Document And Entity Information
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3 Months Ended | |
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Jul. 31, 2013
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Sep. 09, 2013
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | FREQUENCY ELECTRONICS INC | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --04-30 | |
Entity Common Stock, Shares Outstanding | 8,513,673 | |
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 | Jul. 31, 2013 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | Q1 |
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Condensed Consolidated Balance Sheets (Parentheticals) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
Jul. 31, 2013
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Apr. 30, 2013
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Allowance for doubtful accounts (in Dollars) | $ 288 | $ 288 |
Preferred stock, par value (in Dollars per share) | $ 1.00 | $ 1.00 |
Common stock par value (in Dollars per share) | $ 1.00 | $ 1.00 |
Common stock, shares issued (in Shares) | 9,164 | 9,164 |
Treasury stock, shares (in Shares) | 652 | 701 |
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NOTE A - CONSOLIDATED FINANCIAL STATEMENTS
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3 Months Ended |
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Jul. 31, 2013
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Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] |
NOTE
A – CONSOLIDATED FINANCIAL STATEMENTS
In
the opinion of management of Frequency Electronics, Inc.
(“the Company”), the accompanying unaudited
condensed consolidated interim financial statements reflect
all adjustments (which include only normal recurring
adjustments) necessary to present fairly, in all material
respects, the consolidated financial position of the Company
as of July 31, 2013 and the results of its operations and
cash flows for the three months ended July 31, 2013 and
2012. The April 30, 2013 condensed consolidated
balance sheet was derived from audited financial
statements. Certain information and footnote
disclosures normally included in financial statements
prepared in accordance with generally accepted accounting
principles have been condensed or omitted. It is
suggested that these condensed consolidated financial
statements be read in conjunction with the financial
statements and notes thereto included in the Company's Annual
Report on Form 10-K for the year ended April 30,
2013. The results of operations for such interim
periods are not necessarily indicative of the operating
results for the full fiscal year.
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NOTE B - EARNINGS PER SHARE
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Jul. 31, 2013
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] |
NOTE
B – EARNINGS PER SHARE
Reconciliation
of the weighted average shares outstanding for basic and
diluted Earnings Per Share are as follows:
The
computation of diluted earnings per share excludes those
options and stock appreciation rights (“SARS”)
with an exercise price in excess of the average market price
of the Company’s common shares during the periods
presented. The inclusion of such options and SARS
in the computation of earnings per share would have been
antidilutive. The number of excluded options and
SARS for the three months ended July 31, 2013 and 2012 were
293,375 and 746,375, respectively.
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NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET
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Jul. 31, 2013
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Contractors [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Long-term Contracts or Programs Disclosure [Text Block] |
NOTE
C – COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS,
NET
At
July 31, 2013 and April 30, 2013, 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, whereas the related
revenue is recognized on the percentage of completion basis
at the measurement date. In general, the recorded
amounts will be billed and collected or revenue recognized
within twelve months of the balance sheet
date. Revenue on these long-term contracts is
accounted for on the percentage of completion
basis. During the three months ended July 31, 2013
and 2012, revenue recognized under percentage of completion
contracts was approximately $9.7 million and $8.6 million,
respectively.
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NOTE D - TREASURY STOCK TRANSACTIONS
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3 Months Ended |
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Jul. 31, 2013
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Disclosure Text Block Supplement [Abstract] | |
Treasury Stock [Text Block] |
NOTE
D – TREASURY STOCK TRANSACTIONS
During
the three month period ended July 31, 2013, the Company made
a contribution of 11,586 shares of its common stock held in
treasury to the Company’s profit sharing plan and trust
under section 401(k) of the Internal Revenue
Code. Such contributions are in accordance with
the Company’s discretionary match of employee voluntary
contributions to this plan. During the same
period, the Company issued 37,472 shares from treasury upon
the exercise of stock options and SARs by certain officers
and employees of the Company.
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NOTE E - INVENTORIES
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Jul. 31, 2013
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] |
NOTE
E – INVENTORIES
Inventories,
which are reported at the lower of cost or market, consist of
the following:
As
of July 31, 2013 and April 30, 2013, approximately $31.5
million and $29.9 million, respectively, of total inventory
is located in the United States, approximately $7.0 million
and $6.9 million, respectively, is located in Belgium and
$0.7 million and $0.7 million, respectively, is located in
China.
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NOTE F - SEGMENT INFORMATION
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] |
NOTE
F – SEGMENT INFORMATION
The
Company operates under three reportable segments based on the
geographic locations of its subsidiaries:
(1)
FEI-NY
– operates out of New York and its operations consist
principally of precision time and frequency control
products used in three principal markets- communication
satellites (both commercial and U.S. Government-funded);
terrestrial cellular telephone or other ground-based
telecommunication stations and other components and systems
for the U.S. military.
(2)
Gillam-FEI
- operates out of Belgium and France and primarily sells
wireline synchronization and network management systems in
non-U.S. markets. All sales from Gillam-FEI to
the United States are to other segments of the
Company.
(3) FEI-Zyfer
– operates out of California and its products
incorporate Global Positioning System (GPS) technologies
into systems and subsystems for secure communications, both
government and commercial, and other locator
applications. This segment also provides sales
and support for the Company’s wireline
telecommunications family of products, including US5G,
which are sold in the United States market.
The
FEI-NY segment also includes the operations of the
Company’s wholly-owned subsidiaries, FEI-Elcom Tech
(“FEI-Elcom”) and FEI-Asia. FEI-Asia
functions primarily as a manufacturing facility for the
Company’s commercial product subsidiaries 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
tables below presents information about reported segments
with reconciliation of segment amounts to consolidated
amounts as reported in the statement of operations or the
balance sheet for each of the periods (in thousands):
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NOTE G - INVESTMENT IN MORION, INC.
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3 Months Ended |
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Jul. 31, 2013
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Investment Holdings [Abstract] | |
Investment Holdings [Text Block] |
NOTE G – INVESTMENT IN
MORION, INC.
The
Company has an investment in Morion, Inc.,
(“Morion”) 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 other assets in the accompanying balance
sheets.
During
the three months ended July 31, 2013 and 2012, the Company
acquired product from Morion in the aggregate amount of
approximately $30,000 and $12,000, respectively, and the
Company sold product to Morion in the aggregate amount of
approximately $142,000 and $30,000,
respectively. At July 31, 2013 and April 30, 2013,
accounts receivable included $121,000 and $144,000,
respectively, due from Morion and $23,000 and $8,000,
respectively, was 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.
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NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS
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Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] |
NOTE
H – FAIR VALUE OF FINANCIAL INSTRUMENTS
The
cost, gross unrealized gains, gross unrealized losses and
fair market value of available-for-sale securities at July
31, 2013 and April 30, 2013 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 (in thousands):
The
Company regularly reviews its investment portfolio to
identify and evaluate investments that have indications of
possible impairment. The Company does not believe
that its investments in marketable securities with unrealized
losses at July 31, 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.
During
the three months ended July 31, 2013 and 2012, the Company
redeemed available-for-sale securities in the amounts of $1.0
million and $2.0 million, respectively, realizing no gain in
either fiscal year.
Maturities
of fixed income securities classified as available-for-sale
at July 31, 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:
Level
1 Inputs
to the valuation methodology are unadjusted quoted prices
for identical assets or liabilities in active markets that
the Company has the ability to access.
Level
2 Inputs
to the valuation methodology include:
-
Quoted prices for similar assets or liabilities in active
markets;
-
Quoted prices for identical or similar assets or
liabilities in inactive markets
-
Inputs other than quoted prices that are observable for the
asset or liability;
-
Inputs that are derived principally from or corroborated by
observable market data by correlation or other
means.
Level
3 Inputs
to the valuation methodology are unobservable and
significant to the fair value measurement.
The
asset’s or liability’s fair value measurement
level within the fair value hierarchy is based on the lowest
level of any input that is significant to the fair value
measurement. Valuation techniques used need to
maximize the use of observable inputs and minimize the use of
unobservable inputs. All of the Company’s
investments in marketable securities are valued on a Level 1
basis.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
NOTE I - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
|
3 Months Ended |
---|---|
Jul. 31, 2013
|
|
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] |
NOTE
I – RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
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 began
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 fourth quarter of the current fiscal
year.
In
February 2013, the FASB issued Accounting Standard Update No.
2013-02,
Other Comprehensive Income. The amendment
requires 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 has adopted ASU 2013-02 but does
not expect it to have a material effect on its financial
statements.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
NOTE J - CREDIT FACILITY
|
3 Months Ended |
---|---|
Jul. 31, 2013
|
|
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] |
NOTE
J – CREDIT FACILITY
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. During the three-month period ended
July 31, 2013, the Company borrowed an additional $2.0
million under the Facility. The additional
borrowings were used for working capital and to finance the
acquisition of certain fixed assets.
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). Current outstanding borrowings under
the Facility are all under Tranche A. 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. For the period
ended July 31, 2013, the Company met the required
covenants.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
NOTE K - INCOME TAXES
|
3 Months Ended |
---|---|
Jul. 31, 2013
|
|
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] |
NOTE
K – INCOME TAXES
In
prior fiscal years, the Company reduced the valuation
allowance on the deferred tax assets of its U.S.
subsidiaries. Consequently, for the three months
ended July 31, 2013 and 2012, the Company recorded provisions
for income taxes based on both current taxes due in the
United States as well as the tax provision or benefit to be
realized from temporary tax differences. As of
July 31, 2013 and April 30, 2013, the remaining deferred tax
asset valuation allowance is approximately $1.9 million and
is primarily related to deferred tax assets of the
Company’s non-U.S.-based subsidiaries.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
NOTE B - EARNINGS PER SHARE (Tables)
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Reconciliation 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.
|
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Tables)
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||
Contractors [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block] | At July 31, 2013 and April 30, 2013, 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
|
NOTE E - INVENTORIES (Tables)
|
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2013
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] | Inventories, which are reported at the lower of cost or market,
consist of the following:
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
NOTE F - SEGMENT INFORMATION (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | The tables below presents information about reported segments
with reconciliation of segment amounts to consolidated amounts
as reported in the statement of operations or the balance sheet
for each of the periods (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Assets from Segment to Consolidated [Table Text Block] |
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
|
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 31, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 July 31,
2013 and April 30, 2013 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 (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | Maturities of fixed income securities classified as
available-for-sale at July 31, 2013 are as follows, at cost (in
thousands):
|
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.
|
NOTE B - EARNINGS PER SHARE (Details) (Equity Option [Member])
|
3 Months Ended | |
---|---|---|
Jul. 31, 2013
|
Jul. 31, 2012
|
|
Equity Option [Member]
|
||
NOTE B - EARNINGS PER SHARE (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 293,375 | 746,375 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
NOTE B - EARNINGS PER SHARE (Details) - Schedule of Earnings Per Share, Basic and Diluted
|
3 Months Ended | |
---|---|---|
Jul. 31, 2013
|
Jul. 31, 2012
|
|
Schedule of Earnings Per Share, Basic and Diluted [Abstract] | ||
Basic EPS Shares outstanding (weighted average) | 8,489,901 | 8,378,247 |
Effect of Dilutive Securities | 236,422 | 165,805 |
Diluted EPS Shares outstanding | 8,726,323 | 8,544,052 |
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.
|
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Jul. 31, 2013
|
Jul. 31, 2012
|
|
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items] | ||
Revenues | $ 16,827 | $ 16,685 |
Contracts Accounted for under Percentage of Completion [Member]
|
||
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items] | ||
Revenues | $ 9,700 | $ 8,600 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - Costs and Estimated Earnings in Excess of Billings, Net (USD $)
In Thousands, unless otherwise specified |
Jul. 31, 2013
|
Apr. 30, 2013
|
---|---|---|
Costs and Estimated Earnings in Excess of Billings, Net [Abstract] | ||
Costs and estimated earnings in excess of billings | $ 10,343 | $ 10,228 |
Billings in excess of costs and estimated earnings | (4,080) | (1,611) |
Net asset | $ 6,263 | $ 8,617 |
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.
|
NOTE D - TREASURY STOCK TRANSACTIONS (Details)
|
3 Months Ended |
---|---|
Jul. 31, 2013
|
|
Disclosure Text Block Supplement [Abstract] | |
Defined Contribution Plan Employer Discretionary Contribution, Shares | 11,586 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 37,472 |
X | ||||||||||
- Definition
Number contributions made by an employer to a defined contribution plan. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
NOTE E - INVENTORIES (Details) (USD $)
In Thousands, unless otherwise specified |
Jul. 31, 2013
|
Apr. 30, 2013
|
---|---|---|
NOTE E - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | $ 39,221 | $ 37,521 |
United States [Member]
|
||
NOTE E - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | 31,500 | 29,900 |
Belgium [Member]
|
||
NOTE E - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | 7,000 | 6,900 |
China [Member]
|
||
NOTE E - INVENTORIES (Details) [Line Items] | ||
Inventory, Net | $ 700 | $ 700 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
NOTE E - INVENTORIES (Details) - Schedule of Inventory, Current (USD $)
In Thousands, unless otherwise specified |
Jul. 31, 2013
|
Apr. 30, 2013
|
---|---|---|
Schedule of Inventory, Current [Abstract] | ||
Raw Materials and Component Parts | $ 22,724 | $ 21,066 |
Work in Progress | 13,379 | 13,665 |
Finished Goods | 3,118 | 2,790 |
$ 39,221 | $ 37,521 |
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.
|
NOTE F - SEGMENT INFORMATION (Details)
|
3 Months Ended |
---|---|
Jul. 31, 2013
|
|
NOTE F - SEGMENT INFORMATION (Details) [Line Items] | |
Number of Reportable Segments | 3 |
Frequency Electronics Inc New York [Member]
|
|
NOTE F - SEGMENT INFORMATION (Details) [Line Items] | |
Number Of Principal Markets | 3 |
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
Number of Principal Markets No definition available.
|
X | ||||||||||
- Definition
No authoritative 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
|
NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Assets from Segment to Consolidate (USD $)
In Thousands, unless otherwise specified |
Jul. 31, 2013
|
Apr. 30, 2013
|
---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets: | $ 112,983 | $ 108,909 |
Frequency Electronics Inc New York [Member]
|
||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets: | 60,218 | 55,508 |
Gillam Frequency Electronics Inc [Member]
|
||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets: | 18,720 | 18,071 |
Frequency Electronics Inc Zyfer [Member]
|
||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets: | 11,167 | 10,418 |
Inter Segment [Member]
|
||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets: | (20,399) | (18,903) |
Corporate Segment [Member]
|
||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Identifiable assets: | $ 43,277 | $ 43,815 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Assets from Segment to Consolidate (Parentheticals) (Frequency Electronics Inc New York [Member], USD $)
In Millions, unless otherwise specified |
Jul. 31, 2013
|
Apr. 30, 2013
|
---|---|---|
Frequency Electronics Inc New York [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
|
NOTE G - INVESTMENT IN MORION, INC. (Details) (Morion Inc [Member], USD $)
|
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Jul. 31, 2013
|
Jul. 31, 2012
|
Apr. 30, 2013
|
|
Morion Inc [Member]
|
|||
NOTE G - INVESTMENT IN MORION, INC. (Details) [Line Items] | |||
Cost Method Investment Ownership Percentage | 4.60% | ||
Related Party Transaction, Purchases from Related Party | $ 30,000 | $ 12,000 | |
Revenue from Related Parties | 142,000 | 30,000 | |
Due from Related Parties, Current | 121,000 | 144,000 | |
Due to Related Parties, Current | 23,000 | 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.
|
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NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
---|---|---|
Jul. 31, 2013
|
Jul. 31, 2012
|
|
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from Sale and Maturity of Marketable Securities | $ 1,000 | $ 2,000 |
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NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 12 Months Ended |
---|---|---|
Jul. 31, 2013
|
Apr. 30, 2013
|
|
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 15,792 | $ 16,775 |
Gross Unrealized Gains | 1,222 | 1,563 |
Gross Unrealized Losses | (191) | (68) |
Fair Market Value | 16,823 | 18,270 |
Fixed Income Securities [Member]
|
||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 9,263 | 10,285 |
Gross Unrealized Gains | 196 | 297 |
Gross Unrealized Losses | (40) | 0 |
Fair Market Value | 9,419 | 10,582 |
Equity Securities [Member]
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||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 6,529 | 6,490 |
Gross Unrealized Gains | 1,026 | 1,266 |
Gross Unrealized Losses | (151) | (68) |
Fair Market Value | $ 7,404 | $ 7,688 |
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NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Fair Value, by Balance Sheet Grouping (USD $)
In Thousands, unless otherwise specified |
Jul. 31, 2013
|
Apr. 30, 2013
|
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current | $ 16,823 | $ 18,270 |
Fixed Income Securities [Member]
|
||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Current | 2,504 | |
Due after one year through five years | 5,956 | |
Due after five years through ten years | 803 | |
$ 9,263 |
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NOTE J - CREDIT FACILITY (Details) (USD $)
|
3 Months Ended | |
---|---|---|
Jul. 31, 2013
|
Jul. 31, 2012
|
|
NOTE J - CREDIT FACILITY (Details) [Line Items] | ||
Proceeds from Lines of Credit (in Dollars) | $ 3,200,000 | $ 0 |
Long-term Debt (in Dollars) | 6,000,000 | |
Line of Credit Borrowed on June 6, 2013 [Member] | JP Morgan Chase Bank [Member]
|
||
NOTE J - CREDIT FACILITY (Details) [Line Items] | ||
Proceeds from Lines of Credit (in Dollars) | 7,200,000 | |
Line of Credit Additional Amount Borrowed During the Period [Member] | JP Morgan Chase Bank [Member]
|
||
NOTE J - CREDIT FACILITY (Details) [Line Items] | ||
Proceeds from Lines of Credit (in Dollars) | 2,000,000 | |
JP Morgan Chase Bank [Member]
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||
NOTE J - CREDIT FACILITY (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | 25,000,000 | |
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. | |
Line of Credit Facility, Interest Rate Description | rate equal to the LIBOR Rate, as determined from timetotimebyJPMorgan pursuant to the terms of the Note, plus a margin of 0.75% for Tranche A borrowings and 1.75% for Tranche B borrowings. | |
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. | |
Former Financial Institution [Member]
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||
NOTE J - CREDIT FACILITY (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $ 9,300,000 |
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NOTE K - INCOME TAXES (Details) (USD $)
In Millions, unless otherwise specified |
Jul. 31, 2013
|
Apr. 30, 2013
|
---|---|---|
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 1.9 | $ 1.9 |
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- Details
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