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Investments

3 Months Ended

Apr. 30, 2015

Note 10. Investments

The following table summarizes equity method investments at April 30, 2015 and January 31, 2015 (amounts in thousands):

Entity	Ownership Percentage			Carrying Amount April 30, 2015		Carrying Amount January 31, 2015

Big River		10	%	$	41,195	$	40,188
Patriot		27	%		37,005		40,201
Total Equity Method Investments				$	78,200	$	80,389

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

	Three Months Ended April 30,
	2015		2014

Big River	$	1,007	$	5,059
Patriot		473		3,238
Total	$	1,480	$	8,297

Undistributed earnings of Big River and Patriot totaled approximately $39.8 million and $41.9 million at April 30, 2015 and January 31, 2015, respectively. During the first quarters of fiscal years 2015 and 2014, the Company received dividends from equity method investees of approximately $3.6 million and $5.0 million, respectively.

Summarized financial information for each of the Company’s equity method investees is presented in the following table for the periods presented (amounts in thousands):

	Three Months Ended April 30, 2015				Three Months Ended April 30, 2014

	Patriot		Big River		Patriot		Big River

Net sales and revenue	$	63,239	$	184,806	$	80,409	$	280,423
Gross profit		3,818		10,805		13,785		83,833
Income from continuing operations		1,779		10,377		12,195		52,121
Net income		1,779		10,377		12,195		52,121

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, 2015 and January 31, 2015 are approximately $429.7 million and $421.9 million, respectively.

See Note 16 for a discussion of a merger agreement involving Patriot.