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INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS

9 Months Ended

Jan. 31, 2022

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS

INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS

(14)         INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS

The following tables set forth summarized data relative to the industry segments in which the Company operated for the periods indicated (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​	​	​
​		Land			​	​		​	​		​	​
​	​	Development		​	Homebuilding		​	Corporate		​	Consolidated
Three months ended January 31, 2022 (a)		​			​			​			​
Revenues	​	$	7,046	​	$	2,770	​	$	—	​	$	9,816
Net income (loss)	​		770	​		366	​		(226)	​		910
Provision for income taxes	​		22	​		95	​		131	​		248
Depreciation	​		12	​		—	​		2	​		14
EBITDA (c)	​	$	804	​	$	461	​	$	(93)	​	$	1,172
Capital expenditures	​	$	—	​	$	4	​	$	—	​	$	4
​	​	​	​	​	​	​	​	​	​	​	​	​
Three months ended January 31, 2021 (a)	​			​			​			​
Revenues	​	$	6,531	​	$	1,262	​	$	71	​	$	7,864
Net income (loss)	​		2,284	​		35	​		(226)	​		2,093
Provision for income taxes	​		483	​		7	​		220	​		710
Interest income, net (b)	​		20	​		—	​		1	​		21
Depreciation	​		17	​		—	​		137	​		154
EBITDA (c)	​	$	2,804	​	$	42	​	$	132	​	$	2,978
Capital expenditures	​	$	—	​	$	3	​	$	—	​	$	3
​	​	​	​	​	​	​	​	​	​	​	​	​
Nine months ended January 31, 2022 (a)	​	​	​	​	​	​	​	​	​	​	​	​
Revenues	​	$	24,251	​	$	5,410	​	$	6,898	​	$	36,559
Net income	​		4,187	​		556	​		1,130	​		5,873
Provision for income taxes	​		612	​		131	​		958	​		1,701
Interest income, net (b)	​		—	​		—	​		1	​		1
Depreciation	​		12	​		—	​		205	​		217
EBITDA (c)	​	$	4,811	​	$	687	​	$	2,294	​	$	7,792
Capital expenditures	​	$	1	​	$	15	​	$	—	​	$	16
Total assets as of January 31, 2022	​	$	87,205	​	$	5,491	​	$	12,444	​	$	105,140
​	​	​	​	​	​	​	​	​	​	​	​	​
Nine months ended January 31, 2021 (a)	​	​	​	​	​	​	​	​	​	​	​	​
Revenues	​	$	19,376	​	$	1,464	​	$	486	​	$	21,326
Net income (loss)	​		4,684	​		(116)	​		(1,084)	​		3,484
Provision (benefit) for income taxes	​		810	​		(44)	​		409	​		1,175
Interest income (expense), net (b)	​		30	​		—	​		(3)	​		27
Depreciation	​		40	​		—	​		384	​		424
EBITDA (c)	​	$	5,564	​	$	(160)	​	$	(294)	​	$	5,110
Capital expenditures	​	$	—	​	$	3	​	$	—	​	$	3
Total assets as of January 31, 2021	​	$	79,193	​	$	2,182	​	$	14,517	​	$	95,892

(a) Revenue and net income information for the land development business segment include certain amounts classified as home sale revenues, home sale cost of revenues and building sales and other revenues in the accompanying consolidated statements of operations. For example, revenues and cost of revenues in the land development business segment include an allocation of home sales revenues and home sales cost of revenues attributable to the market value of land transferred from the land development business segment to the homebuilding business segment. Revenue and net income information for the homebuilding business segment include amounts classified as building sales and other revenues in the accompanying consolidated statements of operations. Corporate is net of intercompany eliminations.

(b) Interest income, net excludes inter-segment interest expense (income) that is eliminated in consolidation.

(c) The Company uses EBITDA (which the Company defines as income (loss) before net interest income, income taxes, depreciation and amortization, and non-cash impairment charges) in addition to net income (loss) as a key measure of profit or loss for segment performance and evaluation purposes.

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The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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