Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Apr. 30, 2015 | Jun. 19, 2015 | Oct. 31, 2014 | |
Document and Entity Information | |||
Entity Registrant Name | AeroVironment Inc | ||
Entity Central Index Key | 1,368,622 | ||
Document Type | 10-K | ||
Document Period End Date | Apr. 30, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --04-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 629.2 | ||
Entity Common Stock, Shares Outstanding | 23,349,051 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 143,410 | $ 126,969 |
Short-term investments | 85,381 | 70,639 |
Accounts receivable, net of allowance for doubtful accounts of $606 at April 30, 2015 and $791 at April 30, 2014 | 33,607 | 31,739 |
Unbilled receivables and retentions | 17,356 | 10,929 |
Inventories, net | 39,414 | 50,699 |
Income tax receivable | 6,584 | |
Deferred income taxes | 5,265 | 5,038 |
Prepaid expenses and other current assets | 4,599 | 4,260 |
Total current assets | 329,032 | 306,857 |
Long-term investments | 46,769 | 50,505 |
Property and equipment, net | 13,499 | 19,997 |
Deferred income taxes | 7,426 | 6,721 |
Other assets | 741 | 874 |
Total assets | 397,467 | 384,954 |
Current liabilities: | ||
Accounts payable | 19,243 | 13,906 |
Wages and related accruals | 13,395 | 14,083 |
Income taxes payable | 692 | |
Customer advances | 4,235 | 2,984 |
Other current liabilities | 9,170 | 6,762 |
Total current liabilities | 46,735 | 37,735 |
Deferred rent | 1,381 | 1,239 |
Liability for uncertain tax positions | $ 439 | $ 3,513 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value: Authorized shares - 10,000,000; none issued or outstanding | ||
Common stock, $0.0001 par value: Authorized shares - 100,000,000 Issued and outstanding shares 23,314,640 shares at April 30, 2015 and 23,176,576 at April 30, 2014 | $ 2 | $ 2 |
Additional paid-in capital | 148,293 | 143,648 |
Accumulated other comprehensive loss | (1,358) | (263) |
Retained earnings | 201,975 | 199,080 |
Total stockholders' equity | 348,912 | 342,467 |
Total liabilities and stockholders' equity | $ 397,467 | $ 384,954 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Consolidated Balance Sheets | ||
Accounts receivable, allowance for doubtful accounts (in dollars) | $ 606 | $ 791 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, Authorized shares | 10,000,000 | 10,000,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, Authorized shares | 100,000,000 | 100,000,000 |
Common stock, Issued shares | 23,314,640 | 23,176,576 |
Common stock, outstanding shares | 23,314,640 | 23,176,576 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Revenue: | |||
Product sales | $ 205,027 | $ 194,996 | $ 139,813 |
Contract services | 54,371 | 56,707 | 100,339 |
Total revenue | 259,398 | 251,703 | 240,152 |
Cost of sales: | |||
Product sales | 118,834 | 119,137 | 85,643 |
Contract services | 36,296 | 38,953 | 61,973 |
Total cost of sales | 155,130 | 158,090 | 147,616 |
Gross margin | 104,268 | 93,613 | 92,536 |
Selling, general and administrative | 55,763 | 55,679 | 51,520 |
Research and development | 46,491 | 25,515 | 37,214 |
Income from operations | 2,014 | 12,419 | 3,802 |
Other income (expense): | |||
Interest income | 882 | 855 | 726 |
Other (expense) income | (1,003) | 1,622 | 6,245 |
Income before income taxes | 1,893 | 14,896 | 10,773 |
Provision for income taxes | (1,002) | 1,178 | 347 |
Net income | $ 2,895 | $ 13,718 | $ 10,426 |
Earnings per share data: | |||
Basic (in dollars per share) | $ 0.13 | $ 0.61 | $ 0.47 |
Diluted (in dollars per share) | $ 0.13 | $ 0.60 | $ 0.47 |
Weighted average shares outstanding: | |||
Basic (in shares) | 22,868,733 | 22,354,444 | 22,069,842 |
Diluted (in shares) | 23,145,997 | 22,719,218 | 22,390,420 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 2,895 | $ 13,718 | $ 10,426 |
Other comprehensive (loss) income: | |||
Unrealized (loss) gain on investments, net of tax | (1,095) | 442 | (11) |
Total comprehensive income | $ 1,800 | $ 14,160 | $ 10,415 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total |
Balance at Apr. 30, 2012 | $ 2 | $ 124,954 | $ 174,936 | $ (694) | $ 299,198 |
Balance (in shares) at Apr. 30, 2012 | 22,243,903 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 10,426 | 10,426 | |||
Unrealized gain (loss) on investments | (11) | (11) | |||
Stock options exercised | 289 | 289 | |||
Stock options exercised (in shares) | 208,338 | ||||
Restricted stock awards (in shares) | 163,886 | ||||
Restricted stock awards forfeited (in shares) | (12,767) | ||||
Restricted stock units vested (in shares) | 14,926 | ||||
Tax withholding payment related to net share settlement of equity awards | (77) | (77) | |||
Tax withholding payment related to net share settlement of equity awards (in shares) | (3,971) | ||||
Reclassification from share-based liability compensation to equity | 401 | 401 | |||
Tax benefit from stock-based compensation | 1,490 | 1,490 | |||
Stock-based compensation | 3,470 | 3,470 | |||
Balance at Apr. 30, 2013 | $ 2 | 130,527 | 185,362 | (705) | 315,186 |
Balance (in shares) at Apr. 30, 2013 | 22,614,315 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 13,718 | 13,718 | |||
Unrealized gain (loss) on investments | 442 | 442 | |||
Stock options exercised | 6,709 | 6,709 | |||
Stock options exercised (in shares) | 460,231 | ||||
Restricted stock awards (in shares) | 128,500 | ||||
Restricted stock awards forfeited (in shares) | (35,869) | ||||
Restricted stock units vested (in shares) | 14,251 | ||||
Tax withholding payment related to net share settlement of equity awards | (163) | (163) | |||
Tax withholding payment related to net share settlement of equity awards (in shares) | (4,852) | ||||
Tax benefit from stock-based compensation | 2,953 | 2,953 | |||
Stock-based compensation | 3,622 | 3,622 | |||
Balance at Apr. 30, 2014 | $ 2 | 143,648 | 199,080 | (263) | 342,467 |
Balance (in shares) at Apr. 30, 2014 | 23,176,576 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Net income | 2,895 | 2,895 | |||
Unrealized gain (loss) on investments | (1,095) | (1,095) | |||
Stock options exercised | 722 | 722 | |||
Stock options exercised (in shares) | 35,018 | ||||
Restricted stock awards (in shares) | 160,180 | ||||
Restricted stock awards forfeited (in shares) | (56,004) | ||||
Tax withholding payment related to net share settlement of equity awards | (36) | (36) | |||
Tax withholding payment related to net share settlement of equity awards (in shares) | (1,130) | ||||
Tax benefit from stock-based compensation | 191 | 191 | |||
Stock-based compensation | 3,768 | 3,768 | |||
Balance at Apr. 30, 2015 | $ 148,293 | $ 201,975 | $ (1,358) | $ 348,912 | |
Balance (in shares) at Apr. 30, 2015 | 23,314,640 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Operating activities | |||
Net income | $ 2,895 | $ 13,718 | $ 10,426 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 8,366 | 9,155 | 10,937 |
Loss from equity method investments | 240 | 30 | |
Impairment of long-lived assets | 438 | 3,317 | |
Provision for doubtful accounts | (106) | (6) | 462 |
Losses on foreign currency transactions | 580 | 21 | |
Loss (gain) on sale of equity securities | 209 | (4) | |
Deferred income taxes | (3,382) | (3,110) | 3,851 |
Change in fair value of conversion feature of convertible bonds | (73) | (1,773) | (6,173) |
Stock-based compensation | 3,768 | 3,622 | 3,470 |
Tax benefit from exercise of stock options | 52 | 2,305 | 1,606 |
Excess tax benefit from stock-based compensation | (162) | (648) | |
Loss on disposition of property and equipment | 3,661 | 18 | |
Amortization of held-to-maturity investments | 4,532 | 5,037 | 5,237 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (1,762) | (11,963) | 36,185 |
Unbilled receivables and retentions | (6,427) | 375 | 15,730 |
Inventories | 11,285 | 11,862 | (19,022) |
Income tax receivable | 6,584 | 5,193 | (11,777) |
Prepaid expenses and other assets | (339) | 157 | (317) |
Accounts payable | 5,337 | (2,238) | (4,069) |
Other liabilities | 3,717 | (1,045) | (17,320) |
Net cash provided by operating activities | 39,413 | 34,005 | 29,244 |
Investing activities | |||
Acquisition of property and equipment | (5,279) | (7,143) | (11,834) |
Equity method investments | (395) | (105) | |
Redemptions of held-to-maturity investments | 69,387 | 75,022 | 84,071 |
Purchases of held-to-maturity investments | (97,464) | (56,946) | (87,294) |
Acquisition of intangible assets | (150) | (750) | (850) |
Purchases of available-for-sale investments | (3,037) | ||
Sales of available-for-sale investments | 10,081 | 360 | 600 |
Net cash (used in) provided by investing activities | (23,820) | 10,438 | (18,344) |
Financing activities | |||
Excess tax benefit from stock-based compensation | 162 | 648 | |
Tax withholding payment related to net settlement of equity awards | (36) | (163) | (77) |
Exercise of stock options | 722 | 6,709 | 289 |
Net cash provided by financing activities | 848 | 7,194 | 212 |
Net increase in cash and cash equivalents | 16,441 | 51,637 | 11,112 |
Cash and cash equivalents at beginning of year | 126,969 | 75,332 | 64,220 |
Cash and cash equivalents at end of year | 143,410 | 126,969 | 75,332 |
Cash paid during the year for: | |||
Income taxes | 700 | 2,556 | 15,262 |
Non-cash activities | |||
Unrealized change in fair value on long term investments recorded in accumulated other comprehensive loss, net of deferred taxes | 1,095 | $ 442 | 11 |
Reclassification from share-based liability compensation to equity | $ 401 | ||
Forfeiture of vested stock-based compensation | 23 | ||
Accrued acquisition of intangible assets | $ 250 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2015 | |
Organization and Significant Accounting Policies | |
Organization and Significant Accounting Policies | 1. Organization and Significant Accounting Policies Organization AeroVironment, Inc., a Delaware corporation, is engaged in the design, development, production, support and operation of unmanned aircraft systems ("UAS") and efficient energy systems ("EES") for various industries and governmental agencies. Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of AeroVironment, Inc. and its wholly-owned subsidiaries: AV S.r.l. Italy, Skytower, LLC, AV GmbH, AV Massachusetts, LLC, AV Rhode Island, LLC, Skytower Inc., AILC, Inc., AeroVironment International PTE. LTD. and Regenerative Fuel Cell Systems, LLC (collectively referred to herein as the "Company"). All intercompany balances and transactions have been eliminated in consolidation. Restatement of Previously Issued Consolidated Financial Statements The Company identified a presentation error in its classification of $5.0 million and $5.2 million of amortization/accretion of premiums/discounts related to held-to-maturity investments within the consolidated statement of cash flows for the years ended April 30, 2014 and 2013, respectively. The Company has corrected the error by reclassifying the amount between the investing and operating sections in its prior year financial statements. See Note 20 for further details. Investments in Companies Accounted for Using the Equity or Cost Method Investments in other non-consolidated entities are accounted for using the equity method or cost basis depending upon the level of ownership and/or the Company's ability to exercise significant influence over the operating and financial policies of the investee. When the equity method is used, investments are recorded at original cost and adjusted periodically to recognize the Company's proportionate share of the investees' net income or losses after the date of investment. When net losses from an investment accounted for under the equity method exceed its carrying amount, the investment balance is reduced to zero and additional losses are not provided for as the Company is not obligated to provide additional capital. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company's share of that net income exceeds the share of net losses not recognized during the period the equity method was suspended. When an investment accounted for using the equity method issues its own shares, the subsequent reduction in the Company's proportionate interest in the investee is reflected in equity as an adjustment to paid-in-capital. The Company evaluates its investments in companies accounted for by the equity or cost method for impairment when there is evidence or indicators that a decrease in value may be other than temporary. Segments The Company's products are sold and divided among two reportable segments to reflect the Company's strategic goals. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company's CODM is the Chief Executive Officer, who reviews the revenue and gross margin results for each of these segments in order to make resource allocation decisions, including the focus of research and development ("R&D"), activities, and assessing performance. The Company's reportable segments are business units that offer different products and services and are managed separately. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include, but are not limited to, valuation of: inventory, available-for-sale securities, deferred tax assets and liabilities, useful lives of property, plant and equipment, medical and dental liabilities, warranty liabilities and estimates of anticipated contract costs and revenue utilized in the revenue recognition process. Actual results could differ from those estimates. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. The Company's cash equivalents are comprised of money market funds, certificates of deposit of major financial institutions, and U.S. Treasury bills. Investments The Company's investments are accounted for as held-to-maturity and available-for-sale and reported at amortized cost and fair value, respectively. Unrealized gains and losses are excluded from earnings and reported as a separate component of stockholders' equity, net of deferred income taxes for available-for-sale investments. The convertible bond in which the Company had invested, which was classified as available-for-sale, contained an embedded conversion feature which was bifurcated from the bond. The change in the fair value of the embedded conversion feature was recorded in other income in the income statement. Gains and losses realized on the disposition of investment securities are determined on the specific identification basis and credited or charged to income. Premium and discount on investments are amortized and accreted using the interest method and charged or credited to investment income. Management determines the appropriate classification of securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. On a quarterly basis, the Company considers available quantitative and qualitative evidence in evaluating potential impairment of our investments. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and our intent and ability to hold the investment to maturity. The Company also considers potential adverse conditions related to the financial health of the issuer based on rating agency actions. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded in earnings and a new cost basis in the investment is established. Fair Values of Financial Instruments Fair values of cash and cash equivalents, accounts receivable, unbilled receivables, retentions and accounts payable approximate cost due to the short period of time to maturity. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, municipal bonds, U.S. government securities and accounts receivable. The Company currently invests the majority of its cash in municipal bonds and U.S. government securities. The Company's revenue and accounts receivable are with a limited number of corporations and governmental entities. In the aggregate, 80%, 75% and 70% of the Company's revenue came from agencies of the U.S. government for the years ended April 30, 2015, 2014 and 2013, respectively. These agencies accounted for 29% and 11% of the accounts receivable balances at April 30, 2015 and 2014, respectively. One such agency, the U.S. Army, accounted for 47%, 45% and 43% of the Company's consolidated revenue for the years ended April 30, 2015, 2014 and 2013, respectively. The U.S. Army accounted for approximately 55%, 54% and 53% of UAS reportable segment sales for the years ended April 30, 2015, 2014 and 2013, respectively. The Company performs ongoing credit evaluations of its commercial customers and maintains an allowance for potential losses. Accounts Receivable, Unbilled Receivables and Retentions Accounts receivable represents primarily U.S. government, and to a lesser extent commercial receivables, net of allowances for doubtful accounts. Unbilled receivables represent costs in excess of billings on incomplete contracts and, where applicable, accrued profit related to government long-term contracts on which revenue has been recognized, but for which the customer has not yet been billed. Retentions represent amounts withheld by customers until contract completion. At April 30, 2015 and 2014, the retention balances were $1,344,000 and $1,074,000, respectively. The Company determines the allowance for doubtful accounts based on historical customer experience and other currently available evidence. When a specific account is deemed uncollectible, the account is written off against the allowance. The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the accounts receivable balance; such losses have historically been within management's expectations. An account is deemed past due based on contractual terms rather than on how recently payments have been received. Inventories Inventories are stated at the lower of cost (using the weighted average costing method) or market value. Inventory write-offs and write-down provisions are provided to cover risks arising from slow-moving items or technological obsolescence and for market prices lower than cost. The Company periodically evaluates the quantities on hand relative to current and historical selling prices and historical and projected sales volume. Based on this evaluation, provisions are made to write inventory down to its market value. Long-Lived Assets Property and equipment are carried at cost. Depreciation of property and equipment, including amortization of leasehold improvements, are provided using the straight-line method over the following estimated useful lives: Machinery and equipment 2 to 7 years Computer equipment and software 2 to 5 years Furniture and fixtures 3 to 7 years Leasehold improvements Lesser of useful life or term of lease Maintenance, repairs and minor renewals are charged directly to expense as incurred. Additions and betterments to property and equipment are capitalized at cost. When the Company disposes of assets, the applicable costs and accumulated depreciation and amortization thereon are removed from the accounts and any resulting gain or loss is included in selling, general and administrative ("SG&A") expense in the period incurred. The Company reviews the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. Product Warranty The Company accrues an estimate of its exposure to warranty claims based upon both current and historical product sales data and warranty costs incurred. Product warranty reserves are recorded in other current liabilities. Self-Insurance Liability The Company is self-insured for employee medical claims, subject to individual and aggregate stop-loss policies. The Company estimates a liability for claims filed and incurred but not reported based upon recent claims experience and an analysis of the average period of time between the occurrence of a claim and the time it is reported to and paid by the Company. As of April 30, 2015 and 2014, the Company estimated and recorded a self-insurance liability in wages and related accruals of approximately $1,293,000 and $1,281,000, respectively. Income Taxes Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. The provision for income taxes reflects the taxes to be paid for the period and the change during the period in the deferred income tax assets and liabilities. The Company records a valuation allowance to reduce the deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. For uncertain tax positions, the Company determines whether it is "more likely than not" that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. For those tax positions where it is "not more likely than not" that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded. Customer Advances and Amounts in Excess of Cost Incurred The Company receives advances, performance-based payments and progress payments from customers that may exceed costs incurred on certain contracts, including contracts with agencies of the U.S. government. These advances are classified as advances from customers and will be offset against billings. Revenue Recognition The substantial majority of the Company's revenue is generated pursuant to written contractual arrangements to design, develop, manufacture and/or modify complex products, and to provide related engineering, technical and other services according to the specifications of the buyers (customers). These contracts may be fixed-price or cost-reimbursable. The Company considers all contracts for treatment in accordance with authoritative guidance for contracts with multiple deliverables. Revenue arrangements with multiple deliverables should be divided into separate units of accounting if the deliverables have value to the customer on a stand-alone basis; there is objective and reliable evidence of the fair value of the undelivered item(s); and, if the arrangement includes a general right of return, delivery or performance of the undelivered item(s) is considered probable and substantially in the control of the vendor. The Company occasionally enters into arrangements that consist of installation and repair contracts associated with hardware sold by the Company. Such arrangements consist of separate contractual arrangements and are divided into separate units of accounting where the delivered item has value to the customer on a stand-alone basis and there is objective and reasonable evidence of the fair value of the installation contract. Consideration is allocated among the separate units of accounting based on their relative fair values. Product sales revenue is composed of revenue recognized on contracts for the delivery of production hardware and related activities. Contract services revenue is composed of revenue recognized on contracts for the provision of services, including repairs, training, engineering design, development and prototyping activities. Revenue from cost-plus-fee contracts are recognized on the basis of costs incurred during the period plus the fee earned. Revenue from fixed-price contracts are recognized on the percentage-of-completion method. Contract costs include all direct material and labor costs and those indirect costs related to contract performance. Unbilled receivables represent costs incurred and related profit on contracts not yet billed to customers, and are invoiced in subsequent periods. Product sales revenue is recognized on the percentage-of-completion method or upon transfer of title to the customer, which is generally upon shipment. Shipping and handling costs incurred are included in cost of sales. Revenue and profits on fixed-price production contracts, where units are produced and delivered in a continuous or sequential process, are recorded as units are delivered based on their selling prices (the "units-of-delivery method"). Revenue and profits on other fixed-price contracts with significant engineering as well as production requirements are recorded based on the ratio of total actual incurred costs to date to the total estimated costs for each contract (the "cost-to-cost method"). Accounting for revenue and profits on a fixed-price contract requires the preparation of estimates of (1) the total contract revenue, (2) the total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract's statement of work and (3) the measurement of progress towards completion. The estimated profit or loss at completion on a contract is equal to the difference between the total estimated contract revenue and the total estimated cost at completion. Under the units-of-delivery method, sales on a fixed-price type contract are recorded as the units are delivered during the period based on their contractual selling prices. Under the cost-to-cost method, sales on a fixed-price type contract are recorded at amounts equal to the ratio of actual cumulative costs incurred divided by total estimated costs at completion, multiplied by (i) the total estimated contract revenue, less (ii) the cumulative sales recognized in prior periods. The profit recorded on a contract in any period using either the units-of-delivery method or cost-to-cost method is equal to (i) the current estimated total profit margin multiplied by the cumulative sales recognized, less (ii) the amount of cumulative profit previously recorded for the contract. In the case of a contract for which the total estimated costs exceed the total estimated revenue, a loss arises, and a provision for the entire loss is recorded in the period that it becomes evident. The unrecoverable costs on a loss contract that are expected to be incurred in future periods are recorded in the program cost. Significant management judgments and estimates must be made and used in connection with the recognition of revenue in any accounting period. Material differences in the amount of revenue in any given period may result if these judgments or estimates prove to be incorrect or if management's estimates change on the basis of development of the business, market conditions or other factors. Management judgments and estimates have been applied consistently and have been reliable historically. The Company believes that there are two key factors which impact the reliability of management's estimates. The first of those key factors is that the terms of the Company's contracts are typically less than six months. The short-term nature of such contracts reduces the risk that material changes in accounting estimates will occur on the basis of market conditions or other factors. The second key factor is that the Company has hundreds of contracts in any given accounting period, which reduces the risk that any one change in an accounting estimate on one or several contracts would have a material impact on the Company's consolidated financial statements or its two reporting segments' measures of profit. Changes in estimates are recognized using the cumulative catch-up method of accounting. This method recognizes, in the current period, the cumulative effect of the changes on current and prior periods. Stock-Based Compensation Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. No compensation cost is ultimately recognized for awards for which employees do not render the requisite service and are forfeited. Long-Term Incentive Awards For long-term incentive awards, a target payout is established at the beginning of each performance period. The actual payout at the end of the performance period is calculated based upon the Company's achievement of such targets. Payouts are made in cash and restricted stock units. Upon vesting of the restricted stock units, the Company has the discretion to settle the restricted stock units in cash or stock. The cash component of the award is accounted for as a liability. The equity component is accounted for as a stock-based liability, as the restricted stock units may be settled in cash or stock. At each reporting period, the Company reassesses the probability of achieving the performance targets. The estimation of whether the performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company's current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised. Research and Development Internally funded research and development costs ("IRAD"), sponsored by the Company relate to both U.S. government products and services and those for commercial and foreign customers. IRAD costs for the Company are recoverable and allocable under government contracts in accordance with U.S. government procurement regulations. Customer-funded research and development costs are incurred pursuant to contracts (revenue arrangements) to perform research and development activities according to customer specifications. These costs are direct contract costs and are expensed to cost of sales when the corresponding revenue is recognized, which is generally as the research and development services are performed. Revenue from customer-funded research and development was approximately $36,998,000, $28,393,000 and $37,317,000 for the years ended April 30, 2015, 2014 and 2013, respectively. The related cost of sales for customer-funded research and development totaled approximately $ 24,776,000, $18,644,000 and $26,496,000 for the years ended April 30, 2015, 2014 and 2013, respectively. Lease Accounting The Company accounts for its leases and subsequent amendments as operating leases or capital leases for financial reporting purposes. Certain operating leases contain rent escalation clauses, which are recorded on a straight-line basis over the initial term of the lease with the difference between the rent paid and the straight-line rent recorded as a deferred rent liability. Lease incentives received from landlords are recorded as deferred rent liabilities and are amortized on a straight-line basis over the lease term as a reduction to rent expense. Deferred rent liabilities were approximately $1,381,000 and $1,239,000 as of April 30, 2015 and 2014, respectively. Advertising Costs Advertising costs are expensed as incurred. Advertising expenses included in SG&A expenses were approximately $416,000, $225,000 and $238,000 for the years ended April 30, 2015, 2014 and 2013, respectively. Earnings Per Share Basic earnings per share are computed using the weighted-average number of common shares outstanding and excludes any anti-dilutive effects of options, restricted stock and restricted stock units. The dilutive effect of potential common shares outstanding is included in diluted earnings per share. The reconciliation of diluted to basic shares is as follows: Year Ended April 30, 2015 2014 2013 Numerator for basic earnings per share: Net income $ $ $ Denominator for basic earnings per share: Weighted average common shares Dilutive effect of employee stock options, restricted stock and restricted stock units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for diluted earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ During the years ended April 30, 2015, 2014 and 2013, certain options, shares of restricted stock and restricted stock units were not included in the computation of diluted earnings per share because their inclusion would have been anti-dilutive. The number of options, restricted stock and restricted stock units which met this anti-dilutive criterion was approximately 43,000, 51,000 and 191,000 for the years ended April 30, 2015, 2014 and 2013, respectively. Recently Issued Accounting Standards In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the Emerging Issues Task Force). This ASU addresses when unrecognized tax benefits should be presented as reductions to deferred tax assets for net operating loss carryforwards in the financial statements. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption and retrospective application is permitted. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU changes the threshold for a disposal to qualify as a discontinued operation. To be considered a discontinued operation a disposal now must represent a strategic shift that has or will have a major effect on an entity's operations and financial results. This ASU also requires new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. This update will be applied prospectively and is effective for annual periods, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted provided the disposal was not previously disclosed. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) . The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company 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. This ASU is effective for annual periods beginning after December 15, 2017 and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) . This ASU clarifies that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. This ASU is effective for annual periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. This ASU may be applied either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This ASU is part of the FASB's initiative to reduce complexity in accounting standards. This ASU eliminates from U.S. GAAP the concept of extraordinary items, which were previously required to be segregated from the results of ordinary operations and shown separately in the income statement, net of tax, after income from continuing operations. Entities were also required to disclose applicable income taxes for the extraordinary item and either present or disclose earnings-per-share data applicable to the extraordinary item. Items which are considered both unusual and infrequent will now be presented separately within income from continuing operations in the income statement or disclosed in notes to the financial statements. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Companies may apply the ASU prospectively, or may also apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of this guidance will not have a material impact on the Company's consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. This ASU changes the analysis that reporting entities must perform to determine if certain types of legal entities should be consolidated. Specifically, the ASU focuses on 1) the variable interest entity, or VIE, evaluation of limited partnerships and similar legal entities, 2) eliminating the presumption that general partners should consolidate a limited partnership, 3) the consolidation analysis of reporting entities that are involved with VIEs, and 4) scope exceptions from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. If the ASU is adopted in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The ASU may be applied using a modified retrospective approach by recording a cumulative-effect adjustment as of the beginning of the fiscal year of adoption. A reporting entity also may apply the amendments retrospectively. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. This ASU adds explicit guidance into U.S. GAAP regarding a customer's accounting for fees paid in a cloud computing arrangement. The ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity should apply the amendments either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. |
Investments
Investments | 12 Months Ended |
Apr. 30, 2014 | |
Investments | |
Investments | 2. Investments Investments consist of the following: April 30, 2015 2014 (In thousands) Short-term investments: Held-to-maturity securities: Municipal securities $ $ U.S. government securities — Corporate bonds — Certificates of deposit ​ ​ ​ ​ ​ ​ ​ ​ Total held-to-maturity investments ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale securities: Equity securities — ​ ​ ​ ​ ​ ​ ​ ​ Total available-for-sale investments — ​ ​ ​ ​ ​ ​ ​ ​ Total short-term investments $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term investments: Held-to-maturity securities: Municipal securities $ $ U.S. government securities — Corporate bonds — Certificates of deposit — ​ ​ ​ ​ ​ ​ ​ ​ Total held-to-maturity investments Available-for-sale securities: Auction rate securities Convertible bonds — Equity securities — ​ ​ ​ ​ ​ ​ ​ ​ Total available-for-sale investments ​ ​ ​ ​ ​ ​ ​ ​ Total long-term investments $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Held-To-Maturity Securities As of April 30, 2015 and 2014, the balance of held-to-maturity securities consisted of state and local government municipal securities, U.S. government securities, corporate bonds and certificates of deposit. Interest earned from these investments is recorded in interest income. The amortized cost, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of April 30, are as follows (in thousands): 2015 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Municipal securities $ $ $ ) $ $ $ $ ) $ U.S. government securities — — — — — Corporate bonds — ) — — — — Certificates of deposit — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total held-to-maturity investments $ $ $ ) $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The amortized cost and fair value of the Company's held-to-maturity securities by contractual maturity at April 30, 2015, are as follows: Cost Fair Value Due within one year $ $ Due after one year through five years ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Available-For-Sale Securities Auction Rate Securities As of April 30, 2015 and 2014, the entire balance of available-for-sale auction rate securities consisted of two and three investment grade auction rate municipal bonds, respectively, with maturities ranging from 4 to 19 years. These investments have characteristics similar to short-term investments, because at pre-determined intervals, generally ranging from 30 to 35 days, there is a new auction process at which the interest rates for these securities are reset to current interest rates. At the end of such period, the Company chooses to roll-over its holdings or redeem the investments for cash. A market maker facilitates the redemption of the securities and the underlying issuers are not required to redeem the investment within 365 days. Interest earned from these investments is recorded in interest income. During the fourth quarter of the fiscal year ended April 30, 2008, the Company began experiencing failed auctions on some of its auction rate securities. A failed auction occurs when a buyer for the securities cannot be obtained and the market maker does not buy the security for its own account. The Company continues to earn interest on the investments that failed to settle at auction, at the maximum contractual rate until the next auction occurs. In the event the Company needs to access funds invested in these auction rate securities, the Company may not be able to liquidate these securities at the fair value recorded on April 30, 2015 until a future auction of these securities is successful or a buyer is found outside of the auction process. As a result of the failed auctions, the fair values of these securities are estimated utilizing a discounted cash flow analysis as of April 30, 2015 and 2014. The analysis considers, among other items, the collateralization underlying the security investments, the creditworthiness of the counterparty, the timing of expected future cash flows, and the expectation of the next time the security is expected to have a successful auction. Based on the Company's ability to access its cash and cash equivalents, expected operating cash flows, and other sources of cash, the Company does not anticipate the current lack of liquidity on these investments will affect its ability to operate the business in the ordinary course. The Company believes the current lack of liquidity of these investments is temporary and expects that the securities will be redeemed or refinanced at some point in the future. The Company will continue to monitor the value of its auction rate securities at each reporting period for a possible impairment if a further decline in fair value occurs. The auction rate securities have been in an unrealized loss position for more than 12 months. The Company has the ability and the intent to hold these investments until a recovery of fair value, which may be maturity and as of April 30, 2015, it did not consider these investments to be other-than-temporarily impaired. The amortized cost, gross unrealized losses, and estimated fair value of the available-for-sale auction rate securities are as follows (in thousands): April 30, 2015 2014 Auction rate securities Amortized cost $ $ Gross unrealized losses ) ) ​ ​ ​ ​ ​ ​ ​ ​ Fair value $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The amortized cost and fair value of the Company's auction rate securities by contractual maturity at April 30, 2015 are as follows (in thousands): Cost Fair Value Due after one through five years $ $ Due after 10 years ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Convertible Bonds As of April 30, 2015 the Company did not have any convertible bond investments. As of April 30, 2014, the entire balance of available-for-sale convertible bonds consisted of one convertible bond. The convertible bond was issued by CybAero AB ("CybAero"), a publicly traded company in Sweden that develops and manufactures unmanned aerial vehicles. The bond had a principal amount of 10 million Swedish Kronor ("SEK"), was convertible into one million CybAero shares at the conversion price of 10 SEK per share, had a maturity date of November 30, 2017, and had an interest rate of 5% per annum. The convertible bond contained an embedded conversion feature which was bifurcated from the bond. The changes in the fair value of the embedded conversion feature are recorded in other income in the income statement. Unrealized gains and losses of the bond are excluded from earnings and reported as a separate component of stockholders' equity, net of deferred income taxes. On May 14, 2013, CybAero effected a reverse stock split whereby every 10 shares of CybAero were converted into 1 share. All amounts discussed as of April 30, 2014 reflect this reverse stock split. On February 12, 2014, CybAero adjusted the conversion price of each convertible bond, pursuant to anti-dilution provisions in the convertible bonds agreement, from 10 SEK to 9.41 SEK and increased the number of shares per bond from 1,000,000 to 1,062,699. The adjusted conversion price and increased share count was effective February 12, 2014. On February 28, 2014, the Company exercised its conversion right and converted one convertible bond into CybAero common shares. The convertible bond was in the amount of 10 million SEK and was converted into 1,062,699 common shares of CybAero at the conversion price of 9.41 SEK. The shares are classified as available-for-sale. On August 11, 2014, the Company exercised its conversion right and converted the remaining convertible bond into CybAero common shares. The convertible bond was in the amount of 10 million SEK and was converted into 1,062,699 common shares of CybAero at the conversion price of 9.41 SEK. The shares are classified as available-for-sale. The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale convertible bonds are as follows (in thousands): April 30, 2015 2014 Convertible bonds Amortized cost $ — $ Gross unrealized gains — Gross unrealized losses — — ​ ​ ​ ​ ​ ​ ​ ​ Fair value $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Equity Securities As of April 30, 2015 and 2014, the entire balance of available-for-sale equity securities consisted of 618,042 and 1,025,799 CybAero common shares, respectively. The shares are classified as available-for-sale. During the years ended April 30, 2015 and 2014, the Company realized gains on the sale of CybAero shares of $4,784,000 and $132,000, respectively. The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale equity securities are as follows (in thousands): April 30, 2015 2014 Equity Securities Amortized cost $ $ Gross unrealized gains — Gross unrealized losses ) — ​ ​ ​ ​ ​ ​ ​ ​ Fair value $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of April 30, 2015, the equity securities have been in an unrealized loss position for less than 12 months. The Company evaluated the near-term prospects of the issuer in relation to the severity and duration of the impairment. Based on that evaluation and the Company's ability and intent to hold those investments for a reasonable period of time sufficient for a forecasted recovery of fair value, the Company does not consider those investments to be other-than-temporarily impaired at April 30, 2015. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Apr. 30, 2015 | |
Fair Value Measurements | |
Fair Value Measurements | 3. Fair Value Measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three levels as follows: • Level 1—Inputs to the valuation based upon quoted prices (unadjusted) for identical assets or liabilities in active markets that are accessible as of the measurement date. • Level 2—Inputs to the valuation include quoted prices in either markets that are not active, or in active markets for similar assets or liabilities, inputs other than quoted prices that are observable, and inputs that are derived principally from or corroborated by observable market data. • Level 3—Inputs to the valuation that are unobservable inputs for the asset or liability. The Company's financial assets measured at fair value on a recurring basis at April 30, 2015, were as follows (in thousands): Fair Value Measurement Using Description Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Auction rate securities $ — $ — $ $ Equity securities — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ — $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in thousands): Description Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Balance at May 1, 2014 $ Transfers to Level 3 — Total gains (realized or unrealized) Included in earnings — Included in other comprehensive income Purchases, issuances and settlements, net ) ​ ​ ​ ​ ​ Balance at April 30, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at April 30, 2015 $ — The auction rate securities are valued using a discounted cash flow model. The analysis considers, among other items, the collateralization underlying the security investments, the creditworthiness of the counterparty, the timing of expected future cash flows, and the estimated date upon which the security is expected to have a successful auction. As of April 30, 2015, the inputs used in the Company's discounted cash flow analysis included current coupon rates of 0.1%, estimated redemption periods of 4 to 19 years and discount rates of 4.6% to 15.4%. The discount rates were based on market rates for municipal bond securities, as adjusted for a risk premium to reflect the lack of liquidity of these investments. |
Inventories, net
Inventories, net | 12 Months Ended |
Apr. 30, 2015 | |
Inventories, net | |
Inventories, net | 4. Inventories, net Inventories consist of the following: April 30, 2015 2014 (In thousands) Raw materials $ $ Work in process Finished goods ​ ​ ​ ​ ​ ​ ​ ​ Inventories, gross Reserve for inventory excess and obsolescence ) ) ​ ​ ​ ​ ​ ​ ​ ​ Inventories, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inventory consigned to others as of April 30, 2015 and 2014 was $6,840,000 and $7,856,000, respectively. |
Intangibles
Intangibles | 12 Months Ended |
Apr. 30, 2015 | |
Goodwill and Intangible Assets Disclosure | |
Intangibles | 5. Intangibles Intangibles are included in other assets, long-term, on the balance sheet. The components of intangibles are as follows: April 30, 2015 2014 (In thousands) Licenses $ $ Less accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The weighted average amortization period at April 30, 2015 and 2014 was five years and three years, respectively. Amortization expense for the years ended April 30, 2015, 2014 and 2013 was $249,000, $154,000 and $35,000, respectively. During the year ended April 30, 2015, the Company recorded an impairment charge of $438,000 recorded in SG&A expenses related to an exclusive distribution agreement as the Company determined that it would not be selling any products through the exclusive distribution agreement. During the year ended April 30, 2014, the Company recorded an impairment charge of $72,000 recorded in SG&A expenses related to a license for certain technology as the Company determined that it would not be selling any products containing the licensed technology. At April 30, 2014, the Company recorded an impairment charge of $672,000 recorded in SG&A expenses related to an exclusive distribution license. See Note 6, Property and Equipment, net for further details. Estimated amortization expense for the next five years is as follows: Year ending April 30 (In thousands) 2016 $ 2017 2018 2019 2020 ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Apr. 30, 2015 | |
Property and Equipment, net | |
Property and Equipment, net | 6. Property and Equipment, net Property and equipment consist of the following: April 30, 2015 2014 (In thousands) Leasehold improvements $ $ Machinery and equipment Furniture and fixtures Computer equipment and software Construction in process ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, gross Less accumulated depreciation and amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At April 30, 2014, an analysis of the Company's long-lived assets related to Tier II helicopter demonstration assets and an exclusive license agreement to sell Tier II helicopters indicated impairment. At April 30, 2014 the Company determined that the carrying value of the Tier II helicopter demonstration assets and license agreement would not be recovered over the estimated useful life of the primary assets due to the delay of market adoption resulting in lower than anticipated sales. Accordingly, the Company completed an impairment test for this asset group, which resulted in an impairment charge of $3,317,000 that was recorded in SG&A costs of which $2,645,000 was related to the Tier II helicopter demonstration assets and $672,000 was related to the exclusive distribution license. To determine the amount of the impairment charge, the Company was required to make estimates of the fair value of the assets in this group, and these estimates were based on the use of the income approach to determine the fair value of the equipment. At April 30, 2014, the Company considered these assets "held and used." |
Investments in Companies Accoun
Investments in Companies Accounted for Using the Equity Method | 12 Months Ended |
Apr. 30, 2015 | |
Investments in Companies Accounted for Using the Equity Method | |
Investments in Companies Accounted for Using the Equity Method | 7. Investments in Companies Accounted for Using the Equity Method In March of 2014, the Company purchased 49% of the outstanding common stock of Altoy Savunma Sanayi ve Havacilik Anonim Sirketi ("Altoy"), a Turkish corporation founded in February 2014. Altoy aims to develop and manufacture high altitude long endurance, unmanned aerial platform technologies in Turkey and market and sell such technologies to the world market. Altoy is considered to be in the start-up phase with no current operations. During the years ended April 30, 2015 and 2014, the Company recorded 49% of the net loss of Altoy, or $240,000 and $30,000, respectively, in "Other (expense) income" in the consolidated statement of income. At April 30, 2015 and 2014, the carrying value of the investment in Altoy was $230,000 and $75,000, respectively and was recorded in "Other assets, long-term." |
Warranty Reserves
Warranty Reserves | 12 Months Ended |
Apr. 30, 2015 | |
Warranty Reserves | |
Warranty Reserves | 8. Warranty Reserves Warranty reserve activity is summarized as follows: April 30, 2015 2014 (In thousands) Beginning balance $ $ Warranty expense Warranty costs settled ) ) ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Employee Savings Plan
Employee Savings Plan | 12 Months Ended |
Apr. 30, 2015 | |
Employee Savings Plan | |
Employee Savings Plan | 9. Employee Savings Plan The Company has an employee 401(k) savings plan covering all eligible employees. The Company expensed approximately $2,818,000, $2,757,000 and $3,137,000 in contributions to the plan for the years ended April 30, 2015, 2014 and 2013, respectively. |
Restructuring Charges
Restructuring Charges | 12 Months Ended |
Apr. 30, 2015 | |
Restructuring Charges | |
Restructuring Charges | 10. Restructuring Charges On May 29, 2013 and September 26, 2013, the Company implemented two separate and unrelated organizational realignments and workforce reductions in its UAS and EES business segments. The purpose of the organizational realignment and workforce reduction on May 29, 2013, within the Company's UAS and EES business segments, was to enhance the Company's focus on new product introductions and the adoption of new solutions designed to support the Company's long-term growth plans. The workforce reduction was necessitated by continuing delays in U.S. government procurements from the Company's UAS business segment and delays in the growth of plug-in electric vehicle adoption and associated recharging solution sales in the Company's EES business segment. The cost of the organizational realignment and workforce reduction was approximately $1,100,000, consisting primarily of severance payments. The Company recorded this charge in its fiscal first quarter ended July 27, 2013. Of the $1,100,000 recorded during the first quarter, approximately $1,000,000 was recorded in cost of sales and approximately $100,000 was recorded in SG&A costs. Of the approximately $1,000,000 recorded in cost of sales, approximately $700,000 related to UAS and approximately $300,000 related to EES. The Company does not report SG&A costs by segment as the CODM only reviews the revenue and gross margin results for each of these segments when making resource allocation decisions. The purpose of the organizational realignment and workforce reduction on September 26, 2013, within the Company's UAS business segment, was to address shifts in the UAS segment's business mix and align the skills within the UAS business segment more closely with market requirements to support ongoing programs and emerging growth opportunities. The cost of the organizational realignment and workforce reduction was approximately $700,000, consisting primarily of severance payments recorded in cost of sales. The Company recorded this charge in its fiscal second quarter ended October 26, 2013. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Apr. 30, 2015 | |
Stock-Based Compensation | |
Stock-Based Compensation | 11. Stock-Based Compensation For the years ended April 30, 2015, 2014 and 2013, the Company recorded stock-based compensation expense of approximately $3,768,000, $3,622,000 and $3,470,000, respectively. On January 14, 2007, the stockholders of the Company approved the 2006 Equity Incentive Plan, or 2006 Plan, effective January 21, 2007, for officers, directors, key employees and consultants. On September 29, 2011, the stockholders of the Company approved an amendment and restatement of the 2006 Plan, or Restated 2006 Plan. Under the Restated 2006 Plan, incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation right awards, performance share awards, performance stock unit awards, dividend equivalents awards, stock payment awards, deferred stock awards, restricted stock unit awards, other stock-based awards, performance bonus awards or performance-based awards may be granted at the discretion of the compensation committee, which consists of outside directors. A maximum of 4,884,157 shares of stock may be issued pursuant to awards under the Restated 2006 Plan. The maximum number of shares of common stock with respect to one or more awards that may be granted to any one participant during any twelve month period is 2,000,000. A maximum of $5,000,000 may be paid in cash as a performance-based award during any twelve month period. The exercise price for any incentive stock option shall not be less than 100% of the fair market value on the date of grant. Vesting of awards is established at the time of grant. The Company had an equity incentive plan, or 2002 Plan, for officers, directors and key employees. Under the 2002 Plan, incentive stock options or nonqualified stock options were granted, as determined by the administrator at the time of grant. Stock purchase rights were also granted under the 2002 Plan. Options under the 2002 Plan were granted at their fair market value (as determined by the board of directors). The options became exercisable at various times over a five-year period from the grant date. The 2002 Plan was terminated on the effective date of the 2006 Plan. Awards outstanding under the 2002 Plan remain outstanding and exercisable; no additional awards may be made under the 2002 Plan. The Company had a 1992 nonqualified stock option plan, or 1992 Plan, for certain officers and key employees. Options under the 1992 Plan were granted at their fair market value (as determined by the board of directors) at the date of grant and became exercisable at various times over a five-year period from the grant date. The 1992 Plan expired in August 2002. The fair value of stock options granted was estimated at the grant date using the Black-Scholes option pricing model with the following weighted average assumptions for the years ended April 30, 2015, 2014 and 2013: Year Ended April 30, 2015 2014 2013 Expected term (in years) Expected volatility % % % Risk-free interest rate % % % Expected dividend — — — Weighted average fair value at grant date $ $ $ The expected term of stock options represents the weighted average period the Company expects the stock options to remain outstanding, based on the Company's historical exercise and post-vesting cancellation experience and the remaining contractual life of its outstanding options. The expected volatility is based on historical volatility for the Company's stock. The risk free interest rate is based on the implied yield on a U.S. Treasury zero-coupon bond with a remaining term that approximates the expected term of the option. The expected dividend yield of zero reflects that the Company has not paid any cash dividends since inception and does not anticipate paying cash dividends in the foreseeable future. Information related to the stock option plans at April 30, 2015, 2014 and 2013, and for the years then ended is as follows: Restated 2006 Plan 2002 Plan 1992 Plan Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at April 30, 2012 $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options granted — — — — Options exercised ) ) ) Options canceled — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at April 30, 2013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options granted — — — — Options exercised ) ) ) Options canceled ) ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at April 30, 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options granted — — — — Options exercised ) ) ) Options canceled ) — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at April 30, 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options exercisable at April 30, 2015 $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The total intrinsic value of all options exercised during the years ended April 30, 2015, 2014 and 2013 was approximately $455,000, $9,220,000, and $4,329,000, respectively. The intrinsic value of all options outstanding at April 30, 2015 and 2014 was $5,349,000 and $12,314,000, respectively. The intrinsic value of all exercisable options at April 30, 2015 and 2014 was $4,560,000 and $7,998,000, respectively. A summary of the status of the Company's non-vested stock options as of April 30, 2015 and the year then ended is as follows: Non-vested Options Options Weighted Average Grant Date Fair Value Non-vested at April 30, 2014 $ Granted Expired — — Canceled ) Vested ) ​ ​ ​ ​ ​ ​ ​ ​ Non-vested at April 30, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of April 30, 2015, there was approximately $10,331,000 of total unrecognized compensation cost related to non-vested share-based compensation awards granted under the equity plans. That cost is expected to be recognized over an approximately five-year period or a weighted average period of approximately three years. The weighted average fair value of options issued for the years ended April 30, 2015, 2014 and 2013 was $14.05, $10.61 and $8.44, respectively. The total fair value of shares vesting during the years ended April 30, 2015, 2014 and 2013 was $2,389,000, $2,168,000 and $2,477,000, respectively. Proceeds from all option exercises under all stock option plans for the years ended April 30, 2015, 2014 and 2013 were approximately $722,000, $6,709,000 and $289,000, respectively. The tax benefit realized from stock-based compensation during the years ended April 30, 2015, 2014 and 2013 was approximately $191,000, $2,953,000, and $1,490,000, respectively. The following tabulation summarizes certain information concerning outstanding and exercisable options at April 30, 2015: Options Outstanding Weighted Average Remaining Contractual Life In Years Options Exercisable Range of Exercise Prices As of April 30, 2015 Weighted Average Exercise Price As of April 30, 2015 Weighted Average Exercise Price $ 0.59 $ $ 2.13 11.79 18.07-24.65 25.77-32.19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 0.59-32.19 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The remaining weighted average contractual life of exercisable options at April 30, 2015 was 3.93 years. Information related to the Company's restricted stock awards at April 30, 2015 and for the year then ended is as follows: Restated 2006 Plan Shares Weighted Average Grant Date Fair Value Unvested stock at April 30, 2014 $ Stock granted Stock vested ) Stock canceled ) ​ ​ ​ ​ ​ ​ ​ ​ Unvested stock at April 30, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Long-Term Incentive Awards
Long-Term Incentive Awards | 12 Months Ended |
Apr. 30, 2015 | |
Long-Term Incentive Awards. | |
Long-Term Incentive Awards | 12. Long-Term Incentive Awards During the year ended April 30, 2015, the Company granted a performance award under the Restated 2006 Plan to key employees. The performance period for the award is the year ending April 30, 2017. A target payout was established at the award date. The actual payout at the end of the performance period will be calculated based upon the Company's achievement of revenue and gross margin for the year ending April 30, 2017. Payouts will be made in cash and restricted stock units. Upon vesting of the restricted stock units, the Company has the discretion to settle the restricted stock units in cash or stock. During each of the years ended April 30, 2014 and 2013, the Company granted a three-year performance award under the Restated 2006 Plan to key employees. The performance period for each three-year award is the three-year period ending April 30, 2016 and 2015, respectively. A target payout was established at the beginning of the performance period. The actual payout at the end of the performance period will be calculated based upon the Company's achievement of revenue and operating profit growth. Payouts will be made in cash and restricted stock units. Upon vesting of the restricted stock units, the Company has the discretion to settle the restricted stock units in cash or stock. The cash component of the award is accounted for as a liability. The equity component is accounted for as a stock-based liability, as the restricted stock units may be settled in cash or stock. At each reporting period, the Company reassesses the probability of achieving the performance targets. The estimation of whether the performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company's current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised. During the years ended April 30, 2015, 2014 and 2013, the Company recorded compensation expense for the long-term incentive awards of $0, $160,000 and $194,000, respectively. At April 30, 2015 and 2014, the Company had an accrued liability of $0 for outstanding awards. The maximum compensation expense that may be recorded for outstanding awards is $8,689,000. |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2015 | |
Income Taxes | |
Income Taxes | 13. Income Taxes The components of income before income taxes are as follows (in thousands): Year Ended April 30, 2015 2014 2013 Domestic $ $ $ Foreign ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ The Company expects any foreign earnings to be reinvested in such foreign jurisdictions and, therefore, no deferred tax liabilities for U.S. income taxes on undistributed earnings are recorded. The foreign subsidiaries do not have any undistributed earnings. A reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense is as follows: Year Ended April 30, 2015 2014 2013 U.S. federal statutory income tax rate % % % State and local income taxes, net of federal benefit ) ) R&D and other tax credits ) ) ) Valuation allowance — Uncertain tax position adjustment ) ) Return to provision adjustments ) Permanent items ) ) Other ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective income tax rate )% % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The components of the provision for income taxes are as follows (in thousands): Year ended April 30, 2015 2014 2013 Current: Federal $ $ $ ) State ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ) Deferred: Federal ) ) State ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ) Total income tax expense $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Significant components of the Company's deferred income tax assets and liabilities are as follows (in thousands): April 30, 2015 2014 Deferred income tax assets: Accrued expenses $ $ Allowances, reserves, and other Fixed asset basis — Capital loss and credit carry-forwards Intangibles basis ​ ​ ​ ​ ​ ​ ​ ​ Total deferred income tax assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred income tax liabilities: Unrealized gain on securities ) ) Fixed asset basis ) — ​ ​ ​ ​ ​ ​ ​ ​ Total deferred income tax liabilities ) ) ​ ​ ​ ​ ​ ​ ​ ​ Valuation allowance ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At April 30, 2015 and 2014 the Company recorded a valuation allowance of $3,127,000 and $1,298,000, respectively, against state R&D credits as the Company is currently generating more tax credits than it will utilize in future years and against foreign net operating losses that are not more likely than not to be utilized. The valuation allowance increased by $1,829,000 and $1,298,000 for April 30, 2015 and April 30, 2014, respectively. At April 30, 2015 the Company had state credit carryforwards of $13,573,000 that do not expire and federal tax credit carryforwards of $2,654,000 that expire in 2034. As of April 30, 2015, the Company had federal and state credits of $143,000 and $30,000, respectively, for which the tax benefit, when recognized, will be recorded in equity. At April 30, 2015, the Company had multiple state net operating loss carryforwards and foreign losses of approximately $314,000 and $132,000, respectively. The state net operating loss carryforwards begin to expire in 2023 and the foreign losses carryforward indefinitely. At April 30, 2015 and 2014, the Company had approximately $8,190,000 and $6,334,000, respectively, of unrecognized tax benefits all of which would impact the Company's effective tax rate if recognized. The Company estimates that $10,000 of its unrecognized tax benefits will decrease in the next twelve months due to statute of limitation expiration. In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the Emerging Issues Task Force) . As a result of the adoption of this guidance the Company reclassified $2,484,000 at April 30, 2015 from the liability for uncertain tax positions to reduce deferred income tax assets on the balance sheet. The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended April 30, 2015 and 2014 (in thousands): April 30, 2015 2014 Balance as of May 1 $ $ Increases related to prior year tax positions Decreases related to prior year tax positions ) — Increases related to current year tax positions Decreases related to lapsing of statute of limitations ) ) ​ ​ ​ ​ ​ ​ ​ ​ Balance as of April 30 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company records interest and penalties on uncertain tax positions to income tax expense. As of April 30, 2015 and 2014, the Company had accrued approximately $43,000 and $233,000, respectively, of interest and penalties related to uncertain tax positions. The Company is currently under audit by various state jurisdictions but does not anticipate any material adjustments from these examinations. The tax years 2010 to 2014 remain open to examination by the IRS for federal income taxes. The tax years 2008 to 2014 remain open for major state taxing jurisdictions. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Apr. 30, 2015 | |
Accumulated Other Comprehensive Loss. | |
Accumulated Other Comprehensive Loss | 14. Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows (in thousands): Available-for-Sale Securities Accumulated Other Comprehensive Loss Balance as of April 30, 2014 $ ) $ ) Unrealized loss ) ) Income taxes ​ ​ ​ ​ ​ ​ ​ ​ Balance as of April 30, 2015 $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Changes in Accounting Estimates
Changes in Accounting Estimates | 12 Months Ended |
Apr. 30, 2015 | |
Changes in Accounting Estimates | |
Changes in Accounting Estimates | 15. Changes in Accounting Estimates During the years ended April 30, 2015, 2014 and 2013, the Company revised its estimates at completion of various fixed-price contracts which resulted in cumulative catch up adjustments during the year in which the change in estimate occurred. The change in estimate was a result of the Company changing the total costs required to complete the contracts due to having more accurate cost information as work progressed in subsequent periods on the various contracts. The changes in estimates resulted in cumulative catch-up adjustments to income from continuing operations for the years ended April 30, 2015 and 2014 were not material. The changes in estimates resulted in cumulative catch-up adjustments of $1,768,000 to increase income from continuing operations for the year ended April 30, 2013. The changes in estimates resulted in cumulative catch-up adjustments to increase net income for the year ended April 30, 2013 in the amount of $1,081,000. The impact on basic earnings per share for the year ended April 30, 2013, was an increase of $0.05 per share. The impact on diluted earnings per share for the year ended April 30, 2013, was an increase of $0.05 per share. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Apr. 30, 2015 | |
Related Party Transactions | |
Related Party Transactions | 16. Related Party Transactions Pursuant to a consulting agreement, the Company paid a board member approximately $96,000, $96,000 and $172,000 during the years ended April 30, 2015, 2014 and 2013, respectively, for consulting services independent of his board service. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies | |
Commitments and Contingencies | 17. Commitments and Contingencies Commitments The Company's operations are conducted in leased facilities. Following is a summary of non-cancelable operating lease commitments: Year ending April 30 (In thousands) 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rental expense under operating leases was approximately $4,350,000, $4,981,000 and $4,349,000 for the years ended April 30, 2015, 2014 and 2013, respectively. Contingencies The Company is subject to legal proceedings and claims which arise out of the ordinary course of its business. Although adverse decisions or settlements may occur, the Company, in consultation with legal counsel, believes that the final disposition of such matters will not have a material adverse effect on the consolidated financial position, results of operations or cash flows of the Company. At April 30, 2015 and 2014, the Company had outstanding letters of credit totaling $1,755,000 and $294,000, respectively. Contract Cost Audits Payments to the Company on government cost reimbursable contracts are based on provisional, or estimated indirect rates, which are subject to an annual audit by the Defense Contract Audit Agency, or DCAA. The cost audits result in the negotiation and determination of the final indirect cost rates that the Company may use for the period(s) audited. The final rates, if different from the provisional rates, may create an additional receivable or liability for the Company. For example, during the course of its audits, the DCAA may question the Company's incurred costs, and if the DCAA believes the Company has accounted for such costs in a manner inconsistent with the requirements under Federal Acquisition Regulations, or FAR, the DCAA auditor may recommend to the Company's administrative contracting officer to disallow such costs. Historically, the Company has not experienced material disallowed costs as a result of government audits. However, the Company can provide no assurance that the DCAA or other government audits will not result in material disallowances for incurred costs in the future. The Company's revenue recognition policy calls for revenue recognized on all cost reimbursable government contracts to be recorded at actual rates unless collectability is not reasonably assured. The Defense Contract Management Agency, or DCMA, has disallowed a portion of the Company's executive compensation and other costs included in the Company's fiscal 2006 incurred cost claim and sought interest and penalties. The Company and DCMA have resolved most of these claims. However, the Company is vigorously defending its position on the government's remaining claims for the fiscal 2006 incurred cost claim as well as the claims the government has raised regarding the Company's fiscal 2007 and fiscal 2008 incurred cost claims, which the Company has appealed to the Armed Services Board of Contract Appeals. Based on the Company's current understanding of the facts and the amount in dispute, The Company believes that the outcome of these disputes will not have a material impact on the Company's business. At April 30, 2015 and 2014, the Company had reserves for incurred cost claim audits for various fiscal years. |
Segment Data
Segment Data | 12 Months Ended |
Apr. 30, 2015 | |
Segment Data | |
Segment Data | 18. Segment Data The Company's product segments are as follows: • Unmanned Aircraft Systems—The UAS segment focuses primarily on the design, development, production, support and operation of innovative UAS and tactical missile systems that provide situational awareness, multi-band communications, force protection and other mission effects to increase the security and effectiveness of the operations of the Company's customers. • Efficient Energy Systems—The EES segment focuses primarily on the design, development, production, marketing, support and operation of innovative efficient electric energy systems that address the growing demand for electric transportation solutions. The accounting policies of the segments are the same as those described in Note 1, "Organization and Significant Accounting Policies." The operating segments do not make sales to each other. Depreciation and amortization related to the manufacturing of goods is included in gross margin for the segments. The Company does not discretely allocate assets to its operating segments, nor does the CODM evaluate operating segments using discrete asset information. Consequently, the Company operates its financial systems as a single segment for accounting and control purposes, maintains a single indirect rate structure across all segments, has no inter-segment sales or corporate elimination transactions, and maintains only limited financial statement information by segment. The segment results are as follows (in thousands): Year Ended April 30, 2015 2014 2013 Revenue: UAS $ $ $ EES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Cost of sales: UAS EES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross margin: UAS EES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative Research and development ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from operations Interest income Other (expense) income ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Geographic Information Sales to non-U.S. customers accounted for 9%, 14% and 15% of revenue for each of the fiscal years ended April 30, 2015, 2014 and 2013, respectively. |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Apr. 30, 2015 | |
Quarterly Results of Operations (Unaudited) | |
Quarterly Results of Operations (Unaudited) | 19. Quarterly Results of Operations (Unaudited) The following tables present selected unaudited consolidated financial data for each of the eight quarters in the two-year period ended April 30, 2015. In the Company's opinion, this unaudited information has been prepared on the same basis as the audited information and includes all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of the financial information for the period presented. The Company's fiscal year ends on April 30. Due to the fixed year end date of April 30, the first and fourth quarters each consist of approximately 13 weeks. The second and third quarters each consist of 13 weeks. The first three quarters end on a Saturday. Three Months Ended August 2, 2014 November 1, 2014 January 31, 2015 April 30, 2015 (In thousands except per share data) Year ended April 30, 2015 Revenue $ $ $ $ Gross margin $ $ (1) $ $ Net (loss) income $ ) $ ) $ $ Net (loss) income per share—basic(6) $ ) $ ) $ $ Net (loss) income per share—diluted(6) $ ) $ ) $ $ Three Months Ended July 27, 2013 October 26, 2013 January 25, 2014 April 30, 2014 (In thousands except per share data) Year ended April 30, 2014 Revenue $ (2) $ $ $ Gross margin $ (3) $ (4) $ $ Net (loss) income $ ) $ $ $ (5) Net (loss) income per share—basic(6) $ ) $ $ $ Net (loss) income per share—diluted(6) $ ) $ $ $ (1) Includes $2.6 million for a government contract accounting reserve for prior year incurred cost audit findings. (2) Includes $2.3 million of revenue for the termination settlement for the Global Observer Joint Capability Technology Demonstration contract. (3) Includes $1.0 million in severance costs related to the organizational realignment and workforce reduction on May 29, 2013, within the Company's UAS and EES business segments—see Note 10 for additional information. (4) Includes $0.7 million in severance costs related to the organizational realignment and workforce reduction on September 26, 2013, within the Company's UAS business segment—see Note 10 for additional information. (5) Includes $3.3 million in pre-tax impairment charges related to Tier II assets—see Note 6 for additional information. (6) Earnings per share is computed independently for each of the quarters presented. The sum of the quarterly earnings per share do not equal the total earnings per share computed for the year due to rounding. |
Restatement of Previously Issue
Restatement of Previously Issued Consolidated Financial Statements | 12 Months Ended |
Apr. 30, 2015 | |
Restatement of Previously Issued Consolidated Financial Statements | |
Restatement of Previously Issued Consolidated Financial Statements | 20. Restatement of Previously Issued Consolidated Financial Statements The Company identified a presentation error in its classification of $5.0 million and $5.2 million of amortization/accretion of premiums/discounts related to held-to-maturity investments within the consolidated statement of cash flows for the years ended April 30, 2014 and 2013, respectively. These amounts were previously included in the investing section of the statement of cash flows within the redemptions of held-to-maturity investments rather than being properly presented as a reconciling item to net income within the operating section of the statement of cash flows. For the years ended April 30, 2014 and 2013, the Company was presenting the change in held-to-maturity investments as net redemptions which is not in accordance with GAAP. To conform to the appropriate GAAP presentation for the change in held-to-maturity investments the Company is presenting the gross purchases, gross redemptions and amortization/accretion of premiums/discounts. The Company has corrected the error by reclassifying the amortization of held-to-maturity investments between the investing and operating sections as well as presenting the gross purchases and gross redemptions in the investing section in its prior year financial statements. Below are the as reported and restated amounts (in thousands). Year Ended April 30, Year Ended April 30, 2014 2014 2013 2013 (As Reported) (Restated) (As Reported) (Restated) Operating activities Amortization of held-to-maturity investments $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities Investing activities Net redemptions of held-to-maturity investments — — Purchases of held-to-maturity securities — ) — ) Redemptions of held-to-maturity securities — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used) in investing activities $ $ $ ) $ ) The Company is also correcting the presentation error for each quarter during the years ended April 30, 2015 and 2014. Below are the as reported and restated amounts (in thousands). Three Months Ended Six Months Ended Nine Months Ended August 2, 2014 August 2, 2014 November 1, 2014 November 1, 2014 January 31, 2015 January 31, 2015 (As Reported) (Restated) (As Reported) (Restated) (As Reported) (Restated) Unaudited Unaudited Unaudited Operating activities Amortization of held-to-maturity investments $ — $ $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities Investing activities Net purchases of held-to-maturity investments ) — ) — — — Purchases of held-to-maturity securities — ) — ) ) ) Redemptions of held-to-maturity securities — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used) in investing activities $ $ $ ) $ ) $ ) $ ) Three Months Ended Six Months Ended Nine Months Ended July 27, 2013 July 27, 2013 October 26, 2013 October 26, 2013 January 25, 2014 January 25, 2014 (As Reported) (Restated) (As Reported) (Restated) (As Reported) (Restated) Unaudited Unaudited Unaudited Operating activities Amortization of held-to-maturity investments $ — $ $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash (used in) provided by operating activities ) ) ) ) Investing activities Net redemptions of held-to-maturity investments — — — Purchases of held-to-maturity securities — ) — ) — ) Redemptions of held-to-maturity securities — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used) in investing activities $ $ $ $ ) $ $ |
SCHEDULE II-VALUATION AND QUALI
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Apr. 30, 2015 | |
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | |
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II—VALUATION AND QUALIFYING ACCOUNTS Additions Description Balance at Beginning of Period Charged to Costs and Expenses Charged to Other Accounts Deductions Balance at End of Period (In thousands) Allowance for doubtful accounts for the year ended April 30: 2013 $ $ $ — $ — $ 2014 $ $ ) $ — $ ) $ 2015 $ $ $ — $ ) $ Warranty reserve for the year ended April 30: 2013 $ $ $ — $ ) $ 2014 $ $ $ — $ ) $ 2015 $ $ $ — $ ) $ Reserve for inventory excess and obsolescence for the year ended April 30: 2013 $ $ $ — $ ) $ 2014 $ $ $ — $ ) $ 2015 $ $ $ — ) $ Reserve for self-insured medical claims for the year ended April 30: 2013 $ $ $ — $ ) $ 2014 $ $ $ — $ ) $ 2015 $ $ $ — $ ) $ |
Organization and Significant 29
Organization and Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2015 | |
Organization and Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of AeroVironment, Inc. and its wholly-owned subsidiaries: AV S.r.l. Italy, Skytower, LLC, AV GmbH, AV Massachusetts, LLC, AV Rhode Island, LLC, Skytower Inc., AILC, Inc., AeroVironment International PTE. LTD. and Regenerative Fuel Cell Systems, LLC (collectively referred to herein as the "Company"). All intercompany balances and transactions have been eliminated in consolidation. |
Restatement of Previously Issued Consolidated Financial Statements | Restatement of Previously Issued Consolidated Financial Statements The Company identified a presentation error in its classification of $5.0 million and $5.2 million of amortization/accretion of premiums/discounts related to held-to-maturity investments within the consolidated statement of cash flows for the years ended April 30, 2014 and 2013, respectively. The Company has corrected the error by reclassifying the amount between the investing and operating sections in its prior year financial statements. See Note 20 for further details. |
Investments in Companies Accounted for Using the Equity or Cost Method | Investments in Companies Accounted for Using the Equity or Cost Method Investments in other non-consolidated entities are accounted for using the equity method or cost basis depending upon the level of ownership and/or the Company's ability to exercise significant influence over the operating and financial policies of the investee. When the equity method is used, investments are recorded at original cost and adjusted periodically to recognize the Company's proportionate share of the investees' net income or losses after the date of investment. When net losses from an investment accounted for under the equity method exceed its carrying amount, the investment balance is reduced to zero and additional losses are not provided for as the Company is not obligated to provide additional capital. The Company resumes accounting for the investment under the equity method if the entity subsequently reports net income and the Company's share of that net income exceeds the share of net losses not recognized during the period the equity method was suspended. When an investment accounted for using the equity method issues its own shares, the subsequent reduction in the Company's proportionate interest in the investee is reflected in equity as an adjustment to paid-in-capital. The Company evaluates its investments in companies accounted for by the equity or cost method for impairment when there is evidence or indicators that a decrease in value may be other than temporary. |
Segments | Segments The Company's products are sold and divided among two reportable segments to reflect the Company's strategic goals. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the Chief Operating Decision Maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company's CODM is the Chief Executive Officer, who reviews the revenue and gross margin results for each of these segments in order to make resource allocation decisions, including the focus of research and development ("R&D"), activities, and assessing performance. The Company's reportable segments are business units that offer different products and services and are managed separately. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management include, but are not limited to, valuation of: inventory, available-for-sale securities, deferred tax assets and liabilities, useful lives of property, plant and equipment, medical and dental liabilities, warranty liabilities and estimates of anticipated contract costs and revenue utilized in the revenue recognition process. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the time of purchase to be cash equivalents. The Company's cash equivalents are comprised of money market funds, certificates of deposit of major financial institutions, and U.S. Treasury bills. |
Investments | Investments The Company's investments are accounted for as held-to-maturity and available-for-sale and reported at amortized cost and fair value, respectively. Unrealized gains and losses are excluded from earnings and reported as a separate component of stockholders' equity, net of deferred income taxes for available-for-sale investments. The convertible bond in which the Company had invested, which was classified as available-for-sale, contained an embedded conversion feature which was bifurcated from the bond. The change in the fair value of the embedded conversion feature was recorded in other income in the income statement. Gains and losses realized on the disposition of investment securities are determined on the specific identification basis and credited or charged to income. Premium and discount on investments are amortized and accreted using the interest method and charged or credited to investment income. Management determines the appropriate classification of securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. On a quarterly basis, the Company considers available quantitative and qualitative evidence in evaluating potential impairment of our investments. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, the duration and extent to which the fair value is less than cost, and our intent and ability to hold the investment to maturity. The Company also considers potential adverse conditions related to the financial health of the issuer based on rating agency actions. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded in earnings and a new cost basis in the investment is established. |
Fair Values of Financial Instruments | Fair Values of Financial Instruments Fair values of cash and cash equivalents, accounts receivable, unbilled receivables, retentions and accounts payable approximate cost due to the short period of time to maturity. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, municipal bonds, U.S. government securities and accounts receivable. The Company currently invests the majority of its cash in municipal bonds and U.S. government securities. The Company's revenue and accounts receivable are with a limited number of corporations and governmental entities. In the aggregate, 80%, 75% and 70% of the Company's revenue came from agencies of the U.S. government for the years ended April 30, 2015, 2014 and 2013, respectively. These agencies accounted for 29% and 11% of the accounts receivable balances at April 30, 2015 and 2014, respectively. One such agency, the U.S. Army, accounted for 47%, 45% and 43% of the Company's consolidated revenue for the years ended April 30, 2015, 2014 and 2013, respectively. The U.S. Army accounted for approximately 55%, 54% and 53% of UAS reportable segment sales for the years ended April 30, 2015, 2014 and 2013, respectively. The Company performs ongoing credit evaluations of its commercial customers and maintains an allowance for potential losses. |
Accounts Receivable, Unbilled Receivables and Retentions | Accounts Receivable, Unbilled Receivables and Retentions Accounts receivable represents primarily U.S. government, and to a lesser extent commercial receivables, net of allowances for doubtful accounts. Unbilled receivables represent costs in excess of billings on incomplete contracts and, where applicable, accrued profit related to government long-term contracts on which revenue has been recognized, but for which the customer has not yet been billed. Retentions represent amounts withheld by customers until contract completion. At April 30, 2015 and 2014, the retention balances were $1,344,000 and $1,074,000, respectively. The Company determines the allowance for doubtful accounts based on historical customer experience and other currently available evidence. When a specific account is deemed uncollectible, the account is written off against the allowance. The allowance for doubtful accounts reflects the Company's best estimate of probable losses inherent in the accounts receivable balance; such losses have historically been within management's expectations. An account is deemed past due based on contractual terms rather than on how recently payments have been received. |
Inventories | Inventories Inventories are stated at the lower of cost (using the weighted average costing method) or market value. Inventory write-offs and write-down provisions are provided to cover risks arising from slow-moving items or technological obsolescence and for market prices lower than cost. The Company periodically evaluates the quantities on hand relative to current and historical selling prices and historical and projected sales volume. Based on this evaluation, provisions are made to write inventory down to its market value. |
Long-Lived Assets | Long-Lived Assets Property and equipment are carried at cost. Depreciation of property and equipment, including amortization of leasehold improvements, are provided using the straight-line method over the following estimated useful lives: Machinery and equipment 2 to 7 years Computer equipment and software 2 to 5 years Furniture and fixtures 3 to 7 years Leasehold improvements Lesser of useful life or term of lease Maintenance, repairs and minor renewals are charged directly to expense as incurred. Additions and betterments to property and equipment are capitalized at cost. When the Company disposes of assets, the applicable costs and accumulated depreciation and amortization thereon are removed from the accounts and any resulting gain or loss is included in selling, general and administrative ("SG&A") expense in the period incurred. The Company reviews the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. The estimated future cash flows are based upon, among other things, assumptions about expected future operating performance, and may differ from actual cash flows. If the sum of the projected undiscounted cash flows (excluding interest) is less than the carrying value of the assets, the assets will be written down to the estimated fair value in the period in which the determination is made. |
Product Warranty | Product Warranty The Company accrues an estimate of its exposure to warranty claims based upon both current and historical product sales data and warranty costs incurred. Product warranty reserves are recorded in other current liabilities. |
Self-Insurance Liability | Self-Insurance Liability The Company is self-insured for employee medical claims, subject to individual and aggregate stop-loss policies. The Company estimates a liability for claims filed and incurred but not reported based upon recent claims experience and an analysis of the average period of time between the occurrence of a claim and the time it is reported to and paid by the Company. As of April 30, 2015 and 2014, the Company estimated and recorded a self-insurance liability in wages and related accruals of approximately $1,293,000 and $1,281,000, respectively. |
Income Taxes | Income Taxes Deferred income tax assets and liabilities are computed annually for differences between the financial statement and income tax bases of assets and liabilities that will result in taxable or deductible amounts in the future. The provision for income taxes reflects the taxes to be paid for the period and the change during the period in the deferred income tax assets and liabilities. The Company records a valuation allowance to reduce the deferred tax assets to the amount of future tax benefit that is more likely than not to be realized. For uncertain tax positions, the Company determines whether it is "more likely than not" that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. For those tax positions where it is "not more likely than not" that a tax benefit will be sustained, no tax benefit is recognized. Where applicable, associated interest and penalties are also recorded. |
Customer Advances and Amounts in Excess of Cost Incurred | Customer Advances and Amounts in Excess of Cost Incurred The Company receives advances, performance-based payments and progress payments from customers that may exceed costs incurred on certain contracts, including contracts with agencies of the U.S. government. These advances are classified as advances from customers and will be offset against billings. |
Revenue Recognition | Revenue Recognition The substantial majority of the Company's revenue is generated pursuant to written contractual arrangements to design, develop, manufacture and/or modify complex products, and to provide related engineering, technical and other services according to the specifications of the buyers (customers). These contracts may be fixed-price or cost-reimbursable. The Company considers all contracts for treatment in accordance with authoritative guidance for contracts with multiple deliverables. Revenue arrangements with multiple deliverables should be divided into separate units of accounting if the deliverables have value to the customer on a stand-alone basis; there is objective and reliable evidence of the fair value of the undelivered item(s); and, if the arrangement includes a general right of return, delivery or performance of the undelivered item(s) is considered probable and substantially in the control of the vendor. The Company occasionally enters into arrangements that consist of installation and repair contracts associated with hardware sold by the Company. Such arrangements consist of separate contractual arrangements and are divided into separate units of accounting where the delivered item has value to the customer on a stand-alone basis and there is objective and reasonable evidence of the fair value of the installation contract. Consideration is allocated among the separate units of accounting based on their relative fair values. Product sales revenue is composed of revenue recognized on contracts for the delivery of production hardware and related activities. Contract services revenue is composed of revenue recognized on contracts for the provision of services, including repairs, training, engineering design, development and prototyping activities. Revenue from cost-plus-fee contracts are recognized on the basis of costs incurred during the period plus the fee earned. Revenue from fixed-price contracts are recognized on the percentage-of-completion method. Contract costs include all direct material and labor costs and those indirect costs related to contract performance. Unbilled receivables represent costs incurred and related profit on contracts not yet billed to customers, and are invoiced in subsequent periods. Product sales revenue is recognized on the percentage-of-completion method or upon transfer of title to the customer, which is generally upon shipment. Shipping and handling costs incurred are included in cost of sales. Revenue and profits on fixed-price production contracts, where units are produced and delivered in a continuous or sequential process, are recorded as units are delivered based on their selling prices (the "units-of-delivery method"). Revenue and profits on other fixed-price contracts with significant engineering as well as production requirements are recorded based on the ratio of total actual incurred costs to date to the total estimated costs for each contract (the "cost-to-cost method"). Accounting for revenue and profits on a fixed-price contract requires the preparation of estimates of (1) the total contract revenue, (2) the total costs at completion, which is equal to the sum of the actual incurred costs to date on the contract and the estimated costs to complete the contract's statement of work and (3) the measurement of progress towards completion. The estimated profit or loss at completion on a contract is equal to the difference between the total estimated contract revenue and the total estimated cost at completion. Under the units-of-delivery method, sales on a fixed-price type contract are recorded as the units are delivered during the period based on their contractual selling prices. Under the cost-to-cost method, sales on a fixed-price type contract are recorded at amounts equal to the ratio of actual cumulative costs incurred divided by total estimated costs at completion, multiplied by (i) the total estimated contract revenue, less (ii) the cumulative sales recognized in prior periods. The profit recorded on a contract in any period using either the units-of-delivery method or cost-to-cost method is equal to (i) the current estimated total profit margin multiplied by the cumulative sales recognized, less (ii) the amount of cumulative profit previously recorded for the contract. In the case of a contract for which the total estimated costs exceed the total estimated revenue, a loss arises, and a provision for the entire loss is recorded in the period that it becomes evident. The unrecoverable costs on a loss contract that are expected to be incurred in future periods are recorded in the program cost. Significant management judgments and estimates must be made and used in connection with the recognition of revenue in any accounting period. Material differences in the amount of revenue in any given period may result if these judgments or estimates prove to be incorrect or if management's estimates change on the basis of development of the business, market conditions or other factors. Management judgments and estimates have been applied consistently and have been reliable historically. The Company believes that there are two key factors which impact the reliability of management's estimates. The first of those key factors is that the terms of the Company's contracts are typically less than six months. The short-term nature of such contracts reduces the risk that material changes in accounting estimates will occur on the basis of market conditions or other factors. The second key factor is that the Company has hundreds of contracts in any given accounting period, which reduces the risk that any one change in an accounting estimate on one or several contracts would have a material impact on the Company's consolidated financial statements or its two reporting segments' measures of profit. Changes in estimates are recognized using the cumulative catch-up method of accounting. This method recognizes, in the current period, the cumulative effect of the changes on current and prior periods. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. No compensation cost is ultimately recognized for awards for which employees do not render the requisite service and are forfeited. |
Long-Term Incentive Awards | Long-Term Incentive Awards For long-term incentive awards, a target payout is established at the beginning of each performance period. The actual payout at the end of the performance period is calculated based upon the Company's achievement of such targets. Payouts are made in cash and restricted stock units. Upon vesting of the restricted stock units, the Company has the discretion to settle the restricted stock units in cash or stock. The cash component of the award is accounted for as a liability. The equity component is accounted for as a stock-based liability, as the restricted stock units may be settled in cash or stock. At each reporting period, the Company reassesses the probability of achieving the performance targets. The estimation of whether the performance targets will be achieved requires judgment, and, to the extent actual results or updated estimates differ from the Company's current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised. |
Research and Development | Research and Development Internally funded research and development costs ("IRAD"), sponsored by the Company relate to both U.S. government products and services and those for commercial and foreign customers. IRAD costs for the Company are recoverable and allocable under government contracts in accordance with U.S. government procurement regulations. Customer-funded research and development costs are incurred pursuant to contracts (revenue arrangements) to perform research and development activities according to customer specifications. These costs are direct contract costs and are expensed to cost of sales when the corresponding revenue is recognized, which is generally as the research and development services are performed. Revenue from customer-funded research and development was approximately $36,998,000, $28,393,000 and $37,317,000 for the years ended April 30, 2015, 2014 and 2013, respectively. The related cost of sales for customer-funded research and development totaled approximately $ 24,776,000, $18,644,000 and $26,496,000 for the years ended April 30, 2015, 2014 and 2013, respectively. |
Lease Accounting | Lease Accounting The Company accounts for its leases and subsequent amendments as operating leases or capital leases for financial reporting purposes. Certain operating leases contain rent escalation clauses, which are recorded on a straight-line basis over the initial term of the lease with the difference between the rent paid and the straight-line rent recorded as a deferred rent liability. Lease incentives received from landlords are recorded as deferred rent liabilities and are amortized on a straight-line basis over the lease term as a reduction to rent expense. Deferred rent liabilities were approximately $1,381,000 and $1,239,000 as of April 30, 2015 and 2014, respectively. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. Advertising expenses included in SG&A expenses were approximately $416,000, $225,000 and $238,000 for the years ended April 30, 2015, 2014 and 2013, respectively. |
Earnings Per Share | Earnings Per Share Basic earnings per share are computed using the weighted-average number of common shares outstanding and excludes any anti-dilutive effects of options, restricted stock and restricted stock units. The dilutive effect of potential common shares outstanding is included in diluted earnings per share. The reconciliation of diluted to basic shares is as follows: Year Ended April 30, 2015 2014 2013 Numerator for basic earnings per share: Net income $ $ $ Denominator for basic earnings per share: Weighted average common shares Dilutive effect of employee stock options, restricted stock and restricted stock units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for diluted earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ During the years ended April 30, 2015, 2014 and 2013, certain options, shares of restricted stock and restricted stock units were not included in the computation of diluted earnings per share because their inclusion would have been anti-dilutive. The number of options, restricted stock and restricted stock units which met this anti-dilutive criterion was approximately 43,000, 51,000 and 191,000 for the years ended April 30, 2015, 2014 and 2013, respectively. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the Emerging Issues Task Force). This ASU addresses when unrecognized tax benefits should be presented as reductions to deferred tax assets for net operating loss carryforwards in the financial statements. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption and retrospective application is permitted. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. This ASU changes the threshold for a disposal to qualify as a discontinued operation. To be considered a discontinued operation a disposal now must represent a strategic shift that has or will have a major effect on an entity's operations and financial results. This ASU also requires new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. This update will be applied prospectively and is effective for annual periods, and interim periods within those years, beginning after December 15, 2014. Early adoption is permitted provided the disposal was not previously disclosed. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) . The new revenue recognition standard provides a five-step analysis of transactions to determine when and how revenue is recognized. The core principle is that a company 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. This ASU is effective for annual periods beginning after December 15, 2017 and shall be applied either retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) . This ASU clarifies that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. This ASU is effective for annual periods, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted. This ASU may be applied either (a) prospectively to all awards granted or modified after the effective date or (b) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement—Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. This ASU is part of the FASB's initiative to reduce complexity in accounting standards. This ASU eliminates from U.S. GAAP the concept of extraordinary items, which were previously required to be segregated from the results of ordinary operations and shown separately in the income statement, net of tax, after income from continuing operations. Entities were also required to disclose applicable income taxes for the extraordinary item and either present or disclose earnings-per-share data applicable to the extraordinary item. Items which are considered both unusual and infrequent will now be presented separately within income from continuing operations in the income statement or disclosed in notes to the financial statements. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Companies may apply the ASU prospectively, or may also apply the amendments retrospectively to all prior periods presented in the financial statements. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. The adoption of this guidance will not have a material impact on the Company's consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. This ASU changes the analysis that reporting entities must perform to determine if certain types of legal entities should be consolidated. Specifically, the ASU focuses on 1) the variable interest entity, or VIE, evaluation of limited partnerships and similar legal entities, 2) eliminating the presumption that general partners should consolidate a limited partnership, 3) the consolidation analysis of reporting entities that are involved with VIEs, and 4) scope exceptions from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. If the ASU is adopted in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The ASU may be applied using a modified retrospective approach by recording a cumulative-effect adjustment as of the beginning of the fiscal year of adoption. A reporting entity also may apply the amendments retrospectively. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Fees Paid in a Cloud Computing Arrangement. This ASU adds explicit guidance into U.S. GAAP regarding a customer's accounting for fees paid in a cloud computing arrangement. The ASU provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted. A reporting entity should apply the amendments either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively. The Company is evaluating the potential impact of this adoption on its consolidated financial statements. |
Organization and Significant 30
Organization and Significant Accounting Policies (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Organization and Significant Accounting Policies | |
Schedule of estimated useful lives of property and equipment | Machinery and equipment 2 to 7 years Computer equipment and software 2 to 5 years Furniture and fixtures 3 to 7 years Leasehold improvements Lesser of useful life or term of lease |
Schedule of reconciliation of diluted to basic shares | Year Ended April 30, 2015 2014 2013 Numerator for basic earnings per share: Net income $ $ $ Denominator for basic earnings per share: Weighted average common shares Dilutive effect of employee stock options, restricted stock and restricted stock units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for diluted earnings per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Investments | |
Schedule of investments | April 30, 2015 2014 (In thousands) Short-term investments: Held-to-maturity securities: Municipal securities $ $ U.S. government securities — Corporate bonds — Certificates of deposit ​ ​ ​ ​ ​ ​ ​ ​ Total held-to-maturity investments ​ ​ ​ ​ ​ ​ ​ ​ Available-for-sale securities: Equity securities — ​ ​ ​ ​ ​ ​ ​ ​ Total available-for-sale investments — ​ ​ ​ ​ ​ ​ ​ ​ Total short-term investments $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term investments: Held-to-maturity securities: Municipal securities $ $ U.S. government securities — Corporate bonds — Certificates of deposit — ​ ​ ​ ​ ​ ​ ​ ​ Total held-to-maturity investments Available-for-sale securities: Auction rate securities Convertible bonds — Equity securities — ​ ​ ​ ​ ​ ​ ​ ​ Total available-for-sale investments ​ ​ ​ ​ ​ ​ ​ ​ Total long-term investments $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of held-to-maturity investments | The amortized cost, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of April 30, are as follows (in thousands): 2015 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Municipal securities $ $ $ ) $ $ $ $ ) $ U.S. government securities — — — — — Corporate bonds — ) — — — — Certificates of deposit — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total held-to-maturity investments $ $ $ ) $ $ $ $ ) $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Held-to-maturity securities | |
Investments | |
Schedule of amortized cost and fair value by contractual maturity | The amortized cost and fair value of the Company's held-to-maturity securities by contractual maturity at April 30, 2015, are as follows: Cost Fair Value Due within one year $ $ Due after one year through five years ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Available-for-sale securities | Auction rate securities | |
Investments | |
Schedule of amortized cost and fair value by contractual maturity | The amortized cost and fair value of the Company's auction rate securities by contractual maturity at April 30, 2015 are as follows (in thousands): Cost Fair Value Due after one through five years $ $ Due after 10 years ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of available-for-sale investments | The amortized cost, gross unrealized losses, and estimated fair value of the available-for-sale auction rate securities are as follows (in thousands): April 30, 2015 2014 Auction rate securities Amortized cost $ $ Gross unrealized losses ) ) ​ ​ ​ ​ ​ ​ ​ ​ Fair value $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Available-for-sale securities | Convertible bonds | |
Investments | |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of available-for-sale investments | The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale convertible bonds are as follows (in thousands): April 30, 2015 2014 Convertible bonds Amortized cost $ — $ Gross unrealized gains — Gross unrealized losses — — ​ ​ ​ ​ ​ ​ ​ ​ Fair value $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Available-for-sale securities | Equity securities | |
Investments | |
Schedule of amortized cost and fair value by contractual maturity | The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale equity securities are as follows (in thousands): April 30, 2015 2014 Equity Securities Amortized cost $ $ Gross unrealized gains — Gross unrealized losses ) — ​ ​ ​ ​ ​ ​ ​ ​ Fair value $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Fair Value Measurements | |
Schedule of financial assets measured at fair value on a recurring basis | The Company's financial assets measured at fair value on a recurring basis at April 30, 2015, were as follows (in thousands): Fair Value Measurement Using Description Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Total Auction rate securities $ — $ — $ $ Equity securities — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ — $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of reconciliation between beginning and ending balances of items measured at fair value on recurring basis that used significant unobservable inputs (Level 3) | The following table provides a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis in the table above that used significant unobservable inputs (Level 3) (in thousands): Description Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Balance at May 1, 2014 $ Transfers to Level 3 — Total gains (realized or unrealized) Included in earnings — Included in other comprehensive income Purchases, issuances and settlements, net ) ​ ​ ​ ​ ​ Balance at April 30, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The amount of total gains or (losses) for the period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at April 30, 2015 $ — |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Inventories, net | |
Schedule of inventories | April 30, 2015 2014 (In thousands) Raw materials $ $ Work in process Finished goods ​ ​ ​ ​ ​ ​ ​ ​ Inventories, gross Reserve for inventory excess and obsolescence ) ) ​ ​ ​ ​ ​ ​ ​ ​ Inventories, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Goodwill and Intangible Assets Disclosure | |
Schedule of components of intangibles | April 30, 2015 2014 (In thousands) Licenses $ $ Less accumulated amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Intangibles, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of estimated amortization expense for the next five years | Year ending April 30 (In thousands) 2016 $ 2017 2018 2019 2020 ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Property and Equipment, net | |
Schedule of property and equipment | April 30, 2015 2014 (In thousands) Leasehold improvements $ $ Machinery and equipment Furniture and fixtures Computer equipment and software Construction in process ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, gross Less accumulated depreciation and amortization ) ) ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment, net $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Warranty Reserves (Tables)
Warranty Reserves (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Warranty Reserves | |
Summary of warranty reserve activity | April 30, 2015 2014 (In thousands) Beginning balance $ $ Warranty expense Warranty costs settled ) ) ​ ​ ​ ​ ​ ​ ​ ​ Ending balance $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Stock-Based Compensation | |
Schedule of weighted average assumptions used to estimate fair value of stock options granted | Year Ended April 30, 2015 2014 2013 Expected term (in years) Expected volatility % % % Risk-free interest rate % % % Expected dividend — — — Weighted average fair value at grant date $ $ $ |
Schedule of stock option plans | Restated 2006 Plan 2002 Plan 1992 Plan Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Shares Weighted Average Exercise Price Outstanding at April 30, 2012 $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options granted — — — — Options exercised ) ) ) Options canceled — — — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at April 30, 2013 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options granted — — — — Options exercised ) ) ) Options canceled ) ) — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at April 30, 2014 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options granted — — — — Options exercised ) ) ) Options canceled ) — — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Outstanding at April 30, 2015 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options exercisable at April 30, 2015 $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of the status of the Company's non-vested stock options | Non-vested Options Options Weighted Average Grant Date Fair Value Non-vested at April 30, 2014 $ Granted Expired — — Canceled ) Vested ) ​ ​ ​ ​ ​ ​ ​ ​ Non-vested at April 30, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of information concerning outstanding and exercisable options | Options Outstanding Weighted Average Remaining Contractual Life In Years Options Exercisable Range of Exercise Prices As of April 30, 2015 Weighted Average Exercise Price As of April 30, 2015 Weighted Average Exercise Price $ 0.59 $ $ 2.13 11.79 18.07-24.65 25.77-32.19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 0.59-32.19 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of Company's restricted stock awards | Restated 2006 Plan Shares Weighted Average Grant Date Fair Value Unvested stock at April 30, 2014 $ Stock granted Stock vested ) Stock canceled ) ​ ​ ​ ​ ​ ​ ​ ​ Unvested stock at April 30, 2015 $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Income Taxes | |
Schedule of components of income before income taxes | The components of income before income taxes are as follows (in thousands): Year Ended April 30, 2015 2014 2013 Domestic $ $ $ Foreign ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total $ $ $ |
Schedule of reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense | Year Ended April 30, 2015 2014 2013 U.S. federal statutory income tax rate % % % State and local income taxes, net of federal benefit ) ) R&D and other tax credits ) ) ) Valuation allowance — Uncertain tax position adjustment ) ) Return to provision adjustments ) Permanent items ) ) Other ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective income tax rate )% % % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of provision for income taxes | The components of the provision for income taxes are as follows (in thousands): Year ended April 30, 2015 2014 2013 Current: Federal $ $ $ ) State ) ) ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ) Deferred: Federal ) ) State ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ) ) Total income tax expense $ ) $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Schedule of components of the Company's deferred income tax assets and liabilities | Significant components of the Company's deferred income tax assets and liabilities are as follows (in thousands): April 30, 2015 2014 Deferred income tax assets: Accrued expenses $ $ Allowances, reserves, and other Fixed asset basis — Capital loss and credit carry-forwards Intangibles basis ​ ​ ​ ​ ​ ​ ​ ​ Total deferred income tax assets ​ ​ ​ ​ ​ ​ ​ ​ Deferred income tax liabilities: Unrealized gain on securities ) ) Fixed asset basis ) — ​ ​ ​ ​ ​ ​ ​ ​ Total deferred income tax liabilities ) ) ​ ​ ​ ​ ​ ​ ​ ​ Valuation allowance ) ) ​ ​ ​ ​ ​ ​ ​ ​ Net deferred tax assets $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Summary of activity related to gross unrecognized tax benefits | The following table summarizes the activity related to our gross unrecognized tax benefits for the years ended April 30, 2015 and 2014 (in thousands): April 30, 2015 2014 Balance as of May 1 $ $ Increases related to prior year tax positions Decreases related to prior year tax positions ) — Increases related to current year tax positions Decreases related to lapsing of statute of limitations ) ) ​ ​ ​ ​ ​ ​ ​ ​ Balance as of April 30 $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Accumulated Other Comprehensive Loss. | |
Schedule of components of accumulated other comprehensive loss | The components of accumulated other comprehensive loss are as follows (in thousands): Available-for-Sale Securities Accumulated Other Comprehensive Loss Balance as of April 30, 2014 $ ) $ ) Unrealized loss ) ) Income taxes ​ ​ ​ ​ ​ ​ ​ ​ Balance as of April 30, 2015 $ ) $ ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Commitments and Contingencies | |
Summary of non-cancelable operating lease commitments | Year ending April 30 (In thousands) 2016 $ 2017 2018 2019 2020 Thereafter ​ ​ ​ ​ ​ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Segment Data (Tables)
Segment Data (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Segment Data | |
Schedule of segment results | The segment results are as follows (in thousands): Year Ended April 30, 2015 2014 2013 Revenue: UAS $ $ $ EES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Cost of sales: UAS EES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross margin: UAS EES ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative Research and development ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income from operations Interest income Other (expense) income ) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income before income taxes $ $ $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ |
Quarterly Results of Operatio42
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Quarterly Results of Operations (Unaudited) | |
Schedule of selected unaudited consolidated financial data | Three Months Ended August 2, 2014 November 1, 2014 January 31, 2015 April 30, 2015 (In thousands except per share data) Year ended April 30, 2015 Revenue $ $ $ $ Gross margin $ $ (1) $ $ Net (loss) income $ ) $ ) $ $ Net (loss) income per share—basic(6) $ ) $ ) $ $ Net (loss) income per share—diluted(6) $ ) $ ) $ $ Three Months Ended July 27, 2013 October 26, 2013 January 25, 2014 April 30, 2014 (In thousands except per share data) Year ended April 30, 2014 Revenue $ (2) $ $ $ Gross margin $ (3) $ (4) $ $ Net (loss) income $ ) $ $ $ (5) Net (loss) income per share—basic(6) $ ) $ $ $ Net (loss) income per share—diluted(6) $ ) $ $ $ (1) Includes $2.6 million for a government contract accounting reserve for prior year incurred cost audit findings. (2) Includes $2.3 million of revenue for the termination settlement for the Global Observer Joint Capability Technology Demonstration contract. (3) Includes $1.0 million in severance costs related to the organizational realignment and workforce reduction on May 29, 2013, within the Company's UAS and EES business segments—see Note 10 for additional information. (4) Includes $0.7 million in severance costs related to the organizational realignment and workforce reduction on September 26, 2013, within the Company's UAS business segment—see Note 10 for additional information. (5) Includes $3.3 million in pre-tax impairment charges related to Tier II assets—see Note 6 for additional information. (6) Earnings per share is computed independently for each of the quarters presented. The sum of the quarterly earnings per share do not equal the total earnings per share computed for the year due to rounding. |
Restatement of Previously Iss43
Restatement of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended |
Apr. 30, 2015 | |
Restatement of Previously Issued Consolidated Financial Statements | |
Schedule of errors corrected by reclassifying the amount between the investing and operating activities | Below are the as reported and restated amounts (in thousands). Year Ended April 30, Year Ended April 30, 2014 2014 2013 2013 (As Reported) (Restated) (As Reported) (Restated) Operating activities Amortization of held-to-maturity investments $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities Investing activities Net redemptions of held-to-maturity investments — — Purchases of held-to-maturity securities — ) — ) Redemptions of held-to-maturity securities — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used) in investing activities $ $ $ ) $ ) The Company is also correcting the presentation error for each quarter during the years ended April 30, 2015 and 2014. Below are the as reported and restated amounts (in thousands). Three Months Ended Six Months Ended Nine Months Ended August 2, 2014 August 2, 2014 November 1, 2014 November 1, 2014 January 31, 2015 January 31, 2015 (As Reported) (Restated) (As Reported) (Restated) (As Reported) (Restated) Unaudited Unaudited Unaudited Operating activities Amortization of held-to-maturity investments $ — $ $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by operating activities Investing activities Net purchases of held-to-maturity investments ) — ) — — — Purchases of held-to-maturity securities — ) — ) ) ) Redemptions of held-to-maturity securities — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used) in investing activities $ $ $ ) $ ) $ ) $ ) Three Months Ended Six Months Ended Nine Months Ended July 27, 2013 July 27, 2013 October 26, 2013 October 26, 2013 January 25, 2014 January 25, 2014 (As Reported) (Restated) (As Reported) (Restated) (As Reported) (Restated) Unaudited Unaudited Unaudited Operating activities Amortization of held-to-maturity investments $ — $ $ — $ $ — $ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash (used in) provided by operating activities ) ) ) ) Investing activities Net redemptions of held-to-maturity investments — — — Purchases of held-to-maturity securities — ) — ) — ) Redemptions of held-to-maturity securities — — — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash provided by (used) in investing activities $ $ $ $ ) $ $ |
Organization and Significant 44
Organization and Significant Accounting Policies (Details) - item | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Segments | |||
Number of reportable segments | 2 | ||
Sales Revenue | Customer concentration | Agencies of U.S. Government | |||
Concentration of Credit Risk | |||
Concentration risk (as a percent) | 80.00% | 75.00% | 70.00% |
Sales Revenue | Customer concentration | U.S. Army | |||
Concentration of Credit Risk | |||
Concentration risk (as a percent) | 47.00% | 45.00% | 43.00% |
Accounts receivable balances | Credit concentration | Agencies of U.S. Government | |||
Concentration of Credit Risk | |||
Concentration risk (as a percent) | 29.00% | 11.00% | |
Reportable segment sales | Customer concentration | U.S. Army | UAS | |||
Concentration of Credit Risk | |||
Concentration risk (as a percent) | 55.00% | 54.00% | 53.00% |
Organization and Significant 45
Organization and Significant Accounting Policies (Detail 2) - USD ($) | Apr. 30, 2015 | Apr. 30, 2014 |
Accounts Receivable , Unbilled Receivables and Retentions | ||
Retentions | $ 1,344,000 | $ 1,074,000 |
Organization and Significant 46
Organization and Significant Accounting Policies (Details 3) | 12 Months Ended |
Apr. 30, 2015 | |
Machinery and equipment | Minimum | |
Long-Lived Assets | |
Estimated useful life | 2 years |
Machinery and equipment | Maximum | |
Long-Lived Assets | |
Estimated useful life | 7 years |
Computer equipment and software | Minimum | |
Long-Lived Assets | |
Estimated useful life | 2 years |
Computer equipment and software | Maximum | |
Long-Lived Assets | |
Estimated useful life | 5 years |
Furniture and fixtures | Minimum | |
Long-Lived Assets | |
Estimated useful life | 3 years |
Furniture and fixtures | Maximum | |
Long-Lived Assets | |
Estimated useful life | 7 years |
Organization and Significant 47
Organization and Significant Accounting Policies (Details 4) | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Nov. 01, 2014USD ($) | Aug. 02, 2014USD ($) | Apr. 30, 2014USD ($) | Jan. 25, 2014USD ($) | Oct. 26, 2013USD ($) | Jul. 27, 2013USD ($) | Apr. 30, 2015USD ($)itemshares | Apr. 30, 2014USD ($)shares | Apr. 30, 2013USD ($)shares | |
Self-Insurance Liability | |||||||||||
Estimated self-insurance liability of employee medical claim | $ 1,293,000 | $ 1,281,000 | $ 1,293,000 | $ 1,281,000 | |||||||
Revenue Recognition | |||||||||||
Number of key factors that impact reliability of management's estimates for revenue recognition | item | 2 | ||||||||||
Maximum term of contract, considered as a factor in management estimates | 6 months | ||||||||||
Research and Development | |||||||||||
Revenue from customer-funded R&D | $ 36,998,000 | 28,393,000 | $ 37,317,000 | ||||||||
Cost of sales | 24,776,000 | 18,644,000 | 26,496,000 | ||||||||
Advertising Costs | |||||||||||
Advertising expenses | 416,000 | 225,000 | 238,000 | ||||||||
Numerator for basic earnings per share: | |||||||||||
Net income | $ 7,080,000 | $ 2,325,000 | $ (2,901,000) | $ (3,609,000) | $ 8,057,000 | $ 11,216,000 | $ 1,655,000 | $ (7,210,000) | $ 2,895,000 | $ 13,718,000 | $ 10,426,000 |
Denominator for basic earnings (loss) per share: | |||||||||||
Weighted average common shares outstanding, excluding unvested restricted stock | shares | 22,868,733 | 22,354,444 | 22,069,842 | ||||||||
Dilutive effect of employee stock options, unvested restricted stock and restricted stock units (in shares) | shares | 277,264 | 364,774 | 320,578 | ||||||||
Denominator for diluted earnings (loss) per share (in shares) | shares | 23,145,997 | 22,719,218 | 22,390,420 | ||||||||
Number of shares reserved for issuance that met anti-dilutive criterion | shares | 43,000 | 51,000 | 191,000 |
Investments (Details)
Investments (Details) SEK / shares in Units, SEK in Millions | Aug. 11, 2014SEKSEK / sharesshares | Feb. 28, 2014SEKitemSEK / shares | Feb. 28, 2014SEKSEK / sharesshares | Feb. 12, 2014itemSEK / shares | Jan. 25, 2014itemSEK / shares | May. 14, 2013 | Apr. 30, 2015USD ($)item | Apr. 30, 2014USD ($) | Apr. 30, 2014SEKitem | Apr. 30, 2014USD ($)item |
Short-term investments: | ||||||||||
Total short-term investments | $ 85,381,000 | $ 70,639,000 | ||||||||
Long-term investments: | ||||||||||
Total long-term investments | 46,769,000 | 50,505,000 | ||||||||
Held To Maturity Securities | ||||||||||
Amortized Cost | 127,836,000 | 104,287,000 | ||||||||
Gross Unrealized Gains | 20,000 | 65,000 | ||||||||
Gross Unrealized Losses | (48,000) | (9,000) | ||||||||
Fair Value | 127,808,000 | 104,343,000 | ||||||||
Amortized cost of held-to-maturity securities by contractual maturity | ||||||||||
Due within one year | 83,908,000 | |||||||||
Due after one year through five years | 43,928,000 | |||||||||
Total | 127,836,000 | 104,287,000 | ||||||||
Fair value of held-to-maturity securities by contractual maturity | ||||||||||
Due within one year | 83,895,000 | |||||||||
Due after one year through five years | 43,913,000 | |||||||||
Fair Value | 127,808,000 | 104,343,000 | ||||||||
CybAero | ||||||||||
Convertible bonds | ||||||||||
Impact of reverse stock split on CybAero shares outstanding | 0.1 | |||||||||
Reverse stock split ratio effected by CybAero | one-for-10 reverse stock split | |||||||||
Municipal securities | ||||||||||
Held To Maturity Securities | ||||||||||
Amortized Cost | 97,591,000 | 99,657,000 | ||||||||
Gross Unrealized Gains | 8,000 | 65,000 | ||||||||
Gross Unrealized Losses | (35,000) | (9,000) | ||||||||
Fair Value | 97,564,000 | 99,713,000 | ||||||||
Amortized cost of held-to-maturity securities by contractual maturity | ||||||||||
Total | 97,591,000 | 99,657,000 | ||||||||
Fair value of held-to-maturity securities by contractual maturity | ||||||||||
Fair Value | 97,564,000 | 99,713,000 | ||||||||
U.S. government securities | ||||||||||
Held To Maturity Securities | ||||||||||
Amortized Cost | 16,545,000 | |||||||||
Gross Unrealized Gains | 12,000 | |||||||||
Fair Value | 16,557,000 | |||||||||
Amortized cost of held-to-maturity securities by contractual maturity | ||||||||||
Total | 16,545,000 | |||||||||
Fair value of held-to-maturity securities by contractual maturity | ||||||||||
Fair Value | 16,557,000 | |||||||||
Corporate bonds | ||||||||||
Held To Maturity Securities | ||||||||||
Amortized Cost | 9,815,000 | |||||||||
Gross Unrealized Losses | (13,000) | |||||||||
Fair Value | 9,802,000 | |||||||||
Amortized cost of held-to-maturity securities by contractual maturity | ||||||||||
Total | 9,815,000 | |||||||||
Fair value of held-to-maturity securities by contractual maturity | ||||||||||
Fair Value | 9,802,000 | |||||||||
Auction rate securities | ||||||||||
Available-For-Sale Securities | ||||||||||
Amortized Cost | 3,200,000 | 6,575,000 | ||||||||
Gross Unrealized Losses | (359,000) | (892,000) | ||||||||
Total | 2,841,000 | 5,683,000 | ||||||||
Amortized cost of available-for-sale securities by contractual maturity | ||||||||||
Due within five years | 1,200,000 | |||||||||
Due after 10 years | 2,000,000 | |||||||||
Total | 3,200,000 | 6,575,000 | ||||||||
Fair value of available-for-sale securities by contractual maturity | ||||||||||
Due within five years | 1,147,000 | |||||||||
Due after 10 years | 1,694,000 | |||||||||
Total | $ 2,841,000 | 5,683,000 | ||||||||
Auction rate securities | Minimum | ||||||||||
Available For Sale Securities | ||||||||||
Maturity period of available-for-sale securities | 4 years | 4 years | ||||||||
Pre-determined interval to reset interest rates to current rates | 30 days | 30 days | ||||||||
Auction rate securities | Maximum | ||||||||||
Available For Sale Securities | ||||||||||
Maturity period of available-for-sale securities | 19 years | 19 years | ||||||||
Pre-determined interval to reset interest rates to current rates | 35 days | 35 days | ||||||||
Certificates of deposit | ||||||||||
Held To Maturity Securities | ||||||||||
Amortized Cost | $ 3,885,000 | 4,630,000 | ||||||||
Fair Value | 3,885,000 | 4,630,000 | ||||||||
Amortized cost of held-to-maturity securities by contractual maturity | ||||||||||
Total | 3,885,000 | 4,630,000 | ||||||||
Fair value of held-to-maturity securities by contractual maturity | ||||||||||
Fair Value | 3,885,000 | 4,630,000 | ||||||||
Convertible bonds | ||||||||||
Available-For-Sale Securities | ||||||||||
Amortized Cost | 1,519,000 | |||||||||
Gross Unrealized Gains | 4,346,000 | |||||||||
Total | 5,865,000 | |||||||||
Amortized cost of available-for-sale securities by contractual maturity | ||||||||||
Total | 1,519,000 | |||||||||
Fair value of available-for-sale securities by contractual maturity | ||||||||||
Total | $ 5,865,000 | |||||||||
Convertible bonds | CybAero | ||||||||||
Convertible bonds | ||||||||||
Amount of each bond | SEK | SEK 10 | |||||||||
Number of CybAero shares issuable on conversion of notes | item | 1,062,699 | 1,000,000 | ||||||||
Conversion price (in SEK per share) | SEK / shares | SEK 9.41 | SEK 10 | ||||||||
Annual interest rate (as a percent) | 5.00% | 5.00% | ||||||||
Convertible bonds | CybAero | Exercise of conversion right on convertible debt securities | ||||||||||
Convertible bonds | ||||||||||
Conversion price (in SEK per share) | SEK / shares | SEK 9.41 | SEK 9.41 | SEK 9.41 | |||||||
Face amount converted | SEK | SEK 10 | SEK 10 | SEK 10 | |||||||
Number of bonds converted | item | 1 | |||||||||
Equity securities | ||||||||||
Available-For-Sale Securities | ||||||||||
Amortized Cost | 3,357,000 | $ 5,033,000 | ||||||||
Gross Unrealized Gains | 276,000 | |||||||||
Gross Unrealized Losses | (1,884,000) | |||||||||
Total | 1,473,000 | 5,309,000 | ||||||||
Amortized cost of available-for-sale securities by contractual maturity | ||||||||||
Total | 3,357,000 | 5,033,000 | ||||||||
Fair value of available-for-sale securities by contractual maturity | ||||||||||
Total | 1,473,000 | 5,309,000 | ||||||||
Common Stock | CybAero | ||||||||||
Convertible bonds | ||||||||||
Realized gains on sale of shares | 4,784,000 | $ 132,000 | ||||||||
Held-to-maturity securities | ||||||||||
Short-term investments: | ||||||||||
Total short-term investments | 83,908,000 | 70,639,000 | ||||||||
Long-term investments: | ||||||||||
Total long-term investments | 43,928,000 | 33,648,000 | ||||||||
Held-to-maturity securities | Municipal securities | ||||||||||
Short-term investments: | ||||||||||
Total short-term investments | 67,173,000 | 69,898,000 | ||||||||
Long-term investments: | ||||||||||
Total long-term investments | 30,418,000 | 29,759,000 | ||||||||
Held-to-maturity securities | U.S. government securities | ||||||||||
Short-term investments: | ||||||||||
Total short-term investments | 11,536,000 | |||||||||
Long-term investments: | ||||||||||
Total long-term investments | 5,009,000 | |||||||||
Held-to-maturity securities | Corporate bonds | ||||||||||
Short-term investments: | ||||||||||
Total short-term investments | 1,314,000 | |||||||||
Long-term investments: | ||||||||||
Total long-term investments | 8,501,000 | |||||||||
Held-to-maturity securities | Certificates of deposit | ||||||||||
Short-term investments: | ||||||||||
Total short-term investments | 3,885,000 | 741,000 | ||||||||
Long-term investments: | ||||||||||
Total long-term investments | 3,889,000 | |||||||||
Available-for-sale securities | ||||||||||
Short-term investments: | ||||||||||
Total short-term investments | 1,473,000 | |||||||||
Long-term investments: | ||||||||||
Total long-term investments | $ 2,841,000 | $ 16,857,000 | ||||||||
Available-for-sale securities | CybAero | ||||||||||
Convertible bonds | ||||||||||
Number of available-for-sale securities | item | 618,042 | 1,025,799 | 1,025,799 | |||||||
Available-for-sale securities | Auction rate securities | ||||||||||
Long-term investments: | ||||||||||
Total long-term investments | $ 2,841,000 | $ 5,683,000 | ||||||||
Available-for-sale securities | Auction rate securities | Maximum | ||||||||||
Available For Sale Securities | ||||||||||
Period for which the issuer of securities is not required to redeem the securities | 365 days | 365 days | ||||||||
Available-for-sale securities | Convertible bonds | ||||||||||
Long-term investments: | ||||||||||
Total long-term investments | $ 5,865,000 | |||||||||
Available-for-sale securities | Convertible bonds | CybAero | ||||||||||
Available For Sale Securities | ||||||||||
Number of bonds held | item | 1 | 1 | ||||||||
Available-for-sale securities | Convertible bonds | CybAero | Exercise of conversion right on convertible debt securities | ||||||||||
Convertible bonds | ||||||||||
Shares received on conversion | shares | 1,062,699 | |||||||||
Available-for-sale securities | Equity securities | ||||||||||
Short-term investments: | ||||||||||
Total short-term investments | $ 1,473,000 | |||||||||
Long-term investments: | ||||||||||
Total long-term investments | $ 5,309,000 | |||||||||
Available-for-sale securities | Common Stock | CybAero | Exercise of conversion right on convertible debt securities | ||||||||||
Convertible bonds | ||||||||||
Shares received on conversion | shares | 1,062,699 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Recurring basis $ in Thousands | Apr. 30, 2015USD ($) |
Quoted prices in active market for identical assets (Level 1) | |
Fair Value Measurement | |
Available-for-sale securities | $ 1,473 |
Quoted prices in active market for identical assets (Level 1) | Equity securities | |
Fair Value Measurement | |
Available-for-sale securities | 1,473 |
Significant unobservable inputs (Level 3) | |
Fair Value Measurement | |
Available-for-sale securities | 2,841 |
Significant unobservable inputs (Level 3) | Auction rate securities | |
Fair Value Measurement | |
Available-for-sale securities | 2,841 |
Total | |
Fair Value Measurement | |
Available-for-sale securities | 4,314 |
Total | Auction rate securities | |
Fair Value Measurement | |
Available-for-sale securities | 2,841 |
Total | Equity securities | |
Fair Value Measurement | |
Available-for-sale securities | $ 1,473 |
Fair Value Measurements (Deta50
Fair Value Measurements (Details 2) $ in Thousands | 12 Months Ended |
Apr. 30, 2015USD ($) | |
Reconciliation between beginning and ending balances of items measured at fair value on recurring basis | |
Balance at the beginning of the period | $ 7,297 |
Total gains (realized or unrealized) included in other comprehensive income | 438 |
Purchases, issuances and settlements, net | (4,894) |
Balance at the end of the period | $ 2,841 |
Fair Value Measurements (Deta51
Fair Value Measurements (Details 3) - 12 months ended Apr. 30, 2015 - Significant unobservable inputs (Level 3) - Discounted cash flow - Auction rate securities | Total |
Fair Value Inputs | |
Coupon rates (as a percent) | 0.10% |
Minimum | |
Fair Value Inputs | |
Estimated redemption periods | 4 years |
Discount rates (as a percent) | 4.60% |
Maximum | |
Fair Value Inputs | |
Estimated redemption periods | 19 years |
Discount rates (as a percent) | 15.40% |
Inventories, net (Details)
Inventories, net (Details) - USD ($) | Apr. 30, 2015 | Apr. 30, 2014 |
Inventories, net | ||
Raw materials | $ 13,325,000 | $ 15,102,000 |
Work in process | 5,140,000 | 7,542,000 |
Finished goods | 25,537,000 | 31,289,000 |
Inventories, gross | 44,002,000 | 53,933,000 |
Reserve for inventory excess and obsolescence | (4,588,000) | (3,234,000) |
Inventories, net | 39,414,000 | 50,699,000 |
Inventory consigned to others | $ 6,840,000 | $ 7,856,000 |
Intangibles (Details)
Intangibles (Details) - USD ($) | Apr. 30, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 |
Intangibles | ||||
Amortization expense | $ 249,000 | $ 154,000 | $ 35,000 | |
Estimated amortization expense | ||||
2,016 | 80,000 | |||
2,017 | 80,000 | |||
2,018 | 80,000 | |||
2,019 | 80,000 | |||
2,020 | $ 60,000 | |||
Weighted average | ||||
Intangibles | ||||
Weighted average amortization period | 5 years | 3 years | ||
Technology license | SG&A | ||||
Intangibles | ||||
Impairment charge | $ 72,000 | |||
Exclusive distribution license | SG&A | ||||
Intangibles | ||||
Impairment charge | $ 438,000 | |||
Pre-tax impairment charge | $ 672,000 | |||
Licenses | ||||
Intangibles | ||||
Intangibles, gross | 856,000 | 818,000 | 856,000 | |
Less accumulated amortization | (189,000) | (438,000) | (189,000) | |
Intangibles, net | 667,000 | 380,000 | 667,000 | |
Estimated amortization expense | ||||
Intangibles, net | $ 667,000 | $ 380,000 | $ 667,000 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | Apr. 30, 2015 | Apr. 30, 2014 |
Property and equipment, net | ||
Property and equipment, gross | $ 84,376 | $ 83,197 |
Less accumulated depreciation and amortization | (70,877) | (63,200) |
Property, Plant and Equipment, Net, Total | 13,499 | 19,997 |
Leasehold improvements | ||
Property and equipment, net | ||
Property and equipment, gross | 9,117 | 8,611 |
Machinery and equipment | ||
Property and equipment, net | ||
Property and equipment, gross | 45,525 | 42,025 |
Furniture and fixtures | ||
Property and equipment, net | ||
Property and equipment, gross | 1,877 | 1,840 |
Computer equipment and software | ||
Property and equipment, net | ||
Property and equipment, gross | 26,223 | 24,377 |
Construction in process | ||
Property and equipment, net | ||
Property and equipment, gross | $ 1,634 | $ 6,344 |
Property and Equipment, net(Det
Property and Equipment, net(Details 2) - Apr. 30, 2014 - USD ($) | Total | Total |
Tier II helicopter demonstration assets and exclusive license agreement | ||
Impairment charge | $ 3,300,000 | |
Tier II helicopter demonstration assets and exclusive license agreement | SG&A | ||
Impairment charge | $ 3,317,000 | |
Tier II helicopter demonstration assets | SG&A | ||
Impairment charge | 2,645,000 | |
Exclusive distribution license | SG&A | ||
Impairment charge | $ 672,000 |
Investments in Companies Acco56
Investments in Companies Accounted for Using the Equity Method (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Mar. 31, 2014 | |
Investments in Companies Accounted for Using the Equity Method | |||
Entity's share of net loss | $ (240,000) | $ (30,000) | |
Altoy | |||
Investments in Companies Accounted for Using the Equity Method | |||
Ownership percentage | 49.00% | ||
Altoy | Other assets, long-term | |||
Investments in Companies Accounted for Using the Equity Method | |||
Carrying value of investment | 230,000 | 75,000 | |
Altoy | Other income | |||
Investments in Companies Accounted for Using the Equity Method | |||
Entity's share of net loss | $ 240,000 | $ 30,000 |
Warranty Reserves (Details)
Warranty Reserves (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Warranty Reserves | ||
Beginning balance | $ 1,280 | $ 1,515 |
Warranty expense | 2,919 | 1,436 |
Warranty claims settled | (1,546) | (1,671) |
Ending balance | $ 2,653 | $ 1,280 |
Employee Savings Plan (Details)
Employee Savings Plan (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Employee Savings Plan | |||
Amount of expense in contribution to the plan | $ 2,818,000 | $ 2,757,000 | $ 3,137,000 |
Restructuring Charges (Details)
Restructuring Charges (Details) | 1 Months Ended | 3 Months Ended | 5 Months Ended | |
Jul. 27, 2013USD ($) | Oct. 26, 2013USD ($) | Jul. 27, 2013USD ($) | Sep. 26, 2013item | |
Organizational realignment and workforce reductions | ||||
Restructuring Charges | ||||
Number of restructuring programs | item | 2 | |||
Organizational realignment and workforce reduction May 29, 2013 | ||||
Restructuring Charges | ||||
Cost of restructuring | $ 1,100,000 | |||
Organizational realignment and workforce reduction May 29, 2013 | Cost of sales | ||||
Restructuring Charges | ||||
Cost of restructuring | $ 1,000,000 | |||
Organizational realignment and workforce reduction May 29, 2013 | SG&A | ||||
Restructuring Charges | ||||
Cost of restructuring | 100,000 | |||
UAS | Organizational realignment and workforce reduction, September 26, 2013 | Cost of sales | ||||
Restructuring Charges | ||||
Cost of restructuring | $ 700,000 | 700,000 | ||
EES | Organizational realignment and workforce reduction May 29, 2013 | Cost of sales | ||||
Restructuring Charges | ||||
Cost of restructuring | $ 300,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Stock-Based Compensation | |||
Stock based compensation expense | $ 3,768,000 | $ 3,622,000 | $ 3,470,000 |
Options | |||
Non-vested at beginning of year (in shares) | 411,200 | ||
Non-vested at end of year (in shares) | 411,200 | ||
Weighted Average Grant Date Fair value | |||
Non-vested at beginning of year (in dollars per share) | $ 8.75 | ||
Non-vested at end of year (in dollars per share) | $ 8.75 | ||
Unrecognized compensation cost related to non-vested stock awards | $ 10,331,000 | ||
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Expected Period for Recognition1 | 5 years | ||
Period over which unrecognized compensation cost is expected to be recognized | 4 years | ||
Tax benefit realized from stock-based compensation | $ 191,000 | $ 2,953,000 | $ 1,490,000 |
Stock options | |||
Weighted average assumptions used to estimate fair value of stock options granted | |||
Expected term (in years) | 6 years | 6 years 29 days | 6 years |
Expected volatility (as a percent) | 44.65% | 45.61% | 45.94% |
Risk-free interest rate (as a percent) | 1.92% | 1.64% | 0.92% |
Weighted average fair value at grant date (in dollars per share) | $ 14.05 | $ 10.61 | $ 8.44 |
Shares | |||
Options granted (in shares) | 85,599 | ||
Intrinsic value of options | |||
Intrinsic value of options exercised | $ 455,000 | $ 9,220,000 | $ 4,329,000 |
Intrinsic value of options outstanding | 5,349,000 | 12,314,000 | |
Intrinsic value of exercisable options | $ 4,560,000 | $ 7,998,000 | |
Options | |||
Granted (in shares) | 85,599 | ||
Canceled (in shares) | (104,592) | ||
Vested (in shares) | (98,300) | ||
Non-vested at end of year (in shares) | 293,907 | ||
Weighted Average Grant Date Fair value | |||
Granted (in dollars per share) | $ 14.05 | $ 10.61 | $ 8.44 |
Canceled (in dollars per share) | 8.51 | ||
Vested (in dollars per share) | 8.58 | ||
Non-vested at end of year (in dollars per share) | $ 10.43 | ||
Fair value of shares vested | $ 2,389,000 | $ 2,168,000 | $ 2,477,000 |
Proceeds from exercises of options | $ 722,000 | $ 6,709,000 | $ 289,000 |
Restated 2006 Plan | |||
Stock-Based Compensation | |||
Number of shares authorized to be issued pursuant to awards | 4,884,157 | ||
Maximum number of shares that may be granted to one participant during any twelve month period | 2,000,000 | ||
Maximum amount that may be paid in cash as a performance-based award to one participant during any twelve month period | $ 5,000,000 | ||
Restated 2006 Plan | Stock options | |||
Shares | |||
Outstanding at the beginning of the year (in shares) | 713,110 | 892,210 | 692,210 |
Options granted (in shares) | 85,599 | 125,000 | 203,000 |
Options exercised (in shares) | (30,000) | (261,900) | (3,000) |
Options canceled (in shares) | (111,592) | (42,200) | |
Outstanding at the end of the year (in shares) | 657,117 | 713,110 | 892,210 |
Options exercisable (in shares) | 363,210 | ||
Weighted Average Exercise Price | |||
Outstanding at the beginning of the year (in dollars per share) | $ 23.20 | $ 23.67 | $ 25.01 |
Option granted (in dollars per share) | 31.27 | 23.39 | 19.07 |
Options exercised (in dollars per share) | 23.81 | 24.45 | 20.75 |
Options canceled (in dollars per share) | 24.75 | 26.05 | |
Outstanding at the end of the year (in dollars per share) | 23.96 | $ 23.20 | $ 23.67 |
Options exercisable (in dollars per share) | $ 23.15 | ||
Options | |||
Granted (in shares) | 85,599 | 125,000 | 203,000 |
Restated 2006 Plan | Incentive stock options | Maximum | |||
Stock-Based Compensation | |||
Percentage of the fair market value on date of grant | 100.00% | ||
2002 Plan | Stock options | |||
Stock-Based Compensation | |||
Exercisable period from grant date | 5 years | ||
Number of awards that may be granted | 0 | ||
Shares | |||
Outstanding at the beginning of the year (in shares) | 48,511 | 177,389 | 324,986 |
Options exercised (in shares) | (3,518) | (121,841) | (147,597) |
Options canceled (in shares) | (7,037) | ||
Outstanding at the end of the year (in shares) | 44,993 | 48,511 | 177,389 |
Options exercisable (in shares) | 44,993 | ||
Weighted Average Exercise Price | |||
Outstanding at the beginning of the year (in dollars per share) | $ 7.18 | $ 3.98 | $ 2.80 |
Options exercised (in dollars per share) | 2.13 | 2.25 | 1.39 |
Options canceled (in dollars per share) | 11.79 | ||
Outstanding at the end of the year (in dollars per share) | 7.57 | $ 7.18 | $ 3.98 |
Options exercisable (in dollars per share) | $ 7.57 | ||
1992 Plan | Stock options | |||
Stock-Based Compensation | |||
Exercisable period from grant date | 5 years | ||
Shares | |||
Outstanding at the beginning of the year (in shares) | 105,079 | 181,569 | 239,310 |
Options exercised (in shares) | (1,500) | (76,490) | (57,741) |
Outstanding at the end of the year (in shares) | 103,579 | 105,079 | 181,569 |
Options exercisable (in shares) | 103,579 | ||
Weighted Average Exercise Price | |||
Outstanding at the beginning of the year (in dollars per share) | $ 0.59 | $ 0.52 | $ 0.49 |
Options exercised (in dollars per share) | 0.59 | 0.42 | 0.38 |
Outstanding at the end of the year (in dollars per share) | 0.59 | $ 0.59 | $ 0.52 |
Options exercisable (in dollars per share) | $ 0.59 |
Stock-Based Compensation (Det61
Stock-Based Compensation (Details 2) - Apr. 30, 2015 - $ / shares | Total |
Stock-Based Compensation | |
Exercise Price (in dollars per share) | $ 20.04 |
Range of Exercise Price, low end of range (in dollars per share) | 0.59 |
Range of Exercise Price, high end of range (in dollars per share) | $ 32.19 |
Options Outstanding | |
Number of Options (in shares) | 805,689 |
Weighted Average Remaining Contractual Life In Years | 5 years 4 months 10 days |
Weighted Average Exercise Price (in dollars per share) | $ 20.04 |
Options Exercisable | |
Number of Options (in shares) | 511,782 |
Weighted Average Exercise Price (in dollars per share) | $ 17.22 |
Weighted Average Remaining Contractual Life | 3 years 11 months 5 days |
0.59 | |
Stock-Based Compensation | |
Exercise Price (in dollars per share) | $ 0.59 |
Options Outstanding | |
Number of Options (in shares) | 103,579 |
Weighted Average Remaining Contractual Life In Years | 4 years 4 months 6 days |
Weighted Average Exercise Price (in dollars per share) | $ 0.59 |
Options Exercisable | |
Number of Options (in shares) | 103,579 |
Weighted Average Exercise Price (in dollars per share) | $ 0.59 |
2.13 | |
Stock-Based Compensation | |
Exercise Price (in dollars per share) | $ 2.13 |
Options Outstanding | |
Number of Options (in shares) | 19,658 |
Weighted Average Remaining Contractual Life In Years | 5 months 19 days |
Weighted Average Exercise Price (in dollars per share) | $ 2.13 |
Options Exercisable | |
Number of Options (in shares) | 19,658 |
Weighted Average Exercise Price (in dollars per share) | $ 2.13 |
11.79 | |
Stock-Based Compensation | |
Exercise Price (in dollars per share) | $ 11.79 |
Options Outstanding | |
Number of Options (in shares) | 25,335 |
Weighted Average Remaining Contractual Life In Years | 1 year 4 months 24 days |
Weighted Average Exercise Price (in dollars per share) | $ 11.79 |
Options Exercisable | |
Number of Options (in shares) | 25,335 |
Weighted Average Exercise Price (in dollars per share) | $ 11.79 |
18.07-24.65 | |
Stock-Based Compensation | |
Exercise Price (in dollars per share) | 20.89 |
Range of Exercise Price, low end of range (in dollars per share) | 18.07 |
Range of Exercise Price, high end of range (in dollars per share) | $ 24.65 |
Options Outstanding | |
Number of Options (in shares) | 413,710 |
Weighted Average Remaining Contractual Life In Years | 4 years 11 months 1 day |
Weighted Average Exercise Price (in dollars per share) | $ 20.89 |
Options Exercisable | |
Number of Options (in shares) | 277,610 |
Weighted Average Exercise Price (in dollars per share) | $ 21.43 |
25.77-32.19 | |
Stock-Based Compensation | |
Exercise Price (in dollars per share) | 29.17 |
Range of Exercise Price, low end of range (in dollars per share) | 25.77 |
Range of Exercise Price, high end of range (in dollars per share) | $ 32.19 |
Options Outstanding | |
Number of Options (in shares) | 243,407 |
Weighted Average Remaining Contractual Life In Years | 7 years 4 months 6 days |
Weighted Average Exercise Price (in dollars per share) | $ 29.17 |
Options Exercisable | |
Number of Options (in shares) | 85,600 |
Weighted Average Exercise Price (in dollars per share) | $ 28.75 |
Stock-Based Compensation (Det62
Stock-Based Compensation (Details 3) - 12 months ended Apr. 30, 2015 - Restricted stock awards - $ / shares | Total |
Shares | |
Unvested stock at beginning of year (in shares) | 392,913 |
Stock granted (in shares) | 160,180 |
Stock vested (in shares) | (100,063) |
Stock canceled (in shares) | (56,004) |
Unvested stock at end of year (in shares) | 397,026 |
Weighted Average Grant Date Fair Value | |
Unvested stock at beginning of year (in dollars per share) | $ 23.02 |
Stock granted (in dollars per shares) | 31.15 |
Stock vested (in dollars per shares) | 23.88 |
Stock canceled (in dollars per shares) | 22.01 |
Unvested stock at end of year (in dollars per share) | $ 26.20 |
Long-Term Incentive Awards (Det
Long-Term Incentive Awards (Details) - Restated 2006 Plan - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Long-term incentive awards | Key employees | |||
Long-Term Incentive Awards | |||
Compensation expense | $ 0 | $ 160,000 | $ 194,000 |
Accrued compensation expense for outstanding awards | 0 | $ 0 | |
Maximum compensation expense that may be recorded for outstanding awards | $ 8,689,000 | ||
Three-year performance award | |||
Long-Term Incentive Awards | |||
Performance period | 3 years | 3 years |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Income Taxes | |||
Domestic | $ 2,138 | $ 14,996 | $ 10,790 |
Foreign | (245) | (100) | (17) |
Income before income taxes | $ 1,893 | $ 14,896 | $ 10,773 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Reconciliation of income tax expense computed using the U.S. federal statutory rates to actual income tax expense | |||
U.S. federal statutory income tax rate (as a percent) | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit (as a percent) | (84.40%) | (17.00%) | 1.60% |
R&D and other tax credits (as a percent) | (172.30%) | (21.50%) | (29.60%) |
Valuation allowance (as a percent) | 96.70% | 8.70% | |
Uncertain tax position adjustment (as a percent) | (1.90%) | 4.40% | (6.70%) |
Return to provision adjustments (as a percent) | 78.30% | (0.10%) | 0.70% |
Permanent items (as a percent) | (5.20%) | (1.30%) | 2.40% |
Other (as a percent) | 0.90% | (0.30%) | (0.20%) |
Effective tax rate (as a percent) | (52.90%) | 7.90% | 3.20% |
Current: | |||
Federal | $ 573 | $ 4,307 | $ (3,818) |
State | (1,292) | (1,879) | (1,527) |
Current | (719) | 2,428 | (5,345) |
Deferred: | |||
Federal | (1,972) | (1,694) | 5,178 |
State | 1,689 | 444 | 514 |
Deferred | (283) | (1,250) | 5,692 |
Total income tax expense | (1,002) | 1,178 | $ 347 |
Deferred income tax assets: | |||
Accrued expenses | 8,442 | 6,459 | |
Allowances, reserves, and other | 1,543 | 2,547 | |
Fixed asset basis | 196 | ||
Capital loss and credit carry-forwards | 5,692 | 6,293 | |
Intangibles basis | 464 | 276 | |
Total deferred income tax assets, gross | 16,141 | 15,771 | |
Deferred income tax liabilities: | |||
Unrealized gain on securities | (237) | (2,714) | |
Fixed asset basis | (86) | ||
Total deferred income tax liabilities | (323) | (2,714) | |
Valuation allowance | (3,127) | (1,298) | |
Net deferred tax assets | $ 12,691 | $ 11,759 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Tax Credit Carryforward | ||
Increase in valuation allowance | $ 1,829,000 | $ 1,298,000 |
State | ||
Tax Credit Carryforward | ||
Tax credit carryforwards | 13,573,000 | |
Tax credits | 30,000 | |
IRS | ||
Tax Credit Carryforward | ||
Tax credit carryforwards | 2,654,000 | |
Tax credits | $ 143,000 |
Income Taxes (Details 4)
Income Taxes (Details 4) - USD ($) | 12 Months Ended | |
Apr. 30, 2015 | Apr. 30, 2014 | |
Unrecognized tax benefits | ||
State net operating loss carryforwards | $ 314,000 | |
Foreign net operating loss carryforwards | 132,000 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 8,190,000 | $ 6,334,000 |
Liability for uncertain tax positions | 2,484,000 | |
Activity related to gross unrecognized tax benefits | ||
Beginning balance | 6,334,000 | 5,083,000 |
Increases related to prior year tax positions | 747,000 | 775,000 |
Decreases related to prior year tax positions | (12,000) | |
Increases related to current year tax positions | 1,158,000 | 1,050,000 |
Decreases related to lapsing of statute of limitations | (37,000) | (574,000) |
Ending balance | 8,190,000 | 6,334,000 |
Accrued interest and penalties related to unrecognized tax positions | 43,000 | $ 233,000 |
Statute of limitations expiration | ||
Unrecognized tax benefits | ||
Estimated decrease in unrecognized tax benefits in the next twelve months | $ (10,000) |
Accumulated Other Comprehensi68
Accumulated Other Comprehensive Loss (Details) $ in Thousands | 12 Months Ended |
Apr. 30, 2015USD ($) | |
Changes in components of accumulated other comprehensive loss | |
Balance at beginning of period | $ (263) |
Unrealized loss | (1,743) |
Income taxes | 648 |
Balance at end of period | (1,358) |
Available-for-Sale Securities. | |
Changes in components of accumulated other comprehensive loss | |
Balance at beginning of period | (263) |
Unrealized loss | (1,743) |
Income taxes | 648 |
Balance at end of period | $ (1,358) |
Changes in Accounting Estimat69
Changes in Accounting Estimates (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | Apr. 30, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Income from continuing operations | $ 1,893,000 | $ 14,896,000 | $ 10,773,000 | ||||||||
Net income | $ 7,080,000 | $ 2,325,000 | $ (2,901,000) | $ (3,609,000) | $ 8,057,000 | $ 11,216,000 | $ 1,655,000 | $ (7,210,000) | $ 2,895,000 | $ 13,718,000 | $ 10,426,000 |
Basic (in dollars per share) | $ 0.31 | $ 0.10 | $ (0.13) | $ (0.16) | $ 0.36 | $ 0.50 | $ 0.07 | $ (0.32) | $ 0.13 | $ 0.61 | $ 0.47 |
Diluted (in dollars per share) | $ 0.31 | $ 0.10 | $ (0.13) | $ (0.16) | $ 0.35 | $ 0.49 | $ 0.07 | $ (0.32) | $ 0.13 | $ 0.60 | $ 0.47 |
Revision of estimate of total costs required to complete the contracts | Cumulative catch-up adjustment | |||||||||||
Income from continuing operations | $ 1,768,000 | ||||||||||
Net income | $ 1,081,000 | ||||||||||
Basic (in dollars per share) | $ 0.05 | ||||||||||
Diluted (in dollars per share) | $ 0.05 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Board member | Consulting agreement | |||
Long-Term Incentive Awards | |||
Amount paid to related party | $ 96,000 | $ 96,000 | $ 172,000 |
Commitments and Contingencies71
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Future minimum lease payments under noncancellable operating leases | |||
2,016 | $ 3,720,000 | ||
2,017 | 2,367,000 | ||
2,018 | 1,678,000 | ||
2,019 | 1,581,000 | ||
2,020 | 1,528,000 | ||
Thereafter | 1,298,000 | ||
Total | 12,172,000 | ||
Rental expense under operating leases | 4,350,000 | $ 4,981,000 | $ 4,349,000 |
Letters of credit outstanding | $ 1,755,000 | $ 294,000 |
Segment Data (Details)
Segment Data (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | Apr. 30, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Segment Data | |||||||||||
Revenue | $ 86,471 | $ 68,397 | $ 52,664 | $ 51,866 | $ 73,498 | $ 69,221 | $ 64,867 | $ 44,117 | $ 259,398 | $ 251,703 | $ 240,152 |
Cost of sales | 155,130 | 158,090 | 147,616 | ||||||||
Gross margin | $ 45,350 | $ 26,993 | $ 17,871 | $ 14,054 | $ 30,138 | $ 27,052 | $ 23,878 | $ 12,545 | 104,268 | 93,613 | 92,536 |
Selling, general and administrative | 55,763 | 55,679 | 51,520 | ||||||||
Research and development | 46,491 | 25,515 | 37,214 | ||||||||
Income from operations | 2,014 | 12,419 | 3,802 | ||||||||
Interest income | 882 | 855 | 726 | ||||||||
Other (expense) income | (1,003) | 1,622 | 6,245 | ||||||||
Income before income taxes | 1,893 | 14,896 | 10,773 | ||||||||
Inter-segment and corporate elimination | |||||||||||
Segment Data | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
UAS | |||||||||||
Segment Data | |||||||||||
Revenue | 220,950 | 208,810 | 194,276 | ||||||||
Cost of sales | 128,233 | 127,992 | 115,194 | ||||||||
Gross margin | 92,717 | 80,818 | 79,082 | ||||||||
EES | |||||||||||
Segment Data | |||||||||||
Revenue | 38,448 | 42,893 | 45,876 | ||||||||
Cost of sales | 26,897 | 30,098 | 32,422 | ||||||||
Gross margin | $ 11,551 | $ 12,795 | $ 13,454 |
Segment Data (Details 2)
Segment Data (Details 2) | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Non-U.S. customers | |||
Product Information | |||
Percentage of revenue | 9.00% | 14.00% | 15.00% |
Quarterly Results of Operatio74
Quarterly Results of Operations (Unaudited) (Details) - Scenario, Unspecified [Domain] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Apr. 30, 2015 | Jan. 31, 2015 | Nov. 01, 2014 | Aug. 02, 2014 | Apr. 30, 2014 | Jan. 25, 2014 | Oct. 26, 2013 | Jul. 27, 2013 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Selected Quarterly Financial Information | |||||||||||
Revenue | $ 86,471 | $ 68,397 | $ 52,664 | $ 51,866 | $ 73,498 | $ 69,221 | $ 64,867 | $ 44,117 | $ 259,398 | $ 251,703 | $ 240,152 |
Gross margin | 45,350 | 26,993 | 17,871 | 14,054 | 30,138 | 27,052 | 23,878 | 12,545 | 104,268 | 93,613 | 92,536 |
Net (loss) income | $ 7,080 | $ 2,325 | $ (2,901) | $ (3,609) | $ 8,057 | $ 11,216 | $ 1,655 | $ (7,210) | $ 2,895 | $ 13,718 | $ 10,426 |
Net (loss) income per share?basic | $ 0.31 | $ 0.10 | $ (0.13) | $ (0.16) | $ 0.36 | $ 0.50 | $ 0.07 | $ (0.32) | $ 0.13 | $ 0.61 | $ 0.47 |
Net (loss) income per share?diluted | $ 0.31 | $ 0.10 | $ (0.13) | $ (0.16) | $ 0.35 | $ 0.49 | $ 0.07 | $ (0.32) | $ 0.13 | $ 0.60 | $ 0.47 |
R&D expense | $ 46,491 | $ 25,515 | $ 37,214 | ||||||||
Government contract accounting reserve | $ 2,600 | ||||||||||
Tier II helicopter demonstration assets and exclusive license agreement | |||||||||||
Selected Quarterly Financial Information | |||||||||||
Pre-tax impairment charge | $ 3,300 | ||||||||||
UAS | |||||||||||
Selected Quarterly Financial Information | |||||||||||
Revenue | 220,950 | 208,810 | 194,276 | ||||||||
Gross margin | 92,717 | 80,818 | 79,082 | ||||||||
EES | |||||||||||
Selected Quarterly Financial Information | |||||||||||
Revenue | 38,448 | 42,893 | 45,876 | ||||||||
Gross margin | $ 11,551 | $ 12,795 | $ 13,454 | ||||||||
Organizational realignment and workforce reduction May 29, 2013 | UAS | |||||||||||
Selected Quarterly Financial Information | |||||||||||
Severance costs | $ 1,000 | ||||||||||
Organizational realignment and workforce reduction, September 26, 2013 | UAS | |||||||||||
Selected Quarterly Financial Information | |||||||||||
Severance costs | $ 700 | ||||||||||
Global Observer Joint Capability Technology Demonstration Contract | |||||||||||
Selected Quarterly Financial Information | |||||||||||
Revenue for termination settlement of contract | $ 2,300 |
Restatement of Previously Iss75
Restatement of Previously Issued Consolidated Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Aug. 02, 2014 | Jul. 27, 2013 | Nov. 01, 2014 | Oct. 26, 2013 | Jan. 31, 2015 | Jan. 25, 2014 | Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Operating activities | |||||||||
Amortization of held-to-maturity investments | $ 4,532 | $ 5,037 | $ 5,237 | ||||||
Net cash provided by operating activities | 39,413 | 34,005 | 29,244 | ||||||
Investing activities | |||||||||
Purchases of held-to-maturity securities | 97,464 | 56,946 | 87,294 | ||||||
Redemptions of held-to-maturity investments | 69,387 | 75,022 | 84,071 | ||||||
Net cash provided by (used in) investing activities | $ (23,820) | 10,438 | (18,344) | ||||||
As Reported | |||||||||
Operating activities | |||||||||
Net cash provided by operating activities | $ 14,368 | $ (13,176) | $ 9,961 | $ (9,673) | $ 13,543 | $ 3,472 | 28,863 | 24,007 | |
Investing activities | |||||||||
Net redemptions of held-to-maturity investments | (2,924) | 6,442 | (19,586) | 6,934 | 20,388 | 23,113 | 2,014 | ||
Purchases of held-to-maturity securities | (88,737) | ||||||||
Redemptions of held-to-maturity investments | 66,158 | ||||||||
Net cash provided by (used in) investing activities | 5,723 | 2,160 | (11,618) | 312 | (15,557) | 13,062 | 15,580 | (13,107) | |
Restated | |||||||||
Operating activities | |||||||||
Amortization of held-to-maturity investments | 1,152 | 1,277 | 2,211 | 2,605 | 3,388 | 3,881 | 5,037 | 5,237 | |
Net cash provided by operating activities | 15,520 | (11,899) | 12,172 | (7,068) | 16,931 | 7,353 | 34,005 | 29,244 | |
Investing activities | |||||||||
Purchases of held-to-maturity securities | (28,771) | (26,040) | (68,524) | (37,401) | (88,074) | (47,610) | (56,946) | (87,294) | |
Redemptions of held-to-maturity investments | 24,695 | 31,205 | 46,727 | 41,730 | 62,107 | 64,117 | 75,022 | 84,071 | |
Net cash provided by (used in) investing activities | $ 4,571 | $ 883 | $ (13,829) | $ (2,293) | $ (18,945) | $ 9,181 | $ 10,438 | $ (18,344) |
SCHEDULE II-VALUATION AND QUA76
SCHEDULE II-VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2015 | Apr. 30, 2014 | Apr. 30, 2013 | |
Allowance for doubtful accounts | |||
Movement in valuation and qualifying accounts and reserves | |||
Balance at Beginning of Period | $ 791 | $ 936 | $ 921 |
Charged to Cost and Expenses | 106 | (6) | 15 |
Deductions | (291) | (139) | |
Balance at End of Period | 606 | 791 | 936 |
Warranty reserve | |||
Movement in valuation and qualifying accounts and reserves | |||
Balance at Beginning of Period | 1,280 | 1,515 | 2,872 |
Charged to Cost and Expenses | 2,919 | 1,436 | 2,169 |
Deductions | (1,546) | (1,671) | (3,526) |
Balance at End of Period | 2,653 | 1,280 | 1,515 |
Reserve for inventory excess and obsolescence | |||
Movement in valuation and qualifying accounts and reserves | |||
Balance at Beginning of Period | 3,234 | 3,871 | 2,754 |
Charged to Cost and Expenses | 2,035 | 2,187 | 1,461 |
Deductions | (681) | (2,824) | (344) |
Balance at End of Period | 4,588 | 3,234 | 3,871 |
Reserve for self-insured medical claims | |||
Movement in valuation and qualifying accounts and reserves | |||
Balance at Beginning of Period | 1,281 | 1,543 | 1,448 |
Charged to Cost and Expenses | 8,953 | 8,908 | 8,065 |
Deductions | (8,941) | (9,170) | (7,970) |
Balance at End of Period | $ 1,293 | $ 1,281 | $ 1,543 |