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Income Taxes (Tables)

12 Months Ended

Apr. 30, 2023

Income Tax Disclosure [Abstract]

Income Tax Expense

Income tax expense consisted of the following:

$ in thousands						2023						2022
Current tax expense:
Federal						$	691					$	1,899
State and local						197						490
Foreign						1,736						1,008
Total current tax expense						2,624						3,397
Deferred tax expense:
Federal						—						—
State and local						—						—
Foreign						515						121
Total deferred tax expense						515						121
Net income tax expense						$	3,139					$	3,518

Schedule of Income Tax Reconciliation

The reasons for the differences between the above net income tax expense and the amounts computed by applying the statutory federal income tax rate to earnings before income taxes are as follows:

$ in thousands						2023						2022
Income tax expense (benefit) at statutory rate						$	945					$	(432)
State and local taxes, net of federal income tax benefit						(119)						(29)
Tax credits (state, net of federal benefit)						(433)						(457)
Effects of differing US and foreign tax rates						260						22
Net operating loss adjustment						—						(286)
Return to provision adjustment						413						—
Impact of foreign subsidiary income to parent						99						74
Increase in valuation allowance						1,667						4,170
Other items, net						307						456
Net income tax expense						$	3,139					$	3,518

Summary of Deferred Tax Assets and Liabilities

Significant items comprising deferred tax assets and liabilities as of April 30 were as follows:

$ in thousands						2023						2022
Deferred tax assets:
Accrued employee benefit expenses						$	153					$	228
Allowance for doubtful accounts						114						142
Deferred compensation						1,156						1,196
Tax credits (state, net of federal benefits)						170						170
Foreign tax credit carryforwards						638						638
Section 174 R&E Addback						1,558						—
Unrecognized actuarial loss, defined benefit plans						1,064						1,202
Inventory reserves and capitalized costs						201						110
Net operating loss carryforwards						249						112
Proceeds on Sale Leaseback						6,963						7,215
Operating lease liabilities						1,558						—
Other						254						449
Total deferred tax assets						14,078						11,462
Deferred tax liabilities:
Book basis in excess of tax basis of property, plant and equipment						(1,417)						(1,758)
Book basis in excess of tax basis of Sale Leaseback property						(1,106)						(1,122)
Prepaid pension						(919)						(949)
APB 23 Assertion						(1,318)						(976)
Right of use assets						(1,526)						—
Debt Issuance Cost on Sale Leaseback						(167)						(184)
Total deferred tax liabilities						(6,453)						(4,989)
Valuation allowance						(8,568)						(6,901)
Net deferred tax liabilities						$	(943)					$	(428)
Deferred tax assets (liabilities) classified in the balance sheet:
Non-current						(943)						(428)
Net deferred tax liabilities						$	(943)					$	(428)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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