View Filing Data

Print Document View Excel Document

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Apr. 30, 2017	Jul. 25, 2017	Oct. 31, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	FREQUENCY ELECTRONICS INC
Document Type	10-K
Current Fiscal Year End Date	--04-30
Entity Common Stock, Shares Outstanding		8,729,682
Entity Public Float			$ 45,300,000
Amendment Flag	false
Entity Central Index Key	0000039020
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Apr. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Current assets:
Cash and cash equivalents	$ 2,163	$ 5,818
Marketable securities	7,815	11,111
Accounts receivable, net of allowance for doubtful accounts of $187 in 2017 and $189 in 2016	10,986	7,166
Costs and estimated earnings in excess of billings, net	7,964	12,377
Inventories, net	29,051	36,280
Prepaid income taxes	2,606	3,213
Prepaid expenses and other	1,105	1,059
Current assets of discontinued operations	8,165	8,838
Total current assets	69,855	85,862
Property, plant and equipment, at cost, net of accumulated depreciation and amortization	14,813	12,314
Deferred income taxes	11,902	7,702
Goodwill and other intangible assets	617	617
Cash surrender value of life insurance	13,376	12,819
Other assets	2,187	2,091
Non-current assets of discontinued operations	569	772
Total assets	113,319	122,177
Current liabilities:
Accounts payable - trade	2,437	3,165
Accrued liabilities	3,425	4,479
Current liabilities of discontinued operations	2,249	2,664
Total current liabilities	8,111	10,308
Long-term debt - noncurrent	0	6,000
Deferred compensation	13,252	11,773
Deferred rent and other liabilities	1,409	103
Non-current liabilities of discontinued operations	1,215	641
Total liabilities	23,987	28,825
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $1.00 par value authorized 600 shares, no shares issued
Common stock, $1.00 par value; authorized 20,000 shares, 9,164 shares issued and 8,817 outstanding in 2017; 8,753 outstanding in 2016	9,164	9,164
Additional paid-in capital	55,767	55,576
Retained earnings	23,712	28,533
	88,643	93,273
Common stock reacquired and held in treasury - at cost (347 shares in 2017 and 411 shares in 2016)	(1,592)	(1,885)
Accumulated other comprehensive income	2,281	1,964
Total stockholders’ equity	89,332	93,352
Total liabilities and stockholders’ equity	$ 113,319	$ 122,177

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Allowance for doubtful accounts (in Dollars)	$ 187	$ 189
Preferred stock, par value (in Dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized	600	600
Preferred stock, shares issued	0	0
Common stock, par value (in Dollars per share)	$ 1.00	$ 1.00
Common stock, shares authorized	20,000	20,000
Common stock shares issued	9,164	9,164
Common stock, shares outstanding	8,817	8,753
Treasury stock, shares	347	411

Consolidated Statements of Income and Comprehensive (Loss) Income - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Revenues	$ 50,351	$ 55,416
Cost of revenues	39,102	36,141
Gross margin	11,249	19,275
Selling and administrative expenses	11,898	11,379
Research and development expenses	6,876	5,428
Operating (loss) profit	(7,525)	2,468
Other income (expense):
Investment income	549	490
Interest expense	(150)	(131)
Other income (expense), net	87	447
(Loss) Income before provision for income taxes	(7,039)	3,274
(Benefit) Provision for income taxes	(2,115)	1,070
Net (loss) income from continuing operations	(4,924)	2,204
Income (loss) from discontinued operations, net of tax	103	(1,199)
Net (loss) income	$ (4,821)	$ 1,005
Net (loss) income per common share:
Basic (loss) earnings from continued operations (in Dollars per share)	$ (0.56)	$ 0.25
Basic earnings (loss) from discontinued operations (in Dollars per share)	0.01	(0.13)
Basic (loss) earnings per share (in Dollars per share)	(0.55)	0.12
Diluted (loss) earnings from continued operations (in Dollars per share)	(0.56)	0.24
Diluted earnings (loss) from discontinued operations (in Dollars per share)	0.01	(0.13)
Diluted (loss) earnings per share (in Dollars per share)	$ (0.55)	$ 0.11
Average shares outstanding:
Basic (in Shares)	8,787,082	8,727,874
Diluted (in Shares)	8,787,082	8,936,909
Consolidated Statements of Comprehensive (Loss) Income
Net (loss) income	$ (4,821)	$ 1,005
Other comprehensive (loss) income:
Foreign currency translation adjustment	(38)	(753)
Change in market value of marketable securities before reclassification, net of tax of ($182) and $51, respectively	352	(99)
Reclassification adjustment for realized gains included in net income, net of tax of ($25) and $57, respectively	3	(74)
Total unrealized gain (loss) on marketable securities, net of tax	355	(173)
Total other comprehensive income (loss)	317	(926)
Comprehensive (loss) income	$ (4,504)	$ 79

Consolidated Statements of Income and Comprehensive (Loss) Income (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Change in market value of marketable securities before reclassification, tax	$ (182)	$ 51
Reclassification adjustment for realized gains included in net income, tax	$ (25)	$ 57

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Cash flows from operating activities:
Net (loss) income from continuing operations	$ (4,924)	$ 2,204
Net income (loss) from discontinued operations	103	(1,199)
Net (loss) income	(4,821)	1,005
Adjustments to reconcile net (loss) income to net cash provided in operating activities:
Deferred income tax benefit	(1,355)	(1,265)
Depreciation and amortization	2,638	2,498
Deferred lease obligation and other liabilities	1,265	(75)
Provision for losses on accounts receivable, inventories and warranty reserve	4,788	(15)
Losses (gains) on marketable securities	28	(131)
Loss (gain) on sale of fixed and other assets, net	42	(367)
Employee benefit plans expense	2,519	1,450
Stock-based compensation expense	662	824
Tax effect (benefit) from exercise of stock-based compensation	671	(141)
Changes in operating assets and liabilities:
Accounts receivable	(3,602)	(911)
Costs and estimated earnings in excess of billings	4,663	3,340
Inventories	2,172	(3,737)
Prepaid expenses and other	(143)	135
Other assets	(470)	(570)
Accounts payable - trade	(746)	1,223
Accrued liabilities	(829)	(975)
Income taxes (payable) refundable	(3,099)	1,013
Other liabilities	(877)	(519)
Cash provided by operating activities – continuing operations	3,506	2,782
Cash provided by operating activities – discontinued operations	382	141
Net cash provided by operating activities	3,888	2,923
Cash flows from investing activities:
Purchase of marketable securities	(575)	(1,356)
Proceeds from sale or redemption of marketable securities	4,397	1,267
Capital expenditures	(5,233)	(3,263)
Cash used in investing activities – continuing operations	(1,411)	(3,352)
Cash used in investing activities – discontinued operations	(40)	(174)
Net cash (used in) investing activities	(1,451)	(3,526)
Cash flows from financing activities:
Proceeds from credit line borrowing	(6,000)	0
Tax (effect) benefit from exercise of stock-based compensation	(671)	141
Cash used in financing activities – continuing operations	(6,671)	141
Cash used in financing activities – discontinued operations	0	0
Net cash (used in) provided by financing activities	(6,671)	141
Net decrease in cash and cash equivalents before effect of exchange rate changes	(4,234)	(462)
Effect of exchange rate changes on cash and cash equivalents	890	(678)
Net decrease in cash and cash equivalents	(3,344)	(1,140)
Cash and cash equivalents at beginning of year	6,082	7,222
Cash and equivalents at end of year	2,738	6,082
Less cash and equivalents of discontinued operations at end of year	575	264
Cash and cash equivalents of continuing operations at end of year	2,163	5,818
Supplemental disclosures of cash flow information:
Interest	146	128
Income taxes	$ 335	$ 1,311

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Apr. 30, 2015	$ 9,164	$ 54,360	$ 27,528	$ (2,132)	$ 2,890	$ 91,810
Balance (in Shares) at Apr. 30, 2015	9,163,940			465,163
Contribution of stock to 401(k) plan		283		$ 215		498
Contribution of stock to 401(k) plan (in Shares)				(46,743)
Stock-based compensation expense		818		$ 6		824
Stock-based compensation expense (in Shares)				(1,300)
Tax benefit from stock option exercise		141				$ 141
Exercise of stock options and stock appreciation rights - net of		(26)		$ 26
Exercise of stock options and stock appreciation rights - net of (in Shares)				(5,736)		19,500
Change in unrealized gains and losses on marketable securities, net of taxes					(173)	$ (173)
Foreign currency translation adjustment					(753)	(753)
Net Income (Loss)			1,005			1,005
Balance at Apr. 30, 2016	$ 9,164	55,576	28,533	$ (1,885)	1,964	$ 93,352
Balance (in Shares) at Apr. 30, 2016	9,163,940			411,384		8,753,000
Contribution of stock to 401(k) plan		274		$ 219		$ 493
Contribution of stock to 401(k) plan (in Shares)				(47,839)
Stock-based compensation expense		658		$ 4		662
Stock-based compensation expense (in Shares)				(850)
Tax benefit from stock option exercise		(671)				$ (671)
Exercise of stock options and stock appreciation rights - net of		(70)		$ 70
Exercise of stock options and stock appreciation rights - net of (in Shares)				(15,273)		35,500
Change in unrealized gains and losses on marketable securities, net of taxes					355	$ 355
Foreign currency translation adjustment					(38)	(38)
Net Income (Loss)			(4,821)			(4,821)
Balance at Apr. 30, 2017	$ 9,164	$ 55,767	$ 23,712	$ (1,592)	$ 2,281	$ 89,332
Balance (in Shares) at Apr. 30, 2017	9,163,940			347,422		8,817,000

1. Summary of Accounting Policies

12 Months Ended

Apr. 30, 2017

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

1. Summary of Accounting Policies

Principles of Consolidation:

The consolidated financial statements include the accounts of Frequency Electronics, Inc. and its wholly-owned subsidiaries (the “Company” or “Registrant”). References to “FEI” are to the parent company alone and do not refer to any of its subsidiaries. The Company is principally engaged in the design, development and manufacture of precision time and frequency control products and components for microwave integrated circuit applications. See Note 14 for information regarding the Company’s FEI-NY (which includes the subsidiaries FEI Government Systems, Inc., FEI Communications, Inc., Frequency Electronics, Inc. Asia (“FEI-Asia”) and FEI-Elcom Tech, Inc. (“FEI-Elcom”)), and FEI-Zyfer business segments. Intercompany accounts and significant intercompany transactions are eliminated in consolidation.

These financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”) and require management to make estimates and assumptions that affect amounts reported and disclosed in the financial statements and related notes. Actual results could differ from these estimates.

Cash Equivalents:

The Company considers certificates of deposit and other highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The Company places its temporary cash investments with high credit quality financial institutions. Such investments may at times be in excess of the FDIC and SIPC insurance limits. No losses have been experienced on such investments.

Marketable Securities:

Marketable securities consist of investments in common stocks, including exchange-traded funds, corporate debt securities and debt securities of U.S. Government agencies. All marketable securities were held in the custody of financial institutions; two institutions at April 30, 2017 and three institutions at April 30, 2016. Investments in debt and equity securities are categorized as available for sale and are carried at fair value, with unrealized gains and losses excluded from income and recorded directly to stockholders’ equity. The Company recognizes gains or losses when securities are sold using the specific identification method.

Allowance for Doubtful Accounts:

Losses from uncollectible accounts receivable are provided for by utilizing the allowance for doubtful accounts method based upon management’s estimate of uncollectible accounts. Management analyzes accounts receivable and the potential for bad debts, customer concentrations, credit worthiness, current economic trends and changes in customer payment terms when evaluating the amount recorded for the allowance for doubtful accounts.

Property, Plant and Equipment:

Property, plant and equipment are recorded at cost and include interest on funds borrowed to finance construction. Expenditures for renewals and betterments are capitalized; maintenance and repairs are charged to income when incurred. When fixed assets are sold or retired, the cost and related accumulated depreciation and amortization are eliminated from the respective accounts and any gain or loss is credited or charged to income.

If events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable, the Company estimates the future cash flows expected to result from the use of the asset and its eventual disposition. If the sum of the expected future cash flows (undiscounted and without interest charges) is less than the carrying amount of the long-lived asset, an impairment loss is recognized. To date, no impairment losses have been recognized.

Inventories:

Inventories, which consist of finished goods, work-in-process, raw materials and components, are accounted for at the lower of cost (specific and average) or market.

Depreciation and Amortization:

Depreciation of fixed assets is computed on the straight-line method based upon the estimated useful lives of the assets (40 years for buildings and 3 to 10 years for other depreciable assets). Leasehold improvements and equipment acquired under capital leases are amortized on the straight-line method over the shorter of the term of the lease or the useful life of the related asset.

Amortization of identifiable intangible assets is based upon the expected lives of the assets and is recorded at a rate which approximates the Company’s utilization of the assets.

Intangible Assets:

Intangible assets consist of the ISO 9000 certification arising from the acquisition of FEI-Elcom in the assignment of fair value to its acquired assets including intangibles. The certification is valued at fair value and was amortized over the estimated useful life of 3 years from the date of acquisition.

Goodwill:

The Company records goodwill as the excess of purchase price over the fair value of identifiable net assets acquired. Goodwill is tested for impairment on at least an annual basis at year end. When it is determined that the carrying value of goodwill may not be recoverable, the Company writes down the goodwill to an amount commensurate with the revised value of the acquired assets. The Company measures impairment based on revenue projections, recent transactions involving similar businesses and price/revenue multiples at which they were bought and sold, price/revenue multiples of competitors, and the present market value of publicly-traded companies in the Company’s industry.

Revenue and Cost Recognition:

Revenues under larger, long-term contracts, which generally require billings based on achievement of milestones rather than delivery of product, are reported in operating results using the percentage of completion method. For U.S. Government and other fixed-price contracts that require initial design and development of the product, revenue is recognized on the cost-to-cost method. Under this method, revenue is recorded based upon the ratio that incurred costs bear to total estimated contract costs with related cost of sales recorded as the costs are incurred. Costs and estimated earnings in excess of billings on uncompleted contracts, net of billings on uncompleted contracts in excess of costs and estimated earnings, are included in current assets.

On production-type orders, revenue is recorded as units are delivered with the related cost of sales recognized on each shipment based upon a percentage of estimated final program costs.

Changes in job performance on long-term and production-type orders may result in revisions to costs and revenue and are recognized in the period in which revisions are determined to be required. Provisions for the full amount of anticipated losses are made in the period in which they become determinable.

For customer orders in the Company’s subsidiaries, and smaller contracts or orders in the other business segments, sales of products and services to customers are reported in operating results upon shipment of the product or performance of the services pursuant to terms of the customer order.

Contract costs include all direct material, direct labor costs, manufacturing overhead and other direct costs related to contract performance. Selling, general and administrative costs are charged to expense as incurred.

In accordance with industry practice, inventoried costs contain amounts relating to contracts and programs with long production cycles, a portion of which will not be realized within one year. Program costs for which production-level orders cannot be determined as probable are written down in the period in which that assessment is made.

Comprehensive (Loss) Income:

Comprehensive (loss) income consists of net income and other comprehensive (loss) income. Other comprehensive (loss) income includes changes in unrealized gains or losses, net of tax, on securities available for sale during the year and the effects of foreign currency translation adjustments.

Research and Development Expenses:

The Company engages in research and development activities to identify new applications for its core technologies, to improve existing products and to improve manufacturing processes to achieve cost reductions and manufacturing efficiencies. Research and development costs include direct labor, manufacturing overhead, direct materials and contracted services. Such costs are expensed as incurred. The Company also engages in customer-funded development activity. The customer funds received in connection therewith appear in revenues and are not included in R&D expenses.

Income Taxes:

The Company recognizes deferred tax liabilities and assets based on the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are established and adjusted when necessary to increase or reduce deferred tax assets to the amount expected to be realized.

The Company analyzes its tax positions under accounting standards which prescribe recognition thresholds that must be met before a tax benefit is recognized in the financial statements and provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. An entity may only recognize or continue to recognize tax positions that meet a “more likely than not” threshold. When and if the Company were to recognize interest or penalties related to income taxes, it would be reported net of the federal tax benefit in the tax provision.

Earnings Per Share:

Basic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding. Diluted earnings per share are computed by dividing net earnings by the sum of the weighted average number of shares of common stock and the if-converted effect of unexercised stock options and stock appreciation rights.

Fair Values of Financial Instruments:

Cash and cash equivalents, short-term credit obligations, long term debt and cash surrender value are reflected in the accompanying consolidated balance sheets at amounts considered by management to reasonably approximate fair value based upon the nature of the instrument and current market conditions. Management is not aware of any factors that would significantly affect the value of these amounts. The Company also has an investment in a privately-held company, Morion, Inc. (“Morion”). The Company is unable to reasonably estimate a fair value for this investment.

Foreign Operations and Foreign Currency Adjustments:

The Company maintains manufacturing operations in Belgium (see Note 2) and the People’s Republic of China. The Company is vulnerable to currency risks in these countries. The local currency is the functional currency of each of the Company’s non-U.S. subsidiaries. No foreign currency gains or losses are recorded on intercompany transactions since they are effected at current rates of exchange. The results of operations of foreign subsidiaries, when translated into U.S. dollars, reflect the average rates of exchange for the periods presented. The balance sheets of foreign subsidiaries, except for equity accounts which are translated at historical rates, are translated into U.S. dollars at the rates of exchange in effect on the date of the balance sheet. As a result, similar results in local currency can vary upon translation into U.S. dollars if exchange rates fluctuate significantly from one period to the next.

Equity-based Compensation:

The Company values its share-based payment transactions using the Black-Scholes valuation model. Such value is recognized as expense on a straight-line basis over the service period of the awards, which is generally the vesting period, net of estimated forfeitures.

The weighted average fair value of each option or stock appreciation right (“SAR”) has been estimated on the date of grant using the Black-Scholes option pricing model with the following range of weighted average assumptions used for grants:

	Years ended April 30
	2017			2016
Expected volatility		35	%		35	%
Dividend yield		0.0	%		0.0	%
Risk-free interest rate	1.85% and 1.14		%	1.35% and 1.50		%
Expected lives	5.0 years			5.0 years

The expected life assumption was determined based on the Company’s historical experience as well as the term of recent SAR agreements. The expected volatility assumption was based on the historical volatility of the Company’s common stock. The dividend yield assumption was determined based upon the Company’s past history of dividend payments and the Company’s current decision to suspend payment of dividends. The risk-free interest rate assumption was determined using the implied yield currently available for zero-coupon U.S. Government issues with a remaining term equal to the expected life of the stock options or SARs.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentration of credit risk, consist principally of cash and cash equivalents and trade receivables. The Company maintains accounts at several commercial banks at which the balances exceed Federal Deposit Insurance Corporation limits. The Company has not experienced any losses on such amounts. Concentration of credit risk with respect to trade receivables is generally diversified due to the large number of entities comprising the Company’s customer base and their dispersion across geographic areas principally within the United States. The Company routinely addresses the financial strength of its customers and, as a consequence, believes that its receivable credit risk exposure is limited. The Company does not require customers to post collateral.

New Accounting Pronouncements:

In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Under ASU 2017-04 goodwill impairment will be tested by comparing the fair value of a reporting unit with its carrying amount, and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The new guidance must be applied on a prospective basis and is effective for periods beginning after December 15, 2019, with early adoption permitted. The Company will not be early adopting and is in the process of determining the effect that ASU 2017-04 may have, however, the Company expects the new standard to have an immaterial effect on its financial statements.

In March 2016, the FASB amended the existing accounting standards for stock-based compensation, ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments impact several aspects of accounting for share-based payment transactions, including the income tax consequences, forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This guidance requires a mix of prospective, modified retrospective, and retrospective transition to all annual and interim periods presented and is effective for the Company in the next fiscal year. The Company has not determined the full impact of implementation of this standard, however the Company is determining if the stock options offered would require any type of transition under the new pronouncement and expects that, when adopted beginning in fiscal 2019, the new standard will have an immaterial effect on the Company’s financials.

In February 2016, the FASB issued ASU No. 2016-02 Leases (Topic 842). The objective of the update is to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The standard requires a modified retrospective transition approach for existing leases. The amendments of the ASU 2016-02 are effective for fiscal years beginning after December 31, 2018 and early adoption is permitted. The Company is currently evaluating the impact of this standard on our consolidated financial statements, however the Company has minimal leases and expects that when adopted beginning in fiscal 2019, the new standard to have an immaterial effect on the Company’s financials.

In November 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes. The amendments in ASU 2015-17 seek to simplify the presentation of deferred income taxes and require that deferred tax liabilities and assets be classified as noncurrent in a classified statement of financial position. ASU 2015-17 is effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early application permitted for all entities as of the beginning of an interim or annual reporting period. The Company has adopted the guidance during fiscal 2017 on a prospective basis in order to simplify balance sheet classification. Prior periods have not been retrospectively adjusted.

In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory which changes the measurement principle for inventory from the lower of cost or market to the lower of cost or net realizable value. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The new guidance must be applied on a prospective basis and is effective for periods beginning after December 15, 2016, with early adoption permitted. The Company is currently evaluating the effect that the new guidance will have on its consolidated financial statements, however based upon the preliminary work that has been done when adopted this pronouncement is expected to have minimal, if any effect, on the financial statements. This pronouncement will be adopted for the Company’s next fiscal year.

In May 2014, the FASB issued 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. In July 2015, the FASB approved a one-year deferral of the effective date of this ASU. This ASU is effective for public companies for annual reporting periods beginning on or after December 15, 2017 and for the Company, must be adopted for its fiscal year 2019 beginning on May 1, 2018. The Company is currently evaluating the impact that ASU 2014-09 may have on its financial statements when the statement is adopted for its fiscal year 2019.

2. Discontinued Operations

12 Months Ended

Apr. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

2. Discontinued Operations

In December 2016, the Company entered into a contingent share purchase agreement with certain foreign parties with respect to a potential sale of Gillam-FEI, the Company’s Belgian subsidiary. However, these parties have not yet performed their obligations under that agreement, and the Company continues to negotiate with these parties with respect to a potential sale. Subsequently, in April 2017, the Company decided to sell its Gillam business in any event as soon as practicable. The Company is currently in discussions with a number of potential buyers and believes that the divestment is on a path to completion by the end of fiscal year 2018. Accordingly, the Company determined that the assets and liabilities of this reportable segment met the discontinued operations criteria in Accounting Standards Codification 205-20-45 in the quarter ended April 30, 2017. As such Gillam’s results have been classified as discontinued operations in the accompanying Consolidated Statements of Operations and Comprehensive (Loss) Income.

Summarized operating results for the Gillam discontinued operations, for the years ended April 30, 2017 and 2016 respectively, are as follows:

	For the years ended April 30,
	2017			2016
Revenues	$	5,985		$	5,942
Cost of revenues		4,407			4,781
Gross Margin		1,578			1,161
Selling and administrative expenses		1,714			1,826
Research and development expenses		408			501
Operating Loss		(544	)		(1,166	)
Other income (expense):
Investment (loss) income		(3	)		2
Other income (expense), net		-			(35	)
Loss before provision for income taxes		(547	)		(1,199	)
Provision for income taxes		650			-
Net income (loss)	$	103		$	(1,199	)

The carrying amounts of assets and liabilities for the Gillam discontinued operations are as follows:

	April 30,
	2017		2016

Cash and cash equivalents	$	575	$	264
Accounts receivable, net of allowance for doubtful accounts		3,202		3,384
Inventories, net		3,980		4,999
Prepaid expenses and other		408		191
Total current assets of discontinued operations	$	8,165	$	8,838
Property, plant and equipment, at cost, net of accumulated depreciation and amortization	$	555	$	757
Investments		14		15
Deferred taxes – non-current		-		-
Total non-current assets of discontinued operations	$	569	$	772

Accounts payable – trade	$	949	$	1,035
Accrued liabilities		1,300		1,629
Total current liabilities of discontinued operations		2,249		2,664
Deferred rent and other liabilities		1,215		641
Total non-current liabilities of discontinued operations	$	1,215	$	641

3. Earnings Per Share

12 Months Ended

Apr. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

3. Earnings Per Share

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

	Years ended April 30,
	2017		2016
Basic EPS Shares outstanding (weighted average)		8,787,082		8,727,874
Effect of Dilutive Securities		**		209,035
Diluted EPS Shares outstanding		8,787,082		8,936,909

** For the year ended April 30, 2017, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the period. The exercisable shares excluded are 1,280,625.

The computation of diluted earnings per share in the other fiscal periods 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:

	Years ended April 30,
	2017		2016
Outstanding options and SARS excluded		**		388,625

4. Costs and Estimated Earnings in Excess of Billings

12 Months Ended

Apr. 30, 2017

Contractors [Abstract]

Long-term Contracts or Programs Disclosure [Text Block]

4. Costs and Estimated Earnings in Excess of Billings

At April 30, 2017 and 2016, costs and estimated earnings in excess of billings, net, consist of the following:

	2017			2016
	(in thousands)
Costs and estimated earnings in excess of billings	$	8,890		$	12,460
Billings in excess of costs and estimated earnings		(926	)		(83	)
Net asset	$	7,964		$	12,377

Such amounts represent revenue recognized on long-term contracts that had not been billed at the balance sheet dates or represent a liability for amounts billed in excess of the revenue recognized. Amounts are billed to customers pursuant to contract terms. In general, the recorded amounts will be billed and collected or revenue recognized within twelve months of the balance sheet date. Revenue on these long-term contracts is accounted for on the percentage of completion basis. During the years ended April 30, 2017 and 2016, revenue recognized under percentage of completion contracts was approximately $26.4 million and $32.5 million, respectively. If contract losses are anticipated, costs and estimated earnings in excess of billings are reduced for the full amount of such losses when they are determinable. Total contract losses at April 30, 2017 and 2016 were approximately $300,000 and $450,000, respectively.

5. Inventories

12 Months Ended

Apr. 30, 2017

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

5. Inventories

Inventories at April 30, 2017 and 2016, respectively, consisted of the following (in thousands):

	2017		2016
Raw Materials and Component Parts	$	17,702	$	23,840
Work in Progress		7,340		8,316
Finished Goods		4,009		4,124
	$	29,051	$	36,280

As of April 30, 2017 and 2016, approximately $28.2 million and $35.3 million, respectively, of total inventory is located in the United States and $0.8 million and $1.0 million, respectively, is located in China. For the year ended April 30, 2017 the Company took a one-time non-cash write down of approximately $5 million of inventory relating to wire-line copper based synchronization products in the FEI-Zyfer segment. Additionally, the Company recorded $2 million of inventory adjustments in the FEI-NY segment. The Company buys inventory in bulk quantities which may be used over significant time periods; due to its nature, the inventory does not deteriorate.

6. Property, Plant and Equipment and Leases

12 Months Ended

Apr. 30, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

6. Property, Plant and Equipment and Leases

Property, plant and equipment at April 30, 2017 and 2016, consists of the following (in thousands):

	2017		2016
Buildings and building improvements	$	2,646	$	2,643
Machinery, equipment and furniture		56,435		51,468
		59,081		54,111
Less, accumulated depreciation		44,268		41,797
	$	14,813	$	12,314

Depreciation and amortization expense for the years ended April 30, 2017 and 2016 was $2,610,000 and $2,456,000, respectively.

Maintenance and repairs charged to operations for the years ended April 30, 2017 and 2016 was approximately $675,000 and $593,000, respectively.

The Company leases its Long Island, New York headquarters building at an annual rent of $800,000 following the Company’s exercise of its option to renew the lease for a second 5-year period. The lease will end in January 2019. Under the terms of the lease, the Company is required to pay its proportionate share of real estate taxes, insurance and other charges.

In addition, the Company’s subsidiaries in New Jersey, China, and California lease their office and manufacturing facilities. FEI-Elcom leases 32,000 square feet of office and manufacturing space at current monthly rental of approximately $40,000 through the end of the lease which expires in March 2018. The lease for the FEI-Asia facility is for a one-year term with monthly rent of $1,000 through May 2018. FEI-Zyfer leases office and manufacturing space encompassing 27,850 square feet. Monthly rental payments are currently $31,200 for the remaining 4 months of the lease term. The Company has signed a second amendment to the lease, which extends the lease an additional 88 months, beginning October 1, 2017 and expiring January 31, 2025. The average annual rent over the period of the amendment is approximately $332,000.

Rent expense under operating leases for the years ended April 30, 2017 and 2016 was approximately $1.6 million and $1.5 million, respectively. The Company records rent expense on its New York building and FEI-Zyfer facility on the straight-line method over the lives of the respective leases. As a result, as of April 30, 2017 and 2016, the Company’s balance sheet includes deferred rent payable of approximately $99,000 and $214,000, respectively, which will be recognized over the respective rental periods.

Future noncancelable minimum lease payments required by the operating leases are as follows (in thousands):

Years ending
April 30,	Operating Leases
2018	$	1,535
2019		900
2020		322
2021		332
2022		342
Thereafter		994
Total future minimum lease payments	$	4,425

7. Marketable Securities

12 Months Ended

Apr. 30, 2017

Investments, Debt and Equity Securities [Abstract]

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

7. Marketable Securities

The cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale securities at April 30, 2017 and 2016 are as follows (in thousands):

	April 30, 2017
			Gross		Gross			Fair
			Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Fixed income securities	$	1,516	$	60	$	-		$	1,576
Equity securities		5,230		1,248		(239	)		6,239
	$	6,746	$	1,308	$	(239	)	$	7,815

	April 30, 2016
			Gross		Gross			Fair
			Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Fixed income securities	$	3,407	$	121	$	(6	)	$	3,522
Equity securities		7,197		974		(582	)		7,589
	$	10,604	$	1,095	$	(588	)	$	11,111

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:

	Less than 12 months					12 Months or more					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
April 30, 2017
Fixed Income Securities	$	-	$	-		$	-	$	-		$	-	$	-
Equity Securities		219		(9	)		1,024		(230	)		1,243		(239	)
	$	219	$	(9	)	$	1,024	$	(230	)	$	1,243	$	(239	)
April 30, 2016
Fixed Income Securities	$	-	$	-		$	467	$	(6	)	$	467	$	(6	)
Equity Securities		574		(18	)		2,232		(564	)		2,806		(582	)
	$	574	$	(18	)	$	2,699	$	(570	)	$	3,273	$	(588	)

The Company regularly reviews its investment portfolio to identify and evaluate investments that have indications of possible impairment. The Company does not believe that its investments in marketable securities with unrealized losses at April 30, 2017 are other-than-temporary due to market volatility of the security’s fair value, analysts’ expectations and the Company’s ability to hold the securities for a period of time sufficient to allow for any anticipated recoveries in market value.

Proceeds from the sale or redemption of available-for-sale securities and the resulting gross realized gains and losses included in the determination of net income (loss) are as follows (in thousands):

	For the years ended April 30,
	2017			2016
Proceeds	$	4,397		$	1,267
Gross realized gains	$	156		$	147
Gross realized losses	$	(184	)	$	(16	)

Maturities of fixed income securities classified as available-for-sale at April 30, 2017 are as follows (at cost, in thousands):

Current	$	-
Due after one year through five years		201
Due after five years through ten years		1,315
	$	1,516

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 Level 1 assets.

8. Debt Obligations	12 Months Ended
8. Debt Obligations	Apr. 30, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	8. Debt Obligations On January 30, 2017, the Company repaid the principal balance due on its credit facility, dated June 6, 2013, with JPMorgan Chase Bank, N.A. Subsequently, the Company voluntarily terminated this credit facility with JPMorgan Chase Bank, N.A to reduce the fees and expenses associated with maintaining that facility. The Company did not incur any early termination fees associated with its voluntary termination of this credit facility. If, in the future, the Company determines that it would be beneficial to have a credit facility in place, the Company believes that alternative facilities are available. As at April 30, 2017, the Company had available credit at variable terms based on its securities holdings under an advisory arrangement, under which no borrowings have been made.

9. Accrued Liabilities

12 Months Ended

Apr. 30, 2017

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

9. Accrued Liabilities

Accrued liabilities at April 30, 2017 and 2016 consist of the following (in thousands):

	2017		2016
Vacation and other compensation	$	1,467	$	1,683
Incentive compensation		265		677
Payroll taxes		128		137
Deferred revenue		232		578
Warranty reserve		557		557
Commissions		234		252
Other		542		595
	$	3,425	$	4,479

10. Investment in Morion, Inc.	12 Months Ended
10. Investment in Morion, Inc.	Apr. 30, 2017
Investment Holdings [Abstract]
Investment Holdings [Text Block]	10. Investment in Morion, Inc. The Company has an investment in Morion, Inc., a privately-held Russian company, which manufactures high precision quartz resonators and crystal oscillators. The Company’s investment consists of 4.6% of Morion’s outstanding shares, accordingly, the Company accounts for its investment in Morion on the cost basis. This investment is included in other assets in the accompanying balance sheets. During the fiscal years ended April 30, 2017 and 2016, the Company acquired product from Morion in the aggregate amount of approximately $317,000 and $140,000, respectively, and the Company sold product to Morion in the aggregate amount of approximately $10,000 and $845,000, respectively. At April 30, 2017, accounts receivable included $18,000 due from Morion and $13,000 was payable to Morion. Throughout the fiscal years 2017 and 2016, the Company received dividends from Morion of approximately $249,000 and $30,000, respectively. On October 22, 2012, the Company entered into an agreement to license its rubidium oscillator production technology to Morion. The agreement required the Company to sell certain fully-depreciated production equipment previously 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. During the fiscal year ended April 30, 2016, sales to Morion included $375,000 for product and training services under this agreement. Per the amended agreement, the balance of $1 million for the transfer of the license will be due once the United States Department of State (“State Department”) approves the removal of certain provisions of the original agreement. The State Department has approved the technology transfer called for under the agreement. On March 29, 2016, the Company renegotiated the $1 million amendment under the original agreement dated October 22, 2012 to $602,000 due to the U.S. Government easing of export regulations. Of this amount $392,500 was billed and paid during FY 2016 and the balance of $210,000 was billed during FY 2017 and was subsequently collected.

11. Goodwill and Other Intangible Assets	12 Months Ended
11. Goodwill and Other Intangible Assets	Apr. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	11. Goodwill and Other Intangible Assets During fiscal year 2004, the Company acquired FEI-Zyfer, Inc. (“FEI-Zyfer”). This acquisition resulted in the recording of $219,000 in goodwill. In February 2012, the Company acquired FEI-Elcom resulting in the recording of goodwill in the amount of $398,000. Management has determined that goodwill is not impaired as of April 30, 2017 and 2016.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

12. Employee Benefit Plans

12 Months Ended

Apr. 30, 2017

Disclosure Text Block Supplement [Abstract]

Compensation and Employee Benefit Plans [Text Block]

12. Employee Benefit Plans

Profit Sharing Plan:

The Company provides its U.S.-based employees with a profit sharing plan and trust under section 401(k) of the Internal Revenue Code. This plan allows all eligible employees to defer a portion of their income through voluntary contributions to the plan. In accordance with the provisions of the plan, the Company can make discretionary matching contributions in the form of cash or common stock. For the years ended April 30, 2017 and 2016, the Company contributed 47,839 and 46,743 shares of common stock, respectively. The approximate value of these shares at the date of contribution was $493,000 in fiscal year 2017 and $498,000 in fiscal year 2016. Contributed shares are drawn from the Company’s common stock held in treasury and are removed at the Company’s original cost of acquisition of such shares on a specific identification basis. In addition to changes in the treasury stock accounts, during fiscal years 2017 and 2016, such transactions increased additional paid in capital by $274,000 and $283,000, respectively. As of April 30, 2017, all shares of the Company’s common stock held by the two plans were combined for an aggregate holding of 738,064 shares, which are allocated to the accounts of the individual participants.

Income Incentive Pool:

The Company maintains incentive bonus programs for certain employees which are based on operating profits of the individual subsidiaries to which the employees are assigned. The Company also adopted a plan for the President and Chief Executive Officer of the Company, which formula is based on consolidated pre-tax profits. Under these plans, the Company charged approximately $272,000 and $702,000 to selling and administrative expenses for the fiscal years ended April 30, 2017 and 2016, respectively.

Employee Stock Plans:

The Company has various stock plans, some of which have been approved by the Company’s stockholders, for key management employees, including officers and directors who are employees, certain consultants and independent members of the Board of Directors. The plans are Nonqualified Stock Options (“NQSO”) plans, Incentive Stock Option (“ISO”) plans and Stock Appreciation Rights (“SARS”). Under these plans, options or SARS are granted at the discretion of the Stock Option Committee at an exercise price not less than the fair market value of the Company’s common stock on the date of grant.

Typically, options and SARS vest over a four-year period from the date of grant. The options and SARS generally expire ten years after the date of grant (the most recent SAR award expires in five years) and are subject to certain restrictions on transferability of the shares obtained on exercise. Under the Company’s 2005 Stock Award Plan (“Plan”) the Company provided option holders the opportunity to exercise stock options either by paying the exercise price for the shares or to do a cashless exercise whereby the individual receives the net number of shares of stock equal in value to the exercised number of shares times the difference between the current market value of the Company’s stock and the exercise price. Under the Plan, instruments granted under other plans which expire, are canceled, or are tendered in the exercise of such instruments, increase the shares available under the Plan.

As of April 30, 2017, eligible employees and directors have been granted SARS based on approximately 2,197,000 shares of Company stock, of which approximately 1,635,000 shares are outstanding and approximately 1,281,000 shares with a weighted average exercise price of $8.35 are exercisable. As of April 30, 2016, eligible employees and directors had been granted SARS based on approximately 2,021,000 shares of Company stock, of which approximately 1,653,000 shares were outstanding and approximately 1,314,000 shares with a weighted average exercise price of $8.45 were exercisable. When the SARS become exercisable, the Company will settle the SARS by issuing to exercising recipients the number of shares of stock equal to the appreciated value of the Company’s stock between the grant date and exercise date. At the time of exercise, the quantity of shares under the SARS grant equal to the exercise value divided by the then market value of the shares will be returned to the pool of available shares for future grant under the Plan. During the year ended April 30, 2017, employees exercised SARS representing 35,500 shares of Company stock and received 15,273 shares of Company stock. The 20,227 share difference was returned to the pool of available shares and may be used for future grants. During the year ended April 30, 2016, employees exercised SARS representing 19,500 shares of Company stock and received 5,736 shares of Company stock. The 13,764 share difference was returned to the pool of available shares and may be used for future grants.

The excess of the consideration received over the par value of the common stock or cost of treasury stock issued under both types of option plans is recognized as an increase in additional paid-in capital.

The following table summarizes information about stock option and stock appreciation rights activity for the years ended April 30:

	Stock Options and Stock Appreciation Rights
						Weighted Average
				Weighted-		Remaining
				Average		Contractual	Aggregate
	Shares			Exercise Price		Term	Intrinsic Value
Outstanding – April 30, 2015		1,603,125		$	8.90	5.8 years
Granted		72,000			12.30
Exercised		(19,500	)		9.15			$	19,110
Expired or Canceled		(3,000	)		10.39
Outstanding – April 30, 2016		1,652,625		$	9.05	5.1 years
Granted		175,000			10.65
Exercised		(35,500	)		6.02			$	158,920
Expired or Canceled		(157,000	)		12.02
Outstanding – April 30, 2017		1,635,125		$	9.00	4.3 years		$	2,974,178
Exercisable		1,280,625		$	8.35	4.0 years		$	2,958,083
Available for future grants		18,563

As of April 30, 2017, total unrecognized compensation cost related to non-vested options and stock appreciation rights under the plans was approximately $1,016,000. These costs are expected to be recognized over a weighted average period of 2.6 years.

During the years ended April 30, 2017 and 2016, 159,500 and 151,500 shares, respectively, vested, the fair value of which was approximately $694,000 and $661,000, respectively. The weighted average grant date fair value of stock appreciation rights granted during the years ended April 30, 2017 and 2016, were approximately $3.48 and $4.06, respectively.

Stock-based compensation costs capitalized as part of work in process inventory or included in the cost of sales of programs on which the Company recognizes revenue under the percentage of completion method were approximately $229,000 and $265,000 for the years ended April 30, 2017 and 2016, respectively. Selling and administrative expenses include stock-based compensation expense of approximately $424,000 and $559,000 for the years ended April 30, 2017 and 2016, respectively.

The Company classifies cash flows resulting from the tax benefits from tax deductions recognized upon the exercise of stock options or SARS (tax benefits) as financing cash flows. For the years ended April 30, 2017 and 2016, the Company realized $26,000 and $141,000 respectively, of tax benefits from the exercise of stock options and SARS.

Restricted Stock Plan:

During fiscal year 1990, the Company adopted a Restricted Stock Plan which provided that key management employees could be granted rights to purchase an aggregate of 375,000 shares of the Company’s common stock. The grants, transferability restrictions and purchase price were determined at the discretion of a special committee of the board of directors. The purchase price could not be less than the par value of the common stock. Transferability of shares is restricted for a four-year period, except in the event of a change in control as defined. As a result of the adoption by the Company’s stockholders of the 2005 Stock Award Plan, the Restricted Stock Plan was discontinued. No additional grants will be made under this plan. As of April 30, 2017 and 2016, grants for 7,500 shares are available to be purchased at a price of $4.00 per share.

Deferred Compensation Agreements:

The Company has a series of agreements with key employees providing for the payment of benefits upon retirement or death. Under these agreements, each key employee receives specified retirement payments for the remainder of the employee’s life with a minimum payment of ten years’ benefits to either the employee or his beneficiaries. The agreements also provide for lump sum payments upon termination of employment without cause and reduced benefits upon early retirement. The Company pays the benefits out of its working capital, but has also purchased whole life or term life insurance policies on the lives of certain of the participants to cover the optional lump sum obligations of the agreements upon the death of the participant. Deferred compensation expense charged to selling and administrative expenses during the years ended April 30, 2017 and 2016 was approximately $2,029,000 and $959,000, respectively.

Life Insurance Policies and Cash Held in Trust:

The whole-life insurance policies on the lives of certain participants covered by deferred compensation agreements have been placed in a trust. Upon the death of any insured participant, cash received from life insurance policies in excess of the Company’s deferred compensation obligations to the estate or beneficiaries of the deceased, are also placed in the trust. These assets belong to the Company until a change of control event, as defined in the trust agreement, should occur. At that time, the Company is required to add sufficient cash to the trust so as to match the deferred compensation liability described above. Such funds will be used to continue the deferred compensation arrangements following a change of control.

13. Income Taxes

12 Months Ended

Apr. 30, 2017

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

13. Income Taxes

The income before provision for income taxes consisted of (in thousands):

	Year Ended April 30,
	2017			2016
U.S.	$	(6,625	)	$	4,011
Foreign		(414	)		(737	)
	$	(7,039	)	$	3,274

The provision for income taxes consists of the following (in thousands):

	2017			2016
Current:
Federal	$	(677	)	$	1,060
Foreign		-			-
State		(84	)		250
Current provision		(761	)		1,310
Deferred:
Federal		(1,861	)		(150	)
Foreign		-			-
State		507			(90	)
Deferred benefit		(1,354	)		(240	)

Total provision	$	(2,115	)	$	1,070

For the year ended April 30, 2017, the Company recognized a tax benefit related to a current year domestic pretax loss compared to a provision for taxes in in the prior year related to domestic pretax income. The Company intends to carry back the fiscal 2017 domestic loss for a refund of taxes paid in prior years.

The following table reconciles the reported income tax expense with the amount computed using the federal statutory income tax rate (in thousands):

	2017			2016
Statutory rate	$	(2,394	)	$	1,113
State and local tax		(317	)		85
Valuation allowance on deferred tax assets		260			425
Effect of foreign operations		21			41
Nondeductible expenses		36			166
Worthless Securities		(1,543	)		-
Uncertain tax positions		1,511			-
Domestic production activities deduction		66			(159	)
Nontaxable life insurance cash value increase		(135	)		(282	)
Tax credits		(203	)		(417	)
Rate Change		477			-
Other items		106			98
	$	(2,115	)	$	1,070

The effective tax rate was impacted favorably by a U.S. tax deduction relating to the realization of the excess tax basis in common shares of FEI-Asia as the Company made an election to treat FEI-Asia as a disregarded entity. The effective tax rate was also impacted unfavorably by unrecognized tax benefits, a state tax rate change, and losses incurred at the Company’s foreign subsidiaries for which it receives no tax benefit.

The components of deferred taxes are as follows (in thousands):

	2017			2016
Deferred tax assets:
Employee benefits	$	7,590		$	8,295
Inventory		4,220			1,860
Accounts receivable		360			490
Tax credits		1,040			835
Foreign subsidiary – outside basis		2,710			-
Other assets		152			220
Net operating loss carryforwards		1,710			1,595
Total deferred tax asset		17,782			13,295
Deferred tax liabilities:
Marketable securities		(410	)		(200	)
Property, plant and equipment		(1,710	)		(660	)
Other liabilities		(60	)		(45	)
Deferred state income tax		(410	)		(600	)
Net deferred tax asset		15,192			11,790
Valuation allowance		(3,290	)		(950	)
Net deferred tax assets	$	11,902		$	10,840

The components of the deferred tax asset were as follows (in thousands):

	2017			2016
Gross deferred assets	$	15,192		$	11,790
Valuation allowance		(3,290	)		(950	)
Net deferred tax asset	$	11,902		$	10,840	*

*This amount consists of $3,138 included in current assets in deferred and prepaid income taxes and $7,702 included in non-current assets in deferred income taxes.

A valuation allowance is provided when it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. We consider the level of historical income, scheduled reversal of temporary differences, tax planning strategies and projected future taxable income in determining whether a valuation allowance is warranted. The valuation allowance of $3.3 million as of April 30, 2017, is intended to provide for uncertainty regarding the ultimate realization of U.S. state investment tax credit carryovers, capital loss assets and foreign net operating loss carryovers. Based on these considerations, we believe it is more likely than not that we will realize the benefit of the net deferred tax asset of $11.9 million as of April 30, 2017, which is net of the valuation allowance.

The consolidated valuation allowance excluding discontinued operations increased by approximately $2.3 million during the year ended April 30, 2017. The change consists of a $2.3 million deferred tax provision related to a capital loss asset, investment tax credits and a foreign net operating loss.

At April 30, 2017, the Company has available approximately $.9 million in net operating losses available to offset future income of certain of its foreign subsidiaries. These loss carryforwards have no expiration date. As a result of the acquisition of FEI-Elcom, the Company has a federal net operating loss carryforward of $4.4 million which may be applied in annually limited amounts to offset future U.S.-sourced taxable income over the next 14 years. As of April 30, 2017, the Company has state investment tax credits of $1 million. The state investment tax credit expires beginning in 2023 through 2032.

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, is as follows:

Balance at April 30, 2016	$	-
Additions based on positions taken in the current year		1,323
Additions based on positions taken in prior years		303
Decreases based on positions taken in prior years		-
Balance at April 30, 2017	$	1,626

The entire amount reflected in the table above at April 30, 2017, if recognized, would reduce our effective tax rate. As of April 30, 2017 and 2016, the Company had $21,000 and $0, respectively, accrued for the payment of interest and penalties. For the fiscal years ended April 30, 2017 and 2016, the Company recognized interest and penalties of $21,000 and $0, respectively. It is difficult to predict or estimate the change in the Company’s unrecognized tax benefits over the next twelve months as a result of the progression of ongoing tax audits or other events. The Company believes, however, that it is reasonably possible that decreases in unrecognized tax benefits of up to $.2 million may be recognized during the next twelve months.

The Company is subject to taxation in the U.S. and various state, local and foreign jurisdictions. The Company is no longer subject to examination of its federal income tax returns by the Internal Revenue Service for fiscal years 2013 and prior. In June 2017, the Company received notification from the Internal Revenue Service that it is seeking to review its tax return for the year ended April 30, 2016. The Company is no longer subject to examination by the taxing authorities in its foreign jurisdictions for fiscal 2013 and prior. Net operating losses generated by domestic and foreign entities in closed years and utilized in open years are subject to adjustment by the tax authorities.

14. Segment Information

12 Months Ended

Apr. 30, 2017

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

14. Segment Information

The Company operates under two 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)

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 and FEI-Asia. FEI-Asia functions as a manufacturing facility for the FEI-NY segment 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 accounting policies of the two segments are the same as those described in the “Summary of Significant Accounting Policies.” The Company evaluates the performance of its segments and allocates resources to them based on operating profit which is defined as income before investment income, interest expense and taxes. The president of FEI-Zyfer manages the assets of one segment. All acquired assets, including intangible assets, are included in the assets of both reporting segments.

The table below presents information about reported segments for each of the years ended April 30 with reconciliation of segment amounts to consolidated amounts as reported in the statement of operations or the balance sheet for each of the years (in thousands):

	2017			2016
Net revenues:
FEI-NY	$	39,486		$	44,238
FEI-Zyfer		14,853			12,285
Less intersegment revenues		(3,988	)		(1,107	)
Consolidated revenues	$	50,351		$	55,416

Operating profit (loss):
FEI-NY	$	(3,093	)	$	943
FEI-Zyfer		(2,937	)		1,996
Corporate		(1,495	)		(471	)
Consolidated operating (loss) profit	$	(7,525	)	$	2,468

	2017			2016
Identifiable assets:
FEI-NY (approximately $1.7 and $2.5 million in China)	$	64,828		$	62,999
FEI-Zyfer		10,427			13,275
less intersegment receivables		(11,992	)		(7,658	)
Corporate		50,056			53,561
Consolidated identifiable assets	$	113,319		$	122,177

Depreciation and amortization (allocated):
FEI-NY	$	2,471	$	2,323
FEI-Zyfer		152		160
Corporate		15		15
Consolidated depreciation and amortization expense	$	2,638	$	2,498

Major Customers

The Company’s products are sold to both commercial and governmental customers. For the years ended April 30, 2017 and 2016, approximately 59% and 65% respectively, of the Company’s sales were made under contracts to the U.S. Government or subcontracts for U.S. Government end-use.

In fiscal year 2017, sales to three customers of the FEI-NY segment accounted for more than 10% of that segment’s sales. Two of these customers also exceeded 10% of the Company’s consolidated revenues. In the FEI-Zyfer segment, one customer accounted for more than 10% of that segment’s sales and also exceeded 10% of the Company’s consolidated revenues.

In fiscal year 2016, sales to four customers of the FEI-NY segment aggregated $30.7 million or 69% of that segment’s total sales. Two of these customers also exceeded 10% of the Company’s consolidated revenues. In the FEI-Zyfer segment, two customers accounted for more than 10% of that segment’s sales. None of the customers in the FEI-Zyfer segment accounted for more than 10% of consolidated revenues.

The loss by the Company of any one of these customers would have a material adverse effect on the Company’s business. The Company believes its relationship with these customers to be mutually satisfactory. Sales to major customers above can include commercial and governmental end users.

Foreign Sales

Revenues in each of the Company’s segments include sales to foreign governments or to companies located in foreign countries. Revenues, based on the location of the procurement entity and excluding intersegment sales, were derived from the following countries:

	(in thousands)
	2017		2016
Belgium	$	167	$	132
France		508		1,681
China		1,052		1,798
Israel		110		1,139
Russia		168		853
Germany		5		283
Italy		1,059		356
South Korea		912		-
Other		519		534
	$	4,500	$	6,776

15. Product Warranties

12 Months Ended

Apr. 30, 2017

Product Warranties Disclosures [Abstract]

Product Warranty Disclosure [Text Block]

15. Product Warranties

The Company generally provides its customers with a one-year warranty regarding the manufactured quality and functionality of its products. For some limited products, the warranty period has been extended. The Company establishes warranty reserves based on its product history, current information on repair costs and annual sales levels. Changes in the carrying amount of accrued product warranty costs are as follows (in thousands):

	Year Ended April 30,
	2017			2016
Balance at beginning of year	$	557		$	557
Warranty costs incurred		(159	)		(296	)
Product warranty accrual		159			296
Balance at end of year	$	557		$	557

16. Other Comprehensive Income (Loss)

12 Months Ended

Apr. 30, 2017

Disclosure Text Block Supplement [Abstract]

Other Comprehensive Income, Noncontrolling Interest [Text Block]

16. Other Comprehensive Income (Loss)

Changes in Accumulated Other Comprehensive Income (“AOCI”) by component and reclassifications out of AOCI are as follows (in thousands):

	Change in						Foreign
	Market Value						Currency
	of Marketable						Translation
	Securities						Adjustment			Total
Balance April 30, 2015, net of taxes				$	985		$	1,905		$	2,890
Items of other comprehensive income (loss) before reclassification, pretax					(150	)		(753	)		(903	)
Tax effect					51			-			51
Items of other comprehensive income (loss) before reclassification, net of taxes					(99	)		(753	)		(852	)
Reclassification adjustments, pretax **		(131	)
Tax effect		57			(74	)		-			(74	)
Total other comprehensive income (loss), net of taxes					(173	)		(753	)		(926	)
Balance April 30, 2016, net of taxes					812			1,152			1,964
Items of other comprehensive income (loss) before reclassification, pretax					534			(38	)		496
Tax effect					(182	)		-			(182	)
Items of other comprehensive income (loss) before reclassification, net of taxes					352			(38	)		314
Reclassification adjustments, pretax **		28
Tax effect		(25	)		3			-			3
Total other comprehensive income (loss), net of taxes					355			(38	)		317
Balance April 30, 2017, net of taxes				$	1,167		$	1,114		$	2,281

**The reclassification adjustments represent net realized gains on the sale or redemption of available-for-sale marketable securities that were reclassified from AOCI to Other income (expense), net.

Accounting Policies, by Policy (Policies)

12 Months Ended

Apr. 30, 2017

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Principles of Consolidation:

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash Equivalents:

Marketable Securities, Policy [Policy Text Block]

Marketable Securities:

Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block]

Allowance for Doubtful Accounts:

Property, Plant and Equipment, Policy [Policy Text Block]

Property, Plant and Equipment:

Inventory, Policy [Policy Text Block]

Inventories:

Inventories, which consist of finished goods, work-in-process, raw materials and components, are accounted for at the lower of cost (specific and average) or market.

Depreciation, Depletion, and Amortization [Policy Text Block]

Depreciation and Amortization:

Amortization of identifiable intangible assets is based upon the expected lives of the assets and is recorded at a rate which approximates the Company’s utilization of the assets.

Intangible Assets, Finite-Lived, Policy [Policy Text Block]

Intangible Assets:

Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]

Goodwill:

Revenue Recognition, Policy [Policy Text Block]

Revenue and Cost Recognition:

On production-type orders, revenue is recorded as units are delivered with the related cost of sales recognized on each shipment based upon a percentage of estimated final program costs.

Comprehensive Income, Policy [Policy Text Block]

Comprehensive (Loss) Income:

Research and Development Expense, Policy [Policy Text Block]

Research and Development Expenses:

Income Tax, Policy [Policy Text Block]

Income Taxes:

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share:

Fair Value of Financial Instruments, Policy [Policy Text Block]

Fair Values of Financial Instruments:

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Foreign Operations and Foreign Currency Adjustments:

Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]

Equity-based Compensation:

	Years ended April 30
	2017			2016
Expected volatility		35	%		35	%
Dividend yield		0.0	%		0.0	%
Risk-free interest rate	1.85% and 1.14		%	1.35% and 1.50		%
Expected lives	5.0 years			5.0 years

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Concentration of Credit Risk

New Accounting Pronouncements, Policy [Policy Text Block]

New Accounting Pronouncements:

1. Summary of Accounting Policies (Tables)

12 Months Ended

Apr. 30, 2017

Accounting Policies [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Years ended April 30
	2017			2016
Expected volatility		35	%		35	%
Dividend yield		0.0	%		0.0	%
Risk-free interest rate	1.85% and 1.14		%	1.35% and 1.50		%
Expected lives	5.0 years			5.0 years

2. Discontinued Operations (Tables)

12 Months Ended

Apr. 30, 2017

Consolidated Statements of Operations and Comprehensive (Loss) Income [Member]

2. Discontinued Operations (Tables) [Line Items]

Disposal Groups, Including Discontinued Operations [Table Text Block]

Summarized operating results for the Gillam discontinued operations, for the years ended April 30, 2017 and 2016 respectively, are as follows:

	For the years ended April 30,
	2017			2016
Revenues	$	5,985		$	5,942
Cost of revenues		4,407			4,781
Gross Margin		1,578			1,161
Selling and administrative expenses		1,714			1,826
Research and development expenses		408			501
Operating Loss		(544	)		(1,166	)
Other income (expense):
Investment (loss) income		(3	)		2
Other income (expense), net		-			(35	)
Loss before provision for income taxes		(547	)		(1,199	)
Provision for income taxes		650			-
Net income (loss)	$	103		$	(1,199	)

Balance Sheets [Member]

2. Discontinued Operations (Tables) [Line Items]

Disposal Groups, Including Discontinued Operations [Table Text Block]

The carrying amounts of assets and liabilities for the Gillam discontinued operations are as follows:

	April 30,
	2017		2016

Cash and cash equivalents	$	575	$	264
Accounts receivable, net of allowance for doubtful accounts		3,202		3,384
Inventories, net		3,980		4,999
Prepaid expenses and other		408		191
Total current assets of discontinued operations	$	8,165	$	8,838
Property, plant and equipment, at cost, net of accumulated depreciation and amortization	$	555	$	757
Investments		14		15
Deferred taxes – non-current		-		-
Total non-current assets of discontinued operations	$	569	$	772

Accounts payable – trade	$	949	$	1,035
Accrued liabilities		1,300		1,629
Total current liabilities of discontinued operations		2,249		2,664
Deferred rent and other liabilities		1,215		641
Total non-current liabilities of discontinued operations	$	1,215	$	641

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760

+ Details

3. Earnings Per Share (Tables)

12 Months Ended

Apr. 30, 2017

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

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

	Years ended April 30,
	2017		2016
Basic EPS Shares outstanding (weighted average)		8,787,082		8,727,874
Effect of Dilutive Securities		**		209,035
Diluted EPS Shares outstanding		8,787,082		8,936,909

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

	Years ended April 30,
	2017		2016
Outstanding options and SARS excluded		**		388,625

4. Costs and Estimated Earnings in Excess of Billings (Tables)

12 Months Ended

Apr. 30, 2017

Contractors [Abstract]

Costs and Estimated Earnings in Excess of Billings, Net [Table Text Block]

At April 30, 2017 and 2016, costs and estimated earnings in excess of billings, net, consist of the following:

	2017			2016
	(in thousands)
Costs and estimated earnings in excess of billings	$	8,890		$	12,460
Billings in excess of costs and estimated earnings		(926	)		(83	)
Net asset	$	7,964		$	12,377

5. Inventories (Tables)

12 Months Ended

Apr. 30, 2017

Inventory Disclosure [Abstract]

Schedule of Inventory, Current [Table Text Block]

Inventories at April 30, 2017 and 2016, respectively, consisted of the following (in thousands):

	2017		2016
Raw Materials and Component Parts	$	17,702	$	23,840
Work in Progress		7,340		8,316
Finished Goods		4,009		4,124
	$	29,051	$	36,280

6. Property, Plant and Equipment and Leases (Tables)

12 Months Ended

Apr. 30, 2017

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property, plant and equipment at April 30, 2017 and 2016, consists of the following (in thousands):

	2017		2016
Buildings and building improvements	$	2,646	$	2,643
Machinery, equipment and furniture		56,435		51,468
		59,081		54,111
Less, accumulated depreciation		44,268		41,797
	$	14,813	$	12,314

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Future noncancelable minimum lease payments required by the operating leases are as follows (in thousands):

Years ending
April 30,	Operating Leases
2018	$	1,535
2019		900
2020		322
2021		332
2022		342
Thereafter		994
Total future minimum lease payments	$	4,425

7. Marketable Securities (Tables)

12 Months Ended

Apr. 30, 2017

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 April 30, 2017 and 2016 are as follows (in thousands):

	April 30, 2017
			Gross		Gross			Fair
			Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Fixed income securities	$	1,516	$	60	$	-		$	1,576
Equity securities		5,230		1,248		(239	)		6,239
	$	6,746	$	1,308	$	(239	)	$	7,815

	April 30, 2016
			Gross		Gross			Fair
			Unrealized		Unrealized			Market
	Cost		Gains		Losses			Value
Fixed income securities	$	3,407	$	121	$	(6	)	$	3,522
Equity securities		7,197		974		(582	)		7,589
	$	10,604	$	1,095	$	(588	)	$	11,111

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:

	Less than 12 months					12 Months or more					Total
	Fair		Unrealized			Fair		Unrealized			Fair		Unrealized
	Value		Losses			Value		Losses			Value		Losses
April 30, 2017
Fixed Income Securities	$	-	$	-		$	-	$	-		$	-	$	-
Equity Securities		219		(9	)		1,024		(230	)		1,243		(239	)
	$	219	$	(9	)	$	1,024	$	(230	)	$	1,243	$	(239	)
April 30, 2016
Fixed Income Securities	$	-	$	-		$	467	$	(6	)	$	467	$	(6	)
Equity Securities		574		(18	)		2,232		(564	)		2,806		(582	)
	$	574	$	(18	)	$	2,699	$	(570	)	$	3,273	$	(588	)

Realized Gain (Loss) on Investments [Table Text Block]

	For the years ended April 30,
	2017			2016
Proceeds	$	4,397		$	1,267
Gross realized gains	$	156		$	147
Gross realized losses	$	(184	)	$	(16	)

Fair Value, by Balance Sheet Grouping [Table Text Block]

Maturities of fixed income securities classified as available-for-sale at April 30, 2017 are as follows (at cost, in thousands):

Current	$	-
Due after one year through five years		201
Due after five years through ten years		1,315
	$	1,516

- Definition

Tabular disclosure of available-for-sale securities which includes, but is not limited to, changes in the cost basis and fair value, fair value and gross unrealized gain (loss), fair values by type of security, contractual maturity and classification, amortized cost basis, contracts to acquire securities to be accounted for as available-for-sale, debt maturities, transfers to trading, change in net unrealized holding gain (loss) net of tax, continuous unrealized loss position fair value, aggregate losses qualitative disclosures, other than temporary impairment (OTTI) losses or other disclosures related to available for sale securities.

+ References + Details

9. Accrued Liabilities (Tables)

12 Months Ended

Apr. 30, 2017

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities [Table Text Block]

Accrued liabilities at April 30, 2017 and 2016 consist of the following (in thousands):

	2017		2016
Vacation and other compensation	$	1,467	$	1,683
Incentive compensation		265		677
Payroll taxes		128		137
Deferred revenue		232		578
Warranty reserve		557		557
Commissions		234		252
Other		542		595
	$	3,425	$	4,479

12. Employee Benefit Plans (Tables)

12 Months Ended

Apr. 30, 2017

Disclosure Text Block Supplement [Abstract]

Share-based Compensation, Stock Options, Activity [Table Text Block]

The following table summarizes information about stock option and stock appreciation rights activity for the years ended April 30:

	Stock Options and Stock Appreciation Rights
						Weighted Average
				Weighted-		Remaining
				Average		Contractual	Aggregate
	Shares			Exercise Price		Term	Intrinsic Value
Outstanding – April 30, 2015		1,603,125		$	8.90	5.8 years
Granted		72,000			12.30
Exercised		(19,500	)		9.15			$	19,110
Expired or Canceled		(3,000	)		10.39
Outstanding – April 30, 2016		1,652,625		$	9.05	5.1 years
Granted		175,000			10.65
Exercised		(35,500	)		6.02			$	158,920
Expired or Canceled		(157,000	)		12.02
Outstanding – April 30, 2017		1,635,125		$	9.00	4.3 years		$	2,974,178
Exercisable		1,280,625		$	8.35	4.0 years		$	2,958,083
Available for future grants		18,563

13. Income Taxes (Tables)

12 Months Ended

Apr. 30, 2017

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The income before provision for income taxes consisted of (in thousands):

	Year Ended April 30,
	2017			2016
U.S.	$	(6,625	)	$	4,011
Foreign		(414	)		(737	)
	$	(7,039	)	$	3,274

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes consists of the following (in thousands):

	2017			2016
Current:
Federal	$	(677	)	$	1,060
Foreign		-			-
State		(84	)		250
Current provision		(761	)		1,310
Deferred:
Federal		(1,861	)		(150	)
Foreign		-			-
State		507			(90	)
Deferred benefit		(1,354	)		(240	)

Total provision	$	(2,115	)	$	1,070

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following table reconciles the reported income tax expense with the amount computed using the federal statutory income tax rate (in thousands):

	2017			2016
Statutory rate	$	(2,394	)	$	1,113
State and local tax		(317	)		85
Valuation allowance on deferred tax assets		260			425
Effect of foreign operations		21			41
Nondeductible expenses		36			166
Worthless Securities		(1,543	)		-
Uncertain tax positions		1,511			-
Domestic production activities deduction		66			(159	)
Nontaxable life insurance cash value increase		(135	)		(282	)
Tax credits		(203	)		(417	)
Rate Change		477			-
Other items		106			98
	$	(2,115	)	$	1,070

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred taxes are as follows (in thousands):

	2017			2016
Deferred tax assets:
Employee benefits	$	7,590		$	8,295
Inventory		4,220			1,860
Accounts receivable		360			490
Tax credits		1,040			835
Foreign subsidiary – outside basis		2,710			-
Other assets		152			220
Net operating loss carryforwards		1,710			1,595
Total deferred tax asset		17,782			13,295
Deferred tax liabilities:
Marketable securities		(410	)		(200	)
Property, plant and equipment		(1,710	)		(660	)
Other liabilities		(60	)		(45	)
Deferred state income tax		(410	)		(600	)
Net deferred tax asset		15,192			11,790
Valuation allowance		(3,290	)		(950	)
Net deferred tax assets	$	11,902		$	10,840

	2017			2016
Gross deferred assets	$	15,192		$	11,790
Valuation allowance		(3,290	)		(950	)
Net deferred tax asset	$	11,902		$	10,840	*

*This amount consists of $3,138 included in current assets in deferred and prepaid income taxes and $7,702 included in non-current assets in deferred income taxes.

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending amounts of unrecognized tax benefits, is as follows:

Balance at April 30, 2016	$	-
Additions based on positions taken in the current year		1,323
Additions based on positions taken in prior years		303
Decreases based on positions taken in prior years		-
Balance at April 30, 2017	$	1,626

14. Segment Information (Tables)

12 Months Ended

Apr. 30, 2017

Segment Reporting [Abstract]

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

	2017			2016
Net revenues:
FEI-NY	$	39,486		$	44,238
FEI-Zyfer		14,853			12,285
Less intersegment revenues		(3,988	)		(1,107	)
Consolidated revenues	$	50,351		$	55,416

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

Operating profit (loss):
FEI-NY	$	(3,093	)	$	943
FEI-Zyfer		(2,937	)		1,996
Corporate		(1,495	)		(471	)
Consolidated operating (loss) profit	$	(7,525	)	$	2,468

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

	2017			2016
Identifiable assets:
FEI-NY (approximately $1.7 and $2.5 million in China)	$	64,828		$	62,999
FEI-Zyfer		10,427			13,275
less intersegment receivables		(11,992	)		(7,658	)
Corporate		50,056			53,561
Consolidated identifiable assets	$	113,319		$	122,177

Reconciliation of Other Significant Reconciling Items from Segments to Consolidated [Table Text Block]

Depreciation and amortization (allocated):
FEI-NY	$	2,471	$	2,323
FEI-Zyfer		152		160
Corporate		15		15
Consolidated depreciation and amortization expense	$	2,638	$	2,498

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

	(in thousands)
	2017		2016
Belgium	$	167	$	132
France		508		1,681
China		1,052		1,798
Israel		110		1,139
Russia		168		853
Germany		5		283
Italy		1,059		356
South Korea		912		-
Other		519		534
	$	4,500	$	6,776

15. Product Warranties (Tables)

12 Months Ended

Apr. 30, 2017

Product Warranties Disclosures [Abstract]

Schedule of Product Warranty Liability [Table Text Block]

Changes in the carrying amount of accrued product warranty costs are as follows (in thousands):

	Year Ended April 30,
	2017			2016
Balance at beginning of year	$	557		$	557
Warranty costs incurred		(159	)		(296	)
Product warranty accrual		159			296
Balance at end of year	$	557		$	557

16. Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Apr. 30, 2017

Disclosure Text Block Supplement [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

Changes in Accumulated Other Comprehensive Income (“AOCI”) by component and reclassifications out of AOCI are as follows (in thousands):

	Change in						Foreign
	Market Value						Currency
	of Marketable						Translation
	Securities						Adjustment			Total
Balance April 30, 2015, net of taxes				$	985		$	1,905		$	2,890
Items of other comprehensive income (loss) before reclassification, pretax					(150	)		(753	)		(903	)
Tax effect					51			-			51
Items of other comprehensive income (loss) before reclassification, net of taxes					(99	)		(753	)		(852	)
Reclassification adjustments, pretax **		(131	)
Tax effect		57			(74	)		-			(74	)
Total other comprehensive income (loss), net of taxes					(173	)		(753	)		(926	)
Balance April 30, 2016, net of taxes					812			1,152			1,964
Items of other comprehensive income (loss) before reclassification, pretax					534			(38	)		496
Tax effect					(182	)		-			(182	)
Items of other comprehensive income (loss) before reclassification, net of taxes					352			(38	)		314
Reclassification adjustments, pretax **		28
Tax effect		(25	)		3			-			3
Total other comprehensive income (loss), net of taxes					355			(38	)		317
Balance April 30, 2017, net of taxes				$	1,167		$	1,114		$	2,281

**The reclassification adjustments represent net realized gains on the sale or redemption of available-for-sale marketable securities that were reclassified from AOCI to Other income (expense), net.

1. Summary of Accounting Policies (Details)	12 Months Ended
1. Summary of Accounting Policies (Details)	Apr. 30, 2017
Certification Marks [Member]
1. Summary of Accounting Policies (Details) [Line Items]
Finite-Lived Intangible Asset, Useful Life	3 years
Building [Member]
1. Summary of Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	40 years
Other Depreciable Assets [Member] \| Minimum [Member]
1. Summary of Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Other Depreciable Assets [Member] \| Maximum [Member]
1. Summary of Accounting Policies (Details) [Line Items]
Property, Plant and Equipment, Useful Life	10 years

1. Summary of Accounting Policies (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
1. Summary of Accounting Policies (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items]
Expected volatility	35.00%	35.00%
Dividend yield	0.00%	0.00%
Expected lives	5 years	5 years
Minimum [Member]
1. Summary of Accounting Policies (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items]
Risk-free interest rate	1.85%	1.35%
Maximum [Member]
1. Summary of Accounting Policies (Details) - Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Line Items]
Risk-free interest rate	1.14%	1.50%

2. Discontinued Operations (Details) - Disposal Groups, Including Discontinued Operations - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Disposal Groups, Including Discontinued Operations [Abstract]
Revenues	$ 5,985	$ 5,942
Cost of revenues	4,407	4,781
Gross Margin	1,578	1,161
Selling and administrative expenses	1,714	1,826
Research and development expenses	408	501
Operating Loss	(544)	(1,166)
Other income (expense):
Investment (loss) income	(3)	2
Other income (expense), net	0	(35)
Loss before provision for income taxes	(547)	(1,199)
Provision for income taxes	650	0
Net income (loss)	$ 103	$ (1,199)

2. Discontinued Operations (Details) - Disposal Groups, Including Discontinued Operations - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Disposal Groups, Including Discontinued Operations [Abstract]
Cash and cash equivalents	$ 575	$ 264
Accounts receivable, net of allowance for doubtful accounts	3,202	3,384
Inventories, net	3,980	4,999
Prepaid expenses and other	408	191
Total current assets of discontinued operations	8,165	8,838
Property, plant and equipment, at cost, net of accumulated depreciation and amortization	555	757
Investments	14	15
Deferred taxes – non-current	0	0
Total non-current assets of discontinued operations	569	772
Accounts payable – trade	949	1,035
Accrued liabilities	1,300	1,629
Total current liabilities of discontinued operations	2,249	2,664
Deferred rent and other liabilities	1,215	641
Total non-current liabilities of discontinued operations	$ 1,215	$ 641

3. Earnings Per Share (Details) - shares	12 Months Ended
3. Earnings Per Share (Details) - shares	Apr. 30, 2017	Apr. 30, 2016
3. Earnings Per Share (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		388,625
Equity Option [Member]
3. Earnings Per Share (Details) [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,280,625

3. Earnings Per Share (Details) - Schedule of Earnings Per Share, Basic and Diluted - shares

12 Months Ended

Apr. 30, 2017

Apr. 30, 2016

Schedule of Earnings Per Share, Basic and Diluted [Abstract]

Basic EPS Shares outstanding (weighted average)

8,787,082

8,727,874

Effect of Dilutive Securities

^[1]

209,035

Diluted EPS Shares outstanding

8,787,082

8,936,909

[1]	For the year ended April 30, 2017, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the period. The exercisable shares excluded are 1,280,625.

3. Earnings Per Share (Details) - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [	12 Months Ended
	Apr. 30, 2016 shares
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [ [Abstract]
Outstanding options and SARS excluded	388,625

4. Costs and Estimated Earnings in Excess of Billings (Details) - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
4. Costs and Estimated Earnings in Excess of Billings (Details) [Line Items]
Revenues	$ 50,351,000	$ 55,416,000
Contracts Accounted for under Percentage of Completion [Member]
4. Costs and Estimated Earnings in Excess of Billings (Details) [Line Items]
Revenues	26,400,000	32,500,000
Anticipated Loss on Contracts	$ 300,000	$ 450,000

4. Costs and Estimated Earnings in Excess of Billings (Details) - Costs and Estimated Earnings in Excess of Billings, Net - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Costs and Estimated Earnings in Excess of Billings, Net [Abstract]
Costs and estimated earnings in excess of billings	$ 8,890	$ 12,460
Billings in excess of costs and estimated earnings	(926)	(83)
Net asset	$ 7,964	$ 12,377

5. Inventories (Details) - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
5. Inventories (Details) [Line Items]
Inventory, Net	$ 29,051	$ 36,280
UNITED STATES
5. Inventories (Details) [Line Items]
Inventory, Net	28,200	35,300
CHINA
5. Inventories (Details) [Line Items]
Inventory, Net	800	$ 1,000
Frequency Electronics Inc Zyfer [Member]
5. Inventories (Details) [Line Items]
Inventory Adjustments	5,000
Frequency Electronics Inc New York [Member]
5. Inventories (Details) [Line Items]
Inventory Adjustments	$ 2,000

5. Inventories (Details) - Schedule of Inventory, Current - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Schedule of Inventory, Current [Abstract]
Raw Materials and Component Parts	$ 17,702	$ 23,840
Work in Progress	7,340	8,316
Finished Goods	4,009	4,124
	$ 29,051	$ 36,280

6. Property, Plant and Equipment and Leases (Details)	12 Months Ended
6. Property, Plant and Equipment and Leases (Details)	Apr. 30, 2017 USD ($) ft²	Apr. 30, 2016 USD ($)
6. Property, Plant and Equipment and Leases (Details) [Line Items]
Depreciation	$ 2,610,000	$ 2,456,000
Cost of Property Repairs and Maintenance	675,000	593,000
Operating Leases, Future Minimum Payments Due	4,425,000
Operating Leases, Rent Expense	1,600,000	1,500,000
Deferred Rent Credit, Noncurrent	99,000	$ 214,000
Long Island, NY Headquarters [Member]
6. Property, Plant and Equipment and Leases (Details) [Line Items]
Operating Leases, Rent Expense, Minimum Rentals	$ 800,000
Lessee, Operating Lease, Renewal Term	5 years
FEI-Elcom Office and Manufacturing Lease [Member]
6. Property, Plant and Equipment and Leases (Details) [Line Items]
Operating Leases, Rent Expense, Minimum Rentals	$ 40,000
Area of Real Estate Property (in Square Feet) \| ft²	32,000
FEI-Asia Facility Lease [Member]
6. Property, Plant and Equipment and Leases (Details) [Line Items]
Operating Leases, Rent Expense, Minimum Rentals	$ 1,000
FEI-Zyfer Office and Manufacturing Leases [Member]
6. Property, Plant and Equipment and Leases (Details) [Line Items]
Operating Leases, Rent Expense, Minimum Rentals	$ 31,200
Lessee, Operating Lease, Renewal Term	88 months
Area of Real Estate Property (in Square Feet) \| ft²	27,850
Lessee, Operating Lease, Term of Contract	4 months
Operating Leases, Future Minimum Payments Due	$ 332,000

6. Property, Plant and Equipment and Leases (Details) - Schedule of Property, Plant and Equipment - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Schedule of Property, Plant and Equipment [Abstract]
Buildings and building improvements	$ 2,646	$ 2,643
Machinery, equipment and furniture	56,435	51,468
	59,081	54,111
Less, accumulated depreciation	44,268	41,797
	$ 14,813	$ 12,314

6. Property, Plant and Equipment and Leases (Details) - Schedule of Future Minimum Rental Payments for Operating Leases $ in Thousands	Apr. 30, 2017 USD ($)
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract]
2018	$ 1,535
2019	900
2020	322
2021	332
2022	342
Thereafter	994
Total future minimum lease payments	$ 4,425

7. Marketable Securities (Details) - Schedule of Available-for-sale Securities - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Schedule of Available-for-sale Securities [Line Items]
Cost	$ 6,746	$ 10,604
Gross Unrealized Gains	1,308	1,095
Gross Unrealized Losses	(239)	(588)
Fair Market Value	7,815	11,111
Fixed Income Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	1,516	3,407
Gross Unrealized Gains	60	121
Gross Unrealized Losses	0	(6)
Fair Market Value	1,576	3,522
Equity Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost	5,230	7,197
Gross Unrealized Gains	1,248	974
Gross Unrealized Losses	(239)	(582)
Fair Market Value	$ 6,239	$ 7,589

7. Marketable Securities (Details) - Schedule of Unrealized Gain (Loss) on Investments - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
7. Marketable Securities (Details) - Schedule of Unrealized Gain (Loss) on Investments [Line Items]
Fair Value, Less than 12 months	$ 219	$ 574
Unrealized Losses, Less than 12 months	(9)	(18)
Fair Value, Morethan 12 months	1,024	2,699
Unrealized Losses, More than 12 months	(230)	(570)
Fair Value	1,243	3,273
Unrealized Losses	(239)	(588)
Fixed Income Securities [Member]
7. Marketable Securities (Details) - Schedule of Unrealized Gain (Loss) on Investments [Line Items]
Fair Value, Less than 12 months	0	0
Unrealized Losses, Less than 12 months	0	0
Fair Value, Morethan 12 months	0	467
Unrealized Losses, More than 12 months	0	(6)
Fair Value	0	467
Unrealized Losses	0	(6)
Equity Securities [Member]
7. Marketable Securities (Details) - Schedule of Unrealized Gain (Loss) on Investments [Line Items]
Fair Value, Less than 12 months	219	574
Unrealized Losses, Less than 12 months	(9)	(18)
Fair Value, Morethan 12 months	1,024	2,232
Unrealized Losses, More than 12 months	(230)	(564)
Fair Value	1,243	2,806
Unrealized Losses	$ (239)	$ (582)

7. Marketable Securities (Details) - Schedule of Realized Gain (Loss) on Investments - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Schedule of Realized Gain (Loss) on Investments [Abstract]
Proceeds	$ 4,397	$ 1,267
Gross realized gains	156	147
Gross realized losses	$ (184)	$ (16)

7. Marketable Securities (Details) - Schedule of Fair Value, by Balance Sheet Grouping - Fixed Income Securities [Member] $ in Thousands	Apr. 30, 2017 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Current	$ 0
Due after one year through five years	201
Due after five years through ten years	1,315
	$ 1,516

9. Accrued Liabilities (Details) - Schedule of Accrued Liabilities - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Schedule of Accrued Liabilities [Abstract]
Vacation and other compensation	$ 1,467	$ 1,683
Incentive compensation	265	677
Payroll taxes	128	137
Deferred revenue	232	578
Warranty reserve	557	557	$ 557
Commissions	234	252
Other	542	595
	$ 3,425	$ 4,479

- Definition

The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.

+ References + Details

10. Investment in Morion, Inc. (Details) - Morion Inc [Member] - USD ($)		1 Months Ended	12 Months Ended
	Oct. 22, 2012	Nov. 30, 2012	Apr. 30, 2017	Apr. 30, 2016	Mar. 29, 2016
10. Investment in Morion, Inc. (Details) [Line Items]
Cost Method Investment Ownership Percentage			4.60%
Related Party Transaction, Purchases from Related Party			$ 317,000	$ 140,000
Revenue from Related Parties		$ 375,000	10,000	845,000
Accounts Receivable, Related Parties, Current			18,000
Accounts Payable, Related Parties, Current				13,000
Proceeds from Dividends Received			249,000	30,000
Licensing Agreement [Member]
10. Investment in Morion, Inc. (Details) [Line Items]
Revenue from Related Parties			$ 210,000
Long-term Purchase Commitment, Description	The agreement required the Company to sell certain fully-depreciated production equipment previously 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.
License And Equipment Fee Receivable	$ 2,700,000				$ 602,000
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
License and Services Revenue				$ 392,500

11. Goodwill and Other Intangible Assets (Details) - USD ($)	Feb. 29, 2012	Apr. 30, 2004
Frequency Electronics Inc Zyfer [Member]
11. Goodwill and Other Intangible Assets (Details) [Line Items]
Goodwill		$ 219,000
FEI-Elcom [Member]
11. Goodwill and Other Intangible Assets (Details) [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 398,000

12. Employee Benefit Plans (Details)	12 Months Ended
12. Employee Benefit Plans (Details)	Apr. 30, 2017 USD ($) $ / shares shares	Apr. 30, 2016 USD ($) $ / shares shares	Apr. 30, 2014 shares	Apr. 30, 1990 shares
12. Employee Benefit Plans (Details) [Line Items]
Stock Issued During Period, Value, Employee Benefit Plan (in Dollars) \| $	$ 493,000	$ 498,000
Number of Plans	2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	175,000	72,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	1,635,125	1,652,625	1,603,125
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	1,280,625
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share) \| $ / shares	$ 8.35
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	35,500	19,500
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	18,563
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) \| $	$ 1,016,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 219 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares	159,500	151,500
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value (in Dollars) \| $	$ 694,000	$ 661,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value (in Dollars per share) \| $ / shares	$ 3.48	$ 4.06
Employee Benefits and Share-based Compensation (in Dollars) \| $	$ 2,519,000	$ 1,450,000
Share-based Compensation (in Dollars) \| $	$ 662,000	$ 824,000
United States Post-Retirement Benefit Plan of US Entity, Defined Benefit [Member]
12. Employee Benefit Plans (Details) [Line Items]
Stock Issued During Period, Shares, Employee Benefit Plan	47,839	46,743
Stock Issued During Period, Value, Employee Benefit Plan (in Dollars) \| $	$ 493,000	$ 498,000
Adjustments to Additional Paid in Capital, Share-based Compensation, Employee Stock Purchase Program, Requisite Service Period Recognition (in Dollars) \| $	$ 274,000	283,000
Common Stock, Capital Shares Reserved for Future Issuance	738,064
Income Incentive Pool [Member]
12. Employee Benefit Plans (Details) [Line Items]
Accrued Bonuses (in Dollars) \| $	$ 272,000	$ 702,000
Restricted Stock Plan [Member]
12. Employee Benefit Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	7,500	7,500		375,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercise Price (in Dollars per share) \| $ / shares	$ 4.00	$ 4.00
Deferred Compensation Agreement [Member]
12. Employee Benefit Plans (Details) [Line Items]
Deferred Compensation Arrangement with Individual, Description	Under these agreements, each key employee receives specified retirement payments for the remainder of the employee’s life with a minimum payment of ten years’ benefits to either the employee or his beneficiaries. The agreements also provide for lump sum payments upon termination of employment without cause and reduced benefits upon early retirement.
Deferred Compensation Arrangement with Individual, Compensation Expense (in Dollars) \| $	$ 2,029,000	$ 959,000
Employee Stock Option [Member]
12. Employee Benefit Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	5 years
Employee Benefits and Share-based Compensation (in Dollars) \| $	$ 229,000	265,000
Share-based Compensation (in Dollars) \| $	424,000	559,000
Deferred Tax Expense from Stock Options Exercised (in Dollars) \| $	$ 26,000	$ 141,000
Stock Appreciation Rights (SARs) [Member]
12. Employee Benefit Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Stock Appreciation Rights (SARs) [Member] \| Employees and Directors [Member]
12. Employee Benefit Plans (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	2,197,000	2,021,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	1,635,000	1,653,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number	1,281,000	1,314,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share) \| $ / shares	$ 8.35	$ 8.45
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period	35,500	19,500
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures	15,273	5,736
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	20,227	13,764

12. Employee Benefit Plans (Details) - Schedule of Share-based Compensation, Stock Options, Activity - USD ($)	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016	Apr. 30, 2015
Schedule of Share-based Compensation, Stock Options, Activity [Abstract]
Options, Shares Outstanding	1,652,625		1,603,125
Options, Weighted-Average Exercise Price (in Dollars per share)	$ 9.05		$ 8.90
Options, Weighted Average Remaining Contractual Term	4 years 109 days	5 years 36 days	5 years 292 days
Options, Shares Exercisable	1,280,625
Options, Weighted-Average Exercise Price Exercisable (in Dollars per share)	$ 8.35
Options, Weighted Average Remaining Contractual Term Exercisable	4 years
Options, Aggregate Intrinsic ValueExercisable (in Dollars)	$ 2,958,083
Available for future grants	18,563
Options, Shares Granted	175,000	72,000
Options, Weighted-Average Exercise Price Granted (in Dollars per share)	$ 10.65	$ 12.30
Options, Shares Exercised	(35,500)	(19,500)
Options, Weighted-Average Exercise Price Exercised (in Dollars per share)	$ 6.02	$ 9.15
Options, Aggregate Intrinsic Value Exercised (in Dollars)	$ 158,920	$ 19,110
Options, Shares Expired or Canceled	(157,000)	(3,000)
Options, Weighted-Average Exercise Price Expired or Canceled (in Dollars per share)	$ 12.02	$ 10.39
Options, Shares Outstanding	1,635,125	1,652,625
Options, Weighted-Average Exercise Price (in Dollars per share)	$ 9.00	$ 9.05
Options, Aggregate Intrinsic Value (in Dollars)	$ 2,974,178

13. Income Taxes (Details) - USD ($)

12 Months Ended

Apr. 30, 2017

Apr. 30, 2016

13. Income Taxes (Details) [Line Items]

Unrecognized Tax Benefits that Would Impact Effective Tax Rate

$ (200,000)

Deferred Income Taxes and Other Assets, Current

3,138

Deferred Income Taxes and Other Assets, Noncurrent

7,702

Deferred Tax Assets, Valuation Allowance, Noncurrent

3,290,000

$ 950,000

Deferred Tax Assets, Net of Valuation Allowance

11,902,000

10,840,000

^[1]

Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued

21,000

Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense

21,000

$ 0

Domestic Tax Authority [Member]

13. Income Taxes (Details) [Line Items]

Operating Loss Carryforwards

$ 4,400,000

Operating Loss Carryforwards, Limitations on Use

$4.4 million which may be applied in annually limited amounts to offset future U.S.-sourced taxable income over the next 14 years

State and Local Jurisdiction [Member] | Investment Tax Credit Carryforward [Member]

13. Income Taxes (Details) [Line Items]

Tax Credit Carryforward, Amount

$ 1,000,000

Valuation Allowance of Deferred Tax Assets [Member]

13. Income Taxes (Details) [Line Items]

Valuation Allowances and Reserves, Period Increase (Decrease)

2,300,000

Valuation Allowance of Deferred Tax Assets [Member] | Foreign Tax Authority [Member]

13. Income Taxes (Details) [Line Items]

Valuation Allowances and Reserves, Period Increase (Decrease)

$ 2,300,000

Minimum [Member]

13. Income Taxes (Details) [Line Items]

Tax Credit Carryforward, Expiration Year

2032

[1]	This amount consists of $3,138 included in current assets in deferred and prepaid income taxes and $7,702 included in non-current assets in deferred income taxes.

13. Income Taxes (Details) - Schedule of Income before Income Tax, Domestic and Foreign - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Schedule of Income before Income Tax, Domestic and Foreign [Abstract]
U.S.	$ (6,625)	$ 4,011
Foreign	(414)	(737)
	$ (7,039)	$ 3,274

13. Income Taxes (Details) - Schedule of Components of Income Tax Expense (Benefit) - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Current:
Federal	$ (677)	$ 1,060
Foreign	0	0
State	(84)	250
Current provision	(761)	1,310
Deferred:
Federal	(1,861)	(150)
Foreign	0	0
State	507	(90)
Deferred benefit	(1,354)	(240)
Total provision	$ (2,115)	$ 1,070

13. Income Taxes (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Schedule of Effective Income Tax Rate Reconciliation [Abstract]
Statutory rate	$ (2,394)	$ 1,113
State and local tax	(317)	85
Valuation allowance on deferred tax assets	260	425
Effect of foreign operations	21	41
Nondeductible expenses	36	166
Worthless Securities	(1,543)	0
Uncertain tax positions	1,511	0
Domestic production activities deduction	66	(159)
Nontaxable life insurance cash value increase	(135)	(282)
Tax credits	(203)	(417)
Rate Change	477	0
Other items	106	98
	$ (2,115)	$ 1,070

13. Income Taxes (Details) - Schedule of Deferred Tax Assets and Liabilities - USD ($)
$ in Thousands

Apr. 30, 2017

Apr. 30, 2016

Deferred tax assets:

Employee benefits

$ 7,590

$ 8,295

Inventory

4,220

1,860

Accounts receivable

360

490

Tax credits

1,040

835

Foreign subsidiary – outside basis

2,710

Other assets

152

220

Net operating loss carryforwards

1,710

1,595

Total deferred tax asset

17,782

13,295

Deferred tax liabilities:

Marketable securities

(410)

(200)

Property, plant and equipment

(1,710)

(660)

Other liabilities

(60)

(45)

Deferred state income tax

(410)

(600)

Net deferred tax asset

15,192

11,790

Valuation allowance

(3,290)

(950)

Net deferred tax assets

11,902

10,840

Gross deferred assets

15,192

11,790

Valuation allowance

(3,290)

(950)

Net deferred tax asset

$ 11,902

$ 10,840

^[1]

[1]	This amount consists of $3,138 included in current assets in deferred and prepaid income taxes and $7,702 included in non-current assets in deferred income taxes.

13. Income Taxes (Details) - Schedule of Unrecognized Tax Benefits Roll Forward $ in Thousands	12 Months Ended
	Apr. 30, 2017 USD ($)
Schedule of Unrecognized Tax Benefits Roll Forward [Abstract]
Balance at April 30, 2016	$ 0
Additions based on positions taken in the current year	1,323
Additions based on positions taken in prior years	303
Decreases based on positions taken in prior years	0
Balance at April 30, 2017	$ 1,626

14. Segment Information (Details) $ in Millions	12 Months Ended
14. Segment Information (Details) $ in Millions	Apr. 30, 2017	Apr. 30, 2016 USD ($)
14. Segment Information (Details) [Line Items]
Number of Reportable Segments	2
Number of Operating Segments	2
Frequency Electronics Inc New York [Member]
14. Segment Information (Details) [Line Items]
Number Of Principal Markets	3
Four Customers [Member] \| Gillam Frequency Electronics Inc [Member] \| Intersegment Sales [Member]
14. Segment Information (Details) [Line Items]
Sales Revenue, Goods, Gross (in Dollars)		$ 30.7
Sales Revenue, Net [Member] \| U.S. Government and U.S. Government Subcontractors [Member] \| Customer Concentration Risk [Member]
14. Segment Information (Details) [Line Items]
Concentration Risk, Percentage	59.00%	65.00%
Sales Revenue, Net [Member] \| Four Customers [Member] \| Customer Concentration Risk [Member]
14. Segment Information (Details) [Line Items]
Concentration Risk, Percentage		69.00%

14. Segment Information (Details) - Reconciliation of Revenue from Segments to Consolidated - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Net revenues:
Revenues	$ 50,351	$ 55,416
Frequency Electronics Inc New York [Member]
Net revenues:
Revenues	39,486	44,238
Frequency Electronics Inc Zyfer [Member]
Net revenues:
Revenues	14,853	12,285
Inter Segment [Member]
Net revenues:
Revenues	$ (3,988)	$ (1,107)

14. Segment Information (Details) - Reconciliation of Operating Profit (Loss) from Segments to Consolidated - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Operating profit (loss):
Operating profit (loss)	$ (7,525)	$ 2,468
Frequency Electronics Inc New York [Member]
Operating profit (loss):
Operating profit (loss)	(3,093)	943
Frequency Electronics Inc Zyfer [Member]
Operating profit (loss):
Operating profit (loss)	(2,937)	1,996
Corporate Segment [Member]
Operating profit (loss):
Operating profit (loss)	$ (1,495)	$ (471)

14. Segment Information (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated - USD ($) $ in Thousands	Apr. 30, 2017	Apr. 30, 2016
Identifiable assets:
Identifiable Assets	$ 113,319	$ 122,177
Frequency Electronics Inc New York [Member]
Identifiable assets:
Identifiable Assets	64,828	62,999
Frequency Electronics Inc Zyfer [Member]
Identifiable assets:
Identifiable Assets	10,427	13,275
Inter Segment [Member]
Identifiable assets:
Identifiable Assets	(11,992)	(7,658)
Corporate Segment [Member]
Identifiable assets:
Identifiable Assets	$ 50,056	$ 53,561

14. Segment Information (Details) - Schedule of Reconciliation of Assets from Segment to Consolidated (Parentheticals) - CNY (¥) ¥ in Millions	Apr. 30, 2017	Apr. 30, 2016
Frequency Electronics Inc New York [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Identifiable assets in China	¥ 1.7	¥ 2.5

14. Segment Information (Details) - Schedule of Reconciliation of Depreciation and Amortization from Segment to Consolidated - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Depreciation and amortization (allocated):
Depreciation and Amortization	$ 2,638	$ 2,498
Frequency Electronics Inc New York [Member]
Depreciation and amortization (allocated):
Depreciation and Amortization	2,471	2,323
Frequency Electronics Inc Zyfer [Member]
Depreciation and amortization (allocated):
Depreciation and Amortization	152	160
Corporate Segment [Member]
Depreciation and amortization (allocated):
Depreciation and Amortization	$ 15	$ 15

14. Segment Information (Details) - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
14. Segment Information (Details) - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Line Items]
Revenues	$ 50,351	$ 55,416
BELGIUM
14. Segment Information (Details) - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Line Items]
Revenues	167	132
FRANCE
14. Segment Information (Details) - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Line Items]
Revenues	508	1,681
CHINA
14. Segment Information (Details) - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Line Items]
Revenues	1,052	1,798
ISRAEL
14. Segment Information (Details) - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Line Items]
Revenues	110	1,139
Russia [Member]
14. Segment Information (Details) - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Line Items]
Revenues	168	853
GERMANY
14. Segment Information (Details) - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Line Items]
Revenues	5	283
ITALY
14. Segment Information (Details) - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Line Items]
Revenues	1,059	356
KOREA, REPUBLIC OF
14. Segment Information (Details) - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Line Items]
Revenues	912	0
Other Countries [Member]
14. Segment Information (Details) - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Line Items]
Revenues	519	534
Foreign Revenue [Member]
14. Segment Information (Details) - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Line Items]
Revenues	$ 4,500	$ 6,776

15. Product Warranties (Details)	12 Months Ended
15. Product Warranties (Details)	Apr. 30, 2017
Product Warranties Disclosures [Abstract]
Standard Product Warranty Description	The Company generally provides its customers with a one-year warranty regarding the manufactured quality and functionality of its products. For some limited products, the warranty period has been extended.

15. Product Warranties (Details) - Schedule of Product Warranty Liability - USD ($) $ in Thousands	12 Months Ended
	Apr. 30, 2017	Apr. 30, 2016
Schedule of Product Warranty Liability [Abstract]
Balance at beginning of year	$ 557	$ 557
Warranty costs incurred	(159)	(296)
Product warranty accrual	159	296
Balance at end of year	$ 557	$ 557

16. Other Comprehensive Income (Loss) (Details) - Schedule of Accumulated Other Comprehensive Income (Loss) - USD ($)
$ in Thousands

12 Months Ended

Apr. 30, 2017

Apr. 30, 2016

Apr. 30, 2015

Schedule of Accumulated Other Comprehensive Income (Loss) [Abstract]

Balance, Change in Market Value of Marketable Securities

$ 1,167

$ 812

$ 985

Balance, Foreign Currency Translation Adjustment

1,114

1,152

1,905

Balance, Total

2,281

1,964

$ 2,890

Items of other comprehensive income (loss) before reclassification, pretax, Change in Market Value of Marketable Securities

534

(150)

Items of other comprehensive income (loss) before reclassification, pretax, Foreign Currency Translation Adjustment

(38)

(753)

Items of other comprehensive income (loss) before reclassification, pretax, Total

496

(903)

Tax effect - Change in Market Value of Marketable Securities

(182)

Tax effect - Foreign Currency Transalation Adjustment

Tax effect - Total

(182)

Items of other comprehensive income (loss)before reclassification, net of taxes, Market Value of Marketable Securities

352

(99)

Items of other comprehensive income (loss)before reclassification, net of taxes, Foreign Currency Translation Adjustment

(38)

(753)

Items of other comprehensive income (loss)before reclassification, net of taxes, Total

314

(852)

Reclassification adjustments, pretax - Marketable Securities

^[1]

(131)

Tax - Marketable Securities

(25)

Tax effect - Change in Market Value of Marketable Securities

(74)

Tax effect - Total

(74)

Total other comprehensive income (loss), net of taxes, Marketable Securities

355

(173)

Total other comprehensive income (loss), net of taxes, Foreign Currency Transalation Adjustment

(38)

(753)

Total other comprehensive income (loss), net of taxes, Total

$ 317

$ (926)

[1]	The reclassification adjustments represent net realized gains on the sale or redemption of available-for-sale marketable securities that were reclassified from AOCI to Other income (expense), net.