Treasury Stock and Repurchase Program

12 Months Ended

Apr. 30, 2013

Note 14 - Treasury Stock and Repurchase Program:

On September 19, 2012, the Company’s Board of Directors approved a new share repurchase program, authorizing the repurchase of shares of the Company’s common stock up to an aggregate purchase price of $3,000,000. The repurchases will be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The new repurchase program may be suspended or discontinued at any time at the Company’s discretion and has no set expiration date.

On January 20, 2011, the Company’s Board of Directors approved the repurchase of shares of the Company’s common stock, at such times and prices as management determined to be advisable up to an aggregate purchase amount of $3,200,000. The repurchase program expired on January 15, 2012 and was not renewed by the Company’s Board of Directors.

Treasury stock, at cost, consists of the following:


($ in thousands except for cost per share)	Shares		Total Average Cost Assigned		Average Cost per Share		Aggregate Purchase Price Remaining Under the Program
Balance as of April 30, 2010 (1)		18,400	$	354	$	19.24		n/a
Purchases effected in open market		6,719		90	$	13.39	$	3,110
Balance as of April 30, 2011		25,119	$	444	$	17.67	$	3,110
Purchases effected in open market		78,500		946	$	12.05	$	2,165
Balance as of April 30, 2012 (2)		103,619	$	1,390	$	13.41	$	-
Purchases effected in open market (3)		19,953		182	$	9.13	$	2,818
Balance as of April 30, 2013		123,572	$	1,572	$	12.72	$	2,818

(1) Were acquired prior to the repurchase program authorized in January 2011.

(2) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012.

(3) Were acquired during the new repurchase program authorized in September 2012.