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Income Taxes
12 Months Ended
Apr. 30, 2015
Income Tax Disclosure [Abstract]  
Income Taxes

Note 4—Income Taxes

Income tax expense consisted of the following:

 

$ in thousands

   2015        2014        2013  

Current tax expense:

            

Federal

   $ 759         $ 907         $ 941   

State and local

     151           168           184   

Foreign

     1,348           917           791   
  

 

 

      

 

 

      

 

 

 

Total current tax expense

     2,258           1,992           1,916   
  

 

 

      

 

 

      

 

 

 

Deferred tax expense (benefit):

            

Federal

     (187)           27           (346)   

State and local

     (70)           26           (24)   

Foreign

     (256)           (62)           (6)   
  

 

 

      

 

 

      

 

 

 

Total deferred tax benefit

     (513)           (9)           (376)   
  

 

 

      

 

 

      

 

 

 

Net income tax expense

   $  1,745         $     1,983         $ 1,540   
  

 

 

      

 

 

      

 

 

 

The reasons for the differences between the above net income tax expense and the amounts computed by applying the statutory federal income tax rates to earnings before income taxes are as follows:

 

$ in thousands

   2015        2014        2013  

Income tax expense at statutory rate

   $ 1,831         $ 2,035         $ 1,775   

State and local taxes, net of federal income tax benefit (expense)

     97           165           128   

Tax credits (state, net of federal benefit)

     (157)           (134)           (118)   

Effects of differing US and foreign tax rates

     47           (30)           (106)   

Decrease in valuation allowance

     (40)           (9)           (14)   

Other items, net

     (33)           (44)           (125)   
  

 

 

      

 

 

      

 

 

 

Net income tax expense

   $  1,745         $     1,983         $  1,540   
  

 

 

      

 

 

      

 

 

 

Significant items comprising deferred tax assets and liabilities as of April 30 were as follows:

 

$ in thousands

   2015        2014  

Deferred tax assets:

       

Accrued employee benefit expenses

   $ 535         $ 462   

Allowance for doubtful accounts

     53           68   

Deferred compensation

     1,573           1,432   

Tax credits

     237           304   

Unrecognized actuarial loss, defined benefit plans

     4,206           3,486   

Other

     354           98   
  

 

 

      

 

 

 

Total deferred tax assets

     6,958           5,850   
  

 

 

      

 

 

 

Deferred tax liabilities:

       

Book basis in excess of tax basis of property, plant and equipment

     (1,594)           (1,826)   

Prepaid pension

     (2,164)           (2,098)   

Other

     134           155   
  

 

 

      

 

 

 

Total deferred tax liabilities

     (3,624)           (3,769)   
  

 

 

      

 

 

 

Less: valuation allowance

     (10)           (50)   
  

 

 

      

 

 

 

Net deferred tax assets

   $ 3,324         $ 2,031   
  

 

 

      

 

 

 

Deferred tax assets classified in the balance sheet:

       

Current

   $ 856         $ 646   

Non-current

     2,468           1,385   
  

 

 

      

 

 

 

Net deferred tax assets (liabilities)

   $ 3,324         $ 2,031   
  

 

 

      

 

 

 

 

At April 30, 2015, the Company had state tax credit carryforwards in the amount of $237,000, net of federal benefit, expiring beginning in 2016. After a review of the expiration schedule of the tax credits and future taxable income required to utilize such credits before their expiration, a valuation allowance of $10,000 and $50,000 was recorded at April 30, 2015 and 2014, respectively.