Income Taxes (Tables)

12 Months Ended

Apr. 30, 2014

Income tax expense consisted of the following:


$ in thousands	2014		2013		2012
Current tax expense (benefit):
Federal	$	907	$	941	$	247
State and local		168		184		63
Foreign		917		791		838

Total current tax expense		1,992		1,916		1,148

Deferred tax expense (benefit):
Federal		27		(346)		(338)
State and local		26		(24)		(12)
Foreign		(62)		(6)		(59)

Total deferred tax expense (benefit)		(9)		(376)		(409)

Net income tax expense	$	1,983	$	1,540	$	739

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	2014		2013		2012
Income tax expense at statutory rate	$	2,035	$	1,775	$	863
State and local taxes, net of federal income tax benefit (expense)		165		128		3
Tax credits (state, net of federal benefit)		(134)		(118)		(76)
Effects of differing US and foreign tax rates		(30)		(106)		(61)
(Decrease) increase in valuation allowance		(9)		(14)		73
Other items, net		(44)		(125)		(63)

Net income tax expense	$	1,983	$	1,540	$	739

Summary of Deferred Tax Assets and Liabilities

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


$ in thousands	2014		2013
Deferred tax assets:
Accrued employee benefit expenses	$	462	$	568
Allowance for doubtful accounts		68		52
Deferred compensation		1,432		1,688
Tax credits		304		336
Unrecognized actuarial loss, defined benefit plans		3,486		4,309
Other		98		86

Total deferred tax assets		5,850		7,039

Deferred tax liabilities:
Book basis in excess of tax basis of property, plant and equipment		(1,826)		(1,953)
Prepaid pension		(2,098)		(2,260)
Other		155		128

Total deferred tax liabilities		(3,769)		(4,085)

Less: valuation allowance		(50)		(59)

Net deferred tax assets (liabilities)	$	2,031	$	2,895

Deferred tax assets classified in the balance sheet:
Current	$	646	$	654
Non-current		1,385		2,241

Net deferred tax assets (liabilities)	$	2,031	$	2,895