Income Taxes (Tables)

12 Months Ended

Apr. 30, 2013

Income tax expense consisted of the following:


$ in thousands	2013		2012		2011
Current tax expense (benefit):
Federal	$	941	$	247	$	300
State and local		184		63		124
Foreign		791		838		185

Total current tax expense		1,916		1,148		609

Deferred tax expense (benefit):
Federal		(346)		(338)		170
State and local		(24)		(12)		83
Foreign		(6)		(59)		2

Total deferred tax expense (benefit)		(376)		(409)		255

Net income tax expense	$	1,540	$	739	$	864

Schedule of Income Tax Reconciliation

The reasons for the differences between the above net income tax expense and the amounts computed by applying the statutory federal income tax rates to earnings before income taxes are as follows:


$ in thousands	2013		2012		2011
Income tax expense at statutory rate	$	1,775	$	863	$	1,007
State and local taxes, net of federal income tax benefit (expense)		128		3		96
Tax credits (state, net of federal benefit)		(118)		(76)		(122)
Effects of differing US and foreign tax rates		(106)		(61)		(155)
(Decrease) increase in valuation allowance		(14)		73		—
Other items, net		(125)		(63)		38

Net income tax expense	$	1,540	$	739	$	864

Summary of Deferred Tax Assets and Liabilities

Significant items comprising deferred tax assets and liabilities as of April 30 were as follows:


$ in thousands	2013		2012
Deferred tax assets:
Accrued employee benefit expenses	$	568	$	480
Allowance for doubtful accounts		52		95
Deferred compensation		1,688		1,446
Tax credits		336		375
Unrecognized actuarial loss, defined benefit plans		4,309		4,146
Other		86		93

Total deferred tax assets		7,039		6,635

Deferred tax liabilities:
Book basis in excess of tax basis of property, plant and equipment		(1,953)		(2,166)
Prepaid pension		(2,260)		(2,180)
Other		128		153

Total deferred tax liabilities		(4,085)		(4,193)

Less: valuation allowance		(59)		(73)

Net deferred tax assets (liabilities)	$	2,895	$	2,369

Deferred tax assets classified in the balance sheet:
Current	$	654	$	713
Long-term		2,241		1,656

Net deferred tax assets (liabilities)	$	2,895	$	2,369