Treasury Stock and Repurchase Program

12 Months Ended

Apr. 30, 2015

Treasury Stock [Abstract]

Treasury Stock and Repurchase Program

Note 13 - 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:

($ 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, 2012 (1)		103,619	$	1,390	$	13.41	$	-
Purchases effected in open market (2)		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 (2)		58,499	$	550	$	9.41	$	2,268
Balance as of April 30, 2014		182,071	$	2,122	$	11.65	$	2,268
Purchases effected in open market (2)		8,433	$	122	$	14.47	$	2,146
Balance as of April 30, 2015		190,504	$	2,244	$	11.78	$	2,146

(1) 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;  18,400 shares were acquired prior to the repurchase program authorized in January 2011.

(2) Were acquired during the $3 million repurchase program authorized in September 2012.