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Note 2 - Correction of Immaterial Errors

12 Months Ended

Apr. 30, 2014

Accounting Changes and Error Corrections [Abstract]

Accounting Changes and Error Corrections [Text Block]

2. CORRECTION OF IMMATERIAL ERRORS

Subsequent to the year ended April 30, 2014, through a routine IRS examination, the Company identified errors in excise taxes owed on ethanol gallon purchases, that resulted in an understatement of accrued expenses at April 30, 2014 and 2013 and cost of goods sold for the fiscal years ended 2014, 2013 and 2012. The excise tax liability is subject to interest charges and is deductible for income tax purposes. In accordance with the SEC’s Staff Accounting Bulletin (SAB) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Consolidated Statements of Income, Balance Sheets, Shareholders Equity and Cash Flows, management evaluated the materiality of the errors from qualitative and quantitative perspectives and concluded that the errors were immaterial to the Company’s historical financial statements. Consequently, the Company has revised its historical financial statements for the fiscal year ended April 30, 2014 as noted in the tables below.

Statement of Income Data

	Year ended April 30,
	2014				2013				2012
	As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted
Cost of goods sold	$	6,605,996	$	6,618,239	$	6,168,475	$	6,179,771	$	5,984,114	$	5,987,659
Interest, net		39,270		39,915		35,048		35,265		35,192		35,192
Federal and state income taxes		72,018		66,824		64,504		59,802		66,724		65,276
Net income		134,514		126,820		110,625		103,814		116,791		114,694

Net income per common share
Basic	$	3.50	$	3.30	$	2.89	$	2.71	$	3.07	$	3.01
Diluted	$	3.46	$	3.26	$	2.86	$	2.69	$	3.04	$	2.99

Balance Sheet Data

	As of April 30,
	2014				2013
	As Previously Reported		As Adjusted		As Previously Reported		As Adjusted
Deferred income taxes (asset)	$	11,878	$	23,292	$	9,916	$	16,066
Accrued expenses other		33,171		61,117		29,436		44,494
Deferred income taxes (liability)		317,953		318,023		293,708		293,708
Retained earnings		685,988		669,386		579,176		570,268
Total shareholders’ equity		719,866		703,264		602,295		593,387

Statement of Cash Flow Data

	Years ended April 30,
	2014				2013				2012
	As Previously Reported		As Adjusted		As Previously Reported		As Adjusted		As Previously Reported		As Adjusted
Net income	$	134,514	$	126,820	$	110,625	$	103,814	$	116,791	$	114,694
Deferred income taxes		22,283		17,089		36,530		31,828		54,589		53,141
Accrued expenses		20,930		33,818		4,270		15,783		7,399		10,944

In addition, the quarterly condensed consolidated financial statements have been revised as set forth below:

Statement of Income Data (unaudited)

	Three months ended 7/31/13				Three months ended 10/31/13				Six months ended 10/31/13
	As Previously reported		As Adjusted		As Previously reported		As Adjusted		As Previously reported		As Adjusted
Cost of goods sold	$	1,769,239		1,772,328	$	1,693,584		1,696,600	$	3,462,823		3,468,928
Interest, net		9,456		9,576		9,748		9,896		19,204		19,472
Federal and state income taxes		33,869		32,575		22,289		21,014		56,158		53,589
Net income		55,710		53,795		41,319		39,430		97,029		93,225
Net income per
Basic	$	1.45		1.40	$	1.07		1.03	$	2.53		2.43
Diluted	$	1.43		1.39	$	1.06		1.01	$	2.50		2.40

Statement of Income Data(unaudited)cont.

	Three months ended 1/31/14				Nine months ended 1/31/14
	As Previously reported		As Adjusted		As Previously reported		As Adjusted
Cost of goods sold	$	1,510,182		1,513,365	$	4,973,005		4,982,293
Interest, net		9,947		10,123		29,151		29,595
Federal and state income taxes		7,899		6,556		64,057		60,145
Net income		14,669		12,653		111,698		105,878
Net income per
Basic	$	0.38		0.33	$	2.91		2.76
Diluted	$	0.38		0.33	$	2.87		2.73

Statement of Cash Flow Data (unaudited)

	Three months ended 7/31/13				Six months ended 10/31/13				Nine months ended 1/31/14
	As Previously reported		As Adjusted		As Previously reported		As Adjusted		As Previously reported		As Adjusted
Net income	$	55,710		53,795	$	97,029		93,225	$	111,698		105,878
Deferred income taxes		3,122		1,828		11,202		8,633		14,030		10,118
Accrued expenses		20,005		23,214		12,904		19,277		18,933		28,665

In addition, the following notes to the condensed consolidated financial statements have been affected by the revisions for the correction of these immaterial errors: Footnotes 3, 6, 7 and 13.

- Definition

The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period.

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