XML 34 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Correction of immaterial errors | 12 Months Ended
--- | ---
Jan. 31, 2012
Correction of immaterial errors [Abstract] |
Correction of immaterial errors | Note 7 - Correction of immaterial errors In the fourth quarter of 2011, management discovered prior period tax accounting errors. The cumulative adjustment for the tax errors covering the period from February 1, 2007 to January 31, 2011, was approximately $315 thousand. The adjustment applicable to the fourth quarter of 2010 was approximately $135 thousand and the adjustment applicable to prior years (February 2007 - January 2010) totaled approximately $180 thousand. Pursuant to the guidance of Staff Accounting Bulletin ("SAB") No. 99, Materiality, the Company concluded that the errors were not material to any of its prior period financial statements. Although the errors were immaterial to prior periods, the prior period financial statements were revised, in accordance with SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, due to the significance of the out-of-period correction. A reconciliation of the effects of the adjustments to the previously reported balance sheet at January 31, 2011 follows:
($ in thousands) | As Reported | Adjustment | As Adjusted
Other long-term liabilities |  | $3,271 |  |  | $367 |  |  | $3,638 |
Total long-term liabilities | 44,601 |  | 367 |  | 44,968 |
Additional paid in Capital | 49,055 |  | (52 | ) | 49,003 |
Retained earnings | 28,104 |  | (315 | ) | 27,789 |
Total stockholders' equity | 78,421 |  | (367 | ) | 78,054 |
A reconciliation of the effects of the adjustments to the previously reported statement of operation for the year ending January 31, 2011 follows:
($ in thousands) | As Reported | Adjustment | As Adjusted
Income tax benefit |  | ($1,890 | ) |  | $135 |  |  | ($1,755 | )
Net Income | 4,510 |  | (135 | ) | 4,375 |
A reconciliation of the effects of the adjustments to the previously reported statement of cash flows for the year ending January 31, 2011 follows:
($ in thousands) | As Reported | Adjustment | As Adjusted
Net Income |  | $4,510 |  |  | ($135 | ) |  | $4,375 |
Deferred tax benefit | (3,914 | ) | 162 |  | (3,752 | )
Net cash provided by operating activities | 8,687 |  | 27 |  | 8,714 |
Tax expense (benefit) of stock options exercised | 29 |  | (27 | ) | 2 |
Net cash provided by financing activities | 3,396 |  | (27 | ) | 3,369 |
A reconciliation of the effects of the adjustments to the previously reported statement of shareholders equity for the year ending January 31, 2011 follows:
($ in thousands) | As Reported | Adjustment | As Adjusted
Net Income |  | $4,510 |  |  | ($135 | ) |  | $4,375 |
Retained earnings | 28,104 |  | (315 | ) | 27,789 |
Tax expense (benefit) of stock options exercised | 29 |  | (27 | ) | 2 |
Additional paid in Capital | 49,055 |  | (52 | ) | 49,003 |
Total comprehensive income | 4,889 |  | (135 | ) | 4,754 |
A reconciliation of the effects of the adjustments to the previously reported statement of shareholders equity for the year ending January 31, 2010 follows:
($ in thousands) | As Reported | Adjustment | As Adjusted
Additional paid in Capital |  | $48,086 |  |  | ($25 | ) |  | $48,061 |
Retained earnings | 23,594 |  | (180 | ) | 23,414 |
Total comprehensive income | 7,220 |  | (180 | ) | 7,040 |

X
- Details
Name: | mfri_CorrectionOfImmaterialErrorsAbstract
Namespace Prefix: | mfri_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=6369664&loc=d3e30840-122693 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 17, 22, 25, 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22595-107794 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22644-107794 + Details
Name: | us-gaap_AccountingChangesAndErrorCorrectionsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration