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FREQUENCY ELECTRONICS INC 10-K --04-30 8715877 67700000 false 0000039020 Yes No Smaller Reporting Company No 2015 FY 2015-04-30

<table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="72%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt" align="justify"> Non-cash operating and investing activities: </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td colspan="8" valign="bottom" style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN-LEFT: 45pt; MARGIN-RIGHT: 0pt"> (a)    During the year ended April 30, 2014, the Company delivered certain fixed assets called for by a license agreement with Morion, Inc. (See Note 9. Investment in Morion, Inc.) A portion of the $925 deposit previously received and recorded as deferred revenue at April 30, 2013, was recognized as proceeds on the sale of those fixed assets in fiscal year 2014. No additional cash was received for that provision of the license agreement. </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> </td> </tr> </table>

925000

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 1.  Summary of Accounting Policies </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Principles of Consolidation: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The consolidated financial statements include the accounts of Frequency Electronics, Inc. and its wholly-owned subsidiaries (the "Company" or "Registrant").  References to “FEI” are to the parent company alone and do not refer to any of its subsidiaries.  The Company is principally engaged in the design, development and manufacture of precision time and frequency control products and components for microwave integrated circuit applications.  See Note 13 for information regarding the Company’s FEI-NY (which includes the subsidiaries FEI Government Systems, Inc., FEI Communications, Inc., Frequency Electronics, Inc. Asia (“FEI-Asia”) and FEI-Elcom Tech, Inc. (“FEI-Elcom”)), Gillam-FEI, and FEI-Zyfer business segments.  Intercompany accounts and significant intercompany transactions are eliminated in consolidation.  To accommodate the different fiscal periods of Gillam-FEI, the Company recognizes its share of net income or loss on a one month lag.  Any material events which may occur during the intervening month at Gillam-FEI will be accounted for in the consolidated financial statements. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> These financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) and require management to make estimates and assumptions that affect amounts reported and disclosed in the financial statements and related notes.  Actual results could differ from these estimates. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Reclassifications: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Certain prior year amounts have been reclassified to conform to current year presentation.  These reclassifications had no effect on reported consolidated earnings. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Cash Equivalents: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company considers certificates of deposit and other highly liquid investments with maturities of three months or less when purchased to be cash equivalents.  The Company places its temporary cash investments with high credit quality financial institutions.  Such investments may be in excess of the FDIC insurance limit.  No losses have been experienced on such investments. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Marketable Securities: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Marketable securities consist of investments in common stocks, including exchange-traded funds, corporate debt securities and debt securities of U.S. Government agencies.  All marketable securities were held in the custody of financial institutions; three and four institutions at April 30, 2015 and 2014, respectively.  Investments in debt and equity securities are categorized as available for sale and are carried at fair value, with unrealized gains and losses excluded from income and recorded directly to stockholders' equity.  The Company recognizes gains or losses when securities are sold using the specific identification method. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Allowance for Doubtful Accounts: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Losses from uncollectible accounts receivable are provided for by utilizing the allowance for doubtful accounts method based upon management’s estimate of uncollectible accounts.  Management analyzes accounts receivable and the potential for bad debts, customer concentrations, credit worthiness, current economic trends and changes in customer payment terms when evaluating the amount recorded for the allowance for doubtful accounts. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Property, Plant and Equipment: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Property, plant and equipment are recorded at cost and include interest on funds borrowed to finance construction.  Expenditures for renewals and betterments are capitalized; maintenance and repairs are charged to income when incurred.  When fixed assets are sold or retired, the cost and related accumulated depreciation and amortization are eliminated from the respective accounts and any gain or loss is credited or charged to income. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> If events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, the Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition.  If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the long-lived asset, an impairment loss is recognized.  To date, no impairment losses have been recognized. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Inventories: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Inventories, which consist of finished goods, work-in-process, raw materials and components, are accounted for at the lower of cost (specific and average) or market. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Depreciation and Amortization: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Depreciation of fixed assets is computed on the straight-line method based upon the estimated useful lives of the assets (40 years for buildings and 3 to 10 years for other depreciable assets).  Leasehold improvements and equipment acquired under capital leases are amortized on the straight-line method over the shorter of the term of the lease or the useful life of the related asset. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Amortization of identifiable intangible assets is based upon the expected lives of the assets and is recorded at a rate which approximates the Company’s utilization of the assets. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Intangible Assets: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Intangible assets consist of the ISO 9000 certification arising from the acquisition of FEI-Elcom in the assignment of fair value to its acquired assets including intangibles.  The certification is valued at fair value and was amortized over the estimated useful life of 3 years from the date of acquisition. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Goodwill: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company records goodwill as the excess of purchase price over the fair value of identifiable net assets acquired.  Goodwill is tested for impairment on at least an annual basis at year end.  When it is determined that the carrying value of goodwill may not be recoverable, the Company writes down the goodwill to an amount commensurate with the revised value of the acquired assets.  The Company measures impairment based on revenue projections, recent transactions involving similar businesses and price/revenue multiples at which they were bought and sold, price/revenue multiples of competitors, and the present market value of publicly-traded companies in the Company’s industry. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Revenue and Cost Recognition: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Revenues under larger, long-term contracts, which generally require billings based on achievement of milestones rather than delivery of product, are reported in operating results using the percentage of completion method.  For U.S. Government and other fixed-price contracts that require initial design and development of the product, revenue is recognized on the cost-to-cost method.  Under this method, revenue is recorded based upon the ratio that incurred costs bear to total estimated contract costs with related cost of sales recorded as the costs are incurred.  Costs and estimated earnings in excess of billings on uncompleted contracts, net of billings on uncompleted contracts in excess of costs and estimated earnings, are included in current assets. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> On production-type orders, revenue is recorded as units are delivered with the related cost of sales recognized on each shipment based upon a percentage of estimated final program costs. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Changes in job performance on long-term and production-type orders may result in revisions to costs and revenue and are recognized in the period in which revisions are determined to be required.  Provisions for the full amount of anticipated losses are made in the period in which they become determinable. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> For customer orders in the Company’s subsidiaries, and smaller contracts or orders in the other business segments, sales of products and services to customers are reported in operating results upon shipment of the product or performance of the services pursuant to terms of the customer order. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Contract costs include all direct material, direct labor costs, manufacturing overhead and other direct costs related to contract performance.  Selling, general and administrative costs are charged to expense as incurred. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> In accordance with industry practice, inventoried costs contain amounts relating to contracts and programs with long production cycles, a portion of which will not be realized within one year. Program costs for which production-level orders cannot be determined as probable are written down in the period in which that assessment is made. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Comprehensive Income: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Comprehensive income consists of net income and other comprehensive income.  Other comprehensive income includes changes in unrealized gains or losses, net of tax, on securities available for sale during the year and the effects of foreign currency translation adjustments. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Research and Development expenses: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company engages in research and development activities to identify new applications for its core technologies, to improve existing products and to improve manufacturing processes to achieve cost reductions and manufacturing efficiencies.  Research and development costs include direct labor, manufacturing overhead, direct materials and contracted services.  Such costs are expensed as incurred. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Income Taxes: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company recognizes deferred tax liabilities and assets based on the expected future tax consequences of events that have been included in the financial statements or tax returns.  Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Valuation allowances are established and adjusted when necessary to increase or reduce deferred tax assets to the amount expected to be realized. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company analyzes its tax positions under accounting standards which prescribe recognition thresholds that must be met before a tax benefit is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.  An entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold.  When and if the Company were to recognize interest or penalties related to income taxes, it would be reported net of the federal tax benefit in the tax provision. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Earnings Per Share: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding.  Diluted earnings per share are computed by dividing net earnings by the sum of the weighted average number of shares of common stock and the if-converted effect of unexercised stock options and stock appreciation rights. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Fair Values of Financial Instruments: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Cash and cash equivalents and short-term credit obligations are reflected in the accompanying consolidated balance sheets at amounts considered by management to reasonably approximate fair value based upon the nature of the instrument and current market conditions.  Management is not aware of any factors that would significantly affect the value of these amounts.  The Company also has an investment in a privately-held company, Morion, Inc. (“Morion”).  The Company is unable to reasonably estimate a fair value for this investment. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Foreign Operations and Foreign Currency Adjustments: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company maintains manufacturing operations in Belgium and the People’s Republic of China. The Company is vulnerable to currency risks in these countries.  The local currency is the functional currency of each of the Company’s non-U.S. subsidiaries.  No foreign currency gains or losses are recorded on intercompany transactions since they are effected at current rates of exchange.  The results of operations of foreign subsidiaries, when translated into U.S. dollars, reflect the average rates of exchange for the periods presented.  The balance sheets of foreign subsidiaries, except for equity accounts which are translated at historical rates, are translated into U.S. dollars at the rates of exchange in effect on the date of the balance sheet.  As a result, similar results in local currency can vary upon translation into U.S. dollars if exchange rates fluctuate significantly from one period to the next. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Equity-based Compensation: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company values its share-based payment transactions using the Black-Scholes valuation model. Such value is recognized as expense on a straight-line basis over the service period of the awards, which is generally the vesting period, net of estimated forfeitures. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The weighted average fair value of each option or stock appreciation right (“SAR”) has been estimated on the date of grant using the Black-Scholes option pricing model with the following range of weighted average assumptions used for grants: </div> <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="26%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">Years ended April 30</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Expected volatility </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">35</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">34</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Dividend yield </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">0.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">0.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Risk-free interest rate </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.3pt"> 1.50% and 2.38 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.3pt"> 2.45% to 2.50 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Expected lives </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.3pt"> 5.0 and 8.5 years </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.3pt"> 8.5 years </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The expected life assumption was determined based on the Company’s historical experience as well as the term of recent SAR agreements.  The expected volatility assumption was based on the historical volatility of the Company’s common stock.  The dividend yield assumption was determined based upon the Company’s past history of dividend payments and the Company’s current decision to suspend payment of dividends.  The risk-free interest rate assumption was determined using the implied yield currently available for zero-coupon U.S. Government issues with a remaining term equal to the expected life of the stock options or SARs. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Concentration of Credit Risk </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents and trade receivables.  The Company maintains accounts at several commercial banks at which the balances exceed Federal Deposit Insurance Corporation limits.  The Company has not experienced any losses on such amounts.  Concentration of credit risk with respect to trade receivables is generally diversified due to the large number of entities comprising the Company’s customer base and their dispersion across geographic areas principally within the United States.  The Company routinely addresses the financial strength of its customers and, as a consequence, believes that its receivable credit risk exposure is limited.  The Company does not require customers to post collateral. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> New Accounting Pronouncements: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606).  ASU 2014-09 eliminates most of the existing industry-specific revenue recognition guidance and significantly expands related disclosures.  The required disclosures will include both quantitative and qualitative information about the amount, timing and uncertainty of revenue from contracts with customers and the significant judgments used.  Entities can retrospectively apply ASU 2014-09 or use an alternative transition method.  In July 2015, the FASB approved a one-year deferral of the effective date of this ASU.  Although the amending ASU has not yet been issued, since it will be amended, this ASU is effective for public companies for annual reporting periods beginning on or after December 15, 2017 and for the Company, must be adopted for its fiscal year 2019 beginning on May 1, 2018.  The Company is in the process of determining the effect that ASU 2014-09 may have on its financial statements. </div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Principles of Consolidation: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The consolidated financial statements include the accounts of Frequency Electronics, Inc. and its wholly-owned subsidiaries (the "Company" or "Registrant").  References to “FEI” are to the parent company alone and do not refer to any of its subsidiaries.  The Company is principally engaged in the design, development and manufacture of precision time and frequency control products and components for microwave integrated circuit applications.  See Note 13 for information regarding the Company’s FEI-NY (which includes the subsidiaries FEI Government Systems, Inc., FEI Communications, Inc., Frequency Electronics, Inc. Asia (“FEI-Asia”) and FEI-Elcom Tech, Inc. (“FEI-Elcom”)), Gillam-FEI, and FEI-Zyfer business segments.  Intercompany accounts and significant intercompany transactions are eliminated in consolidation.  To accommodate the different fiscal periods of Gillam-FEI, the Company recognizes its share of net income or loss on a one month lag.  Any material events which may occur during the intervening month at Gillam-FEI will be accounted for in the consolidated financial statements. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> These financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) and require management to make estimates and assumptions that affect amounts reported and disclosed in the financial statements and related notes.  Actual results could differ from these estimates.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Reclassifications: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Certain prior year amounts have been reclassified to conform to current year presentation.  These reclassifications had no effect on reported consolidated earnings.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Cash Equivalents: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company considers certificates of deposit and other highly liquid investments with maturities of three months or less when purchased to be cash equivalents.  The Company places its temporary cash investments with high credit quality financial institutions.  Such investments may be in excess of the FDIC insurance limit.  No losses have been experienced on such investments.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Marketable Securities: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Marketable securities consist of investments in common stocks, including exchange-traded funds, corporate debt securities and debt securities of U.S. Government agencies.  All marketable securities were held in the custody of financial institutions; three and four institutions at April 30, 2015 and 2014, respectively.  Investments in debt and equity securities are categorized as available for sale and are carried at fair value, with unrealized gains and losses excluded from income and recorded directly to stockholders' equity.  The Company recognizes gains or losses when securities are sold using the specific identification method.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Allowance for Doubtful Accounts: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Losses from uncollectible accounts receivable are provided for by utilizing the allowance for doubtful accounts method based upon management’s estimate of uncollectible accounts.  Management analyzes accounts receivable and the potential for bad debts, customer concentrations, credit worthiness, current economic trends and changes in customer payment terms when evaluating the amount recorded for the allowance for doubtful accounts.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Property, Plant and Equipment: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Property, plant and equipment are recorded at cost and include interest on funds borrowed to finance construction.  Expenditures for renewals and betterments are capitalized; maintenance and repairs are charged to income when incurred.  When fixed assets are sold or retired, the cost and related accumulated depreciation and amortization are eliminated from the respective accounts and any gain or loss is credited or charged to income. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> If events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, the Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition.  If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the long-lived asset, an impairment loss is recognized.  To date, no impairment losses have been recognized.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Depreciation and Amortization: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Depreciation of fixed assets is computed on the straight-line method based upon the estimated useful lives of the assets (40 years for buildings and 3 to 10 years for other depreciable assets).  Leasehold improvements and equipment acquired under capital leases are amortized on the straight-line method over the shorter of the term of the lease or the useful life of the related asset. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Amortization of identifiable intangible assets is based upon the expected lives of the assets and is recorded at a rate which approximates the Company’s utilization of the assets.</div>

P40Y

P3Y

P10Y

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Intangible Assets: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Intangible assets consist of the ISO 9000 certification arising from the acquisition of FEI-Elcom in the assignment of fair value to its acquired assets including intangibles.  The certification is valued at fair value and was amortized over the estimated useful life of 3 years from the date of acquisition.</div>

P3Y

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Goodwill: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company records goodwill as the excess of purchase price over the fair value of identifiable net assets acquired.  Goodwill is tested for impairment on at least an annual basis at year end.  When it is determined that the carrying value of goodwill may not be recoverable, the Company writes down the goodwill to an amount commensurate with the revised value of the acquired assets.  The Company measures impairment based on revenue projections, recent transactions involving similar businesses and price/revenue multiples at which they were bought and sold, price/revenue multiples of competitors, and the present market value of publicly-traded companies in the Company’s industry.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Revenue and Cost Recognition: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Revenues under larger, long-term contracts, which generally require billings based on achievement of milestones rather than delivery of product, are reported in operating results using the percentage of completion method.  For U.S. Government and other fixed-price contracts that require initial design and development of the product, revenue is recognized on the cost-to-cost method.  Under this method, revenue is recorded based upon the ratio that incurred costs bear to total estimated contract costs with related cost of sales recorded as the costs are incurred.  Costs and estimated earnings in excess of billings on uncompleted contracts, net of billings on uncompleted contracts in excess of costs and estimated earnings, are included in current assets. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> On production-type orders, revenue is recorded as units are delivered with the related cost of sales recognized on each shipment based upon a percentage of estimated final program costs. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Changes in job performance on long-term and production-type orders may result in revisions to costs and revenue and are recognized in the period in which revisions are determined to be required.  Provisions for the full amount of anticipated losses are made in the period in which they become determinable. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> For customer orders in the Company’s subsidiaries, and smaller contracts or orders in the other business segments, sales of products and services to customers are reported in operating results upon shipment of the product or performance of the services pursuant to terms of the customer order. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Contract costs include all direct material, direct labor costs, manufacturing overhead and other direct costs related to contract performance.  Selling, general and administrative costs are charged to expense as incurred. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> In accordance with industry practice, inventoried costs contain amounts relating to contracts and programs with long production cycles, a portion of which will not be realized within one year. Program costs for which production-level orders cannot be determined as probable are written down in the period in which that assessment is made.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Comprehensive Income: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Comprehensive income consists of net income and other comprehensive income.  Other comprehensive income includes changes in unrealized gains or losses, net of tax, on securities available for sale during the year and the effects of foreign currency translation adjustments.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Research and Development expenses: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company engages in research and development activities to identify new applications for its core technologies, to improve existing products and to improve manufacturing processes to achieve cost reductions and manufacturing efficiencies.  Research and development costs include direct labor, manufacturing overhead, direct materials and contracted services.  Such costs are expensed as incurred.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Income Taxes: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company recognizes deferred tax liabilities and assets based on the expected future tax consequences of events that have been included in the financial statements or tax returns.  Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.  Valuation allowances are established and adjusted when necessary to increase or reduce deferred tax assets to the amount expected to be realized. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company analyzes its tax positions under accounting standards which prescribe recognition thresholds that must be met before a tax benefit is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition.  An entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold.  When and if the Company were to recognize interest or penalties related to income taxes, it would be reported net of the federal tax benefit in the tax provision.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Earnings Per Share: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding.  Diluted earnings per share are computed by dividing net earnings by the sum of the weighted average number of shares of common stock and the if-converted effect of unexercised stock options and stock appreciation rights.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Fair Values of Financial Instruments: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Cash and cash equivalents and short-term credit obligations are reflected in the accompanying consolidated balance sheets at amounts considered by management to reasonably approximate fair value based upon the nature of the instrument and current market conditions.  Management is not aware of any factors that would significantly affect the value of these amounts.  The Company also has an investment in a privately-held company, Morion, Inc. (“Morion”).  The Company is unable to reasonably estimate a fair value for this investment.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Foreign Operations and Foreign Currency Adjustments: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company maintains manufacturing operations in Belgium and the People’s Republic of China. The Company is vulnerable to currency risks in these countries.  The local currency is the functional currency of each of the Company’s non-U.S. subsidiaries.  No foreign currency gains or losses are recorded on intercompany transactions since they are effected at current rates of exchange.  The results of operations of foreign subsidiaries, when translated into U.S. dollars, reflect the average rates of exchange for the periods presented.  The balance sheets of foreign subsidiaries, except for equity accounts which are translated at historical rates, are translated into U.S. dollars at the rates of exchange in effect on the date of the balance sheet.  As a result, similar results in local currency can vary upon translation into U.S. dollars if exchange rates fluctuate significantly from one period to the next.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Equity-based Compensation: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company values its share-based payment transactions using the Black-Scholes valuation model. Such value is recognized as expense on a straight-line basis over the service period of the awards, which is generally the vesting period, net of estimated forfeitures. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The weighted average fair value of each option or stock appreciation right (“SAR”) has been estimated on the date of grant using the Black-Scholes option pricing model with the following range of weighted average assumptions used for grants: </div> <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="26%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">Years ended April 30</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Expected volatility </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">35</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">34</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Dividend yield </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">0.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">0.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Risk-free interest rate </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.3pt"> 1.50% and 2.38 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.3pt"> 2.45% to 2.50 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Expected lives </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.3pt"> 5.0 and 8.5 years </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.3pt"> 8.5 years </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The expected life assumption was determined based on the Company’s historical experience as well as the term of recent SAR agreements.  The expected volatility assumption was based on the historical volatility of the Company’s common stock.  The dividend yield assumption was determined based upon the Company’s past history of dividend payments and the Company’s current decision to suspend payment of dividends.  The risk-free interest rate assumption was determined using the implied yield currently available for zero-coupon U.S. Government issues with a remaining term equal to the expected life of the stock options or SARs.</div>

<div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">New Accounting Pronouncements: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606).  ASU 2014-09 eliminates most of the existing industry-specific revenue recognition guidance and significantly expands related disclosures.  The required disclosures will include both quantitative and qualitative information about the amount, timing and uncertainty of revenue from contracts with customers and the significant judgments used.  Entities can retrospectively apply ASU 2014-09 or use an alternative transition method.  In July 2015, the FASB approved a one-year deferral of the effective date of this ASU.  Although the amending ASU has not yet been issued, since it will be amended, this ASU is effective for public companies for annual reporting periods beginning on or after December 15, 2017 and for the Company, must be adopted for its fiscal year 2019 beginning on May 1, 2018.  The Company is in the process of determining the effect that ASU 2014-09 may have on its financial statements.</div>

The weighted average fair value of each option or stock appreciation right (“SAR”) has been estimated on the date of grant using the Black-Scholes option pricing model with the following range of weighted average assumptions used for grants: <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="26%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">Years ended April 30</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Expected volatility </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">35</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">34</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Dividend yield </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">0.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">0.0</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Risk-free interest rate </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.3pt"> 1.50% and 2.38 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.3pt"> 2.45% to 2.50 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">%</td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Expected lives </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.3pt"> 5.0 and 8.5 years </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%" style="TEXT-ALIGN: right"> <div style="TEXT-ALIGN: right; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 1.3pt"> 8.5 years </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> </table>

0.35

0.34

0.000

0.0150

0.0238

0.0245

0.0250

P5Y

P8Y6M

271500

270875

Reconciliations of the weighted average shares outstanding for basic and diluted Earnings Per Share are as follows: <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="26%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">Years ended April 30,</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Basic EPS Shares outstanding (weighted average) </div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">8,610,950</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">8,526,576</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Effect of Dilutive Securities </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">298,808</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">290,381</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Diluted EPS Shares outstanding </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">8,909,758</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">8,816,957</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

8610950

8526576

298808

290381

8909758

8816957

46800000

43200000

400000 At April 30, 2015 and 2014, costs and estimated earnings in excess of billings, net, consist of the following: <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">2015</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center">2014</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-ALIGN: center"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center"> </td> <td colspan="6" valign="bottom" width="26%" style="TEXT-ALIGN: center">(in thousands)</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt" align="justify"> Costs and estimated earnings in excess of billings </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">14,057</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">11,965</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt" align="justify"> Billings in excess of costs and estimated earnings </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,128</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,526</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 36pt" align="justify"> Net asset </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">12,929</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">10,439</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

14057000

11965000

1128000

1526000

32000000

33400000

5400000

7100000

800000

700000

Inventories at April 30, 2015 and 2014, respectively, consisted of the following (in thousands): <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.1pt" align="center"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Raw Materials and Component Parts </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">24,274</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">24,986</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Work in Progress </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">9,948</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">12,385</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Finished Goods </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">4,017</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">3,856</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">38,239</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">41,227</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

24274000

24986000

9948000

12385000

4017000

3856000

2828000

2309000

1017000

940000

800000

P5Y

32000

28000

P1Y

6800

27850

30400

P28M

P9Y

P3Y

1000

1500000

290000

380000

Property, plant and equipment at April 30, 2015 and 2014, consists of the following (in thousands): <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 8.1pt" align="center"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 3.6pt" align="center"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Buildings and building improvements </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">5,224</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">5,976</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Machinery, equipment and furniture </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">52,987</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">49,651</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">58,211</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">55,627</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Less, accumulated depreciation </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">45,525</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">44,387</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">12,686</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">11,240</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

5224000

5976000

52987000

49651000

58211000

55627000

45525000

44387000

Future minimum lease payments required by the operating leases are as follows (in thousands): <table cellpadding="0" cellspacing="0" width="50%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="36%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt"> Years ending </div> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt"> April 30, </div> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt"> Operating Leases </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="36%" style="TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt"> 2016 </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,484</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="36%" style="TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt"> 2017 </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,174</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="36%" style="TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt"> 2018 </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">925</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="36%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt"> 2019 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">600</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="36%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Total future minimum lease payments </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">4,183</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

1484000

1174000

925000

600000

4183000

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> 6.  Marketable Securities </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale securities at April 30, 2015 and 2014 are as follows (in thousands): </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">April 30, 2015</td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> </tr> <tr> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">  </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Cost </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Gross Unrealized Gains </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Gross Unrealized Losses </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Fair Market Value </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="44%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Fixed income securities </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,379</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">104</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(16</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,467</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="44%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Equity securities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">7,018</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">834</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(133</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">7,719</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="44%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">10,397</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">938</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(149</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">11,186</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">April 30, 2014</td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> </tr> <tr> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">  </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Cost </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Gross Unrealized Gains </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Gross Unrealized Losses </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Fair Market Value </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="44%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Fixed income securities </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">8,927</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">116</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(36</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">9,007</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="44%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Equity securities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">6,267</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">909</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(153</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">7,023</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="44%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">15,194</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">1,025</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(189</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">16,030</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The following table presents the fair value and unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous unrealized loss position: </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="28%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">   </div> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Less than 12 months </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 12 Months or more </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Total </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> </tr> <tr> <td valign="bottom" width="28%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">  </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Fair Value </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Unrealized Losses </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Fair Value </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Unrealized Losses </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Fair Value </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Unrealized Losses </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="28%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt"> April 30, 2015 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Fixed Income Securities </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">96</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">(1</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">461</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">(15</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">557</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">(16</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Equity Securities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">3,323</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(133</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">3,323</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(133</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="28%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">3,419</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(134</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">461</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(15</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">3,880</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(149</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> </tr> <tr> <td valign="bottom" width="28%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt"> April 30, 2014 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Fixed Income Securities </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">501</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">(3</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">448</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">(33</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">949</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">(36</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Equity Securities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">366</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">925</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(152</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">1,291</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(153</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="28%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">867</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">1,373</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(185</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">2,240</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(189</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> </tr> </table> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company regularly reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment.  The Company does not believe that its investments in marketable securities with unrealized losses at April 30, 2015 are other-than-temporary due to market volatility of the security’s fair value, analysts’ expectations and the Company’s ability to hold the securities for a period of time sufficient to allow for any anticipated recoveries in market value. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Proceeds from the sale or redemption of available-for-sale securities and the resulting gross realized gains and losses included in the determination of net income (loss) are as follows (in thousands): </div> <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="6" valign="bottom" width="26%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> For the years ended April 30, </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">   </div> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Proceeds </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">7,271</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">4,993</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Gross realized gains </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">571</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">367</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Gross realized losses </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(5</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Maturities of fixed income securities classified as available-for-sale at April 30, 2015 are as follows (at cost, in thousands): </div> <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr style="background-color: #cceeff;"> <td valign="bottom" width="61%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Current </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">251</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="61%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Due after one year through five years </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,308</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="61%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Due after five years through ten years </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">1,820</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="61%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">3,379</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The fair value accounting framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value.  The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The three levels of the fair value hierarchy are described below: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt"> Level 1 Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt"> Level 2 Inputs to the valuation methodology include: </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt">   - Quoted prices for similar assets or liabilities in active markets; </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt">   - Quoted prices for identical or similar assets or liabilities in inactive markets </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt">   - Inputs other than quoted prices that are observable for the asset or liability; </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt">   - Inputs that are derived principally from or corroborated by observable market data by correlation or other means. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 27pt; MARGIN-RIGHT: 0pt"> Level 3 Inputs to the valuation methodology are unobservable and significant to the fair value measurement. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.  Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.  All of the Company’s investments in marketable securities are Level 1 assets. </div>

The cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale securities at April 30, 2015 and 2014 are as follows (in thousands): <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">April 30, 2015</td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> </tr> <tr> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">  </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Cost </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Gross Unrealized Gains </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Gross Unrealized Losses </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Fair Market Value </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="44%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Fixed income securities </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,379</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">104</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(16</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,467</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="44%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Equity securities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">7,018</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">834</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(133</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">7,719</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="44%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">10,397</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">938</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(149</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">11,186</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> </td> <td colspan="14" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">April 30, 2014</td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> </tr> <tr> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">  </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Cost </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Gross Unrealized Gains </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Gross Unrealized Losses </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Fair Market Value </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="44%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Fixed income securities </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">8,927</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">116</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(36</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">9,007</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="44%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Equity securities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">6,267</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">909</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(153</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">7,023</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="44%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">15,194</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">1,025</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(189</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">16,030</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

3379000

104000

-16000

3467000

7018000

834000

-133000

7719000

10397000

938000

-149000

11186000

8927000

116000

-36000

9007000

6267000

909000

-153000

7023000

15194000

1025000

-189000

16030000

The following table presents the fair value and unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous unrealized loss position: <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="28%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">   </div> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Less than 12 months </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 12 Months or more </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="6" valign="bottom" width="22%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Total </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> </tr> <tr> <td valign="bottom" width="28%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">  </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Fair Value </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Unrealized Losses </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Fair Value </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Unrealized Losses </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Fair Value </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Unrealized Losses </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="28%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt"> April 30, 2015 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Fixed Income Securities </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">96</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">(1</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">461</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">(15</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">557</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">(16</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Equity Securities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">3,323</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(133</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">3,323</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(133</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="28%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">3,419</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(134</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">461</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(15</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">3,880</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(149</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> </tr> <tr> <td valign="bottom" width="28%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt"> April 30, 2014 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Fixed Income Securities </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">501</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">(3</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">448</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">(33</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">949</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right">(36</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Equity Securities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">366</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">925</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(152</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">1,291</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(153</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="28%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">867</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">1,373</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(185</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">2,240</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(189</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> </tr> </table>

96000

-1000

461000

-15000

557000

-16000

3323000

-133000

3323000

-133000

3419000

-134000

461000

-15000

3880000

-149000

501000

-3000

448000

-33000

949000

-36000

366000

-1000

925000

-152000

1291000

-153000

867000

-4000

1373000

-185000

2240000

-189000

Proceeds from the sale or redemption of available-for-sale securities and the resulting gross realized gains and losses included in the determination of net income (loss) are as follows (in thousands): <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="6" valign="bottom" width="26%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> For the years ended April 30, </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">   </div> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Proceeds </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">7,271</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">4,993</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Gross realized gains </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">571</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">367</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Gross realized losses </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">(5</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

7271000

4993000

571000

367000

5000

Maturities of fixed income securities classified as available-for-sale at April 30, 2015 are as follows (at cost, in thousands): <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr style="background-color: #cceeff;"> <td valign="bottom" width="61%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Current </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">251</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="61%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Due after one year through five years </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,308</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="61%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Due after five years through ten years </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">1,820</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="61%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">3,379</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

251000

1308000

1820000

3379000

25000000

2300000

6400000

Pursuant to the Credit Agreement, the amount of Tranche A borrowings may not exceed the value of the Pledged Investments (as defined in the Credit Agreement). The amount of Tranche B borrowings may not exceed the lesser of (i) $15.0 million and (ii) the Borrowing Base (as defined in the Credit Agreement).

15000000

The Facility is fully guaranteed by certain of the Company’s subsidiaries and is secured by, among other things, a pledge of substantially all personal property of the Company and certain of the Company’s subsidiaries.

0.0075

0.0175

0.009305

0.01235

2018-06-05

0.001

250000

275000

Borrowings under the bank credit line, if any, must be repaid within one year of receipt of funds

0.010

0.0112

0.01235

<div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 8.   Accrued Liabilities </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Accrued liabilities at April 30, 2015 and 2014 consist of the following (in thousands): </div> <table cellpadding="0" cellspacing="0" width="75%" style="TEXT-ALIGN: center; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr style="TEXT-ALIGN: center;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Vacation and other compensation </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,633</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,761</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Incentive compensation </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,302</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,389</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Payroll taxes </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,012</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,613</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Deferred revenue </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">720</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,023</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Warranty reserve </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">617</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">617</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Cost conversion </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">450</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Commissions </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">407</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">287</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Other </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">489</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">671</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">6,630</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">7,361</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

Accrued liabilities at April 30, 2015 and 2014 consist of the following (in thousands): <table cellpadding="0" cellspacing="0" width="75%" style="TEXT-ALIGN: center; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr style="TEXT-ALIGN: center;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Vacation and other compensation </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,633</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,761</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Incentive compensation </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,302</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,389</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Payroll taxes </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,012</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,613</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Deferred revenue </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">720</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,023</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Warranty reserve </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">617</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">617</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Cost conversion </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">450</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Commissions </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">407</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">287</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Other </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">489</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">671</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">6,630</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">7,361</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

1633000

1761000

1302000 1389000

1012000

1613000

720000

1023000

617000

450000 0

407000

287000

489000

671000

0.046

201000

213000

615000

1044000

145000

23000

The agreement requires the Company to supply production equipment and parts and to provide training to Morion employees to enable Morion to achieve certain levels of volume production of rubidium oscillators.

2700000 0.05

P5Y

400000

925000

500000

736000

925000

218000

398000

275000

73000

91000

40324

41775

485000

466000

302000

277000

467975

853601

1300000

P4Y

P10Y

P5Y

37500

6.67

20000

17500

6.67

8638

7276

172500

95000

13.15

57000

38000

6931

58000

15569

42431

1950000

1603000

1131000

8.27

147500

70675

76825

1071000

P1Y6M

244625

268875

1053000

993000

4.45

4.57

394000

426000

683000

679000

200000

182000

350000

30000

14.76

375000

7500

4.00

561652

510000

1071652

385626

Under these agreements, each key employee receives specified retirement payments for the remainder of the employee's life with a minimum payment of ten years' benefits to either the employee or his beneficiaries. The agreements also provide for lump sum payments upon termination of employment without cause and reduced benefits upon early retirement.

1038000

780000

The following table summarizes information about stock option and stock appreciation rights activity for the years ended April 30: <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="45%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="11" valign="bottom" width="53%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">Stock Options and Stock Appreciation Rights</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> </tr> <tr> <td valign="bottom" width="45%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">   </div> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Shares </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Weighted- Average </div> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Exercise Price </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Weighted-Average Remaining </div> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Contractual Term </div> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Aggregate </div> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Intrinsic Value </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="45%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Outstanding – April 30, 2013 </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,708,625</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">8.23</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="13%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 6.1 years </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="45%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Granted </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">212,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">10.30</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="13%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="45%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Exercised </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(196,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">7.16</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="13%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="45%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Expired or Canceled </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(2,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">10.06</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="13%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="45%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Outstanding – April 30, 2014 </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,722,625</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">8.60</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="13%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 6.0 years </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="45%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Granted </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">145,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">13.02</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="13%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="45%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Exercised </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(205,500</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">7.72</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="13%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="45%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Expired or Canceled </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(59,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px">14.32</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="13%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="45%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Outstanding – April 30, 2015 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">1,603,125</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">8.90</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 5.8 years </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">6,952,378</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> <tr> <td valign="bottom" width="45%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Exercisable </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">1,131,375</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">8.27</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 4.8 years </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px">5,619,840</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="45%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Available for future grants </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">71,572</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="13%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

1708625

8.23

P6Y36D

212000

10.30

-196000

7.16

-2000

10.06

1722625

8.60

P6Y

145000

13.02

-205500

7.72

-59000

14.32

1603125

8.90

P5Y292D

6952378

1131375

8.27

P4Y292D

5619840

71572

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> 12.  Income Taxes </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The income before provision for income taxes consisted of (in thousands): </div> <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="26%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Year Ended April 30, </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">   </div> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> U.S. </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">6,201</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">7,565</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Foreign </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,665</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,265</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">4,536</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">6,300</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The provision for income taxes consists of the following (in thousands): </div> <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Current: </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Federal </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,170</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,190</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Foreign </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> State </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">260</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">230</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 27pt"> <div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Current provision </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">2,430</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">2,420</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Deferred: </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Federal </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(560</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(280</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Foreign </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(630</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(103</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> State </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(290</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">120</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 27pt"> <div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Deferred benefit </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,480</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(263</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Change in valuation allowance </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">760</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">103</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Total provision </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">1,710</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">2,260</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The following table reconciles the reported income tax expense with the amount computed using the federal statutory income tax rate (in thousands): </div> <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Computed "expected" tax expense </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,542</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,142</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> State and local tax, net of federal benefit </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(126</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">214</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Valuation allowance on deferred tax assets </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">760</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">103</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Foreign losses without tax benefit </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">73</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">222</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Nondeductible expenses </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">112</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">199</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Nontaxable life insurance cash value increase </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(119</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(151</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Tax credits </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(191</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(203</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 24.3pt" align="justify"> Other items, net, none of which individually exceeds 5% of federal taxes at statutory rates </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(341</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(266</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">1,710</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">2,260</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The components of deferred taxes are as follows (in thousands): </div> <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Deferred tax assets: </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Employee benefits </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">7,400</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">6,860</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Inventory </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,580</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,750</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Accounts receivable </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">570</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">570</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Tax credits </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">860</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">770</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Other liabilities </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">200</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">240</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Net operating loss carryforwards </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">3,230</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">3,130</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Total deferred tax asset </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">13,840</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">13,320</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Deferred tax liabilities: </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Marketable securities </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">270</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">280</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Property, plant and equipment </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">820</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">1,050</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Net deferred tax asset </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">12,750</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">11,990</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Valuation allowance </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(2,390</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(2,120</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 45pt"> <div style="TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Net deferred tax assets </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">10,360</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">9,870</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Net deferred tax assets are comprised of the following (in thousands): </div> <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Gross current assets </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,350</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,600</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Valuation allowance </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Current liabilities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(350</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(380</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Net current deferred tax assets </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,220</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Gross noncurrent assets </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">10,700</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">9,940</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Valuation allowance </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(2,390</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(2,120</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Noncurrent liabilities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(950</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,170</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Net noncurrent deferred tax assets </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">7,360</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">6,650</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">    Net deferred tax assets </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">10,360</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">9,870</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The total valuation allowance relates to deferred tax assets of both domestic and foreign subsidiaries.  The change in valuation allowance during the year ended April 30, 2015 was an increase of $270,000, which consists of the $760,000 deferred tax provision less a foreign exchange adjustment of $490,000.  For the year ended April 30, 2014, the change in valuation allowance was an increase of $220,000 which consists of the $103,000 deferred tax provision plus a foreign exchange adjustment of $117,000. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> At April 30, 2015, the Company has available approximately $4.2 million in net operating losses available to offset future income of certain of its foreign subsidiaries.  These loss carryforwards have no expiration date.  As a result of the acquisition of FEI-Elcom, the Company has a federal net operating loss carryforward of $5.1 million which may be applied in annually limited amounts to offset future U.S.-sourced taxable income over the next 17 years. </div> <div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> The Company has evaluated its tax positions and has concluded that the tax positions meet the more-likely-than-not recognition threshold as specified under accounting standards.  It is difficult to predict what would occur to change the Company’s unrecognized tax benefits over the next twelve months.  The Company believes, however, that there should be no change during the next twelve months. </div>

270000

760000

-490000

220000

103000

-117000

4200000

5100000

1 million which may be applied in annually limited amounts to offset future U.S.-sourced taxable income over the next 17 years

The income before provision for income taxes consisted of (in thousands): <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="26%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Year Ended April 30, </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">   </div> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> U.S. </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">6,201</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">7,565</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Foreign </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,665</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,265</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">4,536</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">6,300</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

6201000

7565000

-1665000

-1265000

The provision for income taxes consists of the following (in thousands): <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Current: </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Federal </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,170</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,190</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Foreign </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> State </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">260</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">230</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 27pt"> <div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Current provision </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">2,430</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">2,420</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Deferred: </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Federal </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(560</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(280</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Foreign </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(630</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(103</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> State </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(290</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">120</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 27pt"> <div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Deferred benefit </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,480</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(263</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Change in valuation allowance </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">760</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">103</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Total provision </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">1,710</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">2,260</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

2170000

2190000

260000

230000

2430000

2420000

-560000

-280000

-630000

-103000

-290000

120000

-1480000

-263000

-760000

-103000

The following table reconciles the reported income tax expense with the amount computed using the federal statutory income tax rate (in thousands): <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Computed "expected" tax expense </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,542</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,142</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> State and local tax, net of federal benefit </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(126</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">214</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Valuation allowance on deferred tax assets </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">760</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">103</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Foreign losses without tax benefit </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">73</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">222</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Nondeductible expenses </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">112</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">199</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Nontaxable life insurance cash value increase </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(119</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(151</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Tax credits </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(191</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(203</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 24.3pt" align="justify"> Other items, net, none of which individually exceeds 5% of federal taxes at statutory rates </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(341</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(266</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">1,710</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">2,260</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

1542000

2142000

-126000

214000

760000

103000

73000

222000

112000

199000

-119000

-151000

191000

203000

341000

266000

0.05 0.05

The components of deferred taxes are as follows (in thousands): <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Deferred tax assets: </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Employee benefits </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">7,400</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">6,860</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Inventory </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,580</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,750</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Accounts receivable </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">570</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">570</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Tax credits </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">860</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">770</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Other liabilities </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">200</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">240</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Net operating loss carryforwards </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">3,230</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">3,130</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Total deferred tax asset </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">13,840</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">13,320</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Deferred tax liabilities: </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Marketable securities </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">270</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">280</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Property, plant and equipment </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">820</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">1,050</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Net deferred tax asset </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">12,750</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">11,990</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Valuation allowance </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(2,390</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(2,120</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 45pt"> <div style="TEXT-INDENT: 45pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Net deferred tax assets </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">10,360</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">9,870</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table><table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Gross current assets </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,350</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,600</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Valuation allowance </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Current liabilities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(350</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(380</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Net current deferred tax assets </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,220</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Gross noncurrent assets </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">10,700</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">9,940</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Valuation allowance </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(2,390</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(2,120</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Noncurrent liabilities </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(950</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,170</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify">    Net noncurrent deferred tax assets </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">7,360</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">6,650</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify">    Net deferred tax assets </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">10,360</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">9,870</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

7400000

6860000

1580000

1750000

570000

860000

770000

200000

240000

3230000

3130000

13840000

13320000

270000

280000

820000

1050000

12750000 11990000

2390000

2120000

10360000

9870000

3350000

3600000

350000

380000

3000000

3220000

10700000

9940000

2390000

2120000

950000

1170000

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt" align="justify"> 13.  Segment Information </div> <div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt" align="justify"> The Company operates under three reportable segments based on the geographic locations of its subsidiaries: </div> <table cellpadding="0" cellspacing="0" id="list-0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 63pt"> <div> (1)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> FEI-NY – operates out of New York and its operations consist principally of precision time and frequency control products used in three principal markets- communication satellites (both commercial and U.S. Government-funded); terrestrial cellular telephone or other ground-based telecommunication stations and other components and systems for the U.S. military. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-1" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 63pt"> <div> (2)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Gillam-FEI - operates out of Belgium and France and primarily sells wireline synchronization and network management systems in non-U.S. markets.  All sales from Gillam-FEI to the United States are to other segments of the Company. </div> </td> </tr> </table> <table cellpadding="0" cellspacing="0" id="list-2" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td align="right" style="WIDTH: 63pt"> <div> (3)   </div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> FEI-Zyfer – operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications.  This segment also provides sales and support for the Company’s wireline telecommunications family of products, including US5G, which are sold in the United States market. </div> </td> </tr> </table> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The FEI-NY segment also includes the operations of the Company’s wholly-owned subsidiaries, FEI-Elcom and FEI-Asia.  FEI-Asia functions as a manufacturing facility for the FEI-NY segment with historically minimal sales to outside customers.  Beginning in late fiscal year 2014, FEI-Asia began shipping higher volumes of product to third parties as a contract manufacturer.  FEI-Elcom, in addition to its own product line, provides design and technical support for the FEI-NY segment’s satellite business. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company’s Chief Executive Officer measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of customers or end-users.  Consequently, the Company determined that the segments indicated above most appropriately reflect the way the Company’s management views the business. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The accounting policies of the three segments are the same as those described in the “Summary of Significant Accounting Policies.”  The Company evaluates the performance of its segments and allocates resources to them based on operating profit which is defined as income before investment income, interest expense and taxes.  The European-based director of Gillam-FEI and the president of FEI-Zyfer manage the assets of these segments.  All acquired assets, including intangible assets, are included in the assets of these two segments. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The table below presents information about reported segments for each of the years ended April 30 with reconciliation of segment amounts to consolidated amounts as reported in the statement of operations or the balance sheet for each of the years (in thousands): </div> <table align="center" cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Net revenues: </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-NY </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">61,905</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">55,772</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Gillam-FEI </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">8,026</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">**</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">9,995</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">**</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-Zyfer </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">9,215</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">7,990</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> less intersegment revenues </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(2,582</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)**</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(2,207</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)**</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Consolidated revenues </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">76,564</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">71,550</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <table align="center" cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Operating profit (loss): </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-NY </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">4,809</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">6,403</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Gillam-FEI </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(1,706</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)**</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(520</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)**</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-Zyfer </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">961</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(626</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Corporate </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(389</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(384</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Consolidated operating profit </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">3,675</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">4,873</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-4" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 218px"> <div>   </div> </td> <td width="1667"> <div align="justify"> **For fiscal years ended April 30, 2015 and 2014, includes Gillam-FEI intersegment sales of $1.5 million and $1.6 million, respectively, to the FEI-NY and FEI-Zyfer segments.  Such sales consist principally of design and development of automatic test equipment for satellite hardware production and manufacture of assemblies and units of a wireline synchronization product for ultimate production and sale in the U.S.  In the Gillam-FEI segment, these transactions reduced the operating loss in each of the fiscal years. </div> </td> </tr> </table> <table align="center" cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify">   </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Identifiable assets: </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-NY (approximately $3 million in China) </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">63,541</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">62,969</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Gillam-FEI (all in Belgium or France) </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">9,878</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">19,595</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-Zyfer </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">11,088</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">11,220</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> less intersegment receivables </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(8,775</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(19,819</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Corporate </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">42,093</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">45,496</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Consolidated identifiable assets </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">117,825</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">119,461</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Depreciation and amortization (allocated): </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-NY </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,562</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,021</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Gillam-FEI </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">208</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">261</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-Zyfer </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">159</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">174</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Corporate </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">15</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">15</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Consolidated depreciation and amortization expense </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">2,944</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">2,471</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Major Customers </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company's products are sold to both commercial and governmental customers.  For the years ended April 30, 2015 and 2014, approximately 47% and 54% respectively, of the Company's sales were made under contracts to the U.S. Government or subcontracts for U.S. Government end-use. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> In fiscal year 2015, sales to three customers of the FEI-NY segment aggregated $33.1 million or 53% of that segment’s total sales.  Each of these customers also exceeded 10% of the Company’s consolidated revenues.  During the year ended April 30, 2015, in the Gillam-FEI segment, sales to one customer exceeded 10% of that segment’s revenues.  In the FEI-Zyfer segment, two customers accounted for more than 10% of that segment’s sales.   None of the customers in the Gillam-FEI and FEI-Zyfer segments accounted for more than 10% of consolidated revenues. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> In fiscal year 2014, sales to two customers of the FEI-NY segment aggregated $29.4 million or 53% of that segment’s total sales.  Each of these customers also exceeded 10% of the Company’s consolidated revenues.  During the year ended April 30, 2014, in the Gillam-FEI segment, sales to one customer exceeded 10% of that segment’s revenues.  In the FEI-Zyfer segment, one customer accounted for more than 10% of that segment’s sales.  None of the customers in the Gillam-FEI and FEI-Zyfer segments accounted for more than 10% of consolidated revenues. </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The loss by the Company of any one of these customers would have a material adverse effect on the Company’s business.  The Company believes its relationship with these customers to be mutually satisfactory.  Sales to major customers above can include commercial and governmental end users. </div> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Foreign Sales </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> Revenues in each of the Company’s segments include sales to foreign governments or to companies located in foreign countries.  Revenues, based on the location of the procurement entity and excluding intersegment sales, were derived from the following countries: </div> <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="6" valign="bottom" width="26%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> (in thousands) </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">  </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> France </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">10,937</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">8,932</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Belgium </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,971</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">5,719</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> China </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">4,493</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">492</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Germany </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,076</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">60</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Russia </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">638</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,046</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Other </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">2,446</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">2,428</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">23,561</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">18,677</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

1500000

1600000

0.47

0.54

33100000

0.53

two customers accounted for more than 10% of that segment’s sales

29400000

0.53

Each of these customers also exceeded 10% of the Company’s consolidated revenues

Each of these customers also exceeded 10% of the Company’s consolidated revenues.

sales to one customer exceeded 10% of that segment’s revenues

one customer accounted for more than 10% of that segment’s sales

None of the customers in the Gillam-FEI and FEI-Zyfer segments accounted for more than 10% of consolidated revenues.

The table below presents information about reported segments for each of the years ended April 30 with reconciliation of segment amounts to consolidated amounts as reported in the statement of operations or the balance sheet for each of the years (in thousands): <table align="center" cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Net revenues: </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-NY </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">61,905</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">55,772</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Gillam-FEI </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">8,026</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">**</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">9,995</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">**</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-Zyfer </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">9,215</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">7,990</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> less intersegment revenues </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(2,582</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)**</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(2,207</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)**</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.5pt" align="justify"> Consolidated revenues </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">76,564</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">71,550</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

61905000

55772000

8026000

9995000

9215000

7990000

-2582000

-2207000

<table align="center" cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Operating profit (loss): </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-NY </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">4,809</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">6,403</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Gillam-FEI </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(1,706</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)**</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(520</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)**</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-Zyfer </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">961</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(626</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Corporate </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(389</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(384</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Consolidated operating profit </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">3,675</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">4,873</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

4809000

6403000

-1706000

-520000

961000

-626000

-389000

-384000

<table align="center" cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify">   </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Identifiable assets: </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="12%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-NY (approximately $3 million in China) </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">63,541</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">62,969</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Gillam-FEI (all in Belgium or France) </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">9,878</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">19,595</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-Zyfer </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">11,088</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">11,220</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> less intersegment receivables </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(8,775</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(19,819</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Corporate </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">42,093</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">45,496</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 18pt"> <div style="TEXT-INDENT: 18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Consolidated identifiable assets </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">117,825</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">119,461</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

63541000

62969000

9878000

19595000

11088000

11220000

-8775000

-19819000

42093000

45496000

3000000

<table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Depreciation and amortization (allocated): </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-NY </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,562</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,021</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Gillam-FEI </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">208</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">261</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> FEI-Zyfer </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">159</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">174</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Corporate </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">15</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">15</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px; TEXT-INDENT: 9pt"> <div style="TEXT-INDENT: 9pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Consolidated depreciation and amortization expense </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">2,944</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">2,471</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

2562000

2021000

208000

261000

159000

174000

15000

2944000

2471000

Revenues in each of the Company’s segments include sales to foreign governments or to companies located in foreign countries. Revenues, based on the location of the procurement entity and excluding intersegment sales, were derived from the following countries: <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%">  </td> <td valign="bottom" width="1%"> </td> <td colspan="6" valign="bottom" width="26%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> (in thousands) </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> </tr> <tr> <td valign="bottom" width="47%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">  </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2015 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center; TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> 2014 </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> France </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">10,937</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">8,932</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Belgium </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,971</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">5,719</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> China </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">4,493</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">492</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Germany </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,076</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">60</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Russia </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">638</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,046</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 24.3pt" align="justify"> Other </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">2,446</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">2,428</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">23,561</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">18,677</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

10937000

8932000

3971000

5719000

4493000

492000

1076000

60000

638000

1046000

2446000

2428000

23561000

18677000

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> 14.  Product Warranties </div> <div style="TEXT-ALIGN: justify; TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> The Company generally provides its customers with a one-year warranty regarding the manufactured quality and functionality of its products. For some limited products, the warranty period has been extended. The Company establishes warranty reserves based on its product history, current information on repair costs and annual sales levels. Changes in the carrying amount of accrued product warranty costs are as follows (in thousands): </div> <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td colspan="6" valign="bottom" width="26%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Year Ended April 30, </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 2015 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 2014 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Balance at beginning of year </div> </td> <td valign="bottom" width="1%">  </td> <td align="left" valign="bottom" width="1%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> $ </div> </td> <td align="right" valign="bottom" width="11%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 617 </div> </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="1%">  </td> <td align="left" valign="bottom" width="1%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> $ </div> </td> <td align="right" valign="bottom" width="11%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 598 </div> </td> <td valign="bottom" width="1%">  </td> </tr> <tr> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Warranty costs incurred </div> </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="1%">  </td> <td align="right" valign="bottom" width="11%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> (296 </div> </td> <td align="left" valign="bottom" width="1%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> ) </div> </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="1%">  </td> <td align="right" valign="bottom" width="11%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> (339 </div> </td> <td align="left" valign="bottom" width="1%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> ) </div> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Product warranty accrual </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">  </td> <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 296 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">  </td> <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 358 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> </tr> <tr> <td align="left" valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Balance at end of year </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">  </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> $ </div> </td> <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 617 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">  </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> $ </div> </td> <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 617 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">  </td> </tr> </table>

The Company generally provides its customers with a one-year warranty regarding the manufactured quality and functionality of its products. For some limited products, the warranty period has been extended.

Changes in the carrying amount of accrued product warranty costs are as follows (in thousands): <table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td colspan="6" valign="bottom" width="26%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> Year Ended April 30, </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> </tr> <tr> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 2015 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> 2014 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Balance at beginning of year </div> </td> <td valign="bottom" width="1%">  </td> <td align="left" valign="bottom" width="1%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> $ </div> </td> <td align="right" valign="bottom" width="11%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 617 </div> </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="1%">  </td> <td align="left" valign="bottom" width="1%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> $ </div> </td> <td align="right" valign="bottom" width="11%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 598 </div> </td> <td valign="bottom" width="1%">  </td> </tr> <tr> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Warranty costs incurred </div> </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="1%">  </td> <td align="right" valign="bottom" width="11%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> (296 </div> </td> <td align="left" valign="bottom" width="1%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> ) </div> </td> <td valign="bottom" width="1%">  </td> <td valign="bottom" width="1%">  </td> <td align="right" valign="bottom" width="11%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> (339 </div> </td> <td align="left" valign="bottom" width="1%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> ) </div> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Product warranty accrual </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">  </td> <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 296 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid">  </td> <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 358 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px">  </td> </tr> <tr> <td align="left" valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> Balance at end of year </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">  </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> $ </div> </td> <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 617 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">  </td> <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> $ </div> </td> <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> 617 </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px">  </td> </tr> </table>

598000

-296000

-339000

296000

358000

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt" align="justify"> 15.  Other Comprehensive Income (Loss) </div> <div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"> Changes in Accumulated Other Comprehensive Income (“AOCI”) by component and reclassifications out of AOCI are as follows (in thousands): </div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="49%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="21%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div> Change in Market Value of </div> <div> Marketable Securities </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9pt"> Foreign Currency Translation Adjustment </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9pt"> Total </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%" style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Balance April 30, 2013, net of taxes </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="7%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,420</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,493</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,913</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="49%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt" align="justify"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Items of other comprehensive income (loss) before reclassification, pretax </div> </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="7%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(292</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">505</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">213</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt"> Tax effect </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">130</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">130</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="49%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt" align="justify"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Items of other comprehensive income (loss) before reclassification, net of taxes </div> </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="7%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(162</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">505</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">343</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%" style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Reclassification adjustments, pretax ** </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">(367</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt"> Tax effect </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">125</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(242</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(242</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Total other comprehensive income (loss), net of taxes </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(404</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">505</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">101</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="49%" style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Balance April 30, 2014, net of taxes </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,016</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,998</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">4,014</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt" align="justify"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Items of other comprehensive income (loss) before reclassification, pretax </div> </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">519</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(1,093</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(574</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt"> Tax effect </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(176</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(176</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt" align="justify"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Items of other comprehensive income (loss) before reclassification, net of taxes </div> </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">343</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(1,093</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(750</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="49%" style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Reclassification adjustments, pretax ** </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">(566</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt"> Tax effect </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">192</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(374</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(374</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Total other comprehensive income (loss), net of taxes </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(31</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,093</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,124</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Balance April 30, 2015, net of taxes </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">985</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">1,905</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">2,890</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table> <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent-5" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="WIDTH: 36pt"> <div>   </div> </td> <td> <div align="justify"> **The reclassification adjustments represent net realized gains on the sale or redemption of available-for-sale marketable securities that were reclassified from AOCI to Other income (expense), net. </div> </td> </tr> </table>

Changes in Accumulated Other Comprehensive Income (“AOCI”) by component and reclassifications out of AOCI are as follows (in thousands): <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="49%" style="PADDING-BOTTOM: 2px">  </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="6" valign="bottom" width="21%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div> Change in Market Value of </div> <div> Marketable Securities </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9pt"> Foreign Currency Translation Adjustment </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: center; PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"> <div style="TEXT-ALIGN: center; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 9pt"> Total </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%" style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Balance April 30, 2013, net of taxes </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="7%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,420</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,493</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">3,913</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="49%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt" align="justify"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Items of other comprehensive income (loss) before reclassification, pretax </div> </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="7%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(292</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">505</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">213</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt"> Tax effect </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td colspan="2" valign="bottom" width="7%" style="PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">130</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">130</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="49%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt" align="justify"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Items of other comprehensive income (loss) before reclassification, net of taxes </div> </div> </td> <td valign="bottom" width="1%"> </td> <td colspan="2" valign="bottom" width="7%"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(162</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">505</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">343</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%" style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Reclassification adjustments, pretax ** </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">(367</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt"> Tax effect </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">125</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(242</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(242</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Total other comprehensive income (loss), net of taxes </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(404</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">505</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">101</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> </tr> <tr> <td valign="bottom" width="49%" style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Balance April 30, 2014, net of taxes </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">1,016</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">2,998</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">4,014</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt" align="justify"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Items of other comprehensive income (loss) before reclassification, pretax </div> </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">519</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(1,093</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(574</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt"> Tax effect </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(176</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(176</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt" align="justify"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Items of other comprehensive income (loss) before reclassification, net of taxes </div> </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">343</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(1,093</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right">(750</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> </tr> <tr> <td valign="bottom" width="49%" style="TEXT-ALIGN: left"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Reclassification adjustments, pretax ** </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right">(566</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left">)</td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 28.8pt"> Tax effect </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">192</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(374</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(374</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Total other comprehensive income (loss), net of taxes </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(31</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,093</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right">(1,124</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px">)</td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="49%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <div style="TEXT-ALIGN: left; TEXT-INDENT: -9pt; DISPLAY: block; MARGIN-LEFT: 9pt; MARGIN-RIGHT: 28.8pt"> Balance April 30, 2015, net of taxes </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> </td> <td valign="bottom" width="6%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">985</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">1,905</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left">$</td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right">2,890</td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> </td> </tr> </table>

1420000

2493000

3913000

-292000

505000

213000

130000

505000

343000

367000

-404000

505000

1016000

2998000

519000

-1093000

-574000

-176000

-1093000

-750000

566000

-31000

-1093000

985000

1905000