INCOME TAXES (Tables)

12 Months Ended

Apr. 30, 2013

Components of deferred tax liabilities and assets

Deferred taxes are determined based on the estimated future tax effects of differences between the financial statements and tax basis of assets and liabilities given the provision of the enacted tax laws. Significant components of the Company's deferred tax liabilities and assets as of April 30, 2013 and 2012 are as follows (in thousands):

	April 30, 2013			April 30, 2012
Deferred tax liabilities:
Depreciation	$	(550	)	$	(656	)

Deferred tax assets:
Accounts receivable allowance		18			20
Inventory and other allowances		1,734			1,693
Vacation accruals		101			110

Total gross deferred tax assets		1,853			1,823
Less valuation allowance		-			-

Net deferred tax assets	$	1,303		$	1,167

Reconciliation of the federal statutory income tax rate to the effective tax rate

The reconciliation of the federal statutory income tax rate to the effective tax rate is as follows:

Statutory federal income tax rate (benefit) expense, net of noncontrolling interest	(34.0	)%	34.0	%
State income tax net of federal benefits	0.0	%	4.0	%
Permanent tax	3.7	%	6.8	%
Other	(54.3	)%	(15.1	)%
	(84.6	)%	29.7	%

Income tax expense

Income tax expense:
Deferred income tax (benefit)	$	(136	)	$	59
Current income tax (benefit)		(680	)		764

Total income tax expense (benefit)	$	(816	)	$	823