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Inventories

9 Months Ended

Jan. 31, 2012

NOTE G--INVENTORIES

The components of inventories were:

	January 31,			April 30,
(in thousands)	2012			2011
Raw materials	$	9,627		$	9,275
Work-in-process		14,276			16,597
Finished goods		8,042			8,679

Total FIFO inventories		31,945			34,551

Reserve to adjust inventories to LIFO value		(9,807	)		(10,080	)

Total LIFO inventories	$	22,138		$	24,471

For the nine-month periods ended January 31, 2012 and 2011, the gain recognized by the Company related to the liquidation of LIFO based inventories was not material. Interim LIFO calculations are based on management's estimates of expected year-end inventory levels and costs. Since these items are estimated, interim results are subject to the final year-end LIFO inventory valuation.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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