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NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS
 6 Months Ended
Oct. 31, 2013
Investments, Debt and Equity Securities [Abstract]  
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]
NOTE H – FAIR VALUE OF FINANCIAL INSTRUMENTS

The cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale securities at October 31, 2013 and April 30, 2013 are as follows (in thousands):

   
October 31, 2013
 
         
Gross
   
Gross
   
Fair
 
         
Unrealized
   
Unrealized
   
Market
 
   
Cost
   
Gains
   
Losses
   
Value
 
Fixed income securities
  $ 8,935     $ 161     $ (36 )   $ 9,060  
Equity securities
    6,179       949       (309 )     6,819  
    $ 15,114     $ 1,110     $ (345 )   $ 15,879  

   
April 30, 2013
 
           
Gross
   
Gross
   
Fair
 
           
Unrealized
   
Unrealized
   
Market
 
   
Cost
   
Gains
   
Losses
   
Value
 
Fixed income securities
  $ 10,285     $ 297     $ 0     $ 10,582  
Equity securities
    6,490       1,266       (68 )     7,688  
    $ 16,775     $ 1,563     $ (68 )   $ 18,270  

The following table presents the fair value and unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

   
Less than 12 months
   
12 Months or more
   
Total
 
   
Fair
   
Unrealized
   
Fair
   
Unrealized
   
Fair
   
Unrealized
 
   
Value
   
Losses
   
Value
   
Losses
   
Value
   
Losses
 
October 31, 2013
                                   
Fixed Income Securities
  $ 446     $ (36 )   $ -     $ -     $ 446     $ (36 )
Equity Securities
    1,464       (86 )     357       (223 )     1,821       (309 )
    $ 1,910     $ (122 )   $ 357     $ (223 )   $ 2,267     $ (345 )
April 30, 2013
                                               
Fixed Income Securities
  $ -     $ -     $ -     $ -     $ -     $ -  
Equity Securities
    -       -       512       (68 )     512       (68 )
    $ -     $ -     $ 512     $ (68 )   $ 512     $ (68 )

The Company regularly reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment.  The Company does not believe that its investments in marketable securities with unrealized losses at October 31, 2013 are other-than-temporary due to market volatility of the security’s fair value, analysts’ expectations and the Company’s ability to hold the securities for a period of time sufficient to allow for any anticipated recoveries in market value.

During the six months ended October 31, 2013 and 2012, the Company sold or redeemed available-for-sale securities in the amounts of $1.8 million and $2.0 million, respectively, realizing a gain of approximately $74,000 in the fiscal year 2014 period and no gain in the fiscal year 2013 period.

Maturities of fixed income securities classified as available-for-sale at October 31, 2013 are as follows, at cost (in thousands):

Current
  $ 4,009  
Due after one year through five years
    4,124  
Due after five years through ten years
    802  
    $ 8,935  

The fair value accounting framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements).  The three levels of the fair value hierarchy are described below:

 
Level 1
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

 
Level 2
Inputs to the valuation methodology include:

 
- Quoted prices for similar assets or liabilities in active markets;

 
- Quoted prices for identical or similar assets or liabilities in inactive markets

 
- Inputs other than quoted prices that are observable for the asset or liability;

 
- Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

 
Level 3
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.  Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.  All of the Company’s investments in marketable securities are valued on a Level 1 basis.