ITEX (ITEX) 10-Q 5 Dec 14 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Oct. 31, 2014
Document Information [Line Items]	'
Entity Registrant Name	'ITEX CORP
Entity Central Index Key	'0000860518
Current Fiscal Year End Date	'--07-31
Entity Filer Category	'Smaller Reporting Company
Trading Symbol	'ITEX
Entity Common Stock, Shares Outstanding	2,837,215
Document Type	'10-Q
Amendment Flag	'false
Document Period End Date	31-Oct-14
Document Fiscal Period Focus	'Q1
Document Fiscal Year Focus	'2015

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Oct. 31, 2014	Jul. 31, 2014
In Thousands, unless otherwise specified
Current assets:	'	'
Cash	$4,097	$3,673
Accounts receivable, net of allowance of $402 and $357	655	658
Prepaid expenses	84	104
Loans and advances	20	15
Deferred tax asset, net of allowance of $15	542	542
Notes receivable	330	318
Other current assets	33	30
Total current assets	5,761	5,340
Property and equipment, net of accumulated depreciation of $424 and $415	65	74
Goodwill	3,191	3,191
Deferred tax asset, net of allowance of $95 and net of current portion	3,413	3,492
Intangible assets, net of accumulated amortization of $3,284 and $3,270	143	157
Notes receivable, net of current portion	1,044	1,106
Other long-term assets	9	11
Total assets	13,626	13,371
Current liabilities:	'	'
Accounts and other expenses payable	57	52
Commissions payable to brokers	251	267
Accrued commissions to brokers	883	728
Accrued expenses	324	254
Deferred revenue	24	32
Advance payments	106	106
Note payable, current portion	1	3
Total current liabilities	1,646	1,442
Total Liabilities	1,646	1,442
Commitments and contingencies	'	'
Stockholders' equity:	'	'
Common stock, $0.01 par value; 9,000 shares authorized; 2,605 shares and 2,602 shares issued and outstanding, respectively	26	26
Additional paid-in capital	25,243	25,222
Stockholder notes receivable	-143	-161
Accumulated deficit	-13,146	-13,158
Total stockholders' equity	11,980	11,929
Total liabilities and stockholders' equity	$13,626	$13,371

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS [Parenthetical] (USD $)	Oct. 31, 2014	Jul. 31, 2014
In Thousands, except Per Share data, unless otherwise specified
Allowance for doubtful accounts receivable	$402	$357
Deferred tax assets, valuation allowance, current	15	15
Accumulated depreciation of property and equipment	424	415
Allowance for deferred tax asset, noncurrent	95	95
Accumulated amortization of intangible assets	$3,284	$3,270
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized (in shares)	9,000	9,000
Common stock, shares issued (in shares)	2,605	2,602
Common stock, shares outstanding (in shares)	2,605	2,602

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Oct. 31, 2014	Oct. 31, 2013
Revenue:	'	'
Marketplace revenue and other revenue	$3,117	$3,426
Costs and expenses:	'	'
Cost of marketplace revenue	1,923	2,137
Corporate salaries, wages and employee benefits	445	521
Selling, general and administrative	516	496
Depreciation and amortization	23	42
Costs and Expenses, Total	2,907	3,196
Income from operations	210	230
Other income:	'	'
Interest, net	24	31
Other income, net	0	0
Nonoperating Income (Expense), Total	24	31
Income before income taxes	234	261
Income tax expense	79	85
Net income	$155	$176
Net income per common share:	'	'
Basic (in dollars per share)	$0.06	$0.07
Diluted (in dollars per share)	$0.06	$0.07
Weighted average shares outstanding	'	'
Basic (in shares)	2,607	2,602
Diluted (in shares)	2,611	2,613

CONSOLIDATED_STATEMENTS_OF_STO

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Stockholder Notes Receivables [Member]	Accumulated Deficit [Member]
In Thousands
Balance at Jul. 31, 2014	$11,929	$26	$25,222	($161)	($13,158)
Balance (in shares) at Jul. 31, 2014	'	2,602	'	'	'
Common Stock repurchased and retired	-42	0	-42	0	0
Common Stock repurchased and retired (in shares)	'	-14	'	'	'
Payments on stockholder notes receivable	18	0	0	18	0
Cancellation of broker stock purchase	-4	0	-4	0	0
Cancellation of broker stock purchase (in shares)	'	-1	'	'	'
Stock based compensation expense	67	0	67	0	0
Stock based compensation expense (in shares)	'	18	'	'	'
Dividend payment	-143	0	0	0	-143
Net Income	155	0	0	0	155
Balance at Oct. 31, 2014	$11,980	$26	$25,243	($143)	($13,146)
Balance (in shares) at Oct. 31, 2014	'	2,605	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Oct. 31, 2014	Oct. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$155	$176
Items to reconcile to net cash provided by operations:	'	'
Depreciation and amortization	24	42
Stock based compensation	67	69
Increase (decrease) in allowance for uncollectible receivables	45	-16
Change in deferred income taxes	79	92
Changes in operating assets and liabilities:	'	'
Accounts receivable	-42	30
Prepaid expenses	20	26
Loans and advances	-5	-11
Other assets	-3	-10
Accounts payable and other expenses payable	5	71
Commissions payable to brokers	-16	-37
Accrued commissions to brokers	155	153
Accrued expenses	70	31
Deferred revenue	-8	-6
Advance payments	0	-12
Long-term liabilities	0	-3
Net cash provided by operating activities	546	595
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Purchase of property and equipment	-1	-1
Payments on notes payables	-2	0
Payments received from notes receivable	65	171
Advances on notes receivable	-15	-338
Net cash provided by (used in) investing activities	47	-168
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Principal payments on stockholder notes receivable	16	16
Repurchase of common stock	-42	-19
Cash dividend paid to Common Shareholders	-143	-145
Net cash used in financing activities	-169	-148
Net increase in cash	424	279
Cash at beginning of period	3,673	3,352
Cash at end of period	4,097	3,631
Supplemental cash flow information:	'	'
Cash paid for taxes	$2	$25

DESCRIPTION_OF_OUR_COMPANY_AND

DESCRIPTION OF OUR COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Oct. 31, 2014
Accounting Policies [Abstract]	'
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]	'
	NOTE 1 – DESCRIPTION OF OUR COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (In thousands, except per share amounts)
	Description of the Company
	ITEX Corporation (“ITEX”, “Company”, “we” or “us”) was incorporated in October 1985 in the State of Nevada. Through our independent licensed broker and franchise network, corporate and corporate-owned offices (individually, “broker,” and together the “Broker Network”) in the United States and Canada, we operate a marketplace (the “Marketplace”) in which products and services are exchanged by Marketplace members utilizing our “virtual currency” (“ITEX dollars”). Our virtual currency is only usable in the Marketplace and allows thousands of member businesses (our “members”) to acquire products and services without exchanging cash. We administer the Marketplace and provide record-keeping and payment transaction processing services for our members.
	Unaudited Interim Financial Information
	We have prepared the accompanying consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These consolidated financial statements are unaudited and, in our opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of our consolidated balance sheets, operating results, and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amount of revenue and expenses during the reporting period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 of Part II, “Financial Statements and Supplementary Data,” of our 2014 Annual Report on Form 10-K filed with the SEC on October 15, 2014.
	Principles of Consolidation
	The consolidated financial statements include the accounts of ITEX Corporation and its wholly-owned subsidiaries, BXI Exchange, Inc. and Virtual Currency Systems Corp. All inter-company accounts and transactions have been eliminated in consolidation.
	Use of Estimates
	Management has made a number of estimates and assumptions relating to the reporting of revenues, expenses, assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ from these estimates.
	Income Per Share
	We prepare our financial statements using both basic and diluted earnings per share. Basic earnings per share excludes potential dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. As of October 31, 2014, we had no contracts to issue common stock, but we did have 20 warrants outstanding that were anti-dilutive. The Company also had 232 unvested shares of restricted stock. All of these shares were dilutive and resulted in an additional 4,000 shares being included in dilutive earnings per share as of October 31, 2014.
	The following table presents a reconciliation of the denominators used in the computation of net income per common share basic and net income per common share – diluted for the three-month period ended October 31, 2014 (in thousands, except per share data) (unaudited):
		Three-months Ended
		October 31,
		2014		2013
	Net income available for shareholders	$	155	$	176
	Weighted avg. outstanding shares of common stock		2,607		2,602
	Dilutive effect of restricted shares		4		11
	Common stock and equivalents		2,611		2,613
	Earnings per share:
	Basic	$	0.06	$	0.07
	Diluted	$	0.06	$	0.07
	Recent Accounting Pronouncements
	There have been no recent accounting pronouncements or changes in accounting pronouncements during the three-months ended October 31, 2014, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K, that are of significance, or potential significance to the Company.

COMMITMENTS

COMMITMENTS	3 Months Ended
	Oct. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments Disclosure [Text Block]	'
	NOTE 2 – COMMITMENTS
	The Company leases office space under an operating lease. The lease commitment is for the Company’s corporate headquarters in Bellevue, Washington. The corporate headquarters lease expires on April 30, 2015.
	Future minimum payments at October 31, 2014 under the operating lease for office space is as follows (in thousands):
	Lease commitment	Executive office
	for the year ending
	July 31,
	2015(1)	$	84
	-1	The expected payments for 2015 reflect future minimum payments for the nine-month period from November 1, 2014 to July 31, 2015.
	Rent expense, including utilities and common area charges, was $40 and $40, respectively for the three-months ended October 31, 2014 and 2013.
	In addition to the foregoing lease commitments, the Company is a party to several non-cancelable and non-refundable purchase commitments. Those purchase obligations consist primarily of arrangements for telecommunications and co-location services for the Company’s network operations.
	There are no future minimum payments at October 31, 2014 under any non-cancelable commitments.

LEGAL_PROCEEDINGS_AND_LITIGATI

LEGAL PROCEEDINGS AND LITIGATION CONTINGENCIES	3 Months Ended
	Oct. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Legal Matters and Contingencies [Text Block]	'
	NOTE 3 – LEGAL PROCEEDINGS AND LITIGATION CONTINGENCIES
	From time to time we are subject to a variety of claims and litigation incurred in the ordinary course of business. In our opinion, the outcome of our pending legal proceedings, individually or in the aggregate, will not have a material adverse effect on our business operations, results of operations, cash flows or financial condition.
	Management has regular litigation reviews, including updates from outside counsel, to assess the need for accounting recognition or disclosure of contingencies relating to pending lawsuits. The Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable, and the amount can be reasonably estimated. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated or when the liability is believed to be only reasonably possible or remote. For contingencies where an unfavorable outcome is reasonably possible and which are significant, the Company discloses the nature of the contingency and, where feasible, an estimate of the possible loss. For purposes of our litigation contingency disclosures, “significant” includes material matters as well as other items which management believes should be disclosed.
	Management judgment is required related to contingent liabilities and the outcome of litigation because both are difficult to predict. Litigation is subject to inherent uncertainties and unfavorable rulings could occur. Although management currently does not believe resolving any pending proceeding will have a material adverse impact on our financial statements, management’s view of these matters may change in the future. A material adverse impact on our financial statements could occur for the period in which the effect of an unfavorable final outcome becomes probable and reasonably estimable.

INCOME_TAXES

INCOME TAXES	3 Months Ended
	Oct. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	NOTE 4 – INCOME TAXES
	Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period.
	The Federal effective tax rate related to our provision for income taxes in the three-months ended October 31, 2014 is similar to that used in the period ended October 31, 2013. The State effective tax rate related to our provision for income taxes in the three-months ended October 31, 2014 differs slightly from that used in the three-month periods ending October 31, 2013, due to a reduction in the accrued expenses on our consolidated balance sheet for uncertain tax positions related primarily to state jurisdictions.
	The computation of the annual estimated effective tax rate at each interim period requires certain estimates and significant judgment including, but not limited to, the expected operating income for the year, projections of the proportion of income earned and taxed in various jurisdictions, permanent and temporary differences, and the likelihood of recovering deferred tax assets generated in the current year. The accounting estimates used to compute the provision for income taxes may change as new events occur, more experience is obtained, additional information becomes known or as the tax environment changes.
	As of October 31, 2014 we have recognized a net income tax expense of $79 which is our estimated federal and state income tax liability for the three-months ended October 31, 2014. Realization of our deferred tax asset is dependent upon future earnings in specific tax jurisdictions, the timing and amount of which are uncertain.  As of October 31, 2014 the net deferred tax asset was $3,955.
	We account for any uncertainty in income taxes by recognizing the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. We measure the tax benefits recognized in the financial statements from such a position based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The application of income tax law is inherently complex. As such, we are required to make subjective assumptions and judgments regarding income tax exposures. The result of the reassessment of our tax positions did not have an impact on the consolidated financial statements.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY	3 Months Ended
	Oct. 31, 2014
Stockholders' Equity Note [Abstract]	'
Stockholders' Equity Note Disclosure [Text Block]	'
	NOTE 5 – STOCKHOLDERS’ EQUITY (in thousands, except per share amounts)
	The Company has 5,000 shares of preferred stock authorized at $0.01 par value. No preferred shares were issued or outstanding as of October 31, 2014.
	On March 9, 2010, the Company announced a $2,000 stock repurchase program, authorized by the Board of Directors. The program authorizes the repurchase of shares in open market purchases or privately negotiated transactions, has no expiration date and may be modified or discontinued by the Board of Directors at any time. During the three-month period ended October 31, 2014, the Company repurchased 14 shares of common stock for $42. There were 4 shares of common stock for $19 purchased during the three-month period ended October 31, 2013.

STOCKBASED_PAYMENTS

STOCK-BASED PAYMENTS	3 Months Ended
	Oct. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	NOTE 6 – STOCK-BASED PAYMENTS (in thousands)
	We account for stock-based compensation in accordance with the related guidance. Under the fair value recognition provisions, we estimate stock-based compensation cost at the grant date based on the fair value of the award. We recognize that expense ratably over the requisite service period of the award and recognized $67 and $69 of stock based compensation expense for the periods ending October 31, 2014 and 2013, respectively.
	At October 31, 2014, 213 shares of common stock granted under the 2004 Plan remained unvested and 19 under the 2014 plan. At October 31, 2014, the Company had $761 of unrecognized compensation expense, expected to be recognized over a weighted-average period of approximately six years.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Oct. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	NOTE 7 – SUBSEQUENT EVENTS
	On November 20, 2014, the Board of Directors declared a cash dividend in the amount of $0.05 per share, payable on December 19, 2014 to stockholders of record as of the close of business on December 9, 2014.
	On November 30, 2014, the Company and U.S. Bank entered into an Amendment to its Credit Agreement and Note to extend the maturity date to November 30, 2015, with a maximum loan amount of $1.0 million. There is no current outstanding balance on the line of credit.

DESCRIPTION_OF_OUR_COMPANY_AND1

DESCRIPTION OF OUR COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Oct. 31, 2014
Accounting Policies [Abstract]	'
Quarterly Financial Information Policy [Policy Text Block]	'
	Unaudited Interim Financial Information
	We have prepared the accompanying consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial reporting. These consolidated financial statements are unaudited and, in our opinion, include all adjustments, consisting of normal recurring adjustments and accruals necessary for a fair presentation of our consolidated balance sheets, operating results, and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) have been omitted in accordance with the rules and regulations of the SEC. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent liabilities as of the date of the financial statements and the reported amount of revenue and expenses during the reporting period. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes in Item 8 of Part II, “Financial Statements and Supplementary Data,” of our 2014 Annual Report on Form 10-K filed with the SEC on October 15, 2014.
Consolidation, Policy [Policy Text Block]	'
	Principles of Consolidation
	The consolidated financial statements include the accounts of ITEX Corporation and its wholly-owned subsidiaries, BXI Exchange, Inc. and Virtual Currency Systems Corp. All inter-company accounts and transactions have been eliminated in consolidation.
Use of Estimates, Policy [Policy Text Block]	'
	Use of Estimates
	Management has made a number of estimates and assumptions relating to the reporting of revenues, expenses, assets and liabilities and the disclosure of contingent assets and liabilities to prepare these consolidated financial statements. Actual results could differ from these estimates.
Earnings Per Share, Policy [Policy Text Block]	'
	Income Per Share
	We prepare our financial statements using both basic and diluted earnings per share. Basic earnings per share excludes potential dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. As of October 31, 2014, we had no contracts to issue common stock, but we did have 20 warrants outstanding that were anti-dilutive. The Company also had 232 unvested shares of restricted stock. All of these shares were dilutive and resulted in an additional 4,000 shares being included in dilutive earnings per share as of October 31, 2014.
	The following table presents a reconciliation of the denominators used in the computation of net income per common share basic and net income per common share – diluted for the three-month period ended October 31, 2014 (in thousands, except per share data) (unaudited):
		Three-months Ended
		October 31,
		2014		2013
	Net income available for shareholders	$	155	$	176
	Weighted avg. outstanding shares of common stock		2,607		2,602
	Dilutive effect of restricted shares		4		11
	Common stock and equivalents		2,611		2,613
	Earnings per share:
	Basic	$	0.06	$	0.07
	Diluted	$	0.06	$	0.07
New Accounting Pronouncements, Policy [Policy Text Block]	'
	Recent Accounting Pronouncements
	There have been no recent accounting pronouncements or changes in accounting pronouncements during the three-months ended October 31, 2014, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K, that are of significance, or potential significance to the Company.

DESCRIPTION_OF_OUR_COMPANY_AND2

DESCRIPTION OF OUR COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Oct. 31, 2014
Accounting Policies [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
	The following table presents a reconciliation of the denominators used in the computation of net income per common share basic and net income per common share – diluted for the three-month period ended October 31, 2014 (in thousands, except per share data) (unaudited):
		Three-months Ended
		October 31,
		2014		2013
	Net income available for shareholders	$	155	$	176
	Weighted avg. outstanding shares of common stock		2,607		2,602
	Dilutive effect of restricted shares		4		11
	Common stock and equivalents		2,611		2,613
	Earnings per share:
	Basic	$	0.06	$	0.07
	Diluted	$	0.06	$	0.07

COMMITMENTS_Tables

COMMITMENTS (Tables)	3 Months Ended
	Oct. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	'
	Future minimum payments at October 31, 2014 under the operating lease for office space is as follows (in thousands):
	Lease commitment	Executive office
	for the year ending
	July 31,
	2015(1)	$	84
	-1	The expected payments for 2015 reflect future minimum payments for the nine-month period from November 1, 2014 to July 31, 2015.

DESCRIPTION_OF_OUR_COMPANY_AND3

DESCRIPTION OF OUR COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Oct. 31, 2014	Oct. 31, 2013
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]	'	'
Net income available for shareholders	$155	$176
Weighted avg. outstanding shares of common stock (in shares)	2,607	2,602
Dilutive effect of restricted shares (in shares)	4	11
Common stock and equivalents (in shares)	2,611	2,613
Earnings per share:	'	'
Basic (in dollars per share)	$0.06	$0.07
Diluted (in dollars per share)	$0.06	$0.07

DESCRIPTION_OF_OUR_COMPANY_AND4

DESCRIPTION OF OUR COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual)	3 Months Ended
In Thousands, unless otherwise specified	Oct. 31, 2014
Restricted Stock [Member]	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	232
Warrant [Member]	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	20

COMMITMENTS_Details

COMMITMENTS (Details) (USD $)	Oct. 31, 2014
In Thousands, unless otherwise specified
Lease commitments for the year ending July 31,	'
2015	$84	[1]
[1]	The expected payments for 2015 reflect future minimum payments for the nine-month period from November 1, 2014 to July 31, 2015.

COMMITMENTS_Details_Textual

COMMITMENTS (Details Textual) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Oct. 31, 2014	Oct. 31, 2013
Other Commitments [Line Items]	'	'
Operating Leases, Rent Expense	$40	$40

INCOME_TAXES_Details_Textual

INCOME TAXES (Details Textual) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Oct. 31, 2014	Oct. 31, 2013
Income Taxes [Line Items]	'	'
Income Tax Expense (Benefit)	$79	$85
Deferred Income Tax Expense (Benefit)	$3,955	'

STOCKHOLDERS_EQUITY_Details_Te

STOCKHOLDERS' EQUITY (Details Textual) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Oct. 31, 2014	Oct. 31, 2013
Preferred Stock, Par or Stated Value Per Share (in dollars per share)	$0.01	'
Preferred Stock, Shares Authorized (in shares)	5,000	'
Preferred Stock, Shares Issued (in shares)	0	'
Preferred Stock, Shares Outstanding (in shares)	0	'
Stock Repurchase Program, Authorized Amount	$2,000	'
Stock Repurchased During Period, Shares	14	4
Stock Repurchased During Period, Value	$42	$19

STOCKBASED_PAYMENTS_Details_Te

STOCK-BASED PAYMENTS (Details Textual) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Oct. 31, 2014	Oct. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share-based Compensation, Total	$67	$69
Equity Incentive 2004 Plan [Member]	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options	$761	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	'6 years	'
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	213	'

SUBSEQUENT_EVENTS_Details_Text

SUBSEQUENT EVENTS (Details Textual) (Subsequent Event [Member], USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Oct. 31, 2014
Subsequent Event [Line Items]	'
Subsequent Event, Date	20-Nov-14
Dividends Payable, Amount Per Share (in dollars per share)	$0.05
Dividends Payable, Date to be Paid	19-Dec-14
Dividends Payable, Date of Record	9-Dec-14
U.S. Bank [Member]	'
Subsequent Event [Line Items]	'
Subsequent Event, Date	30-Nov-14
Line of Credit Facility, Expiration Date	30-Nov-15
Line of Credit Facility, Maximum Borrowing Capacity	$1