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v3.26.1

Income Taxes | 12 Months Ended
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Apr. 30, 2026
Income Tax Disclosure [Abstract] |
Income Taxes | 13. Income Taxes Income tax expense consisted of the following (in thousands):
|  | For the Year Ended April 30, |
|  | 2026 |  |  | 2025 |  |  | 2024 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ |  | 590 |  |  | $ |  | 6,875 |  |  | $ |  | 6,786 |
State |  |  |  | 86 |  |  |  |  | 1,977 |  |  |  |  | 2,713 |
Total current |  |  |  | 676 |  |  |  |  | 8,852 |  |  |  |  | 9,499 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  |  | 5,866 |  |  |  |  | (2,638 | ) |  |  |  | 2,558 |
State |  |  |  | 47 |  |  |  |  | (394 | ) |  |  |  | (1,701 | )
Total deferred |  |  |  | 5,913 |  |  |  |  | (3,032 | ) |  |  |  | 857 |
Total income tax expense |  | $ |  | 6,589 |  |  | $ |  | 5,820 |  |  | $ |  | 10,356 |
The effective income tax rate for the year ended April 30, 2026 differs from the statutory federal income tax rate as follows:
|  | For the Year Ended April 30, 2026 |
|  | $ |  |  | % |
U.S. Federal Statutory Tax Rate |  | $ |  | 5,265 |  |  |  |  | 21.0 | %
State income taxes, net of federal tax effects (a) |  |  |  | 189 |  |  |  |  | 0.8 | %
Effect of cross-border tax laws |  |  |  |  |  |  |  |
Foreign derived intangible income (FDII) deductions |  |  |  | (24 | ) |  |  |  | -0.1 | %
Tax credits |  |  |  |  |  |  |  |
Research & development and fuel |  |  |  | (312 | ) |  |  |  | -1.2 | %
Nontaxable or nondeductible items |  |  |  | 441 |  |  |  |  | 1.8 | %
Other adjustments |  |  |  |  |  |  |  |
Deferral adjustment for stock compensation |  |  |  | 988 |  |  |  |  | 3.8 | %
Other |  |  |  | 42 |  |  |  |  | 0.2 | %
Total income tax expense |  | $ |  | 6,589 |  |  |  |  | 26.3 | %
(a) State taxes in California, Louisiana, Minnesota, North Carolina, and Texas make up the majority (greater than 50%) of the tax effect in this category. Prior to the adoption of ASU 2023-09, the following table presents a reconciliation of income tax expense from continuing operations at the statutory rate of 21% to the expense in the consolidated financial statements (in thousands):
|  | For the Year Ended April 30, |
|  | 2025 |  |  | 2024 |
Federal income taxes expected at the statutory rate |  | $ |  | 4,041 |  |  | $ |  | 10,861 |
State income taxes, net of federal tax effects |  |  |  | 1,406 |  |  |  |  | (144 | )
Stock compensation |  |  |  | 386 |  |  |  |  | 467 |
Business meals and entertainment |  |  |  | 113 |  |  |  |  | 100 |
Research and development tax credit |  |  |  | (335 | ) |  |  |  | (281 | )
Amendments to prior year returns |  |  |  | — |  |  |  |  | (1,176 | )
Other |  |  |  | 209 |  |  |  |  | 529 |
Total income tax expense |  | $ |  | 5,820 |  |  | $ |  | 10,356 |
Deferred tax assets and liabilities related to temporary differences consisted of the following (in thousands):
|  | For the Years Ended April 30, |
|  | 2026 |  |  | 2025 |
Deferred Tax Assets |  |  |  |  |  |
Inventory reserves |  | $ | 9,794 |  |  | $ | 11,637 |
Accrued expenses, including compensation |  |  | 3,783 |  |  |  | 2,930 |
Net operating loss carryforwards and tax credits |  |  | 9,931 |  |  |  | 8,200 |
Operating lease liability |  | — |  |  |  | 128 |
Product liability |  |  | 198 |  |  |  | 151 |
Workers' compensation |  |  | 606 |  |  |  | 684 |
State bonus depreciation |  |  | 880 |  |  |  | 980 |
Warranty reserve |  |  | 643 |  |  |  | 760 |
Stock-based compensation |  |  | 562 |  |  |  | 1,573 |
Section 174 capitalized R&D expense |  |  | 95 |  |  |  | 2,983 |
Other |  |  | 978 |  |  |  | 942 |
Total deferred tax assets before valuation allowance |  |  | 27,470 |  |  |  | 30,968 |
Valuation allowance |  |  | (7,408 | ) |  |  | (6,169 | )
Net deferred tax assets |  |  | 20,062 |  |  |  | 24,799 |
Deferred Tax Liabilities |  |  |  |  |  |
Operating lease right-of-use assets |  | — |  |  |  | (96 | )
Property, plant & equipment |  |  | (12,549 | ) |  |  | (11,679 | )
Intangible assets |  |  | (2,803 | ) |  |  | (2,418 | )
Other |  |  | (363 | ) |  |  | (346 | )
Total deferred tax liabilities |  |  | (15,715 | ) |  |  | (14,539 | )
Net Deferred Tax Asset |  | $ | 4,347 |  |  | $ | 10,260 |
The supplemental schedule of cash paid for income taxes, net of refunds is as follows:
|  | For the Year Ended April 30, 2026 |
Cash paid during the period for income taxes: |  |  |  |
U.S. Federal |  | $ |  | 3,870 |
U.S. State and local |  |  |  |
Louisiana |  |  |  | 403 |
Other |  |  |  | 1,388 |
Total cash paid during the period for income taxes |  | $ |  | 5,661 |
Cash paid for income taxes, prior to the adoption of ASU 2023-09, was $7.3 million and $12.7 million for the years ended April 30, 2025 and 2024, respectively. We had no federal net operating losses as of April 30, 2026. We had $109.2 million and $77.3 million in state net operating loss carryforwards as of April 30, 2026 and 2025, respectively. The state net operating loss carryforwards will expire between April 30, 2027 and April 30, 2041. We had $5.5 million and $5.3 million of state tax credit carryforwards as of April 30, 2026 and 2025, respectively. Of the $5.5 million, $2.4 million can be carried forward indefinitely and $3.1 million will expire between April 30, 2027 and April 30, 2052. As of April 30, 2026 and 2025, valuation allowances related to our deferred tax assets for state net operating loss carryforwards were $5.6 million and $4.0 million, respectively, and $1.8 million and $2.2 million were provided on our deferred tax assets for state tax credits, respectively, that we do not anticipate using prior to expiration. The income tax provisions represent effective tax rates of 26.3% and 30.2% for fiscal 2026 and 2025, respectively. With limited exception, we are subject to U.S. federal, state, and local income tax audits by tax authorities for fiscal years subsequent to April 30, 2019. As of April 30, 2026 and 2025, we have no t recorded any unrecognized tax benefits. We maintain an accounting policy of recording interest and penalties, if applicable, related to uncertain tax positions as a component of income taxes. As of April 30, 2026 and 2025, there were no interest and penalties accrued.

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