Document And Entity Information (USD $)
|
12 Months Ended | ||
---|---|---|---|
Apr. 30, 2013
|
Jul. 22, 2013
|
Oct. 31, 2012
|
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | FREQUENCY ELECTRONICS INC | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Common Stock, Shares Outstanding | 8,493,333 | ||
Entity Public Float | $ 45,300,000 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0000039020 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Apr. 30, 2013 | ||
Document Fiscal Year Focus | 2013 | ||
Document Fiscal Period Focus | FY |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Cash Surrender Value Of Life Insurance And Cash Held In Trust No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Deferred Rent And Other Long Term Liabilities Noncurrent No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Consolidated Balance Sheets (Parentheticals) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Allowance for doubtful accounts (in Dollars) | $ 288 | $ 400 |
Preferred stock, par value (in Dollars per share) | $ 1.00 | $ 1.00 |
Preferred stock, shares authorized (in Shares) | 600 | 600 |
Preferred stock, shares issued (in Shares) | 0 | 0 |
Common stock par value (in Dollars per share) | $ 1.00 | $ 1.00 |
Common stock, shares authorized (in Shares) | 20,000 | 20,000 |
Common stock, shares issued (in Shares) | 9,164 | 9,164 |
Common stock, shares outstanding (in Shares) | 8,463 | 8,363 |
Treasury stock, shares (in Shares) | 701 | 801 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Business Acquisition, Purchase Price Allocation, Intangible Assets and Goodwill No definition available.
|
X | ||||||||||
- Definition
Cash and Cash Equivalents, Period Increase (Decrease) Before Adjustment No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Amount of expense related to write-down of accounts receivable, inventories and warranty reserve. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Consolidated Statements of Cash Flows (Parentheticals) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended |
---|---|
Apr. 30, 2012
|
|
Acquisition of FEI-Elcom, cash acquired (in Dollars) | $ 763 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) (USD $)
|
12 Months Ended |
---|---|
Apr. 30, 2013
|
|
Cash dividend, per share (in Dollars per share) | $ 0.20 |
Retained Earnings [Member]
|
|
Cash dividend, per share (in Dollars per share) | $ 0.20 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
1. Summary of Accounting Policies
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Text Block] |
1. Summary
of Accounting Policies
Principles of
Consolidation:
The
consolidated financial statements include the accounts of
Frequency Electronics, Inc. and its wholly-owned subsidiaries
(the "Company" or "Registrant"). References to
“FEI” are to the parent company alone and do not
refer to any of its subsidiaries. The Company is
principally engaged in the design, development and
manufacture of precision time and frequency control products
and components for microwave integrated circuit
applications. See Note 15 for information
regarding the Company’s FEI-NY (which includes the
subsidiaries FEI Government Systems, Inc., FEI
Communications, Inc., Frequency Electronics, Inc. Asia
(“FEI-Asia”) and FEI-Elcom Tech, Inc.
(“FEI-Elcom”)), Gillam-FEI, and FEI-Zyfer
business segments. Intercompany accounts and
significant intercompany transactions are eliminated in
consolidation. To accommodate the different fiscal
periods of Gillam-FEI, the Company recognizes its share of
net income or loss on a one month lag. Any
material events which may occur during the intervening month
at Gillam-FEI will be accounted for in the consolidated
financial statements.
These
financial statements have been prepared in conformity with
United States generally accepted accounting principles
(“U.S. GAAP”) and require management to make
estimates and assumptions that affect amounts reported and
disclosed in the financial statements and related
notes. Actual results could differ from these
estimates.
Cash
Equivalents:
The
Company considers certificates of deposit and other highly
liquid investments with maturities of three months or less
when purchased to be cash equivalents. The Company
places its temporary cash investments with high credit
quality financial institutions. Such investments
may be in excess of the FDIC insurance limit. No
losses have been experienced on such investments.
Marketable
Securities:
Marketable
securities consist of investments in common stocks, including
exchange-traded funds, corporate debt securities and debt
securities of U.S. government agencies. All
marketable securities were held in the custody of financial
institutions; five institutions at April 30, 2013 and
2012. Investments in debt and equity securities
are categorized as available for sale and are carried at fair
value, with unrealized gains and losses excluded from income
and recorded directly to stockholders' equity. The
Company recognizes gains or losses when securities are sold
using the specific identification method.
Allowance
for Doubtful Accounts:
Losses
from uncollectible accounts receivable are provided for by
utilizing the allowance for doubtful accounts method based
upon management’s estimate of uncollectible
accounts. Management analyzes accounts receivable
and the potential for bad debts, customer concentrations,
credit worthiness, current economic trends and changes in
customer payment terms when evaluating the amount recorded
for the allowance for doubtful accounts.
Inventories:
Inventories,
which consist of finished goods, work-in-process, raw
materials and components, are accounted for at the lower of
cost (specific and average) or market.
Property,
Plant and Equipment:
Property,
plant and equipment are recorded at cost and include interest
on funds borrowed to finance
construction. Expenditures for renewals and
betterments are capitalized; maintenance and repairs are
charged to income when incurred. When fixed assets
are sold or retired, the cost and related accumulated
depreciation and amortization are eliminated from the
respective accounts and any gain or loss is credited or
charged to income.
If
events or changes in circumstances indicate that the carrying
amount of a long-lived asset may not be recoverable, the
Company estimates the future cash flows expected to result
from the use of the asset and its eventual
disposition. If the sum of the expected future
cash flows (undiscounted and without interest charges) is
less than the carrying amount of the long-lived asset, an
impairment loss is recognized. To date, no
impairment losses have been recognized.
Depreciation
and Amortization:
Depreciation
of fixed assets is computed on the straight-line method based
upon the estimated useful lives of the assets (40 years for
buildings and 3 to 10 years for other depreciable
assets). Leasehold improvements and equipment
acquired under capital leases are amortized on the
straight-line method over the shorter of the term of the
lease or the useful life of the related asset.
Amortization
of identifiable intangible assets is based upon the expected
lives of the assets and is recorded at a rate which
approximates the Company’s utilization of the
assets.
Intangible
Assets:
Intangible
assets consist of the ISO 9000 certification arising from the
acquisition of FEI-Elcom in the assignment of fair value to
its acquired assets including intangibles. The
certification is valued at fair value and amortized over the
estimated useful life of 3 years from the date of
acquisition.
Goodwill:
The
Company records goodwill as the excess of purchase price over
the fair value of identifiable net assets
acquired. Goodwill is tested for impairment on at
least an annual basis at year end. When it is
determined that the carrying value of goodwill may not be
recoverable, the Company writes down the goodwill to an
amount commensurate with the revised value of the acquired
assets. The Company measures impairment based on
revenue projections, recent transactions involving similar
businesses and price/revenue multiples at which they were
bought and sold, price/revenue multiples of competitors, and
the present market value of publicly-traded companies in the
Company’s industry.
Revenue
and Cost Recognition:
Revenues
under larger, long-term contracts, which generally require
billings based on achievement of milestones rather than
delivery of product, are reported in operating results using
the percentage of completion method. For U.S.
Government and other fixed-price contracts that require
initial design and development of the product, revenue is
recognized on the cost-to-cost method. Under this
method, revenue is recorded based upon the ratio that
incurred costs bear to total estimated contract costs with
related cost of sales recorded as the costs are
incurred. Costs and estimated earnings in excess
of billings on uncompleted contracts, net of billings on
uncompleted contracts in excess of costs and estimated
earnings, are included in current assets.
On
production-type orders, revenue is recorded as units are
delivered with the related cost of sales recognized on each
shipment based upon a percentage of estimated final program
costs.
Changes
in job performance on long-term and production-type orders
may result in revisions to costs and revenue and are
recognized in the period in which revisions are determined to
be required. Provisions for anticipated losses are
made in the period in which they become determinable.
For
customer orders in the Company’s subsidiaries, and
smaller contracts or orders in the other business segments,
sales of products and services to customers are reported in
operating results upon shipment of the product or performance
of the services pursuant to terms of the customer
order.
Contract
costs include all direct material, direct labor costs,
manufacturing overhead and other direct costs related to
contract performance. Selling, general and
administrative costs are charged to expense as
incurred.
In
accordance with industry practice, inventoried costs contain
amounts relating to contracts and programs with long
production cycles, a portion of which will not be realized
within one year. Program
costs for which production-level orders cannot be determined
as probable are written down in the period in which that
assessment is made.
Comprehensive
Income:
Comprehensive
income consists of net income and other comprehensive
income. Other comprehensive income includes
changes in unrealized gains or losses, net of tax, on
securities available for sale during the year and the effects
of foreign currency translation adjustments.
Research
and Development expenses:
The
Company engages in research and development activities to
identify new applications for its core technologies, to
improve existing products and to improve manufacturing
processes to achieve cost reductions and manufacturing
efficiencies. Research and development costs
include direct labor, manufacturing overhead, direct
materials and contracted services. Such costs are
expensed as incurred.
Income
Taxes:
The
Company recognizes deferred tax liabilities and assets based
on the expected future tax consequences of events that have
been included in the financial statements or tax
returns. Under this method, deferred tax
liabilities and assets are determined based on the difference
between the financial statement and tax bases of assets and
liabilities using enacted tax rates in effect for the year in
which the differences are expected to
reverse. Valuation allowances are established and
adjusted when necessary to increase or reduce deferred tax
assets to the amount expected to be realized.
The
Company analyzes its tax positions under accounting standards
which prescribe recognition thresholds that must be met
before a tax benefit is recognized in the financial
statements and provides guidance on de-recognition,
classification, interest and penalties, accounting in interim
periods, disclosure, and transition. An entity may
only recognize or continue to recognize tax positions that
meet a "more likely than not" threshold. When and
if the Company were to recognize interest or penalties
related to unrecognized tax benefits, it would be reported
net of the federal tax benefit in the tax provision.
Earnings
Per Share:
Basic
earnings per share are computed by dividing net earnings by
the weighted average number of shares of common stock
outstanding. Diluted earnings per share are
computed by dividing net earnings by the sum of the weighted
average number of shares of common stock and the if-converted
effect of unexercised stock options.
Fair
Values of Financial Instruments:
Cash
and cash equivalents and short-term credit obligations are
reflected in the accompanying consolidated balance sheets at
amounts considered by management to reasonably approximate
fair value based upon the nature of the instrument and
current market conditions. Management is not aware
of any factors that would significantly affect the value of
these amounts. The Company also has an investment
in a privately-held company, Morion, Inc.
(“Morion”). The Company is unable to
reasonably estimate a fair value for this
investment. Additionally, the Company had a
non-controlling interest in Elcom Technologies, Inc.
(“Elcom” and, after the acquisition,
“FEI-Elcom”) in 2012 (through the date of
acquisition). See Note 11 - Acquisition of Elcom
Technologies, Inc.
Foreign
Operations and Foreign Currency Adjustments:
The
Company maintains manufacturing operations in Belgium and the
People’s Republic of China. The Company is vulnerable
to currency risks in these countries. The local
currency is the functional currency of each of the
Company’s non-U.S. subsidiaries. No foreign
currency gains or losses are recorded on intercompany
transactions since they are effected at current rates of
exchange. The results of operations of foreign
subsidiaries, when translated into U.S. dollars, reflect the
average rates of exchange for the periods
presented. The balance sheets of foreign
subsidiaries, except for equity accounts which are translated
at historical rates, are translated into U.S. dollars at the
rates of exchange in effect on the date of the balance
sheet. As a result, similar results in local
currency can vary upon translation into U.S. dollars if
exchange rates fluctuate significantly from one period to the
next.
Equity-based
Compensation:
The
Company values its share-based payment transactions using the
Black-Scholes valuation model. Such value is recognized as
expense on a straight-line basis over the service period of
the awards, which is generally the vesting period, net of
estimated forfeitures.
The
weighted average fair value of each option or stock
appreciation right has been estimated on the date of grant
using the Black-Scholes option pricing model with the
following range of weighted average assumptions used for
grants:
The
expected life assumption was determined based on the
Company’s historical experience. The
expected volatility assumption was based on the historical
volatility of the Company’s common
stock. The dividend yield assumption was
determined based upon the Company’s past history of
dividend payments and the Company’s current decision to
suspend payment of dividends. On December 21,
2012, the Company’s Board of Directors declared a
special cash dividend of $0.20 per share, payable on December
31, 2012 to shareholders of record on December 24,
2012. Due to the one-time nature of the special
dividend it was not factored into the Black Scholes fair
value calculations. The risk-free interest rate
assumption was determined using the implied yield currently
available for zero-coupon U.S. government issues with a
remaining term equal to the expected life of the stock
options.
Concentration of
Credit Risk
Financial
instruments, which potentially subject the Company to
concentration of credit risk, consist principally of cash and
cash equivalents and trade receivables. The
Company maintains accounts at several commercial banks at
which the balances exceed Federal Deposit Insurance
Corporation limits. The Company has not
experienced any losses on such
amounts. Concentration of credit risk with respect
to trade receivables is generally diversified due to the
large number of entities comprising the Company’s
customer base and their dispersion across geographic areas
principally within the United States. The Company
routinely addresses the financial strength of its customers
and, as a consequence, believes that its receivable credit
risk exposure is limited. The Company does not
require customers to post collateral.
New
Accounting Pronouncements:
In
June 2011, the Financial Accounting Standards Board
(“FASB”) issued Accounting Standards Update
(“ASU”) No. 2011-05 “Comprehensive Income
(Topic 220): Presentation of Comprehensive Income”
(“ASU No. 2011-05”). Under ASU No.
2011-5, an entity has the option to present the total of
comprehensive income, the components of net income, and the
components of other comprehensive income either in a single
continuous statement of comprehensive income or in two
separate but consecutive statements. Regardless of
which option is selected, an entity is required to present
each component of net income along with total net income,
each component of other comprehensive income along with a
total for other comprehensive income, and a total amount for
comprehensive income. ASU No. 2011-5 eliminates
the option (previously utilized by the Company) to present
the components of other comprehensive income as part of the
statement of changes in stockholders’
equity. ASU No. 2011-5 was adopted by the Company
at the beginning of the current fiscal year, and affects only
the presentation of financial statements and has no financial
impact on the Company’s Consolidated Financial
Statements.
In
September 2011, the FASB issued ASU No. 2011-08, Testing
Goodwill for Impairment”
(“ASU
No. 2011-08”), which is intended to reduce the
complexity and costs to test goodwill for
impairment. The amendment allows an entity the
option to make a qualitative evaluation about the likelihood
of goodwill impairment to determine whether it is necessary
to perform the two-step quantitative goodwill impairment
test. An entity will no longer be required to
calculate the fair value of a reporting unit unless the
entity determines, based on its qualitative assessment, that
it is more likely than not that the fair value of the
reporting unit is less than its carrying
amount. ASU No. 2011-08 also expands upon the
examples of events and circumstances that an entity should
consider between annual impairment tests in determining
whether it is more likely than not that the fair value of a
reporting unit is less than its carrying
amount. The amendment became effective for annual
and interim goodwill impairment tests performed by the
Company in the fourth quarter of the fiscal year ended April
30, 2012. The adoption of ASU 2011-08 did not have
a material impact on its consolidated financial
statements.
In
February 2013, the FASB issued Accounting Standard Update No.
2013-02,
Other Comprehensive Income. The amendments
require an entity to provide information about the amounts
reclassified out of accumulated other comprehensive income by
component. In addition, an entity is required to
present, either on the face of the statement where net income
is presented or in the notes, significant amounts
reclassified out of accumulated other comprehensive income by
the respective line items of net income but only if the
amount reclassified is required under U.S. GAAP to be
reclassified to net income in its entirety in the same
reporting period. For other amounts that are not
required under U.S. GAAP to be reclassified in their entirety
to net income, an entity is required to cross-reference to
other disclosures required under U.S. GAAP that provide
additional detail about those amounts. This ASU is
effective for periods beginning after December 15,
2012. The Company does not expect adoption of ASU
2013-02 to have a material effect on its financial
statements.
In
July 2012, the FASB issued ASU No. 2012-02, Intangibles
– Goodwill and Other (Topic 350): Test Indefinite-Lived
Intangible Assets for Impairment. Under the
requirements of ASU 2012-02 an entity has the option to
assess qualitative factors when testing indefinite-lived
intangible assets annually to determine whether it is more
likely than not that the asset is not impaired. An
entity also has the option to bypass the qualitative
assessment for any indefinite-lived intangible asset in any
period and proceed directly to performing the quantitative
impairment test or resume performing the qualitative
assessment in any subsequent period. If, after
assessing the totality of events and circumstances, an entity
concludes that it is more likely than not that the
indefinite-lived intangible asset is impaired, then it is
required to determine the fair value of the indefinite-lived
intangible asset and perform the quantitative impairment test
by comparing the fair value with the carrying amount in
accordance with Subtopic
350-30. ASU 2012-02 is effective for annual
and interim impairment tests performed for fiscal years
beginning after September 15, 2012. The Company
will adopt ASU 2012-02 for its fiscal year 2014 which begins
on May 1, 2013. The Company is unable to determine
the impact of such adoption until it performs the annual test
for impairment in the next fiscal year.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
2. Earnings Per Share
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] |
2. Earnings
Per Share
Reconciliations
of the weighted average shares outstanding for basic and
diluted Earnings Per Share are as follows:
Dilutive
securities consist of unexercised stock options and stock
appreciation rights (“SARS”). The
computation of diluted shares outstanding excludes those
options and 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. For the years
ended April 30, 2013 and 2012, the number of excluded options
and SARS were 939,375 and 733,375, respectively.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
3. Costs and Estimated Earnings in Excess of Billings
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||
Long-term Contracts or Programs Disclosure [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term Contracts or Programs Disclosure [Text Block] |
3.
Costs and
Estimated Earnings in Excess of Billings
At
April 30, 2013 and 2012, costs and estimated earnings in
excess of billings, net, consist of the following:
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 years ended April 30,
2013 and 2012, revenue recognized under percentage of
completion contracts was approximately $35.6 million and
$36.1 million, respectively.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
4. Inventories
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] |
4. Inventories
Inventories
at April 30, 2013 and 2012, respectively, consisted of the
following (in thousands):
As
of April 30, 2013 and 2012, approximately $29.9 million and
$25.5 million, respectively, of total inventory is located in
the United States, approximately $6.9 million and $8.2
million, respectively, is located in Belgium and
approximately $0.7 million and $0.6 million, respectively, is
located in China.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
5. Marketable Securities
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
5.
Marketable
Securities
The
cost, gross unrealized gains, gross unrealized losses and
fair market value of available-for-sale securities at April
30, 2013 and 2012 are as follows (in thousands):
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:
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 April 30, 2013 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.
Proceeds
from the sale or redemption of available-for-sale securities
and the resulting gross realized gains and losses included in
the determination of net income (loss) are as follows (in
thousands):
Maturities
of fixed income securities classified as available-for-sale
at April 30, 2013 are as follows (at cost, in
thousands):
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:
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 Level 1
assets.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
6. Property, Plant and Equipment and Leases
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] |
6.
Property,
Plant and Equipment and Leases
Property,
plant and equipment at April 30, 2013 and 2012, consists of
the following (in thousands):
Depreciation
and amortization expense for the years ended April 30, 2013
and 2012 was $2,250,000 and $2,222,000, respectively.
Maintenance
and repairs charged to operations for the years ended April
30, 2013 and 2012 was approximately $993,000 and $807,000,
respectively.
The
Company leases its Long Island, New York headquarters
building at an annual rental of $600,000. During
fiscal year 2013, the Company exercised its option to renew
the lease for a second 5-year period at an annual rental of
$800,000 beginning February 2014. The lease will end in
January 2019. Under the terms of the lease, the
Company is required to pay its proportionate share of real
estate taxes, insurance and other charges.
In
addition, the Company’s subsidiaries in New Jersey,
China, France and California lease their office and
manufacturing facilities. FEI-Elcom leases 32,000
square feet of office and manufacturing space at current
monthly rental of approximately $27,000, increasing to
$28,000 in the last two years of the lease which expires in
March 2016. The lease for the FEI-Asia facility is
for a one-year term with monthly rent of $6,800 through
February 2014. FEI-Zyfer leases office and
manufacturing space encompassing 27,850 square
feet. Monthly rental payments are currently
$28,700 and increase each year over the remaining 52 months
of the lease term. Satel-FEI, a wholly-owned
subsidiary of Gillam-FEI, occupies office space under a
9-year lease, cancelable after three years, at an approximate
rate of $1,100 per month.
Rent
expense under operating leases was approximately $1.3 million
and $1.0 million for the fiscal years ended April 30, 2013
and 2012. The Company records rent expense on its
New York building and FEI-Zyfer facility on the straightline
method over the lives of the respective leases. As
a result, as of April 30, 2013 and 2012, the Company’s
balance sheet includes deferred rent payable of approximately
$310,000 and $338,000, respectively, which will be amortized
over the respective rental periods.
Included
in the assets of FEI-Elcom is machinery and equipment with a
value of approximately $300,000 obtained under capital leases
prior to the Company’s acquisition of FEI-Elcom. (See
Note 11. Acquisition of Elcom Technologies, Inc.)
FEI-Elcom’s remaining capital lease obligation at the
date of acquisition was approximately $234,000.
Future
minimum lease payments required by the leases are as follows
(in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
7. Debt Obligations and Subsequent Event
|
12 Months Ended |
---|---|
Apr. 30, 2013
|
|
Debt Disclosure [Text Block] | |
Debt Disclosure [Text Block] |
7. Debt
Obligations and Subsequent Event
On
June 6, 2013, the Company obtained a credit facility (the
“Facility”) from JPMorgan Chase Bank, N.A.
(“JPMorgan”) pursuant to a credit agreement (the
“Credit Agreement”) between the Company and
JPMorgan. The maximum aggregate amount of the
Facility is $25.0 million, of which the Company immediately
borrowed $7.2 million, using the proceeds to repay the
outstanding balance under the $9.3 million line of credit
with another financial institution which formerly managed a
substantial portion of the Company’s investment
portfolio. As a result of this refinancing of
short-term credit with a long-term obligation, as of April
30, 2013, the Company reclassified the $6.0 million balance
payable under the replaced line of credit to long-term
debt. Proceeds from the Facility will be used for
working capital and to finance acquisitions.
The
Company may make borrowings under the Facility from either
Tranche A or Tranche B or a combination of both, not to
exceed $25.0 million. Pursuant to the Credit
Agreement, the amount of Tranche A borrowings may not exceed
the value of the Pledged Investments (as defined in the
Credit Agreement). The amount of Tranche B
borrowings may not exceed the lesser of (i) $15.0 million and
(ii) the Borrowing Base (as defined in the Credit
Agreement). The Facility is fully guaranteed by
certain of the Company’s subsidiaries and is secured
by, among other things, a pledge of substantially all
personal property of the Company and certain of the
Company’s subsidiaries.
Borrowings
under the Facility are evidenced by a line of credit note
(the “Note”) and bear interest, payable monthly,
at a rate equal to the LIBOR Rate, as determined from time to
time by JPMorgan pursuant to the terms of the
Note, plus a margin
of 0.75% for Tranche A borrowings
and 1.75% for Tranche
B borrowings. The principal balance on the Note,
along with any accrued and unpaid interest, is due and
payable no later than June 5, 2018, which is the maturity
date of the Facility. In addition, the Company is
required to pay JPMorgan fees equal to 0.1% per annum on any
unused portion of the Facility.
The
Credit Agreement contains a number of affirmative and
negative covenants, including limitations on the incurrence
of additional debt, liens on property, acquisitions, loans
and guarantees, mergers, consolidations, liquidations and
dissolutions, asset sales, and distributions and other
payments in respect of the Company’s capital
stock. The Credit Agreement also contains certain
events of default customary for credit facilities of this
type, including nonpayment of principal or interest when due,
material incorrectness of representations and warranties when
made, breach of covenants, bankruptcy and insolvency,
unstayed material judgment beyond specified periods, and
acceleration or payment default of other material
indebtedness. The Credit Agreement requires the
Company to maintain, as of the end of each fiscal quarter, a
funded debt to EBITDA (Earnings Before Interest, Taxes,
Depreciation and Amortization) ratio and an interest charge
coverage ratio. The calculation of both ratios is
defined in the Credit Agreement.
Under
the Company’s subsequently replaced $9.3 million line
of credit with the financial institution which formerly
managed a substantial portion of its investment in marketable
securities, during the fiscal year ended April 30, 2013, the
Company borrowed $5.0 million and repaid the same
amount. The highest borrowings under this line of
credit during fiscal year 2013 was $8.5
million. The line was secured by the investments
and had no maturity date so long as the Company maintained
its investments with the financial
institution. During fiscal years 2013 and 2012,
advances against the line of credit bore interest at variable
interest rates between 1.70% and 1.80%.
The
Company’s European subsidiaries have available 500,000
Euros (approximately $650,000 based on current rates of
exchange between the dollar and the Euro) in bank credit
lines to meet short-term cash flow
requirements. As of April 30, 2013 and 2012, no
amounts were outstanding under such lines of
credit. Borrowings under the bank credit lines, if
any, must be repaid within one year of receipt of
funds. Interest on these credit lines varies from
0.5% to 1.5% over the EURO Interbank Offered rate
(EURIBOR). At April 30, 2013 and 2012, the rate
was 1.117% and 1.244%, respectively, based on the one-month
EURIBOR.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
8. Accrued Liabilities
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] |
8. Accrued
Liabilities
Accrued
liabilities at April 30, 2013 and 2012 consist of the
following (in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
9. Investment in Morion, Inc.
|
12 Months Ended |
---|---|
Apr. 30, 2013
|
|
Investment Holdings [Text Block] | |
Investment Holdings [Text Block] |
9. Investment
in Morion, Inc.
The
Company has an investment in Morion, Inc., a privately-held
Russian company, which manufactures high precision quartz
resonators and crystal oscillators. The
Company’s investment consists of 4.6% of Morion’s
outstanding shares, accordingly, the Company accounts for its
investment in Morion on the cost basis. This
investment is included in investment in and loans receivable
from affiliates in the accompanying balance sheets.
During
the fiscal years ended April 30, 2013 and 2012, the Company
acquired product from Morion in the aggregate amount of
approximately $54,000 and $224,000, respectively, and the
Company sold product to Morion in the aggregate amount of
approximately $355,000 and $1,162,000,
respectively. At April 30, 2013, accounts
receivable included $144,000 due from Morion and $8,000 were
payable to Morion.
On
October 22, 2012, the Company entered into an agreement to
license its rubidium oscillator production technology to
Morion. The agreement requires the Company to sell
certain fully-depreciated production equipment currently
owned by the Company and to provide training to Morion
employees to enable Morion to produce a minimum of 5,000
rubidium oscillators per year. Morion will pay the
Company approximately $2.7 million for the license and the
equipment plus 5% royalties on third party sales for a 5-year
period following an initial production run. During
the same 5-year period, the Company commits to purchase from
Morion a minimum of approximately $400,000 worth of rubidium
oscillators per year although Morion is not obligated to sell
that amount to the Company. In November 2012,
Morion paid the Company a $925,000 deposit under this
agreement. This amount is considered
deferred revenue and is included in accrued liabilities on
the accompanying consolidated balance sheet. The
United States Department of State has approved the technology
transfer which is expected to be completed within a year from
the date of the agreement.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
10. Goodwill and Other Intangible Assets
|
12 Months Ended |
---|---|
Apr. 30, 2013
|
|
Goodwill and Intangible Assets Disclosure [Text Block] | |
Goodwill and Intangible Assets Disclosure [Text Block] |
10. Goodwill
and Other Intangible Assets
During fiscal year
2004, the Company acquired FEI-Zyfer, Inc.
(“FEI-Zyfer”). This acquisition
resulted in the recording of $218,000 in
goodwill. In February 2012, the Company acquired
FEI-Elcom (see Note 11 Acquisition of Elcom Technologies,
Inc.) resulting in the recording of goodwill in the amount of
$398,000 plus other intangible assets with a value of
$275,000. Management has determined that goodwill
is not impaired as of April 30, 2013 and 2012. The
other intangible asset will be amortized over a
three-year period from the date of
acquisition. Amortization expense for the years
ended April 30, 2013 and 2012 was approximately $91,000 and
$19,000, respectively.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
11. Acquisition of Elcom Technologies, Inc.
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] |
11. Acquisition
of Elcom Technologies, Inc.
On
February 21, 2012, the Company purchased 74.88% of the
capital stock of Elcom. Prior to the acquisition,
the Company had a minority ownership interest of 25.12% of
the capital stock of Elcom. After the acquisition,
the Company owned 100% and changed the subsidiary’s
name to FEI-Elcom Tech, Inc. The Company acquired
Elcom as, in addition to its own product line, Elcom provides
design and technical support for the Company’s
satellite business, which accounts for a significant amount
of the Company’s consolidated revenue. For
the acquisition, the Company paid approximately $4.1 million
to the shareholders for their shares of common stock and an
additional $910,000 to certain selling shareholders to settle
their outstanding debt with Elcom. In addition the
Company had notes due from Elcom with a book value of
approximately $1.7 million which was forgiven as an
additional investment in Elcom. Based on the
amounts paid to the Elcom shareholders, the Company
determined that the fair value of Elcom at the date of
acquisition was approximately $7.9 million. The
Company’s determination of the fair value of Elcom at
the date of acquisition included an adjustment for a control
premium of 15% based on the total value at the date of
acquisition.
The
fair value of Elcom at the date of the transaction was
allocated to $4.6 million of net tangible assets, deferred
taxes of $2.6 million, and approximately $700,000 of
intangible assets, including goodwill of approximately
$400,000. None of the goodwill is expected to be
deductible for income tax purposes.
The
FEI-Elcom transaction is considered a “step
acquisition” by generally accepted accounting
principles. Such an acquisition required the
Company to remeasure its previously held equity interest in
Elcom and adjust it to fair value. The difference
between the fair value of the Company’s ownership in
Elcom and the Company’s carrying value of its
investment resulted in the recognition of a gain of
approximately $730,000.
Prior to the acquisition of Elcom, the Company recorded its share of Elcom’s income or loss on the equity method. In addition, periodically the Company measured the market value of Elcom based on comparisons to comparable companies as well as Elcom’s forecasts of future financial results. For the year ended April 30, 2012, in addition to its equity share in the income or loss of Elcom during the year, the Company determined that its investment was impaired and recorded impairment charges in the amount $350,000.
During
the fiscal years ended April 30, 2012, prior to the
acquisition of Elcom, the Company acquired technical
services from Elcom in the aggregate amount of
approximately $16,000; sold product to Elcom in the
amount of approximately $5,000; and the Company recorded
interest income on notes to Elcom in the amount of
approximately $87,000.
The
estimated fair value of Elcom has been allocated as
follows.
The
Company incurred approximately $230,000 in acquisition
related costs applicable to the transaction during fiscal
year 2012. These expenses are included in selling
and administrative expenses in the Company’s
consolidated statements of income.
The accompanying
consolidated statements of income for the years ended April
30, 2013 and 2012 include the results of operations of
FEI-Elcom since the date of acquisition, February 21,
2012. For the period from the acquisition date to
April 30, 2012, FEI-Elcom had revenue of $840,000 and
recorded an operating loss of $700,000. The pro
forma financial information set forth below is based upon the
Company’s historical consolidated statements of income
for the year ended April 30, 2012, adjusted to give effect to
the acquisition of FEI-Elcom as if it had occurred at the
beginning of fiscal year 2012.
The
pro forma financial information is presented for
informational purposes only and may not be indicative of what
actual results of operations would have been had the
acquisition occurred on May 1, 2011, nor does it purport to
represent the results of operations for future
periods. The pro forma results of operations do
not include the gain on the Company’s original
investment of $730,000 or the impairment of the
Company’s investment in Elcom during fiscal year
2012.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
12. Employee Benefit Plans
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Employee Benefit Plans [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Employee Benefit Plans [Text Block] |
12. Employee
Benefit Plans
Profit
Sharing Plan:
The
Company provides its U.S.-based employees with a profit
sharing plan and trust under section 401(k) of the Internal
Revenue Code. This plan allows all eligible
employees to defer a portion of their income through
voluntary contributions to the plan. In accordance
with the provisions of the plan, the Company can make
discretionary matching contributions in the form of cash or
common stock. For the years ended April 30, 2013
and 2012, the Company contributed 52,715 and 42,370 shares of
common stock, respectively. The approximate value
of these shares at the date of contribution was $456,000 in
fiscal year 2013 and $360,000 in fiscal year
2012. Contributed shares are drawn from the
Company’s common stock held in treasury and are removed
at the Company’s original cost of acquisition of such
shares on a specific identification basis. In
addition to changes in the treasury stock accounts, during
fiscal years 2013 and 2012, such transactions increased
additional paid in capital by $214,000 and $154,000,
respectively.
Income
Incentive Pool:
The
Company maintains incentive bonus programs for certain
employees which are based on operating profits of the
individual subsidiaries to which the employees are
assigned. The Company also adopted a plan for the
President and Chief Executive Officer of the Company, which
formula is based on consolidated pre-tax
profits. The Company charged approximately $1.6
million and $1.8 million to selling and administrative
expenses under these plans for the fiscal years ended April
30, 2013 and 2012, respectively.
Employee Stock
Plans:
The
Company has various stock plans, some of which have been
approved by the Company’s stockholders, for key
management employees, including officers and directors who
are employees, certain consultants and independent members of
the Board of Directors. The plans are Nonqualified
Stock Options (“NQSO”) plans, Incentive Stock
Option ("ISO”) plans and Stock Appreciation Rights
(“SARS”). Under these plans, options
or SARS are granted at the discretion of the Stock Option
Committee at an exercise price not less than the fair market
value of the Company's common stock on the date of
grant.
Typically,
options and SARS vest over a four-year period from the date
of grant. The options and SARS expire ten years
after the date of grant and are subject to certain
restrictions on transferability of the shares obtained on
exercise. As of April 30, 2012, a consultant, who
is the son of the Company’s president, had been granted
options to purchase 56,625 shares of Company stock under NQSO
plans at a weighted average exercise price of
$5.60. During the year ended April 30, 2013, the
consultant elected a cashless exercise of 19,125 shares at an
exercise price of $3.50 per share (resulting in a net
issuance of 11,011 shares) and the remaining 37,500 options
are outstanding and exercisable at an exercise price of
$6.67. The options expire one year after the
termination of the consulting agreement which has no
expiration date. As of April 30, 2013, eligible
employees had been granted options to purchase approximately
231,200 shares of Company stock under ISO plans, of which
approximately 172,500 options with a weighted average
exercise price of $11.55 are both outstanding and
exercisable. During the year ended April 30, 2013,
employees exercised ISOs for 58,700 shares of Company
stock. During fiscal year 2013, the Company gave
option holders the opportunity to exercise stock options
either by paying the exercise price for the shares or to do a
cashless exercise whereby the individual receives the net
number of shares of stock equal in value to the exercised
number of shares times the difference between the current
market value of the Company’s stock and the exercise
price. For the year ended April 30, 2013, the
Company received approximately $20,000 upon the exercise of
options for 3,000 shares. The balance of stock
option exercises under ISO and NQSO plans, including the
consultant shares above, which aggregated 74,825 shares were
conducted under the cashless option. Accordingly,
the Company issued 25,897 shares for cashless exercises and
returned 48,928 shares to the pool of available shares which
may be used for future grants. As of April 30,
2013, eligible employees and directors
have been granted SARS based on approximately 1,550,000
shares of Company stock, of which approximately 1,498,625
shares are outstanding and approximately 871,000 with a
weighted average exercise price of $7.93 are
exercisable. When the SARS become exercisable, the
Company will settle the SARS by issuing to exercising
recipients the number of shares of stock equal to the
appreciated value of the Company’s stock between the
grant date and exercise date. At the time of
exercise, the quantity of shares under the SARS grant equal
to the exercise value divided by the then market value of the
shares will be returned to the pool of available shares for
future grant under the Company’s stock
plan. During the year ended April 30, 2013,
employees exercised SARS representing 35,250 shares of
Company stock and received 18,685 shares of Company
stock. The 16,565 share difference was returned to
the pool of available shares and may be used for future
grants.
The
excess of the consideration received over the par value of
the common stock or cost of treasury stock issued under both
types of option plans is recognized as an increase in
additional paid-in capital.
The
following table summarizes information about stock option
activity for the years ended April 30:
As
of April 30, 2013, total unrecognized compensation cost
related to nonvested options and stock appreciation rights
under the plans was approximately
$2,149,000. These costs are expected to be
recognized over a weighted average period of 3.0
years.
During
the years ended April 30, 2013 and 2012, 254,813 and 221,969
shares, respectively, vested, the fair value of which was
approximately $847,000 and $748,000,
respectively. The weighted average grant date fair
value of stock appreciation rights granted during the years
ended April 30, 2013 and 2012, were approximately $4.16 and
$3.73, respectively.
Stock-based
compensation costs capitalized as part of work in process
inventory or included in the cost of sales of programs on
which the Company recognizes revenue under the percentage of
completion method were approximately $410,000 and $363,000
for the years ended April 30, 2013 and 2012,
respectively. Selling and administrative expenses
include stock-based compensation expense of approximately
$537,000 and $359,000 for the years ended April 30, 2013 and
2012, respectively.
The
Company classifies cash flows resulting from the tax benefits
from tax deductions recognized upon the exercise of stock
options or SARS (tax benefits) as financing cash
flows. For the years ended April 30, 2013 and
2012, the Company realized $152,000 and $9,000 respectively,
of tax benefits from the exercise of stock options and
SARS.
Independent
Contractor Stock Option Plan:
The
Company had an Independent Contractor Stock Option Plan under
which up to 350,000 shares could be granted. This
plan was terminated in fiscal year 2006. An
Independent Contractor Stock Option Committee determined to
whom options may be granted from among eligible participants,
the timing and duration
of option grants, the option price, and the number of shares
of common stock subject to each option. Options
were granted to certain independent contractors at a price
equal to the then fair market value of the Company’s
common stock. The options were exercisable over
specified periods per terms of the individual
agreements. No compensation expense was recorded
during the years ended April 30, 2013 and 2012 as no other
grants were made in those years and previous grants have been
fully expensed. As a result of the adoption by the
stockholders of the 2005 Stock Award Plan, the Independent
Contractor Stock Option Plan was discontinued. No
additional grants will be made under this plan and the
outstanding grant will expire in fiscal year
2015.
At
April 30, 2013 and 2012, options for 30,000 shares, at a
weighted average exercise price of $14.76, were issued and
outstanding under this plan. No other activities
occurred during the two year period ended April 30,
2013.
Restricted
Stock Plan:
During
fiscal year 1990, the Company adopted a Restricted Stock Plan
which provided that key management employees could be granted
rights to purchase an aggregate of 375,000 shares of the
Company's common stock. The grants,
transferability restrictions and purchase price were
determined at the discretion of a special committee of the
board of directors. The purchase price could not
be less than the par value of the common
stock. Transferability of shares is restricted for
a four-year period, except in the event of a change in
control as defined. As a result of the adoption by
the Company’s stockholders of the 2005 Stock Award
Plan, the Restricted Stock Plan was
discontinued. No additional grants will be made
under this plan. As of April 30, 2013 and 2012,
grants for 7,500 shares are available to be purchased at a
price of $4.00 per share.
Employee
Stock Ownership Plan/Stock Bonus Plan:
During
1990, the Company amended its Stock Bonus Plan to become an
Employee Stock Ownership Plan
(“ESOP”). By means of a bank note,
subsequently repaid, the Company reacquired 561,652 shares of
its common stock during fiscal year 1990. These
shares plus approximately 510,000 additional shares issued by
the Company from its authorized, unissued shares were sold to
the ESOP in May 1990. Shares were released for
allocation to participants based on a formula as specified in
the ESOP document. By the end of fiscal year 2000,
all shares (1,071,652) had been allocated to participant
accounts of which 406,102 shares remain in the ESOP.
Deferred
Compensation Agreements:
The
Company has a series of agreements with key employees
providing for the payment of benefits upon retirement or
death. Under these agreements, each key employee
receives specified retirement payments for the remainder of
the employee's life with a minimum payment of ten years'
benefits to either the employee or his
beneficiaries. The agreements also provide for
lump sum payments upon termination of employment without
cause and reduced benefits upon early
retirement. The Company pays the benefits out of
its working capital, but has also purchased whole life or
term life insurance policies on the lives of certain of the
participants to cover the optional lump sum obligations of
the agreements upon the death of the
participant. Deferred compensation expense charged
to selling and administrative expenses during the years ended
April 30, 2013 and 2012 was approximately $616,000 and
$796,000, respectively.
Life
Insurance Policies and Cash Held in Trust:
The
whole-life insurance policies on the lives of certain
participants covered by deferred compensation agreements have
been placed in a trust. Upon the death of any
insured participant, cash received from life insurance
policies in excess of the Company’s deferred
compensation obligations to the estate or beneficiaries of
the deceased, are also placed in the trust. These
assets belong to the Company until a change of control event,
as defined in the trust agreement, should
occur. At that time, the Company is required to
add sufficient cash to the trust so as to match the deferred
compensation liability described above. Such funds
will be used to continue the deferred compensation
arrangements following a change of control.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
13. Income Taxes
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] |
13. Income
Taxes
The
income before benefit for income taxes consisted of (in
thousands):
The
benefit for income taxes consists of the following (in
thousands):
The
following table reconciles the reported income tax (benefit)
expense with the amount computed using the federal statutory
income tax rate (in thousands):
The
components of deferred taxes are as follows (in
thousands):
Net
deferred tax assets are comprised of the following (in
thousands):
The
total valuation allowance relates to deferred tax assets of
both domestic and foreign subsidiaries. For the
year ended April 30, 2013, the change in valuation allowance
was an increase of $445,000 which consists of the $490,000
deferred tax provision less a foreign exchange adjustment of
$45,000. The change in valuation allowance during
the year ended April 30, 2012 was a decrease of $3.1 million,
including foreign exchange adjustments of $58,000 and the
$43,000 tax effect of unrealized gains on marketable
securities.
During
the fourth quarter of fiscal year 2012, the Company reduced
its valuation allowance against deferred tax assets in the
amounts of $3.1 million. This recognition was the
result of an evaluation of the Company’s net operating
losses incurred in prior years, its recent history of three
consecutive years of increasing profitability and recent
contract bookings which increased the Company’s
long-term backlog to a higher level. Company
management believed such contracts would enable the Company
to continue to generate operating profits in fiscal year 2013
and beyond. These adjustments were made in the
fourth quarter of fiscal year 2012 as the Company waited
until it had results for the full year to make final its
determination, given the existence of a loss in recent years,
that it met the accounting threshold for determination that
the recovery of the deferred tax asset was more likely than
not and to estimate the appropriate balance of the valuation
allowance, based on all available information. The
amount of the non-cash valuation allowance reduction was
based on management’s estimates of taxable income by
reporting segment and taxing jurisdictions and the periods
over which the Company believes deferred tax assets will be
recoverable.
At
April 30, 2013, the Company has available approximately
$2.7 million in net operating losses available to offset
future income of certain of its foreign
subsidiaries. These loss carryforwards have no
expiration date. As a result of the acquisition
of FEI-Elcom, the Company has a federal net operating loss
carryforward of $6.6 million which may be applied in
annually limited amounts to offset future U.S.-sourced
taxable income over the next 19 years.
The
Company has evaluated its tax positions and has concluded
that the tax positions meet the more-likely-than-not
recognition threshold as specified under accounting
standards. It is difficult to predict what would
occur to change the Company’s unrecognized tax
benefits over the next twelve months. The
Company believes, however, that there should be no change
during the next twelve months. The Company's tax
returns for April 30, 2006 and 2007 have been examined by
the Internal Revenue Service, which resulted in no material
adjustments. The Company's tax years from April
30, 2005 through April 30, 2013 remain open to examination
by state tax authorities and tax years from April 30, 2008
through April 30, 2013 remain open for examination by the
Internal Revenue Service.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
14. Product Warranties
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty Disclosure [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty Disclosure [Text Block] |
14. Product
Warranties
The
Company generally provides its customers with a one-year
warranty regarding the manufactured quality and functionality
of its products. For some limited products, the
warranty period has been extended. The Company
establishes warranty reserves based on its product history,
current information on repair costs and annual sales
levels. Changes in the carrying amount of accrued
product warranty costs are as follows (in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
15. Segment Information
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] |
15. Segment
Information
The
Company operates under three reportable segments based on the
geographic locations of its subsidiaries:
The
FEI-NY segment also includes the operations of the
Company’s wholly-owned subsidiaries, FEI-Elcom and
FEI-Asia. FEI-Asia functions as a manufacturing
facility for the FEI-NY segment with minimal sales to outside
customers. FEI-Elcom, in addition to its own
product line, provides design and technical support for the
FEI-NY segment’s satellite business.
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
accounting policies of the three segments are the same as
those described in the “Summary of Significant
Accounting Policies.” The Company evaluates
the performance of its segments and allocates resources to
them based on operating profit which is defined as income
before investment income, interest expense and
taxes. The European-based director of Gillam-FEI
and the president of FEI-Zyfer manage the assets of these
segments. All acquired assets, including
intangible assets, are included in the assets of these two
segments.
The
table below presents information about reported segments for
each of the years ended April 30 with reconciliation of
segment amounts to consolidated amounts as reported in the
statement of operations or the balance sheet for each of the
years (in thousands):
Major
Customers
The
Company's products are sold to both commercial and
governmental customers. For the years ended
April 30, 2013 and 2012, approximately 62% and 46%
respectively, of the Company's sales were made under
contracts to the U.S. Government or subcontracts for U.S.
Government end-use.
In
fiscal year 2013, sales to three customers of the FEI-NY
segment aggregated $34.1 million or 65% of that
segment’s total sales. Each of these
customers also exceeded 10% of the Company’s
consolidated revenues. During the year ended
April 30, 2013, in the Gillam-FEI segment, sales to one
customer exceeded 10% of that segment’s
revenues. In the FEI-Zyfer segment, two
customers accounted for more than 10% of that
segment’s sales. None of the
customers in the Gillam-FEI and FEI-Zyfer segments
accounted for more than 10% of consolidated
revenues.
In
fiscal year 2012, sales to three customers of the FEI-NY
segment aggregated $29.3 million or 66% of that
segment’s total sales. Each of these
customers also exceeded 10% of the Company’s
consolidated revenues. During the year ended
April 30, 2012, in the Gillam-FEI segment, sales to one
customer exceeded 10% of that segment’s
revenues. In the FEI-Zyfer segment, one customer
accounted for more than 10% of that segment’s
sales. None of the customers in the Gillam-FEI
and FEI-Zyfer segments accounted for more than 10% of
consolidated revenues.
The
loss by the Company of any one of these customers would
have a material adverse effect on the Company’s
business. The Company believes its relationship
with these customers to be mutually
satisfactory. Sales to major customers above can
include commercial and governmental end users.
Foreign
Sales
Revenues
in each of the Company’s segments include sales to
foreign governments or to companies located in foreign
countries. Revenues, based on the location of
the procurement entity and excluding intersegment sales,
were derived from the following countries:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Accounting Policies, by Policy (Policies)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of
Consolidation:
The
consolidated financial statements include the accounts of
Frequency Electronics, Inc. and its wholly-owned subsidiaries
(the "Company" or "Registrant"). References to
“FEI” are to the parent company alone and do not
refer to any of its subsidiaries. The Company is
principally engaged in the design, development and
manufacture of precision time and frequency control products
and components for microwave integrated circuit
applications. See Note 15 for information
regarding the Company’s FEI-NY (which includes the
subsidiaries FEI Government Systems, Inc., FEI
Communications, Inc., Frequency Electronics, Inc. Asia
(“FEI-Asia”) and FEI-Elcom Tech, Inc.
(“FEI-Elcom”)), Gillam-FEI, and FEI-Zyfer
business segments. Intercompany accounts and
significant intercompany transactions are eliminated in
consolidation. To accommodate the different fiscal
periods of Gillam-FEI, the Company recognizes its share of
net income or loss on a one month lag. Any
material events which may occur during the intervening month
at Gillam-FEI will be accounted for in the consolidated
financial statements.
These
financial statements have been prepared in conformity with
United States generally accepted accounting principles
(“U.S. GAAP”) and require management to make
estimates and assumptions that affect amounts reported and
disclosed in the financial statements and related
notes. Actual results could differ from these
estimates. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash
Equivalents:
The
Company considers certificates of deposit and other highly
liquid investments with maturities of three months or less
when purchased to be cash equivalents. The Company
places its temporary cash investments with high credit
quality financial institutions. Such investments
may be in excess of the FDIC insurance limit. No
losses have been experienced on such investments. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities, Policy [Policy Text Block] | Marketable
Securities:
Marketable
securities consist of investments in common stocks, including
exchange-traded funds, corporate debt securities and debt
securities of U.S. government agencies. All
marketable securities were held in the custody of financial
institutions; five institutions at April 30, 2013 and
2012. Investments in debt and equity securities
are categorized as available for sale and are carried at fair
value, with unrealized gains and losses excluded from income
and recorded directly to stockholders' equity. The
Company recognizes gains or losses when securities are sold
using the specific identification method. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance
for Doubtful Accounts:
Losses
from uncollectible accounts receivable are provided for by
utilizing the allowance for doubtful accounts method based
upon management’s estimate of uncollectible
accounts. Management analyzes accounts receivable
and the potential for bad debts, customer concentrations,
credit worthiness, current economic trends and changes in
customer payment terms when evaluating the amount recorded
for the allowance for doubtful accounts. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory, Policy [Policy Text Block] | Inventories:
Inventories,
which consist of finished goods, work-in-process, raw
materials and components, are accounted for at the lower of
cost (specific and average) or market. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property,
Plant and Equipment:
Property,
plant and equipment are recorded at cost and include interest
on funds borrowed to finance
construction. Expenditures for renewals and
betterments are capitalized; maintenance and repairs are
charged to income when incurred. When fixed assets
are sold or retired, the cost and related accumulated
depreciation and amortization are eliminated from the
respective accounts and any gain or loss is credited or
charged to income.
If
events or changes in circumstances indicate that the carrying
amount of a long-lived asset may not be recoverable, the
Company estimates the future cash flows expected to result
from the use of the asset and its eventual
disposition. If the sum of the expected future
cash flows (undiscounted and without interest charges) is
less than the carrying amount of the long-lived asset, an
impairment loss is recognized. To date, no
impairment losses have been recognized. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation
and Amortization:
Depreciation
of fixed assets is computed on the straight-line method based
upon the estimated useful lives of the assets (40 years for
buildings and 3 to 10 years for other depreciable
assets). Leasehold improvements and equipment
acquired under capital leases are amortized on the
straight-line method over the shorter of the term of the
lease or the useful life of the related asset.
Amortization
of identifiable intangible assets is based upon the expected
lives of the assets and is recorded at a rate which
approximates the Company’s utilization of the
assets. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible
Assets:
Intangible
assets consist of the ISO 9000 certification arising from the
acquisition of FEI-Elcom in the assignment of fair value to
its acquired assets including intangibles. The
certification is valued at fair value and amortized over the
estimated useful life of 3 years from the date of
acquisition. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill:
The
Company records goodwill as the excess of purchase price over
the fair value of identifiable net assets
acquired. Goodwill is tested for impairment on at
least an annual basis at year end. When it is
determined that the carrying value of goodwill may not be
recoverable, the Company writes down the goodwill to an
amount commensurate with the revised value of the acquired
assets. The Company measures impairment based on
revenue projections, recent transactions involving similar
businesses and price/revenue multiples at which they were
bought and sold, price/revenue multiples of competitors, and
the present market value of publicly-traded companies in the
Company’s industry. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue
and Cost Recognition:
Revenues
under larger, long-term contracts, which generally require
billings based on achievement of milestones rather than
delivery of product, are reported in operating results using
the percentage of completion method. For U.S.
Government and other fixed-price contracts that require
initial design and development of the product, revenue is
recognized on the cost-to-cost method. Under this
method, revenue is recorded based upon the ratio that
incurred costs bear to total estimated contract costs with
related cost of sales recorded as the costs are
incurred. Costs and estimated earnings in excess
of billings on uncompleted contracts, net of billings on
uncompleted contracts in excess of costs and estimated
earnings, are included in current assets.
On
production-type orders, revenue is recorded as units are
delivered with the related cost of sales recognized on each
shipment based upon a percentage of estimated final program
costs.
Changes
in job performance on long-term and production-type orders
may result in revisions to costs and revenue and are
recognized in the period in which revisions are determined to
be required. Provisions for anticipated losses are
made in the period in which they become determinable.
For
customer orders in the Company’s subsidiaries, and
smaller contracts or orders in the other business segments,
sales of products and services to customers are reported in
operating results upon shipment of the product or performance
of the services pursuant to terms of the customer
order.
Contract
costs include all direct material, direct labor costs,
manufacturing overhead and other direct costs related to
contract performance. Selling, general and
administrative costs are charged to expense as
incurred.
In
accordance with industry practice, inventoried costs contain
amounts relating to contracts and programs with long
production cycles, a portion of which will not be realized
within one year. Program
costs for which production-level orders cannot be determined
as probable are written down in the period in which that
assessment is made. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income, Policy [Policy Text Block] | Comprehensive
Income:
Comprehensive
income consists of net income and other comprehensive
income. Other comprehensive income includes
changes in unrealized gains or losses, net of tax, on
securities available for sale during the year and the effects
of foreign currency translation adjustments. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Research and Development Expense, Policy [Policy Text Block] | Research
and Development expenses:
The
Company engages in research and development activities to
identify new applications for its core technologies, to
improve existing products and to improve manufacturing
processes to achieve cost reductions and manufacturing
efficiencies. Research and development costs
include direct labor, manufacturing overhead, direct
materials and contracted services. Such costs are
expensed as incurred. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax, Policy [Policy Text Block] | Income
Taxes:
The
Company recognizes deferred tax liabilities and assets based
on the expected future tax consequences of events that have
been included in the financial statements or tax
returns. Under this method, deferred tax
liabilities and assets are determined based on the difference
between the financial statement and tax bases of assets and
liabilities using enacted tax rates in effect for the year in
which the differences are expected to
reverse. Valuation allowances are established and
adjusted when necessary to increase or reduce deferred tax
assets to the amount expected to be realized.
The
Company analyzes its tax positions under accounting standards
which prescribe recognition thresholds that must be met
before a tax benefit is recognized in the financial
statements and provides guidance on de-recognition,
classification, interest and penalties, accounting in interim
periods, disclosure, and transition. An entity may
only recognize or continue to recognize tax positions that
meet a "more likely than not" threshold. When and
if the Company were to recognize interest or penalties
related to unrecognized tax benefits, it would be reported
net of the federal tax benefit in the tax provision. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Earnings
Per Share:
Basic
earnings per share are computed by dividing net earnings by
the weighted average number of shares of common stock
outstanding. Diluted earnings per share are
computed by dividing net earnings by the sum of the weighted
average number of shares of common stock and the if-converted
effect of unexercised stock options. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair
Values of Financial Instruments:
Cash
and cash equivalents and short-term credit obligations are
reflected in the accompanying consolidated balance sheets at
amounts considered by management to reasonably approximate
fair value based upon the nature of the instrument and
current market conditions. Management is not aware
of any factors that would significantly affect the value of
these amounts. The Company also has an investment
in a privately-held company, Morion, Inc.
(“Morion”). The Company is unable to
reasonably estimate a fair value for this
investment. Additionally, the Company had a
non-controlling interest in Elcom Technologies, Inc.
(“Elcom” and, after the acquisition,
“FEI-Elcom”) in 2012 (through the date of
acquisition). See Note 11 - Acquisition of Elcom
Technologies, Inc. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign
Operations and Foreign Currency Adjustments:
The
Company maintains manufacturing operations in Belgium and the
People’s Republic of China. The Company is vulnerable
to currency risks in these countries. The local
currency is the functional currency of each of the
Company’s non-U.S. subsidiaries. No foreign
currency gains or losses are recorded on intercompany
transactions since they are effected at current rates of
exchange. The results of operations of foreign
subsidiaries, when translated into U.S. dollars, reflect the
average rates of exchange for the periods
presented. The balance sheets of foreign
subsidiaries, except for equity accounts which are translated
at historical rates, are translated into U.S. dollars at the
rates of exchange in effect on the date of the balance
sheet. As a result, similar results in local
currency can vary upon translation into U.S. dollars if
exchange rates fluctuate significantly from one period to the
next. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Equity-based
Compensation:
The
Company values its share-based payment transactions using the
Black-Scholes valuation model. Such value is recognized as
expense on a straight-line basis over the service period of
the awards, which is generally the vesting period, net of
estimated forfeitures.
The
weighted average fair value of each option or stock
appreciation right has been estimated on the date of grant
using the Black-Scholes option pricing model with the
following range of weighted average assumptions used for
grants:
The
expected life assumption was determined based on the
Company’s historical experience. The
expected volatility assumption was based on the historical
volatility of the Company’s common
stock. The dividend yield assumption was
determined based upon the Company’s past history of
dividend payments and the Company’s current decision to
suspend payment of dividends. On December 21,
2012, the Company’s Board of Directors declared a
special cash dividend of $0.20 per share, payable on December
31, 2012 to shareholders of record on December 24,
2012. Due to the one-time nature of the special
dividend it was not factored into the Black Scholes fair
value calculations. The risk-free interest rate
assumption was determined using the implied yield currently
available for zero-coupon U.S. government issues with a
remaining term equal to the expected life of the stock
options. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of
Credit Risk
Financial
instruments, which potentially subject the Company to
concentration of credit risk, consist principally of cash and
cash equivalents and trade receivables. The
Company maintains accounts at several commercial banks at
which the balances exceed Federal Deposit Insurance
Corporation limits. The Company has not
experienced any losses on such
amounts. Concentration of credit risk with respect
to trade receivables is generally diversified due to the
large number of entities comprising the Company’s
customer base and their dispersion across geographic areas
principally within the United States. The Company
routinely addresses the financial strength of its customers
and, as a consequence, believes that its receivable credit
risk exposure is limited. The Company does not
require customers to post collateral. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | New
Accounting Pronouncements:
In
June 2011, the Financial Accounting Standards Board
(“FASB”) issued Accounting Standards Update
(“ASU”) No. 2011-05 “Comprehensive Income
(Topic 220): Presentation of Comprehensive Income”
(“ASU No. 2011-05”). Under ASU No.
2011-5, an entity has the option to present the total of
comprehensive income, the components of net income, and the
components of other comprehensive income either in a single
continuous statement of comprehensive income or in two
separate but consecutive statements. Regardless of
which option is selected, an entity is required to present
each component of net income along with total net income,
each component of other comprehensive income along with a
total for other comprehensive income, and a total amount for
comprehensive income. ASU No. 2011-5 eliminates
the option (previously utilized by the Company) to present
the components of other comprehensive income as part of the
statement of changes in stockholders’
equity. ASU No. 2011-5 was adopted by the Company
at the beginning of the current fiscal year, and affects only
the presentation of financial statements and has no financial
impact on the Company’s Consolidated Financial
Statements.
In
September 2011, the FASB issued ASU No. 2011-08, Testing
Goodwill for Impairment”
(“ASU
No. 2011-08”), which is intended to reduce the
complexity and costs to test goodwill for
impairment. The amendment allows an entity the
option to make a qualitative evaluation about the likelihood
of goodwill impairment to determine whether it is necessary
to perform the two-step quantitative goodwill impairment
test. An entity will no longer be required to
calculate the fair value of a reporting unit unless the
entity determines, based on its qualitative assessment, that
it is more likely than not that the fair value of the
reporting unit is less than its carrying
amount. ASU No. 2011-08 also expands upon the
examples of events and circumstances that an entity should
consider between annual impairment tests in determining
whether it is more likely than not that the fair value of a
reporting unit is less than its carrying
amount. The amendment became effective for annual
and interim goodwill impairment tests performed by the
Company in the fourth quarter of the fiscal year ended April
30, 2012. The adoption of ASU 2011-08 did not have
a material impact on its consolidated financial
statements.
In
February 2013, the FASB issued Accounting Standard Update No.
2013-02,
Other Comprehensive Income. The amendments
require an entity to provide information about the amounts
reclassified out of accumulated other comprehensive income by
component. In addition, an entity is required to
present, either on the face of the statement where net income
is presented or in the notes, significant amounts
reclassified out of accumulated other comprehensive income by
the respective line items of net income but only if the
amount reclassified is required under U.S. GAAP to be
reclassified to net income in its entirety in the same
reporting period. For other amounts that are not
required under U.S. GAAP to be reclassified in their entirety
to net income, an entity is required to cross-reference to
other disclosures required under U.S. GAAP that provide
additional detail about those amounts. This ASU is
effective for periods beginning after December 15,
2012. The Company does not expect adoption of ASU
2013-02 to have a material effect on its financial
statements.
In
July 2012, the FASB issued ASU No. 2012-02, Intangibles
– Goodwill and Other (Topic 350): Test Indefinite-Lived
Intangible Assets for Impairment. Under the
requirements of ASU 2012-02 an entity has the option to
assess qualitative factors when testing indefinite-lived
intangible assets annually to determine whether it is more
likely than not that the asset is not impaired. An
entity also has the option to bypass the qualitative
assessment for any indefinite-lived intangible asset in any
period and proceed directly to performing the quantitative
impairment test or resume performing the qualitative
assessment in any subsequent period. If, after
assessing the totality of events and circumstances, an entity
concludes that it is more likely than not that the
indefinite-lived intangible asset is impaired, then it is
required to determine the fair value of the indefinite-lived
intangible asset and perform the quantitative impairment test
by comparing the fair value with the carrying amount in
accordance with Subtopic
350-30. ASU 2012-02 is effective for annual
and interim impairment tests performed for fiscal years
beginning after September 15, 2012. The Company
will adopt ASU 2012-02 for its fiscal year 2014 which begins
on May 1, 2013. The Company is unable to determine
the impact of such adoption until it performs the annual test
for impairment in the next fiscal year. |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
1. Summary of Accounting Policies (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The weighted average fair value of each option or stock
appreciation right has been estimated on the date of grant
using the Black-Scholes option pricing model with the following
range of weighted average assumptions used for grants:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
2. Earnings Per Share (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Reconciliations of the weighted average shares outstanding for
basic and diluted Earnings Per Share are as follows:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
3. Costs and Estimated Earnings in Excess of Billings (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||
Long-term Contracts or Programs Disclosure [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||
Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block] | At April 30, 2013 and 2012, costs and estimated earnings in
excess of billings, net, consist of the following:
|
X | ||||||||||
- Definition
Cost and Estimated Earnings on Uncompleted Contracts No definition available.
|
X | ||||||||||
- Details
|
4. Inventories (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories at April 30, 2013 and 2012, respectively, consisted
of the following (in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
5. Marketable Securities (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | The cost, gross unrealized gains, gross unrealized losses and
fair market value of available-for-sale securities at April 30,
2013 and 2012 are as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments [Table Text Block] | 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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain (Loss) on Investments [Table Text Block] | Proceeds from the sale or redemption of available-for-sale
securities and the resulting gross realized gains and losses
included in the determination of net income (loss) are as
follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | Maturities of fixed income securities classified as
available-for-sale at April 30, 2013 are as follows (at cost,
in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
6. Property, Plant and Equipment and Leases (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] | Property, plant and equipment at April 30, 2013 and 2012,
consists of the following (in thousands):
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Lease Payments for Operating and Capital Leases [Table Text Block] | Future minimum lease payments required by the leases are as
follows (in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating and capital leases having initial or remaining noncancelable lease terms in excess of one year. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
8. Accrued Liabilities (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities [Table Text Block] | Accrued liabilities at April 30, 2013 and 2012 consist of the
following (in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
11. Acquisition of Elcom Technologies, Inc. (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The estimated fair value of Elcom has been allocated as
follows.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The pro forma financial information is presented for
informational purposes only and may not be indicative of what
actual results of operations would have been had the
acquisition occurred on May 1, 2011, nor does it purport to
represent the results of operations for future periods. The pro
forma results of operations do not include the gain on the
Company’s original investment of $730,000 or the
impairment of the Company’s investment in Elcom during
fiscal year 2012.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
12. Employee Benefit Plans (Tables) (Employee Stock Option [Member])
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Option [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12. Employee Benefit Plans (Tables) [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes information about stock option
activity for the years ended April 30:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
13. Income Taxes (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The income before benefit for income taxes consisted of (in
thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The benefit for income taxes consists of the following (in
thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The following table reconciles the reported income tax
(benefit) expense with the amount computed using the federal
statutory income tax rate (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The components of deferred taxes are as follows (in
thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
14. Product Warranties (Tables)
|
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Warranty Disclosure [Text Block] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] | Changes in the carrying amount of accrued product warranty
costs are as follows (in thousands):
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
15. Segment Information (Tables)
|
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | The table below presents information about reported segments
for each of the years ended April 30 with reconciliation of
segment amounts to consolidated amounts as reported in the
statement of operations or the balance sheet for each of the
years (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] | The Company operates under three reportable segments based on
the geographic locations of its subsidiaries:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Revenues in each of the Company’s segments include sales
to foreign governments or to companies located in foreign
countries. Revenues, based on the location of the procurement
entity and excluding intersegment sales, were derived from the
following countries:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
1. Summary of Accounting Policies (Details) (USD $)
|
12 Months Ended |
---|---|
Apr. 30, 2013
|
|
1. Summary of Accounting Policies (Details) [Line Items] | |
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $ 0.20 |
Building [Member]
|
|
1. Summary of Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Other Depreciable Assets [Member] | Minimum [Member]
|
|
1. Summary of Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Other Depreciable Assets [Member] | Maximum [Member]
|
|
1. Summary of Accounting Policies (Details) [Line Items] | |
Property, Plant and Equipment, Useful Life | 10 years |
Certification Marks [Member]
|
|
1. Summary of Accounting Policies (Details) [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 3 years |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
1. Summary of Accounting Policies (Details) - Schedule of Valuation Assumptions
|
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Schedule of Valuation Assumptions [Abstract] | ||
Expected volatility | 40.00% | 40.00% |
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 1.31% | 1.30% |
Risk-free interest rate | 1.35% | 1.34% |
Expected lives | 8 years 6 months | 10 years |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
2. Earnings Per Share (Details) (Equity Option [Member])
|
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Equity Option [Member]
|
||
2. Earnings Per Share (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 939,375 | 733,375 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
2. Earnings Per Share (Details) - Schedule of Earnings Per Share Reconciliation
|
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Schedule of Earnings Per Share Reconciliation [Abstract] | ||
Basic EPS Shares outstanding (weighted average) | 8,412,633 | 8,329,081 |
Effect of Dilutive Securities | 192,018 | 211,874 |
Diluted EPS Shares outstanding | 8,604,651 | 8,540,955 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
3. Costs and Estimated Earnings in Excess of Billings (Details) (USD $)
|
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
3. Costs and Estimated Earnings in Excess of Billings (Details) [Line Items] | ||
Revenues | $ 68,932,000 | $ 63,595,000 |
Contracts Accounted for under Percentage of Completion [Member]
|
||
3. Costs and Estimated Earnings in Excess of Billings (Details) [Line Items] | ||
Revenues | $ 35,600,000 | $ 36,100,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
3. Costs and Estimated Earnings in Excess of Billings (Details) - Costs and Estimated Earnings in Excess of Billings, Net (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Costs and Estimated Earnings in Excess of Billings, Net [Abstract] | ||
Costs and estimated earnings in excess of billings | $ 10,228 | $ 9,552 |
Billings in excess of costs and estimated earnings | (1,611) | (2,345) |
Net asset | $ 8,617 | $ 7,207 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
4. Inventories (Details) (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
4. Inventories (Details) [Line Items] | ||
Inventory, Net | $ 37,521 | $ 34,299 |
United States [Member]
|
||
4. Inventories (Details) [Line Items] | ||
Inventory, Net | 29,900 | 25,500 |
Belgium [Member]
|
||
4. Inventories (Details) [Line Items] | ||
Inventory, Net | 6,900 | 8,200 |
China [Member]
|
||
4. Inventories (Details) [Line Items] | ||
Inventory, Net | $ 700 | $ 600 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
4. Inventories (Details) - Schedule of Inventory, Current (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Schedule of Inventory, Current [Abstract] | ||
Raw Materials and Component Parts | $ 21,066 | $ 15,813 |
Work in Progress | 13,665 | 15,762 |
Finished Goods | 2,790 | 2,724 |
$ 37,521 | $ 34,299 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
5. Marketable Securities (Details) - Costs, Gross Unrealized Gains, Gross Unrealized Losses and Fair Market Value of Available-For-Sale Securities (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 16,775 | $ 16,984 |
Gross Unrealized Gains | 1,563 | 849 |
Gross Unrealized Losses | (68) | (175) |
Fair Market Value | 18,270 | 17,658 |
Fixed Income Securities [Member]
|
||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 10,285 | 11,573 |
Gross Unrealized Gains | 297 | 297 |
Gross Unrealized Losses | 0 | (6) |
Fair Market Value | 10,582 | 11,864 |
Equity Securities [Member]
|
||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 6,490 | 5,411 |
Gross Unrealized Gains | 1,266 | 552 |
Gross Unrealized Losses | (68) | (169) |
Fair Market Value | $ 7,688 | $ 5,794 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
5. Marketable Securities (Details) - Gain (Loss) on Investments (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Gain (Loss) on Investments [Abstract] | ||
Proceeds | $ 3,006 | $ 6,636 |
Gross realized gains | 47 | 20 |
Gross realized losses | $ 0 | $ 0 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
5. Marketable Securities (Details) - Maturities of Fixed Income Securities Classified as Available-For-Sale (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current | $ 18,270 | $ 17,658 |
Fixed Income Securities [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current | 2,003 | |
Due after one year through five years | 7,478 | |
Due after five years through ten years | 804 | |
$ 10,285 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
6. Property, Plant and Equipment and Leases (Details) - Schedule of Property, Plant and Equipment (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 50,235 | $ 48,350 |
Less, accumulated depreciation | 41,919 | 39,976 |
8,316 | 8,374 | |
Building and Building Improvements [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5,477 | 5,500 |
Machinery, Equipment and Furniture [Member]
|
||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 44,758 | $ 42,850 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
6. Property, Plant and Equipment and Leases (Details) - Schedule of Future Minimum Lease Payments (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
|
---|---|
Operating Lease Obligations [Member]
|
|
6. Property, Plant and Equipment and Leases (Details) - Schedule of Future Minimum Lease Payments [Line Items] | |
2014 | $ 1,397 |
2015 | 1,503 |
2016 | 1,473 |
2017 | 1,174 |
2018 | 925 |
Thereafter | 600 |
Less amounts representing interest | 0 |
Present value of future minimum lease payments | 7,072 |
Capital Lease Obligations [Member]
|
|
6. Property, Plant and Equipment and Leases (Details) - Schedule of Future Minimum Lease Payments [Line Items] | |
2014 | 16 |
2015 | 0 |
2016 | 0 |
2017 | 0 |
2018 | 0 |
Thereafter | 0 |
Less amounts representing interest | (1) |
Present value of future minimum lease payments | $ 15 |
X | ||||||||||
- Definition
Amount necessary to reduce net minimum lease payments to present value for operating leases. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
7. Debt Obligations and Subsequent Event (Details) (USD $)
|
12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
Jun. 06, 2013
Subsequent Event [Member]
JP Morgan Chase Bank [Member]
|
Jun. 06, 2013
Subsequent Event [Member]
Former Financial Institution [Member]
|
Jun. 06, 2013
Subsequent Event [Member]
|
Apr. 30, 2013
Former Financial Institution [Member]
|
Apr. 30, 2013
European Subsidiaries Bank Credit Lines [Member]
|
Apr. 30, 2012
European Subsidiaries Bank Credit Lines [Member]
|
Apr. 30, 2013
Maximum [Member]
Former Financial Institution [Member]
|
Apr. 30, 2012
Maximum [Member]
Former Financial Institution [Member]
|
Apr. 30, 2013
Minimum [Member]
Former Financial Institution [Member]
|
|
7. Debt Obligations and Subsequent Event (Details) [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | $ 650,000 | |||||||||
Proceeds from Lines of Credit | 5,000,000 | 6,344,000 | 7,200,000 | 5,000,000 | 8,500,000 | ||||||
Line of Credit Facility, Amount Outstanding | 0 | 9,300,000 | 0 | ||||||||
Long-term Debt | $ 6,000,000 | ||||||||||
Line of Credit Facility, Borrowing Capacity, Description | Pursuant to the Credit Agreement, the amount of Tranche A borrowings may not exceed the value of the Pledged Investments (as defined in the Credit Agreement).The amount of Tranche B borrowings may not exceed the lesser of (i) $15.0 million and (ii) the Borrowing Base (as defined in the Credit Agreement). | ||||||||||
Line of Credit Facility, Collateral | The Facility is fully guaranteed by certain of the Company's subsidiaries and is secured by, among other things, a pledge of substantially all personal property of the Company and certain of the Company's subsidiaries. | The line was secured by the investments and had no maturity date so long as the Company maintained its investments with the financial institution. | |||||||||
Line of Credit Facility, Interest Rate Description | rate equal to the LIBOR Rate, as determined from time to time by JPMorgan pursuant to the terms of the Note,plusamargin of0.75%for Tranche A borrowings and1.75%for Tranche B borrowings. | varies from 0.5% to 1.5% over the EURO Interbank Offered rate (EURIBOR) | |||||||||
Debt Instrument, Maturity Date | Jun. 05, 2018 | ||||||||||
Line of Credit Facility, Commitment Fee Description | required to pay JPMorgan fees equal to 0.1% per annum on any unused portion of the Facility. | ||||||||||
Line of Credit Facility, Interest Rate During Period | 1.80% | 1.70% | |||||||||
Line of Credit Facility, Frequency of Payment and Payment Terms | within one year of receipt of funds | ||||||||||
Line of Credit Facility, Interest Rate at Period End | 1.117% | 1.244% |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
8. Accrued Liabilities (Details) - Schedule of Accrued Liabilities (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
|
Apr. 30, 2012
|
Apr. 30, 2011
|
---|---|---|---|
Schedule of Accrued Liabilities [Abstract] | |||
Vacation and other compensation | $ 1,794 | $ 1,712 | |
Incentive compensation | 1,634 | 1,799 | |
Payroll taxes | 1,323 | 1,485 | |
Deferred revenue | 1,620 | 137 | |
Warranty reserve | 598 | 778 | 145 |
Other | 995 | 1,075 | |
$ 7,964 | $ 6,986 |
X | ||||||||||
- Definition
The amount of accrued incentive compensation as of the balance sheet date. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
9. Investment in Morion, Inc. (Details) (Morion Inc [Member], USD $)
|
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Morion Inc [Member]
|
||
9. Investment in Morion, Inc. (Details) [Line Items] | ||
Cost Method Investment Ownership Percentage | 4.60% | |
Related Party Transaction, Purchases from Related Party | $ 54,000 | $ 224,000 |
Revenue from Related Parties | 355,000 | 1,162,000 |
Due from Related Parties, Current | 144,000 | |
Due to Related Parties, Current | 8,000 | |
Related Party Transaction, Terms and Manner of Settlement | The agreement requires the Company to sell certain fully-depreciated production equipment currently owned by the Company and to provide training to Morion employees to enable Morion to produce a minimum of 5,000 rubidium oscillators per year. | |
Related Party Transaction, Description of Transaction | $2.7 million for the license and the equipment plus 5% royalties on third party sales for a 5-year period following an initial production run. | |
Purchase Commitment, Remaining Minimum Amount Committed | 400,000 | |
Proceeds from Deposits from Customers | $ 925,000 |
X | ||||||||||
- Definition
Cost Method Investment, Ownership Percentage No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
10. Goodwill and Other Intangible Assets (Details) (USD $)
|
12 Months Ended | |||
---|---|---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
Apr. 30, 2004
Frequency Electronics Inc Zyfer [Member]
|
Apr. 30, 2012
FEI-Elcom [Member]
|
|
10. Goodwill and Other Intangible Assets (Details) [Line Items] | ||||
Goodwill | $ 218,000 | $ 398,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 275,000 | |||
Amortization of Intangible Assets | $ 91,000 | $ 19,000 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Business Acquisition, Purchase Price Allocation, Intangible Assets and Goodwill No definition available.
|
X | ||||||||||
- Definition
Amount of forgiveness of debt, including a business or subsidiary of the acquirer transferred by the entity to the former owners of the acquiree. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
11. Acquisition of Elcom Technologies, Inc. (Details) - Schedule of Business Acquisition (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Schedule of Business Acquisition [Abstract] | ||
Cash | $ 0 | $ 763 |
Accounts receivable | 0 | 342 |
Inventory | 0 | 3,233 |
Other current assets | 0 | 61 |
Fixed assets | 0 | 2,100 |
Goodwill and other intangible assets | 673 | |
Deferred tax assets | 0 | 2,573 |
Other assets | 0 | 180 |
Accounts payable | 0 | (350) |
Accrued expenses | 0 | (1,461) |
Capital lease obligations | 0 | (234) |
$ 0 | $ 7,880 |
X | ||||||||||
- Definition
Amount of goodwill and other intangible assets acquired at the acquisition date. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
11. Acquisition of Elcom Technologies, Inc. (Details) - Business Acquisition, Pro Forma Information (USD $)
In Thousands, except Per Share data, unless otherwise specified |
12 Months Ended |
---|---|
Apr. 30, 2012
|
|
Business Acquisition, Pro Forma Information [Abstract] | |
Revenues | $ 70,955 |
Operating profit | 5,147 |
Net income | $ 5,863 |
Earnings per share- basic (in Dollars per share) | $ 0.70 |
Earnings per share- diluted (in Dollars per share) | $ 0.69 |
X | ||||||||||
- Definition
Business Acquisition, Pro Forma Operating Income (Loss) No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
The restricted stock award transferability period. No definition available.
|
X | ||||||||||
- Definition
Expiration terms of stock options granted. No definition available.
|
X | ||||||||||
- Definition
Exercise price per share or per unit of options outstanding under the stock option plan. No definition available.
|
X | ||||||||||
- Definition
Number of shares returned to to the pool of available shares for future grants. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
12. Employee Benefit Plans (Details) - Schedule of Employee Stock Option Activity (Employee Stock Option [Member], USD $)
|
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Apr. 30, 2013
Number of Shares [Member]
|
Apr. 30, 2012
Number of Shares [Member]
|
Apr. 30, 2013
Weighted Average Exercise Price [Member]
|
Apr. 30, 2012
Weighted Average Exercise Price [Member]
|
Apr. 30, 2013
Weighted Average Remaining Contractual Term [Member]
|
Apr. 30, 2011
Weighted Average Remaining Contractual Term [Member]
|
Apr. 30, 2013
Aggregate Intrinsic Value [Member]
|
|
12. Employee Benefit Plans (Details) - Schedule of Employee Stock Option Activity [Line Items] | |||||||
Outstanding | 1,629,700 | 1,433,525 | |||||
Outstanding (in Dollars per share) | $ 7.95 | $ 8.22 | |||||
Outstanding | 6 years 146 days | 6 years 219 days | |||||
Outstanding (in Dollars) | $ 3,697,430 | ||||||
Exercisable | 1,081,000 | ||||||
Exercisable (in Dollars per share) | $ 8.46 | ||||||
Exercisable | 4 years 292 days | ||||||
Exercisable (in Dollars) | 2,324,626 | ||||||
Available for future grants | 166,743 | ||||||
Granted | 209,000 | 253,000 | |||||
Granted (in Dollars per share) | $ 8.82 | $ 7.36 | |||||
Exercised | (113,075) | (7,950) | |||||
Exercised (in Dollars per share) | $ 5.63 | $ 5.35 | |||||
Expired or Canceled | (17,000) | (48,875) | |||||
Expired or Canceled (in Dollars per share) | $ 5.16 | $ 11.10 | |||||
Outstanding | 1,708,625 | 1,629,700 | |||||
Outstanding (in Dollars per share) | $ 8.23 | $ 7.95 | |||||
Outstanding | 6 years 36 days | 6 years 219 days | |||||
Outstanding (in Dollars) | $ 3,697,430 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Weighted average remaining contractual term for option awards outstanding. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
13. Income Taxes (Details) - Schedule of Income Before Income Taxes (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Schedule of Income Before Income Taxes [Abstract] | ||
U.S. | $ 7,028 | $ 7,426 |
Foreign | (1,942) | (612) |
$ 5,086 | $ 6,814 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
13. Income Taxes (Details) - Schedule of Components of Income Tax Expense (Benefit) (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Current: | ||
Federal | $ 1,680 | $ 2,534 |
Foreign | 0 | 0 |
State | 40 | 6 |
Current provision | 1,720 | 2,540 |
Deferred: | ||
Federal | (145) | 16 |
Foreign | (585) | (49) |
State | (80) | (10) |
Deferred benefit | (810) | (43) |
Change in valuation allowance | 490 | (3,057) |
Total benefit | $ 1,400 | $ (560) |
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
13. Income Taxes (Details) - Schedule of Effective Income Tax Rate Reconcilliation (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Schedule of Effective Income Tax Rate Reconcilliation [Abstract] | ||
Computed "expected" tax expense | $ 1,729 | $ 2,316 |
State and local tax, net of federal benefit | (81) | (3) |
Valuation allowance on deferred tax assets | 490 | (3,057) |
Nontaxable income from foreign subsidiaries | 29 | 72 |
Nondeductible expenses | 178 | 143 |
Nontaxable life insurance cash value increase | (168) | (150) |
Write off benefit from equity investment losses | 0 | 466 |
Tax credits | (299) | (350) |
Other items, net, none of which individually exceeds 5% of federal taxes at statutory rates | (478) | 3 |
$ 1,400 | $ (560) |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
13. Income Taxes (Details) - Schedule of Effective Income Tax Rate Reconcilliation (Parentheticals)
|
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Schedule of Effective Income Tax Rate Reconcilliation [Abstract] | ||
% of federal taxes | 5.00% | 5.00% |
X | ||||||||||
- Definition
Percentage for federal tax statutory threshold. No definition available.
|
X | ||||||||||
- Details
|
13. Income Taxes (Details) - Schedule of Deferred Tax Assets and Liabilities (USD $)
In Thousands, unless otherwise specified |
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Deferred tax assets: | ||
Employee benefits | $ 6,490 | $ 5,320 |
Inventory | 1,980 | 2,055 |
Accounts receivable | 470 | 525 |
Tax credits | 990 | 1,140 |
Other liabilities | 270 | 332 |
Net operating loss carryforwards | 3,040 | 2,800 |
Total deferred tax asset | 13,240 | 12,172 |
Deferred tax liabilities: | ||
Marketable securities | 540 | 243 |
Property, plant and equipment | 1,310 | 1,630 |
Net deferred tax asset | 11,390 | 10,299 |
Valuation allowance | (1,900) | (1,455) |
Net deferred tax assets | 9,490 | 8,844 |
Gross current assets | 3,890 | 4,092 |
Valuation allowance | 0 | (697) |
Current liabilities | (720) | (243) |
Net current deferred tax assets | 3,170 | 3,152 |
Gross noncurrent assets | 9,600 | 8,080 |
Valuation allowance | (1,900) | (758) |
Noncurrent liabilities | (1,380) | (1,630) |
Net noncurrent deferred tax assets | $ 6,320 | $ 5,692 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
14. Product Warranties (Details)
|
12 Months Ended |
---|---|
Apr. 30, 2013
|
|
Product Warranty Disclosure [Text Block] | |
Standard Product Warranty Description | one-year warranty regarding the manufactured quality and functionality of its products.For some limited products, the warranty period has been extended. |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
14. Product Warranties (Details) - Schedule of Product Warranty Liability (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
Schedule of Product Warranty Liability [Abstract] | ||
Balance at beginning of year | $ 778 | $ 145 |
Acquired reserve of FEI-Elcom | 0 | 370 |
Warranty costs incurred | (324) | (192) |
Product warranty accrual | 144 | 455 |
Balance at end of year | $ 598 | $ 778 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
15. Segment Information (Details) (USD $)
In Millions, unless otherwise specified |
12 Months Ended | |
---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|
15. Segment Information (Details) [Line Items] | ||
Number of Reportable Segments | 3 | |
Segment Reporting, Disclosure of Major Customers | None of the customers in the Gillam-FEI and FEI-Zyfer segments accounted for more than 10% of consolidated revenues. | |
U.S. Government and U.S. Government Subcontractors [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
|
||
15. Segment Information (Details) [Line Items] | ||
Concentration Risk, Percentage | 62.00% | 46.00% |
Frequency Electronics Inc New York [Member] | Customer Concentration Risk [Member] | Sales Revenue, Net [Member]
|
||
15. Segment Information (Details) [Line Items] | ||
Concentration Risk, Percentage | 65.00% | 66.00% |
Frequency Electronics Inc New York [Member]
|
||
15. Segment Information (Details) [Line Items] | ||
Number Of Principal Markets | 3 | |
Revenue, Net (in Dollars) | $ 34.1 | $ 29.3 |
Segment Reporting, Disclosure of Major Customers | Each of these customers also exceeded 10% of the Company's consolidated revenues. | |
Gillam Frequency Electronics Inc [Member]
|
||
15. Segment Information (Details) [Line Items] | ||
Sales Revenue, Goods, Gross (in Dollars) | 4.1 | 3.9 |
Inventory Write-down (in Dollars) | $ 1.4 | |
Segment Reporting, Disclosure of Major Customers | one customer exceeded 10% of that segment's revenues | one customer exceeded 10% of that segment's revenues |
Frequency Electronics Inc Zyfer [Member]
|
||
15. Segment Information (Details) [Line Items] | ||
Concentration Risk, Customer | three customers | three customers |
Segment Reporting, Disclosure of Major Customers | two customers accounted for more than 10% of that segment's sales | one customer accounted for more than 10% of that segment's sales |
X | ||||||||||
- Definition
Number of Principal Markets No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
15. Segment Information (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (USD $)
|
12 Months Ended | |||||
---|---|---|---|---|---|---|
Apr. 30, 2013
|
Apr. 30, 2012
|
|||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Revenues | $ 68,932,000 | $ 63,595,000 | ||||
Operating profit (loss) | 4,679,000 | 6,703,000 | ||||
Frequency Electronics Inc New York [Member]
|
||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Revenues | 52,567,000 | 44,711,000 | ||||
Operating profit (loss) | 7,334,000 | 7,938,000 | ||||
Gillam Frequency Electronics Inc [Member]
|
||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Revenues | 11,825,000 | [1] | 12,811,000 | [1] | ||
Operating profit (loss) | (1,643,000) | [1] | 138,000 | [1] | ||
Frequency Electronics Inc Zyfer [Member]
|
||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Revenues | 10,523,000 | 11,494,000 | ||||
Operating profit (loss) | (552,000) | (511,000) | ||||
Inter Segment [Member]
|
||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Revenues | (5,983,000) | [1] | (5,421,000) | [1] | ||
Corporate Segment [Member]
|
||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||
Operating profit (loss) | $ (460,000) | $ (862,000) | ||||
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
15. Segment Information (Details) - Reconciliation of Assets from Segment to Consolidate (Parentheticals) (Frequency Electronics Inc New York China [Member], USD $)
In Millions, unless otherwise specified |
Apr. 30, 2013
|
Apr. 30, 2012
|
---|---|---|
Frequency Electronics Inc New York China [Member]
|
||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets in China (in Dollars) | $ 3 | $ 3 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|