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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended
--- | --- | ---
Oct. 31, 2014 | Oct. 31, 2013 | Oct. 31, 2014 | Oct. 31, 2013
Net sales | $ 25,092,772 | $ 22,787,344 | $ 73,210,278 | $ 69,163,340
Cost of goods sold | 16,484,612 | 17,744,932 | 49,440,097 | 50,579,123
Gross profit | 8,608,160 | 5,042,412 | 23,770,181 | 18,584,217
Operating expenses | 7,910,609 | 6,072,620 | 21,022,895 | 18,554,319
Operating profit (loss) | 697,551 | (1,030,208) | 2,747,286 | 29,898
Foreign exchange gain (loss) Brazil | (65,137) | 115,764 | (51,882) | (271,647)
Early extinguishment of subordinated debt | (2,295,432) | 0 | (2,295,432) | 0
Other income (loss), net | 143,997 | 57,259 | (282,249) | 20,668
Interest expense | (699,471) | (649,436) | (2,022,324) | (1,390,623)
Loss before taxes | (2,218,492) | (1,506,621) | (1,904,601) | (1,611,704)
Income tax expense (benefit) | 281,738 | 328,859 | 981,294 | (3,103,143)
Net income (loss) | $ (2,500,230) | $ (1,835,480) | $ (2,885,895) | $ 1,491,439
Net income (loss) per common share: |  |  |  |
Basic (in dollars per share) | $ (0.42) | $ (0.31) | $ (0.49) | $ 0.27
Diluted (in dollars per share) | $ (0.42) | $ (0.31) | $ (0.49) | $ 0.26
Weighted average common and common equivalent shares outstanding: |  |  |  |
Basic (in shares) | 5,951,613 | 5,919,253 | 5,933,229 | 5,607,654
Diluted (in shares) | 5,951,613 | 5,919,253 | 5,933,229 | 5,715,151

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