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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Oct. 31, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] |
Schedule of Fair Value of Derivative Instruments |
|  | 2013 |  |  | 2012 |
|  | Balance Sheet |  | Fair |  |  | Balance Sheet |  | Fair |
Derivatives |  | Location |  | Value |  |  | Location |  | Value |
Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | Derivative assets |  | $ | 244 |  |  | Derivative assets |  | $ | 705 |
Foreign exchange forward contracts |  | Derivative liabilities |  | $ | 1,158 |  |  | Derivative liabilities |  | $ | 492 |
Not Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | Derivative assets |  | $ | 455 |  |  | Derivative assets |  | $ | 3 |
Foreign exchange forward contracts |  | Derivative liabilities |  | $ | 54 |  |  | Derivative liabilities |  | $ | 77 |
Schedule of Effect of Derivative Instruments on the Consolidated Balance Sheets, Statements of Changes in Shareholders' Equity and Statements of Operations | Effect of Derivative Instruments on the Consolidated Balance Sheets, Statements of Changes in Shareholders' Equity and Statements of Operations Derivative instruments had the following effects on our Consolidated Balance Sheets, Statements of Changes in Shareholders' Equity and Statements of Income, net of tax during the year ended October 31, 2013 and 2012 (in thousands):
Derivatives |  | Amount of Gain (Loss) Recognized in Other Comprehensive Income |  |  | Location of Gain (Loss) Reclassified from Other Comprehensive Income |  | Amount of Gain (Loss) Reclassified from Other Comprehensive Income |
|  | 2013 |  |  | 2012 |  |  |  |  | 2013 |  |  | 2012 |
Designated as Hedging Instruments: (Effective Portion) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts - Intercompany sales/purchases |  | $ | (1,445 | ) |  | $ | 2,946 |  |  | Cost of sales and service |  | $ | 1,690 |  |  | $ | (172 | )
Foreign exchange forward contract - Net Investment |  | $ | (173 | ) |  | $ | 292 |  |  |  |  |  |  |  |  |  |  |
We recognized a loss of $37,000 during the year ended October 31, 2013 and a gain of $482,000 during the year ended October 31, 2012 as a result of contracts closed early that were deemed ineffective for financial reporting purposes and did not qualify as cash flow hedges.
Derivatives |  | Location of Gain (Loss) Recognized in Operations |  | Amount of Gain (Loss) Recognized in Operations (in thousands) |
|  |  |  | 2013 |  |  | 2012 |
Not Designated as Hedging Instruments: |  |  |  |  |  |  |  |  |  |
Foreign exchange forward contracts |  | Other income (expense) |  | $ | (1,786 | ) |  | $ | 1,013 |
Schedule of Accumulated Other Comprehensive Loss |
|  | Foreign Currency Translation |  |  | Cash Flow Hedges |  |  | Total |
Balance, October 31, 2011 |  | $ | (1,070 | ) |  | $ | (924 | ) |  | $ | (1,994 | )
Other comprehensive income (loss) before reclassifications |  |  | (838 | ) |  |  | 1,870 |  |  |  | 1,032 |
Reclassifications |  |  | - |  |  |  | 109 |  |  |  | 109 |
Balance, October 31, 2012 |  |  | (1,908 | ) |  |  | 1,055 |  |  |  | (853 | )
Other comprehensive income (loss) before reclassifications |  |  | 892 |  |  |  | (932 | ) |  |  | (40 | )
Reclassifications |  |  | - |  |  |  | (1,091 | ) |  |  | (1,091 | )
Balance, October 31, 2013 |  | $ | (1,016 | ) |  | $ | (968 | ) |  | $ | (1,984 | )
Schedule of Property and Equipment Estimated Useful Lives |
| Number of Years
Land | Indefinite
Building | 40
Machines | 7 - 10
Shop and office equipment | 3 - 7
Leasehold improvements | 3 - 40
Schedule of Estimated Amortization Expense |
Fiscal Year |  | Amortization Expense |
2014 |  | $ | 1,150 |
2015 |  |  | 1,025 |
2016 |  |  | 700 |
2017 |  |  | 335 |
2018 |  |  | 220 |
Schedule of Goodwill |
Balance as of October 31, 2012 |  | $ | 233 |
Goodwill acquired |  |  | 2,574 |
Balance as of October 31, 2013 |  | $ | 2,807 |
Schedule of Intangible Assets | As of October 31, 2013, the balances of intangible assets, other than goodwill, were as follows (in thousands):
|  | Weighted Average Amortization Period |  | Gross Intangible Assets |  |  | Accumulated Amortization |  |  | Net Intangible Assets |
Tradenames and trademarks |  | 13 years |  | $ | 285 |  |  | $ | (7 | ) |  | $ | 278 |
Tradenames and trademarks |  | indefinite |  |  | 60 |  |  |  | - |  |  |  | 60 |
Customer relationships |  | 15 years |  |  | 264 |  |  |  | (64 | ) |  |  | 200 |
Technology |  | 13 years |  |  | 831 |  |  |  | (21 | ) |  |  | 810 |
Patents |  | 6 years |  |  | 2,973 |  |  |  | (2,363 | ) |  |  | 610 |
Other |  | 8 years |  |  | 399 |  |  |  | (202 | ) |  |  | 197 |
Total |  |  |  | $ | 4,812 |  |  | $ | (2,657 | ) |  | $ | 2,155 |
As of October 31, 2012, the balances of intangible assets, other than goodwill, were as follows (in thousands):
|  | Weighted Average Amortization Period |  | Gross Intangible Assets |  |  | Accumulated Amortization |  |  | Net Intangible Assets |
Tradenames and trademarks |  | Indefinite |  | $ | 60 |  |  | $ | - |  |  | $ | 60 |
Customer relationships |  | 15 years |  |  | 210 |  |  |  | (49 | ) |  |  | 161 |
Patents |  | 5 years |  |  | 2,662 |  |  |  | (2,111 | ) |  |  | 551 |
Other |  | 7 years |  |  | 320 |  |  |  | (155 | ) |  |  | 165 |
Total |  |  |  | $ | 3,252 |  |  | $ | (2,315 | ) |  | $ | 937 |
Reconciliation of Basic and Diluted Earnings Per Share |
|  | Fiscal Year Ended |
|  | October 31, |
(in thousands, except per share amount) |  | 2013 |  |  | 2012 |  |  | 2011 |
|  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |
Net income |  | $ | 8,190 |  |  | $ | 8,190 |  |  | $ | 15,638 |  |  | $ | 15,638 |  |  | $ | 11,124 |  |  | $ | 11,124 |
Undistributed earnings allocated to participating shares |  |  | (86 | ) |  |  | (86 | ) |  |  | (134 | ) |  |  | (134 | ) |  |  | (53 | ) |  |  | (53 | )
Net income applicable to common shareholders |  | $ | 8,104 |  |  | $ | 8,104 |  |  | $ | 15,504 |  |  | $ | 15,504 |  |  | $ | 11,071 |  |  | $ | 11,071 |
Weighted average shares outstanding |  |  | 6,455 |  |  |  | 6,455 |  |  |  | 6,445 |  |  |  | 6,445 |  |  |  | 6,441 |  |  |  | 6,441 |
Stock options |  |  | - |  |  |  | 42 |  |  |  | - |  |  |  | 25 |  |  |  | - |  |  |  | 31 |
|  |  | 6,455 |  |  |  | 6,497 |  |  |  | 6,445 |  |  |  | 6,470 |  |  |  | 6,441 |  |  |  | 6,472 |
Income per share |  | $ | 1.26 |  |  | $ | 1.25 |  |  | $ | 2.41 |  |  | $ | 2.40 |  |  | $ | 1.72 |  |  | $ | 1.71 |

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