View Filing Data

Print Document View Excel Document

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Oct. 31, 2014	Dec. 08, 2014
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		8,605,666
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	Oct. 31, 2014
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2014	Apr. 30, 2014
Current assets:
Cash and cash equivalents	$ 6,415	$ 7,698
Marketable securities	13,830	16,030
Accounts receivable, net of allowance for doubtful accounts of $216 at October 31, 2014 and $234 at April 30, 2014	12,861	7,741
Costs and estimated earnings in excess of billings, net	11,305	10,439
Inventories	41,265	41,227
Deferred income taxes	3,163	3,220
Prepaid expenses and other	1,312	1,507
Total current assets	90,151	87,862
Property, plant and equipment, at cost, less accumulated depreciation and amortization	13,232	11,240
Deferred income taxes	6,650	6,650
Goodwill and other intangible assets	644	689
Cash surrender value of life insurance and cash held in trust	11,603	11,321
Other assets	1,761	1,699
Total assets	124,041	119,461
Current liabilities:
Accounts payable - trade	3,774	2,336
Accrued liabilities	6,540	7,361
Total current liabilities	10,314	9,697
Long term debt- noncurrent	11,400	10,100
Deferred compensation	10,914	10,724
Deferred rent and other liabilities	512	594
Total liabilities	33,140	31,115
Commitments and contingencies
Stockholders' equity:
Preferred stock - $1.00 par value
Common stock - $1.00 par value, issued 9,164 shares	9,164	9,164
Additional paid-in capital	53,865	53,181
Retained earnings	26,710	24,702
	89,739	87,047
Common stock reacquired and held in treasury - at cost (561 shares at October 31, 2014 and 593 shares at April 30, 2014)	(2,571)	(2,715)
Accumulated other comprehensive income	3,733	4,014
Total stockholders' equity	90,901	88,346
Total liabilities and stockholders' equity	$ 124,041	$ 119,461

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Oct. 31, 2014	Apr. 30, 2014
Allowance for doubtful accounts	$ 216	$ 234
Preferred stock- par value	$ 1.00	$ 1.00
Common stock, par value	$ 1.00	$ 1.00
Common stock, shares issued	9,164	9,164
Treasury stock, shares	561	593

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Revenues	$ 19,243	$ 17,007	$ 38,983	$ 33,834
Cost of revenues	12,569	10,775	26,644	21,336
Gross margin	6,674	6,232	12,339	12,498
Selling and administrative expenses	3,472	3,485	6,970	7,045
Research and development expense	1,406	1,483	2,645	3,226
Operating profit	1,796	1,264	2,724	2,227
Other income (expense):
Investment income	211	208	625	351
Interest expense	(47)	(36)	(81)	(95)
Other income (expense), net	(11)	725	(10)	734
Income before provision for income taxes	1,949	2,161	3,258	3,217
Provision for income taxes	660	770	1,250	1,150
Net income	$ 1,289	$ 1,391	$ 2,008	$ 2,067
Net income per common share
Basic (in Dollars per share)	$ 0.15	$ 0.16	$ 0.23	$ 0.24
Diluted (in Dollars per share)	$ 0.15	$ 0.16	$ 0.23	$ 0.24
Weighted average shares outstanding
Basic (in Shares)	8,598,456	8,519,718	8,588,594	8,504,810
Diluted (in Shares)	8,876,972	8,821,779	8,859,824	8,780,388
Condensed Consolidated Statements of Comprehensive Income
Net income	$ 1,289	$ 1,391	$ 2,008	$ 2,067
Other comprehensive income (loss):
Foreign currency translation adjustment	(597)	976	(392)	818
Unrealized gain (loss) on marketable securities:
Change in market value of marketable securities before reclassification, net of tax of ($186) and $255 and ($47) and $66	89	(126)	360	(401)
Reclassification adjustment for realized gains included in net income, net of tax of $128 and $25 and $33 and $25	(64)	(49)	(249)	(49)
Total unrealized gain (loss) on marketable securities, net of tax	25	(175)	111	(450)
Total other comprehensive (loss) income	(572)	801	(281)	368
Comprehensive income	$ 717	$ 2,192	$ 1,727	$ 2,435

Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Change in market value of marketable securities before reclassification, tax	$ (47)	$ 66	$ (186)	$ 255
Reclassification adjustment for realized gains included in net income, tax	$ 33	$ 25	$ 128	$ 25

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013
Cash flows from operating activities:
Net income	$ 2,008	$ 2,067
Non-cash charges to earnings	2,333	2,800
Gain on sale of equipment	0	(736)
Net changes in operating assets and liabilities	(6,847)	(6,634)
Net cash used in operating activities	(2,506)	(2,503)
Cash flows from investing activities:
Proceeds on redemption of marketable securities	4,130	1,767
Purchase of marketable securities	(1,418)	(67)
Purchase of fixed assets and other assets	(3,120)	(2,786)
Net cash used in investing activities	(408)	(1,086)
Cash flows from financing activities:
Proceeds from credit line borrowings	2,300	4,100
Payment of credit line borrowings	(1,000)	0
Tax benefit from exercise of stock-based compensation	29	157
Payment of lease obligations	0	(15)
Net cash provided by financing activities	1,329	4,242
Net (decrease) increase in cash and cash equivalents before effect of exchange rate changes	(1,585)	653
Effect of exchange rate changes on cash and cash equivalents	302	949
Net (decrease) increase in cash and cash equivalents	(1,283)	1,602
Cash and cash equivalents at beginning of period	7,698	3,460
Cash and cash equivalents at end of period	6,415	5,062
Cash paid during the period for:
Interest	82	87
Income Taxes	$ 490	$ 1,260

NOTE A - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	6 Months Ended
NOTE A - CONDENSED CONSOLIDATED FINANCIAL STATEMENTS	Oct. 31, 2014
Disclosure Text Block [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE A – CONDENSED 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 October 31, 2014 and the results of its operations and cash flows for the six and three months ended October 31, 2014 and 2013. The April 30, 2014 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, 2014, filed on July 29, 2014. The results of operations for such interim periods are not necessarily indicative of the operating results for the full fiscal year.

NOTE B - EARNINGS PER SHARE

6 Months Ended

Oct. 31, 2014

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:

	Six months				Three months
	Periods ended October 31,
	2014		2013		2014		2013
Weighted average shares outstanding:
Basic		8,588,594		8,504,810		8,598,456		8,519,718
Effect of dilutive securities		271,230		275,578		278,516		302,061
Diluted		8,859,824		8,780,388		8,876,972		8,821,779

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 were

	Six months				Three months
	Periods ended October 31,
	2014		2013		2014		2013
Outstanding options and SARS excluded		274,000		290,375		240,000		272,375

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

6 Months Ended

Oct. 31, 2014

Contractors [Abstract]

Long-term Contracts or Programs Disclosure [Text Block]

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

At October 31, 2014 and April 30, 2014, costs and estimated earnings in excess of billings, net, consist of the following:

	October 31, 2014			April 30, 2014
	(In thousands)
Costs and estimated earnings in excess of billings	$	12,351		$	11,965
Billings in excess of costs and estimated earnings		(1,046	)		(1,526	)
Net asset	$	11,305		$	10,439

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 six and three months ended October 31, 2014, revenue recognized under percentage of completion contracts was approximately $24.4 million and $11.5 million, respectively. During the six and three months ended October 31, 2013, such revenue was approximately $19.5 million and $9.8 million, respectively.

NOTE D - TREASURY STOCK TRANSACTIONS	6 Months Ended
NOTE D - TREASURY STOCK TRANSACTIONS	Oct. 31, 2014
Disclosure Text Block Supplement [Abstract]
Treasury Stock [Text Block]	NOTE D – TREASURY STOCK TRANSACTIONS During the six and three month periods ended October 31, 2014, the Company made contributions of 22,432 shares and 10,569 shares, respectively, 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 periods, the Company issued 9,653 shares and 8,294 shares, respectively, from treasury upon the exercise of SARs by certain officers and employees of the Company.

NOTE E - INVENTORIES

6 Months Ended

Oct. 31, 2014

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:

	October 31, 2014		April 30, 2014
	(In thousands)

Raw Materials and Component Parts	$	25,287	$	24,986
Work in Progress		10,776		12,385
Finished Goods		5,202		3,856
	$	41,265	$	41,227

As of October 31, 2014 and April 30, 2014, approximately $32.6 million and $33.4 million, respectively, of total inventory is located in the United States, approximately $7.2 million and $7.1 million, respectively, is located in Belgium and $1.5 million and $0.7 million, respectively, is located in China.

NOTE F - SEGMENT INFORMATION

6 Months Ended

Oct. 31, 2014

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 historically minimal sales to outside customers. Beginning in late fiscal year 2014, FEI-Asia began shipping higher volumes of product to third parties as a contract manufacturer. 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 present information about reported segments with reconciliation of segment amounts to consolidated amounts as reported in the statement of income or the balance sheet for each of the periods (in thousands):

	Six months						Three months
	Periods ended October 31,
	2014			2013			2014			2013
Revenues:
FEI-NY	$	31,937		$	26,039		$	14,680		$	12,865
Gillam-FEI		4,547			4,568			3,056			1,873
FEI-Zyfer		4,180			4,352			3,060			2,363
less intersegment revenues		(1,681	)		(1,125	)		(1,553	)		(94	)
Consolidated revenues	$	38,983		$	33,834		$	19,243		$	17,007

	Six months						Three months
	Periods ended October 31,
	2014			2013			2014			2013
Operating profit (loss):
FEI-NY	$	3,279		$	2,740		$	1,199		$	1,564
Gillam-FEI		(513	)		(36	)		65			(92	)
FEI-Zyfer		159			(275	)		665			(76	)
Corporate		(201	)		(202	)		(133	)		(132	)
Consolidated operating profit	$	2,724		$	2,227		$	1,796		$	1,264

	October 31, 2014			April 30, 2014
Identifiable assets:
FEI-NY (approximately $3.4 million in China)	$	70,987		$	62,969
Gillam-FEI (all in Belgium or France)		17,443			19,595
FEI-Zyfer		11,957			11,220
less intersegment balances		(19,364	)		(19,819	)
Corporate		43,018			45,496
Consolidated identifiable assets	$	124,041		$	119,461

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599

+ Details

NOTE G - INVESTMENT IN MORION, INC.	6 Months Ended
NOTE G - INVESTMENT IN MORION, INC.	Oct. 31, 2014
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 six months ended October 31, 2014 and 2013, the Company acquired product from Morion in the aggregate amount of approximately $96,000 and $98,000, respectively, and the Company sold product and training services to Morion in the aggregate amount of approximately $289,000 and $652,000, respectively. (See discussion of revenues recognized under the license agreement in the paragraph below.) During the three months ended October 31, 2014 and 2013, the Company acquired product from Morion in the aggregate amount of approximately $20,000 and $68,000, respectively, and the Company sold product and training services to Morion in the aggregate amount of approximately $106,000 and $510,000, respectively. At October 31, 2014, approximately $1,400 was payable to Morion and accounts receivable from Morion was approximately $69,000. On October 22, 2012, the Company entered into an agreement with respect to its licensing of rubidium oscillator production technology to Morion. The agreement requires the Company to supply production equipment and parts and to provide training to Morion employees to enable Morion to achieve certain levels of volume production of rubidium oscillators. Morion will pay the Company approximately $2.7 million for the license, the equipment, parts and training, plus 5% royalties on third party sales. For a 5-year period following an initial production run, 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 the agreement which amount had been recorded on the Company’s balance sheet as deferred revenue. In October 2013, after amending the original document to clarify certain billing events, the Company invoiced Morion for the equipment, certain component parts for the production of rubidium oscillators, training of certain Morion employees and transfer of the production technology and license to Morion. Accordingly, during the six and three-month periods ended October 31, 2013, the Company recorded revenues of $400,000 for the technology transfer, training and sale of parts and recognized a gain of approximately $736,000 upon the sale of fully-depreciated equipment. The $925,000 deposit previously recorded as deferred revenue was included in these revenues and gain. Additional revenues under the agreement will be recorded after the Company provides further on-site training for Morion personnel, delivers more component parts and obtains relief from certain U.S. Government limitations relating to the sales of items to be manufactured under the license. The United States Department of State has approved the technology transfer called for under the agreement.

NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Oct. 31, 2014

Investments, Debt and Equity Securities [Abstract]

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 October 31, 2014 and April 30, 2014 are as follows (in thousands):

	October 31, 2014
			Gross		Gross			Fair
			Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Fixed income securities	$	5,893	$	100	$	(28	)	$	5,965
Equity securities		6,932		1,029		(96	)		7,865
	$	12,825	$	1,129	$	(124	)	$	13,830

	April 30, 2014
			Gross		Gross			Fair
			Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Fixed income securities	$	8,927	$	116	$	(36	)	$	9,007
Equity securities		6,267		909		(153	)		7,023
	$	15,194	$	1,025	$	(189	)	$	16,030

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

	Less than 12 months					12 Months or more					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
October 31, 2014
Fixed Income Securities	$	200	$	(3	)	$	454	$	(25	)	$	654	$	(28	)
Equity Securities		2,160		(91	)		622		(5	)		2,782		(96	)
	$	2,360	$	(94	)	$	1,076	$	(30	)	$	3,436	$	(124	)
April 30, 2014
Fixed Income Securities	$	501	$	(3	)	$	448	$	(33	)	$	949	$	(36	)
Equity Securities		366		(1	)		925		(152	)		1,291		(153	)
	$	867	$	(4	)	$	1,373	$	(185	)	$	2,240	$	(189	)

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 October 31, 2014 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 six months ended October 31, 2014 and 2013, the Company sold or redeemed available-for-sale securities in the amounts of $4.1 million and $1.8 million, respectively, realizing gains of approximately $377,000 and $74,000, respectively.

Maturities of fixed income securities classified as available-for-sale at October 31, 2014 are as follows, at cost (in thousands):

Current	$	2,657
Due after one year through five years		1,413
Due after five years through ten years		1,823
	$	5,893

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

Level 1

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

Level 2

Inputs to the valuation methodology include:

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

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

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

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

Level 3

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

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

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

NOTE I - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	6 Months Ended
NOTE I - RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS	Oct. 31, 2014
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 May 2014, the FASB issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 eliminates most of the existing industry-specific revenue recognition guidance and significantly expands related disclosures. The required disclosures will include both quantitative and qualitative information about the amount, timing and uncertainty of revenue from contracts with customers and the significant judgments used. Entities can retrospectively apply ASU 2014-09 or use an alternative transition method. This ASU is effective for public companies for annual reporting periods beginning on or after December 15, 2016 and for the Company, must be adopted for its fiscal year 2018 beginning on May 1, 2017. The Company is in the process of determining the effect that ASU 2014-09 may have on its financial statements.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6510796

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22583-107794

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Indirect Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6515603

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22580-107794

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.10-01.(b)(6))
-URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Accounting Change
-URI http://asc.fasb.org/extlink&oid=6503790

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Retrospective Application
-URI http://asc.fasb.org/extlink&oid=6523989

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 270
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 01
-Paragraph b
-Subparagraph 6
-Article 10

+ Details

NOTE J - CREDIT FACILITY	6 Months Ended
NOTE J - CREDIT FACILITY	Oct. 31, 2014
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	NOTE J – CREDIT FACILITY The Company has a credit facility (the “Facility”) with JPMorgan Chase Bank, N.A. (“JPMorgan”) pursuant to a credit agreement (the “Credit Agreement”) between the Company and JPMorgan. Under the Facility the Company may make borrowings 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 of $11.4 million 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 October 31, 2014, the Company met the required covenants for its borrowings under Tranche A.

NOTE K - VALUATION ALLOWANCE ON DEFERRED TAX ASSETS	6 Months Ended
NOTE K - VALUATION ALLOWANCE ON DEFERRED TAX ASSETS	Oct. 31, 2014
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	NOTE K – VALUATION ALLOWANCE ON DEFERRED TAX ASSETS In prior fiscal years, the Company reduced the valuation allowance on the deferred tax assets of its U.S. subsidiaries. Consequently, for the six and three months ended October 31, 2014 and 2013, 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 October 31, 2014 and April 30, 2014, the remaining deferred tax asset valuation allowance is approximately $2.1 million and is primarily related to deferred tax assets of the Company’s non-U.S.-based subsidiaries.

NOTE B - EARNINGS PER SHARE (Tables)

6 Months Ended

Oct. 31, 2014

Earnings Per Share [Abstract]

Schedule of Weighted Average Number of Shares [Table Text Block]

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

	Six months				Three months
	Periods ended October 31,
	2014		2013		2014		2013
Weighted average shares outstanding:
Basic		8,588,594		8,504,810		8,598,456		8,519,718
Effect of dilutive securities		271,230		275,578		278,516		302,061
Diluted		8,859,824		8,780,388		8,876,972		8,821,779

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]

	Six months				Three months
	Periods ended October 31,
	2014		2013		2014		2013
Outstanding options and SARS excluded		274,000		290,375		240,000		272,375

NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Tables)

6 Months Ended

Oct. 31, 2014

Contractors [Abstract]

Costs in Excess of Billings and Billings in Excess of Costs [Table Text Block]

At October 31, 2014 and April 30, 2014, costs and estimated earnings in excess of billings, net, consist of the following:

	October 31, 2014			April 30, 2014
	(In thousands)
Costs and estimated earnings in excess of billings	$	12,351		$	11,965
Billings in excess of costs and estimated earnings		(1,046	)		(1,526	)
Net asset	$	11,305		$	10,439

NOTE E - INVENTORIES (Tables)

6 Months Ended

Oct. 31, 2014

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:

	October 31, 2014		April 30, 2014
	(In thousands)

Raw Materials and Component Parts	$	25,287	$	24,986
Work in Progress		10,776		12,385
Finished Goods		5,202		3,856
	$	41,265	$	41,227

NOTE F - SEGMENT INFORMATION (Tables)

6 Months Ended

Oct. 31, 2014

Segment Reporting [Abstract]

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

	Six months						Three months
	Periods ended October 31,
	2014			2013			2014			2013
Revenues:
FEI-NY	$	31,937		$	26,039		$	14,680		$	12,865
Gillam-FEI		4,547			4,568			3,056			1,873
FEI-Zyfer		4,180			4,352			3,060			2,363
less intersegment revenues		(1,681	)		(1,125	)		(1,553	)		(94	)
Consolidated revenues	$	38,983		$	33,834		$	19,243		$	17,007

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

	Six months						Three months
	Periods ended October 31,
	2014			2013			2014			2013
Operating profit (loss):
FEI-NY	$	3,279		$	2,740		$	1,199		$	1,564
Gillam-FEI		(513	)		(36	)		65			(92	)
FEI-Zyfer		159			(275	)		665			(76	)
Corporate		(201	)		(202	)		(133	)		(132	)
Consolidated operating profit	$	2,724		$	2,227		$	1,796		$	1,264

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

	October 31, 2014			April 30, 2014
Identifiable assets:
FEI-NY (approximately $3.4 million in China)	$	70,987		$	62,969
Gillam-FEI (all in Belgium or France)		17,443			19,595
FEI-Zyfer		11,957			11,220
less intersegment balances		(19,364	)		(19,819	)
Corporate		43,018			45,496
Consolidated identifiable assets	$	124,041		$	119,461

NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Oct. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

The cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale securities at October 31, 2014 and April 30, 2014 are as follows (in thousands):

	October 31, 2014
			Gross		Gross			Fair
			Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Fixed income securities	$	5,893	$	100	$	(28	)	$	5,965
Equity securities		6,932		1,029		(96	)		7,865
	$	12,825	$	1,129	$	(124	)	$	13,830

	April 30, 2014
			Gross		Gross			Fair
			Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Fixed income securities	$	8,927	$	116	$	(36	)	$	9,007
Equity securities		6,267		909		(153	)		7,023
	$	15,194	$	1,025	$	(189	)	$	16,030

Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Table Text Block]

	Less than 12 months					12 Months or more					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
October 31, 2014
Fixed Income Securities	$	200	$	(3	)	$	454	$	(25	)	$	654	$	(28	)
Equity Securities		2,160		(91	)		622		(5	)		2,782		(96	)
	$	2,360	$	(94	)	$	1,076	$	(30	)	$	3,436	$	(124	)
April 30, 2014
Fixed Income Securities	$	501	$	(3	)	$	448	$	(33	)	$	949	$	(36	)
Equity Securities		366		(1	)		925		(152	)		1,291		(153	)
	$	867	$	(4	)	$	1,373	$	(185	)	$	2,240	$	(189	)

Investments Classified by Contractual Maturity Date [Table Text Block]

Maturities of fixed income securities classified as available-for-sale at October 31, 2014 are as follows, at cost (in thousands):

Current	$	2,657
Due after one year through five years		1,413
Due after five years through ten years		1,823
	$	5,893

NOTE B - EARNINGS PER SHARE (Details) - Schedule of Weighted Average Number of Shares - shares	3 Months Ended		6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Weighted average shares outstanding:
Basic	8,598,456	8,519,718	8,588,594	8,504,810
Effect of dilutive securities	278,516	302,061	271,230	275,578
Diluted	8,876,972	8,821,779	8,859,824	8,780,388

NOTE B - EARNINGS PER SHARE (Details) - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share - shares	3 Months Ended		6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Abstract]
Outstanding options and SARS excluded	240,000	272,375	274,000	290,375

NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Contracts Accounted for under Percentage of Completion [Member]
NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) [Line Items]
Revenues	$ 11,500	$ 9,800	$ 24,400	$ 19,500
Revenues	$ 19,243	$ 17,007	$ 38,983	$ 33,834

NOTE C - COSTS AND ESTIMATED EARNINGS IN EXCESS OF BILLINGS, NET (Details) - Costs in Excess of Billings and Billings in Excess of Costs - USD ($) $ in Thousands	Oct. 31, 2014	Apr. 30, 2014
Costs in Excess of Billings and Billings in Excess of Costs [Abstract]
Costs and estimated earnings in excess of billings	$ 12,351	$ 11,965
Billings in excess of costs and estimated earnings	(1,046)	(1,526)
Net asset	$ 11,305	$ 10,439

NOTE D - TREASURY STOCK TRANSACTIONS (Details) - shares	3 Months Ended	6 Months Ended
NOTE D - TREASURY STOCK TRANSACTIONS (Details) - shares	Oct. 31, 2014	Oct. 31, 2014
Disclosure Text Block Supplement [Abstract]
Defined Contribution Plan Employer Discretionary Contribution, Shares	10,569	22,432
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	8,294	9,653

NOTE E - INVENTORIES (Details) - USD ($) $ in Thousands	Oct. 31, 2014	Apr. 30, 2014
UNITED STATES
NOTE E - INVENTORIES (Details) [Line Items]
Inventory, Net	$ 32,600	$ 33,400
BELGIUM
NOTE E - INVENTORIES (Details) [Line Items]
Inventory, Net	7,200	7,100
CHINA
NOTE E - INVENTORIES (Details) [Line Items]
Inventory, Net	1,500	700
Inventory, Net	$ 41,265	$ 41,227

NOTE E - INVENTORIES (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands	Oct. 31, 2014	Apr. 30, 2014
Schedule of Inventory, Current [Abstract]
Raw Materials and Component Parts	$ 25,287	$ 24,986
Work in Progress	10,776	12,385
Finished Goods	5,202	3,856
	$ 41,265	$ 41,227

NOTE F - SEGMENT INFORMATION (Details)	6 Months Ended
NOTE F - SEGMENT INFORMATION (Details)	Oct. 31, 2014
Frequency Electronics Inc New York [Member]
NOTE F - SEGMENT INFORMATION (Details) [Line Items]
Number Of Principal Markets	3
Number of Reportable Segments	3

NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Operating Segments [Member] \| Frequency Electronics Inc New York [Member]
Revenues:
Net revenues	$ 14,680	$ 12,865	$ 31,937	$ 26,039
Operating Segments [Member] \| Gillam Frequency Electronics Inc [Member]
Revenues:
Net revenues	3,056	1,873	4,547	4,568
Operating Segments [Member] \| Frequency Electronics Inc Zyfer [Member]
Revenues:
Net revenues	3,060	2,363	4,180	4,352
Intersegment Eliminations [Member]
Revenues:
Net revenues	(1,553)	(94)	(1,681)	(1,125)
Net revenues	$ 19,243	$ 17,007	$ 38,983	$ 33,834

NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
Operating Segments [Member] \| Frequency Electronics Inc New York [Member]
Operating profit (loss):
Operating profit (loss)	$ 1,199	$ 1,564	$ 3,279	$ 2,740
Operating Segments [Member] \| Gillam Frequency Electronics Inc [Member]
Operating profit (loss):
Operating profit (loss)	65	(92)	(513)	(36)
Operating Segments [Member] \| Frequency Electronics Inc Zyfer [Member]
Operating profit (loss):
Operating profit (loss)	665	(76)	159	(275)
Corporate, Non-Segment [Member]
Operating profit (loss):
Operating profit (loss)	(133)	(132)	(201)	(202)
Operating profit (loss)	$ 1,796	$ 1,264	$ 2,724	$ 2,227

NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Assets from Segment to Consolidate - USD ($) $ in Thousands	Oct. 31, 2014	Apr. 30, 2014
Operating Segments [Member] \| Frequency Electronics Inc New York [Member]
Identifiable assets:
Identifiable assets	$ 70,987	$ 62,969
Operating Segments [Member] \| Gillam Frequency Electronics Inc [Member]
Identifiable assets:
Identifiable assets	17,443	19,595
Operating Segments [Member] \| Frequency Electronics Inc Zyfer [Member]
Identifiable assets:
Identifiable assets	11,957	11,220
Intersegment Eliminations [Member]
Identifiable assets:
Identifiable assets	(19,364)	(19,819)
Corporate, Non-Segment [Member]
Identifiable assets:
Identifiable assets	43,018	45,496
Identifiable assets	$ 124,041	$ 119,461

NOTE F - SEGMENT INFORMATION (Details) - Reconciliation of Assets from Segment to Consolidate (Parentheticals) - USD ($) $ in Millions	Oct. 31, 2014	Apr. 30, 2014
Operating Segments [Member] \| Frequency Electronics Inc New York [Member] \| CHINA
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets	$ 3.4	$ 3.4

NOTE G - INVESTMENT IN MORION, INC. (Details) - USD ($)		1 Months Ended	3 Months Ended		6 Months Ended
NOTE G - INVESTMENT IN MORION, INC. (Details) - USD ($)	Oct. 22, 2012	Nov. 30, 2012	Oct. 31, 2014	Oct. 31, 2013	Oct. 31, 2014	Oct. 31, 2013
License Agreement [Member] \| Morion Inc [Member]
NOTE G - INVESTMENT IN MORION, INC. (Details) [Line Items]
Revenue from Related Parties				$ 400,000		$ 400,000
Long-term Purchase Commitment, Description	The agreement requires the Company to supply production equipment and parts and to provide training to Morion employees to enable Morion to achieve certain levels of volume production of rubidium oscillators.
License And Equipment Fee Receivable	$ 2,700,000
Percentage Of Royalties Payable On Third Party Sales	5.00%
Long-term Purchase Commitment, Period	5 years
Purchase Commitment, Remaining Minimum Amount Committed	$ 400,000
Proceeds from Deposits from Customers		$ 925,000
Morion Inc [Member]
NOTE G - INVESTMENT IN MORION, INC. (Details) [Line Items]
Cost Method Investment Ownership Percentage			4.60%		4.60%
Related Party Transaction, Purchases from Related Party			$ 20,000	68,000	$ 96,000	98,000
Revenue from Related Parties			106,000	$ 510,000	289,000	652,000
Accounts Payable, Related Parties, Current			1,400		1,400
Accounts Receivable, Related Parties, Current			$ 69,000		69,000
Gain (Loss) on Disposition of Property Plant Equipment					$ 0	$ 736,000

NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - USD ($)	6 Months Ended
	Oct. 31, 2014	Oct. 31, 2013
Investments, Debt and Equity Securities [Abstract]
Proceeds from Sale and Maturity of Marketable Securities	$ 4,130,000	$ 1,767,000
Available-for-sale Securities, Gross Realized Gain (Loss)	$ 377,000	$ 74,000

NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Oct. 31, 2014	Apr. 30, 2014
Fixed Income Securities [Member]
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items]
Cost	$ 5,893	$ 8,927
Gross Unrealized Gains	100	116
Gross Unrealized Losses	(28)	(36)
Fair Market Value	5,965	9,007
Equity Securities [Member]
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Schedule of Available-for-sale Securities Reconciliation [Line Items]
Cost	6,932	6,267
Gross Unrealized Gains	1,029	909
Gross Unrealized Losses	(96)	(153)
Fair Market Value	7,865	7,023
Cost	12,825	15,194
Gross Unrealized Gains	1,129	1,025
Gross Unrealized Losses	(124)	(189)
Fair Market Value	$ 13,830	$ 16,030

NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Oct. 31, 2014	Apr. 30, 2014
Fixed Income Securities [Member]
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Line Items]
Fair Value, Less than 12 months	$ 200	$ 501
Unrealized Losses, Less than 12 months	(3)	(3)
Fair Value, 12 Months or More	454	448
Unrealized Losses, 12 Months or More	(25)	(33)
Fair Value	654	949
Unrealized Losses	(28)	(36)
Equity Securities [Member]
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Line Items]
Fair Value, Less than 12 months	2,160	366
Unrealized Losses, Less than 12 months	(91)	(1)
Fair Value, 12 Months or More	622	925
Unrealized Losses, 12 Months or More	(5)	(152)
Fair Value	2,782	1,291
Unrealized Losses	(96)	(153)
Fair Value, Less than 12 months	2,360	867
Unrealized Losses, Less than 12 months	(94)	(4)
Fair Value, 12 Months or More	1,076	1,373
Unrealized Losses, 12 Months or More	(30)	(185)
Fair Value	3,436	2,240
Unrealized Losses	$ (124)	$ (189)

NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date - Fixed Income Securities [Member] $ in Thousands	Oct. 31, 2014 USD ($)
NOTE H - FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) - Investments Classified by Contractual Maturity Date [Line Items]
Current	$ 2,657
Due after one year through five years	1,413
Due after five years through ten years	1,823
	$ 5,893

NOTE J - CREDIT FACILITY (Details) - Line of Credit [Member] $ in Millions	6 Months Ended
	Oct. 31, 2014 USD ($)
Debt Instrument, Tranche B [Member] \| London Interbank Offered Rate (LIBOR) [Member]
NOTE J - CREDIT FACILITY (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Debt Instrument, Tranche B [Member]
NOTE J - CREDIT FACILITY (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 15.0
Debt Instrument, Tranche A [Member] \| London Interbank Offered Rate (LIBOR) [Member]
NOTE J - CREDIT FACILITY (Details) [Line Items]
Debt Instrument, Basis Spread on Variable Rate	0.75%
Line of Credit Facility, Maximum Borrowing Capacity	$ 25.0
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	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
Long-term Line of Credit, Noncurrent	$ 11.4
Debt Instrument, Maturity Date	Jun. 05, 2018
Line of Credit Facility, Commitment Fee Percentage	0.10%

NOTE K - VALUATION ALLOWANCE ON DEFERRED TAX ASSETS (Details) - USD ($) $ in Millions	Oct. 31, 2014	Apr. 30, 2014
Income Tax Disclosure [Abstract]
Deferred Tax Assets, Valuation Allowance	$ 2.1	$ 2.1