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INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | 12 Months Ended
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Apr. 30, 2025
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS |
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | (15) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS The Company manages its operations through two reportable segments: land development and homebuilding. The land development segment develops residential lots and sites for commercial and industrial use, including land and site planning, obtaining governmental and environmental approvals (“entitlements”), installing utilities and storm drains, ensuring the availability of water service, building or improving roads necessary for land development and constructing community amenities. The homebuilding segment focuses on building and selling single-family detached and attached homes. The Company’s chief operating decision maker (“CODM”) is its President and Chief Executive Officer. The two segments have been identified based on the way in which financial information is regularly reviewed by the CODM to assess financial performance and allocate resources. The CODM uses each segment’s profit (loss) in assessing segment performance and deciding how to allocate resources. The Company incurs general and administrative expenses associated with certain corporate functions, which are not specific to a particular segment. ​ The following table sets forth summarized data relative to the industry segments in which the Company operated for 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Land |  | ​ | ​ |  | ​ | ​
For the Year Ended April 30, 2025 | ​ | Development | ​ | Homebuilding | ​ | Consolidated
Revenues1 | ​ | $ | 28,602 | ​ | $ | 17,407 | ​ | $ | 46,009
Other Revenues | ​ | ​ | 3,655 | ​ | ​ | 30 | ​ | ​ | 3,685
Segment Revenues | ​ | ​ | 32,257 | ​ | ​ | 17,437 | ​ | ​ | 49,694
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of Revenues | ​ | ​ | 15,388 | ​ | ​ | 13,228 | ​ | ​ | 28,616
Other Cost of Revenues | ​ | ​ | 1,693 | ​ | ​ | — | ​ | ​ | 1,693
General and administrative expenses2 | ​ | ​ | 3,847 | ​ | ​ | 1,764 | ​ | ​ | 5,611
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment profit (loss) | ​ | ​ | 11,329 | ​ | ​ | 2,445 | ​ | ​ | 13,774
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 1,622
Other expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (4)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unallocated amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other corporate expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,667)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 13,725
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment assets3 as of April 30, 2025 | ​ | $ | 106,138 | ​ | $ | 22,913 | ​ | ​ | ​
Depreciation and amortization for the year ended April 30, 2025 | ​ | $ | 212 | ​ | $ | 13 | ​ | ​ | ​
Capital expenditures for the year ended April 30, 2025 | ​ | $ | 504 | ​ | $ | 79 | ​ | ​ | ​
1 Revenue information provided for the land development segment includes certain amounts classified as home sale revenues in the accompanying consolidated statements of operations. 2 General and administrative expenses primarily relate to payroll, employee benefits and professional expenses. 3 Segment assets exclude corporate assets, such as cash and cash equivalents, corporate facilities and tax assets. ​ The following table sets forth summarized data relative to the industry segments in which the Company operated for 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Land |  | ​ | ​ |  | ​ | ​
For the Year Ended April 30, 2024 | ​ | Development | ​ | Homebuilding | ​ | Consolidated
Revenues1 | ​ | $ | 29,367 | ​ | $ | 14,645 | ​ | $ | 44,012
Other Revenues | ​ | ​ | 7,354 | ​ | ​ | 3 | ​ | ​ | 7,357
Segment Revenues | ​ | ​ | 36,721 | ​ | ​ | 14,648 | ​ | ​ | 51,369
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of Revenues | ​ | ​ | 19,311 | ​ | ​ | 10,585 | ​ | ​ | 29,896
Other Cost of Revenues | ​ | ​ | 7,000 | ​ | ​ | — | ​ | ​ | 7,000
General and administrative expenses2 | ​ | ​ | 3,677 | ​ | ​ | 1,214 | ​ | ​ | 4,891
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment profit (loss) | ​ | ​ | 6,733 | ​ | ​ | 2,849 | ​ | ​ | 9,582
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest income, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 823
Other income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | —
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Unallocated amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other corporate expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (1,980)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 8,425
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment assets3 as of April 30, 2024 | ​ | $ | 97,408 | ​ | $ | 13,304 | ​ | ​ | ​
Depreciation and amortization for the year ended April 30, 2024 | ​ | $ | 166 | ​ | $ | 4 | ​ | ​ | ​
Capital expenditures for the year ended April 30, 2024 | ​ | $ | 312 | ​ | $ | 145 | ​ | ​ | ​
1 Revenue information provided for the land development segment includes certain amounts classified as home sale revenues in the accompanying consolidated statements of operations. 2 General and administrative expenses primarily relate to payroll, employee benefits and professional expenses. 3 Segment assets exclude corporate assets, such as cash and cash equivalents, corporate facilities and tax assets.

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