Fair Value Of Financial Instruments And Long-Term Debt

12 Months Ended

Apr. 30, 2013

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 payable  The 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 debt  The 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 $721,000 and $691,000, respectively, at April 30, 2013 and 2012.

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

		As of April 30,
		2013	2012
Capitalized lease obligations discounted at 5.22% to 7.09% due in
various monthly installments through 2048(Note 7)	$	9,891	9,645
Mortgage notes payable due in various installments through January
2013 with interest at 6%		0	22
5.72% senior notes due in 14 installments beginning September 30, 2012
and ending March 30, 2020		90,000	100,000
5.22% senior notes due August 9, 2020		569,000	569,000
		668,891	678,667
Less current maturities		15,810	10,737
	$	653,081	667,930

At April 30, 2013, the Company had a bank line of credit arrangement consisting of three Promissory Notes, two in the principal amount of $50,000 and one in the amount of $25,000 (together, the “Notes”). The Notes evidenced a revolving line of credit in the aggregate principal amount of $125,000 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 was at a rate of 0.750% over the Index, resulting in a current rate of 0.910% per annum. The interest rate applicable to the second note is 1.000% over the Index, resulting in a current rate of 1.160% per annum. The interest rate applicable to the third Note was also 1.000% over the Index, resulting in a rate of 1.160% per annum. As described in Note 11, this third Note was cancelled on June 17, 2013. There was a $59,100 balance owed at April 30, 2013with a weighted average interest rate of 0.95% and no balance owed at April 30, 2012.

Interest expense is net of interest income of $211, $208, and $360 for the years ended April 30, 2013, 2012, and 2011, respectively. Interest expense in the amount of $894, $674, and $406 was capitalized during the years ended April 30, 2013, 2012, and 2011, respectively.

The agreements relating to the above long-term debt contain certain operating and financial covenants. At April 30, 2013, the Company was in compliance with all such covenants. Listed below are the aggregate maturities of long-term debt, including capitalized lease obligations, for the 5 years commencing May 1, 2013 and thereafter:

Years ended April 30,
2014	$	15,810
2015		492
2016		15,334
2017		15,309
2018		15,327
Thereafter		606,619
	$	668,891