Restructuring Charges

12 Months Ended

Apr. 30, 2025

Restructuring and Related Activities [Abstract]

Restructuring Charges, Net

The Company recognized total pre-tax restructuring charges, net of $4.6 million, $(0.2) million, and $1.5 million, respectively, during fiscal years 2025, 2024, and 2023. The fiscal 2025 charges are the result of a reduction in force implemented in the second quarter and the closure of the manufacturing plant in Orange, Virginia approved in the third quarter of the fiscal year.

The Company recognized pre-tax restructuring charges, net of $1.5 million for the year ended April 30, 2025, related to the reduction in force, which were primarily severance and separation costs. The reduction in force was substantially completed during fiscal 2025.

During the third quarter of fiscal 2025, the Company's Board approved the closure and eventual disposal of its manufacturing plant located in Orange, Virginia. Operations ceased in Orange in March 2025. The Company recognized total pre-tax restructuring charges, net of $3.1 million for the year ended April 30, 2025, related to the closure of the plant, including severance and separation costs of $1.5 million, accelerated depreciation of $0.7 million, costs to move equipment to other

locations of $0.7 million and $0.2 million of facilities and professional fees. The Company expects to incur between $1.0 million to $2.5 million of additional charges in fiscal 2026 related to the closing of the plant.

In the third quarter of fiscal 2023, the Company implemented nationwide reductions in force, which were substantially completed in the fourth quarter of fiscal 2023. The Company recognized pre-tax restructuring charges, net of $(0.2) million for the year ended April 30, 2024, related to these reductions in force, which were primarily severance and separation costs.

A reserve for restructuring charges is included in accrued compensation and related expenses in the consolidated balance sheets as of April 30, 2025 which relates to employee termination costs accrued but not yet paid as follows:


	Fiscal Year
(in thousands)	2025
Restructuring reserve balance at May 1	$	—
Expense	2,648
Payments and adjustments	(2,214)
Restructuring reserve balance at April 30	$	434