Income Taxes

12 Months Ended

Apr. 30, 2013

Income Taxes [Abstract]

Income Taxes

Note I -- Income Taxes

Income tax expense was comprised of the following:

		FISCAL YEARS ENDED APRIL 30
(in thousands)		2013		2012		2011
CURRENT EXPENSE (BENEFIT)
Federal	$	1,031	$	(36)	$	(2,368)
State		162		(176)		611
Total current expense (benefit)		1,193		(212)		(1,757)
DEFERRED EXPENSE (BENEFIT)
Federal		4,859		(10,115)		(6,065)
State		930		(2,175)		(2,120)
Total deferred expense (benefit)		5,789		(12,290)		(8,185)
Total expense (benefit)		6,982		(12,502)		(9,942)
Other comprehensive loss		(2,905)		(3,624)		(294)
Total comprehensive income tax expense (benefit)	$	4,077	$	(16,126)	$	(10,236)

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

	FISCAL YEARS ENDED APRIL 30
	2013		2012		2011
Federal statutory rate	35.0	%	35.0	%	35.0	%
Effect of:
Tax basis adjustment	0.0	%	(1.7)	%	(3.3)	%
Meals and entertainment	1.5		(0.8)		(0.8)
Other	1.1		0.0		(0.8)
Total	2.6	%	(2.5)	%	(4.9)	%
Effective federal income tax rate	37.6	%	32.5	%	30.1	%
State income taxes, net of federal tax effect	4.1		5.1		3.1
Effective income tax rate	41.7	%	37.6	%	33.2	%

Income taxes paid were $1,219,000,  $229,000and $235,000 for fiscal years 2013, 2012 and 2011, respectively.

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

		APRIL 30
(in thousands)		2013		2012
Deferred tax assets:
Pension benefits	$	20,563	$	18,238
Accounts receivable		3,983		3,103
Product liability		700		735
Employee benefits		11,243		10,878
Net operating loss carryforward		1,099		6,686
Income tax credits		1,088		747
Depreciation		73		896
Other		496		772
Total		39,245		42,055
Deferred tax liabilities:
Inventory		502		0
Net deferred tax asset	$	38,743	$	42,055

The net operating loss carryforward value for April 30, 2013 contained in the above table includes amounts pertaining to various state net operating loss carryforwards with 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 the reversal of taxable temporary differences.