NOTE J - VALUATION ALLOWANCE ON DEFERRED TAX ASSETS

9 Months Ended

Jan. 31, 2013

Income Tax Disclosure [Text Block]

NOTE J – VALUATION ALLOWANCE ON DEFERRED TAX ASSETS

During fiscal years 2012 and 2011, the Company reduced the valuation allowance on the deferred tax assets of its U.S. subsidiaries.  Consequently, for the nine and three months ended January 31, 2013 and 2012, the Company recorded provisions for income taxes based on both current taxes due in the United States as well as the tax provision or benefit to be realized from temporary tax differences.  As of January 31, 2013 and April 30, 2012, the remaining deferred tax asset valuation allowance is approximately $1.5 million and is primarily related to deferred tax assets of the Company’s non-U.S.-based subsidiaries.