Note 2 - Correction of Immaterial Errors

3 Months Ended

Jul. 31, 2014

Accounting Changes and Error Corrections [Text Block]

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, 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

quarter

ended

July

, 2014 as noted in the tables below.

Statement of Income Data

	Period Ended
	July 31, 2014				July 31, 2013
	As reported		As revised		As reported		As revised
Cost of goods sold	$	1,917,010		1,920,272	$	1,769,239		1,772,328
Interest, net		10,257		10,506		9,456		9,576
Federal and state income taxes		31,062		29,744		33,869		32,575
Net income		52,290		50,097		55,710		53,795
Net income per
Basic	$	1.35		1.30	$	1.45		1.40
Diluted	$	1.34		1.28	$	1.43		1.39

Balance Sheet Data

	Period Ended
	July 31, 2014				April 30 ,2014
	As reported		As revised		As reported		As revised
Deferred income T axes (asset)	$	12,225	$	21,192	$	11,878	$	23,292
Accrued expenses		119,887		151,344		111,583		139,529
Income taxes payable		19,900		16,123		--------		--------
Deferred income Taxes (liability)		320,136		319,959		317,953		318,023
Other long term liabilities		19,033		19,291		22,500		22,500
Retained earnings		730,552		711,758		685,988		669,386

Statement of Cash Flow Data

	Period Ended
	July 31, 2014				July 31, 2013
	As reported		As revised		As reported		As revised
Net income	$	52,290	$	50,097	$	55,710	$	53,795
Deferred income taxes		1,836		4,037		3,122		1,828
Accrued expenses		7,458		10,969		20,005		23,214
Income taxes		29,301		25,782		30,207		30,207

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 7 and

- 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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