AeroVironment (AVAV) 10-Q26 Nov 142015 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Nov. 01, 2014	Nov. 14, 2014
Document and Entity Information	'	'
Entity Registrant Name	'AeroVironment Inc	'
Entity Central Index Key	'0001368622	'
Document Type	'10-Q	'
Document Period End Date	1-Nov-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	'	23,321,876
Document Fiscal Year Focus	'2015	'
Document Fiscal Period Focus	'Q2	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Nov. 01, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified	Nov. 01, 2014	Apr. 30, 2014
Current assets:	'	'
Cash and cash equivalents	$126,339	$126,969
Short-term investments	81,120	70,639
Accounts receivable, net of allowance for doubtful accounts of $635 at November 1, 2014 and $791 at April 30, 2014	31,096	31,739
Unbilled receivables and retentions	7,103	10,929
Inventories, net	51,804	50,699
Income tax receivable	4,876	6,584
Deferred income taxes	4,996	5,038
Prepaid expenses and other current assets	4,233	4,260
Total current assets	311,567	306,857
Long-term investments	49,718	50,505
Property and equipment, net	16,889	19,997
Deferred income taxes	7,118	6,721
Other assets	837	874
Total assets	386,129	384,954
Current liabilities:	'	'
Accounts payable	18,988	13,906
Wages and related accruals	9,889	14,083
Customer advances	4,655	2,984
Other current liabilities	9,709	6,762
Total current liabilities	43,241	37,735
Deferred rent	1,231	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 - 23,324,276 at November 1, 2014 and 23,176,576 at April 30, 2014	2	2
Additional paid-in capital	146,431	143,648
Accumulated other comprehensive loss	-859	-263
Retained earnings	192,570	199,080
Total stockholders' equity	338,144	342,467
Total liabilities and stockholders' equity	$386,129	$384,954

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Nov. 01, 2014	Apr. 30, 2014
In Thousands, except Share data, unless otherwise specified	Nov. 01, 2014	Apr. 30, 2014
Consolidated Balance Sheets	'	'
Accounts receivable, allowance for doubtful accounts (in dollars)	$635	$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	23,324,276	23,176,576
Common stock, outstanding shares	23,324,276	23,176,576

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Nov. 01, 2014	Oct. 26, 2013	Nov. 01, 2014	Oct. 26, 2013
Revenue:	'	'	'	'
Product sales	$42,874	$51,537	$85,685	$78,711
Contract services	9,790	13,330	18,845	30,273
Total revenue	52,664	64,867	104,530	108,984
Cost of sales:	'	'	'	'
Product sales	27,779	32,143	58,576	52,698
Contract services	7,014	8,846	14,029	19,863
Total cost of sales	34,793	40,989	72,605	72,561
Gross margin:	'	'	'	'
Product sales	15,095	19,394	27,109	26,013
Contract services	2,776	4,484	4,816	10,410
Total gross margin	17,871	23,878	31,925	36,423
Selling, general and administrative	13,470	13,084	26,873	25,543
Research and development	8,531	6,861	15,655	14,051
(Loss) income from operations	-4,130	3,933	-10,603	-3,171
Other income (expense):	'	'	'	'
Interest income	193	195	405	400
Other (expense) income	-583	-2,307	8	-5,701
(Loss) income before income taxes	-4,520	1,821	-10,190	-8,472
(Benefit) provision for income taxes	-1,619	166	-3,680	-2,917
Net (loss) income	($2,901)	$1,655	($6,510)	($5,555)
Earnings per share data:	'	'	'	'
Basic (in dollars per share)	($0.13)	$0.07	($0.29)	($0.25)
Diluted (in dollars per share)	($0.13)	$0.07	($0.29)	($0.25)
Weighted average shares outstanding:	'	'	'	'
Basic (in shares)	22,878,410	22,273,629	22,840,465	22,256,292
Diluted (in shares)	22,878,410	22,697,590	22,840,465	22,256,292

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Nov. 01, 2014	Oct. 26, 2013	Nov. 01, 2014	Oct. 26, 2013
Consolidated Statements of Comprehensive Income	'	'	'	'
Net loss	($2,901)	$1,655	($6,510)	($5,555)
Other comprehensive income (loss):	'	'	'	'
Unrealized gain (loss) on investments, net of tax	-644	77	-596	29
Total comprehensive loss	($3,545)	$1,732	($7,106)	($5,526)

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Nov. 01, 2014	Oct. 26, 2013
Operating activities	'	'
Net loss	($6,510)	($5,555)
Adjustments to reconcile net loss to cash provided by (used in ) operating activities:	'	'
Depreciation and amortization	4,303	4,504
Provision for doubtful accounts	-105	309
Deferred income taxes	42	-233
Realized gain on sale of equity securities	-347	'
Stock-based compensation	1,745	1,840
Foreign currency losses	281	'
(Increase) decrease in fair value of conversion feature of convertible bonds	-73	5,711
Tax benefit from exercise of stock options	11	151
Excess tax benefit from stock-based compensation	-348	'
Changes in operating assets and liabilities:	'	'
Accounts receivable	748	-16,777
Unbilled receivables and retentions	3,826	4,048
Inventories	-1,105	1,932
Income tax receivable	1,708	3,657
Other assets	-61	9
Accounts payable	5,082	-4,370
Other liabilities	764	-4,899
Net cash provided by (used in) operating activities	9,961	-9,673
Investing activities	'	'
Acquisitions of property and equipment	-1,070	-6,047
Acquisitions of distribution and licensing rights	'	-750
Net (purchases) redemptions of held-to-maturity investments	-19,586	6,934
Net sales of available-for-sale investments	9,038	175
Net cash (used in) provided by investing activities	-11,618	312
Financing activities	'	'
Excess tax benefit from exercise of stock options	348	'
Exercise of stock options	679	155
Net cash provided by financing activities	1,027	155
Net increase (decrease) in cash and cash equivalents	-630	-9,206
Cash and cash equivalents at beginning of period	126,969	75,332
Cash and cash equivalents at end of period	126,339	66,126
Supplemental disclosure:	'	'
Unrealized loss (gain) on available-for-sale investments recorded in other comprehensive (loss) income, net of deferred taxes of $397 and $(18), respectively	$596	($29)

Consolidated_Statements_of_Cas1

Consolidated Statements of Cash Flows (Parenthetical) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Nov. 01, 2014	Oct. 26, 2013
Consolidated Statements of Cash Flows	'	'
Unrealized (gain) loss on available-for-sale investments recorded in other comprehensive loss, deferred taxes	$397	($18)

Organization_and_Significant_A

Organization and Significant Accounting Policies	6 Months Ended
	Nov. 01, 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 and six months ended November 1, 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.

	As of November 1, 2014 and April 30, 2014, the Company had $4.7 million and $2.1 million, respectively, in contract-related reserves for its estimate of potential refunds to customers for potential cost adjustments on U.S. government cost reimbursable contracts. For the three and six months ended November 1, 2014, the Company recorded $2.6 million of expense in cost of sales for these contract-related reserves.

	(Loss) Earnings Per Share

	Basic (loss) earnings 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
		November 1,	October 26,	November 1,	October 26,
		2014	2013	2014	2013
	Denominator for basic (loss) earnings per share:
	Weighted average common shares outstanding, excluding unvested restricted stock	22,878,410	22,273,629	22,840,465	22,256,292
	Dilutive effect of employee stock options, unvested restricted stock and restricted stock units	—	423,961	—	—
	Denominator for diluted (loss) earnings per share	22,878,410	22,697,590	22,840,465	22,256,292

	Due to the net loss for the three months ended November 1, 2014 and the six months ended November 1, 2014 and October 26, 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. During the three months ended October 26, 2013, 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 was approximately 29,000.

	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	6 Months Ended
Investments	Nov. 01, 2014
Investments	'
Investments	'
	2. Investments

	Investments consist of the following (in thousands):

			November 1,			April 30,
			2014			2014
	Short-term investments:
	Held-to-maturity securities:
	Municipal securities		$	62,480		$	69,898
	U.S. government securities		10,555			—
	Certificates of deposit		3,883			741
	Total held-to-maturity investments		76,918			70,639
	Available-for-sale securities:
	Equity securities		4,202			—
	Total short-term investments		$	81,120		$	70,639
	Long-term investments:
	Held-to-maturity securities:
	Municipal securities		$	40,173		$	29,759
	U.S. government securities		6,040			—
	Certificates of deposit		744			3,889
	Total held-to-maturity investments		46,957			33,648
	Available-for-sale securities:
	Auction rate securities		2,761			5,683
	Convertible bond		—			5,865
	Equity securities		—			5,309
	Total available-for-sale investments		2,761			16,857
	Total long-term investments		$	49,718		$	50,505

	Held-To-Maturity Securities

	As of November 1, 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 November 1, 2014, were as follows (in thousands):

						Gross			Gross
			Amortized			Unrealized			Unrealized
			Cost			Gains			Losses			Fair Value
	Municipal securities		$	102,653		$	37		$	(30	)	$	102,660
	U.S. government securities		16,595			12			—			16,607
	Certificates of deposit		4,627			—			—			4,627
	Total held-to-maturity investments		$	123,875		$	49		$	(30	)	$	123,894

	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 November 1, 2014, were as follows (in thousands):

			Cost			Fair Value

	Due within one year		$	76,918		$	76,942
	Due after one year through three years		46,957			46,952
	Total		$	123,875		$	123,894

	Available-For-Sale Securities

	Auction Rate Securities

As of November 1, 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 November 1, 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 November 1, 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 November 1, 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 auction rate securities as of November 1, 2014, were as follows (in thousands):

					Gross			Gross
		Amortized			Unrealized			Unrealized
		Cost			Gains			Losses			Fair Value
Auction rate securities		$	3,200		$	—		$	(439	)	$	2,761
Total available-for-sale investments		$	3,200		$	—		$	(439	)	$	2,761

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 November 1, 2014, were as follows (in thousands):

		Cost			Fair Value

Due after five through 10 years		$	1,200		$	1,142
Due after 10 years		2,000			1,619
Total		$	3,200		$	2,761

Convertible Bonds

As of November 1, 2014 the Company does not have any convertible bonds outstanding. On August 11, 2014, the Company exercised its conversion right on its remaining convertible bond and the bond was converted into 1,062,699 CybAero common shares at the conversion price of 9.41 Swedish Kronor (“SEK”). The bond was in the amount of 10 million SEK. The maturity date of the bond was November 30, 2017.

Equity Securities

As of November 1, and April 30, 2014, the entire balance of available-for-sale equity securities consisted of CybAero common shares. The shares are classified as available-for-sale. During the three and six months ended November 1, 2014, the Company realized gains of $0.2 million and $4.1 million, respectively, on the sale of CybAero shares.

The amortized cost, gross unrealized gains, gross unrealized losses, and estimated fair value of the equity securities as of November 1, 2014, were as follows (in thousands):

					Gross			Gross
		Amortized			Unrealized			Unrealized
		Cost			Gains			Losses			Fair Value
Equity securities		$	5,257		$	—		$	(1,055	)	$	4,202
Total available-for-sale investments		$	5,257		$	—		$	(1,055	)	$	4,202

Fair_Value_Measurements

Fair Value Measurements

6 Months Ended

Nov. 01, 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 November 1, 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

—

2,761

Equity securities

4,202

—

4,202

Total

4,202

—

2,761

6,963

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

(1,161

)

Purchases, issuances and settlements, net

(3,375

)

Balance at November 1, 2014

2,761

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 November 1, 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 November 1, 2014, the inputs used in the Company’s discounted cash flow analysis included current coupon rates of 0.08% to 0.09%, estimated redemption periods of 5 to 20 years and discount rates of 4.9% to 19.2%. The discount rates were based on market rates for municipal bond securities, as adjusted for a risk premium to reflect the lack of liquidity of these investments.

Inventories_net

Inventories, net	6 Months Ended
	Nov. 01, 2014
Inventories, net	'
Inventories, net	'
	4. Inventories, net

	Inventories consist of the following (in thousands):
		November 1,			April 30,
		2014			2014
	Raw materials	$	14,973		$	15,102
	Work in process	5,604			7,542
	Finished goods	34,296			31,289
	Inventories, gross	54,873			53,933
	Reserve for inventory obsolescence	(3,069		)	(3,234		)
	Inventories, net	$	51,804		$	50,699

Warranty_Reserves

Warranty Reserves	6 Months Ended
	Nov. 01, 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 and six months ended November 1, 2014 and October 26, 2013 (in thousands):

		Three Months Ended						Six Months Ended
		November 1,			October 26,			November 1,			October 26,
		2014			2013			2014			2013

	Beginning balance	$	1,273		$	1,691		$	1,280		$	1,515
	Warranty expense	1,027			332			1,409			818
	Warranty claims settled	(341		)	(383		)	(730		)	(693		)
	Ending balance	$	1,959		$	1,640		$	1,959		$	1,640

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss	6 Months Ended
	Nov. 01, 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 loss	(993		)	(993		)
	Income taxes	397			397
	Balance as of November 1, 2014	$	(859	)	$	(859	)

CustomerFunded_Research_Develo

Customer-Funded Research & Development	6 Months Ended
Customer-Funded Research & Development	Nov. 01, 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 $5.6 million and $9.9 million for the three and six months ended November 1, 2014, respectively. 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.

Restructuring_Charges

Restructuring Charges	6 Months Ended
Restructuring Charges	Nov. 01, 2014
Restructuring Charges	'
Restructuring Charges	'
	8. Restructuring Charges

	During the three and six months ended October 26, 2013, the Company recorded restructuring charges consisting primarily of severance charges of $0.7 million and $1.8 million, respectively. During the three months ended October 26, 2013, $0.7 million in restructuring charges were recorded in cost of sales, all of which were related to the Unmanned Aircraft Systems (“UAS”) segment. During the six months ended October 26, 2013, $1.7 million in restructuring charges were recorded in cost of sales, of which $1.4 million was related to UAS and $0.3 million was related to the Efficient Energy Systems (“EES”) business segment. During the six months ended October 26, 2013, $0.1 million in restructuring charges were recorded in selling, general and administrative costs. The Company does not report SG&A costs by segment as the CODM only reviews the revenue and gross margin results for each of these segments when making resource allocation decisions.

	The purpose of the organizational realignment and workforce reduction on May 29, 2013, within the Company’s UAS and EES business segments, was to enhance the Company’s focus on new product introductions and the adoption of new solutions designed to support the Company’s long-term growth plans. The workforce reduction was necessitated by continuing delays in U.S. government procurements from the Company’s UAS business segment and delays in the growth of plug-in electric vehicle adoption and associated recharging solution sales in the Company’s EES business segment.

	The purpose of the organizational realignment and workforce reduction on September 26, 2013, within the Company’s UAS business segment, was to address shifts in the UAS segment’s business mix and align the skills within the UAS business segment more closely with market requirements to support ongoing programs and emerging growth opportunities.

Income_Taxes

Income Taxes	6 Months Ended
Income Taxes	Nov. 01, 2014
Income Taxes	'
Income Taxes	'
	9. Income Taxes

	For the three and six months ended November 1, 2014, the Company recorded a benefit for income taxes of $1.6 million and $3.7 million, respectively, yielding an effective tax benefit rate of 35.8% and 36.1%, respectively. 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. 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
	Nov. 01, 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						Six Months Ended
			November 1,			October 26,			November 1,			October 26,
			2014			2013			2014			2013
	Revenue:
	UAS		$	43,045		$	56,079		$	84,231		$	91,290
	EES		9,619			8,788			20,299			17,694
	Total		52,664			64,867			104,530			108,984
	Cost of sales:
	UAS		27,575			35,280			58,590			59,879
	EES		7,218			5,709			14,015			12,682
	Total		34,793			40,989			72,605			72,561
	Gross margin:
	UAS		15,470			20,799			25,641			31,411
	EES		2,401			3,079			6,284			5,012
	Total		17,871			23,878			31,925			36,423
	Selling, general and administrative		13,470			13,084			26,873			25,543
	Research and development		8,531			6,861			15,655			14,051
	(Loss) income from operations		(4,130		)	3,933			(10,603		)	(3,171		)
	Other income (expense):
	Interest income		193			195			405			400
	Other (expense) income		(583		)	(2,307		)	8			(5,701		)
	(Loss) income before income taxes		$	(4,520	)	$	1,821		$	(10,190	)	$	(8,472	)

Organization_and_Significant_A1

Organization and Significant Accounting Policies (Policies)	6 Months Ended
	Nov. 01, 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 and six months ended November 1, 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.

	As of November 1, 2014 and April 30, 2014, the Company had $4.7 million and $2.1 million, respectively, in contract-related reserves for its estimate of potential refunds to customers for potential cost adjustments on U.S. government cost reimbursable contracts. For the three and six months ended November 1, 2014, the Company recorded $2.6 million of expense in cost of sales for these contract-related reserves.

(Loss) Earnings Per Share	'
	(Loss) Earnings Per Share

	Basic (loss) earnings 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
		November 1,	October 26,	November 1,	October 26,
		2014	2013	2014	2013
	Denominator for basic (loss) earnings per share:
	Weighted average common shares outstanding, excluding unvested restricted stock	22,878,410	22,273,629	22,840,465	22,256,292
	Dilutive effect of employee stock options, unvested restricted stock and restricted stock units	—	423,961	—	—
	Denominator for diluted (loss) earnings per share	22,878,410	22,697,590	22,840,465	22,256,292

	Due to the net loss for the three months ended November 1, 2014 and the six months ended November 1, 2014 and October 26, 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. During the three months ended October 26, 2013, 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 was approximately 29,000.

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)	6 Months Ended
Organization and Significant Accounting Policies (Tables)	Nov. 01, 2014
Organization and Significant Accounting Policies	'
Schedule of reconciliation of basic to diluted shares	'


		Three Months Ended		Six Months Ended
		November 1,	October 26,	November 1,	October 26,
		2014	2013	2014	2013
	Denominator for basic (loss) earnings per share:
	Weighted average common shares outstanding, excluding unvested restricted stock	22,878,410	22,273,629	22,840,465	22,256,292
	Dilutive effect of employee stock options, unvested restricted stock and restricted stock units	—	423,961	—	—
	Denominator for diluted (loss) earnings per share	22,878,410	22,697,590	22,840,465	22,256,292

Investments_Tables

Investments (Tables)	6 Months Ended
Investments (Tables)	Nov. 01, 2014
Investments	'
Schedule of investments	'
	Investments consist of the following (in thousands):
		November 1,		April 30,
		2014		2014
	Short-term investments:
	Held-to-maturity securities:
	Municipal securities	$	62,480	$	69,898
	U.S. government securities	10,555		—
	Certificates of deposit	3,883		741
	Total held-to-maturity investments	76,918		70,639
	Available-for-sale securities:
	Equity securities	4,202		—
	Total short-term investments	$	81,120	$	70,639
	Long-term investments:
	Held-to-maturity securities:
	Municipal securities	$	40,173	$	29,759
	U.S. government securities	6,040		—
	Certificates of deposit	744		3,889
	Total held-to-maturity investments	46,957		33,648
	Available-for-sale securities:
	Auction rate securities	2,761		5,683
	Convertible bond	—		5,865
	Equity securities	—		5,309
	Total available-for-sale investments	2,761		16,857
	Total long-term investments	$	49,718	$	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 November 1, 2014, were as follows (in thousands):
				Gross		Gross
		Amortized		Unrealized		Unrealized
		Cost		Gains		Losses			Fair Value
	Municipal securities	$	102,653	$	37	$	(30	)	$	102,660
	U.S. government securities	16,595		12		—			16,607
	Certificates of deposit	4,627		—		—			4,627
	Total held-to-maturity investments	$	123,875	$	49	$	(30	)	$	123,894

	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 November 1, 2014, were as follows (in thousands):
		Cost		Fair Value

	Due within one year	$	76,918	$	76,942
	Due after one year through three years	46,957		46,952
	Total	$	123,875	$	123,894


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 auction rate securities as of November 1, 2014, were as follows (in thousands):
				Gross		Gross
		Amortized		Unrealized		Unrealized
		Cost		Gains		Losses			Fair Value
	Auction rate securities	$	3,200	$	—	$	(439	)	$	2,761
	Total available-for-sale investments	$	3,200	$	—	$	(439	)	$	2,761

	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 November 1, 2014, were as follows (in thousands):
		Cost		Fair Value

	Due after five through 10 years	$	1,200	$	1,142
	Due after 10 years	2,000		1,619
	Total	$	3,200	$	2,761


Available-for-sale securities \| Equity 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 equity securities as of November 1, 2014, were as follows (in thousands):
				Gross		Gross
		Amortized		Unrealized		Unrealized
		Cost		Gains		Losses			Fair Value
	Equity securities	$	5,257	$	—	$	(1,055	)	$	4,202
	Total available-for-sale investments	$	5,257	$	—	$	(1,055	)	$	4,202

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Nov. 01, 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 November 1, 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	$	—		$	—	$	2,761	$	2,761
	Equity securities	4,202			—		—		4,202
	Total	$	4,202		$	—	$	2,761	$	6,963


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	(1,161		)
	Purchases, issuances and settlements, net	(3,375		)
	Balance at November 1, 2014	$	2,761
	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 November 1, 2014	$	—

Inventories_net_Tables

Inventories, net (Tables)	6 Months Ended
	Nov. 01, 2014
Inventories, net	'
Schedule of inventories	'
	Inventories consist of the following (in thousands):
		November 1,			April 30,
		2014			2014
	Raw materials	$	14,973		$	15,102
	Work in process	5,604			7,542
	Finished goods	34,296			31,289
	Inventories, gross	54,873			53,933
	Reserve for inventory obsolescence	(3,069		)	(3,234		)
	Inventories, net	$	51,804		$	50,699

Warranty_Reserves_Tables

Warranty Reserves (Tables)	6 Months Ended
	Nov. 01, 2014
Warranty Reserves	'
Summary of warranty reserve activity	'
	Warranty reserve activity is summarized as follows for the three and six months ended November 1, 2014 and October 26, 2013 (in thousands):
		Three Months Ended						Six Months Ended
		November 1,			October 26,			November 1,			October 26,
		2014			2013			2014			2013

	Beginning balance	$	1,273		$	1,691		$	1,280		$	1,515
	Warranty expense	1,027			332			1,409			818
	Warranty claims settled	(341		)	(383		)	(730		)	(693		)
	Ending balance	$	1,959		$	1,640		$	1,959		$	1,640

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Nov. 01, 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 loss	(993		)	(993		)
	Income taxes	397			397
	Balance as of November 1, 2014	$	(859	)	$	(859	)

Segment_Data_Tables

Segment Data (Tables)	6 Months Ended
	Nov. 01, 2014
Segment Data	'
Schedule of segment results	'
	The segment results are as follows (in thousands):
		Three Months Ended						Six Months Ended
		November 1,			October 26,			November 1,			October 26,
		2014			2013			2014			2013
	Revenue:
	UAS	$	43,045		$	56,079		$	84,231		$	91,290
	EES	9,619			8,788			20,299			17,694
	Total	52,664			64,867			104,530			108,984
	Cost of sales:
	UAS	27,575			35,280			58,590			59,879
	EES	7,218			5,709			14,015			12,682
	Total	34,793			40,989			72,605			72,561
	Gross margin:
	UAS	15,470			20,799			25,641			31,411
	EES	2,401			3,079			6,284			5,012
	Total	17,871			23,878			31,925			36,423
	Selling, general and administrative	13,470			13,084			26,873			25,543
	Research and development	8,531			6,861			15,655			14,051
	(Loss) income from operations	(4,130		)	3,933			(10,603		)	(3,171		)
	Other income (expense):
	Interest income	193			195			405			400
	Other (expense) income	(583		)	(2,307		)	8			(5,701		)
	(Loss) income before income taxes	$	(4,520	)	$	1,821		$	(10,190	)	$	(8,472	)

Organization_and_Significant_A3

Organization and Significant Accounting Policies (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, except Share data, unless otherwise specified	Nov. 01, 2014	Oct. 26, 2013	Nov. 01, 2014	Oct. 26, 2013	Apr. 30, 2014
	Nov. 01, 2014	Oct. 26, 2013	segment	Oct. 26, 2013	Apr. 30, 2014
Segments	'	'	'	'	'
Number of reportable segments	'	'	2	'	'
Government Contracts	'	'	'	'	'
Contract-related reserves	$4.70	'	$4.70	'	$2.10
Contract-related reserve expense	$2.60	'	$2.60	'	'
Denominator for basic loss per share:	'	'	'	'	'
Weighted average common shares outstanding, excluding unvested restricted stock	22,878,410	22,273,629	22,840,465	22,256,292	'
Dilutive effect of employee stock options, unvested restricted stock and restricted stock units (in shares)	'	423,961	'	'	'
Denominator for diluted loss per share (in shares)	22,878,410	22,697,590	22,840,465	22,256,292	'
Anti-dilutive stock options, restricted stock units or shares of unvested restricted stock	'	'	'	'	'
Number of shares reserved for issuance that met anti-dilutive criterion	0	29,000	0	0	'

Investments_Details

Investments (Details)

Nov. 01, 2014

Apr. 30, 2014

Nov. 01, 2014

Apr. 30, 2014

Nov. 01, 2014

Apr. 30, 2014

Nov. 01, 2014

Aug. 02, 2014

Apr. 30, 2014

Nov. 01, 2014

Aug. 11, 2014

Nov. 01, 2014

Apr. 30, 2014

Nov. 01, 2014

Apr. 30, 2014

Nov. 01, 2014

Apr. 30, 2014

Nov. 01, 2014

Apr. 30, 2014

Nov. 01, 2014

Apr. 30, 2014

Nov. 01, 2014

Apr. 30, 2014

Nov. 01, 2014

Apr. 30, 2014

Aug. 11, 2014

USD ($)

Municipal securities

U.S. government securities

Certificates of deposit

Auction rate securities

Convertible bonds.

Equity securities

Common Stock

Held-to-maturity securities

Available-for-sale securities

USD ($)

Minimum

Maximum

CybAero

USD ($)

CybAero

USD ($)

Municipal securities

U.S. government securities

Certificates of deposit

USD ($)

Auction rate securities

Convertible bonds.

Equity securities

Common Stock

item

Exercise of conversion right on convertible debt securities

USD ($)

Maximum

USD ($)

CybAero

SEK

Exercise of conversion right on convertible debt securities

item

Short-term investments:

Total short-term investments

$81,120,000

$70,639,000

$76,918,000

$70,639,000

$62,480,000

$69,898,000

$10,555,000

$3,883,000

$741,000

$4,202,000

Long-term investments:

Total long-term investments

49,718,000

50,505,000

46,957,000

33,648,000

40,173,000

29,759,000

6,040,000

744,000

3,889,000

2,761,000

16,857,000

2,761,000

5,683,000

5,865,000

5,309,000

Held To Maturity Securities

Amortized Cost

123,875,000

104,287,000

102,653,000

99,657,000

16,595,000

4,627,000

4,630,000

Gross Unrealized Gains

49,000

65,000

37,000

65,000

12,000

Gross Unrealized Losses

-30,000

-9,000

-30,000

-9,000

Fair Value

123,894,000

104,343,000

102,660,000

99,713,000

16,607,000

4,627,000

4,630,000

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

Due within one year

76,918,000

Due after one year through three years

46,957,000

Total

123,875,000

104,287,000

102,653,000

99,657,000

16,595,000

4,627,000

4,630,000

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

Due within one year

76,942,000

Due after one year through three years

46,952,000

Fair Value

123,894,000

104,343,000

102,660,000

99,713,000

16,607,000

4,627,000

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

Available-For-Sale Securities

Amortized Cost

3,200,000

6,575,000

5,257,000

Gross Unrealized Losses

-439,000

-892,000

-1,055,000

Total

2,761,000

5,683,000

4,202,000

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

Due after five through 10 years

1,200,000

Due after 10 years

2,000,000

Total

3,200,000

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

Due after five through 10 years

1,142,000

Due after 10 years

1,619,000

Total

2,761,000

5,683,000

4,202,000

Convertible bonds

Number of CybAero shares issuable on conversion of notes

1,062,699

Face amount converted

10,000,000

Conversion price (in SEK per share)

9.41

Realized gains on sale of shares

$200,000

$4,100,000

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Recurring basis, USD $)	Nov. 01, 2014
In Thousands, unless otherwise specified	Nov. 01, 2014
Quoted prices in active market for identical assets (Level 1)	'
Fair Value Measurement	'
Available-for-sale securities	$4,202
Quoted prices in active market for identical assets (Level 1) \| Equity securities	'
Fair Value Measurement	'
Available-for-sale securities	4,202
Significant unobservable inputs (Level 3)	'
Fair Value Measurement	'
Available-for-sale securities	2,761
Significant unobservable inputs (Level 3) \| Auction rate securities	'
Fair Value Measurement	'
Available-for-sale securities	2,761
Total Fair Value	'
Fair Value Measurement	'
Available-for-sale securities	6,963
Total Fair Value \| Auction rate securities	'
Fair Value Measurement	'
Available-for-sale securities	2,761
Total Fair Value \| Equity securities	'
Fair Value Measurement	'
Available-for-sale securities	$4,202

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Nov. 01, 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	-1,161
Purchases, issuances and settlements, net	-3,375
Balance at the end of the period	$2,761

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 3) (Significant unobservable inputs (Level 3), Discounted cash flow, Auction rate securities)	6 Months Ended
	Nov. 01, 2014
Minimum	'
Fair Value Inputs	'
Coupon rates (as a percent)	0.08%
Estimated redemption periods	'5 years
Discount rates (as a percent)	4.90%
Maximum	'
Fair Value Inputs	'
Coupon rates (as a percent)	0.09%
Estimated redemption periods	'20 years
Discount rates (as a percent)	19.20%

Inventories_net_Details

Inventories, net (Details) (USD $)	Nov. 01, 2014	Apr. 30, 2014
In Thousands, unless otherwise specified	Nov. 01, 2014	Apr. 30, 2014
Inventories, net	'	'
Raw materials	$14,973	$15,102
Work in process	5,604	7,542
Finished goods	34,296	31,289
Inventories, gross	54,873	53,933
Reserve for inventory obsolescence	-3,069	-3,234
Inventories, net	$51,804	$50,699

Warranty_Reserves_Details

Warranty Reserves (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Nov. 01, 2014	Oct. 26, 2013	Nov. 01, 2014	Oct. 26, 2013
Warranty Reserves	'	'	'	'
Beginning balance	$1,273	$1,691	$1,280	$1,515
Warranty expense	1,027	332	1,409	818
Warranty costs incurred	-341	-383	-730	-693
Ending balance	$1,959	$1,640	$1,959	$1,640

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Loss (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Nov. 01, 2014
Changes in components of accumulated other comprehensive loss	'
Balance at beginning of period	($263)
Unrealized income	-993
Income taxes	397
Balance at end of period	-859
Available-for-Sale Securities.	'
Changes in components of accumulated other comprehensive loss	'
Balance at beginning of period	-263
Unrealized income	-993
Income taxes	397
Balance at end of period	($859)

CustomerFunded_Research_Develo1

Customer-Funded Research & Development (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Nov. 01, 2014	Oct. 26, 2013	Nov. 01, 2014	Oct. 26, 2013
Customer-Funded Research & Development	'	'	'	'
Revenue from customer-funded R&D	$5.60	$6.60	$9.90	$16.90

Restructuring_Charges_Details

Restructuring Charges (Details) (USD $)	3 Months Ended	6 Months Ended
In Millions, unless otherwise specified	Oct. 26, 2013	Oct. 26, 2013
Restructuring Charges	'	'
Cost of restructuring	$0.70	$1.80
Cost of sales	'	'
Restructuring Charges	'	'
Cost of restructuring	'	1.7
SG&A	'	'
Restructuring Charges	'	'
Cost of restructuring	'	0.1
UAS \| Cost of sales	'	'
Restructuring Charges	'	'
Cost of restructuring	0.7	1.4
EES \| Cost of sales	'	'
Restructuring Charges	'	'
Cost of restructuring	'	$0.30

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Nov. 01, 2014	Oct. 26, 2013	Nov. 01, 2014	Oct. 26, 2013
Income taxes	'	'	'	'
(Benefit) provision for income taxes	($1,619)	$166	($3,680)	($2,917)
Effective tax rate (as a percent)	35.80%	9.10%	36.10%	34.40%

Segment_Data_Details

Segment Data (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Nov. 01, 2014	Oct. 26, 2013	Nov. 01, 2014	Oct. 26, 2013
Segment Data	'	'	'	'
Revenue	$52,664	$64,867	$104,530	$108,984
Cost of sales	34,793	40,989	72,605	72,561
Total gross margin	17,871	23,878	31,925	36,423
Selling, general and administrative	13,470	13,084	26,873	25,543
Research and development	8,531	6,861	15,655	14,051
(Loss) income from operations	-4,130	3,933	-10,603	-3,171
Other income (expense):	'	'	'	'
Interest income	193	195	405	400
Other (expense) income	-583	-2,307	8	-5,701
(Loss) income before income taxes	-4,520	1,821	-10,190	-8,472
Inter-segment and corporate elimination	'	'	'	'
Segment Data	'	'	'	'
Revenue	'	'	0	0
UAS	'	'	'	'
Segment Data	'	'	'	'
Revenue	43,045	56,079	84,231	91,290
Cost of sales	27,575	35,280	58,590	59,879
Total gross margin	15,470	20,799	25,641	31,411
EES	'	'	'	'
Segment Data	'	'	'	'
Revenue	9,619	8,788	20,299	17,694
Cost of sales	7,218	5,709	14,015	12,682
Total gross margin	$2,401	$3,079	$6,284	$5,012