AeroVironment (AVAV) 10-Q4 Sep 142015 Q1 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
Document and Entity Information	Aug. 02, 2014	Aug. 22, 2014
Document and Entity Information	'	'
Entity Registrant Name	'AeroVironment Inc	'
Entity Central Index Key	'0001368622	'
Document Type	'10-Q	'
Document Period End Date	2-Aug-14	'
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	'	23,356,556
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q1	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Aug. 02, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified	Aug. 02, 2014	Apr. 30, 2014
Current assets:	'	'
Cash and cash equivalents	$148,052	$126,969
Short-term investments	76,840	70,639
Accounts receivable, net of allowance for doubtful accounts of $626 at August 2, 2014 and $791 at April 30, 2014	23,213	31,739
Unbilled receivables and retentions	7,658	10,929
Inventories, net	46,441	50,699
Income tax receivable	3,460	6,584
Deferred income taxes	4,747	5,038
Prepaid expenses and other current assets	3,320	4,260
Total current assets	313,731	306,857
Long-term investments	39,315	50,505
Property and equipment, net	17,897	19,997
Deferred income taxes	6,689	6,721
Other assets	971	874
Total assets	378,603	384,954
Current liabilities:	'	'
Accounts payable	13,125	13,906
Wages and related accruals	9,282	14,083
Customer advances	4,781	2,984
Other current liabilities	5,861	6,762
Total current liabilities	33,049	37,735
Deferred rent	1,286	1,239
Liability for uncertain tax positions	3,513	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 - 23,356,556 at August 2, 2014 and 23,176,576 at April 30, 2014	2	2
Additional paid-in capital	145,497	143,648
Accumulated other comprehensive loss	-215	-263
Retained earnings	195,471	199,080
Total stockholders' equity	340,755	342,467
Total liabilities and stockholders' equity	$378,603	$384,954

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Aug. 02, 2014	Apr. 30, 2014
In Thousands, except Share data, unless otherwise specified	Aug. 02, 2014	Apr. 30, 2014
Consolidated Balance Sheets	'	'
Accounts receivable, allowance for doubtful accounts (in dollars)	$626	$791
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	23,356,556	23,176,576
Common stock, outstanding shares	23,356,556	23,176,576

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Aug. 02, 2014	Jul. 27, 2013
Revenue:	'	'
Product sales	$42,811	$27,174
Contract services	9,055	16,943
Total revenue	51,866	44,117
Cost of sales:	'	'
Product sales	30,797	20,555
Contract services	7,015	11,017
Total cost of sales	37,812	31,572
Gross Profit:	'	'
Product sales	12,014	6,619
Contract services	2,040	5,926
Total gross margin	14,054	12,545
Selling, general and administrative	13,403	12,459
Research and development	7,124	7,190
Loss from operations	-6,473	-7,104
Other income (expense):	'	'
Interest income	212	205
Other income (expense), net	591	-3,394
Loss before income taxes	-5,670	-10,293
Benefit for income taxes	-2,061	-3,083
Net loss	($3,609)	($7,210)
Earnings per share data:	'	'
Basic (in dollars per share)	($0.16)	($0.32)
Diluted (in dollars per share)	($0.16)	($0.32)
Weighted average shares outstanding:	'	'
Basic (in shares)	22,804,127	22,238,363
Diluted (in shares)	22,804,127	22,238,363

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Aug. 02, 2014	Jul. 27, 2013
Consolidated Statements of Comprehensive Income	'	'
Net loss	($3,609)	($7,210)
Other comprehensive income (loss):	'	'
Unrealized gain (loss) on investments, net of tax	48	-48
Total comprehensive loss	($3,561)	($7,258)

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Aug. 02, 2014	Jul. 27, 2013
Operating activities	'	'
Net loss	($3,609)	($7,210)
Adjustments to reconcile net loss to cash provided by (used in ) operating activities:	'	'
Depreciation and amortization	2,192	2,185
Provision for doubtful accounts	-141	122
Deferred income taxes	291	-23
Realized gain on sale of equity securities	-473	'
Stock-based compensation	846	910
Foreign currency losses	183	'
(Increase) decrease in fair value of conversion feature of convertible bonds	-393	3,391
Tax benefit from exercise of stock options	11	28
Excess tax benefit from stock-based compensation	-313	'
Changes in operating assets and liabilities:	'	'
Accounts receivable	8,667	44
Unbilled receivables and retentions	3,271	1,585
Inventories	4,258	-6,102
Income tax receivable	3,124	-3,035
Other assets	780	538
Accounts payable	-781	-2,599
Other liabilities	-3,545	-3,010
Net cash provided by (used in) operating activities	14,368	-13,176
Investing activities	'	'
Acquisitions of property and equipment	-29	-4,457
Net (purchases) redemptions of held-to-maturity investments	-2,924	6,442
Net sales of available-for-sale investments	8,676	175
Net cash provided by investing activities	5,723	2,160
Financing activities	'	'
Excess tax benefit from exercise of stock options	313	'
Exercise of stock options	679	23
Net cash provided by financing activities	992	23
Net increase (decrease) in cash and cash equivalents	21,083	-10,993
Cash and cash equivalents at beginning of period	126,969	126,969
Cash and cash equivalents at end of period	148,052	64,339
Supplemental disclosure:	'	'
Unrealized (gain) loss on available-for-sale investments recorded in other comprehensive loss, net of deferred taxes of $(32) and $32, respectively	($48)	$48

Consolidated_Statements_of_Cas1

Consolidated Statements of Cash Flows (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Aug. 02, 2014	Jul. 27, 2013
Consolidated Statements of Cash Flows	'	'
Unrealized (gain) loss on available-for-sale investments recorded in other comprehensive loss, deferred taxes	($32)	$32

Organization_and_Significant_A

Organization and Significant Accounting Policies	3 Months Ended
	Aug. 02, 2014
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 months ended August 2, 2014, are not necessarily indicative of the results for the full year ending April 30, 2015. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended April 30, 2014, 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.

	Loss Per Share

	Basic 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
		August 2,	July 27,
		2014	2013
	Denominator for basic loss per share:
	Weighted average common shares outstanding, excluding unvested restricted stock	22,804,127	22,238,363
	Dilutive effect of employee stock options, unvested restricted stock and restricted stock units	—	—
	Denominator for diluted loss per share	22,804,127	22,238,363

	Due to the net loss for the three months ended August 2, 2014 and July 27, 2013, no shares reserved for issuance upon exercise of stock options, restricted stock units or shares of unvested restricted stock were included in the computation of diluted loss per share as their inclusion would have been anti-dilutive.

	Recently Issued Accounting Standards

	In April 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“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 is not expected to 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, 2016 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.

Investments

Investments	3 Months Ended
Investments	Aug. 02, 2014
Investments	'
Investments	'
	2. Investments

	Investments consist of the following (in thousands):

			August 2,			April 30,
			2014			2014
	Short-term investments:
	Held-to-maturity securities:
	Municipal securities		$	68,340		$	69,898
	U.S. government securities		7,065			—
	Certificates of deposit		1,435			741
	Total short-term investments		$	76,840		$	70,639
	Long-term investments:
	Held-to-maturity securities:
	Municipal securities		$	23,670		$	29,759
	U.S. government securities		3,509			—
	Certificates of deposit		3,194			3,889
	Total held-to-maturity investments		30,373			33,648
	Available-for-sale securities:
	Auction rate securities		2,738			5,683
	Convertible bond		6,204			5,865
	Equity securities		—			5,309
	Total available-for-sale investments		8,942			16,857
	Total long-term investments		$	39,315		$	50,505

	Held-To-Maturity Securities

	As of August 2, 2014 and April 30, 2014, the balance of held-to-maturity securities consisted of state and local government municipal securities, U.S. treasury 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 August 2, 2014, were as follows (in thousands):

						Gross			Gross
			Amortized			Unrealized			Unrealized
			Cost			Gains			Losses			Fair Value
	Municipal securities		$	92,010		$	65		$	(7	)	$	92,068
	U.S. government securities		10,574			—			(2		)	10,572
	Certificates of deposit		4,629			—			—			4,629
	Total held-to-maturity investments		$	107,213		$	65		$	(9	)	$	107,269

	The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of April 30, 2014, were as follows (in thousands):

						Gross			Gross
			Amortized			Unrealized			Unrealized
			Cost			Gains			Losses			Fair Value
	Municipal securities		$	99,657		$	65		$	(9	)	$	99,713
	Certificates of deposit		4,630			—			—			4,630
	Total held-to-maturity investments		$	104,287		$	65		$	(9	)	$	104,343

	The amortized cost and fair value of the held-to-maturity securities by contractual maturity at August 2, 2014, were as follows (in thousands):

			Cost			Fair Value

	Due within one year		$	76,840		$	76,887
	Due after one year through three years		30,373			30,382
	Total		$	107,213		$	107,269

	Available-For-Sale Securities

	Auction Rate Securities

	As of August 2, 2014 and April 30, 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 5 to 20 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 August 2, 2014, 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 August 2, 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 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 August 2, 2014, 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 August 2, 2014, were as follows (in thousands):

					Gross			Gross
		Amortized			Unrealized			Unrealized
		Cost			Gains			Losses			Fair Value
Auction rate securities		$	3,200		$	—		$	(462	)	$	2,738
Total available-for-sale investments		$	3,200		$	—		$	(462	)	$	2,738

The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale investments as of April 30, 2014, were as follows (in thousands):

					Gross			Gross
		Amortized			Unrealized			Unrealized
		Cost			Gains			Losses			Fair Value
Auction rate securities		$	6,575		$	—		$	(892	)	$	5,683
Total available-for-sale investments		$	6,575		$	—		$	(892	)	$	5,683

The amortized cost and fair value of the auction rate securities by contractual maturity at August 2, 2014, were as follows (in thousands):

		Cost			Fair Value

Due after five through 10 years		$	1,200		$	1,129
Due after 10 years		2,000			1,609
Total		$	3,200		$	2,738

Convertible Bonds

As of August 2, 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 is in the amount of 10 million Swedish Kronor (“SEK”) and is convertible into 1,062,699 CybAero shares at the conversion price of 9.41 SEK per share. The maturity date of the bond is November 30, 2017 and bears an annual interest rate of 5%.

CybAero can prepay the bond with three months’ notice to the Company and the Company may exercise its conversion right during such three-month period. If certain conditions are satisfied after November 30, 2015, CybAero can require the Company to convert the bond in its entirety into CybAero shares.

The convertible bond contains an embedded conversion feature which is bifurcated from the bond. The change in the fair value of the embedded conversion feature is recorded in other income in the statement of operations. 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 August 11, 2014, the Company exercised its conversion right and notified CybAero that it will convert the bond into 1,062,699 CybAero common shares at the conversion price of 9.41 SEK. CybAero has 30 days to register and deliver the common shares to the Company. The conversion will be reflected in the unaudited consolidated financial statements for the three and six months ending November 1, 2014.

The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale convertible bonds as of August 2, 2014, were as follows (in thousands):

					Gross			Gross
		Amortized			Unrealized			Unrealized
		Cost			Gains			Losses			Fair Value
Convertible bond		$	1,519		$	4,685		$	—		$	6,204
Total available-for-sale investments		$	1,519		$	4,685		$	—		$	6,204

The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale convertible bond as of April 30, 2014, were as follows (in thousands):

					Gross			Gross
		Amortized			Unrealized			Unrealized
		Cost			Gains			Losses			Fair Value
Convertible bond		$	1,519		$	4,346		$	—		$	5,865
Total available-for-sale investments		$	1,519		$	4,346		$	—		$	5,865

The amortized cost and fair value of the convertible bond by contractual maturity at August 2, 2014, is as follows (in thousands):

		Cost			Fair Value
Due within five years		$	1,519		$	6,204
Total		$	1,519		$	6,204

Fair_Value_Measurements

Fair Value Measurements

3 Months Ended

Aug. 02, 2014

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 August 2, 2014, were as follows (in thousands):

Fair Value Measurement Using

Description

Quoted prices in

Significant

Total

active markets for

other

unobservable

identical assets

observable

inputs

(Level 1)

inputs

(Level 3)

(Level 2)

Auction rate securities

—

2,738

Convertible bonds

—

4,643

1,561

6,204

Total

—

4,643

4,299

8,942

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

7,297

Transfers to Level 3

—

Total gains (realized or unrealized)

Included in earnings

—

Included in other comprehensive loss

377

Purchases, issuances and settlements, net

(3,375

)

Balance at August 2, 2014

4,299

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 August 2, 2014

—

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 August 2, 2014, the inputs used in the Company’s discounted cash flow analysis included current coupon rates of 0.11%, estimated redemption periods of 5 to 20 years and discount rates of 5.6% to 19.7%. 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 component of the convertible bond is considered a level 3 asset and was 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 bond. As of August 2, 2014, the inputs used in the Company’s discounted cash flow analysis included a coupon rate of 5.0%, estimated redemption period of 3.4 years and a discount rate of 4.7%.

As of August 2, 2014, the embedded conversion feature of the convertible bond was valued using a binomial option pricing model, which uses inputs such as CybAero’s stock price of 37.70 SEK, contractual term of 3.4 years, conversion price of 9.41 SEK, volatility of 45% and a risk-free interest rate of 0.54%.

Inventories_net

Inventories, net	3 Months Ended
	Aug. 02, 2014
Inventories, net	'
Inventories, net	'
	4. Inventories, net

	Inventories consist of the following (in thousands):

		August 2,			April 30,
		2014			2014
	Raw materials	$	14,231		$	15,102
	Work in process	5,801			7,542
	Finished goods	29,631			31,289
	Inventories, gross	49,663			53,933
	Reserve for inventory obsolescence	(3,222		)	(3,234		)
	Inventories, net	$	46,441		$	50,699

Warranty_Reserves

Warranty Reserves	3 Months Ended
	Aug. 02, 2014
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 months ended August 2, 2014 and July 27, 2013 (in thousands):

		Three Months Ended
		August 2,			July 27,
		2014			2013

	Beginning balance	$	1,280		$	1,515
	Warranty expense	382			486
	Warranty costs incurred	(389		)	(310		)
	Ending balance	$	1,273		$	1,691

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss	3 Months Ended
	Aug. 02, 2014
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, 2014	$	(263	)	$	(263	)
	Unrealized income	80			80
	Income taxes	(32		)	(32		)
	Balance as of August 2, 2014	$	(215	)	$	(215	)

CustomerFunded_Research_Develo

Customer-Funded Research & Development	3 Months Ended
Customer-Funded Research & Development	Aug. 02, 2014
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 $4.3 million and $10.3 million for the three months ended August 2, 2014 and July 27, 2013, respectively.

Restructuring_Charges

Restructuring Charges	3 Months Ended
Restructuring Charges	Aug. 02, 2014
Restructuring Charges	'
Restructuring Charges	'
	8. Restructuring Charges

	On May 29, 2013, the Company implemented an organizational realignment and workforce reduction in its Unmanned Aircraft Systems (‘UAS”) and Efficient Energy Systems (“EES”) business segments.

	The purpose of the organizational realignment and workforce reduction 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 $1.1 million, consisting primarily of severance payments of which approximately $1.0 million was recorded in cost of sales and approximately $0.1 million was recorded in selling, general and administrative, or SG&A, costs. Of the approximately $1.0 million recorded in cost of sales, approximately $0.7 million related to UAS and approximately $0.3 million 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.

Income_Taxes

Income Taxes	3 Months Ended
Income Taxes	Aug. 02, 2014
Income Taxes	'
Income Taxes	'
	9. Income Taxes

	For the three months ended August 2, 2014 and July 27, 2013, the Company recorded a benefit for income taxes of $2.1 million and $3.1 million, respectively, yielding an effective tax benefit rate of 36.3% and 30.0%, respectively. The variance from statutory tax rates for the three months ended July 27, 2013 was primarily due to federal research and development tax credits.

Segment_Data

Segment Data	3 Months Ended
	Aug. 02, 2014
Segment Data	'
Segment Data	'
	10. 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 limited financial statement information by segment. The segment results are as follows (in thousands):

			Three Months Ended
			August 2,			July 27,
			2014			2013
	Revenue:
	UAS		$	41,186		$	35,211
	EES		10,680			8,906
	Total		51,866			44,117
	Cost of sales:
	UAS		31,015			24,599
	EES		6,797			6,973
	Total		37,812			31,572
	Gross margin:
	UAS		10,171			10,612
	EES		3,883			1,933
	Total		14,054			12,545
	Selling, general and administrative		13,403			12,459
	Research and development		7,124			7,190
	Loss from operations		(6,473		)	(7,104		)
	Other income (expense):
	Interest income		212			205
	Other income (expense), net		591			(3,394		)
	Loss before income taxes		$	(5,670	)	$	(10,293	)

Organization_and_Significant_A1

Organization and Significant Accounting Policies (Policies)	3 Months Ended
	Aug. 02, 2014
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 months ended August 2, 2014, are not necessarily indicative of the results for the full year ending April 30, 2015. For further information, refer to the consolidated financial statements and footnotes thereto for the year ended April 30, 2014, 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.

Loss Per Share	'
	Loss Per Share

	Basic 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
		August 2,	July 27,
		2014	2013
	Denominator for basic loss per share:
	Weighted average common shares outstanding, excluding unvested restricted stock	22,804,127	22,238,363
	Dilutive effect of employee stock options, unvested restricted stock and restricted stock units	—	—
	Denominator for diluted loss per share	22,804,127	22,238,363

	Due to the net loss for the three months ended August 2, 2014 and July 27, 2013, no shares reserved for issuance upon exercise of stock options, restricted stock units or shares of unvested restricted stock 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

	In April 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update (“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 is not expected to 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, 2016 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.

Organization_and_Significant_A2

Organization and Significant Accounting Policies (Tables)	3 Months Ended
	Aug. 02, 2014
Organization and Significant Accounting Policies	'
Schedule of reconciliation of basic to diluted shares	'


		Three Months Ended
		August 2,	July 27,
		2014	2013
	Denominator for basic loss per share:
	Weighted average common shares outstanding, excluding unvested restricted stock	22,804,127	22,238,363
	Dilutive effect of employee stock options, unvested restricted stock and restricted stock units	—	—
	Denominator for diluted loss per share	22,804,127	22,238,363

Investments_Tables

Investments (Tables)	3 Months Ended
Investments (Tables)	Aug. 02, 2014
Investments	'
Schedule of investments	'
	Investments consist of the following (in thousands):

		August 2,		April 30,
		2014		2014
	Short-term investments:
	Held-to-maturity securities:
	Municipal securities	$	68,340	$	69,898
	U.S. government securities	7,065		—
	Certificates of deposit	1,435		741
	Total short-term investments	$	76,840	$	70,639
	Long-term investments:
	Held-to-maturity securities:
	Municipal securities	$	23,670	$	29,759
	U.S. government securities	3,509		—
	Certificates of deposit	3,194		3,889
	Total held-to-maturity investments	30,373		33,648
	Available-for-sale securities:
	Auction rate securities	2,738		5,683
	Convertible bond	6,204		5,865
	Equity securities	—		5,309
	Total available-for-sale investments	8,942		16,857
	Total long-term investments	$	39,315	$	50,505


Schedule of amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of 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 August 2, 2014, were as follows (in thousands):

				Gross		Gross
		Amortized		Unrealized		Unrealized
		Cost		Gains		Losses			Fair Value
	Municipal securities	$	92,010	$	65	$	(7	)	$	92,068
	U.S. government securities	10,574		—		(2		)	10,572
	Certificates of deposit	4,629		—		—			4,629
	Total held-to-maturity investments	$	107,213	$	65	$	(9	)	$	107,269

	The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the held-to-maturity investments as of April 30, 2014, were as follows (in thousands):

				Gross		Gross
		Amortized		Unrealized		Unrealized
		Cost		Gains		Losses			Fair Value
	Municipal securities	$	99,657	$	65	$	(9	)	$	99,713
	Certificates of deposit	4,630		—		—			4,630
	Total held-to-maturity investments	$	104,287	$	65	$	(9	)	$	104,343


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 August 2, 2014, were as follows (in thousands):

		Cost		Fair Value

	Due within one year	$	76,840	$	76,887
	Due after one year through three years	30,373		30,382
	Total	$	107,213	$	107,269


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 August 2, 2014, were as follows (in thousands):

				Gross		Gross
		Amortized		Unrealized		Unrealized
		Cost		Gains		Losses			Fair Value
	Auction rate securities	$	3,200	$	—	$	(462	)	$	2,738
	Total available-for-sale investments	$	3,200	$	—	$	(462	)	$	2,738

	The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale investments as of April 30, 2014, were as follows (in thousands):

				Gross		Gross
		Amortized		Unrealized		Unrealized
		Cost		Gains		Losses			Fair Value
	Auction rate securities	$	6,575	$	—	$	(892	)	$	5,683
	Total available-for-sale investments	$	6,575	$	—	$	(892	)	$	5,683


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 August 2, 2014, were as follows (in thousands):

		Cost		Fair Value

	Due after five through 10 years	$	1,200	$	1,129
	Due after 10 years	2,000		1,609
	Total	$	3,200	$	2,738


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 August 2, 2014, were as follows (in thousands):

				Gross		Gross
		Amortized		Unrealized		Unrealized
		Cost		Gains		Losses			Fair Value
	Convertible bond	$	1,519	$	4,685	$	—		$	6,204
	Total available-for-sale investments	$	1,519	$	4,685	$	—		$	6,204

	The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the available-for-sale convertible bond as of April 30, 2014, were as follows (in thousands):

				Gross		Gross
		Amortized		Unrealized		Unrealized
		Cost		Gains		Losses			Fair Value
	Convertible bond	$	1,519	$	4,346	$	—		$	5,865
	Total available-for-sale investments	$	1,519	$	4,346	$	—		$	5,865


Schedule of amortized cost and fair value by contractual maturity	'
	The amortized cost and fair value of the convertible bond by contractual maturity at August 2, 2014, is as follows (in thousands):

		Cost		Fair Value
	Due within five years	$	1,519	$	6,204
	Total	$	1,519	$	6,204

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Aug. 02, 2014
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 August 2, 2014, 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	$	—		$	—	$	2,738	$	2,738
	Convertible bonds	—			4,643		1,561		6,204
	Total	$	—		$	4,643	$	4,299	$	8,942


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	$	7,297
	Transfers to Level 3	—
	Total gains (realized or unrealized)
	Included in earnings	—
	Included in other comprehensive loss	377
	Purchases, issuances and settlements, net	(3,375		)
	Balance at August 2, 2014	$	4,299
	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 August 2, 2014	$	—

Inventories_net_Tables

Inventories, net (Tables)	3 Months Ended
	Aug. 02, 2014
Inventories, net	'
Schedule of inventories	'
	Inventories consist of the following (in thousands):

		August 2,			April 30,
		2014			2014
	Raw materials	$	14,231		$	15,102
	Work in process	5,801			7,542
	Finished goods	29,631			31,289
	Inventories, gross	49,663			53,933
	Reserve for inventory obsolescence	(3,222		)	(3,234		)
	Inventories, net	$	46,441		$	50,699

Warranty_Reserves_Tables

Warranty Reserves (Tables)	3 Months Ended
	Aug. 02, 2014
Warranty Reserves	'
Summary of warranty reserve activity	'
	Warranty reserve activity is summarized as follows for the three months ended August 2, 2014 and July 27, 2013 (in thousands):

		Three Months Ended
		August 2,			July 27,
		2014			2013

	Beginning balance	$	1,280		$	1,515
	Warranty expense	382			486
	Warranty costs incurred	(389		)	(310		)
	Ending balance	$	1,273		$	1,691

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Aug. 02, 2014
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, 2014	$	(263	)	$	(263	)
	Unrealized income	80			80
	Income taxes	(32		)	(32		)
	Balance as of August 2, 2014	$	(215	)	$	(215	)

Segment_Data_Tables

Segment Data (Tables)	3 Months Ended
	Aug. 02, 2014
Segment Data	'
Schedule of segment results	'
	The segment results are as follows (in thousands):

		Three Months Ended
		August 2,			July 27,
		2014			2013
	Revenue:
	UAS	$	41,186		$	35,211
	EES	10,680			8,906
	Total	51,866			44,117
	Cost of sales:
	UAS	31,015			24,599
	EES	6,797			6,973
	Total	37,812			31,572
	Gross margin:
	UAS	10,171			10,612
	EES	3,883			1,933
	Total	14,054			12,545
	Selling, general and administrative	13,403			12,459
	Research and development	7,124			7,190
	Loss from operations	(6,473		)	(7,104		)
	Other income (expense):
	Interest income	212			205
	Other income (expense), net	591			(3,394		)
	Loss before income taxes	$	(5,670	)	$	(10,293	)

Organization_and_Significant_A3

Organization and Significant Accounting Policies (Details)	3 Months Ended
	Aug. 02, 2014	Jul. 27, 2013
	segment	Jul. 27, 2013
Segments	'	'
Number of reportable segments	2	'
Denominator for basic loss per share:	'	'
Weighted average common shares outstanding, excluding unvested restricted stock	22,804,127	22,238,363
Denominator for diluted loss per share (in shares)	22,804,127	22,238,363

Investments_Details

Investments (Details)

Aug. 02, 2014

Apr. 30, 2014

Aug. 02, 2014

Aug. 11, 2014

Aug. 02, 2014

Apr. 30, 2014

Aug. 02, 2014

Apr. 30, 2014

Aug. 02, 2014

Apr. 30, 2014

Aug. 02, 2014

Apr. 30, 2014

Aug. 11, 2014

Aug. 02, 2014

Apr. 30, 2014

Aug. 02, 2014

Apr. 30, 2014

Aug. 02, 2014

Apr. 30, 2014

Aug. 02, 2014

Apr. 30, 2014

Aug. 02, 2014

Apr. 30, 2014

Aug. 02, 2014

Apr. 30, 2014

Aug. 02, 2014

Apr. 30, 2014

Aug. 11, 2014

USD ($)

CybAero

Municipal securities

U.S. government securities

Certificates of deposit

Auction rate securities

Convertible bonds

Held-to-maturity securities

Available-for-sale securities

Convertible bonds

USD ($)

Minimum

Maximum

USD ($)

CybAero

USD ($)

Municipal securities

U.S. government securities

Certificates of deposit

USD ($)

Auction rate securities

Convertible bonds

Equity securities

Common Stock

SEK

Maximum

item

Exercise of conversion right on convertible debt securities

USD ($)

Maximum

USD ($)

CybAero

USD ($)

CybAero

item

SEK

item

Exercise of conversion right on convertible debt securities

Expected

Short-term investments:

Total short-term investments

$76,840,000

$70,639,000

$76,840,000

$70,639,000

$68,340,000

$69,898,000

$7,065,000

$1,435,000

$741,000

Long-term investments:

Total long-term investments

39,315,000

50,505,000

30,373,000

33,648,000

23,670,000

29,759,000

3,509,000

3,194,000

3,889,000

8,942,000

16,857,000

2,738,000

5,683,000

6,204,000

5,865,000

5,309,000

Held-To-Maturity Securities

Amortized Cost

107,213,000

104,287,000

92,010,000

99,657,000

10,574,000

4,629,000

4,630,000

Gross Unrealized Gains

65,000

Gross Unrealized Losses

-9,000

-7,000

-9,000

-2,000

Fair Value

107,269,000

104,343,000

92,068,000

99,713,000

10,572,000

4,629,000

4,630,000

Amortized cost of held-to-maturity securities by contractual maturity

Due within one year

76,840,000

Due after one year through three years

30,373,000

Total

107,213,000

104,287,000

92,010,000

99,657,000

10,574,000

4,629,000

4,630,000

Fair value of held-to-maturity securities by contractual maturity

Due within one year

76,887,000

Due after one year through three years

30,382,000

Fair Value

107,269,000

104,343,000

92,068,000

99,713,000

10,572,000

4,629,000

4,630,000

Available-For-Sale Securities

Number of available-for-sale securities

Maturity period of available-for-sale securities

'5 years

'20 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

Number of bonds held

Available-For-Sale Securities

Amortized Cost

3,200,000

6,575,000

1,519,000

Gross Unrealized Gains

4,685,000

4,346,000

Gross Unrealized Losses

-462,000

-892,000

Total

2,738,000

5,683,000

6,204,000

5,865,000

Amortized cost of available-for-sale securities by contractual maturity

Due within five years

1,519,000

Due after five through 10 years

1,200,000

Due after 10 years

2,000,000

Total

3,200,000

1,519,000

Fair value of available-for-sale securities by contractual maturity

Due within five years

6,204,000

Due after five through 10 years

1,129,000

Due after 10 years

1,609,000

Total

2,738,000

5,683,000

6,204,000

5,865,000

Convertible bonds

Amount of each bond

10,000,000

Number of CybAero shares issuable on conversion of notes

1,062,699

Shares into which bond is being converted

1,062,699

Conversion price (in SEK per share)

9.41

Annual interest rate (as a percent)

5.00%

Notice period for prepayment of notes

'3 months

Period to register and deliver common shares after notice of exercise of conversion right

'30 days

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Recurring basis, USD $)	Aug. 02, 2014
In Thousands, unless otherwise specified	Aug. 02, 2014
Significant other observable inputs (Level 2)	'
Fair Value Measurement	'
Available-for-sale securities	$4,643
Significant other observable inputs (Level 2) \| Convertible bonds	'
Fair Value Measurement	'
Available-for-sale securities	4,643
Significant unobservable inputs (Level 3)	'
Fair Value Measurement	'
Available-for-sale securities	4,299
Significant unobservable inputs (Level 3) \| Auction rate securities	'
Fair Value Measurement	'
Available-for-sale securities	2,738
Significant unobservable inputs (Level 3) \| Convertible bonds	'
Fair Value Measurement	'
Available-for-sale securities	1,561
Total Fair Value	'
Fair Value Measurement	'
Available-for-sale securities	8,942
Total Fair Value \| Auction rate securities	'
Fair Value Measurement	'
Available-for-sale securities	2,738
Total Fair Value \| Convertible bonds	'
Fair Value Measurement	'
Available-for-sale securities	$6,204

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Aug. 02, 2014
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	377
Purchases, issuances and settlements, net	-3,375
Balance at the end of the period	$4,299

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 3) (Significant unobservable inputs (Level 3), SEK)	3 Months Ended
	Aug. 02, 2014
Discounted cash flow \| Auction rate securities	'
Fair Value Inputs	'
Coupon rates (as a percent)	0.11%
Discounted cash flow \| Auction rate securities \| Minimum	'
Fair Value Inputs	'
Estimated redemption periods	'5 years
Discount rates (as a percent)	5.60%
Discounted cash flow \| Auction rate securities \| Maximum	'
Fair Value Inputs	'
Estimated redemption periods	'20 years
Discount rates (as a percent)	19.70%
Discounted cash flow \| Bond component \| Convertible bonds	'
Fair Value Inputs	'
Coupon rates (as a percent)	5.00%
Estimated redemption periods	'3 years 4 months 24 days
Discount rates (as a percent)	4.70%
Binomial option pricing model \| Embedded conversion feature \| Convertible bonds	'
Fair Value Inputs	'
Contractual term	'3 years 4 months 24 days
Conversion price (in SEK per share)	9.41
Volatility (as a percent)	45.00%
Risk-free interest rate (as a percent)	0.54%
Binomial option pricing model \| CybAero \| Embedded conversion feature \| Convertible bonds	'
Fair Value Inputs	'
Stock price (in SEK per share)	37.7

Inventories_net_Details

Inventories, net (Details) (USD $)	Aug. 02, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified	Aug. 02, 2014	Apr. 30, 2014
Inventories, net	'	'
Raw materials	$14,231	$15,102
Work in process	5,801	7,542
Finished goods	29,631	31,289
Inventories, gross	49,663	53,933
Reserve for inventory obsolescence	-3,222	-3,234
Inventories, net	$46,441	$50,699

Warranty_Reserves_Details

Warranty Reserves (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Aug. 02, 2014	Jul. 27, 2013
Warranty Reserves	'	'
Beginning balance	$1,280	$1,515
Warranty expense	382	486
Warranty costs incurred	-389	-310
Ending balance	$1,273	$1,691

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Aug. 02, 2014
Changes in components of accumulated other comprehensive loss	'
Balance at beginning of period	($263)
Unrealized income	80
Income taxes	-32
Balance at end of period	-215
Available-for-Sale Securities	'
Changes in components of accumulated other comprehensive loss	'
Balance at beginning of period	-263
Unrealized income	80
Income taxes	-32
Balance at end of period	($215)

CustomerFunded_Research_Develo1

Customer-Funded Research & Development (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Aug. 02, 2014	Jul. 27, 2013
Customer-Funded Research & Development	'	'
Revenue from customer-funded R&D	$4.30	$10.30

Restructuring_Charges_Details

Restructuring Charges (Details) (Organizational realignment and workforce reduction May 29, 2013, USD $)	3 Months Ended
In Millions, unless otherwise specified	Jul. 27, 2013
Restructuring Charges	'
Cost of restructuring	$1.10
Cost of sales	'
Restructuring Charges	'
Cost of restructuring	1
SG&A	'
Restructuring Charges	'
Cost of restructuring	0.1
UAS \| Cost of sales	'
Restructuring Charges	'
Cost of restructuring	0.7
EES \| Cost of sales	'
Restructuring Charges	'
Cost of restructuring	$0.30

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Aug. 02, 2014	Jul. 27, 2013
Income taxes	'	'
Benefit for income taxes	$2,061	$3,083
Effective tax rate (as a percent)	36.30%	30.00%

Segment_Data_Details

Segment Data (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Aug. 02, 2014	Jul. 27, 2013
Segment Data	'	'
Revenue	$51,866	$44,117
Cost of sales	37,812	31,572
Total gross margin	14,054	12,545
Selling, general and administrative	13,403	12,459
Research and development	7,124	7,190
Loss from operations	-6,473	-7,104
Other income (expense):	'	'
Interest income	212	205
Other income (expense), net	591	-3,394
Loss before income taxes	-5,670	-10,293
Inter-segment and corporate elimination	'	'
Segment Data	'	'
Revenue	0	0
UAS	'	'
Segment Data	'	'
Revenue	41,186	35,211
Cost of sales	31,015	24,599
Total gross margin	10,171	10,612
EES	'	'
Segment Data	'	'
Revenue	10,680	8,906
Cost of sales	6,797	6,973
Total gross margin	$3,883	$1,933