Loans Payable and Long-Term Debt

6 Months Ended

Oct. 31, 2015

Debt Disclosure [Abstract]

Loans Payable and Long-Term Debt

Loans Payable and Long-Term Debt

The Company's outstanding indebtedness and other obligations to Wells Fargo are unsecured. Under the terms of its revolving credit facility, the Company must (1) maintain at the end of each fiscal quarter a ratio of total liabilities to tangible net worth of not greater than 1.4 to 1.0; (2) maintain at the end of each fiscal quarter a ratio of cash flow to fixed charges of not less than 1.5 to 1.0 measured on a rolling four-quarter basis; and (3) comply with other customary affirmative and negative covenants.  The Company was in compliance with all covenants specified in the credit facility as of October 31, 2015, including as follows: (1) the Company’s ratio of total liabilities to tangible net worth at October 31, 2015 was 0.7 to 1.0; and (2) the Company's ratio of cash flow to fixed charges for its most recent four quarters was 3.15 to 1.0.