Treasury Stock and Repurchase Program

3 Months Ended

Jul. 31, 2014

Note 11 - 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.

Treasury stock, at cost, consists of the following:


			Total Average		Average Cost		Aggregate Purchase Price
(in thousands except for shares and cost per share)	Shares		Cost Assigned		per Share		Remaining Under the Program
Balance as of April 30, 2014 (1)(2)(3)		182,071	$	2,122	$	11.65	$	2,267
Purchases effected in open market during the quarters ended:
July 31, 2014		3,053		42	$	13.76	$	2,225
Balance as of July 31, 2014		185,124	$	2,164	$	11.69

(1) Includes 18,400 shares with a total average cost of $354,000 that 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) Includes 19,953 shares with a total average cost of $182,000 that were acquired during the current repurchase program authorized in September 2012.