing operations	$	13,150	$	28,180	$	(2,645	)	$	6,786
Net income (loss)	$	13,150	$	28,180	$	(2,645	)	$	6,786

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 July 31, 2013 and January 31, 2013 are approximately $381.9 million and $367.6 million, respectively.