13. INCOME TAXES:
The Company estimated its effective tax rate to be approximately 32% for the year ending April 30, 2013. The decline in the
effective tax rate compared to the prior period is due to a higher benefit from the domestic production activities tax credit and the exercise of stock options in the current period. On May 1, 2008, the Company adopted the provisions of ASC
Topic 740-10, “Income Taxes” relating to recognition thresholds and measurement attributes for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The Company has elected an
accounting policy to classify interest and penalties related to unrecognized tax benefits as interest expense. At October 31, 2012 and April 30, 2012, the Company did not have any amount recorded for uncertain tax positions. The Company is
no longer subject to U.S. federal, state or local income tax examination for years ended prior to April 30, 2008.