America's Car-Mart (CRMT) 10-K 13 Jun 17 2017 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Apr. 30, 2017	Jun. 08, 2017	Oct. 31, 2016
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	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		7,548,969
Entity Public Float			$ 320,114,285
Document Type	10-K
Document Period End Date	Apr. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Assets:
Cash and cash equivalents	$ 434	$ 602
Accrued interest on finance receivables	2,098	1,716
Finance receivables, net	357,161	334,793
Inventory	30,129	29,879
Prepaid expenses and other assets	3,942	3,302
Income taxes receivable, net		894
Goodwill	355	355
Property and equipment, net	30,139	34,755
Total Assets	424,258	406,296
Liabilities:
Accounts payable	11,224	12,313
Accrued liabilities	13,796	11,245
Income tax payable, net	885
Deferred income tax liabilities, net	18,918	18,280
Revolving credit facilities and notes payable	117,944	107,902
Total liabilities	190,850	177,079
Commitments and contingencies (Note L)
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; 12,927,413 and 12,726,560 issued at April 30, 2017 and April 30, 2016, respectively, of which 7,608,471 and 8,073,820 were outstanding at April 30, 2017 and April 30, 2016, respectively	129	127
Additional paid-in capital	69,284	64,771
Retained earnings	325,519	305,354
Less: Treasury stock, at cost, 5,318,942 and 4,652,740 shares at April 30, 2017 and April 30, 2016, respectively	(162,024)	(141,535)
Total stockholders' equity	232,908	228,717
Non-controlling interest	100	100
Total equity	233,008	228,817
Total Liabilities, mezzanine equity and equity	424,258	406,296
Payment Protection Plan [Member]
Liabilities:
Deferred revenue	18,472	17,305
Service Contract [Member]
Liabilities:
Deferred revenue	$ 9,611	$ 10,034

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Apr. 30, 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)	12,927,413	12,726,560
Common stock, shares outstanding (in shares)	7,608,471	8,073,820
Treasury stock, shares (in shares)	5,318,942	4,652,740

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Revenues:
Sales	$ 520,149	$ 506,517	$ 472,569
Interest and other income	67,602	61,389	57,752
Total revenues	587,751	567,906	530,321
Costs and expenses:
Cost of sales, excluding depreciation	304,927	304,886	272,446
Selling, general and administrative	91,940	92,242	83,802
Provision for credit losses	149,097	144,397	120,289
Interest expense	4,069	3,306	2,903
Depreciation and amortization	4,272	4,208	3,830
Loss on disposal of property and equipment	1,204	369	17
Total costs and expenses	555,509	549,408	483,287
Income before income taxes	32,242	18,498	47,034
Provision for income taxes	12,037	6,902	17,544
Net income	20,205	11,596	29,490
Less: Dividends on mandatorily redeemable preferred stock	40	40	40
Net income attributable to common stockholders	$ 20,165	$ 11,556	$ 29,450
Earnings per share:
Basic (in dollars per share)	$ 2.57	$ 1.38	$ 3.42
Diluted (in dollars per share)	$ 2.49	$ 1.33	$ 3.25
Weighted average number of shares outstanding:
Basic (in shares)	7,854,238	8,370,478	8,617,864
Diluted (in shares)	8,110,777	8,666,031	9,048,957

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Operating activities:
Net income	$ 20,205,000	$ 11,596,000	$ 29,490,000
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	149,097,000	144,397,000	120,289,000
Losses on claims for payment protection plan	15,627,000	13,521,000	10,588,000
Depreciation and amortization	4,272,000	4,208,000	3,830,000
Amortization of debt issuance costs	252,000	214,000	188,000
Loss on disposal of property and equipment	1,204,000	369,000	17,000
Stock-based compensation	1,293,000	1,519,000	780,000
Deferred income taxes	638,000	(898,000)	3,934,000
Excess tax benefit from stock based compensation	(1,183,000)	(238,000)	(1,627,000)
Change in operating assets and liabilities:
Finance receivable originations	(479,099,000)	(460,499,000)	(445,405,000)
Finance receivable collections	249,264,000	248,166,000	238,845,000
Accrued interest on finance receivables	(382,000)	286,000	(172,000)
Inventory	42,493,000	48,154,000	40,686,000
Prepaid expenses and other assets	(730,000)	284,000	(887,000)
Accounts payable and accrued liabilities	676,000	1,115,000	3,862,000
Income taxes, net	2,963,000	(11,000)	200,000
Net cash provided by operating activities	7,334,000	14,286,000	12,387,000
Investing Activities:
Purchases of property and equipment	(1,587,000)	(4,526,000)	(4,009,000)
Proceeds from sale of property and equipment	932,000	7,000	112,000
Net cash used in investing activities	(655,000)	(4,519,000)	(3,897,000)
Financing Activities:
Exercise of stock options	1,895,000	400,000	4,143,000
Excess tax benefits from stock based compensation	1,183,000	238,000	1,627,000
Issuance of common stock	142,000	186,000	146,000
Purchase of common stock	(20,486,000)	(14,214,000)	(20,020,000)
Dividend payments	(40,000)	(40,000)	(40,000)
Debt issuance costs	(449,000)	146,000	(256,000)
Change in cash overdrafts	669,000	(1,587,000)	502,000
Prinicipal payments on notes payable	(104,000)	(34,000)
Proceeds from revolving credit facilities	387,050,000	374,214,000	377,225,000
Payments on revolving credit facilities	(376,707,000)	(369,264,000)	(371,316,000)
Net cash used in financing activities	(6,847,000)	(9,955,000)	(7,989,000)
Increase (decrease) in cash and cash equivalents	(168,000)	(188,000)	501,000
Cash and cash equivalents, beginning of period	602,000	790,000	289,000
Cash and cash equivalents, end of period	434,000	602,000	790,000
Payment Protection Plan [Member]
Change in operating assets and liabilities:
Increase (decrease) in deferred revenue	1,167,000	1,653,000	2,419,000
Service Contract [Member]
Change in operating assets and liabilities:
Increase (decrease) in deferred revenue	$ (423,000)	$ 450,000	$ 5,350,000

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Apr. 30, 2014	12,452,809
Balance at Apr. 30, 2014	$ 125	$ 55,734	$ 264,348	$ (107,301)	$ 100	$ 213,006
Issuance of common stock (in shares)	3,831
Issuance of common stock		146				$ 146
Stock options exercised (in shares)	212,250					212,250
Stock options exercised	$ 2	4,141				$ 4,143
Purchase of treasury shares				(20,020)		(20,020)
Tax benefit of stock based compensation		1,627				1,627
Stock based compensation (in shares)	20,000
Stock based compensation		780				780
Dividends on subsidiary preferred stock			(40)			(40)
Net income			29,490			29,490
Balance (in shares) at Apr. 30, 2015	12,688,890
Balance at Apr. 30, 2015	$ 127	62,428	293,798	(127,321)	100	229,132
Issuance of common stock (in shares)	6,920
Issuance of common stock		186				$ 186
Stock options exercised (in shares)	30,750					30,750
Stock options exercised		400				$ 400
Purchase of treasury shares				(14,214)		(14,214)
Tax benefit of stock based compensation		238				238
Stock based compensation		1,519				1,519
Dividends on subsidiary preferred stock			(40)			(40)
Net income			11,596			11,596
Balance (in shares) at Apr. 30, 2016	12,726,560
Balance at Apr. 30, 2016	$ 127	64,771	305,354	(141,535)	100	228,817
Issuance of common stock (in shares)	4,750
Issuance of common stock		142				$ 142
Stock options exercised (in shares)	196,103					264,500
Stock options exercised	$ 2	1,895				$ 1,897
Purchase of treasury shares				(20,489)		(20,489)
Tax benefit of stock based compensation		1,183				1,183
Stock based compensation		1,293				1,293
Dividends on subsidiary preferred stock			(40)			(40)
Net income			20,205			20,205
Balance (in shares) at Apr. 30, 2017	12,927,413
Balance at Apr. 30, 2017	$ 129	$ 69,284	$ 325,519	$ (162,024)	$ 100	$ 233,008

Consolidated Statements of Equ7

Consolidated Statements of Equity (Parentheticals) - shares	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Treasury Stock [Member]
Purchase of treasury shares (in shares)	666,202	493,073	442,700

Note A - Organization and Busin

Note A - Organization and Business	12 Months Ended
	Apr. 30, 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 not April 30, 2017, 140

Note B - Summary of Significant

Note B - Summary of Significant Accounting Policies	12 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	B - Summary of Significant Accounting Policies 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 amount 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 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 $40 December 12, 2016 25% not 75% twelve 12.5% Cash Equivalents The Company considers all highly liquid 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 15.9% May 2016, 15.0% 16.5% not not $2.1 April 30, 2017 $1.7 April 30, 2016), . one not may 74% April 30, 2017, 3.6% 30 3.0% April 30, 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 three The Company attempts to resolve payment delinquencies amicably prior to repossessing a vehicle. If a customer becomes severely delinquent in his or her payments, and management determines that timely collection of future payments is not 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 third The Company takes steps to repossess a vehicle when the customer becomes delinquent in his or her payments and management determines that timely collection of future payments is not not 60 The Company maintains an allowance for credit losses on an aggregate basis, as opposed to a contract-by-contract basis, at an amount 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. The Company accrues an estimated loss as it is probable that the entire amount will not not · 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 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. While challenging economic conditions can negatively impact credit losses, the effectiveness of the execution of internal policies and procedures within the collections area and the competitive environment on the lending side have historically had a more significant effect on collection results than macro-economic issues. An increase to the allowance for credit losses to 25% second 2016 $4.8 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 product, 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 April 30, 2017 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 no 2017 2016. 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 principally 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 not 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 not 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 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. 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 not 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 2014. 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 April 30, 2017 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, and 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 the sales contract is signed, the customer has taken possession of the vehicle and, if applicable, financing has been approved. 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 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 for the years ended April 30, 2017, 2016 2015: Years Ended April 30, (In thousands) 2017 2016 2015 Sales – used autos $ 448,183 $ 436,080 $ 416,060 Wholesales – third party 23,554 24,917 19,961 Service contract sales 28,668 27,323 19,758 Payment protection plan revenue 19,744 18,197 16,790 Total $ 520,149 $ 506,517 $ 472,569 At April 30, 2017 2016, 90 $1.5 $1.1 $2.0 $2.0 $2.2 2017, 2016 2015, Advertising Costs Advertising costs are expensed as incurred and consist principally of radio, television and print media marketing costs. Advertising costs amounted to $4.0 $4.2 $3.6 April 30, 2017, 2016 2015, Employee Benefit Plans The Company has 401 50% 4% $437,000, $403,000, $363,000 April 30, 2017, 2016 2015, The Company offers employees the right to purchase common shares at a 15% 2006 October 2006. 15% 2017, 2016 2015 not 200,000 147,886 April 30, 2017. 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 666,202, 493,073, 442,700 $20.5 $14.2 $20.0 April 30, 2017, 2016 2015, may 2016, 10,000 2017, 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 not Revenue Recognition May 2014, 2014 09, Revenue from Contracts with Customers (Topic 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 not 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 (Topic 326 2016 13 2016 13 December 15, 2019,

Note C - Finance Receivables, N

Note C - Finance Receivables, Net	12 Months Ended
	Apr. 30, 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 one one one April 30, 2017 2016 (In thousands) April 30, 2017 April 30, 2016 Gross contract amount $ 545,916 $ 504,149 Less unearned finance charges (79,062 ) (66,871 ) Principal balance 466,854 437,278 Less allowance for credit losses (109,693 ) (102,485 ) Finance receivables, net $ 357,161 $ 334,793 Changes in the finance receivables, net for the years ended April 30, 2017, 2016 2015 Years Ended April 30, (In thousands) 2017 2016 2015 Balance at beginning of period $ 334,793 $ 324,144 $ 293,299 Finance receivable originations 479,099 460,499 445,405 Finance receivable collections (249,264 ) (248,166 ) (238,845 ) Provision for credit losses (149,097 ) (144,397 ) (120,289 ) Losses on claims for payment protection plan (15,627 ) (13,521 ) (10,588 ) Inventory acquired in repossession and payment protection plan claims (42,743 ) (43,766 ) (44,838 ) Balance at end of period $ 357,161 $ 334,793 $ 324,144 Changes in the finance receivables allowance for credit losses for the years ended April 30, 2017, 2016 2015 Years Ended April 30, (In thousands) 2017 2016 2015 Balance at beginning of period $ 102,485 $ 93,224 $ 86,033 Provision for credit losses 149,097 144,397 120,289 Charge-offs, net of recovered collateral (141,889 ) (135,136 ) (113,098 ) Balance at end of period $ 109,693 $ 102,485 $ 93,224 The factors which influenced management’s judgment in determining the amount of the additions to the allowance charged to provision for credit losses are described below: The level of actual charge-offs, net of recovered collateral, is the most important factor in determining the charges to 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 was 30.5% 2017 31.3% 2016. 2017 2016 $4.8 second 2016. 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 53.6% April 30, 2017 57.5% April 30, 2016. 30 3.6% April 30, 2017 3.0% April 30, 2016. Macro-economic factors, 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 such as credit reporting for customers and further implementation of GPS technology on vehicles sold. Credit quality information for finance receivables is as follows: (Dollars in thousands) April 30, 2017 April 30, 2016 Principal Percent of Principal Percent of Current $ 397,341 85.12 % $ 378,631 86.59 % 3 - 29 days past due 52,869 11.32 % 45,631 10.43 % 30 - 60 days past due 11,658 2.50 % 8,429 1.93 % 61 - 90 days past due 3,516 0.75 % 3,498 0.80 % > 90 days past due 1,470 0.31 % 1,089 0.25 % Total $ 466,854 100.00 % $ 437,278 100.00 % Accounts one two may 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 monitors contract term length, down payment percentages, and collections for credit quality indicators. Twelve Months Ended 2017 2016 Principal collected as a percent of average finance receivables 53.6 % 57.5 % Average down-payment percentage 6.0 % 6.7 % April 30, 2017 April 30, 2016 Average originating contract term (in months ) 29.5 28.9 Portfolio weighted average contract term, including modifications (in months ) 32.5 31.6 The decrease in collections as a percentage of average finance receivables was primarily due to the longer overall contract term, higher levels of contract modifications related to a large extent to delays in income tax refunds, a lower level of early payoffs and the increase in the contract interest rate, offset by a slightly higher average age of receivables. The increases in contract term are primarily related to efforts to keep payments affordable, for competitive reasons and to continue to work more 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	12 Months Ended
	Apr. 30, 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) April 30, 2017 April 30, 2016 Land $ 6,742 $ 6,711 Buildings and improvements 11,972 11,928 Furniture, fixtures and equipment 13,143 14,941 Leasehold improvements 24,464 23,308 Construction in progress - 250 Accumulated depreciation and amortization (26,182 ) (22,383 ) Property and equipment, net $ 30,139 $ 34,755

Note E - Accrued Liabilities

Note E - Accrued Liabilities	12 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
Other Liabilities Disclosure [Text Block]	E - Accrued Liabilities A summary of accrued liabilities is as follows: (In thousands) April 30, 2017 April 30, 2016 Employee compensation $ 5,406 $ 3,684 Cash overdrafts (see Note B) 669 - Deferred sales tax (see Note B) 2,894 2,736 Other 4,827 4,825 Accrued liabilities $ 13,796 $ 11,245

Note F - Debt Facilities

Note F - Debt Facilities	12 Months Ended
	Apr. 30, 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 April 30, 2017 April 30, 2016 Revolving credit facilities $ 200,000 LIBOR + 2.375% December 12, 2019 $ 118,124 $ 107,386 ( 3.37% at April 30, 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 fifth October 8, 2017, 0.125% three one two On February 18, 2016, $27.5 $145 $172.5 $55 $200 On December 12, 2016, December 12, 2019, four $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 $40 December 12, 2016 25% not 75% twelve 12.5% The Company was in compliance with the covenants at April 30, 2017. April 30, 2017, $79 The Company recognized $252,000 $214,000 twelve April 30, 2017 2016, During the year ended April 30, 2017, $449,000 During the third 2016, 2015 03, Simplifying the Presentation of Debt Issuance Costs 2015 03 $593,000 $396,000 April 30, 2017 2016, On December 15, 2015, one $550,000. $10,005. December 2020, 3.50% $413,000 April 30, 2017.

Note G - Fair Value Measurement

Note G - Fair Value Measurements	12 Months Ended
	Apr. 30, 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 April 30, 2017 2016: April 30, 2017 April 30, 2016 (In thousands) Carrying Fair Carrying Fair Cash $ 434 $ 434 $ 602 $ 602 Finance receivables, net 357,161 287,115 334,793 268,926 Accounts payable 11,224 11,224 12,313 12,313 Revolving credit facilities 117,944 117,944 107,902 107,902 Because no 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 estimated the fair value of its receivables at what a third third third November 2012 35% 40% third 38.5% not third April 30, 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 borrowings, which reprice frequently.

Note H - Income Taxes

Note H - Income Taxes	12 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	H - Income Taxes The provision for income taxes was as follows: Years Ended April 30, (In thousands) 2017 2016 2015 Provision for income taxes Current $ 11,399 $ 7,800 $ 13,610 Deferred 638 (898 ) 3,934 Total $ 12,037 $ 6,902 $ 17,544 The provision for income taxes is different from the amount computed by applying the statutory federal income tax rate to income before income taxes for the following reasons: Years Ended April 30, (In thousands) 2017 2016 2015 Tax provision at statutory rate $ 11,285 $ 6,474 $ 16,463 State taxes, net of federal benefit 868 443 1,172 Other, net (116 ) (15 ) (91 ) Total $ 12,037 $ 6,902 $ 17,544 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred income tax assets and liabilities were as follows: Years Ended April 30, (In thousands) 2017 2016 Deferred income tax liabilities related to: Finance receivables $ 26,524 $ 24,868 Property and equipment 131 1,160 Total 26,655 26,028 Deferred income tax assets related to: Accrued liabilities 2,371 2,069 Inventory 149 149 Share based compensation 3,964 4,505 Deferred revenue 1,253 1,025 Total 7,737 7,748 Deferred income tax liabilities, net $ 18,918 $ 18,280

Note I - Capital Stock

Note I - Capital Stock	12 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	I – Capital Stock The Company is authorized to issue up to one million $.01 one not A subsidiary of the Company has issued 500,000 $1.00 8% April 30, 2017, 400,000 $400,000

Note J - Weighted Average Share

Note J - Weighted Average Shares Outstanding	12 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
Weighted Average Shares Outstanding [Text Block]	J – 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: Years Ended April 30, 2017 2016 2015 Weighted average shares outstanding-basic 7,854,238 8,370,478 8,617,864 Dilutive options and restricted stock 256,539 295,553 431,093 Weighted average shares outstanding-diluted 8,110,777 8,666,031 9,048,957 Antidilutive securities not included: Options 359,250 325,125 76,250

Note K - Stock-based Compensati

Note K - Stock-based Compensation Plans	12 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	K – Stock-Based Compensation Plans 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 current stock-based compensation plans are the Amended and Restated Stock Option Plan and the Amended and Restated Stock Incentive Plan. The Company recorded total stock-based compensation expense for all plans of $1.3 $811,000 $1.5 $952,000 $780,000 $489,000 April 30, 2017, 2016 2015, Stock Options The Company has options outstanding under 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 300,000 1,800,000 not not ten 2016 2027. Restated Option Plan Minimum exercise price as a percentage of fair market value at date of grant 100 % Last expiration date for outstanding options March 13, 2027 Shares available for grant at April 30, 2017 277,500 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. April 30, 2017 April 30, 2016 April 30, 2015 Expected terms (years) 5.5 5.5 5.4 Risk-free interest rate 1.47 % 1.55 % 1.64 % Volatility 36 % 34 % 34 % Dividend yield - - - The expected term of the options is based on evaluations of historical and expected future 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 not The following is an aggregate summary of the activity in the Company’s stock option plans from April 30, 2014 April 30, 2017: Number Exercise Proceeds Weighted Average (in thousands) Outstanding at April 30, 2014 1,117,000 $ 11.90 to $ 46.44 $ 24,294 $ 21.75 Granted 89,000 $ 36.54 to $ 50.25 3,997 44.91 Exercised (212,250 ) $ 11.90 to $ 45.46 (4,143 ) 19.52 Cancelled (12,000 ) $ 41.86 to $ 45.72 (540 ) 45.08 Outstanding at April 30, 2015 981,750 $ 11.90 to $ 53.02 $ 23,608 $ 24.05 Granted 338,750 $ 26.37 to $ 53.02 16,471 48.62 Exercised (30,750 ) $ 11.90 to $ 23.34 (400 ) 13.00 Cancelled (11,500 ) $ 41.86 to $ 53.02 (598 ) 52.05 Outstanding at April 30, 2016 1,278,250 $ 39,081 $ 30.57 Granted 45,000 $ 26.42 to $ 34.09 1,301 28.90 Exercised (264,500 ) $ 11.90 to $ 28.13 (4,363 ) 17.92 Cancelled (30,250 ) $ 41.86 to $ 53.02 (1,559 ) 51.55 Outstanding at April 30, 2017 1,028,500 $ 34,460 $ 33.51 Stock option compensation expense on a pre-tax basis was $1.2 $728,000 $1.4 $870,000 $664,000 $416,000 April 30, 2017, 2016 2015, April 30, 2017, $2.8 2.9 There were 45,000 2017. 2017, 2016 2015 $461,000, $5.6 $1.4 three five As of April 30, 2017, 131,125 2016 five April 30, 2020. April 30, 2015. April 30, 2017, $1.1 62,750 not The aggregate intrinsic value of outstanding options at April 30, 2017 2016 $8.7 $4.8 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 Consolidated Statements of Cash Flows Years Ended April 30, (Dollars in thousands) 2017 2016 2015 Options Exercised 264,500 30,750 212,250 Cash Received from Options Exercised $ 2,609 $ 400 $ 4,143 Intrinsic Value of Options Exercised $ 6,439 $ 943 $ 5,983 During the year ended April 30, 2017, 88,750 68,397 20,353 As of April 30, 2017 669,500 $8.2 3.11 $26.17. Stock Incentive Plan On October 14, 2009, may 150,000 300,000. August 5, 2015, June 10, 2025. The following is a summary of the activity in the Company’s Stock Incentive Plan: Number Weighted Average Unvested shares at April 30, 2016 9,500 $ 52.10 Shares granted 10,000 39.14 Shares vested - - Shares cancelled (2,500 ) 49.51 Unvested shares at April 30, 2017 17,000 $ 44.86 The fair value at vesting for awards under the stock incentive plan was $763,000, $495,000 $495,000 2017, 2016 2015, During the fiscal year 2017, 10,000 $39.14 no 2016. 2015, 9,500 $52.10 170,027 April 30, 2017. The Company recorded compensation cost of $107,000 $67,000 $99,000 $62,000 $90,000 $56,000 April 30, 2017, 2016 2015, April 30, 2017 $557,000 four

Note L - Commitments and Contin

Note L - Commitments and Contingencies	12 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	L - Commitments and Contingencies Letter of Credit The Company has a standby letter of credit relating to an insurance policy totaling $1 April 30, 2017. Facility Leases The Company leases certain dealership and office facilities under various non-cancelable operating leases. Dealership leases are generally for periods from three five April 30, 2017 Years Ending Amount April 30, (In thousands) 2018 $ 5,902 2019 5,675 2020 5,528 2021 5,131 2022 4,827 Thereafter 17,620 Total $ 44,683 The $44.7 $13.1 $31.6 April 30, 2017, 2016 2015, $6.2 $6.1 $5.5 Litigation In the ordinary course of business, the Company has become a defendant in various types of legal proceedings. The Company does not one Related Finance Company Car-Mart of Arkansas and Colonial do not

Note M - Supplemental Cash Flow

Note M - Supplemental Cash Flow Information	12 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
Cash Flow, Supplemental Disclosures [Text Block]	M - Supplemental Cash Flow Information Supplemental cash flow disclosures for the years ended April 30, 2017, 2016 2015 Years Ended April 30, (in thousands) 2017 2016 2015 Supplemental disclosures: Interest paid $ 4,069 $ 3,536 $ 2,885 Income taxes paid, net 8,435 7,811 13,409 Non-cash transactions: Inventory acquired in repossession and payment protection plan claims 42,743 43,766 44,838 Purchase of property and equipment using the issuance of debt - 550 - Loss accrued on disposal of property and equipment 797 300 - Net settlement option exercises 714 - -

Note N - Quarterly Results of O

Note N - Quarterly Results of Operations (Unaudited)	12 Months Ended
	Apr. 30, 2017
Notes to Financial Statements
Quarterly Financial Information [Text Block]	N - Quarterly Results of Operations (unaudited) A summary of the Company’s quarterly results of operations for the years ended April 30, 2017 2016 Year Ended April 30, 2017 First Second Third Fourth Total Revenues $ 145,840 $ 150,210 $ 138,784 $ 152,917 $ 587,751 Gross profit 54,171 55,173 49,427 56,451 215,222 Net income 7,109 5,018 2,836 5,242 20,205 Net income attributable to common stockholders 7,099 5,008 2,826 5,232 20,165 Earnings per share: Basic 0.89 0.64 0.36 0.68 2.57 Diluted 0.87 0.62 0.35 0.66 2.49 Year Ended April 30, 2016 First Second Third Fourth Total Revenues $ 142,690 $ 133,004 $ 137,463 $ 154,749 $ 567,906 Gross profit 52,508 46,074 49,089 53,960 201,631 Net income 4,616 (485 ) 4,102 3,363 11,596 Net income attributable to common stockholders 4,606 (495 ) 4,092 3,353 11,556 Earnings per share: Basic 0.54 (0.06 ) 0.49 0.41 1.38 Diluted 0.52 (0.06 ) 0.47 0.40 1.33

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Apr. 30, 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 amount 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
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.
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 $40 December 12, 2016 25% not 75% twelve 12.5%
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents The Company considers all highly liquid instruments purchased with original maturities of three
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 15.9% May 2016, 15.0% 16.5% not not $2.1 April 30, 2017 $1.7 April 30, 2016), . one not may 74% April 30, 2017, 3.6% 30 3.0% April 30, 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 three The Company attempts to resolve payment delinquencies amicably prior to repossessing a vehicle. If a customer becomes severely delinquent in his or her payments, and management determines that timely collection of future payments is not 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 third The Company takes steps to repossess a vehicle when the customer becomes delinquent in his or her payments and management determines that timely collection of future payments is not not 60 The Company maintains an allowance for credit losses on an aggregate basis, as opposed to a contract-by-contract basis, at an amount 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. The Company accrues an estimated loss as it is probable that the entire amount will not not · 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 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. While challenging economic conditions can negatively impact credit losses, the effectiveness of the execution of internal policies and procedures within the collections area and the competitive environment on the lending side have historically had a more significant effect on collection results than macro-economic issues. An increase to the allowance for credit losses to 25% second 2016 $4.8 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 product, 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 April 30, 2017 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 no 2017 2016.
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 principally 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 not
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 not
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 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. 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 not 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 2014. 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 April 30, 2017 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, and 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 the sales contract is signed, the customer has taken possession of the vehicle and, if applicable, financing has been approved. 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 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 for the years ended April 30, 2017, 2016 2015: Years Ended April 30, (In thousands) 2017 2016 2015 Sales – used autos $ 448,183 $ 436,080 $ 416,060 Wholesales – third party 23,554 24,917 19,961 Service contract sales 28,668 27,323 19,758 Payment protection plan revenue 19,744 18,197 16,790 Total $ 520,149 $ 506,517 $ 472,569 At April 30, 2017 2016, 90 $1.5 $1.1 $2.0 $2.0 $2.2 2017, 2016 2015,
Advertising Costs, Policy [Policy Text Block]	Advertising Costs Advertising costs are expensed as incurred and consist principally of radio, television and print media marketing costs. Advertising costs amounted to $4.0 $4.2 $3.6 April 30, 2017, 2016 2015,
Postemployment Benefit Plans, Policy [Policy Text Block]	Employee Benefit Plans The Company has 401 50% 4% $437,000, $403,000, $363,000 April 30, 2017, 2016 2015, The Company offers employees the right to purchase common shares at a 15% 2006 October 2006. 15% 2017, 2016 2015 not 200,000 147,886 April 30, 2017.
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 666,202, 493,073, 442,700 $20.5 $14.2 $20.0 April 30, 2017, 2016 2015, may 2016, 10,000 2017, 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 not Revenue Recognition May 2014, 2014 09, Revenue from Contracts with Customers (Topic 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 not 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 (Topic 326 2016 13 2016 13 December 15, 2019,

Note B - Summary of Significa23

Note B - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Apr. 30, 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]	Years Ended April 30, (In thousands) 2017 2016 2015 Sales – used autos $ 448,183 $ 436,080 $ 416,060 Wholesales – third party 23,554 24,917 19,961 Service contract sales 28,668 27,323 19,758 Payment protection plan revenue 19,744 18,197 16,790 Total $ 520,149 $ 506,517 $ 472,569

Note C - Finance Receivables,24

Note C - Finance Receivables, Net (Tables)	12 Months Ended
	Apr. 30, 2017
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(In thousands) April 30, 2017 April 30, 2016 Gross contract amount $ 545,916 $ 504,149 Less unearned finance charges (79,062 ) (66,871 ) Principal balance 466,854 437,278 Less allowance for credit losses (109,693 ) (102,485 ) Finance receivables, net $ 357,161 $ 334,793
Change In Finance Receivables Net [Table Text Block]	Years Ended April 30, (In thousands) 2017 2016 2015 Balance at beginning of period $ 334,793 $ 324,144 $ 293,299 Finance receivable originations 479,099 460,499 445,405 Finance receivable collections (249,264 ) (248,166 ) (238,845 ) Provision for credit losses (149,097 ) (144,397 ) (120,289 ) Losses on claims for payment protection plan (15,627 ) (13,521 ) (10,588 ) Inventory acquired in repossession and payment protection plan claims (42,743 ) (43,766 ) (44,838 ) Balance at end of period $ 357,161 $ 334,793 $ 324,144
Allowance for Credit Losses on Financing Receivables [Table Text Block]	Years Ended April 30, (In thousands) 2017 2016 2015 Balance at beginning of period $ 102,485 $ 93,224 $ 86,033 Provision for credit losses 149,097 144,397 120,289 Charge-offs, net of recovered collateral (141,889 ) (135,136 ) (113,098 ) Balance at end of period $ 109,693 $ 102,485 $ 93,224
Past Due Financing Receivables [Table Text Block]	(Dollars in thousands) April 30, 2017 April 30, 2016 Principal Percent of Principal Percent of Current $ 397,341 85.12 % $ 378,631 86.59 % 3 - 29 days past due 52,869 11.32 % 45,631 10.43 % 30 - 60 days past due 11,658 2.50 % 8,429 1.93 % 61 - 90 days past due 3,516 0.75 % 3,498 0.80 % > 90 days past due 1,470 0.31 % 1,089 0.25 % Total $ 466,854 100.00 % $ 437,278 100.00 %
Financing Receivable Credit Quality Indicators [Table Text Block]	Twelve Months Ended 2017 2016 Principal collected as a percent of average finance receivables 53.6 % 57.5 % Average down-payment percentage 6.0 % 6.7 %
Financing Receivable Contract Terms [Table Text Block]	April 30, 2017 April 30, 2016 Average originating contract term (in months ) 29.5 28.9 Portfolio weighted average contract term, including modifications (in months ) 32.5 31.6

Note D - Property and Equipme25

Note D - Property and Equipment (Tables)	12 Months Ended
	Apr. 30, 2017
Notes Tables
Property, Plant and Equipment [Table Text Block]	(In thousands) April 30, 2017 April 30, 2016 Land $ 6,742 $ 6,711 Buildings and improvements 11,972 11,928 Furniture, fixtures and equipment 13,143 14,941 Leasehold improvements 24,464 23,308 Construction in progress - 250 Accumulated depreciation and amortization (26,182 ) (22,383 ) Property and equipment, net $ 30,139 $ 34,755

Note E - Accrued Liabilities (T

Note E - Accrued Liabilities (Tables)	12 Months Ended
	Apr. 30, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	(In thousands) April 30, 2017 April 30, 2016 Employee compensation $ 5,406 $ 3,684 Cash overdrafts (see Note B) 669 - Deferred sales tax (see Note B) 2,894 2,736 Other 4,827 4,825 Accrued liabilities $ 13,796 $ 11,245

Note F - Debt Facilities (Table

Note F - Debt Facilities (Tables)	12 Months Ended
	Apr. 30, 2017
Notes Tables
Schedule of Long-term Debt Instruments [Table Text Block]	(In thousands) Aggregate Interest Balance at Amount Rate Maturity April 30, 2017 April 30, 2016 Revolving credit facilities $ 200,000 LIBOR + 2.375% December 12, 2019 $ 118,124 $ 107,386 ( 3.37% at April 30, 2017 and 2.81% at April 30, 2016)

Note G - Fair Value Measureme28

Note G - Fair Value Measurements (Tables)	12 Months Ended
	Apr. 30, 2017
Notes Tables
Fair Value, by Balance Sheet Grouping [Table Text Block]	April 30, 2017 April 30, 2016 (In thousands) Carrying Fair Carrying Fair Cash $ 434 $ 434 $ 602 $ 602 Finance receivables, net 357,161 287,115 334,793 268,926 Accounts payable 11,224 11,224 12,313 12,313 Revolving credit facilities 117,944 117,944 107,902 107,902

Note H - Income Taxes (Tables)

Note H - Income Taxes (Tables)	12 Months Ended
	Apr. 30, 2017
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Years Ended April 30, (In thousands) 2017 2016 2015 Provision for income taxes Current $ 11,399 $ 7,800 $ 13,610 Deferred 638 (898 ) 3,934 Total $ 12,037 $ 6,902 $ 17,544
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Years Ended April 30, (In thousands) 2017 2016 2015 Tax provision at statutory rate $ 11,285 $ 6,474 $ 16,463 State taxes, net of federal benefit 868 443 1,172 Other, net (116 ) (15 ) (91 ) Total $ 12,037 $ 6,902 $ 17,544
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	Years Ended April 30, (In thousands) 2017 2016 Deferred income tax liabilities related to: Finance receivables $ 26,524 $ 24,868 Property and equipment 131 1,160 Total 26,655 26,028 Deferred income tax assets related to: Accrued liabilities 2,371 2,069 Inventory 149 149 Share based compensation 3,964 4,505 Deferred revenue 1,253 1,025 Total 7,737 7,748 Deferred income tax liabilities, net $ 18,918 $ 18,280

Note J - Weighted Average Sha30

Note J - Weighted Average Shares Outstanding (Tables)	12 Months Ended
	Apr. 30, 2017
Notes Tables
Schedule of Weighted Average Number of Shares [Table Text Block]	Years Ended April 30, 2017 2016 2015 Weighted average shares outstanding-basic 7,854,238 8,370,478 8,617,864 Dilutive options and restricted stock 256,539 295,553 431,093 Weighted average shares outstanding-diluted 8,110,777 8,666,031 9,048,957 Antidilutive securities not included: Options 359,250 325,125 76,250

Note K - Stock-based Compensa31

Note K - Stock-based Compensation Plans (Tables)	12 Months Ended
	Apr. 30, 2017
Notes Tables
Stock Option Plan Comparison [Table Text Block]	Restated Option Plan Minimum exercise price as a percentage of fair market value at date of grant 100 % Last expiration date for outstanding options March 13, 2027 Shares available for grant at April 30, 2017 277,500
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	April 30, 2017 April 30, 2016 April 30, 2015 Expected terms (years) 5.5 5.5 5.4 Risk-free interest rate 1.47 % 1.55 % 1.64 % Volatility 36 % 34 % 34 % Dividend yield - - -
Share-based Compensation, Stock Options, Activity [Table Text Block]	Number Exercise Proceeds Weighted Average (in thousands) Outstanding at April 30, 2014 1,117,000 $ 11.90 to $ 46.44 $ 24,294 $ 21.75 Granted 89,000 $ 36.54 to $ 50.25 3,997 44.91 Exercised (212,250 ) $ 11.90 to $ 45.46 (4,143 ) 19.52 Cancelled (12,000 ) $ 41.86 to $ 45.72 (540 ) 45.08 Outstanding at April 30, 2015 981,750 $ 11.90 to $ 53.02 $ 23,608 $ 24.05 Granted 338,750 $ 26.37 to $ 53.02 16,471 48.62 Exercised (30,750 ) $ 11.90 to $ 23.34 (400 ) 13.00 Cancelled (11,500 ) $ 41.86 to $ 53.02 (598 ) 52.05 Outstanding at April 30, 2016 1,278,250 $ 39,081 $ 30.57 Granted 45,000 $ 26.42 to $ 34.09 1,301 28.90 Exercised (264,500 ) $ 11.90 to $ 28.13 (4,363 ) 17.92 Cancelled (30,250 ) $ 41.86 to $ 53.02 (1,559 ) 51.55 Outstanding at April 30, 2017 1,028,500 $ 34,460 $ 33.51
Schedule of Share-based Compensation, Stock Options, Exercises [Table Text Block]	Years Ended April 30, (Dollars in thousands) 2017 2016 2015 Options Exercised 264,500 30,750 212,250 Cash Received from Options Exercised $ 2,609 $ 400 $ 4,143 Intrinsic Value of Options Exercised $ 6,439 $ 943 $ 5,983
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Number Weighted Average Unvested shares at April 30, 2016 9,500 $ 52.10 Shares granted 10,000 39.14 Shares vested - - Shares cancelled (2,500 ) 49.51 Unvested shares at April 30, 2017 17,000 $ 44.86

Note L - Commitments and Cont32

Note L - Commitments and Contingencies (Tables)	12 Months Ended
	Apr. 30, 2017
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Years Ending Amount April 30, (In thousands) 2018 $ 5,902 2019 5,675 2020 5,528 2021 5,131 2022 4,827 Thereafter 17,620 Total $ 44,683

Note M - Supplemental Cash Fl33

Note M - Supplemental Cash Flow Information (Tables)	12 Months Ended
	Apr. 30, 2017
Notes Tables
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Years Ended April 30, (in thousands) 2017 2016 2015 Supplemental disclosures: Interest paid $ 4,069 $ 3,536 $ 2,885 Income taxes paid, net 8,435 7,811 13,409 Non-cash transactions: Inventory acquired in repossession and payment protection plan claims 42,743 43,766 44,838 Purchase of property and equipment using the issuance of debt - 550 - Loss accrued on disposal of property and equipment 797 300 - Net settlement option exercises 714 - -

Note N - Quarterly Results of34

Note N - Quarterly Results of Operations (Unaudited) (Tables)	12 Months Ended
	Apr. 30, 2017
Notes Tables
Quarterly Financial Information [Table Text Block]	Year Ended April 30, 2017 First Second Third Fourth Total Revenues $ 145,840 $ 150,210 $ 138,784 $ 152,917 $ 587,751 Gross profit 54,171 55,173 49,427 56,451 215,222 Net income 7,109 5,018 2,836 5,242 20,205 Net income attributable to common stockholders 7,099 5,008 2,826 5,232 20,165 Earnings per share: Basic 0.89 0.64 0.36 0.68 2.57 Diluted 0.87 0.62 0.35 0.66 2.49 Year Ended April 30, 2016 First Second Third Fourth Total Revenues $ 142,690 $ 133,004 $ 137,463 $ 154,749 $ 567,906 Gross profit 52,508 46,074 49,089 53,960 201,631 Net income 4,616 (485 ) 4,102 3,363 11,596 Net income attributable to common stockholders 4,606 (495 ) 4,092 3,353 11,556 Earnings per share: Basic 0.54 (0.06 ) 0.49 0.41 1.38 Diluted 0.52 (0.06 ) 0.47 0.40 1.33

Note A - Organization and Bus35

Note A - Organization and Business (Details Textual)	12 Months Ended
	Apr. 30, 2017
Number of Operating Subsidiaries	2
Number of Stores	140

Note B - Summary of Significa36

Note B - Summary of Significant Accounting Policies (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	May 31, 2016	Oct. 31, 2015	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Financing Receivable, Allowance for Credit Losses, Write-downs		$ 4,800,000
Payment Protection Plan Liability, Anticipated Losses in Excess of Deferred Revenues			$ 0	$ 0
Goodwill, Impairment Loss			0	0
Income Tax Examination, Penalties and Interest Accrued			0	0
Financing Receivable, Recorded Investment Greater Than 90 Days Past Due			1,470,000	1,089,000
Late Fee Income Generated by Servicing Financial Assets, Amount			2,000,000	2,000,000	$ 2,200,000
Advertising Expense			$ 4,000,000	4,200,000	3,600,000
Defined Contribution Plan, Employer Matching Contribution, Percent of Match			50.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay			4.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount			$ 437,000	$ 403,000	$ 363,000
Stock Repurchased During Period, Shares			666,202	493,073	442,700
Stock Repurchased During Period, Value			$ 20,500,000	$ 14,200,000	$ 20,000,000
Treasury Stock, Shares to Establish Reserve Account to Secure Service Contracts				10,000
Treasury Stock, Shares to Establish Reserve Account for Subsidiaries			10,000
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%
Financing Receivable Interest Rate			15.90%
Interest Earned on Financing Receivables			$ 2,100,000	$ 1,700,000
Finance Receivables, Customer Payments Due Either Weekly or Bi-Weekly, Percentage			74.00%
Financing Receivable, Greater Than or Equal to 30 Days Past Due, Percent of Portfolio			3.60%	3.00%
Financing Receivable, Average Days Past Due At Charge Off			60 days
Percentage of Receivable Charge-Offs			50.00%
Average Age of Account at Charge-Off Date			357 days
Finance Receivables, Allowance, Percent of Principle Balance			25.00%
2006 Employee Stock Purchase Plan [Member]
Common Stock Discount on Shares Percentage			15.00%
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			200,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant			147,886
Maximum [Member]
Financing Receivable Interest Rate	16.50%		16.50%	15.00%
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 Significa37

Note B - Summary of Significant Accounting Policies - Property and Equipment, Estimated Useful Lives (Details)	12 Months Ended
	Apr. 30, 2017
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Property, and equipment (Year)	3 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Property, and equipment (Year)	7 years
Leasehold Improvements [Member] | Minimum [Member]
Property, and equipment (Year)	5 years
Leasehold Improvements [Member] | Maximum [Member]
Property, and equipment (Year)	15 years
Building and Building Improvements [Member] | Minimum [Member]
Property, and equipment (Year)	18 years
Building and Building Improvements [Member] | Maximum [Member]
Property, and equipment (Year)	39 years

Note B - Summary of Significa38

Note B - Summary of Significant Accounting Policies - Sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Sales	$ 520,149	$ 506,517	$ 472,569
Sales Used Autos [Member]
Sales	448,183	436,080	416,060
Wholesales Third Party [Member]
Sales	23,554	24,917	19,961
Service Contract Sales [Member]
Sales	28,668	27,323	19,758
Payment Protection Plan Revenue [Member]
Sales	$ 19,744	$ 18,197	$ 16,790

Note C - Finance Receivables,39

Note C - Finance Receivables, Net (Details Textual) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	May 31, 2016	Apr. 30, 2017	Apr. 30, 2016
Financing Receivable Interest Rate		15.90%
Finance Receivables, Number of Loan Classes		1
Finance Receivables, Number of Risk Pools		1
Net Charge Offs as Percentage of Average Finance Receivables		30.50%	31.30%
Increase in Provision for Credit Losses			$ 4.8
Collections as Percentage of Average Financing Receivables		53.60%	57.50%
Delinquencies Greater Than 30 Days as Percentage of Average Financing Receivables		3.60%	3.00%
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%	15.00%
Financing Receivable Payment Period		3 years 180 days

Note C - Finance Receivables,40

Note C - Finance Receivables, Net - Components of Finance Receivables (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014
Gross contract amount	$ 545,916	$ 504,149
Less unearned finance charges	(79,062)	(66,871)
Principal balance	466,854	437,278
Less allowance for credit losses	(109,693)	(102,485)	$ (93,224)	$ (86,033)
Finance receivables, net	$ 357,161	$ 334,793	$ 324,144	$ 293,299

Note C - Finance Receivables,41

Note C - Finance Receivables, Net - Changes in Finance Receivables (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Balance	$ 334,793	$ 324,144	$ 293,299
Finance receivable originations	479,099	460,499	445,405
Finance receivable collections	(249,264)	(248,166)	(238,845)
Provision for credit losses	(149,097)	(144,397)	(120,289)
Losses on claims for payment protection plan	(15,627)	(13,521)	(10,588)
Inventory acquired in repossession and payment protection plan claims	(42,743)	(43,766)	(44,838)
Balance	$ 357,161	$ 334,793	$ 324,144

Note C - Finance Receivables,42

Note C - Finance Receivables, Net - Changes in the Finance Receivables Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Balance	$ 102,485	$ 93,224	$ 86,033
Provision for credit losses	149,097	144,397	120,289
Charge-offs, net of recovered collateral	(141,889)	(135,136)	(113,098)
Balance	$ 109,693	$ 102,485	$ 93,224

Note C - Finance Receivables,43

Note C - Finance Receivables, Net - Credit Quality Information for Finance Receivables (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Principal Balance, Current	$ 397,341	$ 378,631
Current, Percent of Portfolio	85.12%	86.59%
3 - 29 days past due, Principal Balance	$ 52,869	$ 45,631
3 - 29 days past due, Percent of Portfolio	11.32%	10.43%
30 - 60 days past due, Principal Balance	$ 11,658	$ 8,429
30 - 60 days past due, Percent of Portfolio	2.50%	1.93%
61 - 90 days past due, Principal Balance	$ 3,516	$ 3,498
61 - 90 days past due, Percent of Portfolio	0.75%	0.80%
> 90 days past due	0.31%	0.25%
Financing Receivable, Recorded Investment Greater Than 90 Days Past Due	$ 1,470	$ 1,089
Total, Percent of Portfolio	100.00%	100.00%
Total, Principal Balance	$ 466,854	$ 437,278

Note C - Finance Receivables,44

Note C - Finance Receivables, Net - Financing Receivables Analysis (Details)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Principal collected as a percent of average finance receivables	53.60%	57.50%
Average down-payment percentage	6.00%	6.70%

Note C - Finance Receivables,45

Note C - Finance Receivables, Net - Average Financing Receivable Contract Terms (Details)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Average originating contract term (in months) (Month)	2 years 165 days	2 years 147 days
Portfolio weighted average contract term, including modifications (in months) (Month)	2 years 255 days	2 years 228 days

Note D - Property and Equipme46

Note D - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Accumulated depreciation and amortization	$ (26,182)	$ (22,383)
Property and equipment, net	30,139	34,755
Land [Member]
Property and equipment	6,742	6,711
Building and Building Improvements [Member]
Property and equipment	11,972	11,928
Furniture, Fixtures and Equipment [Member]
Property and equipment	13,143	14,941
Leasehold Improvements [Member]
Property and equipment	24,464	23,308
Construction in Progress [Member]
Property and equipment		$ 250

Note E - Accrued Liabilities -

Note E - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Employee compensation	$ 5,406	$ 3,684
Cash overdrafts (see Note B)	669
Deferred sales tax (see Note B)	2,894	2,736
Other	4,827	4,825
Accrued liabilities	$ 13,796	$ 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

Apr. 30, 2017

Apr. 30, 2016

Apr. 30, 2015

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

$ 252,000

$ 214,000

$ 188,000

Debt Issuance Costs, Line of Credit Arrangements, Net

449,000

Debt Issuance Costs, Gross

593,000

$ 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

413,000

Revolving Credit Facility [Member]

Line of Credit Facility, Total Increase in Borrowing Capacity

$ 27,500,000

Line of Credit Facility, Maximum Borrowing Capacity, Accordion Feature

200,000,000

Dividend Restrictions Maximum Aggregate Amount of Stock Repurchases

$ 40,000,000

Line of Credit Facility, Maximum Borrowing Capacity

200,000,000

$ 200,000,000

172,500,000

$ 145,000,000

$ 145,000,000

$ 125,000,000

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%

Line of Credit Facility, Additional Borrowing Capacity, Accordion Feature

$ 50,000,000

$ 79,000,000

$ 55,000,000

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%

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%

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 - Debt Facilities - Summ

Note F - Debt Facilities - Summary of Revolving Credit Facilities (Details) - USD ($)	12 Months Ended
	Apr. 30, 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	$ 117,944,000		$ 107,902,000
Revolving Credit Facility [Member]
Aggregate amount	$ 200,000,000	$ 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	$ 118,124,000		$ 107,386,000
Interest rate	3.37%		2.81%
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Interest rate	2.375%

Note G - Fair Value Measureme50

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 Measureme51

Note G - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Reported Value Measurement [Member]
Cash	$ 434	$ 602
Finance receivables, net	357,161	334,793
Accounts payable	11,224	12,313
Revolving credit facilities	117,944	107,902
Estimate of Fair Value Measurement [Member]
Cash	434	602
Finance receivables, net	287,115	268,926
Accounts payable	11,224	12,313
Revolving credit facilities	$ 117,944	$ 107,902

Note H - Income Taxes - Provisi

Note H - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Current	$ 11,399	$ 7,800	$ 13,610
Deferred	638	(898)	3,934
Total	$ 12,037	$ 6,902	$ 17,544

Note H - Income Taxes - Reconci

Note H - Income Taxes - Reconciliation of Income Tax to Statutory Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Tax provision at statutory rate	$ 11,285	$ 6,474	$ 16,463
State taxes, net of federal benefit	868	443	1,172
Other, net	(116)	(15)	(91)
Total	$ 12,037	$ 6,902	$ 17,544

Note H - Income Taxes - Deferre

Note H - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Finance receivables	$ 26,524	$ 24,868
Property and equipment	131	1,160
Total	26,655	26,028
Accrued liabilities	2,371	2,069
Inventory	149	149
Share based compensation	3,964	4,505
Deferred revenue	1,253	1,025
Total	7,737	7,748
Deferred income tax liabilities, net	$ 18,918	$ 18,280

Note I - Capital Stock (Details

Note I - Capital Stock (Details Textual) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Preferred Stock, Shares Authorized	1,000,000	1,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Issued	0	0
Subsidiaries [Member]
Preferred Stock, Par or Stated Value Per Share	$ 1
Preferred Stock, Shares Issued	500,000
Preferred Stock, Dividend Rate, Percentage	8.00%
Preferred Stock Right of Shareholder, Amount of Shares	400,000
Preferred Stock, Right to Shareholder Value of Redeemed Stock	$ 400,000

Note J - Weighted Average Sha56

Note J - Weighted Average Shares Outstanding - Weighted Average Shares of Common Stock Outstanding (Details) - shares	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Basic (in shares)	7,854,238	8,370,478	8,617,864
Dilutive options and restricted stock (in shares)	256,539	295,553	431,093
Weighted average shares outstanding-diluted (in shares)	8,110,777	8,666,031	9,048,957
Employee Stock Option [Member]
Antidilutive securities not included:
Antidilutive securities (in shares)	359,250	325,125	76,250

Note K - Stock-based Compensa57

Note K - Stock-based Compensation Plans (Details Textual) - USD ($)	Aug. 05, 2015	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014	Oct. 14, 2009	Oct. 13, 2009
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		45,000	338,750	89,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value		$ 8,700,000	$ 4,800,000
Share-based Compensation Arrangement by Share-based Payment Award, Options Exercised Through Net Settlements		88,750
Share-based Compensation Arrangement by Share-based Payment Award, Options, Reduction in Shares Issued to Satisfy the Exercise Price and Applicable Withholding Taxes		68,397
Share-based Compensation Arrangement by Share-based Payment Award, Options Exercised Through Net Settlements, Net of Shares to Satisfy the Exercise Price and Applicable Withholding Taxes		20,353
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number		669,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value		$ 8,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term		3 years 40 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Exercise Price		$ 26.17
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		1,028,500	1,278,250	981,750	1,117,000
Allocated Share-based Compensation Expense		$ 1,300,000	$ 1,500,000	$ 780,000
Allocated Share-based Compensation Expense, Net of Tax		$ 811,000	952,000	489,000
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		3 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		5 years
Employee Stock Option [Member]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 2,800,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		2 years 328 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Fair Value		$ 461,000	5,600,000	1,400,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		45,000
Allocated Share-based Compensation Expense		$ 1,200,000	1,400,000	664,000
Allocated Share-based Compensation Expense, Net of Tax		728,000	$ 870,000	$ 416,000
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			131,125
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
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number		131,125
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			5 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		10,000	0	9,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 39.14		$ 52.10
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		170,027
Restated Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		277,500
Common Stock, Additional Capital Shares Reserved for Future Issuance	300,000
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]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized		$ 557,000
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						300,000	150,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value		$ 763,000	$ 495,000	$ 495,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		10,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 39.14
Allocated Share-based Compensation Expense		$ 107,000	99,000	90,000
Allocated Share-based Compensation Expense, Net of Tax		$ 67,000	$ 62,000	$ 56,000

Note K - Stock-based Compensa58

Note K - Stock-based Compensation - Stock Option Plan Comparison (Details) - Restated Option Plan [Member]	12 Months Ended
	Apr. 30, 2017shares
Minimum exercise price as a percentage of fair market value at date of grant	100.00%
Last expiration date for outstanding options	Mar. 13, 2027
Shares available for grant (in shares)	277,500

Note K - Stock-based Compensa59

Note K - Stock-based Compensation - Options Valuation Assumptions (Details)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Expected terms (Year)	5 years 182 days	5 years 182 days	5 years 146 days
Risk-free interest rate	1.47%	1.55%	1.64%
Volatility	36.00%	34.00%	34.00%
Dividend yield

Note K - Stock-based Compensa60

Note K - Stock-based Compensation Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015	Apr. 30, 2014
Proceeds on Exercise, Exercised	$ (4,363)	$ (400)	$ (4,143)
Proceeds on Exercise, Granted	1,301	16,471	3,997
Proceeds on Exercise	$ 34,460	$ 39,081	$ 23,608	$ 24,294
Number of Shares (in shares)	1,278,250	981,750	1,117,000
Exercise Price (in dollars per share)	$ 30.57	$ 24.05	$ 21.75
Number of Shares, Granted (in shares)	45,000	338,750	89,000
Exercise Price, Granted (in dollars per share)	$ 28.90	$ 48.62	$ 44.91
Number of Shares, Exercised (in shares)	(264,500)	(30,750)	(212,250)
Exercise Price, Exercised (in dollars per share)	$ 17.92	$ 13	$ 19.52
Number of Shares, Cancelled (in shares)	(30,250)	(11,500)	(12,000)
Exercise Price, Cancelled (in dollars per share)	$ 51.55	$ 52.05	$ 45.08
Proceeds on Exercise, Cancelled	$ (1,559)	$ (598)	$ (540)
Number of Shares (in shares)	1,028,500	1,278,250	981,750	1,117,000
Exercise Price (in dollars per share)	$ 33.51	$ 30.57	$ 24.05	$ 21.75
Minimum [Member]
Exercise Price (in dollars per share)		11.90	11.90
Exercise Price, Granted (in dollars per share)	26.42	26.37	36.54
Exercise Price, Exercised (in dollars per share)	11.90	11.90	11.90
Exercise Price, Cancelled (in dollars per share)	41.86	41.86	41.86
Exercise Price (in dollars per share)			11.90	11.90
Maximum [Member]
Exercise Price (in dollars per share)		53.02	46.44
Exercise Price, Granted (in dollars per share)	34.09	53.02	50.25
Exercise Price, Exercised (in dollars per share)	28.13	23.34	45.46
Exercise Price, Cancelled (in dollars per share)	$ 53.02	53.02	45.72
Exercise Price (in dollars per share)			$ 53.02	$ 46.44

Note K - Stock-based Compensa61

Note K - Stock-based Compensation - Options Exercised (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Options Exercised (in shares)	264,500	30,750	212,250
Cash Received from Options Exercised	$ 2,609	$ 400	$ 4,143
Intrinsic Value of Options Exercised	$ 6,439	$ 943	$ 5,983

Note K - Stock-based Compensa62

Note K - Stock-based Compensation Plans - Stock Incentive Plan (Details) - Stock Incentive Plan [Member]	12 Months Ended
	Apr. 30, 2017$ / sharesshares
Unvested shares (in shares)	9,500
Unvested shares, weighted average grant date fair value (in dollars per share) | $ / shares	$ 52.10
Shares granted (in shares)	10,000
Shares granted, weighted average grant date fair value (in dollars per share) | $ / shares	$ 39.14
Shares vested (in shares)	0
Shares cancelled (in shares)	(2,500)
Shares cancelled, weighted average grant date fair value (in dollars per share) | $ / shares	$ 49.51
Unvested shares (in shares)	17,000
Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 44.86

Note L - Commitments and Cont63

Note L - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Letters of Credit Outstanding, Amount	$ 1,000
Operating Leases, Future Minimum Payments Due	44,683
Operating Leases, Rent Expense	6,200	$ 6,100	$ 5,500
Non-cancelable [Member]
Operating Leases, Future Minimum Payments Due	13,100
Reasonably Assured [Member]
Operating Leases, Future Minimum Payments Due	$ 31,600
Minimum [Member]
Lessee, Operating Lease, Renewal Term	3 years
Maximum [Member]
Lessee, Operating Lease, Renewal Term	5 years

Note L - Commitments and Cont64

Note L - Commitments and Contingencies - Future Lease Obligations (Details) $ in Thousands	Apr. 30, 2017USD ($)
2,018	$ 5,902
2,019	5,675
2,020	5,528
2,021	5,131
2,022	4,827
Thereafter	17,620
Total	$ 44,683

Note M - Supplemental Cash Fl65

Note M - Supplemental Cash Flow Information - Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Supplemental disclosures:
Interest paid	$ 4,069	$ 3,536	$ 2,885
Income taxes paid, net	8,435	7,811	13,409
Non-cash transactions:
Inventory acquired in repossession and payment protection plan claims	42,743	43,766	44,838
Purchase of property and equipment using the issuance of debt		550
Loss accrued on disposal of property and equipment	797	300
Net settlement option exercises	$ 714

Note N - Quarterly Results of66

Note N - Quarterly Results of Operations (Unaudited) - Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2016	Jul. 31, 2016	Apr. 30, 2016	Jan. 31, 2016	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Gross profit	$ 56,451	$ 49,427	$ 55,173	$ 54,171	$ 53,960	$ 49,089	$ 46,074	$ 52,508	$ 215,222	$ 201,631
Net income	5,242	2,836	5,018	7,109	3,363	4,102	(485)	4,616	20,205	11,596
Net income attributable to common stockholders	$ 5,232	$ 2,826	$ 5,008	$ 7,099	$ 3,353	$ 4,092	$ (495)	$ 4,606	$ 20,165	$ 11,556	$ 29,450
Basic (in dollars per share)	$ 0.68	$ 0.36	$ 0.64	$ 0.89	$ 0.41	$ 0.49	$ (0.06)	$ 0.54	$ 2.57	$ 1.38	$ 3.42
Diluted (in dollars per share)	$ 0.66	$ 0.35	$ 0.62	$ 0.87	$ 0.40	$ 0.47	$ (0.06)	$ 0.52	$ 2.49	$ 1.33	$ 3.25
Revenues	$ 152,917	$ 138,784	$ 150,210	$ 145,840	$ 154,749	$ 137,463	$ 133,004	$ 142,690	$ 587,751	$ 567,906