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Note 6 - Acquisitions
 3 Months Ended
Jul. 31, 2014
Business Combinations [Abstract]  
Business Combination Disclosure [Text Block]

6. Acquisitions


During the first three months of fiscal 2015, the Company acquired 25 stores through one transaction with a third party.The stores were valued using a discounted cash flow model on a location by location basis. The acquisitions were recorded in the financial statements by allocating the purchase price to the assets acquired, including intangible assets and liabilities assumed, based on their estimated fair values at the acquisition date. The excess of the cost of the acquisition over the net amounts assigned to the fair value of the assets acquired and the liabilities assumed is recorded as goodwill. All of the goodwill associated with these transactions will be deductible for income tax purposes over 15 years.


Allocation of the purchase price for the transaction in aggregate is as follows (in thousands):     


Assets acquired:

       

Inventories

  $ 2,208  

Property and equipment

    22,075  

Total assets

    24,283  

Liabilities assumed:

       

Accrued expenses

    34  

Total liabilities

    34  

Net tangible assets acquired, net of cash

    24,249  

Goodwill and other intangible assets

    6,525  

Total consideration paid, net of cash acquired

  $ 30,774  

The allocation of the purchase price to assets acquired and liabilities assumed is preliminary pending finalization of management’s analysis.


The following unaudited pro forma information presents a summary of our consolidated results of operations as if the transaction referenced above occurred at the beginning of the first fiscal year of the periods presented (amounts in thousands, except per share data)(all acquisitions from the three month period ended July 31, 2014 were completed in May):     


   

Three months ended

July 31,

 
   

2014

   

2013

 

Total revenues

  $ 2,291,186       2,210,709  

Net earnings

    52,290       57,708  

Earnings per common share:

               

Basic

  $ 1.35       1.50  

Diluted

  $ 1.34       1.49