XML 33 R19.htm IDEA: XBRL DOCUMENT v3.23.3
Stockholders' Equity
 6 Months Ended
Oct. 31, 2023
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Common Stock
The Company is authorized to issue 5,000,000 shares of Common Stock, par value of $2.50 per share. Holders of the Company's Common Stock are entitled to one vote per share. As of October 31, 2023 and April 30, 2023, there were approximately 2,902,000 and 2,830,000 shares, respectively, of Common Stock issued and outstanding. The Company has not declared or paid any dividends with respect to its Common Stock during the three and six months ended October 31, 2023. The declaration and payment of any future dividends is at the discretion of the Board of Directors and will depend upon many factors, including the Company's earnings, capital requirements, investment and growth strategies, financial conditions, the terms of the Company's indebtedness, which contains provisions that could limit the payment of dividends in certain circumstances, and other factors that the Board of Directors may deem to be relevant.

Share Repurchase Program
On August 31, 2023, the Board of Directors of the Company adopted a share repurchase program with authorization to repurchase up to 100,000 shares. There is no expiration date and currently, management has no plans to terminate this program. For the three months ended October 31, 2023, the Company repurchased 2,423 shares of the Company's common stock for approximately $44,000, excluding other costs such as broker commissions and fees. As of October 31, 2023, the total remaining purchase authorization was 97,577 shares.