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FINANCIAL INSTRUMENTS

12 Months Ended

Jan. 31, 2015

Disclosure Text Block Supplement [Abstract]

Financial Instruments Disclosure [Text Block]

10. FINANCIAL INSTRUMENTS

The Company used an interest rate swap 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 the interest rate swap terminated on July 8, 2014, there is no related notional or fair value at January 31, 2015. As of January 31, 2014, the notional value of the interest rate swap was approximately $33.4 million. At January 31, 2014, the Company has recorded a liability of approximately $1.1 million related to the fair value of the interest rate 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, 2014 is summarized in the table below (amounts in thousands):

		Notional Amount				Fair Value Liability

Interest rate swap		$	33,444			$	1,141

As the interest rate swap was 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 $1,000, $39,000 and $370,000, in fiscal years 2014, 2013 and 2012, respectively.

Swap settlement payments to the counterparty totaled approximately $1,142,000, $1,687,000 and $1,816,000 in fiscal years 2014, 2013 and 2012, respectively.