Fair Value Of Financial Instruments And Long-Term Debt

12 Months Ended

Apr. 30, 2012

Fair Value Of Financial Instruments And Long-Term Debt [Abstract]

Fair Value Of Financial Instruments And Long-Term Debt

3.FAIR VALUE OF FINANCIAL INSTRUMENTS AND LONG-TERM DEBT

A summary of the fair value of the Company’s financial instruments follows.

Cash and cash equivalents, receivables, and accounts payableThe carrying amount approximates fair value due to the short maturity of these instruments or the recent purchase of the instruments at current rates of interest.

Long-term debtThe fair value of the Company’s long-term debt and capital lease obligations is estimated based on the current rates offered to the Company for debt of the same or similar issues. The fair value of the Company’s long-term debt and capital lease obligations was approximately $691,000 and $647,000, respectively, at April 30, 2012 and 2011.

The next table delineates the Company’s long-term debt at carrying amount.

		As of April 30,
		2012	2011
Capitalized lease obligations discounted at 5.22% to 7.09% due in
various monthly installments through 2048 (Note 7)	$	9,645	10,344
Mortgage notes payable due in various installments through January
2013 with interest at 6%		22	503
5.72% senior notes due in 14 installments beginning September 30, 2012
and ending March 30, 2020		100,000	100,000
5.22% senior notes due August 9, 2020		569,000	569,000
		678,667	679,847
Less current maturities		10,737	1,167
	$	667,930	678,680

The Company has a current line of credit arrangement with two Promissory Notes, each in the principal amount of $50,000 (together, the “Notes”). The Notes evidence a revolving line of credit in the aggregate principal amount of $100,000 and bear interest at variable rates subject to change from time to time based on changes in an independent index referred to in the Notes as the Federal Funds Offered Rate (the “Index”). The interest rate to be applied to the unpaid principal balance of the first Note will be at a rate of 0.750% over the Index, resulting in an initial rate of 0.850% per annum. The interest rate applicable to the second note is 1.000% over the Index, resulting in an initial rate of 1.100% per annum. There was no balance owed at April 30, 2012 and $600 owed at April 30, 2011 with a weighted average interest rate of 0.85%.

Interest expense is net of interest income of $208, $360, and $300 for the years ended April 30, 2012, 2011, and 2010, respectively. Interest expense in the amount of $674, $406, and $431 was capitalized during the years ended April 30, 2012, 2011, and 2010, respectively.

Various debt agreements contain certain operating and financial covenants. At April 30, 2012, the Company was in compliance with all covenants. Listed below are the aggregate maturities of long-term debt, including capitalized lease obligations, for the 5 years commencing May 1, 2012 and thereafter:

Years ended April 30,
2013	$	10,737
2014		15,759
2015		439
2016		15,278
2017		15,250
Thereafter		621,204
	$	678,667