INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS (Tables)

6 Months Ended

Oct. 31, 2021

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS

Summary of data relative to the industry segments in which the Company operated

The following tables set forth summarized data relative to the industry segments in which the Company operated for the periods indicated (in thousands):

	Land
	Development		Homebuilding		Corporate		Consolidated
Three months ended October 31, 2021 (a)
Revenues	$	8,745	$	689	$	6,802	$	16,236
Net income		1,612		12		1,702		3,326
Provision for income taxes		263		1		801		1,065
Interest income, net (b)		1		—		1		2
Depreciation		—		—		100		100
EBITDA (c)	$	1,876	$	13	$	2,604	$	4,493
Capital expenditures	$	—	$	10	$	—	$	10
Three months ended October 31, 2020 (a)
Revenues	$	8,989	$	202	$	65	$	9,256
Net income (loss)		1,693		(66)		(829)		798
Provision (benefit) for income taxes		313		(24)		30		319
Interest income (expense), net (b)		(13)		—		1		(12)
Depreciation		8		—		124		132
EBITDA (c)	$	2,001	$	(90)	$	(674)	$	1,237
Capital expenditures	$	—	$	—	$	—	$	—
Six months ended October 31, 2021 (a)
Revenues	$	17,206	$	2,639	$	6,898	$	26,743
Net income		3,418		190		1,355		4,963
Provision for income taxes		589		37		827		1,453
Interest income, net (b)		—		—		1		1
Depreciation		—		—		204		204
EBITDA (c)	$	4,007	$	227	$	2,387	$	6,621
Capital expenditures	$	—	$	11	$	—	$	11
Total assets as of October 31, 2021	$	88,231	$	3,357	$	13,321	$	104,909
Six months ended October 31, 2020 (a)
Revenues	$	12,845	$	202	$	415	$	13,462
Net income (loss)		2,399		(152)		(856)		1,391
Provision (benefit) for income taxes		327		(51)		189		465
Interest income (expense), net (b)		(11)		—		5		(6)
Depreciation		22		—		248		270
EBITDA (c)	$	2,737	$	(203)	$	(414)	$	2,120
Capital expenditures	$	—	$	3	$	—	$	3
Total assets as of October 31, 2020	$	76,777	$	1,494	$	17,449	$	95,720

(a) Revenue and net income information for the land development business segment include certain amounts classified as home sale revenues, home sale cost of revenues and building sales and other revenues in the accompanying consolidated statements of operations. For example, revenues and cost of revenues in the land development business segment include an allocation of home sales revenues and home sales cost of revenues attributable to the market value of land transferred from the land development business segment to the homebuilding business segment. Revenue and net income information for the homebuilding business segment include amounts classified as building sales and other revenues in the accompanying consolidated statements of operations. Corporate is net of intercompany eliminations.

(b) Interest income, net excludes inter-segment interest expense (income) that is eliminated in consolidation.

(c) The Company uses EBITDA (which the Company defines as income (loss) before net interest income, income taxes, depreciation

and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes.