Document And Entity Information
| Document And Entity Information - shares | 9 Months Ended | |
| Jan. 31, 2017 | Mar. 06, 2017 | |
| Document Information [Line Items] | ||
| Entity Registrant Name | AMERICAS CARMART INC | |
| Entity Central Index Key | 799,850 | |
| Trading Symbol | crmt | |
| Current Fiscal Year End Date | --04-30 | |
| Entity Filer Category | Accelerated Filer | |
| Entity Current Reporting Status | No | |
| Entity Voluntary Filers | No | |
| Entity Well-known Seasoned Issuer | No | |
| Entity Common Stock, Shares Outstanding (in shares) | 7,797,138 | |
| Document Type | 10-Q | |
| Document Period End Date | Jan. 31, 2017 | |
| Document Fiscal Year Focus | 2,017 | |
| Document Fiscal Period Focus | Q3 | |
| Amendment Flag | false |
Condensed Consolidated Balance
| Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
| Cash and cash equivalents | $ 254 | $ 602 |
| Accrued interest on finance receivables | 2,318 | 1,716 |
| Finance receivables, net | 363,536 | 334,793 |
| Inventory | 32,303 | 29,879 |
| Prepaid expenses and other assets | 4,572 | 3,302 |
| Income taxes receivable, net | 894 | |
| Goodwill | 355 | 355 |
| Property and equipment, net | 31,313 | 34,755 |
| Total Assets | 434,651 | 406,296 |
| Liabilities: | ||
| Accounts payable | 10,544 | 12,313 |
| Accrued liabilities | 16,903 | 11,245 |
| Income taxes payable, net | 1,179 | |
| Deferred income tax liabilities, net | 19,440 | 18,280 |
| Revolving credit facilities and notes payable | 118,785 | 107,902 |
| Total liabilities | 194,933 | 177,079 |
| Commitments and contingencies (Note J) | ||
| Mezzanine equity: | ||
| Mandatorily redeemable preferred stock | 400 | 400 |
| Equity: | ||
| Preferred stock, par value $.01 per share, 1,000,000 shares authorized; none issued or outstanding | ||
| Common stock, par value $.01 per share, 50,000,000 shares authorized; 12,875,532 and 12,726,560 issued at January 31, 2017 and April 30, 2016, respectively, of which 7,921,954 and 8,073,820 were outstanding at January 31, 2017 and April 30, 2016, respectively | 129 | 127 |
| Additional paid-in capital | 68,512 | 64,771 |
| Retained earnings | 320,287 | 305,354 |
| Less: Treasury stock, at cost, 4,953,578 and 4,652,740 shares at January 31, 2017 and April 30, 2016, respectively | (149,710) | (141,535) |
| Total stockholders' equity | 239,218 | 228,717 |
| Non-controlling interest | 100 | 100 |
| Total equity | 239,318 | 228,817 |
| Total Liabilities, Mezzanine Equity and Equity | 434,651 | 406,296 |
| Payment Protection Plan [Member] | ||
| Liabilities: | ||
| Deferred Revenue | 18,158 | 17,304 |
| Service Contract [Member] | ||
| Liabilities: | ||
| Deferred Revenue | $ 9,924 | $ 10,035 |
Condensed Consolidated Balance3
| Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jan. 31, 2017 | Apr. 30, 2016 |
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Preferred stock, shares outstanding (in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
| Common stock, shares issued (in shares) | 12,875,532 | 12,726,560 |
| Common stock, shares outstanding (in shares) | 7,921,954 | 8,073,820 |
| Treasury stock, shares (in shares) | 4,953,578 | 4,652,740 |
Condensed Consolidated Statemen
| Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Sales | $ 121,263 | $ 121,791 | $ 384,117 | $ 367,056 |
| Interest and other income | 17,521 | 15,672 | 50,717 | 46,101 |
| Total revenue | 138,784 | 137,463 | 434,834 | 413,157 |
| Costs and expenses: | ||||
| Cost of sales | 71,836 | 72,702 | 225,346 | 219,385 |
| Selling, general and administrative | 22,654 | 23,568 | 68,476 | 68,932 |
| Provision for credit losses | 37,645 | 32,786 | 110,467 | 106,225 |
| Interest expense | 1,060 | 831 | 3,040 | 2,383 |
| Depreciation and amortization | 1,059 | 1,008 | 3,235 | 3,056 |
| Loss on disposal of property and equipment | 7 | 27 | 406 | 46 |
| Total costs and expenses | 134,261 | 130,922 | 410,970 | 400,027 |
| Income before taxes | 4,523 | 6,541 | 23,864 | 13,130 |
| Provision for income taxes | 1,687 | 2,439 | 8,901 | 4,897 |
| Net income | 2,836 | 4,102 | 14,963 | 8,233 |
| Less: Dividends on mandatorily redeemable preferred stock | (10) | (10) | (30) | (30) |
| Net income attributable to common stockholders | $ 2,826 | $ 4,092 | $ 14,933 | $ 8,203 |
| Earnings per share: | ||||
| Basic (in dollars per share) | $ 0.36 | $ 0.49 | $ 1.89 | $ 0.97 |
| Diluted (in dollars per share) | $ 0.35 | $ 0.47 | $ 1.83 | $ 0.93 |
| Weighted average number of shares used in calculation: | ||||
| Weighted average shares outstanding-basic (in shares) | 7,893,737 | 8,367,728 | 7,891,908 | 8,451,029 |
| Diluted (in shares) | 8,175,754 | 8,615,757 | 8,165,931 | 8,774,334 |
Condensed Consolidated Stateme5
| Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
| Jan. 31, 2017 | Jan. 31, 2016 | |
| Net income | $ 14,963,000 | $ 8,233,000 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
| Provision for credit losses | 110,467,000 | 106,225,000 |
| Losses on claims for payment protection plan | 11,260,000 | 9,815,000 |
| Depreciation and amortization | 3,235,000 | 3,056,000 |
| Amortization of debt issuance costs | 197,000 | 144,000 |
| Loss on disposal of property and equipment | 406,000 | 46,000 |
| Stock based compensation | 1,020,000 | 1,236,000 |
| Deferred income taxes | 1,160,000 | (553,000) |
| Excess tax benefit from share based compensation | (942,000) | (238,000) |
| Change in operating assets and liabilities: | ||
| Finance receivable originations | (356,776,000) | (336,508,000) |
| Finance receivable collections | 175,696,000 | 173,949,000 |
| Accrued interest on finance receivables | (602,000) | (40,000) |
| Inventory | 28,186,000 | 23,767,000 |
| Prepaid expenses and other assets | (1,271,000) | 295,000 |
| Accounts payable and accrued liabilities | 603,000 | 4,364,000 |
| Income taxes, net | 3,015,000 | (200,000) |
| Net cash used in operating activities | (8,639,000) | (5,259,000) |
| Investing Activities: | ||
| Purchase of property and equipment | (1,424,000) | (4,201,000) |
| Proceeds from sale of property and equipment | 924,000 | |
| Net cash used in investing activities | (500,000) | (4,201,000) |
| Financing Activities: | ||
| Exercise of stock options | 1,675,000 | 400,000 |
| Excess tax benefit from share based compensation | 942,000 | 238,000 |
| Issuance of common stock | 106,000 | 144,000 |
| Purchase of common stock | (8,175,000) | (10,485,000) |
| Dividend payments | (30,000) | (30,000) |
| Change in cash overdrafts | 3,587,000 | (581,000) |
| Debt issuance costs | (378,000) | |
| Payments on note payable | (77,000) | (8,000) |
| Proceeds from revolving credit facilities | 278,304,000 | 272,427,000 |
| Payments on revolving credit facilities | (267,163,000) | (252,845,000) |
| Net cash provided by financing activities | 8,791,000 | 9,260,000 |
| Decrease in cash and cash equivalents | (348,000) | (200,000) |
| Cash and cash equivalents, beginning of period | 602,000 | 790,000 |
| Cash and cash equivalents, end of period | 254,000 | 590,000 |
| Payment Protection Plan [Member] | ||
| Change in operating assets and liabilities: | ||
| Increase (Decrease) in Deferred Revenue | 854,000 | 1,062,000 |
| Service Contract [Member] | ||
| Change in operating assets and liabilities: | ||
| Increase (Decrease) in Deferred Revenue | $ (110,000) | $ 88,000 |
Note A - Organization and Busin
| Note A - Organization and Business | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes to Financial Statements | |
| Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | A – Organization and Business America’s Car-Mart, Inc., a Texas corporation (the “Company”), is one two January 31, 2017, 143 |
Note B - Summary of Significant
| Note B - Summary of Significant Accounting Policies | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes to Financial Statements | |
| Significant Accounting Policies [Text Block] | B – Summary of Significant Accounting Policies General The accompanying condensed consolidated balance sheet as of April 30, 2016, January 31, 2017 2016, 10 10 nine January 31, 2017 may April 30, 2017. 10 April 30, 2016. Principles of Consolidation The consolidated financial statements include the accounts of America’s Car-Mart, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. Segment Information Each dealership is an operating segment with its results regularly reviewed by the Company’s chief operating decision maker in an effort to make decisions about resources to be allocated to the segment and to assess its performance. Individual dealerships meet the aggregation criteria for reporting purposes under the current accounting guidance. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each of our individual dealerships is similar in nature and only engages in the selling and financing of used vehicles. All individual dealerships have similar operating characteristics. As such, individual dealerships have been aggregated into one Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, the Company’s allowance for credit losses. Concentration of Risk The Company provides financing in connection with the sale of substantially all of its vehicles. These sales are made primarily to customers residing in Alabama, Arkansas, Georgia, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 30% Periodically, the Company maintains cash in financial institutions in excess of the amounts insured by the federal government. The Company’s revolving credit facilities mature in December 2019. Restrictions on Distributions/Dividends The Company’s revolving credit facilities generally restrict distributions by the Company to its shareholders. The distribution limitations under the Credit Facilities allow the Company to repurchase the Company’s stock so long as: either (a) the aggregate amount of such repurchases does not exceed $40 December 12, 2016 25% 75% twelve 12.5% Cash Equivalents The Company considers all highly liquid debt instruments purchased with original maturities of three Finance Receivables, Repossessions and Charge-offs and Allowance for Credit Losses The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts carry an average interest rate of approximately 15.7% May 2016, 15.0% 16.5% ($2.3 January 31, 2017 $1.7 April 30, 2016 . An account is considered delinquent when the customer is one may 73% January 31, 2017, 4.7% 30 5.0% January 31, 2016. Substantially all of the Company’s automobile contracts involve contracts made to individuals with impaired or limited credit histories or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit. The Company strives to keep its delinquency percentages low, and not to repossess vehicles. Accounts two three Periodically, the Company enters into contract modifications with its customers to extend or modify the payment terms. The Company only enters into a contract modification or extension if it believes such action will increase the amount of monies the Company will ultimately realize on the customer’s account and will increase the likelihood of the customer being able to pay off the vehicle contract. At the time of modification, the Company expects to collect amounts due including accrued interest at the contractual interest rate for the period of delay. No other concessions are granted to customers, beyond the extension of additional time, at the time of modifications. Modifications are minor and are made for payday changes, minor vehicle repairs and other reasons. For those vehicles that are repossessed, the majority are returned or surrendered by the customer on a voluntary basis. Other repossessions are performed by Company personnel or third Accounts are charged-off after the expiration of a statutory notice period for repossessed accounts, or when management determines that the timely collection of future payments is not probable for accounts where the Company has been unable to repossess the vehicle. For accounts with respect to which the vehicle was repossessed, the fair value of the repossessed vehicle is charged as a reduction of the gross finance receivables balance charged-off. For the quarter ended January 31, 2017, 62 The Company maintains an allowance for credit losses on an aggregate basis at a level it considers sufficient to cover estimated losses inherent in the portfolio at the balance sheet date in the collection of its finance receivables currently outstanding. At January 31, 2017, 31.9 23.0 January 31, 2017, $111.8 25% $475.4 $18.2 $9.9 The estimated reserve amount is the Company’s anticipated future net charge-offs for losses incurred through the balance sheet date. The allowance takes into account historical credit loss experience (both timing and severity of losses), with consideration given to recent credit loss trends and changes in contract characteristics (i.e., average amount financed, months outstanding at loss date, term and age of portfolio), delinquency levels, collateral values, economic conditions and underwriting and collection practices. The allowance for credit losses is reviewed at least quarterly by management with any changes reflected in current operations. The calculation of the allowance for credit losses uses the following primary factors: · The number of units repossessed or charged-off as a percentage of total units financed over specific historical periods of time from one five · The average net repossession and charge-off loss per unit during the last eighteen 50% 10 11 eighteen January 31, 2017 11.9 · The timing of repossession and charge-off losses relative to the date of sale (i.e., how long it takes for a repossession or charge-off to occur) for repossessions and charge-offs occurring during the last eighteen A point estimate is produced by this analysis which is then supplemented by any positive or negative subjective factors to arrive at an overall reserve amount that management considers to be a reasonable estimate of losses inherent in the portfolio at the balance sheet date that will be realized via actual charge-offs in the future. Although it is at least reasonably possible that events or circumstances could occur in the future that are not presently foreseen which could cause actual credit losses to be materially different from the recorded allowance for credit losses, the Company believes that it has given appropriate consideration to all relevant factors and has made reasonable assumptions in determining the allowance for credit losses. While challenging economic conditions can negatively impact credit losses, effective execution of internal policies and procedures within the collections area and the competitive environment on the funding side have historically had a more significant effect on collection results than macro-economic issues. In most states, the Company offers retail customers who finance their vehicle the option of purchasing a payment protection plan product as an add-on to the installment sale contract. This product contractually obligates the Company to cancel the remaining principal outstanding for any contract where the retail customer has totaled the vehicle, as defined by the contract, or the vehicle has been stolen. The Company periodically evaluates anticipated losses to ensure that if anticipated losses exceed deferred payment protection plan revenues, an additional liability is recorded for such difference. No such liability was required at January 31, 2017 April 30, 2016. Inventory Inventory consists of used vehicles and is valued at the lower of cost or market on a specific identification basis. Vehicle reconditioning costs are capitalized as a component of inventory. Repossessed vehicles and trade-in vehicles are recorded at fair value, which approximates wholesale value. The cost of used vehicles sold is determined using the specific identification method. Goodwill Goodwill reflects the excess of purchase price over the fair value of specifically identified net assets purchased. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests at the Company’s year-end. The impairment tests are based on the comparison of the fair value of the reporting unit to the carrying value of such unit. There was no impairment of goodwill during fiscal 2016, 2017. Property and Equipment Property and equipment are stated at cost. Expenditures for additions, remodels and improvements are capitalized. Costs of repairs and maintenance are expensed as incurred. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the lease period. The lease period includes the primary lease term plus any extensions that are reasonably assured. Depreciation is computed using the straight-line method, generally over the following estimated useful lives: Furniture, fixtures and equipment (in years) 3 to 7 Leasehold improvements (in years) 5 to 15 Buildings and improvements (in years) 18 to 39 Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may Cash Overdraft As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one Deferred Sales Tax Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law, for vehicles sold on an installment basis the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax liabilities are reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. Income Taxes Income taxes are accounted for under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates expected to apply in the years in which these differences are expected to be recovered or settled. The quarterly provision for income taxes is determined using an estimated annual effective tax rate, which is based on expected annual taxable income, statutory tax rates and the Company’s best estimate of nontaxable and nondeductible items of income and expense. Occasionally, the Company is audited by taxing authorities. These audits could result in proposed assessments of additional taxes. The Company believes that its tax positions comply in all material respects with applicable tax law. However, tax law is subject to interpretation, and interpretations by taxing authorities could be different from those of the Company, which could result in the imposition of additional taxes. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before fiscal 2013. The Company’s policy is to recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company had no accrued penalties or interest as of January 31, 2017 April 30, 2016. Revenue Recognition Revenues are generated principally from the sale of used vehicles, which in most cases includes a service contract and a payment protection plan product, interest income and late fees earned on finance receivables. Revenues are net of taxes collected from customers and remitted to government agencies. Cost of vehicle sales include costs incurred by the Company to prepare the vehicle for sale including license and title costs, gasoline, transport services and repairs. Revenues from the sale of used vehicles are recognized when financing, if applicable, has been approved, the sales contract is signed, and the customer has taken possession of the vehicle. Revenues from the sale of vehicles sold at wholesale are recognized at the time the proceeds are received. Revenues from the sale of service contracts are initially deferred and then recognized ratably over the expected duration of the product. Service contract revenues are included in sales and the related expenses are included in cost of sales. Payment protection plan revenues are initially deferred and then recognized to income using the “Rule of 78’s” Sales consist of the following: Three Months Ended Nine Months Ended (In thousands) 2017 2016 2017 2016 Sales – used autos $ 103,249 $ 105,435 $ 331,376 $ 316,269 Wholesales – third party 5,764 5,097 16,710 16,939 Service contract sales 7,094 6,784 21,072 20,327 Payment protection plan revenue 5,156 4,475 14,959 13,521 Total $ 121,263 $ 121,791 $ 384,117 $ 367,056 At January 31, 2017 2016, 90 $2.0 $2.1 $1.4 $1.5 nine January 31, 2017 2016, Earnings per Share Basic earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period plus dilutive common stock equivalents. The calculation of diluted earnings per share takes into consideration the potentially dilutive effect of common stock equivalents, such as outstanding stock options and non-vested restricted stock, which if exercised or converted into common stock would then share in the earnings of the Company. In computing diluted earnings per share, the Company utilizes the treasury stock method and anti-dilutive securities are excluded. Stock-Based Compensation The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The Company may Treasury Stock The Company purchased 300,838 $8.2 first nine 2017 342,171 $10.5 first nine 2016. may 2016, 10,000 Recent Accounting Pronouncements Occasionally, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies which the Company will adopt as of the specified effective date. Unless otherwise discussed, the Company believes the implementation of recently issued standards which are not yet effective will not have a material impact on its consolidated financial statements upon adoption. Revenue Recognition May 2014, 2014 09, Revenue from Contracts with Customers 606), 2014 09 2014 09 August 2015, 2015 14, Revenue from Contracts with Customers (Topic 606): 2014 09. 2014 09 December 15, 2017, one two 2017. Leases February 2016, 2016 02, Leases 12 2016 02 December 15, 2018, Stock Compensation March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09 December 15, 2016 2016 09 Credit Losses June 2016, 2016 13, Financial Instruments — Credit Losses 326). 2016 13 2016 13 December 15, 2019, |
Note C - Finance Receivables, N
| Note C - Finance Receivables, Net | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes to Financial Statements | |
| Financing Receivables [Text Block] | C – Finance Receivables, Net The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts, which carry an interest rate of 15% 16.5% 18 42 15.7% January 31, 2017. one one one The components of finance receivables are as follows: (In thousands) January 31, 2017 April 30, 2016 Gross contract amount $ 549,329 $ 504,149 Less unearned finance charges (73,975 ) (66,871 ) Principal balance 475,354 437,278 Less allowance for credit losses (111,818 ) (102,485 ) Finance receivables, net $ 363,536 $ 334,793 Changes in the finance receivables, net are as follows: Nine Months Ended (In thousands) 2017 2016 Balance at beginning of period $ 334,793 $ 324,144 Finance receivable originations 356,776 336,508 Finance receivable collections (175,696 ) (173,949 ) Provision for credit losses (110,467 ) (106,225 ) Losses on claims for payment protection plan (11,260 ) (9,815 ) Inventory acquired in repossession and payment protection plan claims (30,610 ) (31,594 ) Balance at end of period $ 363,536 $ 339,069 Changes in the finance receivables allowance for credit losses are as follows: Nine Months Ended (In thousands) 2017 2016 Balance at beginning of period $ 102,485 $ 93,224 Provision for credit losses 110,467 106,225 Charge-offs, net of recovered collateral (101,134 ) (95,221 ) Balance at end of period $ 111,818 $ 104,228 The factors which influenced management’s judgment in determining the amount of the current period provision for credit losses are described below. The level of charge-offs, net of recovered collateral, is the most important factor in determining the provision for credit losses. This is due to the fact that once a contract becomes delinquent the account is either made current by the customer, the vehicle is repossessed or the account is written off if the collateral cannot be recovered. Net charge-offs as a percentage of average finance receivables decreased to 21.8% nine January 31, 2017 22.2% 30 April 30, 2016 3.0%, 5.8% April 30, 2015. Collections and delinquency levels can have a significant effect on additions to the allowance and are reviewed frequently. Collections as a percentage of average finance receivables were 37.9% nine January 31, 2017 40.6% 30 4.7% January 31, 2017 5.0% January 31, 2016. Macro-economic factors, the competitive environment on the funding side, and more importantly, proper execution of operational policies and procedures have a significant effect on additions to the allowance charged to the provision. Higher unemployment levels, higher gasoline prices and higher prices for staple items can potentially have a significant effect. The Company continues to focus on operational improvements within the collections area. Credit quality information for finance receivables is as follows: (Dollars in thousands) January 31, 2017 April 30, 2016 January 31, 2016 Principal Percent of Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Balance Portfolio Current $ 371,078 78.06 % $ 378,631 86.59 % $ 364,453 82.22 % 3 - 29 days past due 81,887 17.23 % 45,631 10.43 % 56,835 12.82 % 30 - 60 days past due 15,957 3.36 % 8,429 1.93 % 15,087 3.40 % 61 - 90 days past due 4,395 0.92 % 3,498 0.80 % 4,790 1.08 % > 90 days past due 2,037 0.43 % 1,089 0.25 % 2,131 0.48 % Total $ 475,354 100.00 % $ 437,278 100.00 % $ 443,296 100.00 % Accounts one two may third 2017 Substantially all of the Company’s automobile contracts involve contracts made to individuals with impaired or limited credit histories, or higher debt-to-income ratios than permitted by traditional lenders; such contracts generally entail a higher risk of delinquency, default, repossession, and losses than contracts made with buyers with better credit. The Company monitors contract term length, down payment percentages, and collections as credit quality indicators. Nine Months Ended 2017 2016 Principal collected as a percent of average finance receivables 37.9 % 40.6 % Average down-payment percentage 5.3 % 6.1 % Average originating contract term (in months ) 29.3 28.6 2017 2016 Portfolio weighted average contract term, including modifications (in months ) 31.9 30.9 The decrease in collections as a percentage of average finance receivables resulted primarily from the longer average term, higher levels of contract modifications, higher delinquencies and, to a lesser extent, the increase in the contract interest rate. The increases in contract term are primarily related to efforts to keep payments affordable, for competitive reasons and to continue to work with our customers when they experience financial difficulties. In order to remain competitive, term lengths may |
Note D - Property and Equipment
| Note D - Property and Equipment | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes to Financial Statements | |
| Property, Plant and Equipment Disclosure [Text Block] | D – Property and Equipment A summary of property and equipment is as follows: (In thousands) January 31, 2017 April 30, 2016 Land $ 6,738 $ 6,711 Buildings and improvements 11,976 11,928 Furniture, fixtures and equipment 13,233 14,941 Leasehold improvements 24,347 23,308 Construction in progress 291 250 Less accumulated depreciation and amortization (25,272 ) (22,383 ) Total $ 31,313 $ 34,755 |
Note E - Accrued Liabilities
| Note E - Accrued Liabilities | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes to Financial Statements | |
| Other Liabilities Disclosure [Text Block] | E – Accrued Liabilities A summary of accrued liabilities is as follows: (In thousands) January 31, 2017 April 30, 2016 Employee compensation $ 5,762 $ 3,684 Cash overdrafts (see Note B) 3,587 - Deferred sales tax (see Note B) 2,978 2,736 Other 4,576 4,825 Total $ 16,903 $ 11,245 |
Note F - Debt Facilities
| Note F - Debt Facilities | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes to Financial Statements | |
| Debt Disclosure [Text Block] | F – Debt Facilities A summary of revolving credit facilities is as follows: (In thousands) Aggregate Interest Balance at Amount Rate Maturity January 31, 2017 April 30, 2016 Revolving credit facilities $ 200,000 LIBOR + 2.375% December 12, 2019 $ 118,346 $ 107,386 (3.14% at January 31, 2017 and 2.81% at April 30, 2016) On March 9, 2012, $125 September 30, 2012, February 4, 2013, June 24, 2013, February 13, 2014 October 8, 2014, first $145 second 36 42 third June 24, 2016, $55 0.25% three fourth fourth $10 third On October 8, 2014, fifth October 8, 2017, 0.125% three fifth one two $40 October 8, 2014, 30% On February 18, 2016, $27.5 $145 $172.5 $55 $200 On December 12, 2016, December 12, 2019, four three, $40 December 12, 2016. $172.5 $200 $50 37 42 50% 55%, 43 60 45% 50%. The revolving credit facilities are collateralized primarily by finance receivables and inventory, are cross collateralized and contain a guarantee by the Company. Interest is payable monthly under the revolving credit facilities. The Credit Facilities provide for three 2.375%. The distribution limitations under the Credit Facilities allow the Company to repurchase the Company’s stock so long as: either (a) the aggregate amount of such repurchases does not exceed $40 December 12, 2016 25% 75% twelve 12.5% The Company was in compliance with the covenants at January 31, 2017. January 31, 2017, $78 The Company recognized approximately $197,000 $144,000 nine January 31, 2017 2016, During the quarter ended January 31, 2017, $378,000 During fiscal 2016, 2015 03, Simplifying the Presentation of Debt Issuance Costs 2015 03 $576,000 $396,000 January 31, 2017 April 30, 2016, On December 15, 2015, one $550,000. $10,005. December 2020, 3.50% $439,000 $516,000 January 31, 2017 April 30, 2016, |
Note G - Fair Value Measurement
| Note G - Fair Value Measurements | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes to Financial Statements | |
| Fair Value Disclosures [Text Block] | G – Fair Value Measurements The table below summarizes information about the fair value of financial instruments included in the Company’s financial statements at January 31, 2017 April 30, 2016: January 31, 2017 April 30, 2016 (In thousands) Carrying Fair Carrying Fair Cash $ 254 $ 254 $ 602 $ 602 Finance receivables, net 363,536 292,343 334,793 268,926 Accounts payable 10,544 10,544 12,313 12,313 Revolving credit facilities and notes payable 118,785 118,785 107,902 107,902 Because no market exists for certain of the Company’s financial instruments, fair value estimates are based on judgments and estimates regarding yield expectations of investors, credit risk and other risk characteristics, including interest rate and prepayment risk. These estimates are subjective in nature and involve uncertainties and matters of judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect these estimates. The methodology and assumptions utilized to estimate the fair value of the Company’s financial instruments are as follows: Financial Instrument Valuation Methodology Cash The carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instrument. Finance receivables, net The Company estimates the fair value of its receivables at what a third third third November 2012 35% 40% third 38.5% third January 31, 2017, third Accounts payable The carrying amount is considered to be a reasonable estimate of fair value due to the short-term nature of the financial instrument. Revolving credit facilities and notes payable The fair value approximates carrying value due to the variable interest rates charged on the revolving credit facilities, which reprice frequently. |
Note H - Weighted Average Share
| Note H - Weighted Average Shares Outstanding | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes to Financial Statements | |
| Weighted Average Shares Outstanding [Text Block] | H – Weighted Average Shares Outstanding Weighted average shares of common stock outstanding used in the calculation of basic and diluted earnings per share were as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Weighted average shares outstanding-basic 7,893,737 8,367,728 7,891,908 8,451,029 Dilutive options and restricted stock 282,017 248,029 274,023 323,305 Weighted average shares outstanding-diluted 8,175,754 8,615,757 8,165,931 8,774,334 Antidilutive securities not included: Options 327,750 373,000 360,500 294,000 Restricted stock - 9,500 6,333 6,333 |
Note I - Stock-based Compensati
| Note I - Stock-based Compensation | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes to Financial Statements | |
| Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | I – Stock-Based Compensation The Company has stock-based compensation plans available to grant non-qualified stock options, incentive stock options and restricted stock to employees, directors and certain advisors of the Company. The stock-based compensation plans being utilized at January 31, 2017 $1 ($627,000 $1.2 ($759,000 nine January 31, 2017 2016, Stock Options The Company has options outstanding under a stock option plan approved by the shareholders, the Amended and Restated Stock Option Plan. The shareholders of the Company approved the Amended and Restated Stock Option Plan (the “Restated Option Plan”) on August 5, 2015, June 10, 2025 1,800,000 ten 2017 2026. Restated Minimum exercise price as a percentage of fair market value at date of grant 100 % Last expiration date for outstanding options August 10, 2026 Shares available for grant at January 31, 2017 286,000 The fair value of options granted is estimated on the date of grant using the Black-Scholes option pricing model based on the assumptions in the table below. Nine Months Ended 2017 2016 Expected term (years) 5.5 5.5 Risk-free interest rate 1.28 % 1.58 % Volatility 36 % 34 % Dividend yield - - The expected term of the options is based on evaluations of historical actual and future expected employee exercise behavior. The risk-free interest rate is based on the U.S. Treasury rates at the date of grant with maturity dates approximately equal to the expected life at the grant date. Volatility is based on historical volatility of the Company’s common stock. The Company has not historically issued any dividends and does not expect to do so in the foreseeable future. There were 35,000 nine January 31, 2017 298,750 nine January 31, 2016. nine January 31, 2017 2016 $338,000 $5.2 Stock option compensation expense was $923,000 ($579,000 $1.1 ($710,000 nine January 31, 2017 2016, January 31, 2017, $2.9 3.1 As of January 31, 2017, 131,125 2016 five April 30, 2020. April 30, 2015. January 31, 2017, $1.1 62,750 The aggregate intrinsic value of outstanding options at January 31, 2017 2016 $13.7 $2.9 The Company had the following options exercised for the periods indicated. The impact of these cash receipts is included in financing activities in the accompanying Condensed Consolidated Statements of Cash Flows. Nine Months Ended (Dollars in thousands) 2017 2016 Options exercised 169,500 30,750 Cash received from option exercises $ 1,675 $ 400 Intrinsic value of options exercised $ 4,374 $ 943 As of January 31, 2017, 764,500 $13 3.29 $25.49. Stock Incentive Plan On October 14, 2009, may 350,000. August 5, 2015, June 10, 2025. There were 10,000 nine January 31, 2017 nine January 31, 2016. 169,527 January 31, 2017. 17,500 January 31, 2017 $45.06. The Company recorded compensation cost of approximately $78,000 ($49,000 $74,000 ($47,000 nine January 31, 2017 2016, January 31, 2017, $612,000 4.0 There were no modifications to any of the Company’s outstanding share-based payment awards during fiscal 2016 first nine 2017. |
Note J - Commitments and Contin
| Note J - Commitments and Contingencies | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes to Financial Statements | |
| Commitments and Contingencies Disclosure [Text Block] | J – Commitments and Contingencies The Company has a standby letter of credit relating to an insurance policy totaling $1 January 31, 2017. |
Note K - Supplemental Cash Flow
| Note K - Supplemental Cash Flow Information | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes to Financial Statements | |
| Cash Flow, Supplemental Disclosures [Text Block] | K - Supplemental Cash Flow Information Supplemental cash flow disclosures are as follows: Nine Months Ended (in thousands) 2017 2016 Supplemental disclosures: Interest paid $ 3,040 $ 2,614 Income taxes paid, net 4,726 5,650 Non-cash transactions: Inventory acquired in repossession and payment protection plan claims 30,610 31,594 Loss accrued (incurred) on disposal of property and equipment (300 ) - Purchase of property and equipment using the issuance of debt - 550 |
Significant Accounting Policies
| Significant Accounting Policies (Policies) | 9 Months Ended |
| Jan. 31, 2017 | |
| Accounting Policies [Abstract] | |
| Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of America’s Car-Mart, Inc. and its subsidiaries. All intercompany accounts and transactions have been eliminated. |
| Segment Reporting, Policy [Policy Text Block] | Segment Information Each dealership is an operating segment with its results regularly reviewed by the Company’s chief operating decision maker in an effort to make decisions about resources to be allocated to the segment and to assess its performance. Individual dealerships meet the aggregation criteria for reporting purposes under the current accounting guidance. The Company operates in the Integrated Auto Sales and Finance segment of the used car market, also referred to as the Integrated Auto Sales and Finance industry. In this industry, the nature of the sale and the financing of the transaction, financing processes, the type of customer and the methods used to distribute the Company’s products and services, including the actual servicing of the contracts as well as the regulatory environment in which the Company operates, all have similar characteristics. Each of our individual dealerships is similar in nature and only engages in the selling and financing of used vehicles. All individual dealerships have similar operating characteristics. As such, individual dealerships have been aggregated into one |
| Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Significant estimates include, but are not limited to, the Company’s allowance for credit losses. |
| Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Risk The Company provides financing in connection with the sale of substantially all of its vehicles. These sales are made primarily to customers residing in Alabama, Arkansas, Georgia, Kentucky, Mississippi, Missouri, Oklahoma, Tennessee, and Texas, with approximately 30% Periodically, the Company maintains cash in financial institutions in excess of the amounts insured by the federal government. The Company’s revolving credit facilities mature in December 2019. |
| Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents The Company considers all highly liquid debt instruments purchased with original maturities of three |
| Line of Credit Facility, Dividend Restrictions [Policy Text Block] | Restrictions on Distributions/Dividends The Company’s revolving credit facilities generally restrict distributions by the Company to its shareholders. The distribution limitations under the Credit Facilities allow the Company to repurchase the Company’s stock so long as: either (a) the aggregate amount of such repurchases does not exceed $40 December 12, 2016 25% 75% twelve 12.5% |
| Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Finance Receivables, Repossessions and Charge-offs and Allowance for Credit Losses The Company originates installment sale contracts from the sale of used vehicles at its dealerships. These installment sale contracts carry an average interest rate of approximately 15.7% May 2016, 15.0% 16.5% ($2.3 January 31, 2017 $1.7 April 30, 2016 . An account is considered delinquent when the customer is one may 73% January 31, 2017, 4.7% 30 5.0% January 31, 2016. Substantially all of the Company’s automobile contracts involve contracts made to individuals with impaired or limited credit histories or higher debt-to-income ratios than permitted by traditional lenders. Contracts made with buyers who are restricted in their ability to obtain financing from traditional lenders generally entail a higher risk of delinquency, default and repossession, and higher losses than contracts made with buyers with better credit. The Company strives to keep its delinquency percentages low, and not to repossess vehicles. Accounts two three Periodically, the Company enters into contract modifications with its customers to extend or modify the payment terms. The Company only enters into a contract modification or extension if it believes such action will increase the amount of monies the Company will ultimately realize on the customer’s account and will increase the likelihood of the customer being able to pay off the vehicle contract. At the time of modification, the Company expects to collect amounts due including accrued interest at the contractual interest rate for the period of delay. No other concessions are granted to customers, beyond the extension of additional time, at the time of modifications. Modifications are minor and are made for payday changes, minor vehicle repairs and other reasons. For those vehicles that are repossessed, the majority are returned or surrendered by the customer on a voluntary basis. Other repossessions are performed by Company personnel or third Accounts are charged-off after the expiration of a statutory notice period for repossessed accounts, or when management determines that the timely collection of future payments is not probable for accounts where the Company has been unable to repossess the vehicle. For accounts with respect to which the vehicle was repossessed, the fair value of the repossessed vehicle is charged as a reduction of the gross finance receivables balance charged-off. For the quarter ended January 31, 2017, 62 The Company maintains an allowance for credit losses on an aggregate basis at a level it considers sufficient to cover estimated losses inherent in the portfolio at the balance sheet date in the collection of its finance receivables currently outstanding. At January 31, 2017, 31.9 23.0 January 31, 2017, $111.8 25% $475.4 $18.2 $9.9 The estimated reserve amount is the Company’s anticipated future net charge-offs for losses incurred through the balance sheet date. The allowance takes into account historical credit loss experience (both timing and severity of losses), with consideration given to recent credit loss trends and changes in contract characteristics (i.e., average amount financed, months outstanding at loss date, term and age of portfolio), delinquency levels, collateral values, economic conditions and underwriting and collection practices. The allowance for credit losses is reviewed at least quarterly by management with any changes reflected in current operations. The calculation of the allowance for credit losses uses the following primary factors: · The number of units repossessed or charged-off as a percentage of total units financed over specific historical periods of time from one five · The average net repossession and charge-off loss per unit during the last eighteen 50% 10 11 eighteen January 31, 2017 11.9 · The timing of repossession and charge-off losses relative to the date of sale (i.e., how long it takes for a repossession or charge-off to occur) for repossessions and charge-offs occurring during the last eighteen A point estimate is produced by this analysis which is then supplemented by any positive or negative subjective factors to arrive at an overall reserve amount that management considers to be a reasonable estimate of losses inherent in the portfolio at the balance sheet date that will be realized via actual charge-offs in the future. Although it is at least reasonably possible that events or circumstances could occur in the future that are not presently foreseen which could cause actual credit losses to be materially different from the recorded allowance for credit losses, the Company believes that it has given appropriate consideration to all relevant factors and has made reasonable assumptions in determining the allowance for credit losses. While challenging economic conditions can negatively impact credit losses, effective execution of internal policies and procedures within the collections area and the competitive environment on the funding side have historically had a more significant effect on collection results than macro-economic issues. In most states, the Company offers retail customers who finance their vehicle the option of purchasing a payment protection plan product as an add-on to the installment sale contract. This product contractually obligates the Company to cancel the remaining principal outstanding for any contract where the retail customer has totaled the vehicle, as defined by the contract, or the vehicle has been stolen. The Company periodically evaluates anticipated losses to ensure that if anticipated losses exceed deferred payment protection plan revenues, an additional liability is recorded for such difference. No such liability was required at January 31, 2017 April 30, 2016. |
| Inventory, Policy [Policy Text Block] | Inventory Inventory consists of used vehicles and is valued at the lower of cost or market on a specific identification basis. Vehicle reconditioning costs are capitalized as a component of inventory. Repossessed vehicles and trade-in vehicles are recorded at fair value, which approximates wholesale value. The cost of used vehicles sold is determined using the specific identification method. |
| Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill Goodwill reflects the excess of purchase price over the fair value of specifically identified net assets purchased. Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subject to annual impairment tests at the Company’s year-end. The impairment tests are based on the comparison of the fair value of the reporting unit to the carrying value of such unit. There was no impairment of goodwill during fiscal 2016, 2017. |
| Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Expenditures for additions, remodels and improvements are capitalized. Costs of repairs and maintenance are expensed as incurred. Leasehold improvements are amortized over the shorter of the estimated life of the improvement or the lease period. The lease period includes the primary lease term plus any extensions that are reasonably assured. Depreciation is computed using the straight-line method, generally over the following estimated useful lives: Furniture, fixtures and equipment (in years) 3 to 7 Leasehold improvements (in years) 5 to 15 Buildings and improvements (in years) 18 to 39 Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may |
| Cash Overdraft [Policy Text Block] | Cash Overdraft As checks are presented for payment from the Company’s primary disbursement bank account, monies are automatically drawn against cash collections for the day and, if necessary, are drawn against one |
| Deferred Sales Tax [Policy Text Block] | Deferred Sales Tax Deferred sales tax represents a sales tax liability of the Company for vehicles sold on an installment basis in the states of Alabama and Texas. Under Alabama and Texas law, for vehicles sold on an installment basis the related sales tax is due as the payments are collected from the customer, rather than at the time of sale. Deferred sales tax liabilities are reflected in accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. |
| Income Tax, Policy [Policy Text Block] | Income Taxes Income taxes are accounted for under the liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates expected to apply in the years in which these differences are expected to be recovered or settled. The quarterly provision for income taxes is determined using an estimated annual effective tax rate, which is based on expected annual taxable income, statutory tax rates and the Company’s best estimate of nontaxable and nondeductible items of income and expense. Occasionally, the Company is audited by taxing authorities. These audits could result in proposed assessments of additional taxes. The Company believes that its tax positions comply in all material respects with applicable tax law. However, tax law is subject to interpretation, and interpretations by taxing authorities could be different from those of the Company, which could result in the imposition of additional taxes. The Company recognizes the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 The Company is subject to income taxes in the U.S. federal jurisdiction and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for the years before fiscal 2013. The Company’s policy is to recognize accrued interest related to unrecognized tax benefits in interest expense and penalties in operating expenses. The Company had no accrued penalties or interest as of January 31, 2017 April 30, 2016. |
| Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Revenues are generated principally from the sale of used vehicles, which in most cases includes a service contract and a payment protection plan product, interest income and late fees earned on finance receivables. Revenues are net of taxes collected from customers and remitted to government agencies. Cost of vehicle sales include costs incurred by the Company to prepare the vehicle for sale including license and title costs, gasoline, transport services and repairs. Revenues from the sale of used vehicles are recognized when financing, if applicable, has been approved, the sales contract is signed, and the customer has taken possession of the vehicle. Revenues from the sale of vehicles sold at wholesale are recognized at the time the proceeds are received. Revenues from the sale of service contracts are initially deferred and then recognized ratably over the expected duration of the product. Service contract revenues are included in sales and the related expenses are included in cost of sales. Payment protection plan revenues are initially deferred and then recognized to income using the “Rule of 78’s” Sales consist of the following: Three Months Ended Nine Months Ended (In thousands) 2017 2016 2017 2016 Sales – used autos $ 103,249 $ 105,435 $ 331,376 $ 316,269 Wholesales – third party 5,764 5,097 16,710 16,939 Service contract sales 7,094 6,784 21,072 20,327 Payment protection plan revenue 5,156 4,475 14,959 13,521 Total $ 121,263 $ 121,791 $ 384,117 $ 367,056 At January 31, 2017 2016, 90 $2.0 $2.1 $1.4 $1.5 nine January 31, 2017 2016, |
| Earnings Per Share, Policy [Policy Text Block] | Earnings per Share Basic earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period. Diluted earnings per share are computed by dividing net income attributable to common stockholders by the average number of common shares outstanding during the period plus dilutive common stock equivalents. The calculation of diluted earnings per share takes into consideration the potentially dilutive effect of common stock equivalents, such as outstanding stock options and non-vested restricted stock, which if exercised or converted into common stock would then share in the earnings of the Company. In computing diluted earnings per share, the Company utilizes the treasury stock method and anti-dilutive securities are excluded. |
| Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company recognizes the cost of employee services received in exchange for awards of equity instruments, such as stock options and restricted stock, based on the fair value of those awards at the date of grant over the requisite service period. The Company uses the Black-Scholes option pricing model to determine the fair value of stock option awards. The Company may |
| Treasury Stock [Policy Text Block] | Treasury Stock The Company purchased 300,838 $8.2 first nine 2017 342,171 $10.5 first nine 2016. may 2016, 10,000 |
| New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Occasionally, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies which the Company will adopt as of the specified effective date. Unless otherwise discussed, the Company believes the implementation of recently issued standards which are not yet effective will not have a material impact on its consolidated financial statements upon adoption. Revenue Recognition May 2014, 2014 09, Revenue from Contracts with Customers 606), 2014 09 2014 09 August 2015, 2015 14, Revenue from Contracts with Customers (Topic 606): 2014 09. 2014 09 December 15, 2017, one two 2017. Leases February 2016, 2016 02, Leases 12 2016 02 December 15, 2018, Stock Compensation March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting 2016 09 December 15, 2016 2016 09 Credit Losses June 2016, 2016 13, Financial Instruments — Credit Losses 326). 2016 13 2016 13 December 15, 2019, |
Note B - Summary of Significa18
| Note B - Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes Tables | |
| Property, Plant, and Equipment Useful Life [Table Text Block] | Furniture, fixtures and equipment (in years) 3 to 7 Leasehold improvements (in years) 5 to 15 Buildings and improvements (in years) 18 to 39 |
| Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended Nine Months Ended (In thousands) 2017 2016 2017 2016 Sales – used autos $ 103,249 $ 105,435 $ 331,376 $ 316,269 Wholesales – third party 5,764 5,097 16,710 16,939 Service contract sales 7,094 6,784 21,072 20,327 Payment protection plan revenue 5,156 4,475 14,959 13,521 Total $ 121,263 $ 121,791 $ 384,117 $ 367,056 |
Note C - Finance Receivables,19
| Note C - Finance Receivables, Net (Tables) | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes Tables | |
| Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | (In thousands) January 31, 2017 April 30, 2016 Gross contract amount $ 549,329 $ 504,149 Less unearned finance charges (73,975 ) (66,871 ) Principal balance 475,354 437,278 Less allowance for credit losses (111,818 ) (102,485 ) Finance receivables, net $ 363,536 $ 334,793 |
| Change In Finance Receivables Net [Table Text Block] | Nine Months Ended (In thousands) 2017 2016 Balance at beginning of period $ 334,793 $ 324,144 Finance receivable originations 356,776 336,508 Finance receivable collections (175,696 ) (173,949 ) Provision for credit losses (110,467 ) (106,225 ) Losses on claims for payment protection plan (11,260 ) (9,815 ) Inventory acquired in repossession and payment protection plan claims (30,610 ) (31,594 ) Balance at end of period $ 363,536 $ 339,069 |
| Allowance for Credit Losses on Financing Receivables [Table Text Block] | Nine Months Ended (In thousands) 2017 2016 Balance at beginning of period $ 102,485 $ 93,224 Provision for credit losses 110,467 106,225 Charge-offs, net of recovered collateral (101,134 ) (95,221 ) Balance at end of period $ 111,818 $ 104,228 |
| Past Due Financing Receivables [Table Text Block] | (Dollars in thousands) January 31, 2017 April 30, 2016 January 31, 2016 Principal Percent of Principal Percent of Principal Percent of Balance Portfolio Balance Portfolio Balance Portfolio Current $ 371,078 78.06 % $ 378,631 86.59 % $ 364,453 82.22 % 3 - 29 days past due 81,887 17.23 % 45,631 10.43 % 56,835 12.82 % 30 - 60 days past due 15,957 3.36 % 8,429 1.93 % 15,087 3.40 % 61 - 90 days past due 4,395 0.92 % 3,498 0.80 % 4,790 1.08 % > 90 days past due 2,037 0.43 % 1,089 0.25 % 2,131 0.48 % Total $ 475,354 100.00 % $ 437,278 100.00 % $ 443,296 100.00 % |
| Financing Receivable Credit Quality Indicators [Table Text Block] | Nine Months Ended 2017 2016 Principal collected as a percent of average finance receivables 37.9 % 40.6 % Average down-payment percentage 5.3 % 6.1 % Average originating contract term (in months ) 29.3 28.6 |
| Financing Receivable Contract Terms [Table Text Block] | 2017 2016 Portfolio weighted average contract term, including modifications (in months ) 31.9 30.9 |
Note D - Property and Equipme20
| Note D - Property and Equipment (Tables) | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes Tables | |
| Property, Plant and Equipment [Table Text Block] | (In thousands) January 31, 2017 April 30, 2016 Land $ 6,738 $ 6,711 Buildings and improvements 11,976 11,928 Furniture, fixtures and equipment 13,233 14,941 Leasehold improvements 24,347 23,308 Construction in progress 291 250 Less accumulated depreciation and amortization (25,272 ) (22,383 ) Total $ 31,313 $ 34,755 |
Note E - Accrued Liabilities (T
| Note E - Accrued Liabilities (Tables) | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes Tables | |
| Schedule of Accrued Liabilities [Table Text Block] | (In thousands) January 31, 2017 April 30, 2016 Employee compensation $ 5,762 $ 3,684 Cash overdrafts (see Note B) 3,587 - Deferred sales tax (see Note B) 2,978 2,736 Other 4,576 4,825 Total $ 16,903 $ 11,245 |
Note F - Debt Facilities (Table
| Note F - Debt Facilities (Tables) | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes Tables | |
| Schedule of Long-term Debt Instruments [Table Text Block] | (In thousands) Aggregate Interest Balance at Amount Rate Maturity January 31, 2017 April 30, 2016 Revolving credit facilities $ 200,000 LIBOR + 2.375% December 12, 2019 $ 118,346 $ 107,386 (3.14% at January 31, 2017 and 2.81% at April 30, 2016) |
Note G - Fair Value Measureme23
| Note G - Fair Value Measurements (Tables) | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes Tables | |
| Fair Value, by Balance Sheet Grouping [Table Text Block] | January 31, 2017 April 30, 2016 (In thousands) Carrying Fair Carrying Fair Cash $ 254 $ 254 $ 602 $ 602 Finance receivables, net 363,536 292,343 334,793 268,926 Accounts payable 10,544 10,544 12,313 12,313 Revolving credit facilities and notes payable 118,785 118,785 107,902 107,902 |
Note H - Weighted Average Sha24
| Note H - Weighted Average Shares Outstanding (Tables) | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes Tables | |
| Schedule of Weighted Average Number of Shares [Table Text Block] | Three Months Ended Nine Months Ended 2017 2016 2017 2016 Weighted average shares outstanding-basic 7,893,737 8,367,728 7,891,908 8,451,029 Dilutive options and restricted stock 282,017 248,029 274,023 323,305 Weighted average shares outstanding-diluted 8,175,754 8,615,757 8,165,931 8,774,334 Antidilutive securities not included: Options 327,750 373,000 360,500 294,000 Restricted stock - 9,500 6,333 6,333 |
Note I - Stock-based Compensa25
| Note I - Stock-based Compensation (Tables) | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes Tables | |
| Stock Option Plan Comparison [Table Text Block] | Restated Minimum exercise price as a percentage of fair market value at date of grant 100 % Last expiration date for outstanding options August 10, 2026 Shares available for grant at January 31, 2017 286,000 |
| Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended 2017 2016 Expected term (years) 5.5 5.5 Risk-free interest rate 1.28 % 1.58 % Volatility 36 % 34 % Dividend yield - - |
| Schedule of Share-based Compensation, Stock Options, Exercises [Table Text Block] | Nine Months Ended (Dollars in thousands) 2017 2016 Options exercised 169,500 30,750 Cash received from option exercises $ 1,675 $ 400 Intrinsic value of options exercised $ 4,374 $ 943 |
Note K - Supplemental Cash Fl26
| Note K - Supplemental Cash Flow Information (Tables) | 9 Months Ended |
| Jan. 31, 2017 | |
| Notes Tables | |
| Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Nine Months Ended (in thousands) 2017 2016 Supplemental disclosures: Interest paid $ 3,040 $ 2,614 Income taxes paid, net 4,726 5,650 Non-cash transactions: Inventory acquired in repossession and payment protection plan claims 30,610 31,594 Loss accrued (incurred) on disposal of property and equipment (300 ) - Purchase of property and equipment using the issuance of debt - 550 |
Note A - Organization and Bus27
| Note A - Organization and Business (Details Textual) | 9 Months Ended |
| Jan. 31, 2017 | |
| Number of Operating Subsidiaries | 2 |
| Number of Stores | 143 |
Note B - Summary of Significa28
| Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
| May 30, 2016 | Jan. 31, 2017 | Jan. 31, 2017 | Jan. 31, 2016 | Apr. 30, 2016 | Apr. 30, 2015 | |
| Number of Reportable Segments | 1 | |||||
| Line of Credit Facility,Distribution Limitations Maximum Aggregate Amount of Stock Repurchases | $ 40,000,000 | |||||
| Line of Credit Facility, Distribution Limitations Percentage of Sum of Borrowing Bases | 25.00% | |||||
| Line of Credit Facility, Distribution Limitations Percentage of Consolidated Net Income | 75.00% | |||||
| Line of Credit Facility Distribution Limitations Minimum Percentage of Aggregate Funds Available | 12.50% | |||||
| Interest Earned on Financing Receivables | $ 2,300,000 | $ 1,700,000 | ||||
| Finance Receivables, Customer Payments Due Either Weekly or Bi-Weekly, Percentage | 73.00% | |||||
| Financing Receivable, Greater Than or Equal to 30 Days Past Due, Percent of Portfolio | 4.70% | 4.70% | 5.00% | |||
| Financing Receivable, Average Days Past Due At Charge Off | 62 days | |||||
| Financing Receivable, Weighted Average Contractual Term | 2 years 237 days | |||||
| Financing Receivable, Weighted Average Remaining Contractual Term | 1 year 330 days | |||||
| Financing Receivable, Allowance for Credit Losses | $ 111,818,000 | $ 111,818,000 | $ 104,228,000 | 102,485,000 | $ 93,224,000 | |
| Finance Receivables, Percent of Principle Balance, Net Deferred Revenue | 25.00% | 25.00% | ||||
| Finance Receivable Principal Balance | $ 475,354,000 | $ 475,354,000 | 443,296,000 | 437,278,000 | ||
| Percentage of Receivable Charge-Offs | 50.00% | 50.00% | ||||
| Average Age of Account at Charge-Off Date | 357 days | |||||
| Financing Receivable, Recorded Investment Greater Than 90 Days Past Due | $ 2,037,000 | $ 2,037,000 | 2,131,000 | $ 1,089,000 | ||
| Late Fee Income Generated by Servicing Financial Assets, Amount | $ 1,400,000 | $ 1,500,000 | ||||
| Stock Repurchased During Period, Shares | 300,838 | 342,171 | ||||
| Stock Repurchased During Period, Value | $ 8,200,000 | $ 10,500,000 | ||||
| Treasury Stock, Shares to Establish Reserve Account to Secure Service Contracts | 10,000 | |||||
| Payment Protection Plan Liability, Anticipated Losses in Excess of Deferred Revenues | 0 | 0 | $ 0 | |||
| Goodwill, Impairment Loss | 0 | 0 | ||||
| Income Tax Examination, Penalties and Interest Accrued | 0 | 0 | 0 | |||
| Service Life [Member] | GPS Units [Member] | ||||||
| Increase (Decrease) in Selling General and Administrative Expense | (350,000) | |||||
| Payment Protection Plan [Member] | ||||||
| Deferred Revenue | 18,158,000 | 18,158,000 | 17,304,000 | |||
| Service Contract [Member] | ||||||
| Deferred Revenue | $ 9,924,000 | $ 9,924,000 | $ 10,035,000 | |||
| Maximum [Member] | ||||||
| Financing Receivable Interest Rate | 16.50% | 16.50% | 15.70% | |||
| Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period | 5 years | |||||
| Minimum [Member] | ||||||
| Financing Receivable Interest Rate | 15.00% | |||||
| Allowance for Credit Losses, Primary Factor Units Repossessed or Charged Off Evaluation Period | 1 year | |||||
| Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Arkansas, USA [Member] | ||||||
| Concentration Risk, Percentage | 30.00% | |||||
Note B - Summary of Significa29
| Note B - Summary of Significant Accounting Policies - Property and Equipment, Estimated Useful Lives (Details) | 9 Months Ended |
| Jan. 31, 2017 | |
| Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
| Property, Plant and Equipment Useful Lives (Year) | 3 years |
| Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
| Property, Plant and Equipment Useful Lives (Year) | 7 years |
| Leasehold Improvements [Member] | Minimum [Member] | |
| Property, Plant and Equipment Useful Lives (Year) | 5 years |
| Leasehold Improvements [Member] | Maximum [Member] | |
| Property, Plant and Equipment Useful Lives (Year) | 15 years |
| Building and Building Improvements [Member] | Minimum [Member] | |
| Property, Plant and Equipment Useful Lives (Year) | 18 years |
| Building and Building Improvements [Member] | Maximum [Member] | |
| Property, Plant and Equipment Useful Lives (Year) | 39 years |
Note B - Summary of Significa30
| Note B - Summary of Significant Accounting Policies - Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Sales | $ 121,263 | $ 121,791 | $ 384,117 | $ 367,056 |
| Sales Used Autos [Member] | ||||
| Sales | 103,249 | 105,435 | 331,376 | 316,269 |
| Wholesales Third Party [Member] | ||||
| Sales | 5,764 | 5,097 | 16,710 | 16,939 |
| Service Contract Sales [Member] | ||||
| Sales | 7,094 | 6,784 | 21,072 | 20,327 |
| Payment Protection Plan Revenue [Member] | ||||
| Sales | $ 5,156 | $ 4,475 | $ 14,959 | $ 13,521 |
Note C - Finance Receivables,31
| Note C - Finance Receivables, Net (Details Textual) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
| May 30, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | Apr. 30, 2016 | Apr. 30, 2015 | |
| Finance Receivables, Weighted Average Interest Rate | 15.70% | ||||
| Finance Receivables, Number of Loan Classes | 1 | ||||
| Finance Receivables, Number of Risk Pools | 1 | ||||
| Net Charge Offs as Percentage of Average Finance Receivables | 21.80% | 22.20% | |||
| Delinquencies Greater Than 30 Days as Percentage of Average Financing Receivables | 4.70% | 5.00% | 3.00% | 5.80% | |
| Collections as Percentage of Average Financing Receivables | 37.90% | 40.60% | |||
| Minimum [Member] | |||||
| Financing Receivable Interest Rate | 15.00% | ||||
| Financing Receivable Payment Period | 1 year 180 days | ||||
| Maximum [Member] | |||||
| Financing Receivable Interest Rate | 16.50% | 16.50% | 15.70% | ||
| Financing Receivable Payment Period | 3 years 180 days | ||||
Note C - Finance Receivables,32
| Note C - Finance Receivables, Net - Components of Finance Receivables (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 | Jan. 31, 2016 | Apr. 30, 2015 |
| Gross contract amount | $ 549,329 | $ 504,149 | ||
| Less unearned finance charges | (73,975) | (66,871) | ||
| Principal balance | 475,354 | 437,278 | $ 443,296 | |
| Less allowance for credit losses | (111,818) | (102,485) | (104,228) | $ (93,224) |
| Finance receivables, net | $ 363,536 | $ 334,793 | $ 339,069 | $ 324,144 |
Note C - Finance Receivables,33
| Note C - Finance Receivables, Net - Changes in Finance Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Balance | $ 334,793 | $ 324,144 | ||
| Finance receivable originations | 356,776 | 336,508 | ||
| Finance receivable collections | (175,696) | (173,949) | ||
| Provision for credit losses | $ (37,645) | $ (32,786) | (110,467) | (106,225) |
| Losses on claims for payment protection plan | (11,260) | (9,815) | ||
| Inventory acquired in repossession and payment protection plan claims | (30,610) | (31,594) | ||
| Balance | $ 363,536 | $ 339,069 | $ 363,536 | $ 339,069 |
Note C - Finance Receivables,34
| Note C - Finance Receivables, Net - Changes in the Finance Receivables Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Balance | $ 102,485 | $ 93,224 | ||
| Provision for credit losses | $ 37,645 | $ 32,786 | 110,467 | 106,225 |
| Charge-offs, net of recovered collateral | (101,134) | (95,221) | ||
| Balance | $ 111,818 | $ 104,228 | $ 111,818 | $ 104,228 |
Note C - Finance Receivables,35
| Note C - Finance Receivables, Net - Credit Quality Information for Finance Receivables (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 | Jan. 31, 2016 |
| Current, Principal Balance | $ 371,078 | $ 378,631 | $ 364,453 |
| Current, Percent of Portfolio | 78.06% | 86.59% | 82.22% |
| 3 - 29 days past due, Principal Balance | $ 81,887 | $ 45,631 | $ 56,835 |
| 3 - 29 days past due, Percent of Portfolio | 17.23% | 10.43% | 12.82% |
| 30 - 60 days past due, Principal Balance | $ 15,957 | $ 8,429 | $ 15,087 |
| 30 - 60 days past due, Percent of Portfolio | 3.36% | 1.93% | 3.40% |
| 61 - 90 days past due, Principal Balance | $ 4,395 | $ 3,498 | $ 4,790 |
| 61 - 90 days past due, Percent of Portfolio | 0.92% | 0.80% | 1.08% |
| Financing Receivable, Recorded Investment Greater Than 90 Days Past Due | $ 2,037 | $ 1,089 | $ 2,131 |
| > 90 days past due | 0.43% | 0.25% | 0.48% |
| Finance Receivable Principal Balance | $ 475,354 | $ 437,278 | $ 443,296 |
| Total, Percent of Portfolio | 100.00% | 100.00% | 100.00% |
Note C - Finance Receivables,36
| Note C - Finance Receivables, Net - Financing Receivables Analysis (Details) | 9 Months Ended | |
| Jan. 31, 2017 | Jan. 31, 2016 | |
| Principal collected as a percent of average finance receivables | 37.90% | 40.60% |
| Average down-payment percentage | 5.30% | 6.10% |
| Average originating contract term (in months) (Month) | 2 years 159 days | 2 years 138 days |
Note C - Finance Receivables,37
| Note C - Finance Receivables, Net - Average Financing Receivable Contract Terms (Details) | 9 Months Ended | |
| Jan. 31, 2017 | Jan. 31, 2016 | |
| Portfolio weighted average contract term, including modifications (in months) (Month) | 2 years 237 days | 2 years 207 days |
Note D - Property and Equipme38
| Note D - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
| Less accumulated depreciation and amortization | $ (25,272) | $ (22,383) |
| Total | 31,313 | 34,755 |
| Land [Member] | ||
| Property and Equipment | 6,738 | 6,711 |
| Building and Building Improvements [Member] | ||
| Property and Equipment | 11,976 | 11,928 |
| Furniture, Fixtures and Equipment [Member] | ||
| Property and Equipment | 13,233 | 14,941 |
| Leasehold Improvements [Member] | ||
| Property and Equipment | 24,347 | 23,308 |
| Construction in Progress [Member] | ||
| Property and Equipment | $ 291 | $ 250 |
Note E - Accrued Liabilities -
| Note E - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
| Employee compensation | $ 5,762 | $ 3,684 |
| Cash overdrafts (see Note B) | 3,587 | |
| Deferred sales tax (see Note B) | 2,978 | 2,736 |
| Other | 4,576 | 4,825 |
| Total | $ 16,903 | $ 11,245 |
Note F - Debt Facilities (Detai
| Note F - Debt Facilities (Details Textual) - USD ($) | Dec. 12, 2016 | Oct. 31, 2016 | Dec. 15, 2015 | Oct. 08, 2014 | Jun. 24, 2013 | Feb. 04, 2013 | Jan. 31, 2017 | Jan. 31, 2016 | Apr. 30, 2016 | Feb. 18, 2016 | Feb. 17, 2016 | Feb. 13, 2014 | Sep. 30, 2012 | Mar. 09, 2012 |
| Line of Credit Facility, Distribution Limitations Percentage of Sum of Borrowing Bases | 25.00% | |||||||||||||
| Line of Credit Facility, Distribution Limitations Percentage of Consolidated Net Income | 75.00% | |||||||||||||
| Line of Credit Facility Distribution Limitations Minimum Percentage of Aggregate Funds Available | 12.50% | |||||||||||||
| Amortization of Debt Issuance Costs and Discounts | $ 197,000 | $ 144,000 | ||||||||||||
| Debt Issuance Costs, Line of Credit Arrangements, Net | 378,000 | |||||||||||||
| Debt Issuance Costs, Gross | 576,000 | $ 396,000 | ||||||||||||
| Note Payable Related to the Property Purchase Agreement [Member] | ||||||||||||||
| Debt Instrument, Face Amount | $ 550,000 | |||||||||||||
| Debt Instrument, Periodic Payment | $ 10,005 | |||||||||||||
| Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||||||||||||
| Long-term Debt | 439,000 | $ 516,000 | ||||||||||||
| Revolving Credit Facility [Member] | ||||||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | 200,000 | $ 172,500,000 | $ 145,000,000 | $ 145,000,000 | $ 125,000,000 | ||||||||
| Dividend Restrictions Maximum Aggregate Amount of Stock Repurchases | 40,000,000 | |||||||||||||
| Line of Credit Facility, Total Increase in Borrowing Capacity | 27,500,000 | |||||||||||||
| Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature | $ 50,000,000 | $ 78,000,000 | 55,000,000 | |||||||||||
| Line of Credit Facility, Maximum Borrowing Capacity, Accordion Feature | $ 200,000,000 | |||||||||||||
| Debt Agreement, Accounts Receivable Advances, Term Range One, Rate | 55.00% | 50.00% | ||||||||||||
| Debt Agreement, Accounts Receivable Advances, Term Range Two, Rate | 50.00% | 45.00% | ||||||||||||
| Line of Credit Facility, Distribution Limitations Percentage of Sum of Borrowing Bases | 25.00% | |||||||||||||
| Line of Credit Facility, Distribution Limitations Percentage of Consolidated Net Income | 75.00% | |||||||||||||
| Line of Credit Facility Distribution Limitations Minimum Percentage of Aggregate Funds Available | 12.50% | |||||||||||||
| Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||
| Debt Instrument, Basis Spread on Variable Rate | 2.375% | |||||||||||||
| Revolving Credit Facility [Member] | Credit Facilities, Amendment Number 3 [Member] | ||||||||||||||
| Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature | $ 55,000,000 | |||||||||||||
| Line of Credit Facility, Decrease in Pricing Tiers, Percent | 0.25% | |||||||||||||
| Revolving Credit Facility [Member] | Credit Facilities, Amendment Number 4 [Member] | ||||||||||||||
| Maximum Allowable Capital Expenditures By Credit Facilities Amendment | $ 10,000,000 | |||||||||||||
| Revolving Credit Facility [Member] | Credit Facilities Amendment Number 5 [Member] | ||||||||||||||
| Line of Credit Facility Increase in Pricing Tiers Percent | 0.125% | |||||||||||||
| Dividend Restrictions Maximum Aggregate Amount of Stock Repurchases | $ 40,000,000 | |||||||||||||
| Dividend Restrictions Percentage of Sum of Borrowing Bases | 30.00% | |||||||||||||
| Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||||
| Contract Term of Contracts Included by Credit Facilities Amendment | 3 years | |||||||||||||
| Debt Agreement, Accounts Receivable Advances, Term Range One | 3 years 30 days | |||||||||||||
| Debt Agreement, Accounts Receivable Advances, Term Range Two | 3 years 210 days | |||||||||||||
| Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||||
| Contract Term of Contracts Included by Credit Facilities Amendment | 3 years 180 days | |||||||||||||
| Debt Agreement, Accounts Receivable Advances, Term Range One | 3 years 180 days | |||||||||||||
| Debt Agreement, Accounts Receivable Advances, Term Range Two | 5 years |
Note F - Summary of Revolving C
| Note F - Summary of Revolving Credit Facilities (Details) - USD ($) | 9 Months Ended | ||||||
| Jan. 31, 2017 | Dec. 12, 2016 | Apr. 30, 2016 | Feb. 18, 2016 | Feb. 17, 2016 | Sep. 30, 2012 | Mar. 09, 2012 | |
| Revolving credit facilities and notes payable | $ 118,785,000 | $ 107,902,000 | |||||
| Revolving Credit Facility [Member] | |||||||
| Aggregate amount | $ 200,000 | $ 200,000,000 | $ 172,500,000 | $ 145,000,000 | $ 145,000,000 | $ 125,000,000 | |
| Maturity | Dec. 12, 2019 | ||||||
| Revolving credit facilities and notes payable | $ 118,346 | $ 107,386 | |||||
| Interest rate | 3.14% | 2.81% | |||||
| Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
| Interest rate | 2.375% |
Note G - Fair Value Measureme42
| Note G - Fair Value Measurements (Details Textual) | 1 Months Ended |
| Nov. 30, 2012 | |
| Fair Value Inputs, Discount Rate, Intercompany Transactions | 38.50% |
| Minimum [Member] | |
| Fair Value Inputs, Discount Rate | 35.00% |
| Maximum [Member] | |
| Fair Value Inputs, Discount Rate | 40.00% |
Note G - Fair Value Measureme43
| Note G - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jan. 31, 2017 | Apr. 30, 2016 |
| Reported Value Measurement [Member] | ||
| Cash | $ 254 | $ 602 |
| Finance receivables, net | 363,536 | 334,793 |
| Accounts payable | 10,544 | 12,313 |
| Revolving credit facilities and notes payable | 118,785 | 107,902 |
| Estimate of Fair Value Measurement [Member] | ||
| Cash | 254 | 602 |
| Finance receivables, net | 292,343 | 268,926 |
| Accounts payable | 10,544 | 12,313 |
| Revolving credit facilities and notes payable | $ 118,785 | $ 107,902 |
Note H - Weighted Average Sha44
| Note H - Weighted Average Shares Outstanding - Weighted Average Shares of Common Stock Outstanding (Details) - shares | 3 Months Ended | 9 Months Ended | ||
| Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2017 | Jan. 31, 2016 | |
| Weighted average shares outstanding-basic (in shares) | 7,893,737 | 8,367,728 | 7,891,908 | 8,451,029 |
| Dilutive options and restricted stock (in shares) | 282,017 | 248,029 | 274,023 | 323,305 |
| Weighted average shares outstanding-diluted (in shares) | 8,175,754 | 8,615,757 | 8,165,931 | 8,774,334 |
| Employee Stock Option [Member] | ||||
| Antidilutive securities not included: | ||||
| Antidilutive securities (in shares) | 327,750 | 373,000 | 360,500 | 294,000 |
| Restricted Stock [Member] | ||||
| Antidilutive securities not included: | ||||
| Antidilutive securities (in shares) | 9,500 | 6,333 | 6,333 | |
Note I - Stock-based Compensa45
| Note I - Stock-based Compensation (Details Textual) - USD ($) | Aug. 05, 2015 | Jan. 31, 2017 | Jan. 31, 2016 | Jan. 31, 2016 | Oct. 14, 2009 |
| Allocated Share-based Compensation Expense | $ 1,000,000 | $ 1,200,000 | |||
| Allocated Share-based Compensation Expense, Net of Tax | 627,000 | 759,000 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 13,700,000 | 2,900,000 | $ 2,900,000 | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 764,500 | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ 13,000,000 | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 3 years 105 days | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price | $ 25.49 | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 286,000 | ||||
| Employee Stock Option [Member] | |||||
| Allocated Share-based Compensation Expense | $ 923,000 | 1,100,000 | |||
| Allocated Share-based Compensation Expense, Net of Tax | $ 579,000 | $ 710,000 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 35,000 | 298,750 | 131,125 | ||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value | $ 338,000 | $ 5,200,000 | |||
| Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 2,900,000 | ||||
| Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years 36 days | ||||
| Performance Shares [Member] | |||||
| Employee Service Share-based Compensation, Not Currently Expected to Vest Awards, Compensation Cost Not yet Recognized | $ 1,100,000 | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Not Currently Expected to Vest, Outstanding, Number | 62,750 | ||||
| Restricted Stock [Member] | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 10,000 | 0 | |||
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 169,527 | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 17,500 | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 45.06 | ||||
| Restated Option Plan [Member] | |||||
| Common Stock, Capital Shares Reserved for Future Issuance | 1,800,000 | ||||
| Restated Option Plan [Member] | Employee Stock Option [Member] | |||||
| Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||
| Stock Incentive Plan [Member] | |||||
| Allocated Share-based Compensation Expense | $ 78,000 | $ 74,000 | |||
| Allocated Share-based Compensation Expense, Net of Tax | 49,000 | $ 47,000 | |||
| Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 612,000 | ||||
| Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 4 years | ||||
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 350,000 |
Note I - Stock-based Compensa46
| Note I - Stock-based Compensation - Stock Option Plan Comparison (Details) | 9 Months Ended |
| Jan. 31, 2017shares | |
| Minimum exercise price as a percentage of fair market value at date of grant | 100.00% |
| Shares available for grant at January 31, 2017 (in shares) | 286,000 |
| The 1997 Plan [Member] | |
| Last expiration date for outstanding options | Aug. 10, 2026 |
Note I - Stock-based Compensa47
| Note I - Stock-based Compensation - Options Valuation Assumptions (Details) | 9 Months Ended | |
| Jan. 31, 2017 | Jan. 31, 2016 | |
| Expected term (years) (Year) | 5 years 182 days | 5 years 182 days |
| Risk-free interest rate | 1.28% | 1.58% |
| Volatility | 36.00% | 34.00% |
| Dividend yield | ||
Note I - Stock-based Compensa48
| Note I - Stock-based Compensation - Options Exercised (Details) - USD ($) $ in Thousands | 9 Months Ended | |
| Jan. 31, 2017 | Jan. 31, 2016 | |
| Options exercised (in shares) | 169,500 | 30,750 |
| Cash received from option exercises | $ 1,675 | $ 400 |
| Intrinsic value of options exercised | $ 4,374 | $ 943 |
Note J - Commitments and Cont49
| Note J - Commitments and Contingencies (Details Textual) $ in Millions | Jan. 31, 2017USD ($) |
| Letters of Credit Outstanding, Amount | $ 1 |
Note K - Supplemental Cash Fl50
| Note K - Supplemental Cash Flow Information - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands | 9 Months Ended | |
| Jan. 31, 2017 | Jan. 31, 2016 | |
| Supplemental disclosures: | ||
| Interest paid | $ 3,040 | $ 2,614 |
| Income taxes paid, net | 4,726 | 5,650 |
| Non-cash transactions: | ||
| Inventory acquired in repossession and payment protection plan claims | 30,610 | 31,594 |
| Loss accrued (incurred) on disposal of property and equipment | (300) | |
| Purchase of property and equipment using the issuance of debt | $ 550 | |