Income Taxes (Tables)

12 Months Ended

Apr. 30, 2018

Income tax expense consisted of the following:


$ in thousands	2018		2017			2016
Current tax expense:
Federal	$	1,719	$	891		$	974
State and local		311		120			117
Foreign		1,414		1,467			1,122

Total current tax expense		3,444		2,478			2,213

Deferred tax expense (benefit):
Federal		401		(108	)		(431	)
State and local		28		24			98
Foreign		242		(268	)		(18	)

Total deferred tax expense (benefit)		671		(352	)		(351	)

Net income tax expense	$	4,115	$	2,126		$	1,862

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 rate to earnings before income taxes are as follows:


$ in thousands	2018			2017			2016
Income tax expense at statutory rate	$	2,818		$	2,294		$	1,952
State and local taxes, net of federal income tax benefit (expense)		162			100			102
Tax credits (state, net of federal benefit)		(370	)		(110	)		(407	)
Effects of differing US and foreign tax rates		(97	)		(7	)		173
Rate reduction impact on deferred tax assets		680			—			—
Federal and state transition tax on unrepatriated foreign earnings		649			—			—
Increase (decrease) in valuation allowance		175			82			(10	)
Other items, net		98			(233	)		52

Net income tax expense	$	4,115		$	2,126		$	1,862

Summary of Deferred Tax Assets and Liabilities

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


$ in thousands	2018			2017
Deferred tax assets:
Accrued employee benefit expenses	$	418		$	549
Allowance for doubtful accounts		41			67
Deferred compensation		1,205			1,792
Tax credits		221			208
Unrecognized actuarial loss, defined benefit plans		1,825			3,223
Inventory Reserves		378			360
Net operating loss carryforwards		261			224
Other		79			113

Total deferred tax assets		4,428			6,536


Deferred tax liabilities:
Book basis in excess of tax basis of property, plant and equipment		(1,043	)		(1,600	)
Prepaid pension		(1,093	)		(1,696	)

Total deferred tax liabilities		(2,136	)		(3,296	)

Less: valuation allowance		(261	)		(82	)

Net deferred tax assets	$	2,031		$	3,158

Deferred tax assets classified in the balance sheet:
Non-current		2,031			3,158

Net deferred tax assets	$	2,031		$	3,158