Treasury Stock and Repurchase Program:

12 Months Ended

Apr. 30, 2012

Note 14 - Treasury Stock and Repurchase Program:

On January 20, 2011, the Company’s Board of Directors approved the repurchase of shares of the Company’s common stock, at such times and prices as management determined to be advisable up to an aggregate purchase amount of $3,200,000. The repurchase authorization extended through January 15, 2012, unless further extended or earlier terminated by the Board of Directors. The repurchase program expired on January 15, 2012 and was not renewed by the Company’s Board of Directors. During fiscal 2012, the Company repurchased an aggregate of 78,500 shares of the Company’s common stock for $946,000, at an average price of $12.05 per share under the repurchase program. During fiscal 2011, the Company repurchased an aggregate of 6,719 shares of the Company’s common stock for $90,000, at an average price of $13.39 per share.

Treasury stock, at cost, consists of the following:


($ in thousands except for cost per share)	Shares		Total Average Cost Assigned		Average Cost per Share		Aggregate Purchase Price Remaining Under the Program

Balance as of April 30, 2010 (1)		18,400	$	354	$	19.24		n/a

Purchases effected in open market		6,719		90	$	13.39	$	3,110

Balance as of April 30, 2011		25,119	$	444	$	17.67	$	3,110

Purchases effected in open market		78,500		946	$	12.05	$	2,165

Balance as of April 30, 2012 (2)		103,619	$	1,390	$	13.41	$	-

(1)	18,400 shares with an aggregate cost of $354,000 were acquired prior to the repurchase program authorized in January 2011.

(2)	The repurchase program expired on January 15, 2012 and was not renewed by the Company’s Board of Directors.