XML 15 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Note 4 - Long-Term And Fair Value Disclosure
9 Months Ended
Jan. 31, 2014
Fair Value Disclosures [Abstract]  
Fair Value Disclosures [Text Block]

4. Long-Term Debt and Fair Value Disclosure


The fair value of the Company’s long-term debt 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 was approximately $849,000 and $721,000, respectively, at January 31, 2014 and April 30, 2013. The Company has an aggregate $100,000 line of credit with no balance owed at January 31, 2014 and a $59,100 balance owed at April 30, 2013 with a weighted average interest rate of 0.95%. On December 17, 2013, the Company issued an additional $50,000 principal amount of Series B 3.75% Senior Notes due 2028. The Company also cancelled the $25,000 Promissory Note that was part of its line of credit on June 17, 2013, leaving an aggregate line of credit of $100,000. Further information on current year transactions is set forth in the Current Report on Form 8-K filed by the Company on June 18, 2013 and December 18, 2013, respectively.