Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Oct. 26, 2013 | Nov. 15, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'AeroVironment Inc | ' |
Entity Central Index Key | '0001368622 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 26-Oct-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--04-30 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 22,708,489 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 26, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $66,126 | $75,332 |
Short-term investments | 77,677 | 73,241 |
Accounts receivable, net of allowance for doubtful accounts of $531 at October 26, 2013 and $936 at April 30, 2013 | 36,238 | 19,770 |
Unbilled receivables and retentions | 7,256 | 11,304 |
Inventories, net | 60,629 | 62,561 |
Income tax receivable | 8,120 | 11,777 |
Deferred income taxes | 5,400 | 5,166 |
Prepaid expenses and other current assets | 4,317 | 4,303 |
Total current assets | 265,763 | 263,454 |
Long-term investments | 51,707 | 68,916 |
Property and equipment, net | 26,039 | 24,429 |
Deferred income taxes | 5,587 | 5,606 |
Other assets | 1,720 | 1,060 |
Total assets | 350,816 | 363,465 |
Current liabilities: | ' | ' |
Accounts payable | 11,774 | 16,144 |
Wages and related accruals | 11,669 | 12,116 |
Customer advances | 3,605 | 7,519 |
Other current liabilities | 6,261 | 6,408 |
Total current liabilities | 33,309 | 42,187 |
Deferred rent | 614 | 771 |
Liability for uncertain tax positions | 5,211 | 5,321 |
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 - 22,704,189 at October 26, 2013 and 22,614,315 at April 30, 2013 | 2 | 2 |
Additional paid-in capital | 132,549 | 130,527 |
Accumulated other comprehensive loss | -676 | -705 |
Retained earnings | 179,807 | 185,362 |
Total stockholders' equity | 311,682 | 315,186 |
Total liabilities and stockholders' equity | $350,816 | $363,465 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 26, 2013 | Apr. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Consolidated Balance Sheets | ' | ' |
Accounts receivable, allowance for doubtful accounts (in dollars) | $531 | $936 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
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) | $0.00 | $0.00 |
Common stock, Authorized shares | 100,000,000 | 100,000,000 |
Common stock, Issued shares | 22,704,189 | 22,614,315 |
Common stock, outstanding shares | 22,704,189 | 22,614,315 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 26, 2013 | Oct. 27, 2012 | Oct. 26, 2013 | Oct. 27, 2012 |
Revenue: | ' | ' | ' | ' |
Product sales | $51,537 | $52,415 | $78,711 | $81,105 |
Contract services | 13,330 | 27,863 | 30,273 | 57,850 |
Total revenue | 64,867 | 80,278 | 108,984 | 138,955 |
Cost of sales: | ' | ' | ' | ' |
Product sales | 32,143 | 28,215 | 52,698 | 48,774 |
Contract services | 8,846 | 16,427 | 19,863 | 35,040 |
Total cost of sales | 40,989 | 44,642 | 72,561 | 83,814 |
Gross margin | 23,878 | 35,636 | 36,423 | 55,141 |
Selling, general and administrative | 13,084 | 13,176 | 25,543 | 26,797 |
Research and development | 6,861 | 9,386 | 14,051 | 17,522 |
Income (loss) from operations | 3,933 | 13,074 | -3,171 | 10,822 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 195 | 162 | 400 | 334 |
Other expense | -2,307 | ' | -5,701 | ' |
Income (loss) before income taxes | 1,821 | 13,236 | -8,472 | 11,156 |
Provision (benefit) for income taxes | 166 | 4,498 | -2,917 | 3,804 |
Net income (loss) | $1,655 | $8,738 | ($5,555) | $7,352 |
Earnings (loss) per share data: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.07 | $0.40 | ($0.25) | $0.33 |
Diluted (in dollars per share) | $0.07 | $0.39 | ($0.25) | $0.33 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic (in shares) | 22,273,629 | 22,030,330 | 22,256,292 | 21,980,453 |
Diluted (in shares) | 22,697,590 | 22,383,791 | 22,256,292 | 22,353,434 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 26, 2013 | Oct. 27, 2012 | Oct. 26, 2013 | Oct. 27, 2012 |
Consolidated Statements of Comprehensive Income (Loss) | ' | ' | ' | ' |
Net income (loss) | $1,655 | $8,738 | ($5,555) | $7,352 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on investments, net of tax | 77 | -10 | 29 | 27 |
Total comprehensive income (loss) | $1,732 | $8,728 | ($5,526) | $7,379 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 26, 2013 | Oct. 27, 2012 |
Operating activities | ' | ' |
Net (loss) income | ($5,555) | $7,352 |
Adjustments to reconcile net (loss) income to cash (used in) provided by operating activities: | ' | ' |
Depreciation and amortization | 4,504 | 5,937 |
Provision for doubtful accounts | 309 | 566 |
Deferred income taxes | -233 | -130 |
Stock-based compensation | 1,840 | 1,642 |
Change in fair value of conversion feature of convertible bonds | 5,711 | ' |
Tax benefit from exercise of stock options | 151 | 1,529 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -16,777 | 7,521 |
Unbilled receivables and retentions | 4,048 | 5,970 |
Inventories | 1,932 | -1,208 |
Income tax receivable | 3,657 | ' |
Other assets | 9 | -836 |
Accounts payable | -4,370 | -4,783 |
Other liabilities | -4,899 | -18,772 |
Net cash (used in) provided by operating activities | -9,673 | 4,788 |
Investing activities | ' | ' |
Acquisitions of property and equipment | -6,047 | -4,559 |
Acquisitions of distribution and licensing rights | -750 | ' |
Net redemptions of held-to-maturity investments | 6,934 | 5,911 |
Net sales of available-for-sale investments | 175 | 250 |
Net cash provided by investing activities | 312 | 1,602 |
Financing activities | ' | ' |
Exercise of stock options | 155 | 160 |
Net cash provided by financing activities | 155 | 160 |
Net (decrease) increase in cash and cash equivalents | -9,206 | 6,550 |
Cash and cash equivalents at beginning of period | 75,332 | 64,220 |
Cash and cash equivalents at end of period | 66,126 | 70,770 |
Supplemental disclosure: | ' | ' |
Unrealized gain on long-term investments recorded in other comprehensive income (loss), net of deferred taxes of $18 and $17, respectively | 29 | 27 |
Reclassification from share-based liability compensation to equity | ' | $401 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 26, 2013 | Oct. 27, 2012 |
Consolidated Statements of Cash Flows | ' | ' |
Unrealized gain on long-term investments recorded in other comprehensive income (loss), deferred taxes | $18 | $17 |
Organization_and_Significant_A
Organization and Significant Accounting Policies | 6 Months Ended | |||||||||
Oct. 26, 2013 | ||||||||||
Organization and Significant Accounting Policies | ' | |||||||||
Organization and Significant Accounting Policies | ' | |||||||||
1. Organization and Significant Accounting Policies | ||||||||||
Organization | ||||||||||
AeroVironment, Inc., a Delaware corporation (the “Company”), is engaged in the design, development, production, support and operation of unmanned aircraft systems and efficient energy systems for various industries and governmental agencies. | ||||||||||
Basis of Presentation | ||||||||||
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation with respect to the interim financial statements have been included. The results of operations for the three and six months ended October 26, 2013 are not necessarily indicative of the results for the full year ending April 30, 2014. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended April 30, 2013, included in the Company’s Annual Report on Form 10-K. | ||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions, including estimates of anticipated contract costs and revenue utilized in the revenue recognition process, that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||||
The Company’s consolidated financial statements include the assets, liabilities and operating results of wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | ||||||||||
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 from 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 performance assessment. The Company’s reportable segments are business units that offer different products and services and are managed separately. | ||||||||||
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. | ||||||||||
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. | ||||||||||
Government Contracts | ||||||||||
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 (“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 billing 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 project costs, and if the DCAA believes the Company has accounted for such costs in a manner inconsistent with the requirements under Federal Acquisition Regulations, the DCAA auditor may recommend to the Company’s administrative contracting officer to disallow such costs. 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. | ||||||||||
Earnings (Loss) Per Share | ||||||||||
Basic earnings (loss) per share is computed using the weighted-average number of common shares outstanding, excluding shares of unvested restricted stock. The dilutive effect of potential common shares outstanding is included in diluted earnings per share and excludes any anti-dilutive effects of options, shares of unvested restricted stock and restricted stock units. | ||||||||||
The reconciliation of basic to diluted shares is as follows: | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
October 26, | October 27, | October 26, | October 27, | |||||||
2013 | 2012 | 2013 | 2012 | |||||||
Denominator for basic earnings (loss) per share: | ||||||||||
Weighted average common shares outstanding, excluding unvested restricted stock | 22,273,629 | 22,030,330 | 22,256,292 | 21,980,453 | ||||||
Dilutive effect of employee stock options, unvested restricted stock and restricted stock units | 423,961 | 353,461 | — | 372,981 | ||||||
Denominator for diluted earnings (loss) per share | 22,697,590 | 22,383,791 | 22,256,292 | 22,353,434 | ||||||
During the three months ended October 26, 2013 and October 27, 2012, and the six months ended October 27, 2012, certain shares reserved for issuance upon exercise of stock options, shares of unvested 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 shares reserved for issuance upon exercise of stock options, shares of unvested restricted stock and restricted stock units that met this anti-dilutive criterion for the three months ended October 26, 2013 and October 27, 2012 was approximately 29,000 and 10,000, respectively. The number of shares reserved for issuance upon exercise of stock options, shares of unvested restricted stock and restricted stock units that met this anti-dilutive criterion for the six months ended October 27, 2012 was approximately 5,000. Due to the net loss for the six months ended October 26, 2013, no shares reserved for issuance upon exercise of stock options, shares of unvested restricted stock or restricted stock units were included in the computation of diluted loss per share as their inclusion would have been anti-dilutive. | ||||||||||
Recently Issued Accounting Standards | ||||||||||
On May 1, 2013, the Company adopted changes in accordance with guidance issued by the Financial Accounting Standards Board (“FASB”), which requires additional disclosures for the reclassification of significant amounts from accumulated comprehensive income to net income. This guidance requires that certain significant amounts be presented either on the face of the consolidated statements of income or in a single note. For other amounts, the Company is required to cross-reference disclosures that provide additional detail about such amounts. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements. | ||||||||||
In July 2013, the FASB issued guidance regarding the classification of an unrecognized tax benefit as a reduction of a deferred tax asset when a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward exists. This guidance 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 Company is evaluating the potential impact of this adoption on its consolidated financial statements. | ||||||||||
Investments
Investments | 6 Months Ended | |||||||||||||
Oct. 26, 2013 | ||||||||||||||
Investments | ' | |||||||||||||
Investments | ' | |||||||||||||
2. Investments | ||||||||||||||
Investments consist of the following (in thousands): | ||||||||||||||
October 26, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
Short-term investments: | ||||||||||||||
Held-to-maturity securities: | ||||||||||||||
Municipal securities | $ | 77,677 | $ | 73,241 | ||||||||||
Total short-term investments | $ | 77,677 | $ | 73,241 | ||||||||||
Long-term investments: | ||||||||||||||
Held-to-maturity securities: | ||||||||||||||
Municipal securities | $ | 38,898 | $ | 54,158 | ||||||||||
Certificates of deposit | 3,891 | — | ||||||||||||
Total held-to-maturity investments | 42,789 | 54,158 | ||||||||||||
Available-for-sale securities: | ||||||||||||||
Auction rate securities | 5,467 | 5,687 | ||||||||||||
Convertible bonds | 3,451 | 9,071 | ||||||||||||
Total available-for-sale investments | 8,918 | 14,758 | ||||||||||||
Total long-term investments | $ | 51,707 | $ | 68,916 | ||||||||||
Held-To-Maturity Securities | ||||||||||||||
At October 26, 2013 and April 30, 2013, the balance of held-to-maturity securities consisted of state and local government municipal securities and certificates of deposit. Interest earned from these investments is recorded in interest income. | ||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of October 26, 2013, were as follows (in thousands): | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||
Municipal securities | $ | 116,575 | $ | 75 | $ | (11 | ) | $ | 116,639 | |||||
Certificates of deposit | 3,891 | — | — | 3,891 | ||||||||||
Total held-to-maturity investments | $ | 120,466 | $ | 75 | $ | (11 | ) | $ | 120,530 | |||||
The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of April 30, 2013, were as follows (in thousands): | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||
Municipal securities | $ | 127,399 | $ | 49 | $ | (23 | ) | $ | 127,425 | |||||
Total held-to-maturity investments | $ | 127,399 | $ | 49 | $ | (23 | ) | $ | 127,425 | |||||
The amortized cost and fair value of the held-to-maturity securities by contractual maturity at October 26, 2013, were as follows (in thousands): | ||||||||||||||
Cost | Fair Value | |||||||||||||
Due within one year | $ | 77,677 | $ | 77,711 | ||||||||||
Due after one year through three years | 42,789 | 42,819 | ||||||||||||
Total | $ | 120,466 | $ | 120,530 | ||||||||||
Available-For-Sale Securities | ||||||||||||||
Auction Rate Securities | ||||||||||||||
As of October 26, 2013, the entire balance of available-for-sale auction rate securities consisted of three investment grade auction rate municipal bonds with maturities ranging from 6 to 21 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 October 26, 2013 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 October 26, 2013. 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. | ||||||||||||||
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 of 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 at maturity and as of October 26, 2013, the Company did not consider these investments to be other-than-temporarily impaired. | ||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale investments as of October 26, 2013, were as follows (in thousands): | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||
Auction rate securities | $ | 6,575 | $ | — | $ | (1,108 | ) | $ | 5,467 | |||||
Total available-for-sale investments | $ | 6,575 | $ | — | $ | (1,108 | ) | $ | 5,467 | |||||
The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale investments as of April 30, 2013, were as follows (in thousands): | ||||||||||||||
` | Gross | Gross | ||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||
Auction rate securities | $ | 6,750 | $ | — | $ | (1,063 | ) | $ | 5,687 | |||||
Total available-for-sale investments | $ | 6,750 | $ | — | $ | (1,063 | ) | $ | 5,687 | |||||
The amortized cost and fair value of the auction rate securities by contractual maturity at October 26, 2013, were as follows (in thousands): | ||||||||||||||
Cost | Fair Value | |||||||||||||
Due after five through 10 years | $ | 1,300 | $ | 1,203 | ||||||||||
Due after 10 years | 5,275 | 4,264 | ||||||||||||
Total | $ | 6,575 | $ | 5,467 | ||||||||||
Convertible Bonds | ||||||||||||||
As of October 26, 2013, the entire balance of available-for-sale convertible bonds consisted of two convertible bonds. The two convertible bonds were issued by CybAero AB (“CybAero”), a publicly traded company in Sweden that develops and manufactures unmanned aerial vehicles. Each bond is in the amount of 10 million Swedish Kronor (“SEK”) and is convertible into 1 million CybAero shares at the conversion price of 10 SEK per share. The maturity date of each of the bonds is November 30, 2017 and each bond bears an annual interest rate of 5%. | ||||||||||||||
The Company can exercise its conversion right at any time through October 31, 2017. CybAero can prepay the bonds with three months’ notice to the Company and the Company may exercise its conversion rights during such three-month period. If certain conditions are satisfied after November 30, 2015, CybAero can require the Company to convert the two bonds in their entirety into CybAero shares. | ||||||||||||||
The convertible bonds each contain an embedded conversion feature which is bifurcated from the bond. The changes in the fair value of the embedded conversion feature are recorded in other income (expense) in the statement of operations. Unrealized gains and losses associated with the bonds 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 ten shares of CybAero were converted into one share. All amounts discussed as of October 26, 2013 reflect this reverse stock split. | ||||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale convertible bonds as of October 26, 2013, were as follows (in thousands): | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||
Convertible bonds | $ | 3,037 | $ | 461 | $ | (47 | ) | $ | 3,451 | |||||
Total available-for-sale investments | $ | 3,037 | $ | 461 | $ | (47 | ) | $ | 3,451 | |||||
The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale convertible bonds as of April 30, 2013, were as follows (in thousands): | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||
Convertible bonds | $ | 3,037 | $ | 6,173 | $ | (139 | ) | $ | 9,071 | |||||
Total available-for-sale investments | $ | 3,037 | $ | 6,173 | $ | (139 | ) | $ | 9,071 | |||||
The amortized cost and fair value of the convertible bonds by contractual maturity at October 26, 2013, were as follows (in thousands): | ||||||||||||||
Cost | Fair Value | |||||||||||||
Due within five years | $ | 3,037 | $ | 3,451 | ||||||||||
Total | $ | 3,037 | $ | 3,451 | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||
Oct. 26, 2013 | ||||||||||||||
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 October 26, 2013, were as follows (in thousands): | ||||||||||||||
Fair Value Measurement Using | ||||||||||||||
Description | Quoted prices in | Significant | Significant | Total | ||||||||||
active markets for | other | unobservable | ||||||||||||
identical assets | observable | inputs | ||||||||||||
(Level 1) | inputs | (Level 3) | ||||||||||||
(Level 2) | ||||||||||||||
Auction rate securities | $ | — | $ | — | $ | 5,467 | $ | 5,467 | ||||||
Convertible bonds | — | 461 | 2,990 | 3,451 | ||||||||||
Total | $ | — | $ | 461 | $ | 8,457 | $ | 8,918 | ||||||
Due to the auction failures of the Company’s auction rate securities that began in the fourth quarter of fiscal 2008, there are still no quoted prices in active markets for identical assets as of October 26, 2013. Therefore, the Company has classified its auction rate securities as Level 3 financial assets. 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): | ||||||||||||||
Fair Value | ||||||||||||||
Measurements Using | ||||||||||||||
Significant | ||||||||||||||
Unobservable Inputs | ||||||||||||||
(Level 3) | ||||||||||||||
Description | Auction Rate Securities | |||||||||||||
Balance at April 30, 2013 | $ | 8,585 | ||||||||||||
Transfers to Level 3 | — | |||||||||||||
Total gains (realized or unrealized) | ||||||||||||||
Included in earnings | — | |||||||||||||
Included in other comprehensive income (loss) | 47 | |||||||||||||
Purchases, issuances and settlements, net | (175 | ) | ||||||||||||
Balance at October 26, 2013 | $ | 8,457 | ||||||||||||
The amount of total gains or (losses) for the period included in earnings (or change in net assets) attributable to the change in unrealized gains or losses relating to assets still held at October 26, 2013 | $ | — | ||||||||||||
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 October 26, 2013, the inputs used in the Company’s discounted cash flow analysis included current coupon rates ranging from 0.1% to 0.3%, estimated redemption periods of 6 to 21 years and discount rates of 7.8% to 20.0%. 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. | ||||||||||||||
The bond components of the convertible bonds are considered level 3 assets and are valued using a discounted cash flow model. The analysis considers, among other items, the creditworthiness of the counterparty, the timing of expected future cash flows, and the maturity of the bonds. As of October 26, 2013, the inputs used in the Company’s discounted cash flow analysis included a coupon rate of 5.0%, estimated redemption period of approximately four years and a discount rate of 6.5%. | ||||||||||||||
The embedded conversion features of the convertible bonds are considered level 2 assets and are valued using a binomial option pricing model, which uses inputs such as CybAero’s stock price, conversion price, volatility and risk-free interest rate. | ||||||||||||||
Inventories_net
Inventories, net | 6 Months Ended | |||||||
Oct. 26, 2013 | ||||||||
Inventories, net | ' | |||||||
Inventories, net | ' | |||||||
4. Inventories, net | ||||||||
Inventories consist of the following (in thousands): | ||||||||
October 26, | April 30, | |||||||
2013 | 2013 | |||||||
Raw materials | $ | 14,722 | $ | 12,845 | ||||
Work in process | 11,530 | 16,745 | ||||||
Finished goods | 37,536 | 36,842 | ||||||
Inventories, gross | 63,788 | 66,432 | ||||||
Reserve for inventory obsolescence | (3,159 | ) | (3,871 | ) | ||||
Inventories, net | $ | 60,629 | $ | 62,561 | ||||
Warranty_Reserves
Warranty Reserves | 6 Months Ended | |||||||||||||
Oct. 26, 2013 | ||||||||||||||
Warranty Reserves | ' | |||||||||||||
Warranty Reserves | ' | |||||||||||||
5. Warranty Reserves | ||||||||||||||
The Company accrues an estimate of its exposure to warranty claims based upon both current and historical product sales data and warranty costs incurred. The warranty reserve is included in other current liabilities. The related expense is included in cost of sales. Warranty reserve activity is summarized as follows for the three and six months ended October 26, 2013 and October 27, 2012 (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 1,691 | $ | 2,633 | $ | 1,515 | $ | 2,872 | ||||||
Warranty expense | 332 | 678 | 818 | 1,208 | ||||||||||
Warranty claims settled | (383 | ) | (2,052 | ) | (693 | ) | (2,821 | ) | ||||||
Ending balance | $ | 1,640 | $ | 1,259 | $ | 1,640 | $ | 1,259 | ||||||
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 6 Months Ended | |||||||
Oct. 26, 2013 | ||||||||
Accumulated Other Comprehensive Loss | ' | |||||||
Accumulated Other Comprehensive Loss | ' | |||||||
6. Accumulated Other Comprehensive Loss | ||||||||
The components of accumulated other comprehensive loss are as follows (in thousands): | ||||||||
Available-for-sale | Accumulated Other | |||||||
securities | Comprehensive Loss | |||||||
Balance as of April 30, 2013 | $ | (705 | ) | $ | (705 | ) | ||
Unrealized income | 47 | 47 | ||||||
Income taxes | (18 | ) | (18 | ) | ||||
Balance as of October 26, 2013 | $ | (676 | ) | $ | (676 | ) | ||
CustomerFunded_Research_Develo
Customer-Funded Research & Development | 6 Months Ended |
Oct. 26, 2013 | |
Customer-Funded Research & Development | ' |
Customer-Funded Research & Development | ' |
7. Customer-Funded Research & Development | |
Customer-funded R&D costs are incurred pursuant to contracts (revenue arrangements) to perform R&D 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 R&D services are performed. Revenue from customer-funded R&D was approximately $6.6 million and $16.9 million for the three and six months ended October 26, 2013, respectively. Revenue from customer-funded R&D was approximately $10.4 million and $17.0 million for the three and six months ended October 27, 2012, respectively. | |
Income_Taxes
Income Taxes | 6 Months Ended |
Oct. 26, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
8. Income Taxes | |
For the three and six months ended October 26, 2013, the Company recorded a provision (benefit) for income taxes of $0.2 million and $(2.9) million, respectively, yielding an effective tax rate of 9.1% and 34.4%, respectively. For the three and six months ended October 27, 2012, the Company recorded a provision for income taxes of $4.5 million and $3.8 million, respectively, yielding an effective tax rate of 34.0% and 34.1%, respectively. The variance from statutory tax rates for the three months ended October 26, 2013 was primarily due to federal research and development tax credits. | |
Segment_Data
Segment Data | 6 Months Ended | |||||||||||||
Oct. 26, 2013 | ||||||||||||||
Segment Data | ' | |||||||||||||
Segment Data | ' | |||||||||||||
9. Segment Data | ||||||||||||||
The Company’s product segments are as follows: | ||||||||||||||
· Unmanned Aircraft Systems (“UAS”) — 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 (“EES”) — 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 limited financial statement information by segment. The segment results are as follows (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Revenue: | ||||||||||||||
UAS | $ | 56,079 | $ | 65,433 | $ | 91,290 | $ | 114,239 | ||||||
EES | 8,788 | 14,845 | 17,694 | 24,716 | ||||||||||
Total | 64,867 | 80,278 | 108,984 | 138,955 | ||||||||||
Cost of sales: | ||||||||||||||
UAS | 35,280 | 35,279 | 59,879 | 68,035 | ||||||||||
EES | 5,709 | 9,363 | 12,682 | 15,779 | ||||||||||
Total | 40,989 | 44,642 | 72,561 | 83,814 | ||||||||||
Gross margin: | ||||||||||||||
UAS | 20,799 | 30,154 | 31,411 | 46,204 | ||||||||||
EES | 3,079 | 5,482 | 5,012 | 8,937 | ||||||||||
Total | 23,878 | 35,636 | 36,423 | 55,141 | ||||||||||
Selling, general and administrative | 13,084 | 13,176 | 25,543 | 26,797 | ||||||||||
Research and development | 6,861 | 9,386 | 14,051 | 17,522 | ||||||||||
Income (loss) from operations | 3,933 | 13,074 | (3,171 | ) | 10,822 | |||||||||
Other income (expense): | ||||||||||||||
Interest income | 195 | 162 | 400 | 334 | ||||||||||
Other expense | (2,307 | ) | — | (5,701 | ) | — | ||||||||
Income (loss) before income taxes | $ | 1,821 | $ | 13,236 | $ | (8,472 | ) | $ | 11,156 | |||||
Organization_and_Significant_A1
Organization and Significant Accounting Policies (Policies) | 6 Months Ended | |||||||||
Oct. 26, 2013 | ||||||||||
Organization and Significant Accounting Policies | ' | |||||||||
Basis of Presentation | ' | |||||||||
Basis of Presentation | ||||||||||
The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation with respect to the interim financial statements have been included. The results of operations for the three and six months ended October 26, 2013 are not necessarily indicative of the results for the full year ending April 30, 2014. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended April 30, 2013, included in the Company’s Annual Report on Form 10-K. | ||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions, including estimates of anticipated contract costs and revenue utilized in the revenue recognition process, that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | ||||||||||
The Company’s consolidated financial statements include the assets, liabilities and operating results of wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. | ||||||||||
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 from 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 performance assessment. The Company’s reportable segments are business units that offer different products and services and are managed separately. | ||||||||||
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. | ||||||||||
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. | ||||||||||
Government Contracts | ' | |||||||||
Government Contracts | ||||||||||
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 (“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 billing 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 project costs, and if the DCAA believes the Company has accounted for such costs in a manner inconsistent with the requirements under Federal Acquisition Regulations, the DCAA auditor may recommend to the Company’s administrative contracting officer to disallow such costs. 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. | ||||||||||
Earnings (Loss) Per Share | ' | |||||||||
Earnings (Loss) Per Share | ||||||||||
Basic earnings (loss) per share is computed using the weighted-average number of common shares outstanding, excluding shares of unvested restricted stock. The dilutive effect of potential common shares outstanding is included in diluted earnings per share and excludes any anti-dilutive effects of options, shares of unvested restricted stock and restricted stock units. | ||||||||||
The reconciliation of basic to diluted shares is as follows: | ||||||||||
Three Months Ended | Six Months Ended | |||||||||
October 26, | October 27, | October 26, | October 27, | |||||||
2013 | 2012 | 2013 | 2012 | |||||||
Denominator for basic earnings (loss) per share: | ||||||||||
Weighted average common shares outstanding, excluding unvested restricted stock | 22,273,629 | 22,030,330 | 22,256,292 | 21,980,453 | ||||||
Dilutive effect of employee stock options, unvested restricted stock and restricted stock units | 423,961 | 353,461 | — | 372,981 | ||||||
Denominator for diluted earnings (loss) per share | 22,697,590 | 22,383,791 | 22,256,292 | 22,353,434 | ||||||
During the three months ended October 26, 2013 and October 27, 2012, and the six months ended October 27, 2012, certain shares reserved for issuance upon exercise of stock options, shares of unvested 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 shares reserved for issuance upon exercise of stock options, shares of unvested restricted stock and restricted stock units that met this anti-dilutive criterion for the three months ended October 26, 2013 and October 27, 2012 was approximately 29,000 and 10,000, respectively. The number of shares reserved for issuance upon exercise of stock options, shares of unvested restricted stock and restricted stock units that met this anti-dilutive criterion for the six months ended October 27, 2012 was approximately 5,000. Due to the net loss for the six months ended October 26, 2013, no shares reserved for issuance upon exercise of stock options, shares of unvested restricted stock or restricted stock units were included in the computation of diluted loss per share as their inclusion would have been anti-dilutive. | ||||||||||
Recently Issued Accounting Standards | ' | |||||||||
Recently Issued Accounting Standards | ||||||||||
On May 1, 2013, the Company adopted changes in accordance with guidance issued by the Financial Accounting Standards Board (“FASB”), which requires additional disclosures for the reclassification of significant amounts from accumulated comprehensive income to net income. This guidance requires that certain significant amounts be presented either on the face of the consolidated statements of income or in a single note. For other amounts, the Company is required to cross-reference disclosures that provide additional detail about such amounts. The adoption of these changes did not have a material impact on the Company’s consolidated financial statements. | ||||||||||
In July 2013, the FASB issued guidance regarding the classification of an unrecognized tax benefit as a reduction of a deferred tax asset when a net operating loss carry-forward, a similar tax loss, or a tax credit carry-forward exists. This guidance 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 Company is evaluating the potential impact of this adoption on its consolidated financial statements. | ||||||||||
Organization_and_Significant_A2
Organization and Significant Accounting Policies (Tables) | 6 Months Ended | |||||||||
Oct. 26, 2013 | ||||||||||
Organization and Significant Accounting Policies | ' | |||||||||
Schedule of reconciliation of basic to diluted shares | ' | |||||||||
Three Months Ended | Six Months Ended | |||||||||
October 26, | October 27, | October 26, | October 27, | |||||||
2013 | 2012 | 2013 | 2012 | |||||||
Denominator for basic earnings (loss) per share: | ||||||||||
Weighted average common shares outstanding, excluding unvested restricted stock | 22,273,629 | 22,030,330 | 22,256,292 | 21,980,453 | ||||||
Dilutive effect of employee stock options, unvested restricted stock and restricted stock units | 423,961 | 353,461 | — | 372,981 | ||||||
Denominator for diluted earnings (loss) per share | 22,697,590 | 22,383,791 | 22,256,292 | 22,353,434 | ||||||
Investments_Tables
Investments (Tables) | 6 Months Ended | |||||||||||||
Oct. 26, 2013 | ||||||||||||||
Investments | ' | |||||||||||||
Schedule of investments | ' | |||||||||||||
Investments consist of the following (in thousands): | ||||||||||||||
October 26, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
Short-term investments: | ||||||||||||||
Held-to-maturity securities: | ||||||||||||||
Municipal securities | $ | 77,677 | $ | 73,241 | ||||||||||
Total short-term investments | $ | 77,677 | $ | 73,241 | ||||||||||
Long-term investments: | ||||||||||||||
Held-to-maturity securities: | ||||||||||||||
Municipal securities | $ | 38,898 | $ | 54,158 | ||||||||||
Certificates of deposit | 3,891 | — | ||||||||||||
Total held-to-maturity investments | 42,789 | 54,158 | ||||||||||||
Available-for-sale securities: | ||||||||||||||
Auction rate securities | 5,467 | 5,687 | ||||||||||||
Convertible bonds | 3,451 | 9,071 | ||||||||||||
Total available-for-sale investments | 8,918 | 14,758 | ||||||||||||
Total long-term investments | $ | 51,707 | $ | 68,916 | ||||||||||
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and estimated fair value of securities held-to-maturity investments | ' | |||||||||||||
The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of October 26, 2013, were as follows (in thousands): | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||
Municipal securities | $ | 116,575 | $ | 75 | $ | (11 | ) | $ | 116,639 | |||||
Certificates of deposit | 3,891 | — | — | 3,891 | ||||||||||
Total held-to-maturity investments | $ | 120,466 | $ | 75 | $ | (11 | ) | $ | 120,530 | |||||
The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of April 30, 2013, were as follows (in thousands): | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||
Municipal securities | $ | 127,399 | $ | 49 | $ | (23 | ) | $ | 127,425 | |||||
Total held-to-maturity investments | $ | 127,399 | $ | 49 | $ | (23 | ) | $ | 127,425 | |||||
Held-to-maturity securities | ' | |||||||||||||
Investments | ' | |||||||||||||
Schedule of amortized cost and fair value by contractual maturity | ' | |||||||||||||
The amortized cost and fair value of the held-to-maturity securities by contractual maturity at October 26, 2013, were as follows (in thousands): | ||||||||||||||
Cost | Fair Value | |||||||||||||
Due within one year | $ | 77,677 | $ | 77,711 | ||||||||||
Due after one year through three years | 42,789 | 42,819 | ||||||||||||
Total | $ | 120,466 | $ | 120,530 | ||||||||||
Available-for-sale securities | Auction rate securities | ' | |||||||||||||
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 investments as of October 26, 2013, were as follows (in thousands): | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||
Auction rate securities | $ | 6,575 | $ | — | $ | (1,108 | ) | $ | 5,467 | |||||
Total available-for-sale investments | $ | 6,575 | $ | — | $ | (1,108 | ) | $ | 5,467 | |||||
The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale investments as of April 30, 2013, were as follows (in thousands): | ||||||||||||||
` | Gross | Gross | ||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||
Auction rate securities | $ | 6,750 | $ | — | $ | (1,063 | ) | $ | 5,687 | |||||
Total available-for-sale investments | $ | 6,750 | $ | — | $ | (1,063 | ) | $ | 5,687 | |||||
Schedule of amortized cost and fair value by contractual maturity | ' | |||||||||||||
The amortized cost and fair value of the auction rate securities by contractual maturity at October 26, 2013, were as follows (in thousands): | ||||||||||||||
Cost | Fair Value | |||||||||||||
Due after five through 10 years | $ | 1,300 | $ | 1,203 | ||||||||||
Due after 10 years | 5,275 | 4,264 | ||||||||||||
Total | $ | 6,575 | $ | 5,467 | ||||||||||
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 as of October 26, 2013, were as follows (in thousands): | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||
Convertible bonds | $ | 3,037 | $ | 461 | $ | (47 | ) | $ | 3,451 | |||||
Total available-for-sale investments | $ | 3,037 | $ | 461 | $ | (47 | ) | $ | 3,451 | |||||
The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale convertible bonds as of April 30, 2013, were as follows (in thousands): | ||||||||||||||
Gross | Gross | |||||||||||||
Amortized | Unrealized | Unrealized | ||||||||||||
Cost | Gains | Losses | Fair Value | |||||||||||
Convertible bonds | $ | 3,037 | $ | 6,173 | $ | (139 | ) | $ | 9,071 | |||||
Total available-for-sale investments | $ | 3,037 | $ | 6,173 | $ | (139 | ) | $ | 9,071 | |||||
Schedule of amortized cost and fair value by contractual maturity | ' | |||||||||||||
The amortized cost and fair value of the convertible bonds by contractual maturity at October 26, 2013, were as follows (in thousands): | ||||||||||||||
Cost | Fair Value | |||||||||||||
Due within five years | $ | 3,037 | $ | 3,451 | ||||||||||
Total | $ | 3,037 | $ | 3,451 | ||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||
Oct. 26, 2013 | ||||||||||||||
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 October 26, 2013, were as follows (in thousands): | ||||||||||||||
Fair Value Measurement Using | ||||||||||||||
Description | Quoted prices in | Significant | Significant | Total | ||||||||||
active markets for | other | unobservable | ||||||||||||
identical assets | observable | inputs | ||||||||||||
(Level 1) | inputs | (Level 3) | ||||||||||||
(Level 2) | ||||||||||||||
Auction rate securities | $ | — | $ | — | $ | 5,467 | $ | 5,467 | ||||||
Convertible bonds | — | 461 | 2,990 | 3,451 | ||||||||||
Total | $ | — | $ | 461 | $ | 8,457 | $ | 8,918 | ||||||
Schedule of reconciliation between beginning and ending balances of items measured at fair value on recurring basis | ' | |||||||||||||
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): | ||||||||||||||
Fair Value | ||||||||||||||
Measurements Using | ||||||||||||||
Significant | ||||||||||||||
Unobservable Inputs | ||||||||||||||
(Level 3) | ||||||||||||||
Description | Auction Rate Securities | |||||||||||||
Balance at April 30, 2013 | $ | 8,585 | ||||||||||||
Transfers to Level 3 | — | |||||||||||||
Total gains (realized or unrealized) | ||||||||||||||
Included in earnings | — | |||||||||||||
Included in other comprehensive income (loss) | 47 | |||||||||||||
Purchases, issuances and settlements, net | (175 | ) | ||||||||||||
Balance at October 26, 2013 | $ | 8,457 | ||||||||||||
The amount of total gains or (losses) for the period included in earnings (or change in net assets) attributable to the change in unrealized gains or losses relating to assets still held at October 26, 2013 | $ | — | ||||||||||||
Inventories_net_Tables
Inventories, net (Tables) | 6 Months Ended | |||||||
Oct. 26, 2013 | ||||||||
Inventories, net | ' | |||||||
Schedule of inventories | ' | |||||||
Inventories consist of the following (in thousands): | ||||||||
October 26, | April 30, | |||||||
2013 | 2013 | |||||||
Raw materials | $ | 14,722 | $ | 12,845 | ||||
Work in process | 11,530 | 16,745 | ||||||
Finished goods | 37,536 | 36,842 | ||||||
Inventories, gross | 63,788 | 66,432 | ||||||
Reserve for inventory obsolescence | (3,159 | ) | (3,871 | ) | ||||
Inventories, net | $ | 60,629 | $ | 62,561 | ||||
Warranty_Reserves_Tables
Warranty Reserves (Tables) | 6 Months Ended | |||||||||||||
Oct. 26, 2013 | ||||||||||||||
Warranty Reserves | ' | |||||||||||||
Summary of warranty reserve activity | ' | |||||||||||||
Warranty reserve activity is summarized as follows for the three and six months ended October 26, 2013 and October 27, 2012 (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Beginning balance | $ | 1,691 | $ | 2,633 | $ | 1,515 | $ | 2,872 | ||||||
Warranty expense | 332 | 678 | 818 | 1,208 | ||||||||||
Warranty claims settled | (383 | ) | (2,052 | ) | (693 | ) | (2,821 | ) | ||||||
Ending balance | $ | 1,640 | $ | 1,259 | $ | 1,640 | $ | 1,259 | ||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended | |||||||
Oct. 26, 2013 | ||||||||
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 | Accumulated Other | |||||||
securities | Comprehensive Loss | |||||||
Balance as of April 30, 2013 | $ | (705 | ) | $ | (705 | ) | ||
Unrealized income | 47 | 47 | ||||||
Income taxes | (18 | ) | (18 | ) | ||||
Balance as of October 26, 2013 | $ | (676 | ) | $ | (676 | ) | ||
Segment_Data_Tables
Segment Data (Tables) | 6 Months Ended | |||||||||||||
Oct. 26, 2013 | ||||||||||||||
Segment Data | ' | |||||||||||||
Schedule of segment results | ' | |||||||||||||
The segment results are as follows (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 26, | October 27, | October 26, | October 27, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Revenue: | ||||||||||||||
UAS | $ | 56,079 | $ | 65,433 | $ | 91,290 | $ | 114,239 | ||||||
EES | 8,788 | 14,845 | 17,694 | 24,716 | ||||||||||
Total | 64,867 | 80,278 | 108,984 | 138,955 | ||||||||||
Cost of sales: | ||||||||||||||
UAS | 35,280 | 35,279 | 59,879 | 68,035 | ||||||||||
EES | 5,709 | 9,363 | 12,682 | 15,779 | ||||||||||
Total | 40,989 | 44,642 | 72,561 | 83,814 | ||||||||||
Gross margin: | ||||||||||||||
UAS | 20,799 | 30,154 | 31,411 | 46,204 | ||||||||||
EES | 3,079 | 5,482 | 5,012 | 8,937 | ||||||||||
Total | 23,878 | 35,636 | 36,423 | 55,141 | ||||||||||
Selling, general and administrative | 13,084 | 13,176 | 25,543 | 26,797 | ||||||||||
Research and development | 6,861 | 9,386 | 14,051 | 17,522 | ||||||||||
Income (loss) from operations | 3,933 | 13,074 | (3,171 | ) | 10,822 | |||||||||
Other income (expense): | ||||||||||||||
Interest income | 195 | 162 | 400 | 334 | ||||||||||
Other expense | (2,307 | ) | — | (5,701 | ) | — | ||||||||
Income (loss) before income taxes | $ | 1,821 | $ | 13,236 | $ | (8,472 | ) | $ | 11,156 | |||||
Organization_and_Significant_A3
Organization and Significant Accounting Policies (Details) | 3 Months Ended | 6 Months Ended | ||
Oct. 26, 2013 | Oct. 27, 2012 | Oct. 26, 2013 | Oct. 27, 2012 | |
item | ||||
Segments | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 2 | ' |
Denominator for basic earnings (loss) per share: | ' | ' | ' | ' |
Weighted average common shares outstanding, excluding unvested restricted stock | 22,273,629 | 22,030,330 | 22,256,292 | 21,980,453 |
Dilutive effect of employee stock options, unvested restricted stock and restricted stock units (in shares) | 423,961 | 353,461 | ' | 372,981 |
Denominator for diluted earnings (loss) per share (in shares) | 22,697,590 | 22,383,791 | 22,256,292 | 22,353,434 |
Anti-dilutive stock options, restricted stock units or shares of unvested restricted stock | ' | ' | ' | ' |
Number of shares reserved for issuance that met anti-dilutive criterion | 29,000 | 10,000 | ' | 5,000 |
Investments_Details
Investments (Details) | Oct. 26, 2013 | Apr. 30, 2013 | 14-May-13 | Oct. 26, 2013 | Oct. 26, 2013 | Apr. 30, 2013 | Oct. 26, 2013 | Apr. 30, 2013 | Oct. 26, 2013 | Oct. 26, 2013 | Oct. 26, 2013 | Apr. 30, 2013 | Oct. 26, 2013 | Oct. 26, 2013 | Apr. 30, 2013 | Oct. 26, 2013 | Apr. 30, 2013 | Oct. 26, 2013 | Oct. 26, 2013 | Apr. 30, 2013 | Oct. 26, 2013 | Oct. 26, 2013 | Apr. 30, 2013 | Oct. 26, 2013 | Oct. 26, 2013 | Apr. 30, 2013 |
Share data in Millions, except Per Share data, unless otherwise specified | USD ($) | USD ($) | CybAero | CybAero | Municipal securities | Municipal securities | Auction rate securities | Auction rate securities | Auction rate securities | Auction rate securities | Convertible bonds | Convertible bonds | Certificates of deposit | Held-to-maturity securities | Held-to-maturity securities | Held-to-maturity securities | Held-to-maturity securities | Held-to-maturity securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities | Available-for-sale securities |
Convertible bonds | USD ($) | USD ($) | USD ($) | USD ($) | Minimum | Maximum | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Municipal securities | Municipal securities | Certificates of deposit | USD ($) | USD ($) | CybAero | Auction rate securities | Auction rate securities | Auction rate securities | Convertible bonds | Convertible bonds | ||||
SEK | item | USD ($) | USD ($) | USD ($) | Convertible bonds | USD ($) | USD ($) | Maximum | USD ($) | USD ($) | ||||||||||||||||
item | ||||||||||||||||||||||||||
Short-term investments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total short-term investments | $77,677,000 | $73,241,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $77,677,000 | $73,241,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term investments: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term investments | 51,707,000 | 68,916,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,789,000 | 54,158,000 | 38,898,000 | 54,158,000 | 3,891,000 | 8,918,000 | 14,758,000 | ' | 5,467,000 | 5,687,000 | ' | 3,451,000 | 9,071,000 |
Held-To-Maturity Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost | 120,466,000 | 127,399,000 | ' | ' | 116,575,000 | 127,399,000 | ' | ' | ' | ' | ' | ' | 3,891,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Unrealized Gains | 75,000 | 49,000 | ' | ' | 75,000 | 49,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Unrealized Losses | -11,000 | -23,000 | ' | ' | -11,000 | -23,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value | 120,530,000 | 127,425,000 | ' | ' | 116,639,000 | 127,425,000 | ' | ' | ' | ' | ' | ' | 3,891,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost of held-to-maturity securities by contractual maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due within one year | 77,677,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after one year through three years | 42,789,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 120,466,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of held-to-maturity securities by contractual maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due within one year | 77,711,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after one year through three years | 42,819,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | 120,530,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-For-Sale Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of available-for-sale securities | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity period of available-for-sale securities | ' | ' | ' | ' | ' | ' | ' | ' | '6 years | '21 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-determined interval to reset interest rates to current rates | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | '35 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for which the issuer of securities is not required to redeem the securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '365 days | ' | ' |
Available-For-Sale Securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized Cost | ' | ' | ' | ' | ' | ' | 6,575,000 | 6,750,000 | ' | ' | 3,037,000 | 3,037,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Unrealized Gains | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 461,000 | 6,173,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Unrealized Losses | ' | ' | ' | ' | ' | ' | -1,108,000 | -1,063,000 | ' | ' | -47,000 | -139,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' | ' | 5,467,000 | 5,687,000 | ' | ' | 3,451,000 | 9,071,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost of available-for-sale securities by contractual maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due within five years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,037,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after five through 10 years | ' | ' | ' | ' | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after 10 years | ' | ' | ' | ' | ' | ' | 5,275,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' | ' | 6,575,000 | ' | ' | ' | 3,037,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of available-for-sale securities by contractual maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due within five years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,451,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after five through 10 years | ' | ' | ' | ' | ' | ' | 1,203,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due after 10 years | ' | ' | ' | ' | ' | ' | 4,264,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | ' | ' | ' | ' | ' | ' | 5,467,000 | 5,687,000 | ' | ' | 3,451,000 | 9,071,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible bonds | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of bonds held | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Amount of each bond | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of CybAero shares that will be received on conversion of notes | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion price (in SEK per share) | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual interest rate (as a percent) | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notice period for prepayment of notes | ' | ' | ' | '3 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impact of reverse stock split on CybAero shares outstanding | ' | ' | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reverse stock split ratio effected by CybAero | ' | ' | 'one-for-10 reverse stock split | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Recurring basis, USD $) | Oct. 26, 2013 |
In Thousands, unless otherwise specified | |
Significant other observable inputs (Level 2) | ' |
Fair Value Measurement | ' |
Available-for-sale securities | $461 |
Significant other observable inputs (Level 2) | Convertible bonds | ' |
Fair Value Measurement | ' |
Available-for-sale securities | 461 |
Significant unobservable inputs (Level 3) | ' |
Fair Value Measurement | ' |
Available-for-sale securities | 8,457 |
Significant unobservable inputs (Level 3) | Auction rate securities | ' |
Fair Value Measurement | ' |
Available-for-sale securities | 5,467 |
Significant unobservable inputs (Level 3) | Convertible bonds | ' |
Fair Value Measurement | ' |
Available-for-sale securities | 2,990 |
Total Fair Value | ' |
Fair Value Measurement | ' |
Available-for-sale securities | 8,918 |
Total Fair Value | Auction rate securities | ' |
Fair Value Measurement | ' |
Available-for-sale securities | 5,467 |
Total Fair Value | Convertible bonds | ' |
Fair Value Measurement | ' |
Available-for-sale securities | $3,451 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 2) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Oct. 26, 2013 |
Reconciliation between beginning and ending balances of items measured at fair value on recurring basis | ' |
Balance at the beginning of the period | $8,585 |
Total gains (realized or unrealized) included in other comprehensive income (loss) | 47 |
Purchases, issuances and settlements, net | -175 |
Balance at the end of the period | $8,457 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details 3) (Significant unobservable inputs (Level 3), Discounted cash flow) | 6 Months Ended |
Oct. 26, 2013 | |
Auction rate securities | Minimum | ' |
Fair Value Inputs | ' |
Coupon rates (as a percent) | 0.10% |
Estimated redemption periods | '6 years |
Discount rates (as a percent) | 7.80% |
Auction rate securities | Maximum | ' |
Fair Value Inputs | ' |
Coupon rates (as a percent) | 0.30% |
Estimated redemption periods | '21 years |
Discount rates (as a percent) | 20.00% |
Convertible bonds | ' |
Fair Value Inputs | ' |
Coupon rates (as a percent) | 5.00% |
Estimated redemption periods | '4 years |
Discount rates (as a percent) | 6.50% |
Inventories_net_Details
Inventories, net (Details) (USD $) | Oct. 26, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventories, net | ' | ' |
Raw materials | $14,722 | $12,845 |
Work in process | 11,530 | 16,745 |
Finished goods | 37,536 | 36,842 |
Inventories, gross | 63,788 | 66,432 |
Reserve for inventory obsolescence | -3,159 | -3,871 |
Inventories, net | $60,629 | $62,561 |
Warranty_Reserves_Details
Warranty Reserves (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 26, 2013 | Oct. 27, 2012 | Oct. 26, 2013 | Oct. 27, 2012 |
Warranty Reserves | ' | ' | ' | ' |
Beginning balance | $1,691 | $2,633 | $1,515 | $2,872 |
Warranty expense | 332 | 678 | 818 | 1,208 |
Warranty claims settled | -383 | -2,052 | -693 | -2,821 |
Ending balance | $1,640 | $1,259 | $1,640 | $1,259 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Oct. 26, 2013 |
Changes in components of accumulated other comprehensive loss | ' |
Balance at beginning of period | ($705) |
Unrealized income | 47 |
Income taxes | -18 |
Balance at end of period | -676 |
Available-for-sale securities | ' |
Changes in components of accumulated other comprehensive loss | ' |
Balance at beginning of period | -705 |
Unrealized income | 47 |
Income taxes | -18 |
Balance at end of period | ($676) |
CustomerFunded_Research_Develo1
Customer-Funded Research & Development (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Millions, unless otherwise specified | Oct. 26, 2013 | Oct. 27, 2012 | Oct. 26, 2013 | Oct. 27, 2012 |
Customer-Funded Research & Development | ' | ' | ' | ' |
Revenue from customer-funded R&D | $6.60 | $10.40 | $16.90 | $17 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 26, 2013 | Oct. 27, 2012 | Oct. 26, 2013 | Oct. 27, 2012 |
Income Taxes | ' | ' | ' | ' |
Provision (benefit) for income taxes | $166 | $4,498 | ($2,917) | $3,804 |
Effective tax rate (as a percent) | 9.10% | 34.00% | 34.40% | 34.10% |
Segment_Data_Details
Segment Data (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 26, 2013 | Oct. 27, 2012 | Oct. 26, 2013 | Oct. 27, 2012 |
Segment Data | ' | ' | ' | ' |
Intersegment sales | ' | ' | $0 | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 64,867 | 80,278 | 108,984 | 138,955 |
Cost of sales: | ' | ' | ' | ' |
Total cost of sales | 40,989 | 44,642 | 72,561 | 83,814 |
Gross margin: | ' | ' | ' | ' |
Gross margin | 23,878 | 35,636 | 36,423 | 55,141 |
Selling, general and administrative | 13,084 | 13,176 | 25,543 | 26,797 |
Research and development | 6,861 | 9,386 | 14,051 | 17,522 |
Income (loss) from operations | 3,933 | 13,074 | -3,171 | 10,822 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 195 | 162 | 400 | 334 |
Other expense | -2,307 | ' | -5,701 | ' |
Income (loss) before income taxes | 1,821 | 13,236 | -8,472 | 11,156 |
UAS | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 56,079 | 65,433 | 91,290 | 114,239 |
Cost of sales: | ' | ' | ' | ' |
Total cost of sales | 35,280 | 35,279 | 59,879 | 68,035 |
Gross margin: | ' | ' | ' | ' |
Gross margin | 20,799 | 30,154 | 31,411 | 46,204 |
EES | ' | ' | ' | ' |
Revenue: | ' | ' | ' | ' |
Total revenue | 8,788 | 14,845 | 17,694 | 24,716 |
Cost of sales: | ' | ' | ' | ' |
Total cost of sales | 5,709 | 9,363 | 12,682 | 15,779 |
Gross margin: | ' | ' | ' | ' |
Gross margin | 3,079 | 5,482 | 5,012 | 8,937 |
Unallocated to segment | ' | ' | ' | ' |
Gross margin: | ' | ' | ' | ' |
Selling, general and administrative | 13,084 | 13,176 | 25,543 | 26,797 |
Research and development | 6,861 | 9,386 | 14,051 | 17,522 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 195 | 162 | 400 | 334 |
Other expense | ($2,603) | ' | ($5,997) | ' |