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v3.23.2

Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended
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Apr. 30, 2023 | Apr. 30, 2022 | Apr. 30, 2021
Cash flows from operating activities: |  |  |
Net income | $ 18,069,000 | $ 23,822,000 | $ 23,280,000
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Depreciation and amortization | 1,349,000 | 1,336,000 | 1,293,000
Investment (gains)/losses | 125,000 | 1,402,000 | (4,710,000)
Non-voting profits interest in EAM Trust | (734,000) | (2,142,000) | (2,131,000)
Non-voting revenues interest in EAM Trust | (10,397,000) | (15,899,000) | (15,190,000)
Revenues distribution received from EAM Trust | 11,284,000 | 16,608,000 | 13,907,000
Profits distributions received from EAM Trust | 1,043,000 | 2,439,000 | 1,602,000
Full forgiveness of SBA, PPP loan | 0 | (2,331,000) | 0
Deferred rent | (1,240,000) | (1,087,000) | (962,000)
Deferred income taxes | 20,000 | (89,000) | 543,000
Changes in operating assets and liabilities: |  |  |
Unearned revenue | (800,000) | (1,315,000) | 350,000
Accounts payable & accrued expenses | (51,000) | (763,000) | 21,000
Accrued salaries | (176,000) | (26,000) | 18,000
Accrued taxes on income | 185,000 | 321,000 | (1,487,000)
Prepaid and refundable income taxes | 163,000 | 28,000 | (616,000)
Prepaid expenses and other current assets | (215,000) | 34,000 | 39,000
Accounts receivable | (447,000) | 2,308,000 | 453,000
Total adjustments | 109,000 | 824,000 | (6,870,000)
Net cash provided by operating activities | 18,178,000 | 24,646,000 | 16,410,000
Cash flows from investing activities: |  |  |
Proceeds from sales of equity securities | 4,706,000 | 12,039,000 | 8,212,000
Purchases of equity securities | (1,732,000) | (7,508,000) | (12,958,000)
Proceeds from sales of Fixed Income securities | 9,907,000 | 2,496,000 | 14,902,000
Purchases of Fixed Income securities | (38,857,000) | (10,405,000) | (2,597,000)
Acquisition of property and equipment | (30,000) | (11,000) | (33,000)
Expenditures for capitalized software | (110,000) | 0 | (145,000)
Net cash provided by/(used in) investing activities | (26,116,000) | (3,389,000) | 7,381,000
Cash flows from financing activities: |  |  |
Purchase of treasury stock at cost | (4,704,000) | (2,484,000) | (1,526,000)
Receivable from clearing broker | 0 | 0 | 608,000
Payable to clearing broker | 0 | 0 | (588,000)
Dividends paid | (9,471,000) | (8,405,000) | (8,068,000)
Net cash used in financing activities | (14,175,000) | (10,889,000) | (9,574,000)
Net change in cash and cash equivalents | (22,113,000) | 10,368,000 | 14,217,000
Cash, cash equivalents and restricted cash at beginning of year | 30,008,000 | 19,640,000 | 5,423,000
Cash, cash equivalents and restricted cash at end of year | $ 7,895,000 | $ 30,008,000 | $ 19,640,000

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