Income Taxes |
9 Months Ended |
|---|---|
Jan. 31, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | (10) Income Taxes:
The income tax expense included in the condensed consolidated statements of operations is based upon the estimated effective tax rate for the year, adjusted for the impact of discrete items which are accounted for in the period in which they occur. We recorded income tax expense/(benefit) of $13,000 and ($125,000) for the three months ended January 31, 2024 and 2023, respectively. The effective tax rate for the three months ended January 31, 2024 and 2023 was (0.4%) and 4.2%, respectively. We recorded income tax expense/(benefit) of $28,000 and ($98,000) for the nine months ended January 31, 2024 and 2023, respectively. The effective tax rate for the nine months ended January 31, 2024 and 2023 was (0.4%) and 1.2%, respectively. Income tax benefit for the nine months ended January 31, 2023 included a discrete tax benefit of $127,000 associated with return to provision adjustments relating to the Federal tax return filed for the prior fiscal year.
On March 7, 2023, the Internal Revenue Service (“IRS”) initiated an examination of our Federal income tax return filed for the tax period ended April 30, 2021. During the three months ended January 31, 2024, we were notified by the IRS that they had concluded their examination. As a result of their examination procedures, there was no impact to our condensed consolidated financial statements. |