Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Jul. 31, 2014 | Aug. 22, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Jul-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'SWHC | ' |
Entity Registrant Name | 'Smith & Wesson Holding Corporation | ' |
Entity Central Index Key | '0001092796 | ' |
Current Fiscal Year End Date | '--04-30 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 53,441,528 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jul. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $83,458 | $68,860 |
Accounts receivable, net of allowance for doubtful accounts of $850 on July 31, 2014 and $844 on April 30, 2014 | 53,411 | 55,890 |
Inventories | 101,317 | 86,742 |
Prepaid expenses and other current assets | 8,197 | 5,958 |
Deferred income taxes | 16,880 | 17,094 |
Income tax receivable | ' | 4,627 |
Total current assets | 263,263 | 239,171 |
Property, plant, and equipment, net | 133,585 | 120,440 |
Intangibles, net | 4,259 | 3,425 |
Goodwill | 14,013 | ' |
Other assets | 20,635 | 18,467 |
Assets, Total | 435,755 | 381,503 |
Current liabilities: | ' | ' |
Accounts payable | 35,874 | 37,688 |
Accrued expenses | 14,958 | 16,051 |
Accrued payroll | 7,800 | 15,816 |
Accrued income taxes | 4,125 | ' |
Accrued taxes other than income | 4,340 | 5,359 |
Accrued profit sharing | 12,310 | 11,060 |
Accrued product/municipal liability | 996 | 1,056 |
Accrued warranty | 5,160 | 5,513 |
Total current liabilities | 85,563 | 92,543 |
Deferred income taxes | 11,204 | 11,418 |
Notes payable | 175,000 | 100,000 |
Other non-current liabilities | 11,029 | 10,719 |
Total liabilities | 282,796 | 214,680 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.001 par value, 20,000,000 shares authorized, no shares issued or outstanding | ' | ' |
Common stock, $.001 par value, 100,000,000 shares authorized, 68,989,945 shares issued and 53,427,323 shares outstanding on July 31, 2014 and 68,809,986 shares issued and 55,352,679 shares outstanding on April 30, 2014 | 69 | 69 |
Additional paid-in capital | 212,845 | 211,225 |
Retained earnings | 112,295 | 97,739 |
Accumulated other comprehensive income | 73 | 73 |
Treasury stock, at cost (15,562,622 common shares on July 31, 2014 and 13,457,307 common shares on April 30, 2014) | -172,323 | -142,283 |
Total stockholders' equity | 152,959 | 166,823 |
Liabilities and Equity, Total | $435,755 | $381,503 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jul. 31, 2014 | Apr. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $850 | $844 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 68,989,945 | 68,809,986 |
Common stock, shares outstanding | 53,427,323 | 55,352,679 |
Treasury stock, shares | 15,562,622 | 13,457,307 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Net sales | $131,869 | $171,020 |
Cost of sales | 82,751 | 98,247 |
Gross profit | 49,118 | 72,773 |
Operating expenses: | ' | ' |
Research and development | 1,457 | 1,358 |
Selling and marketing | 7,947 | 7,548 |
General and administrative | 13,944 | 15,853 |
Total operating expenses | 23,348 | 24,759 |
Operating income | 25,770 | 48,014 |
Other income/(expense): | ' | ' |
Other income/(expense), net | -6 | 5 |
Interest income | 24 | 102 |
Interest expense | -1,984 | -6,673 |
Total other income/(expense), net | -1,966 | -6,566 |
Income from continuing operations before income taxes | 23,804 | 41,448 |
Income tax expense | 9,186 | 14,922 |
Income from continuing operations | 14,618 | 26,526 |
Discontinued operations: | ' | ' |
Loss from operations of discontinued security solutions division | -95 | -52 |
Income tax benefit | -33 | -3 |
Loss from discontinued operations | -62 | -49 |
Net income | $14,556 | $26,477 |
Net income per share: | ' | ' |
Basic - continuing operations | $0.27 | $0.41 |
Basic - total | $0.27 | $0.41 |
Diluted - continuing operations | $0.26 | $0.40 |
Diluted - total | $0.26 | $0.40 |
Weighted average number of common shares outstanding: | ' | ' |
Basic | 54,829 | 64,235 |
Diluted | 56,145 | 65,622 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock |
In Thousands, except Share data | ||||||
Balance at Apr. 30, 2014 | $166,823 | $69 | $211,225 | $97,739 | $73 | ($142,283) |
Balance (in shares) at Apr. 30, 2014 | ' | 68,810,000 | ' | ' | ' | 13,458,000 |
Exercise of employee stock options (in shares) | 99,554 | 100,000 | ' | ' | ' | ' |
Exercise of employee stock options | 424 | ' | 424 | ' | ' | ' |
Repurchase of common stock (in shares) | ' | ' | ' | ' | ' | 2,105,000 |
Repurchase of common stock | -30,040 | ' | ' | ' | ' | -30,040 |
Stock-based compensation | 1,579 | ' | 1,579 | ' | ' | ' |
Excess tax benefit for stock-based compensation | 61 | ' | 61 | ' | ' | ' |
Issuance of common stock under restricted stock unit awards, net of shares surrendered (in shares) | ' | 80,000 | ' | ' | ' | ' |
Issuance of common stock under restricted stock unit awards, net of shares surrendered | -444 | ' | -444 | ' | ' | ' |
Net income | 14,556 | ' | ' | 14,556 | ' | ' |
Balance at Jul. 31, 2014 | $152,959 | $69 | $212,845 | $112,295 | $73 | ($172,323) |
Balance (in shares) at Jul. 31, 2014 | ' | 68,990,000 | ' | ' | ' | 15,563,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $14,556 | $26,477 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization and depreciation | 6,105 | 5,683 |
(Gain)/loss on sale/disposition of assets | -88 | 74 |
Provisions for/(recoveries of) losses on accounts receivable | 17 | -192 |
Stock-based compensation expense | 1,579 | 2,202 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 5,213 | -7,476 |
Inventories | -11,601 | -234 |
Prepaid expenses and other current assets | -2,239 | -2,246 |
Income tax (payable)/receivable | 8,752 | -1,499 |
Accounts payable | -2,184 | 2,314 |
Accrued payroll | -8,377 | -5,132 |
Accrued taxes other than income | -1,019 | -749 |
Accrued profit sharing | 1,250 | 2,848 |
Accrued other expenses | -1,121 | 311 |
Accrued product/municipal liability | -60 | 72 |
Accrued warranty | -353 | 156 |
Other assets | -110 | -4,598 |
Other non-current liabilities | 460 | 1,000 |
Net cash provided by operating activities | 10,780 | 19,011 |
Cash flows from investing activities: | ' | ' |
Payments for the net assets of Tri Town Precision Plastics, Inc. | -24,095 | ' |
Receipts from note receivable | 21 | 19 |
Payments to acquire patents and software | -34 | -41 |
Proceeds from sale of property and equipment | ' | 12 |
Payments to acquire property and equipment | -14,588 | -12,035 |
Net cash used in investing activities | -38,696 | -12,045 |
Cash flows from financing activities: | ' | ' |
Proceeds from loans and notes payable | 75,000 | 101,584 |
Cash paid for debt issue costs | -2,337 | -3,167 |
Payments on capital lease obligation | -150 | -150 |
Payments on loans and notes payable | ' | -43,876 |
Payments to acquire treasury stock | -30,040 | -15,993 |
Proceeds from exercise of options to acquire common stock | 424 | 534 |
Payroll taxes paid as a result of restricted stock unit withholdings | -444 | -11 |
Excess tax benefit of stock-based compensation | 61 | 81 |
Net cash provided by financing activities | 42,514 | 39,002 |
Net increase in cash and cash equivalents | 14,598 | 45,968 |
Cash and cash equivalents, beginning of period | 68,860 | 100,487 |
Cash and cash equivalents, end of period | 83,458 | 146,455 |
Supplemental disclosure of cash flow information Cash paid for: | ' | ' |
Interest | 3,010 | 4,573 |
Income taxes | $639 | $16,329 |
Organization
Organization | 3 Months Ended |
Jul. 31, 2014 | |
Organization | ' |
(1) Organization: | |
We are one of the world’s leading manufacturers of firearms. We manufacture a wide array of handguns (including revolvers and pistols), long guns (including modern sporting, bolt action, and single shot rifles), handcuffs, and firearm-related products and accessories for sale to a wide variety of customers, including gun enthusiasts, collectors, hunters, sportsmen, competitive shooters, individuals desiring home and personal protection, law enforcement and security agencies and officers, and military agencies in the United States and throughout the world. We are one of the largest manufacturers of handguns, modern sporting rifles, and handcuffs in the United States and an active participant in the hunting rifle market. We sell our products under the Smith & Wesson®, M&P®, and Thompson/Center ArmsTM brands. | |
We manufacture our firearm products at our facilities in Springfield, Massachusetts; Houlton, Maine; and Deep River, Connecticut. We plan to continue to offer products that leverage the over 160 year old “Smith & Wesson” brand and capitalize on the goodwill developed through our historic American tradition by expanding consumer awareness of the products we produce. | |
On May 5, 2014, we purchased substantially all of the net assets of Tri Town Precision Plastics, Inc., or TTPP. See note 3 – Asset Purchase below for more information regarding this transaction. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Jul. 31, 2014 | |
Basis of Presentation | ' |
(2) Basis of Presentation: | |
Interim Financial Information — The consolidated balance sheet as of July 31, 2014, the consolidated statements of income for the three months ended July 31, 2014 and 2013, the consolidated statement of changes in stockholders’ equity for the three months ended July 31, 2014, and the consolidated statements of cash flows for the three months ended July 31, 2014 and 2013 have been prepared by us and are unaudited. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows at July 31, 2014 and for the periods presented, have been included. All significant intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2014 has been derived from our audited financial statements. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2014, filed with the SEC on June 19, 2014. The results of operations for the three months ended July 31, 2014 may not be indicative of the results that may be expected for the year ending April 30, 2015, or any other period. | |
Discontinued Operations — SWSS LLC, formerly Smith & Wesson Security Solutions, Inc., or SWSS, our former security solutions division, is presented as discontinued operations in the consolidated statements of income for all periods presented. Unless stated otherwise, any reference to the consolidated statements of income items in the notes to the consolidated financial statements refers to results from continuing operations. | |
Recently Issued Accounting Standards — In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU 2014-09. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for interim reporting periods beginning July 1, 2017. Early adoption is not permitted. We are currently evaluating the impact ASU 2014-09 will have on our consolidated financial statements. |
Asset_Purchase
Asset Purchase | 3 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Asset Purchase | ' | ||||||||||||
(3) Asset Purchase: | |||||||||||||
On May 5, 2014, we acquired substantially all of the net assets of TTPP for $24.1 million, including a $1.3 million working capital adjustment. We recorded this transaction in accordance with ASC 805-20, Business Combinations. TTPP was a provider of custom injection molding services, rapid prototyping, tooling, and a long-standing supplier of polymer frames and related components for a large number of our firearms, including nearly all of our M&P models. Our acquisition of TTPP’s custom polymer injection molding capabilities was designed to vertically integrate a key component of our manufacturing operations with increased flexibility within our supply chain. | |||||||||||||
The initial estimated fair value asset and liability allocations made at the acquisition date were adjusted during the three months ended July 31, 2014 for inventory valuation and payroll accruals. We also recorded identifiable intangible assets relating to customer relationships and backlog during the three months ended July 31, 2014. | |||||||||||||
The following table summarizes the estimated preliminary fair values of the assets acquired and liabilities assumed at the acquisition date, as well as measurement period adjustments as described above (in thousands): | |||||||||||||
May 5, 2014 | Measurement | July 31, 2014 | |||||||||||
(As initially reported) | Period | (As adjusted) | |||||||||||
Adjustments | |||||||||||||
Accounts receivable | $ | 2,614 | $ | 12 | $ | 2,626 | |||||||
Inventories | 2,430 | 544 | 2,974 | ||||||||||
Total current assets | 5,044 | 556 | 5,600 | ||||||||||
Property, plant, and equipment | 4,243 | — | 4,243 | ||||||||||
Goodwill | 15,183 | (1,170 | ) | 14,013 | |||||||||
Intangibles assets: | |||||||||||||
Customer relationships | — | 840 | 840 | ||||||||||
Backlog | — | 150 | 150 | ||||||||||
Other assets | 8 | — | 8 | ||||||||||
Total assets acquired | 24,478 | 376 | 24,854 | ||||||||||
Accounts payable | 358 | 12 | 370 | ||||||||||
Accrued expenses | 25 | 3 | 28 | ||||||||||
Accrued payroll | — | 361 | 361 | ||||||||||
Total liabilities assumed | 383 | 376 | 759 | ||||||||||
$ | 24,095 | $ | — | $ | 24,095 | ||||||||
Included in general and administrative costs is $435,000 of acquisition-related costs incurred during the three months ended July 31, 2014 related to the TTPP asset acquisition. | |||||||||||||
Goodwill will be deductible for tax purposes and amortized over 15 years. | |||||||||||||
We amortize customer relationships in proportion to expected yearly revenue generated from the customer lists acquired or products to be sold. We amortize order backlog over the contract lives as they are executed. The following are the identifiable intangible assets acquired and their respective estimated lives (dollars in thousands): | |||||||||||||
Amount | Estimated | ||||||||||||
Life | |||||||||||||
(In years) | |||||||||||||
Customer relationships | $ | 840 | 7 | ||||||||||
Order backlog | 150 | 1 | |||||||||||
$ | 990 | ||||||||||||
Pro forma results of operations assuming that this acquisition had occurred on May 1, 2013, are not required because of the immaterial impact on our consolidated financial statements for all periods presented. |
Notes_Payable_and_Financing_Ar
Notes Payable and Financing Arrangements | 3 Months Ended |
Jul. 31, 2014 | |
Notes Payable and Financing Arrangements | ' |
(4) Notes Payable and Financing Arrangements: | |
Credit Facilities — As of July 31, 2014, we had a $75.0 million unsecured revolving credit facility that is expandable under an accordion feature that may be, in certain circumstances, increased in $25.0 million increments up to a maximum loan of $175.0 million. The credit facility matures on December 15, 2016 and bears interest at a variable rate equal to LIBOR or prime, at our election, plus an applicable margin based on our consolidated leverage ratio. As of July 31, 2014, there were no borrowings outstanding. Had there been borrowings, they would have borne an interest rate of 3.75% per annum if we had selected the prime rate option and a range of 1.65% to 1.83% per annum if we had selected the LIBOR rate option. | |
5.875% Senior Notes — During the three months ended July 31, 2013, we issued an aggregate of $47.1 million of 5.875% Senior Notes due 2017, or the 5.875% Senior Notes to various qualified institutional buyers in exchange for approximately $42.8 million of our outstanding 9.5% senior notes due 2016, or the 9.5% Senior Notes, from existing holders of such notes. We also issued an additional $52.9 million of new 5.875% Senior Notes for cash. The remaining $712,000 of 9.5% Senior Notes outstanding after the exchange noted above were extinguished via legal defeasance during the three months ended July 31, 2013. The 5.875% Senior Notes were sold pursuant to the terms and conditions of an indenture, or the 5.875% Senior Notes Indenture and exchange and purchase agreements. The 5.875% Senior Notes bear interest at a rate of 5.875% per annum payable on June 15 and December 15 of each year, beginning on December 15, 2013. We recorded $4.3 million of interest expense related to bond premium and $795,000 of debt issuance write-off costs relating to the exchange and defeasance of the 9.5% Senior Notes during the three months ended July 31, 2013. | |
At any time prior to June 15, 2015, we may, at our option, (a) upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of 100% of the principal amount of the 5.875% Senior Notes, plus an applicable premium, plus accrued and unpaid interest as of the redemption date; or (b) redeem up to 35% of the aggregate principal amount of the 5.875% Senior Notes with the net cash proceeds of one or more equity offerings at a redemption price of 105.875% of the principal amount of the 5.875% Senior Notes, plus accrued and unpaid interest as of the redemption date; provided that in the case of the foregoing clause, at least 65% of the aggregate original principal amount of the 5.875% Senior Notes remains outstanding, and the redemption occurs within 60 days after the closing of the equity offering. On and after June 15, 2015, we may, at our option, upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of (a) 102.9375% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2015; or (b) 100% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2016, plus, in either case, accrued and unpaid interest on the 5.875% Senior Notes as of the applicable redemption date. Subject to certain restrictions and conditions, we may be required to make an offer to repurchase the 5.875% Senior Notes in connection with a change of control or disposition of assets. If not redeemed by us or repaid pursuant to the holders’ right to require repurchase, the 5.875% Senior Notes mature on June 15, 2017. | |
The 5.875% Senior Notes are general, unsecured obligations of our company. The 5.875% Senior Notes Indenture contains certain affirmative and negative covenants, including limitations on restricted payments (such as share repurchases, dividends, and early payment of indebtedness), limitations on indebtedness, limitations on the sale of assets, and limitations on liens. Payments that would otherwise be characterized as restricted payments are permitted under the 5.875% Senior Notes Indenture in an amount not to exceed 50% of our consolidated net income for the period from the issue date to the date of the restricted payment, provided that at the time of making such payments, (a) no default has occurred or would result from the making of such payments, and (b) we are able to satisfy the debt incurrence test under the 5.875% Senior Notes Indenture, or the 5.875% Senior Notes Lifetime Aggregate Limit. In addition, the 5.875% Senior Notes Indenture provides for other exceptions to the restricted payments covenant, each of which are independent of the 5.875% Senior Notes Lifetime Aggregate Limit. Among such exceptions is the ability to make share repurchases each fiscal year in an amount not to exceed the lesser of (i) $30.0 million in any fiscal year or (ii) 75.0% of our consolidated net income for the previous four consecutive published fiscal quarters prior to the date of the determination of such consolidated net income. In addition, we purchased an additional $85.0 million of shares of our common stock in fiscal 2014 (including our $75.0 million tender offer) which purchases were permitted under various other exceptions. | |
5.000% Senior Notes — During the three months ended July 31, 2014, we issued an aggregate of $75.0 million of 5.000% Senior Notes due 2018, or the 5.000% Senior Notes, to various institutional investors pursuant to the terms and conditions of an indenture, or the 5.000% Senior Notes Indenture and collectively with the 5.875% Senior Notes Indenture, the Senior Notes Indentures, and purchase agreements. The 5.000% Senior Notes bear interest at a rate of 5.000% per annum payable on January 15 and July 15 of each year, beginning on January 15, 2015. We incurred $2.3 million of debt issuance costs related to the issuance of the 5.000% Senior Notes. | |
At any time prior to July 15, 2016, we may, at our option (a) upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.000% Senior Notes at the redemption price of 100% of the principal amount of the 5.000% Senior Notes, plus an applicable premium, plus accrued and unpaid interest as of the redemption date; or (b) redeem up to 35% of the aggregate principal amount of the 5.000% Senior Notes with the net cash proceeds of one or more equity offerings at a redemption price of 105.000% of the principal amount of the 5.000% Senior Notes, plus accrued and unpaid interest as of the redemption date; provided, that in the case of the foregoing clause, at least 65% of the aggregate original principal amount of the 5.000% Senior Notes remains outstanding, and the redemption occurs within 60 days after the closing of the equity offering. On and after July 15, 2016, we may, at our option, upon not less than 30 nor more than 60 days’ prior notice, redeem all or a portion of the 5.000% Senior Notes at the redemption price of (a) 102.500% of the principal amount of the 5.000% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on July 15, 2016; or (b) 100% of the principal amount of the 5.000% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on July 15, 2017, plus, in either case, accrued and unpaid interest on the 5.000% Senior Notes as of the applicable redemption date. Subject to certain restrictions and conditions, we may be required to make an offer to repurchase the 5.000% Senior Notes from the holders of the 5.000% Senior Notes in connection with a change of control or disposition of assets. If not redeemed by us or repaid pursuant to the holders’ right to require repurchase, the 5.000% Senior Notes mature on July 15, 2018. | |
The 5.000% Senior Notes are general, unsecured obligations of our company. The 5.000% Senior Notes Indenture contains certain affirmative and negative covenants, including limitations on restricted payments (such as share repurchases, dividends, and early payment of indebtedness), limitations on indebtedness, limitations on the sale of assets, and limitations on liens. Payments that would otherwise be characterized as restricted payments are permitted under the 5.000% Senior Notes Indenture in an amount not to exceed 50% of our consolidated net income for the period from the issue date to the date of the restricted payment, provided that at the time of making such payments, (a) no default has occurred or would result from the making of such payments, and (b) we are able to satisfy the debt incurrence test under the 5.000% Senior Notes Indenture, or the 5.000% Senior Notes Lifetime Aggregate Limit. In addition, the 5.000% Senior Notes Indenture provides for other exceptions to the restricted payments covenant, each of which are independent of the 5.000% Senior Notes Lifetime Aggregate Limit. Among such exceptions is (i) the ability to make share repurchases each fiscal year in an amount not to exceed the lesser of (A) $50.0 million in any fiscal year or (B) 75.0% of our consolidated net income for the previous four consecutive published fiscal quarters prior to the date of the determination of such consolidated net income, and (ii) share repurchases over the life of the 5.000% Senior Notes in an aggregate amount not to exceed $75.0 million. | |
The limitation on indebtedness in the Senior Notes Indentures is only applicable at such time that the consolidated coverage ratio (as set forth in the Senior Notes Indentures) for us and our restricted subsidiaries is less than 3.00 to 1.00. In general, as set forth in the Senior Notes Indentures, the consolidated coverage ratio is determined by comparing our prior four quarters’ consolidated EBITDA (earnings before interest, taxes, depreciation, and amortization) to our consolidated interest expense. | |
The credit agreement for our revolving credit facility contains financial covenants relating to maintaining maximum leverage and minimum debt service coverage. The Senior Notes Indentures contain a financial covenant relating to times interest earned. | |
Letters of Credit — At July 31, 2014, we had outstanding letters of credit aggregating $1.1 million. |
Inventories
Inventories | 3 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Inventories | ' | ||||||||
(5) Inventories: | |||||||||
The following table sets forth a summary of inventories, stated at the lower of cost or market, as of July 31, 2014 and April 30, 2014 (in thousands): | |||||||||
July 31, 2014 | April 30, 2014 | ||||||||
Finished goods | $ | 36,522 | $ | 26,523 | |||||
Finished parts | 51,837 | 47,109 | |||||||
Work in process | 6,251 | 7,643 | |||||||
Raw material | 6,707 | 5,467 | |||||||
Total inventories | $ | 101,317 | $ | 86,742 | |||||
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||
(6) Stockholders’ Equity: | |||||||||||||||||
Treasury Stock | |||||||||||||||||
During fiscal 2014, our board of directors authorized the repurchase of up to $30.0 million of our common stock, subject to certain conditions, in the open market or privately negotiated transactions, commencing no earlier than May 1, 2014. During the three months ended July 31, 2014, we completed this stock repurchase program by repurchasing 2.1 million shares of our common stock for $30.0 million utilizing cash on hand. | |||||||||||||||||
Earnings per Share | |||||||||||||||||
The following table provides a reconciliation of the income/(loss) amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the three months ended July 31, 2014 and 2013 (in thousands, except per share data): | |||||||||||||||||
For the Three Months Ended July 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net income/(loss) | |||||||||||||||||
Income from continuing operations | $ | 14,618 | $ | 26,526 | |||||||||||||
Loss from discontinued operations | (62 | ) | (49 | ) | |||||||||||||
Net income | $ | 14,556 | $ | 26,477 | |||||||||||||
Weighted average shares outstanding - Basic | 54,829 | 64,235 | |||||||||||||||
Dilutive effect of stock option and award plans | 1,316 | 1,387 | |||||||||||||||
Diluted shares outstanding | 56,145 | 65,622 | |||||||||||||||
Earnings per share - Basic | |||||||||||||||||
Income from continuing operations | $ | 0.27 | $ | 0.41 | |||||||||||||
Loss from discontinued operations | $ | (0.00 | ) | $ | (0.00 | ) | |||||||||||
Net income | $ | 0.27 | $ | 0.41 | |||||||||||||
Earnings per share - Diluted | |||||||||||||||||
Income from continuing operations | $ | 0.26 | $ | 0.4 | |||||||||||||
Loss from discontinued operations | $ | (0.00 | ) | $ | (0.00 | ) | |||||||||||
Net income | $ | 0.26 | $ | 0.4 | |||||||||||||
For the three months ended July 31, 2014, there were 5,305 shares of common stock issuable under our 2011 Employee Stock Purchase Plan, or ESPP, that were excluded from the computation of diluted earnings per share because the effect would be antidilutive. For the three months ended July 31, 2013, 162,448 shares of common stock issuable upon the exercise of stock options were excluded from the computation of diluted earnings per share because the effect would be antidilutive. | |||||||||||||||||
Incentive Stock and Employee Stock Purchase Plans | |||||||||||||||||
We have two Stock Plans, or SPs: the 2004 Incentive Stock Plan and the 2013 Incentive Stock Plan. New grants under the 2004 Incentive Stock Plan have not been made since the approval of the 2013 Incentive Stock Plan at our September 23, 2013 annual meeting of stockholders. All new grants covering all participants are issued under the 2013 Incentive Stock Plan. Except in specific circumstances, grants vest over a period of three years. Options and stock appreciation rights, if any, are exercisable for a period of 10 years. The plan also permits the grant of awards to non-employees, which our board of directors has authorized in the past. | |||||||||||||||||
The number of shares and weighted average exercise prices of options for the three months ended July 31, 2014 and 2013 are as follows: | |||||||||||||||||
For the Three Months Ended July 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Shares | Weighted- | Shares | Weighted- | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise Price | Exercise Price | ||||||||||||||||
Options outstanding, beginning of year | 2,258,349 | $ | 6.15 | 3,019,127 | $ | 5.31 | |||||||||||
Exercised during the period | (99,554 | ) | 4.25 | (111,467 | ) | 4.81 | |||||||||||
Options outstanding, end of period | 2,158,795 | $ | 6.24 | 2,907,660 | $ | 5.33 | |||||||||||
Weighted average remaining contractual life | 5.82 years | 5.90 years | |||||||||||||||
Options exercisable, end of period | 1,892,631 | $ | 6.23 | 2,109,576 | $ | 5.3 | |||||||||||
Weighted average remaining contractual life | 5.60 years | 5.07 years | |||||||||||||||
The aggregate intrinsic value of outstanding options as of July 31, 2014 and 2013 was $13.8 million and $19.7 million, respectively. The aggregate intrinsic value of outstanding options that were exercisable as of July 31, 2014 and 2013 was $12.2 million and $14.5 million, respectively. The aggregate intrinsic value of the options exercised for the three months ended July 31, 2014 and 2013 was $1.0 million and $584,000, respectively. At July 31, 2014, the total of unrecognized compensation cost of outstanding options was $188,000, which is expected to be recognized over the remaining weighted average vesting period of 0.37 years. | |||||||||||||||||
On September 26, 2011, our stockholders approved our ESPP. All options and rights to participate in our ESPP are nontransferable and subject to forfeiture in accordance with our ESPP guidelines. In the event of certain corporate transactions, each option outstanding under our ESPP will be assumed or an equivalent option will be substituted by the successor corporation or a parent or subsidiary of such successor corporation. | |||||||||||||||||
We measure the cost of employee services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. We calculate the fair value of our stock options issued to employees using the Black-Scholes model at the time the options were granted. That amount is then amortized over the vesting period of the option. With our ESPP, fair value is determined at the beginning of the purchase period and amortized over the term of each exercise period. | |||||||||||||||||
We estimate expected volatility using historical volatility for the expected term. The fair value of each stock option or ESPP purchase was estimated on the date of the grant using the Black-Scholes option pricing model (using the risk-free interest rate, expected term, expected volatility, and dividend yield variables). The total stock-based compensation expense, including stock options, purchases under our ESPP, restricted stock units, or RSUs, and performance-based RSUs, or PSUs, was $1.6 million and $2.2 million for the three months ended July 31, 2014 and 2013, respectively. Stock-based compensation expense is included in cost of sales, sales and marketing, research and development, and general and administrative expenses. | |||||||||||||||||
We grant service-based RSUs to employees, consultants, and directors. The awards are made at no cost to the recipient. An RSU represents the right to acquire one share of our common stock but does not carry voting or dividend rights. Except in specific circumstances, RSU grants to employees generally vest over a period of three years with one-third of the units vesting on each anniversary date of the grant date. The aggregate fair value of our RSU grants is being amortized to compensation expense over the vesting period. | |||||||||||||||||
We grant PSUs with market conditions to our executive officers. At the time of grant, we calculate the fair value of our market condition PSUs using the Monte-Carlo simulation (using the risk-free interest rate, expected volatility, the correlation coefficient utilizing the same historical price data used to develop the volatility assumptions and dividend yield variables). | |||||||||||||||||
The market-condition PSUs vest, and the fair value of such PSUs will be recognized, over the corresponding three-year performance period. Our market-condition PSUs have a maximum aggregate award equal to 200% of the target amount granted. The number of market-condition PSUs that may be earned depends upon the total stockholder return, or TSR, of our common stock compared with the TSR of the Russell 2000 Index, or the RUT, or the NASDAQ Composite Index, or the IXIC, as applicable, over the three-year performance period. Our stock must outperform the RUT or the IXIC, as applicable, by 10% in order for the target award to be earned. | |||||||||||||||||
During the three months ended July 31, 2014, we granted 164,600 service-based RSUs, including 159,600 RSUs to non-executive officer employees, and 5,000 RSUs to one of our directors. Compensation expense recognized related to grants of RSUs and PSUs was $1.3 million for the three months ended July 31, 2014. | |||||||||||||||||
During the three months ended July 31, 2014, we cancelled 3,699 service-based RSUs as a result of the service period condition not being met and delivered 117,004 shares of common stock to employees under vested RSUs and PSUs with a total market value of $1.6 million. | |||||||||||||||||
During the three months ended July 31, 2013, we granted 406,418 service-based RSUs, including 250,000 RSUs to certain of our executive officers and 151,418 RSUs to non-executive officer employees. Compensation expense recognized related to grants of RSUs and PSUs was $1.6 million for the three months ended July 31, 2013. During the three months ended July 31, 2013, we cancelled 2,887 service-based RSUs as a result of the service period condition not being met and delivered 3,019 shares of common stock to employees under vested RSUs with a total market value of $32,000. | |||||||||||||||||
A summary of activity in unvested RSUs and PSUs for the three months ended July 31, 2014 and 2013 is as follows: | |||||||||||||||||
For the Three Months Ended July 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total # of | Weighted Average | Total # of | Weighted Average | ||||||||||||||
Restricted | Grant Date | Restricted | Grant Date | ||||||||||||||
Stock Units | Fair Value | Stock Units | Fair Value | ||||||||||||||
RSUs and PSUs outstanding, beginning of year | 1,015,475 | $ | 10.56 | 781,586 | $ | 8.42 | |||||||||||
Awarded | 164,600 | 13 | 406,418 | 10.52 | |||||||||||||
Vested | (117,004 | ) | 10.76 | (3,019 | ) | 9.25 | |||||||||||
Forfeited | (3,699 | ) | 10.98 | (2,887 | ) | 7.98 | |||||||||||
RSUs and PSUs outstanding, end of period | 1,059,372 | $ | 11.93 | 1,182,098 | $ | 9.13 | |||||||||||
As of July 31, 2014, there was $6.2 million of unrecognized compensation cost related to unvested RSUs and PSUs. This cost is expected to be recognized over a weighted average remaining contractual term of 1.5 years. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Jul. 31, 2014 | |
Commitments and Contingencies | ' |
(7) Commitments and Contingencies: | |
Litigation | |
On January 19, 2010, the U.S. Department of Justice, or DOJ, unsealed indictments of 22 individuals from the law enforcement and military equipment industries, one of whom was our former Vice President-Sales, International & U.S. Law Enforcement. We were not charged in the indictment. We also were served with a Grand Jury subpoena for the production of documents. The DOJ then conducted an investigation to determine whether we had violated the FCPA and we have cooperated fully with the DOJ in this matter. On February 21, 2012, the DOJ filed a motion to dismiss with prejudice the indictments of the remaining defendants who were pending trial, including our former Vice President-Sales, International & U.S. Law Enforcement. On February 24, 2012, the district court granted the motion to dismiss. | |
Following extensive investigation and evaluation, the DOJ declined to pursue any FCPA charges against us and closed its investigation. The DOJ noted our “thorough cooperation” in correspondence to us. | |
In fiscal 2011, we received a subpoena from the staff of the SEC giving notice that the SEC was conducting a non-public, fact-finding inquiry to determine whether there had been any violations of the federal securities laws. It appears this civil inquiry was triggered in part by the DOJ investigation into potential FCPA violations. We undertook a comprehensive review of company policies and procedures. Effective July 28, 2014, we settled civil charges filed by the SEC in an administrative proceeding relating to the anti-bribery, internal controls and books and records provisions of the FCPA. Under the terms of the settlement, in which we neither admitted nor denied the allegations made by the SEC, the SEC noted our cooperation with the inquiry, we consented to pay $2.0 million, and we agreed to undertake certain reporting obligations to the SEC concerning our FCPA compliance for two years following the settlement date. | |
We are involved in a purported stockholder derivative lawsuit. This action was brought by a derivative plaintiff on behalf of our company against certain of our officers, directors, and employees. The lawsuit is based principally on a theory of breach of fiduciary duties arising from a 2007 class action lawsuit that has since been dismissed with prejudice. The derivative plaintiff seeks damages on behalf of our company from the individual defendants. Damages sought include equitable and/or injunctive relief, actions to improve corporate governance, and recovery of attorneys’ fees. The action was dismissed by the court in 2013, but is currently under review on appeal by the derivative plaintiff. A decision on the appeal is not expected until 2015. | |
A settlement reached in a previously reported stockholder derivative lawsuit has been approved by the court. Settlement costs related to this case do not have a material impact on our financial statements and have been fully reserved up to our self-insured retention, with any remaining value expected to be covered by insurance. | |
We are a defendant in 10 product liability cases and are aware of approximately eight other product liability claims, primarily alleging defective product design, defective manufacturing, or failure to provide adequate warnings. In addition, we are a co-defendant in a case filed on August 27, 1999 by the city of Gary, Indiana against numerous firearm manufacturers, distributors, and dealers seeking to recover damages allegedly arising out of the misuse of firearms by third parties. We believe that the various allegations as described above are unfounded, and, in addition, that any accident and any results from them were due to negligence or misuse of the firearm by the claimant or a third party. | |
In addition, we are involved in lawsuits, claims, investigations, and proceedings, including commercial, environmental, and employment matters, which arise in the ordinary course of business. | |
The relief sought in individual cases primarily includes compensatory and, sometimes, punitive damages. Certain of the cases and claims seek unspecified compensatory or punitive damages. In others, compensatory damages sought may range from less than $75,000 to approximately $1.5 million. In our experience, initial demands do not generally bear a reasonable relationship to the facts and circumstances of a particular matter. | |
We are vigorously defending ourselves in the lawsuits to which we are subject. An unfavorable outcome or prolonged litigation could harm our business. Litigation of this nature also is expensive and time consuming and diverts the time and attention of our management. | |
We monitor the status of known claims and the related product liability accrual, which includes amounts for defense costs for asserted and unasserted claims. After consultation with litigation counsel and the review of the merits of each claim, we have concluded that we are unable to reasonably estimate the probability or the estimated range of reasonably possible losses related to material adverse judgments related to such claims and, therefore have not accrued for any such judgments. In the future, should we determine that a loss (or an additional loss in excess of our accrual) is at least reasonably possible and material, we would then disclose an estimate of the possible loss or range of loss, if such estimate could be made, or disclose that an estimate could not be made. We believe that we have provided for adequate reserves for defense costs. | |
We have recorded our liability for defense costs before consideration for reimbursement from insurance carriers. We have also recorded the amount due as reimbursement under existing policies from the insurance carriers as a receivable in other current assets and other assets. | |
Environmental Remediation | |
We are subject to numerous federal, state, and local laws that regulate both the health and safety of our workforce as well as our environmental liability, including those regulations monitored by the Occupational Health and Safety Administration (OSHA), the National Fire Protection Association (NFPA), and the Department of Public Health (DPH). Though not exhaustive, examples of applicable regulations include confined space safety, walking and working surfaces, machine guarding, and life safety. | |
We are required to comply with regulations that mitigate any release into the environment. These laws have required, and are expected to continue to require, us to make significant expenditures of both a capital and expense nature. Several of the more significant federal laws applicable to our operations include the Clean Air Act, the Clean Water Act, the Comprehensive Environmental Response, Compensation and Liability Act, or CERCLA, and the Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act. | |
We have in place programs and personnel to monitor compliance with various federal, state, and local environmental regulations. In the normal course of our manufacturing operations, we are subject to governmental proceedings and orders pertaining to waste disposal, air emissions, and water discharges into the environment. We fund our environmental costs through cash flows from operations. | |
We are required to remediate hazardous waste at our facilities. Currently, we own designated sites in Springfield, Massachusetts and are subject to two release areas, which are the focus of remediation projects as part of the Massachusetts Contingency Plan, or the MCP. The MCP provides a structured environment for the voluntary remediation of regulated releases. We may be required to remove hazardous waste or remediate the alleged effects of hazardous substances on the environment associated with past disposal practices at sites not owned by us. We have received notice that we are a potentially responsible party from the Environmental Protection Agency and/or individual states under CERCLA or a state equivalent at two sites. | |
As of July 31, 2014 and April 30, 2014, we had recorded a $623,000 environmental reserve in non-current liabilities, which represents the net present value of the estimated obligation. Our estimate of these costs is based upon currently enacted laws and regulations, currently available facts, experience in remediation efforts, existing technology, and the ability of other potentially responsible parties or contractually liable parties to pay the allocated portions of any environmental obligations. | |
When the available information is sufficient to estimate the amount of liability, that estimate has been used. When the information is only sufficient to establish a range of probable liability and no point within the range is more likely than any other, the lower end of the range has been used. We may not have insurance coverage for our environmental remediation costs. We have not recognized any gains from probable recoveries or other gain contingencies. The environmental reserve was calculated using undiscounted amounts based on independent environmental remediation reports obtained. | |
Under the asset purchase agreement with TTPP, the former stockholder of TTPP has indemnified us for losses arising from, among other things, environmental conditions related to its manufacturing activities. Of the purchase price, $3.0 million has been placed in an escrow account, a portion of which will be applied to environmental remediation at the manufacturing site in Deep River, Connecticut. It is not presently possible to estimate the ultimate amount of all remediation costs and potential uses of the escrow. We believe the likelihood of environmental remediation costs exceeding the amount available in escrow to be remote. | |
Based on information known to us, we do not expect current environmental regulations or environmental proceedings and claims to have a material adverse effect on our consolidated financial position, results of operations, or cash flows. However, it is not possible to predict with certainty the impact on us of future environmental compliance requirements or of the cost of resolution of future environmental proceedings and claims, in part because the scope of the remedies that may be required is not certain, liability under federal environmental laws is joint and several in nature, and environmental laws and regulations are subject to modification and changes in interpretation. There can be no assurance that additional or changing environmental regulation will not become more burdensome in the future and that any such development would not have a material adverse effect on our company. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended |
Jul. 31, 2014 | |
Interim Financial Information | ' |
Interim Financial Information — The consolidated balance sheet as of July 31, 2014, the consolidated statements of income for the three months ended July 31, 2014 and 2013, the consolidated statement of changes in stockholders’ equity for the three months ended July 31, 2014, and the consolidated statements of cash flows for the three months ended July 31, 2014 and 2013 have been prepared by us and are unaudited. In our opinion, all adjustments, which include only normal recurring adjustments necessary to fairly present the financial position, results of operations, changes in stockholders’ equity, and cash flows at July 31, 2014 and for the periods presented, have been included. All significant intercompany transactions have been eliminated in consolidation. The consolidated balance sheet as of April 30, 2014 has been derived from our audited financial statements. | |
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended April 30, 2014, filed with the SEC on June 19, 2014. The results of operations for the three months ended July 31, 2014 may not be indicative of the results that may be expected for the year ending April 30, 2015, or any other period. | |
Discontinued Operations | ' |
Discontinued Operations — SWSS LLC, formerly Smith & Wesson Security Solutions, Inc., or SWSS, our former security solutions division, is presented as discontinued operations in the consolidated statements of income for all periods presented. Unless stated otherwise, any reference to the consolidated statements of income items in the notes to the consolidated financial statements refers to results from continuing operations. | |
Recently Issued Accounting Standards | ' |
Recently Issued Accounting Standards — In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606), or ASU 2014-09. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for interim reporting periods beginning July 1, 2017. Early adoption is not permitted. We are currently evaluating the impact ASU 2014-09 will have on our consolidated financial statements. |
Asset_Purchase_Tables
Asset Purchase (Tables) | 3 Months Ended | ||||||||||||
Jul. 31, 2014 | |||||||||||||
Estimated Preliminary Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following table summarizes the estimated preliminary fair values of the assets acquired and liabilities assumed at the acquisition date, as well as measurement period adjustments as described above (in thousands): | |||||||||||||
May 5, 2014 | Measurement | July 31, 2014 | |||||||||||
(As initially reported) | Period | (As adjusted) | |||||||||||
Adjustments | |||||||||||||
Accounts receivable | $ | 2,614 | $ | 12 | $ | 2,626 | |||||||
Inventories | 2,430 | 544 | 2,974 | ||||||||||
Total current assets | 5,044 | 556 | 5,600 | ||||||||||
Property, plant, and equipment | 4,243 | — | 4,243 | ||||||||||
Goodwill | 15,183 | (1,170 | ) | 14,013 | |||||||||
Intangibles assets: | |||||||||||||
Customer relationships | — | 840 | 840 | ||||||||||
Backlog | — | 150 | 150 | ||||||||||
Other assets | 8 | — | 8 | ||||||||||
Total assets acquired | 24,478 | 376 | 24,854 | ||||||||||
Accounts payable | 358 | 12 | 370 | ||||||||||
Accrued expenses | 25 | 3 | 28 | ||||||||||
Accrued payroll | — | 361 | 361 | ||||||||||
Total liabilities assumed | 383 | 376 | 759 | ||||||||||
$ | 24,095 | $ | — | $ | 24,095 | ||||||||
Identifiable Intangible Assets Acquired and Respective Estimated Lives | ' | ||||||||||||
The following are the identifiable intangible assets acquired and their respective estimated lives (dollars in thousands): | |||||||||||||
Amount | Estimated | ||||||||||||
Life | |||||||||||||
(In years) | |||||||||||||
Customer relationships | $ | 840 | 7 | ||||||||||
Order backlog | 150 | 1 | |||||||||||
$ | 990 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Jul. 31, 2014 | |||||||||
Summary of Inventories | ' | ||||||||
The following table sets forth a summary of inventories, stated at the lower of cost or market, as of July 31, 2014 and April 30, 2014 (in thousands): | |||||||||
July 31, 2014 | April 30, 2014 | ||||||||
Finished goods | $ | 36,522 | $ | 26,523 | |||||
Finished parts | 51,837 | 47,109 | |||||||
Work in process | 6,251 | 7,643 | |||||||
Raw material | 6,707 | 5,467 | |||||||
Total inventories | $ | 101,317 | $ | 86,742 | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||
Jul. 31, 2014 | |||||||||||||||||
Reconciliation of Income/(Loss) Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share | ' | ||||||||||||||||
The following table provides a reconciliation of the income/(loss) amounts and weighted average number of common and common equivalent shares used to determine basic and diluted earnings per share for the three months ended July 31, 2014 and 2013 (in thousands, except per share data): | |||||||||||||||||
For the Three Months Ended July 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Net income/(loss) | |||||||||||||||||
Income from continuing operations | $ | 14,618 | $ | 26,526 | |||||||||||||
Loss from discontinued operations | (62 | ) | (49 | ) | |||||||||||||
Net income | $ | 14,556 | $ | 26,477 | |||||||||||||
Weighted average shares outstanding - Basic | 54,829 | 64,235 | |||||||||||||||
Dilutive effect of stock option and award plans | 1,316 | 1,387 | |||||||||||||||
Diluted shares outstanding | 56,145 | 65,622 | |||||||||||||||
Earnings per share - Basic | |||||||||||||||||
Income from continuing operations | $ | 0.27 | $ | 0.41 | |||||||||||||
Loss from discontinued operations | $ | (0.00 | ) | $ | (0.00 | ) | |||||||||||
Net income | $ | 0.27 | $ | 0.41 | |||||||||||||
Earnings per share - Diluted | |||||||||||||||||
Income from continuing operations | $ | 0.26 | $ | 0.4 | |||||||||||||
Loss from discontinued operations | $ | (0.00 | ) | $ | (0.00 | ) | |||||||||||
Net income | $ | 0.26 | $ | 0.4 | |||||||||||||
Share Based Compensation Stock Options Activity | ' | ||||||||||||||||
The number of shares and weighted average exercise prices of options for the three months ended July 31, 2014 and 2013 are as follows: | |||||||||||||||||
For the Three Months Ended July 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Shares | Weighted- | Shares | Weighted- | ||||||||||||||
Average | Average | ||||||||||||||||
Exercise Price | Exercise Price | ||||||||||||||||
Options outstanding, beginning of year | 2,258,349 | $ | 6.15 | 3,019,127 | $ | 5.31 | |||||||||||
Exercised during the period | (99,554 | ) | 4.25 | (111,467 | ) | 4.81 | |||||||||||
Options outstanding, end of period | 2,158,795 | $ | 6.24 | 2,907,660 | $ | 5.33 | |||||||||||
Weighted average remaining contractual life | 5.82 years | 5.90 years | |||||||||||||||
Options exercisable, end of period | 1,892,631 | $ | 6.23 | 2,109,576 | $ | 5.3 | |||||||||||
Weighted average remaining contractual life | 5.60 years | 5.07 years | |||||||||||||||
Summary of Activity in Unvested RSUs and PSUs | ' | ||||||||||||||||
A summary of activity in unvested RSUs and PSUs for the three months ended July 31, 2014 and 2013 is as follows: | |||||||||||||||||
For the Three Months Ended July 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Total # of | Weighted Average | Total # of | Weighted Average | ||||||||||||||
Restricted | Grant Date | Restricted | Grant Date | ||||||||||||||
Stock Units | Fair Value | Stock Units | Fair Value | ||||||||||||||
RSUs and PSUs outstanding, beginning of year | 1,015,475 | $ | 10.56 | 781,586 | $ | 8.42 | |||||||||||
Awarded | 164,600 | 13 | 406,418 | 10.52 | |||||||||||||
Vested | (117,004 | ) | 10.76 | (3,019 | ) | 9.25 | |||||||||||
Forfeited | (3,699 | ) | 10.98 | (2,887 | ) | 7.98 | |||||||||||
RSUs and PSUs outstanding, end of period | 1,059,372 | $ | 11.93 | 1,182,098 | $ | 9.13 | |||||||||||
Asset_Purchase_Additional_Info
Asset Purchase - Additional Information (Detail) (USD $) | 3 Months Ended | |
Jul. 31, 2014 | 5-May-14 | |
Business Combination, Transactions [Line Items] | ' | ' |
Goodwill amortization period for tax purpose | '15 years | ' |
Tri Town Precision Plastics Inc. | ' | ' |
Business Combination, Transactions [Line Items] | ' | ' |
Net assets acquired | $24,095,000 | $24,095,000 |
Working capital adjustment | ' | 1,300,000 |
Business combination, acquisition-related costs | $435,000 | ' |
Estimated_Preliminary_Fair_Val
Estimated Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Jul. 31, 2014 | 5-May-14 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Goodwill | $14,013 | ' |
Tri Town Precision Plastics Inc. | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Accounts receivable | 2,626 | ' |
Inventories | 2,974 | ' |
Total current assets | 5,600 | ' |
Property, plant, and equipment | 4,243 | ' |
Goodwill | 14,013 | ' |
Intangibles assets: | ' | ' |
Other assets | 8 | ' |
Total assets acquired | 24,854 | ' |
Accounts payable | 370 | ' |
Accrued expenses | 28 | ' |
Accrued payroll | 361 | ' |
Total liabilities assumed | 759 | ' |
Net assets acquired | 24,095 | 24,095 |
Tri Town Precision Plastics Inc. | Customer Relationships | ' | ' |
Intangibles assets: | ' | ' |
Other non current assets | 840 | ' |
Tri Town Precision Plastics Inc. | Backlog | ' | ' |
Intangibles assets: | ' | ' |
Other non current assets | 150 | ' |
Previously reported | Tri Town Precision Plastics Inc. | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Accounts receivable | ' | 2,614 |
Inventories | ' | 2,430 |
Total current assets | ' | 5,044 |
Property, plant, and equipment | ' | 4,243 |
Goodwill | ' | 15,183 |
Intangibles assets: | ' | ' |
Other assets | ' | 8 |
Total assets acquired | ' | 24,478 |
Accounts payable | ' | 358 |
Accrued expenses | ' | 25 |
Total liabilities assumed | ' | 383 |
Net assets acquired | ' | 24,095 |
Scenario, Adjustment [Member] | Tri Town Precision Plastics Inc. | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Accounts receivable | 12 | ' |
Inventories | 544 | ' |
Total current assets | 556 | ' |
Goodwill | -1,170 | ' |
Intangibles assets: | ' | ' |
Total assets acquired | 376 | ' |
Accounts payable | 12 | ' |
Accrued expenses | 3 | ' |
Accrued payroll | 361 | ' |
Total liabilities assumed | 376 | ' |
Scenario, Adjustment [Member] | Tri Town Precision Plastics Inc. | Customer Relationships | ' | ' |
Intangibles assets: | ' | ' |
Other non current assets | 840 | ' |
Scenario, Adjustment [Member] | Tri Town Precision Plastics Inc. | Backlog | ' | ' |
Intangibles assets: | ' | ' |
Other non current assets | $150 | ' |
Identifiable_Intangible_Assets
Identifiable Intangible Assets Acquired and Respective Weighted Average Lives (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Jul. 31, 2014 |
Business Acquisition [Line Items] | ' |
Total intangible assets, gross | $990 |
Customer Relationships | ' |
Business Acquisition [Line Items] | ' |
Total intangible assets, gross | 840 |
Estimated life | '7 years |
Backlog | ' |
Business Acquisition [Line Items] | ' |
Total intangible assets, gross | $150 |
Estimated life | '1 year |
Notes_Payable_and_Financing_Ar1
Notes Payable and Financing Arrangements - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||||||||||||||||
Jul. 31, 2014 | Jul. 31, 2013 | Apr. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | |
Maximum | Maximum | Unsecured Revolving Credit Facility | Credit Facilities | Credit Facilities | Credit Facilities | Credit Facilities | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 5.875% Senior notes due 2017 | 9.5% Senior notes due 2016 | 9.5% Senior notes due 2016 | Senior Notes Five Point Zero Zero Zero Percent | Senior Notes Five Point Zero Zero Zero Percent | Senior Notes Five Point Zero Zero Zero Percent | Senior Notes Five Point Zero Zero Zero Percent | Senior Notes Five Point Zero Zero Zero Percent | Senior Notes Five Point Zero Zero Zero Percent | Senior Notes Five Point Zero Zero Zero Percent | Senior Notes Five Point Zero Zero Zero Percent | Senior Notes Five Point Zero Zero Zero Percent | Senior Notes Five Point Zero Zero Zero Percent | Senior Notes Five Point Zero Zero Zero Percent | Senior Notes Five Point Zero Zero Zero Percent | Senior Notes Five Point Zero Zero Zero Percent | Senior Notes Five Point Zero Zero Zero Percent | |||
Tender Offer | Prime Rate Option | Minimum | Maximum | Additional Shares Allowed to be Repurchased | Additional Debt | Maximum | Debt Instrument, Redemption, Period One | Debt Instrument, Redemption, Period One | Debt Instrument, Redemption, Period One | Debt Instrument, Redemption, Period One | Debt Instrument, Redemption, Period One | Debt Instrument, Redemption, Period Two | Debt Instrument, Redemption, Period Two | Debt Instrument, Redemption, Period Two | Debt Instrument, Redemption, Period Two | Debt Instrument, Redemption, Period Two | Extinguished Indebtedness | Minimum | Maximum | Debt Instrument, Redemption, Period One | Debt Instrument, Redemption, Period One | Debt Instrument, Redemption, Period One | Debt Instrument, Redemption, Period One | Debt Instrument, Redemption, Period One | Debt Instrument, Redemption, Period Two | Debt Instrument, Redemption, Period Two | Debt Instrument, Redemption, Period Two | Debt Instrument, Redemption, Period Two | Debt Instrument, Redemption, Period Two | |||||||||||
LIBOR Rate Option | LIBOR Rate Option | Fiscal 2014 | Minimum | Maximum | Debt Instrument Redemption Scenario One | Debt Instrument Redemption Scenario Two | Minimum | Maximum | Debt Instrument Redemption Scenario One | Debt Instrument Redemption Scenario Two | Minimum | Maximum | Debt Instrument Redemption Scenario One | Debt Instrument Redemption Scenario Two | Minimum | Maximum | Debt Instrument Redemption Scenario One | Debt Instrument Redemption Scenario Two | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility | ' | ' | ' | ' | $75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility increments | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit borrowing capacity | ' | ' | ' | ' | 175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maturity | ' | ' | ' | ' | ' | 15-Dec-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Description of revolving Line of Credit | ' | ' | ' | ' | ' | 'Variable rate equal to LIBOR or prime, at our election, plus an applicable margin based on our consolidated leverage ratio. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings outstanding | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on borrowings | ' | ' | ' | ' | ' | ' | 3.75% | 1.65% | 1.83% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.50% | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of convertible notes exchanged for senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of Senior Notes defeased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 712,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | 1,984,000 | 6,673,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance write-off costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 795,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notice Period of Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | '60 days | ' | ' | ' | '30 days | '60 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | '60 days | ' | ' | ' | '30 days | '60 days | ' | ' |
Description of redemption for senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '(a) upon not less than 30 nor more than 60 daysb prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of 100% of the principal amount of the 5.875% Senior Notes, plus an applicable premium, plus accrued and unpaid interest as of the redemption date; or (b) redeem up to 35% of the aggregate principal amount of the 5.875% Senior Notes with the net cash proceeds of one or more equity offerings at a redemption price of 105.875% of the principal amount of the 5.875% Senior Notes, plus accrued and unpaid interest as of the redemption date; provided that in the case of the foregoing clause, at least 65% of the aggregate original principal amount of the 5.875% Senior Notes remains outstanding, and the redemption occurs within 60 days after the closing of the equity offering. | ' | ' | ' | ' | 'upon not less than 30 nor more than 60 daysb prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of (a) 102.9375% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2015; or (b) 100% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2016, plus, in either case, accrued and unpaid interest on the 5.875% Senior Notes as of the applicable redemption date. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '(a) upon not less than 30 nor more than 60 daysb prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of 100% of the principal amount of the 5.875% Senior Notes, plus an applicable premium, plus accrued and unpaid interest as of the redemption date; or (b) redeem up to 35% of the aggregate principal amount of the 5.875% Senior Notes with the net cash proceeds of one or more equity offerings at a redemption price of 105.875% of the principal amount of the 5.875% Senior Notes, plus accrued and unpaid interest as of the redemption date; provided that in the case of the foregoing clause, at least 65% of the aggregate original principal amount of the 5.875% Senior Notes remains outstanding, and the redemption occurs within 60 days after the closing of the equity offering. | ' | ' | ' | ' | 'upon not less than 30 nor more than 60 daysb prior notice, redeem all or a portion of the 5.875% Senior Notes at a redemption price of (a) 102.9375% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2015; or (b) 100% of the principal amount of the 5.875% Senior Notes to be redeemed, if redeemed during the 12-month period beginning on June 15, 2016, plus, in either case, accrued and unpaid interest on the 5.875% Senior Notes as of the applicable redemption date. | ' | ' | ' | ' |
Redemption price of Senior Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 105.88% | ' | ' | ' | 102.94% | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 105.00% | ' | ' | ' | 102.50% | 100.00% |
Percentage of redeem notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' |
Percentage of principal amount that remains outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Jun-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Jul-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes Indenture, number of shares allowed for repurchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85,000,000 | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes Indenture, maximum number of shares allowed for repurchase as a percentage of Consolidated net income for previous four consecutive published fiscal quarters | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase authorization | ' | ' | 30,000,000 | 75,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated coverage ratio | 300.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letters of credit | $1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Inventories_Detail
Summary of Inventories (Detail) (USD $) | Jul. 31, 2014 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Finished goods | $36,522 | $26,523 |
Finished parts | 51,837 | 47,109 |
Work in process | 6,251 | 7,643 |
Raw material | 6,707 | 5,467 |
Total inventories | $101,317 | $86,742 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | ||||||||||||||
Jul. 31, 2014 | Jul. 31, 2013 | Apr. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2013 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2013 | |
OptionPlan | Maximum | 2004 Incentive Stock Plan | Open Market | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs | RSUs and PSUs | RSUs and PSUs | 2011 ESPP | Stock options | Stock options | ||
Non-Executive Employees | Director | Executive Officer | Non-Executive Officer | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock repurchase authorization | ' | ' | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchasing shares | ' | ' | ' | ' | 2,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase shares value | ' | ' | ' | ' | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock issuable with antidilutive effect | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,305 | ' | 162,448 |
Number of stock option plans | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period to award vested and calculate volatility rate | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of award vested exercisable | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of stock outstanding | 13,800,000 | 19,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of stock exercisable | 12,200,000 | 14,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intrinsic value of stock exercised | 1,000,000 | 584,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost of outstanding options | 188,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average remaining contractual term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 6 months | ' | ' | '4 months 13 days | ' |
Stock-based compensation expense | 1,579,000 | 2,202,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance period | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of maximum aggregate award granted | 200.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of stock outperform in order for target award to be earned | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Units, Awarded | ' | ' | ' | ' | ' | 164,600 | 406,418 | 159,600 | 5,000 | 250,000 | ' | 164,600 | 406,418 | ' | ' | ' |
Stock-based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | 1,600,000 | ' | ' | ' |
Stock Units, Forfeited | ' | ' | ' | ' | ' | 3,699 | 2,887 | ' | ' | ' | 151,418 | 3,699 | 2,887 | ' | ' | ' |
Stock Units, Vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 117,004 | 3,019 | ' | ' | ' |
Market value of Vested shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' |
Share based compensation delivered | ' | ' | ' | ' | ' | ' | 3,019 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of share based compensation delivered | -444,000 | ' | ' | ' | ' | ' | 32,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation cost related to unvested RSUs and PSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,200,000 | ' | ' | ' | ' |
Reconciliation_of_IncomeLoss_A
Reconciliation of Income/(Loss) Amounts and Weighted Average Number of Common and Common Equivalent Shares Used to Determine Basic and Diluted Earnings per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jul. 31, 2014 | Jul. 31, 2013 |
Net income/(loss) | ' | ' |
Income from continuing operations | $14,618 | $26,526 |
Loss from discontinued operations | -62 | -49 |
Net income/(loss) | $14,556 | $26,477 |
Weighted average shares outstanding - Basic | 54,829 | 64,235 |
Dilutive effect of stock option and award plans | 1,316 | 1,387 |
Diluted shares outstanding | 56,145 | 65,622 |
Earnings per share - Basic | ' | ' |
Income from continuing operations | $0.27 | $0.41 |
Loss from discontinued operations | $0 | $0 |
Basic - total | $0.27 | $0.41 |
Earnings per share - Diluted | ' | ' |
Income from continuing operations | $0.26 | $0.40 |
Loss from discontinued operations | $0 | $0 |
Diluted - total | $0.26 | $0.40 |
Share_Based_Compensation_Stock
Share Based Compensation Stock Options Activity (Detail) (USD $) | 3 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
Number of shares and weighted average exercise prices | ' | ' |
Options outstanding, beginning of year, Shares | 2,258,349 | 3,019,127 |
Exercised during period, Shares | -99,554 | -111,467 |
Options outstanding, end of period, Shares | 2,158,795 | 2,907,660 |
Weighted average remaining contractual life | '5 years 9 months 26 days | '5 years 10 months 24 days |
Options exercisable, end of period, Shares | 1,892,631 | 2,109,576 |
Weighted average remaining contractual life | '5 years 7 months 6 days | '5 years 26 days |
Weighted-Average Exercise Price | ' | ' |
Options outstanding, beginning of year, Weighted-Average Exercise Price | $6.15 | $5.31 |
Exercised during period, Weighted-Average Exercise Price | $4.25 | $4.81 |
Options outstanding, end of period, Weighted-Average Exercise Price | $6.24 | $5.33 |
Options exercisable, end of period, Weighted-Average Exercise Price | $6.23 | $5.30 |
Summary_of_Activity_in_Unveste
Summary of Activity in Unvested RSUs and PSUs (Detail) (RSUs and PSUs, USD $) | 3 Months Ended | |
Jul. 31, 2014 | Jul. 31, 2013 | |
RSUs and PSUs | ' | ' |
Summary of activity in unvested restricted stock units and performance share units | ' | ' |
Restricted Stock Units, RSUs and PSUs outstanding, beginning of year | 1,015,475 | 781,586 |
Restricted Stock Units, Awarded | 164,600 | 406,418 |
Restricted Stock Units, Vested | -117,004 | -3,019 |
Restricted Stock Units, Forfeited | -3,699 | -2,887 |
Restricted Stock Units, RSUs and PSUs outstanding, end of period | 1,059,372 | 1,182,098 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | ' | ' |
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, beginning of year | $10.56 | $8.42 |
Weighted Average Grant Date Fair Value, Awarded | $13 | $10.52 |
Weighted Average Grant Date Fair Value, Vested | $10.76 | $9.25 |
Weighted Average Grant Date Fair Value, Forfeited | $10.98 | $7.98 |
Weighted Average Grant Date Fair Value, RSUs and PSUs outstanding, end of period | $11.93 | $9.13 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | |
Jul. 31, 2014 | Apr. 30, 2014 | |
Case | ||
Claim | ||
Schedule Of Commitments And Contingencies [Line Items] | ' | ' |
Civil charge | $2,000,000 | ' |
Allegations of lawsuit | 'The lawsuit is based principally on a theory of breach of fiduciary duties arising from a 2007 class action lawsuit that has since been dismissed with prejudice. | ' |
Number of Product liability cases | 10 | ' |
Number of Other product liability claims | 8 | ' |
Environmental reserve in non-current liabilities | 623,000 | 623,000 |
Amount placed in escrow | 3,000,000 | ' |
Minimum | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' |
Compensatory damages sought | 75,000 | ' |
Maximum | ' | ' |
Schedule Of Commitments And Contingencies [Line Items] | ' | ' |
Compensatory damages sought | $1,500,000 | ' |