View Filing Data

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Jul. 31, 2011	Sep. 09, 2011
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 31, 2011
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1
Trading Symbol	FEIM
Entity Registrant Name	FREQUENCY ELECTRONICS INC
Entity Central Index Key	0000039020
Current Fiscal Year End Date	--04-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		8,310,907

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 31, 2011	Apr. 30, 2011
Current assets:
Cash and cash equivalents	$ 7,659	$ 5,275
Marketable securities	14,999	15,357
Accounts receivable, net of allowance for doubtful accounts of $258	8,738	11,663
Costs and estimated earnings in excess of billings, net	3,315	2,409
Inventories, net	30,247	28,172
Deferred income taxes	2,649	2,580
Prepaid income taxes, expenses and other	2,119	2,280
Total current assets	69,726	67,736
Property, plant and equipment, at cost, less accumulated depreciation and amortization	7,218	7,163
Deferred income taxes	750	750
Goodwill and other intangible assets	218	218
Cash surrender value of life insurance and cash held in trust	9,629	9,409
Investment in and loans receivable from affiliates	3,758	3,738
Other assets	817	817
Total assets	92,116	89,831
Current liabilities:
Accounts payable - trade	2,490	1,654
Accrued liabilities	5,061	5,457
Capital lease obligations	276	275
Total current liabilities	7,827	7,386
Capital lease obligation- noncurrent	113	181
Deferred compensation	9,897	9,827
Deferred rent and other liabilities	905	902
Total liabilities	18,742	18,296
Commitments and contingencies
Stockholders' equity:
Preferred stock - $1.00 par value
Common stock - $1.00 par value, issued 9,163,940 shares	9,164	9,164
Additional paid-in capital	50,087	49,868
Retained earnings	12,630	11,286
Stockholders' Equity before Treasury Stock, Total	71,881	70,318
Common stock reacquired and held in treasury - at cost (853,033 shares at July 31, 2011 and 865,734 shares at April 30, 2011)	(3,913)	(3,975)
Accumulated other comprehensive income	5,406	5,192
Total stockholders' equity	73,374	71,535
Total liabilities and stockholders' equity	$ 92,116	$ 89,831

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jul. 31, 2011	Apr. 30, 2011
Accounts receivable, allowance for doubtful accounts	$ 258	$ 258
Preferred stock, par value	$ 1.00	$ 1.00
Common stock, par value	$ 1.00	$ 1.00
Common stock, issued	9,163,940	9,163,940
Common stock reacquired and held in treasury, shares	853,033	865,734

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2011	Jul. 31, 2010
Net revenues	$ 15,939	$ 12,124
Cost of revenues	9,795	7,378
Gross margin	6,144	4,746
Selling and administrative expenses	3,162	2,795
Research and development expense	1,198	1,162
Operating profit	1,784	789
Other income (expense):
Investment income	125	80
Equity income	19	28
Interest expense	(24)	(35)
Other income (expense), net	80	(5)
Income before provision for income taxes	1,984	857
Provision for income taxes	640	350
Net income	$ 1,344	$ 507
Net income per common share:
Basic	$ 0.16	$ 0.06
Diluted	$ 0.16	$ 0.06
Average shares outstanding:
Basic	8,304,484	8,233,570
Diluted	8,503,101	8,280,332

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Jul. 31, 2011	Jul. 31, 2010
Cash flows from operating activities:
Net income	$ 1,344	$ 507
Non-cash charges to earnings, net	1,052	1,043
Net changes in operating assets and liabilities	266	(1,058)
Net cash provided by operating activities	2,662	492
Cash flows from investing activities:
Purchase of marketable securities	(4,324)	(2,500)
Proceeds on redemption of marketable securities	4,511	1,500
Purchase of fixed assets	(520)	(243)
Net cash used in investing activities	(333)	(1,243)
Cash flows from financing activities:
Proceeds from exercise of stock options	13
Payment of lease obligations	(66)	(70)
Net cash used in financing activities	(53)	(70)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes	2,276	(821)
Effect of exchange rate changes on cash and cash equivalents	108	312
Net increase (decrease) in cash and cash equivalents	2,384	(509)
Cash and cash equivalents at beginning of period	5,275	9,954
Cash and cash equivalents at end of period	7,659	9,445
Cash paid during the period for:
Interest	24	31
Income Taxes	$ 1	$ 450

CONSOLIDATED FINANCIAL STATEMENTS

3 Months Ended

Jul. 31, 2011

CONSOLIDATED FINANCIAL STATEMENTS

NOTE A - CONSOLIDATED FINANCIAL STATEMENTS

In the opinion of management of Frequency Electronics, Inc. (“the Company”), the accompanying unaudited condensed consolidated interim financial statements reflect all adjustments (which include only normal recurring adjustments) necessary to present fairly, in all material respects, the consolidated financial position of the Company as of July 31, 2011 and the results of its operations and cash flows for the three months ended July 31, 2011 and 2010. The April 30, 2011 condensed consolidated balance sheet was derived from audited financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. It is suggested that these condensed consolidated financial statements be read in conjunction with the financial statements and notes thereto included in the Company's April 30, 2011 Annual Report to Stockholders on Form 10-K. The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year.

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 2-6
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-Name Statement of Position (SOP)
-Publisher AICPA
-Number 94-6
-Paragraph 10
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+ Details

EARNINGS PER SHARE

3 Months Ended

Jul. 31, 2011

EARNINGS PER SHARE

NOTE B - EARNINGS PER SHARE

Reconciliation of the weighted average shares outstanding for basic and diluted Earnings Per Share are as follows:

	Three months ended July 31,
	2011		2010
Basic EPS Shares outstanding (weighted average)		8,304,484		8,233,570
Effect of Dilutive Securities		198,617		46,762
Diluted EPS Shares outstanding		8,503,101		8,280,332

The computation of diluted earnings per share excludes those options and stock appreciation rights (“SARS”) with an exercise price in excess of the average market price of the Company’s common shares during the periods presented. The inclusion of such options and SARS in the computation of earnings per share would have been antidilutive. The number of excluded options and SARS for the three months ended July 31, 2011 and 2010 were 424,375 and 1,020,775, respectively.

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET

3 Months Ended

Jul. 31, 2011

COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET

NOTE C – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET

At July 31, 2011 and April 30, 2011, costs and estimated earnings in excess of billings, net, consist of the following:

	July 31, 2011			April 30, 2011
	(In thousands)
Costs and estimated earnings in excess of billings	$	4,782		$	3,711
Billings in excess of costs and estimated earnings		(1,467	)		(1,302	)
Net asset	$	3,315		$	2,409

Such amounts represent revenue recognized on long-term contracts that had not been billed at the balance sheet dates or represent a liability for amounts billed in excess of the revenue recognized. Amounts are billed to customers pursuant to contract terms. In general, the recorded amounts will be billed and collected or revenue recognized within twelve months of the balance sheet date. Revenue on these long-term contracts is accounted for on the percentage of completion basis. During the three months ended July 31, 2011 and 2010, revenue recognized under percentage of completion contracts was approximately $8.3 million and $5.1 million, respectively.

TREASURY STOCK TRANSACTIONS

3 Months Ended

Jul. 31, 2011

TREASURY STOCK TRANSACTIONS

NOTE D – TREASURY STOCK TRANSACTIONS

During the three month period ended July 31, 2011, the Company made a contribution of 9,635 shares of its common stock held in treasury to the Company’s profit sharing plan and trust under section 401(k) of the Internal Revenue Code. Such contribution is in accordance with the Company’s discretionary match of employee voluntary contributions to this plan. In addition, the Company issued 3,066 shares from treasury upon the exercise of stock options and SARs by certain employees.

INVENTORIES

3 Months Ended

Jul. 31, 2011

INVENTORIES

NOTE E - INVENTORIES

Inventories, which are reported at the lower of cost or market, consist of the following:

	July 31, 2011		April 30, 2011
	(In thousands)
Raw Materials and Component Parts	$	13,781	$	13,477
Work in Progress		13,975		11,921
Finished Goods		2,491		2,774
	$	30,247	$	28,172

As of July 31, 2011 and April 30, 2011, of total inventory approximately $19.1 million and $19.7 million, respectively, is located in the United States, approximately $10.4 million and $7.8 million, respectively, is located in Belgium and approximately $700,000 as of each date, is located in China.

COMPREHENSIVE INCOME

3 Months Ended

Jul. 31, 2011

COMPREHENSIVE INCOME

NOTE F – COMPREHENSIVE INCOME

For the three months ended July 31, 2011 and 2010, comprehensive income (loss) is composed of (in thousands):

	Three months ended July 31,
	2011			2010
Net income	$	1,344		$	507
Foreign currency translation adjustment		331			(930	)
Change in market value of marketable securities		(183	)		86
Deferred tax effect of change in market value of marketable securities		66			-
Comprehensive income (loss)	$	1,558		$	( 337	)

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

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+ Details

SEGMENT INFORMATION

3 Months Ended

Jul. 31, 2011

SEGMENT INFORMATION

NOTE G – SEGMENT INFORMATION

The Company operates under three reportable segments based on the geographic locations of its subsidiaries:

(1)

FEI-NY – operates out of New York and its operations consist principally of precision time and frequency control products used in three principal markets- communication satellites (both commercial and U.S. Government-funded); terrestrial cellular telephone or other ground-based telecommunication stations and other components and systems for the U.S. military.

(2)

Gillam-FEI - operates out of Belgium and France and primarily sells wireline synchronization and network management systems in non-U.S. markets. All sales from Gillam-FEI to the United States are to other segments of the Company.

(3)

FEI-Zyfer – operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications. This segment also provides sales and support for the Company’s wireline telecommunications family of products, including US5G, which are sold in the United States market.

The FEI-NY segment also includes the operations of the Company’s wholly-owned subsidiary, FEI-Asia. FEI-Asia functions primarily as a manufacturing facility for the FEI-NY segment.

The Company’s Chief Executive Officer measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of customers or end-users. Consequently, the Company determined that the segments indicated above most appropriately reflect the way the Company’s management views the business.

The table below presents information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the statement of operations or the balance sheet for each of the periods (in thousands):

	Three months ended July 31,
	2011			2010
Net revenues:
FEI-NY	$	10,615		$	7,642
Gillam-FEI		1,988			2,973
FEI-Zyfer		3,773			2,497
less intercompany revenues		(437	)		(988	)
Consolidated revenues	$	15,939		$	12,124
Operating profit:
FEI-NY	$	1,890		$	899
Gillam-FEI		(230	)		117
FEI-Zyfer		193			(161	)
Corporate		(69	)		(66	)
Consolidated operating profit	$	1,784		$	789

	July 31, 2011			April 30, 2011
Identifiable assets:
FEI-NY (approximately $3.6 million in China)	$	37,998		$	37,912
Gillam-FEI (all in Belgium or France)		21,046			20,875
FEI-Zyfer		7,638			8,434
less intersegment balances		(14,984	)		(16,295	)
Corporate		40,418			38,905
Consolidated identifiable assets	$	92,116		$	89,831

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

RELATED PARTY TRANSACTIONS

3 Months Ended

Jul. 31, 2011

RELATED PARTY TRANSACTIONS

NOTE H – RELATED PARTY TRANSACTIONS

The Company has an equity interest in two strategically important companies: Elcom Technologies, Inc. (“Elcom”) and Morion Inc. (“Morion”). During the three month periods ended July 31, 2011 and 2010, the Company acquired technical services from Elcom, purchased crystal oscillator products from Morion and sold certain of its products to both companies. The Company also receives interest from Elcom under two notes receivable. The table below summarizes these transactions:

	Three months ended July 31,
	2011		2010
	(in thousands)
Purchases from:
Elcom	$	16	$	35
Morion		85		17
Sales to:
Elcom	$	-	$	58
Morion		766		128
Interest on Elcom notes receivable	$	21	$	25

The Company measures the current market value of Elcom based on comparisons to comparable companies as well as Elcom’s forecasts of future financial results. No impairment charges were recorded during the three months ended July 31, 2011 and 2010.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(k))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 850
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

+ Details

FAIR VALUE OF FINANCIAL INSTRUMENTS

3 Months Ended

Jul. 31, 2011

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE I – FAIR VALUE OF FINANCIAL INSTRUMENTS

The cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale securities at July 31, 2011 and April 30, 2011 are as follows (in thousands):

	July 31, 2011
			Gross		Gross			Fair
			Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Fixed income securities	$	11,449	$	281	$	(11	)	$	11,719
Equity securities		3,133		156		(9	)		3,280
	$	14,582	$	437	$	(20	)	$	14,999

	April 30, 2011
			Gross		Gross			Fair
			Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Fixed income securities	$	11,741	$	256	$	(2	)	$	11,995
Equity securities		3,016		346		-			3,362
	$	14,757	$	602	$	(2	)	$	15,357

The following table presents the fair value and unrealized losses, aggregated by investment type and length of time that individual securities have been in a continuous unrealized loss position (in thousands):

	Less than 12 months					12 Months or more				Total
	Fair		Unrealized			Fair		Unrealized		Fair		Unrealized
	Value		Losses			Value		Losses		Value		Losses
July 31, 2011
Fixed Income Securities	$	3,200	$	(11	)	$	-	$	-	$	3,200	$	(11	)
Equity Securities		531		(9	)		-		-		531		(9	)
	$	3,731	$	(20	)	$	-	$	-	$	3,731	$	(20	)
April 30, 2011
Fixed Income Securities	$	1,426	$	(2	)	$	-	$	-	$	1,426	$	(2	)
Equity Securities		-		-			-		-		-		-
	$	1,426	$	(2	)	$	-	$	-	$	1,426	$	(2	)

The Company regularly reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. The Company does not believe that its investments in marketable securities with unrealized losses at July 31, 2011 are other-than-temporary due to market volatility of the security’s fair value, analysts’ expectations and the Company’s ability to hold the securities for a period of time sufficient to allow for any anticipated recoveries in market value.

During the three months ended July 31, 2011 and 2010, the Company redeemed available-for-sale securities in the amount of $4.5 million and $1.5 million, respectively, and realized a gain of $6,800 in the fiscal year 2012 period and a loss of $27,800 for the same period in fiscal year 2011. These amounts are included in the determination of net income for each period.

Maturities of fixed income securities classified as available-for-sale at July 31, 2011 are as follows, at cost (in thousands):

Current	$	2,008
Due after one year through five years		8,727
Due after five years through ten years		714
	$	11,449

The fair value accounting framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy are described below:

Level 1

Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access.

Level 2

Inputs to the valuation methodology include:

- Quoted prices for similar assets or liabilities in active markets;

- Quoted prices for identical or similar assets or liabilities in inactive markets

- Inputs other than quoted prices that are observable for the asset or liability;

- Inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3

Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset’s or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. All of the Company’s investments in marketable securities are valued on a Level 1 basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19207-110258

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13537-108611

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
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-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13433-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=6947722&loc=d3e13504-108611

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
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-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=6925170&loc=d3e19296-110258

+ Details

INCOME TAXES

3 Months Ended

Jul. 31, 2011

INCOME TAXES

NOTE J – INCOME TAXES

As of the end of fiscal year 2011, the Company reduced the valuation allowance on the deferred tax assets of its U.S. subsidiaries. Consequently, for the quarter ended July 31, 2011, the Company recorded a provision for income taxes based on both current taxes due in the United States as well as the tax provision or benefit to be realized from temporary tax differences. In the same quarter of fiscal year 2011, the provision for income taxes consisted solely of taxes currently due to taxing authorities in the United States because of the full valuation allowance against deferred tax assets in effect at that time. As of July 31, 2011 and April 30, 2011, the remaining deferred tax asset valuation allowance is approximately $4.6 million.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319

Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

3 Months Ended

Jul. 31, 2011

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

NOTE K – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In June 2011, the FASB issued standards which require entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income. The option to present items of other comprehensive income in the statement of changes in equity is eliminated. The new standard is effective as of the beginning of a fiscal year beginning after December 15, 2011 with earlier adoption permitted. This standard, upon adoption by the Company at the beginning of its fiscal year 2013, will have no impact on the Company’s financial condition, results of operations and cash flows but will require the Company to present comprehensive income in a different manner than it did in previous interim and annual financial reports.