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Income Taxes (Tables)

12 Months Ended

Apr. 30, 2024

Income Tax Disclosure [Abstract]

Income Tax Expense

Income tax (benefit) expense consisted of the following:

$ in thousands						2024						2023
Current tax (benefit) expense:
Federal						$	2,332					$	691
State and local						65						197
Foreign						2,661						1,736
Total current tax expense						5,058						2,624
Deferred tax (benefit) expense:
Federal						(10,378)						—
State and local						(893)						—
Foreign						275						515
Total deferred tax (benefit) expense						(10,996)						515
Net income tax (benefit) expense						$	(5,938)					$	3,139

Schedule of Income Tax Reconciliation

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

$ in thousands						2024						2023
Income tax expense at statutory rate						$	2,755					$	945
State and local taxes, net of federal income tax benefit						575						(119)
Tax credits						(355)						(433)
Effects of differing US and foreign tax rates						243						260
Effect of pension settlement						(3,870)						—
Return to provision adjustment						743						413
Impact of foreign subsidiary income to parent						96						99
Increase (decrease) in valuation allowance						(6,579)						1,667
Deferred taxes on unremitted earnings						371						406
Other items, net						83						(99)
Net income tax (benefit) expense						$	(5,938)					$	3,139

Summary of Deferred Tax Assets and Liabilities

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

$ in thousands						2024						2023
Deferred tax assets:
Accrued employee benefit expenses						$	152					$	153
Allowance for credit losses						151						114
Deferred compensation						950						1,156
Tax credits (state, net of federal benefits)						170						170
Foreign tax credit carryforwards						638						638
Section 174 R&E Addback						2,303						1,558
Unrecognized actuarial loss, defined benefit plans						—						1,064
Inventory reserves and capitalized costs						296						201
Net operating loss carryforwards						152						249
Proceeds on Sale Leaseback						6,316						6,963
Operating lease liabilities						1,211						1,558
Other						332						254
Total deferred tax assets						12,671						14,078
Deferred tax liabilities:
Book basis in excess of tax basis of property, plant and equipment						(1,678)						(1,417)
Book basis in excess of tax basis of Sale Leaseback property						(1,028)						(1,106)
Prepaid pension						—						(919)
APB 23 Assertion						(1,572)						(1,318)
Right of use assets						(1,142)						(1,526)
Debt Issuance Cost on Sale Leaseback						(142)						(167)
Total deferred tax liabilities						(5,562)						(6,453)
Valuation allowance						(926)						(8,568)
Net deferred tax liabilities						$	6,183					$	(943)
Deferred tax assets (liabilities) classified in the balance sheet:
Deferred tax assets, non-current						$	7,401					$	—
Deferred tax liabilities, non-current						(1,218)						(943)
Net deferred tax assets (liabilities)						$	6,183					$	(943)

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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.

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-Topic 740
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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.

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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.

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