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INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | 6 Months Ended
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Oct. 31, 2025
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS |
INFORMATION ABOUT THE COMPANY'S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS | (13) INFORMATION ABOUT THE COMPANY’S OPERATIONS IN DIFFERENT INDUSTRY SEGMENTS Refer to Note 15 to the consolidated financial statements contained in the 2025 Form 10-K for detail regarding the Company’s operations in different industry segments. With respect to the tables below, (1) revenue information provided for the land development segment includes certain amounts classified as home sale revenues in the accompanying condensed consolidated statements of operations, (2) general and administrative expenses primarily relate to payroll, employee benefits and professional expenses and (3) segment assets exclude corporate assets, such as cash and cash equivalents, corporate facilities and tax assets. Three months ended October 31, 2025. The following table sets forth summarized data for the industry segments in which the Company operated for the three months ended October 31, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | ​ | ​
For the Three Months Ended | ​ | Land | ​ | ​ | ​ | ​
October 31, 2025 |  | Development |  | Homebuilding |  | Consolidated
Revenues | ​ | $ | 2,204 | ​ | $ | 6,346 | ​ | $ | 8,550
Other Revenues | ​ | ​ | 826 | ​ | ​ | 22 | ​ | ​ | 848
Segment Revenues | ​ | ​ | 3,030 | ​ | ​ | 6,368 | ​ | ​ | 9,398
Cost of Revenues | ​ | ​ | 1,221 | ​ | ​ | 4,778 | ​ | ​ | 5,999
Other Cost of Revenues | ​ | ​ | 324 | ​ | ​ | — | ​ | ​ | 324
General and administrative expenses | ​ | ​ | 1,042 | ​ | ​ | 479 | ​ | ​ | 1,521
Segment profit (loss) | ​ | ​ | 443 | ​ | ​ | 1,111 | ​ | ​ | 1,554
Interest income, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 459
Other income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | —
Unallocated amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other corporate general and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (435)
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 1,578
Depreciation and amortization | ​ | $ | 77 | ​ | $ | 4 | ​ | ​ | ​
Capital expenditures | ​ | $ | (3) | ​ | $ | 63 | ​ | ​ | ​
​ Three months ended October 31, 2024. The following table sets forth summarized data for the industry segments in which the Company operated for the three months ended October 31, 2024 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Three Months Ended | ​ | Land | ​ | ​ | ​ | ​ | ​ | ​
October 31, 2024 |  | Development |  | Homebuilding |  | Consolidated
Revenues | ​ | $ | 6,955 | ​ | $ | 4,236 | ​ | $ | 11,191
Other Revenues | ​ | ​ | 714 | ​ | ​ | 1 | ​ | ​ | 715
Segment Revenues | ​ | ​ | 7,669 | ​ | ​ | 4,237 | ​ | ​ | 11,906
Cost of Revenues | ​ | ​ | 3,575 | ​ | ​ | 3,028 | ​ | ​ | 6,603
Other Cost of Revenues | ​ | ​ | 334 | ​ | ​ | — | ​ | ​ | 334
General and administrative expenses | ​ | ​ | 987 | ​ | ​ | 417 | ​ | ​ | 1,404
Segment profit (loss) | ​ | ​ | 2,773 | ​ | ​ | 792 | ​ | ​ | 3,565
Interest income, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 576
Other income | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | —
Unallocated amounts: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other corporate general and administrative expenses | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | (421)
Income before income taxes | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,720
Depreciation and amortization | ​ | $ | 45 | ​ | $ | 2 | ​ | ​ | ​
Capital expenditures | ​ | $ | 86 | ​ | $ | 1 | ​ | ​ | ​
​ Six months ended October 31, 2025. The following table sets forth summarized data for the industry segments in which the Company operated for the six months ended October 31, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Six Months Ended |  | Land | ​ | ​ | ​ | ​ | ​ | ​
October 31, 2025 |  | Development |  | Homebuilding |  | Consolidated
Revenues | ​ | $ | 11,049 | ​ | $ | 14,566 | ​ | $ | 25,615
Other Revenues | ​ | ​ | 1,592 | ​ | ​ | 43 | ​ | ​ | 1,635
Segment Revenues | ​ | ​ | 12,641 | ​ | ​ | 14,609 | ​ | ​ | 27,250
Cost of Revenues |  | ​ | 4,803 |  | ​ | 10,730 |  | ​ | 15,533
Other Cost of Revenues |  | ​ | 648 |  | ​ | — |  | ​ | 648
General and administrative expenses |  | ​ | 2,030 |  | ​ | 926 |  | ​ | 2,956
Segment profit (loss) |  | ​ | 5,160 |  | ​ | 2,953 |  | ​ | 8,113
Interest income, net |  | ​ | ​ |  | ​ |  |  | ​ | 915
Other income |  | ​ | ​ |  | ​ |  |  | ​ | —
Unallocated amounts: |  | ​ |  |  | ​ |  |  | ​ |
Other corporate general and administrative expenses |  | ​ | ​ |  | ​ |  |  | ​ | (848)
Income before income taxes | ​ | ​ | ​ |  | ​ |  |  | $ | 8,180
Depreciation and amortization | ​ | $ | 145 | ​ | $ | 14 |  | ​ |
Capital expenditures | ​ | $ | — | ​ | $ | 80 |  | ​ |
Segment assets as of October 31, 2025 | ​ | $ | 115,465 | ​ | $ | 23,450 |  | ​ |
Six months ended October 31, 2024. The following table sets forth summarized data for the industry segments in which the Company operated for the six months ended October 31, 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
For the Six Months Ended | ​ | Land | ​ | ​ | ​ | ​ | ​ | ​
October 31, 2024 |  | Development |  | Homebuilding |  | Consolidated
Revenues | ​ | $ | 17,622 | ​ | $ | 11,910 | ​ | $ | 29,532
Other Revenues |  | ​ | 1,455 |  | ​ | 5 |  | ​ | 1,460
Segment Revenues |  | ​ | 19,077 |  | ​ | 11,915 |  | ​ | 30,992
Cost of Revenues |  | ​ | 9,729 |  | ​ | 9,028 |  | ​ | 18,757
Other Cost of Revenues |  | ​ | 648 |  | ​ | — |  | ​ | 648
General and administrative expenses |  | ​ | 1,895 |  | ​ | 807 |  | ​ | 2,702
Segment profit (loss) |  | ​ | 6,805 |  | ​ | 2,080 |  | ​ | 8,885
Interest income, net |  | ​ | ​ |  | ​ |  |  | ​ | 857
Other income |  | ​ | ​ |  | ​ |  |  | ​ | —
Unallocated amounts: |  | ​ |  |  | ​ |  |  | ​ |
Other corporate general and administrative expenses |  | ​ | ​ |  | ​ |  |  | ​ | (749)
Income before income taxes | ​ | ​ | ​ |  | ​ |  |  | $ | 8,993
Depreciation and amortization | ​ | $ | 91 | ​ | $ | 5 |  | ​ |
Capital expenditures | ​ | $ | 110 | ​ | $ | 10 |  | ​ |
Segment assets as of October 31, 2024 | ​ | $ | 102,749 | ​ | $ | 14,790 |  | ​ |
​

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