Defined Benefit Pension Plans

9 Months Ended

Jan. 31, 2017

Compensation and Retirement Disclosure [Abstract]

E. Defined Benefit Pension Plans

The Company has non-contributory defined benefit pension plans covering substantially all domestic salaried and hourly employees. These plans were amended as of April 30, 2005, no further benefits have been, or will be, earned under the plans, subsequent to the amendment date, and no additional participants will be added to the plans. Contributions of $555,000 were paid to the plans during the nine months ended January 31, 2017 and the Company does not expect any contributions to be paid to the plans during the remainder of the fiscal year. Contributions of $64,000 were paid to the plans during the nine months ended January 31, 2016.

Pension expense consisted of the following (in thousands):


	Three months ended January 31, 2017			Three months ended January 31, 2016
Service cost	$	-0-		$	-0-
Interest cost		232			224
Expected return on plan assets		(311	)		(334	)
Recognition of net loss		314			329

Net periodic pension expense	$	235		$	219


	Nine months ended January 31, 2017			Nine months ended January 31, 2016
Service cost	$	-0-		$	-0-
Interest cost		695			684
Expected return on plan assets		(932	)		(1,022	)
Recognition of net loss		942			917

Net periodic pension expense	$	705		$	579