EACO (EACO) 10-K 25 Nov 15 2015 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Aug. 31, 2015	Nov. 01, 2015	Feb. 28, 2015
Document Information [Line Items]
Entity Registrant Name	EACO CORP
Entity Central Index Key	784,539
Current Fiscal Year End Date	--08-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	EACO
Entity Common Stock, Shares Outstanding		4,861,590
Document Type	10-K
Amendment Flag	false
Document Period End Date	Aug. 31, 2015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 150,000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 31, 2015	Aug. 31, 2014
Current Assets:
Cash and cash equivalents	$ 5,269	$ 3,480
Restricted cash, current portion	1,781	642
Trade accounts receivable, net	15,485	17,795
Inventory, net	16,733	14,863
Marketable securities, trading	0	73
Prepaid expenses and other current assets	591	1,104
Total current assets	39,859	37,957
Non-current Assets:
Restricted cash, non-current	83	322
Equipment and leasehold improvements, net	1,569	1,603
Other assets	1,005	1,001
Total assets	42,516	40,883
Current Liabilities:
Trade accounts payable	9,318	11,192
Accrued expenses and other current liabilities	4,349	3,508
Liabilities of discontinued operations - short-term	49	48
Liability for short sales of trading securities	1,781	642
Total current liabilities	15,497	15,390
Non-current Liabilities:
Liabilities of discontinued operations - long-term	35	274
Long-term debt	33	1,728
Total liabilities	15,565	17,392
Shareholders' Equity:
Convertible preferred stock, $0.01 par value per share; 10,000,000 shares authorized; 36,000 shares outstanding (liquidation value $900)	1	1
Common stock, $0.01 par value per share; 8,000,000 shares authorized; 4,861,590 shares outstanding	49	49
Additional paid-in capital	12,378	12,378
Accumulated other comprehensive income	860	1,065
Retained earnings	13,663	9,998
Total shareholders’ equity	26,951	23,491
Total liabilities and shareholders’ equity	$ 42,516	$ 40,883

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Aug. 31, 2015	Aug. 31, 2014
Convertible preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Convertible preferred stock, shares authorized	10,000,000	10,000,000
Convertible preferred stock, shares outstanding	36,000	36,000
Convertible preferred stock, liquidated (in dollars)	$ 900	$ 900
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	8,000,000	8,000,000
Common stock, shares outstanding	4,861,590	4,861,590

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Revenues	$ 140,213	$ 134,747
Cost of revenues	99,105	97,710
Gross margin	41,108	37,037
Operating expenses:
Selling, general and administrative expenses	35,394	32,178
Income from operations	5,714	4,859
Other income (expense):
Net gain (loss) on trading securities	225	(19)
Gain on sale of property	0	1,495
Interest and other (income) expense, net	(11)	(307)
Total other income	214	1,169
Income from continuing operations before income taxes	5,928	6,028
Provision for income taxes	2,254	1,009
Net income from continuing operations	3,674	5,019
Discontinued operations:
Change in workers’ compensation liability, net of tax $46 and $394, respectively	67	592
Net Income	3,741	5,611
Cumulative preferred stock dividend	(76)	(76)
Net income attributable to common shareholders	$ 3,665	$ 5,535
Basic and diluted earnings per share:
Net Income from continuing operations (in dollars per share)	$ 0.74	$ 1.02
Net Income from discontinued operations (in dollars per share)	0.01	0.12
Net income attributable to common shareholders (in dollars per share)	$ 0.75	$ 1.14
Basic and diluted weighted average common shares outstanding (in shares)	4,861,590	4,861,590

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal	$ 46	$ 394

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Net income	$ 3,741	$ 5,611
Other comprehensive income, net of tax:
Foreign translation (loss)/gain	(205)	245
Total comprehensive income	$ 3,536	$ 5,856

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Convertible Preferred Stock [Member]
Balance at Aug. 31, 2013	$ 17,711	$ 49	$ 12,378	$ 820	$ 4,463	$ 1
Balance (in Shares) at Aug. 31, 2013		4,861,590				36,000
Preferred dividends	(76)				(76)
Net income	5,611				5,611
Comprehensive income:
Foreign translation gain (loss)	245			245
Comprehensive income	5,856
Balance at Aug. 31, 2014	23,491	$ 49	12,378	1,065	9,998	$ 1
Balance (in Shares) at Aug. 31, 2014		4,861,590				36,000
Preferred dividends	(76)				(76)
Net income	3,741				3,741
Comprehensive income:
Foreign translation gain (loss)	(205)			(205)
Comprehensive income	3,536
Balance at Aug. 31, 2015	$ 26,951	$ 49	$ 12,378	$ 860	$ 13,663	$ 1
Balance (in Shares) at Aug. 31, 2015		4,861,590				36,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Operating activities:
Net income	$ 3,741	$ 5,611
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	553	539
Bad debt expense	91	12
Inventory reserve	81	100
Gain on sale of property	0	(1,495)
Change in value of workers’ compensation liability	(113)	(986)
Net (gain) loss on investments	(225)	19
(Increase) decrease in:
Trade accounts receivable	2,219	(3,369)
Inventory	(1,951)	(691)
Prepaid expenses and other assets	509	831
Increase (decrease) in:
Trade accounts payable	(47)	1,332
Accrued expenses and other current liabilities	841	610
Deposit liability	0	(87)
Liabilities of discontinued operations	(125)	(1,247)
Net cash provided by operating activities	5,574	1,179
Investing activities:
Purchase of property and equipment	(519)	(746)
Sale of marketable securities, trading	298	1,303
Net change in securities sold short	1,139	642
Proceeds from sale of property	0	9,483
Change in restricted cash	(900)	(416)
Net cash provided by investing activities	18	10,266
Financing activities:
Payments on revolving credit facility	(1,684)	(4,797)
Payment of preferred dividend	(76)	(57)
Bank overdraft	(1,827)	545
Payments on long-term debt - real estate held for sale	0	(5,397)
Payments on long-term debt	(11)	(11)
Net cash used in financing activities	(3,598)	(9,717)
Effect of foreign currency exchange rate changes on cash and cash equivalents	(205)	245
Net increase in cash and cash equivalents	1,789	1,973
Cash and cash equivalents - beginning of period	3,480	1,507
Cash and cash equivalents - end of period	5,269	3,480
Supplemental disclosures of cash flow information:
Cash paid for interest	13	296
Cash paid for taxes	$ 1,342	$ 666

Organization and Basis of Prese

Organization and Basis of Presentation	12 Months Ended
	Aug. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1. Organization and Basis of Presentation EACO Corporation (“EACO”) is a holding company, comprised of is its wholly-owned subsidiary, Bisco Industries, Inc. (“Bisco”). Bisco was incorporated in Illinois in 1974 and is a distributor of electronic components and fasteners with 48 sales offices and seven distribution centers located throughout the United States and Canada. Bisco supplies parts used in the manufacture of products in a broad range of industries, including the aerospace, circuit board, communication, computer, fabrication, instrumentation, industrial equipment and marine industries. EACO was incorporated in the State of Florida in September 1985. From the inception of EACO through June 2005, EACO’s business consisted of operating restaurants in the State of Florida. On June 29, 2005, EACO sold all of its operating restaurants. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates include allowance for doubtful trade accounts receivable, slow moving and obsolete inventory reserves, recoverability of the carrying value and estimated useful lives of long-lived assets, workers’ compensation liability and the valuation allowance against deferred tax assets. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements for all periods presented include the accounts of EACO, its wholly-owned subsidiary, Bisco Industries, Inc., and Bisco’s wholly-owned Canadian subsidiary, Bisco Industries Limited (which are collectively referred to herein as the “Company”, “we”, “us” and “our”). All significant intercompany transactions and balances have been eliminated in consolidation.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Aug. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 2. Significant Accounting Policies The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The State of Florida Division of Workers’ Compensation (the “Division”) requires self-insured companies to pledge collateral in favor of the Division in an amount sufficient to cover the projected outstanding liability. In compliance with this requirement, the Company pledged a certificate of deposit of $ 83,000 322,000 Trade accounts receivable are carried at original invoice amount, less an estimate for an allowance for doubtful accounts. Management determines the allowance for doubtful accounts by identifying probable credit losses in the Company’s accounts receivable and reviewing historical data to estimate the collectability on items not yet specifically identified as problem accounts. Trade accounts receivable are written off when deemed uncollectible. Recoveries of trade accounts receivable previously written off are recorded when received. A trade account receivable is considered past due if any portion of the receivable balance is outstanding for more than 30 days. The Company does not charge interest on past due balances. The allowance for doubtful accounts was $111,000 at August 31, 2015 and 2014. Inventories consist primarily of electronic fasteners and components, and are stated at the lower of cost or estimated market value. Cost is determined using the average cost method. Inventories are presented net of a reserve for slow moving or obsolete items of $ 1,105,000 1,024,000 Equipment and leasehold improvements are stated at cost net of accumulated amortization. Depreciation on equipment is calculated on the straight-line method over the estimated useful lives of the assets, ranging from five to seven years. Leasehold improvements are amortized over the estimated useful life of the asset or the remaining lease term, whichever is less. Maintenance and repairs are charged to expense as incurred. Renewals and improvements of a major nature are capitalized. At the time of retirement or disposition of property and equipment, the cost and accumulated depreciation or amortization are removed from the accounts and any gains or losses are reflected in earnings. The Company’s policy is to review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For the purpose of the impairment review, assets are tested on an individual basis. The recoverability of the assets is measured by a comparison of the carrying value of each asset to the future net undiscounted cash flows expected to be generated by such assets. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying value of the assets exceeds their estimated fair value. The Company invests in marketable trading securities which include long and short positions in equity securities. Short positions represent securities sold, but not yet purchased. Short sales result in obligations to purchase securities at a later date and are separately presented as a liability in the Company’s consolidated balance sheet. These securities are stated at fair value, which is determined using the quoted closing prices at each reporting date. Realized gains and losses on investment transactions are recognized as incurred in the consolidated statements of operations. Net unrealized gains and losses are reported in the statements of operations and represent the change in the market value of investment holdings during the period. See Note 11. Management generally recognizes revenue at the time of product shipment, as the Company’s shipping terms are FOB shipping point. Revenue is considered to be realized or realizable and earned when there is persuasive evidence of a sales arrangement in the form of an executed contract or purchase order, the product has been shipped, the sales price is fixed or determinable, and collectability is reasonably assured. Deferred taxes on income result from temporary differences between the reporting of income for financial statement and tax reporting purposes. A valuation allowance related to a deferred tax asset is recorded when it is more likely than not that some or all of the deferred tax asset will not be realized. In making such determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income (if any), tax planning strategies and recent financial performance. We provide tax contingencies, if any, for federal, state, local and international exposures relating to audit results, tax planning initiatives and compliance responsibilities. The development of these reserves requires judgments about tax issues, potential outcomes and timing. Although the outcome of these tax audits is uncertain, in management’s opinion adequate provisions for income taxes have been made for potential liabilities emanating from these reviews. If actual outcomes differ materially from these estimates, they could have a material impact on our results of operations. Shipping and handling expenses are included in cost of goods sold, and were approximately $ 2,557,000 2,407,000 Prior to June 2005, EACO self-insured workers’ compensation claims losses up to certain limits. The liability for workers’ compensation represents an estimate of the present value of the ultimate cost of uninsured losses which are unpaid as of the balance sheet dates. At each fiscal year end, the Company obtains an actuarial report which estimates its overall exposure based on historical claims and an evaluation of future claims, and adjustments to the Company’s estimated claim liability, if any, are reflected in discontinued operations. The Company pursues recovery of certain claims from an insurance carrier. Recoveries, if any, are recognized when realization is reasonably assured. Certain Company leases for its sales offices and distribution centers provide for minimum annual payments that adjust over the life of the lease. The aggregate minimum annual payments are expensed on the straight-line basis over the minimum lease term. The Company recognizes a deferred rent liability for rent escalations when the amount of straight-line rent exceeds the lease payments, and reduces the deferred rent liability when the lease payments exceed the straight-line rent expense. Basic earnings per common share for the years ended August 31, 2015 and 2014 were computed based on the weighted average number of common shares outstanding. Diluted earnings per share for those periods have been computed based on the weighted average number of common shares outstanding, giving effect to all potentially dilutive common shares that were outstanding during the respective periods. Potentially dilutive common shares represent 40,000 36,000 Assets and liabilities recorded in functional currencies other than the U.S. dollar (Canadian dollars for the Bisco’s Canadian subsidiary) are translated into U.S. dollars at the period-end rate of exchange. Revenue and expenses are translated at the average exchange rates for the years ended August 31, 2015 and 2014. The resulting translation adjustments are charged or credited directly to accumulated other comprehensive income or loss. The average exchange rates for the years ended August 31, 2015 and August 31, 2014 were $ 0.83 0.93 Financial instruments that subject the Company to credit risk include cash balances in excess of federal depository insurance limits and accounts receivable. Cash accounts maintained by the Company at U.S. and Canadian financial institutions are insured by the Federal Deposit Insurance Corporation and Canadian Deposit Insurance Corporation, respectively. A significant portion of the Company’s cash was held by its Canadian subsidiary. The Company has not experienced any losses in such accounts. Net sales to customers outside the United States and related trade accounts receivable were approximately 9 11 7 10 10 Total assets held outside the United States comprised 7 The Company’s financial instruments other than its marketable securities include cash and cash equivalents, trade accounts receivable, prepaid expenses, security deposits, trade accounts payable, line of credit, accrued expenses and long-term debt. Management believes that the fair value of these financial instruments approximate their carrying amounts based on current market indicators, such as prevailing interest rates. The Company’s marketable securities are measured at fair value on a recurring basis (see Note 11). During the years ended August 31, 2015 and 2014, the Company did not have any nonfinancial assets or liabilities that were measured at estimated fair value on a recurring or nonrecurring basis. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition. The purpose of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The amendments (i) remove inconsistencies and weaknesses in revenue requirements, (ii) provide a more robust framework for addressing revenue issues, (iii) improve comparability of revenue recognition across entities, industries, jurisdictions, and capital markets, (iv) provide more useful information to users of financial statements through improved disclosure requirements, and (v) simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. The new revenue recognition standard requires entities to recognize revenue in a way that reflects the transfer of promised goods or services to customers in an amount based on the consideration to which the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14 “Revenue from Contracts with Customers (Topic 606)” which delayed the effective date of the new revenue recognition guidance by one year. Therefore, ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2017 and early adoption is not permitted. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this update recognized at the date of initial application. The Company is currently assessing the impact that this guidance may have on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory” In August 2015, the FASB issued ASU No. 2015-15, “ Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements Simplifying the Presentation of Debt Issuance Costs

Equipment and Leasehold Improve

Equipment and Leasehold Improvements	12 Months Ended
	Aug. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	Note 3. Equipment and Leasehold Improvements August 31, 2015 August 31, 2014 Machinery and equipment $ 5,658,000 $ 5,170,000 Furniture and fixtures 810,000 807,000 Vehicles 138,000 138,000 Leasehold improvements 1,556,000 1,528,000 8,162,000 7,643,000 Less accumulated depreciation and amortization (6,593,000) (6,040,000) $ 1,569,000 $ 1,603,000 For the years ended August 31, 2015 and 2014, depreciation expense was $ 553,000 539,000

Long-Term Debt

Long-Term Debt	12 Months Ended
	Aug. 31, 2015
Long-term Debt, Unclassified [Abstract]
Long-term Debt [Text Block]	Note 4. Long-Term Debt August 31, August 31, 2015 2014 Line of credit from Community Bank - 1,684,000 Note payable to BMW Bank of North America, secured by automobile, monthly principal and interest payments totaling $901, interest at 0.9%, due June 2018 33,000 44,000 $ 33,000 $ 1,728,000 The Company has a revolving credit agreement with Community Bank, N.A. which currently provides for borrowings of up to $ 10,000,000 bears interest at either the 30, 60 or 90 day LIBOR (the 90 day LIBOR at August 31, 2015 and 2014 was 0.31% and 0.23%, respectively) plus 1.75% or the bank’s reference rate (3.25% at August 31, 2015 and 2014). 1,684,000 10,000,000 8,316,000 Years Ending August 31, 2016 11,000 2017 11,000 2018 11,000 $ 33,000

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Aug. 31, 2015
Equity [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	Note 5. Shareholders’ Equity Earnings Per Common Share (EPS) For the years ended August 31, (In thousands, except per share information) 2015 2014 EPS– basic and diluted: Net income $ 3,741 $ 5,611 Less: undeclared cumulative preferred stock dividends (76) (76) Net income available to common shareholders for basic and diluted EPS computation 3,665 5,535 Weighted average common shares outstanding for basic and diluted EPS computation 4,861,590 4,861,590 Earnings per common share – basic and diluted $ 0.75 $ 1.14 Preferred Stock The Company's Board of Directors is authorized to establish the various rights and preferences for the Company's preferred stock, including voting, conversion, dividend and liquidation rights and preferences, at the time shares of preferred stock are issued. In September 2004, the Company sold 36,000 8.5 900,000 Holders of the Preferred Stock have the right at any time to convert the Preferred Stock and accrued but unpaid dividends into shares 22.50 $25.00 per share plus all unpaid dividends

Profit Sharing Plan

Profit Sharing Plan	12 Months Ended
	Aug. 31, 2015
Profit Sharing Plan [Abstract]
Profit Sharing Plan [Text Block]	Note 6. Profit Sharing Plan The Company has a defined contribution 401(k) profit sharing plan for all eligible employees. Employees are eligible to contribute to the 401(k) plan after six months of employment. Under this plan, employees may contribute up to 15% of their compensation. The Company has the discretion to match 50% of the employee contributions up to 4% of employees’ compensation. The Company’s contributions are subject to a five-year vesting period beginning the second year of service. The Company’s contribution expense was approximately $212,000 and $206,000 for the years ended August 31, 2015 and 2014, respectively.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Aug. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	Note 7. Discontinued Operations Results of an actuarial analysis of the Company's workers' compensation self-insurance program concluded the workers compensation liability was $ 84,000 67,000 46,000 84,000 322,000

Income Taxes

Income Taxes	12 Months Ended
	Aug. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 8. Income Taxes For the Year Ended August 31, 2015 2014 Current: Federal $ 1,568,000 $ 751,000 State 325,000 214,000 Foreign (5,000) 9,000 1,888,000 974,000 Deferred: Federal 560,000 (343,000) State (194,000) 378,000 Foreign - - 366,000 35,000 Total $ 2,254,000 $ 1,009,000 34 The differences are reconciled as follows: For the Year Ended August 31, 2015 2014 Current: Expected income tax benefit at statutory rate $ 2,008,000 $ 2,085,000 Increase (decrease) in taxes due to: State tax, net of federal benefit 284,000 287,000 Permanent differences 32,000 29,000 Change in deferred tax asset valuation allowance 62,000 (919,000) Other, net (132,000) (473,000) Income tax expense (benefit) $ 2,254,000 $ 1,009,000 August 31, Deferred tax assets: 2015 2014 Net operating loss $ 522,000 $ 527,000 Capital losses 116,000 99,000 Allowance for doubtful accounts 14,000 4,000 Accrued expenses 146,000 333,000 Accrued workers’ compensation 32,000 125,000 Inventory reserve 775,000 644,000 Unrealized losses on investment (254,000) (51,000) Excess of tax over book depreciation (78,000) (131,000) Other 305,000 331,000 Total deferred tax assets 1,578,000 1,881,000 Valuation allowance (639,000) (576,000) Total deferred tax assets $ 939,000 $ 1,305,000 The Company records net deferred tax assets to the extent management believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income (if any), tax planning strategies and recent financial performance. Based on the Company’s profitability and future forecast, management believes it is more-likely-than not that a portion of its net deferred tax assets will not be utilized in the future. Therefore, as of August 31, 2015 and 2014, a partial valuation allowance has been recorded based on management’s estimate of the amount of its net deferred tax assets that will be able to be utilized in future periods. The guidance in the “Transactions Between Entities Under Common Control Subsections” of ASC 805-50, does not specifically address the accounting for the deferred tax consequences that may result from a transfer of net assets or the exchange of equity interest between enterprises under common control. Although such a transaction is not a pooling of interests, it appears as if the guidance of the Financial Accounting Standards Board (“FASB”) Statement No. 109 (ASC 740), paragraphs 270-272, which addresses the income tax accounting effects of a pooling-of-interests transaction should be applied by analogy. On January 1, 2007, we adopted ASC 740 “Income Taxes” formerly FASB Interpretation No. 48 an interpretation of FASB Statement No. 109 (ASC 740). ASC 740 clarifies the accounting for uncertainty in income taxes recognized in a company’s financial statements. ASC 740 prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken in the tax return. The Company did not recognize any additional liability for unrecognized tax benefit as a result of the implementation. The Company has no liability for unrecognized tax benefit related to tax positions for either the August 31, 2015 year end or the August 31, 2014 year end. The Company’s policy is to recognize interest and penalty related to unrecognized tax benefits as income tax expense. As of August 31, 2015, the Company has not recognized liabilities for penalty and interest as the Company does not have any liability for unrecognized tax benefits. The Company is subject to taxation in the US, Canada and various states. The Company’s tax years for 2011, 2012, 2013 and 2014 are subject to examination by the taxing authorities. With few exceptions, the Company is no longer subject to U.S. federal, state, local or foreign examinations by taxing authorities for years before 2011.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Aug. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 9. Commitments and Contingencies Legal Matters From time to time, we may be subject to legal proceedings and claims which arise in the normal course of our business. Any such matters and disputes could be costly and time consuming, subject us to damages or equitable remedies, and divert our management and key personnel from our business operations. We currently are not a party to any legal proceedings, the adverse outcome of which, in management’s opinion, individually or in the aggregate, would have a material adverse effect on our consolidated results of operations, financial position or cash flows. Operating Lease Obligations The Company leases its facilities and automobiles under operating lease agreements (three leased facilities are with its majority shareholder – see Note 10), which expire on various dates through September 2021 and require minimum rental payments ranging from $ 1,000 32,000 Years ending August 31: 2016 $ 1,777,000 2017 903,000 2018 543,000 2019 162,000 Thereafter 292,000 $ 3,677,000 Rental expense for all operating leases for the years ended August 31, 2015 and 2014 was approximately $ 1,832,000 1,975,000

Related Party Transactions

Related Party Transactions	12 Months Ended
	Aug. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 10. Related Party Transactions The Company leases three buildings under operating lease agreements from its CEO and majority stockholder. During the years ended August 31, 2015 and 2014, the Company incurred approximately $ 635,000 625,000

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Aug. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	Note 11. Fair Value of Financial Instruments Management estimates the fair value of its assets or liabilities measured at fair value based on the three levels of the fair-value hierarchy are described as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets and liabilities. For the Company, Level 1 inputs include marketable securities and liabilities for short sales of trading securities that are actively traded. Level 2: Inputs other than Level 1 are observable, either directly or indirectly. The Company does not hold any Level 2 financial instruments. Level 3: Unobservable inputs. The Company does not hold any Level 3 financial instruments. Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs (Level 1) (Level 2) (Level 3) Total August 31, 2015 Marketable securities - - - - Liability for short sales of trading securities $ (1,781,000) - - $ (1,781,000) August 31, 2014 Marketable securities $ 73,000 - - $ 73,000 Liability for short sales of trading securities $ (642,000) - - $ (642,000)

Subsequent Events

Subsequent Events	12 Months Ended
	Aug. 31, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Note 12. Subsequent Events Management has evaluated events subsequent to August 31, 2015, through the date that these consolidated financial statements are being filed with the Securities and Exchange Commission, for transactions and other events which may require adjustment of and/or disclosure in such financial statements.

Significant Accounting Polici21

Significant Accounting Policies (Policies)	12 Months Ended
	Aug. 31, 2015
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. These estimates include allowance for doubtful trade accounts receivable, slow moving and obsolete inventory reserves, recoverability of the carrying value and estimated useful lives of long-lived assets, workers’ compensation liability and the valuation allowance against deferred tax assets. Actual results could differ from those estimates.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The consolidated financial statements for all periods presented include the accounts of EACO, its wholly-owned subsidiary, Bisco Industries, Inc., and Bisco’s wholly-owned Canadian subsidiary, Bisco Industries Limited (which are collectively referred to herein as the “Company”, “we”, “us” and “our”). All significant intercompany transactions and balances have been eliminated in consolidation.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block]	Restricted Cash The State of Florida Division of Workers’ Compensation (the “Division”) requires self-insured companies to pledge collateral in favor of the Division in an amount sufficient to cover the projected outstanding liability. In compliance with this requirement, the Company pledged a certificate of deposit of $ 83,000 322,000
Trade and Other Accounts Receivable, Policy [Policy Text Block]	Trade Accounts Receivable Trade accounts receivable are carried at original invoice amount, less an estimate for an allowance for doubtful accounts. Management determines the allowance for doubtful accounts by identifying probable credit losses in the Company’s accounts receivable and reviewing historical data to estimate the collectability on items not yet specifically identified as problem accounts. Trade accounts receivable are written off when deemed uncollectible. Recoveries of trade accounts receivable previously written off are recorded when received. A trade account receivable is considered past due if any portion of the receivable balance is outstanding for more than 30 days. The Company does not charge interest on past due balances. The allowance for doubtful accounts was $111,000 at August 31, 2015 and 2014.
Inventory, Policy [Policy Text Block]	Inventories Inventories consist primarily of electronic fasteners and components, and are stated at the lower of cost or estimated market value. Cost is determined using the average cost method. Inventories are presented net of a reserve for slow moving or obsolete items of $ 1,105,000 1,024,000
Property, Plant and Equipment, Policy [Policy Text Block]	Equipment and Leasehold Improvements Equipment and leasehold improvements are stated at cost net of accumulated amortization. Depreciation on equipment is calculated on the straight-line method over the estimated useful lives of the assets, ranging from five to seven years. Leasehold improvements are amortized over the estimated useful life of the asset or the remaining lease term, whichever is less. Maintenance and repairs are charged to expense as incurred. Renewals and improvements of a major nature are capitalized. At the time of retirement or disposition of property and equipment, the cost and accumulated depreciation or amortization are removed from the accounts and any gains or losses are reflected in earnings.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long Lived Assets The Company’s policy is to review long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For the purpose of the impairment review, assets are tested on an individual basis. The recoverability of the assets is measured by a comparison of the carrying value of each asset to the future net undiscounted cash flows expected to be generated by such assets. If such assets are considered impaired, the impairment to be recognized is measured by the amount by which the carrying value of the assets exceeds their estimated fair value.
Marketable Securities, Trading Securities, Policy [Policy Text Block]	Trading Securities The Company invests in marketable trading securities which include long and short positions in equity securities. Short positions represent securities sold, but not yet purchased. Short sales result in obligations to purchase securities at a later date and are separately presented as a liability in the Company’s consolidated balance sheet. These securities are stated at fair value, which is determined using the quoted closing prices at each reporting date. Realized gains and losses on investment transactions are recognized as incurred in the consolidated statements of operations. Net unrealized gains and losses are reported in the statements of operations and represent the change in the market value of investment holdings during the period. See Note 11.
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition Management generally recognizes revenue at the time of product shipment, as the Company’s shipping terms are FOB shipping point. Revenue is considered to be realized or realizable and earned when there is persuasive evidence of a sales arrangement in the form of an executed contract or purchase order, the product has been shipped, the sales price is fixed or determinable, and collectability is reasonably assured.
Income Tax, Policy [Policy Text Block]	Income Taxes Deferred taxes on income result from temporary differences between the reporting of income for financial statement and tax reporting purposes. A valuation allowance related to a deferred tax asset is recorded when it is more likely than not that some or all of the deferred tax asset will not be realized. In making such determination, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income (if any), tax planning strategies and recent financial performance. We provide tax contingencies, if any, for federal, state, local and international exposures relating to audit results, tax planning initiatives and compliance responsibilities. The development of these reserves requires judgments about tax issues, potential outcomes and timing. Although the outcome of these tax audits is uncertain, in management’s opinion adequate provisions for income taxes have been made for potential liabilities emanating from these reviews. If actual outcomes differ materially from these estimates, they could have a material impact on our results of operations.
Shipping and Handling Cost, Policy [Policy Text Block]	Freight and Shipping/Handling Shipping and handling expenses are included in cost of goods sold, and were approximately $ 2,557,000 2,407,000
Liabilities of Discontinued Operations [Policy Text Block]	Liabilities of Discontinued Operations Prior to June 2005, EACO self-insured workers’ compensation claims losses up to certain limits. The liability for workers’ compensation represents an estimate of the present value of the ultimate cost of uninsured losses which are unpaid as of the balance sheet dates. At each fiscal year end, the Company obtains an actuarial report which estimates its overall exposure based on historical claims and an evaluation of future claims, and adjustments to the Company’s estimated claim liability, if any, are reflected in discontinued operations. The Company pursues recovery of certain claims from an insurance carrier. Recoveries, if any, are recognized when realization is reasonably assured.
Lease, Policy [Policy Text Block]	Operating Leases Certain Company leases for its sales offices and distribution centers provide for minimum annual payments that adjust over the life of the lease. The aggregate minimum annual payments are expensed on the straight-line basis over the minimum lease term. The Company recognizes a deferred rent liability for rent escalations when the amount of straight-line rent exceeds the lease payments, and reduces the deferred rent liability when the lease payments exceed the straight-line rent expense.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Common Share Basic earnings per common share for the years ended August 31, 2015 and 2014 were computed based on the weighted average number of common shares outstanding. Diluted earnings per share for those periods have been computed based on the weighted average number of common shares outstanding, giving effect to all potentially dilutive common shares that were outstanding during the respective periods. Potentially dilutive common shares represent 40,000 36,000
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation and Transactions Assets and liabilities recorded in functional currencies other than the U.S. dollar (Canadian dollars for the Bisco’s Canadian subsidiary) are translated into U.S. dollars at the period-end rate of exchange. Revenue and expenses are translated at the average exchange rates for the years ended August 31, 2015 and 2014. The resulting translation adjustments are charged or credited directly to accumulated other comprehensive income or loss. The average exchange rates for the years ended August 31, 2015 and August 31, 2014 were $ 0.83 0.93
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentrations Financial instruments that subject the Company to credit risk include cash balances in excess of federal depository insurance limits and accounts receivable. Cash accounts maintained by the Company at U.S. and Canadian financial institutions are insured by the Federal Deposit Insurance Corporation and Canadian Deposit Insurance Corporation, respectively. A significant portion of the Company’s cash was held by its Canadian subsidiary. The Company has not experienced any losses in such accounts. Net sales to customers outside the United States and related trade accounts receivable were approximately 9 11 7 10 10 Total assets held outside the United States comprised 7
Fair Value Measurement, Policy [Policy Text Block]	Estimated Fair Value of Financial Instruments and Certain Nonfinancial Assets and Liabilities The Company’s financial instruments other than its marketable securities include cash and cash equivalents, trade accounts receivable, prepaid expenses, security deposits, trade accounts payable, line of credit, accrued expenses and long-term debt. Management believes that the fair value of these financial instruments approximate their carrying amounts based on current market indicators, such as prevailing interest rates. The Company’s marketable securities are measured at fair value on a recurring basis (see Note 11). During the years ended August 31, 2015 and 2014, the Company did not have any nonfinancial assets or liabilities that were measured at estimated fair value on a recurring or nonrecurring basis.
New Accounting Pronouncements, Policy [Policy Text Block]	Significant Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09 “Revenue from Contracts with Customers (Topic 606)” which supersedes the revenue recognition requirements in Accounting Standards Codification (“ASC”) 605, Revenue Recognition. The purpose of ASU 2014-09 is to clarify the principles for recognizing revenue and to develop a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The amendments (i) remove inconsistencies and weaknesses in revenue requirements, (ii) provide a more robust framework for addressing revenue issues, (iii) improve comparability of revenue recognition across entities, industries, jurisdictions, and capital markets, (iv) provide more useful information to users of financial statements through improved disclosure requirements, and (v) simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. The new revenue recognition standard requires entities to recognize revenue in a way that reflects the transfer of promised goods or services to customers in an amount based on the consideration to which the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14 “Revenue from Contracts with Customers (Topic 606)” which delayed the effective date of the new revenue recognition guidance by one year. Therefore, ASU 2014-09 is effective for interim and annual reporting periods beginning after December 15, 2017 and early adoption is not permitted. The amendments can be applied retrospectively to each prior reporting period or retrospectively with the cumulative effect of initially applying this update recognized at the date of initial application. The Company is currently assessing the impact that this guidance may have on its consolidated financial statements. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory” In August 2015, the FASB issued ASU No. 2015-15, “ Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements Simplifying the Presentation of Debt Issuance Costs

Equipment and Leasehold Impro22

Equipment and Leasehold Improvements (Tables)	12 Months Ended
	Aug. 31, 2015
Property, Plant and Equipment [Abstract]
Schedule Of Equipment And Lease hold Improvements [Table Text Block]	Equipment and leasehold improvements are summarized as follows: August 31, 2015 August 31, 2014 Machinery and equipment $ 5,658,000 $ 5,170,000 Furniture and fixtures 810,000 807,000 Vehicles 138,000 138,000 Leasehold improvements 1,556,000 1,528,000 8,162,000 7,643,000 Less accumulated depreciation and amortization (6,593,000) (6,040,000) $ 1,569,000 $ 1,603,000

Long-Term Debt (Tables)

Long-Term Debt (Tables)	12 Months Ended
	Aug. 31, 2015
Long-term Debt, Unclassified [Abstract]
Schedule of Debt [Table Text Block]	Long-term debt is summarized as follows: August 31, August 31, 2015 2014 Line of credit from Community Bank - 1,684,000 Note payable to BMW Bank of North America, secured by automobile, monthly principal and interest payments totaling $901, interest at 0.9%, due June 2018 33,000 44,000 $ 33,000 $ 1,728,000
Schedule of Maturities of Long-term Debt [Table Text Block]	The scheduled payments for the above loans are as follows: Years Ending August 31, 2016 11,000 2017 11,000 2018 11,000 $ 33,000

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Aug. 31, 2015
Equity [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	The following is a reconciliation of the numerators and denominators used in the basic and diluted computations of earnings per common share: For the years ended August 31, (In thousands, except per share information) 2015 2014 EPS– basic and diluted: Net income $ 3,741 $ 5,611 Less: undeclared cumulative preferred stock dividends (76) (76) Net income available to common shareholders for basic and diluted EPS computation 3,665 5,535 Weighted average common shares outstanding for basic and diluted EPS computation 4,861,590 4,861,590 Earnings per common share – basic and diluted $ 0.75 $ 1.14

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Aug. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	The following summarizes the Company’s provision for income taxes on income from continuing and discontinued operations: For the Year Ended August 31, 2015 2014 Current: Federal $ 1,568,000 $ 751,000 State 325,000 214,000 Foreign (5,000) 9,000 1,888,000 974,000 Deferred: Federal 560,000 (343,000) State (194,000) 378,000 Foreign - - 366,000 35,000 Total $ 2,254,000 $ 1,009,000
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Income taxes for the years ended August 31, 2015 and August 31, 2014 differ from the amounts computed by applying the federal statutory corporate rates of 34 The differences are reconciled as follows: For the Year Ended August 31, 2015 2014 Current: Expected income tax benefit at statutory rate $ 2,008,000 $ 2,085,000 Increase (decrease) in taxes due to: State tax, net of federal benefit 284,000 287,000 Permanent differences 32,000 29,000 Change in deferred tax asset valuation allowance 62,000 (919,000) Other, net (132,000) (473,000) Income tax expense (benefit) $ 2,254,000 $ 1,009,000
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	The components of deferred taxes at August 31, 2015 and 2014 are summarized below: August 31, Deferred tax assets: 2015 2014 Net operating loss $ 522,000 $ 527,000 Capital losses 116,000 99,000 Allowance for doubtful accounts 14,000 4,000 Accrued expenses 146,000 333,000 Accrued workers’ compensation 32,000 125,000 Inventory reserve 775,000 644,000 Unrealized losses on investment (254,000) (51,000) Excess of tax over book depreciation (78,000) (131,000) Other 305,000 331,000 Total deferred tax assets 1,578,000 1,881,000 Valuation allowance (639,000) (576,000) Total deferred tax assets $ 939,000 $ 1,305,000

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Aug. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Minimum future rental payments under operating leases are as follows: Years ending August 31: 2016 $ 1,777,000 2017 903,000 2018 543,000 2019 162,000 Thereafter 292,000 $ 3,677,000

Fair Value of Financial Instr27

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Aug. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	The following table sets forth by level, within the fair value hierarchy, certain assets at estimated fair value as of August 31, 2015 and 2014: Quoted Prices in Significant Active Markets for Significant Other Unobservable Identical Assets Observable Inputs Inputs (Level 1) (Level 2) (Level 3) Total August 31, 2015 Marketable securities - - - - Liability for short sales of trading securities $ (1,781,000) - - $ (1,781,000) August 31, 2014 Marketable securities $ 73,000 - - $ 73,000 Liability for short sales of trading securities $ (642,000) - - $ (642,000)

Significant Accounting Polici28

Significant Accounting Policies (Details Textual) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Significant Accounting Policies [Line Items]
Pledged Financial Instruments, Not Separately Reported, Securities for Letter of Credit Facilities	$ 83,000	$ 322,000
Allowance for Doubtful Accounts Receivable	111,000	111,000
Inventory Valuation Reserves	$ 1,105,000	$ 1,024,000
Exchange Rate on Foreign Currency Translation and Transactions	$ 0.83	$ 0.93
Percentage of Revenue Per Entity, Maximum	10.00%	10.00%
Concentration Risk, Percentage	7.00%	7.00%
Shipping, Handling and Transportation Costs	$ 2,557,000	$ 2,407,000
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	40,000	40,000
Convertible Preferred Stock, Shares Issued upon Conversion	36,000	36,000
Sales Revenue, Net [Member]
Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	9.00%	7.00%
Accounts Receivable [Member]
Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	11.00%	10.00%

Equipment and Leasehold Impro29

Equipment and Leasehold Improvements (Details) - USD ($)	Aug. 31, 2015	Aug. 31, 2014
Machinery and equipment	$ 5,658,000	$ 5,170,000
Furniture and fixtures	810,000	807,000
Vehicles	138,000	138,000
Leasehold improvements	1,556,000	1,528,000
Property, Plant and Equipment, Gross, Total	8,162,000	7,643,000
Less accumulated depreciation and amortization	(6,593,000)	(6,040,000)
Property, Plant and Equipment, Net, Total	$ 1,569,000	$ 1,603,000

Equipment and Leasehold Impro30

Equipment and Leasehold Improvements (Details Textual) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Equipment and Leasehold Improvements [Member]
Depreciation, Total	$ 553,000	$ 539,000

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	Aug. 31, 2015	Aug. 31, 2014
Long-term Debt	$ 33,000	$ 1,728,000
Line Of Credit Payable To Community Bank [Member] | Revolving Credit Facility [Member]
Long-term Debt	0	1,684,000
Note Payable To Bmw Bank [Member]
Long-term Debt	$ 33,000	$ 44,000

Long-Term Debt (Details 1)

Long-Term Debt (Details 1) - USD ($)	Aug. 31, 2015	Aug. 31, 2014
Years Ending August 31,
2,016	$ 11,000
2,017	11,000
2,018	11,000
Long-term Debt, Total	$ 33,000	$ 1,728,000

Long-Term Debt (Details Textual

Long-Term Debt (Details Textual) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Long-term Line of Credit	$ 1,684,000
Line of Credit Facility, Remaining Borrowing Capacity	10,000,000	$ 8,316,000
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000,000
Debt Instrument, Maturity Date	Mar. 31, 2017
Line of Credit Facility, Interest Rate Description	bears interest at either the 30, 60 or 90 day LIBOR (the 90 day LIBOR at August 31, 2015 and 2014 was 0.31% and 0.23%, respectively) plus 1.75% or the banks reference rate (3.25% at August 31, 2015 and 2014).
Note Payable To Bmw Bank [Member]
Debt Instrument, Maturity Date	Jun. 30, 2018
Debt Instrument, Periodic Payment, Total	$ 901
Debt Instrument, Interest Rate During Period	0.90%

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Basic and diluted earnings per share:
Net income	$ 3,741	$ 5,611
Less: undeclared cumulative preferred stock dividends	76	76
Net income available to common shareholders for basic and diluted EPS computation	$ 3,665	$ 5,535
Weighted average common shares outstanding for basic and diluted EPS computation (in shares)	4,861,590	4,861,590
Earnings per common share - basic and diluted (in dollars per share)	$ 0.75	$ 1.14

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual)	12 Months Ended
	Aug. 31, 2015USD ($)$ / sharesshares
Sale Of Convertible Preferred Stock | shares	36,000
Preferred Stock, Dividend Rate, Percentage	8.50%
Dividends, Preferred Stock, Cash	$ 900,000
Debt Instrument, Convertible, Conversion Price | $ / shares	$ 22.50
Common Stock, Conversion Basis	Holders of the Preferred Stock have the right at any time to convert the Preferred Stock and accrued but unpaid dividends into shares
Final Settlement To Holders Of Preferred Stock During Dissolution	$25.00 per share plus all unpaid dividends

Profit Sharing Plan (Details Te

Profit Sharing Plan (Details Textual) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	50.00%
Defined Contribution Plan, Administrative Expenses	$ 212,000	$ 206,000
Description of Defined Contribution Pension and Other Postretirement Plans	The Company’s contributions are subject to a five-year vesting period beginning the second year of service.
Employee Contributions [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	4.00%
Deferred Profit Sharing [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	15.00%

Discontinued Operations (Detail

Discontinued Operations (Details Textual) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total	$ 67,000
Discontinued Operation, Tax (Expense) Benefit from Provision for (Gain) Loss on Disposal	46,000	$ 394,000
Discontinued Operations [Member]
Liability for Unpaid Claims and Claims Adjustment Expense, Claims Paid, Current Year	84,000
Disposal Group, Including Discontinued Operation, Liabilities	$ 84,000	$ 322,000

Income Taxes (Details)

Income Taxes (Details) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Provision For Income Taxes Continuing And Discontinuing Operations	$ 2,254,000	$ 1,009,000
Current Income Taxes [Member]
Provision For Income Taxes Continuing And Discontinuing Operations	1,888,000	974,000
Current Income Taxes [Member] | Domestic Tax Authority [Member]
Provision For Income Taxes Continuing And Discontinuing Operations	1,568,000	751,000
Current Income Taxes [Member] | State and Local Jurisdiction [Member]
Provision For Income Taxes Continuing And Discontinuing Operations	325,000	214,000
Current Income Taxes [Member] | Foreign Tax Authority [Member]
Provision For Income Taxes Continuing And Discontinuing Operations	(5,000)	9,000
Deferred Income Taxes [Member]
Provision For Income Taxes Continuing And Discontinuing Operations	366,000	35,000
Deferred Income Taxes [Member] | Domestic Tax Authority [Member]
Provision For Income Taxes Continuing And Discontinuing Operations	560,000	(343,000)
Deferred Income Taxes [Member] | State and Local Jurisdiction [Member]
Provision For Income Taxes Continuing And Discontinuing Operations	(194,000)	378,000
Deferred Income Taxes [Member] | Foreign Tax Authority [Member]
Provision For Income Taxes Continuing And Discontinuing Operations	$ 0	$ 0

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Current:
Expected income tax benefit at statutory rate	$ 2,008,000	$ 2,085,000
Increase (decrease) in taxes due to:
State tax, net of federal benefit	284,000	287,000
Permanent differences	32,000	29,000
Change in deferred tax asset valuation allowance	62,000	(919,000)
Other, net	(132,000)	(473,000)
Income tax expense (benefit)	$ 2,254,000	$ 1,009,000

Income Taxes (Details 2)

Income Taxes (Details 2) - USD ($)	Aug. 31, 2015	Aug. 31, 2014
Deferred tax assets:
Net operating loss	$ 522,000	$ 527,000
Capital losses	116,000	99,000
Allowance for doubtful accounts	14,000	4,000
Accrued expenses	146,000	333,000
Accrued workers’ compensation	32,000	125,000
Inventory reserve	775,000	644,000
Unrealized losses on investment	(254,000)	(51,000)
Excess of tax over book depreciation	(78,000)	(131,000)
Other	305,000	331,000
Total deferred tax assets	1,578,000	1,881,000
Valuation allowance	(639,000)	(576,000)
Total deferred tax assets	$ 939,000	$ 1,305,000

Income Taxes (Details Textual)

Income Taxes (Details Textual)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	34.00%	34.00%

Commitments and Contingencies42

Commitments and Contingencies (Details) - Operating Lease Agreements [Member]	Aug. 31, 2015USD ($)
Years ending August 31:
2,016	$ 1,777,000
2,017	903,000
2,018	543,000
2,019	162,000
Thereafter	292,000
Total	$ 3,677,000

Commitments and Contingencies43

Commitments and Contingencies (Details Textual) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Operating Leases, Rent Expense	$ 1,832,000	$ 1,975,000
Lease Expiration Date	Sep. 30, 2021
Minimum [Member]
Monthly Operating Lease Rental Payment	$ 1,000
Maximum [Member]
Monthly Operating Lease Rental Payment	$ 32,000

Related Party Transactions (Det

Related Party Transactions (Details Textual) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Related Party Transaction [Line Items]
Operating Leases, Rent Expense	$ 1,832,000	$ 1,975,000
Related Party [Member]
Related Party Transaction [Line Items]
Operating Leases, Rent Expense	$ 635,000	$ 625,000

Fair Value of Financial Instr45

Fair Value of Financial Instruments (Details) - USD ($)	Aug. 31, 2015	Aug. 31, 2014
Marketable securities	$ 0	$ 73,000
Liability for short sales of trading securities	(1,781,000)	(642,000)
Fair Value, Inputs, Level 1 [Member]
Marketable securities	0	73,000
Liability for short sales of trading securities	(1,781,000)	(642,000)
Fair Value, Inputs, Level 2 [Member]
Marketable securities	0	0
Liability for short sales of trading securities	0	0
Fair Value, Inputs, Level 3 [Member]
Marketable securities	0	0
Liability for short sales of trading securities	$ 0	$ 0