Property and Equipment

9 Months Ended

Jan. 31, 2014

Property, Plant and Equipment [Abstract]

Note 9 - Property and Equipment:

Property and equipment are carried at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements, over the remaining terms of the leases. For income tax purposes, depreciation of furniture and equipment is computed using accelerated methods and buildings and leasehold improvements are depreciated over prescribed extended tax lives. Property and equipment, net, on the Consolidated Condensed Balance Sheets was comprised of the following:


	January 31,			April 30,
($ in thousands)	2014			2013
Land	$	726		$	726
Building and leasehold improvements		5,029			7,391
Furniture and equipment		5,239			11,180
		10,994			19,297
Accumulated depreciation and amortization		(7,131	)		(15,367	)
Total property and equipment, net	$	3,863		$	3,930

During the second quarter of fiscal 2014, the Company disposed of leasehold improvements, furniture and equipment, relating to the Company’s previous office facility (see Note 12), totaling $8,403,000 in addition to the corresponding accumulated depreciation and amortization of $8,403,000. There was no gain or loss recorded as a result of this disposition of fully depreciated leasehold improvements, furniture, and obsolete equipment.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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