Note 6 - Preferred Stock Redemption

9 Months Ended

Jan. 31, 2015

Notes to Financial Statements

Preferred Stock [Text Block]

6

.

PREFERRED STOCK REDEMPTION

On August 1, 2014, the Company redeemed 120,000 shares of Series D Preferred, representing 50% of the amount outstanding, for an aggregate price of $6 million plus accrued dividends. In connection therewith, the Company accreted and charged to retained earnings $89,000 of original issuance costs, which was deducted from income available to common shareholders for earnings per share calculation.