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Income Taxes | 9 Months Ended
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Jan. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | . Income Taxes Income tax expense of $982,000 and $3,894,000 was recorded for the three and nine months ended January 31, 2024, respectively. Income tax expense of $962,000 and $1,911,000 was recorded for the three and nine months ended January 31, 2023, respectively. The effective tax rate was 27.9% and 33.1% for the three and nine months ended January 31, 2024, respectively. The effective tax rate for the current three and nine month periods reflects the impact of foreign operations which are taxed at different rates than the U.S. tax rate of 21%, combined with expected current year tax expense for the Company's domestic operations and estimated increases in the domestic valuation allowance required for the fiscal year. In addition, the income tax expense recorded for the nine months ended January 31, 2024 was unfavorably impacted by additional tax expense of $387,000 related to India tax matters. This one-time expense is related to management's decision to discontinue management fees, citing challenges associated with the Indian tax authority and cost benefit analysis. The effective tax rate was 46.7% and 87.8% for the three and nine months ended January 31, 2023, respectively. The higher effective tax rates for the prior year periods were primarily due to the inclusion of a valuation allowance against deferred tax assets, which led to the nullification of any U.S. income tax benefit for pre-tax losses incurred in the corresponding periods. In August 2019, the Company revoked its indefinite reinvestment of foreign unremitted earnings position in compliance with ASC 740 "Income Taxes" and terminated its indefinite reinvestment of unremitted earnings assertion for the Singapore and Kewaunee Labway India Pvt. Ltd. international subsidiaries. The Company has a deferred tax liability of $1,506,000 and $1,318,000 for the withholding tax related to Kewaunee Labway India Pvt. Ltd. as of January 31, 2024 and April 30, 2023, respectively.

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