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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jul. 31, 2013 | Jul. 31, 2012 | Jul. 31, 2013 | Jul. 31, 2012
Net sales | $ 24,639,006 | $ 23,499,324 | $ 46,375,996 | $ 47,480,035
Cost of goods sold | 17,176,817 | 16,368,100 | 32,834,191 | 33,037,451
Gross profit | 7,462,189 | 7,131,224 | 13,541,805 | 14,442,584
Operating expenses | 6,165,451 | 6,979,251 | 12,481,698 | 14,265,673
Operating profit | 1,296,738 | 151,973 | 1,060,107 | 176,911
Foreign Exchange loss Brazil | (360,269) | (375,741) | (387,411) | (691,528)
Arbitration judgment in Brazil | 0 | 2,126,153 | 0 | (7,873,847)
Other expense and income (loss), net | 91,528 | (26,385) | (36,592) | 32,989
Interest expense | (467,293) | (259,453) | (741,187) | (495,846)
Income (loss) before income taxes | 560,704 | 1,616,547 | (105,083) | (8,851,321)
Benefit for income taxes | 3,610,695 | 27,283 | 3,432,002 | 373,684
Net Income (loss) | $ 4,171,399 | $ 1,643,830 | $ 3,326,919 | $ (8,477,637)
Net Income (loss) per common share |  |  |  |
Basic (in dollars per share) | $ 0.75 | $ 0.31 | $ 0.61 | $ (1.62)
Diluted (in dollars per share) | $ 0.74 | $ 0.30 | $ 0.60 | $ (1.62)
Weighted average common shares outstanding: |  |  |  |
Basic (in shares) | 5,559,573 | 5,271,997 | 5,445,348 | 5,235,957
Diluted (in shares) | 5,668,236 | 5,441,167 | 5,519,073 | 5,235,957

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