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Subsequent events | 6 Months Ended
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Apr. 30, 2015
Subsequent Events [Abstract] |
Subsequent events | Note 17 - Subsequent events On May 19, 2015, the Company purchased the Comp Pro braided product line (“Comp Pro Product Line”) from JMA Wireless for a total purchase price of $700,000 cash. The Comp Pro Product Line utilizes a patented compression technology that offers revolutionary advantages for a water-tight connection, easier installation, and improved system reliability on braided cables. The Comp Pro Product Line is used by wireless network operators, installers and distributors in North America and other parts of the world. Included in the purchase is inventory, designs, intellectual property rights and to manufacture and sell the Comp Pro Product Line. Financial results for the Comp Pro Product Line will be included in the results of the RF Connector and Cable Assembly segment beginning in the Company’s fiscal quarter ending July 31, 2015. On June 5, 2015, the Company purchased 100% of the issued and outstanding shares of Rel-Tech Electronics, Inc., (“Rel-Tech”), a Milford, Connecticut-based manufacturer and supplier of custom cable assemblies and wiring harnesses, for a total purchase price of up to $3,100,000, which consisted of $2,100,000 in cash, 50,467 shares of the Company’s unregistered common stock valued at $200,000 based on a per share price of $3.96 (the volume weighted average price of the Company’s common stock during the five trading days before the closing date) and, if certain financial targets are met over a three-year period, cash earn-out payments of up to $800,000. Privately-owned Rel-Tech, which will operate as a stand-alone subsidiary for at least the next two years, had revenues of approximately $7.7 million for the calendar year 2014. Rel-Tech’s financial results will be included in the results of the Custom Cabling Manufacturing and Assembly segment beginning June 1, 2015. One of the two original founders, Ralph Palumbo, will remain as President of Rel-Tech at a base salary of $150,000 per year. Mr. Palumbo will also be entitled to earn an annual bonus of up to 50% of his base salary. Rel-Tech has also entered into employment agreements to retain the five key managers. At its June 8, 2015 meeting, the Board of Directors of the Company declared a quarterly cash dividend of $0.07 per share to be paid on July 15, 2015 to stockholders of record on June 30, 2015.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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