Income Taxes

12 Months Ended

Apr. 30, 2012

Income Taxes [Abstract]

Income Taxes

Note I -- Income Taxes

Income tax expense was comprised of the following:

		FISCAL YEARS ENDED APRIL 30
(in thousands)		2012		2011		2010
CURRENT EXPENSE (BENEFIT)
Federal	$	(36)	$	(2,368)	$	(8,260)
State		(176)		611		(654)
Total current expense (benefit)		(212)		(1,757)		(8,914)
DEFERRED BENEFIT
Federal		(10,115)		(6,065)		(4,273)
State		(2,175)		(2,120)		(1,527)
Total deferred benefit		(12,290)		(8,185)		(5,800)
Total benefit from continuing operations		(12,502)		(9,942)		(14,714)
Other comprehensive loss		(3,624)		(294)		(4,343)
Total comprehensive income tax benefit	$	(16,126)	$	(10,236)	$	(19,057)

The Company's effective income tax rate varied from the federal statutory rate as follows:

	FISCAL YEARS ENDED APRIL 30
	2012		2011		2010
Federal statutory rate	35.0	%	35.0	%	35.0	%
Effect of:
Tax basis adjustment	(1.7)	%	(3.3)	%	0.0	%
General business credits	0.3		0.1		1.0
Meals and entertainment	(0.8)		(0.8)		(0.7)
Other	(0.3)		(0.9)		0.1
Total	(2.5)	%	(4.9)	%	0.4	%
Effective federal income tax rate	32.5	%	30.1	%	35.4	%
State income taxes, net of federal tax effect	5.1		3.1		4.3
Effective income tax rate	37.6	%	33.2	%	39.7	%

Income taxes paid were $229,000, $235,000 and $309,000 for fiscal years 2012, 2011 and 2010, respectively.

The significant components of deferred tax assets and liabilities were as follows:

		APRIL 30
(in thousands)		2012		2011
Deferred tax assets:
Pension benefits	$	18,238	$	13,659
Accounts receivable		3,103		3,259
Product liability		735		678
Employee benefits		10,878		9,632
Net operating loss carryforward		6,686		4,074
Income tax credits		747
Depreciation		896
Other		772		352
Total		42,055		31,654
Deferred tax liabilities:
Depreciation		0		4,338
Inventory		0		479
Total		0		4,817
Net deferred tax asset	$	42,055	$	26,837

The net operating loss carryforward value for April 30, 2012 contained in the above table includes an amount relating to a federal net operating loss carryforward of $14.6 million, of which $2.7 million will expire on April 30, 2031 and $11.9 million will expire on April 30, 2032, as well as amounts pertaining to various state net operating loss carryforwards which carry various expiration dates.

Management believes it is more likely than not that the Company will realize its gross deferred tax assets due to expected future taxable income and reversal of taxable temporary differences.