Treasury Stock and Repurchase Program

12 Months Ended

Apr. 30, 2014

Note 14 - Treasury Stock and Repurchase Program:

On September 19, 2012, the Company’s Board of Directors approved a 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 may 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 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:


		Total Average		Average Cost		Aggregate Purchase Price
($ in thousands except for cost per share)	Shares	Cost Assigned		per Share		Remaining Under the Program
Balance as of April 30, 2011 (1)	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
Purchases effected in open market (3)	58,499		550	$	9.41	$	2,268
Balance as of April 30, 2014	182,071	$	2,122	$	11.65	$	2,268

(1) 18,400 shares 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.